Fifth Street Finance Corp. (NASDAQ:FSC) ("FSC" or "we") today
announced its financial results for the fourth fiscal quarter and
year ended September 30, 2016.
Fourth Fiscal Quarter 2016 Financial
Highlights
- Net investment income of $25.7 million, or $0.18 per
share;
- Net asset value per share of $7.97;
- Closed $123.0 million of new investments; and
- Repurchased 2.0 million shares of common stock in the open
market at an aggregate cost of $12.5 million.
Fiscal Year 2016 Financial Highlights
- Net investment income of $106.7 million, or $0.72 per share,
which covered the annual distributions to our stockholders of $0.72
per share;
- Closed $844.5 million of new investments; and
- Repurchased 7.0 million shares of common stock in the open
market at an aggregate cost of $37.6 million.
“During the September quarter we continued to successfully
execute on our strategic objectives and we are pleased that our net
investment income covered our dividend for the seventh consecutive
quarter, excluding incremental professional fees incurred earlier
this year,” stated Todd G. Owens, FSC's Chief Executive
Officer. “Additionally, during the quarter we further
executed on our share buyback program, repurchasing $12.5 million
in stock. This brings our total repurchases for 2016 to $37.6
million, or 4.7% of our outstanding shares. Looking ahead, we
are focused on bringing leverage levels back within our targeted
range and remain committed to delivering strong returns to our
stockholders.”
Portfolio and Investment Activity
FSC's Board of Directors determined the fair value of our
investment portfolio at September 30, 2016 to be $2.2 billion,
as compared to $2.4 billion at September 30, 2015. Total
assets were $2.4 billion at September 30, 2016, as compared to
$2.6 billion at September 30, 2015.
During the quarter ended September 30, 2016, we closed
$123.0 million of investments in five new and five existing
portfolio companies and funded $102.0 million across new and
existing portfolio companies. This compares to closing $279.3
million of investments in ten new and six existing portfolio
companies, and funding $288.0 million during the quarter ended
September 30, 2015. During the quarter ended
September 30, 2016, we received $134.4 million in connection
with the repayments and exits of 11 of our debt investments, and an
additional $26.3 million in connection with paydowns, syndications
and sales of debt investments.
At September 30, 2016, our portfolio consisted of
investments in 129 companies, 110 of which were completed in
connection with investments by private equity sponsors, one of
which was in Senior Loan Fund JV I, LLC ("SLF JV I") and 18 of
which were in private equity funds. At fair value, 91.2% of
our portfolio consisted of debt investments and 78.0% of our
portfolio consisted of senior secured loans. Our average
portfolio company debt investment size at fair value was $19.7
million at September 30, 2016, versus $20.7 million at
September 30, 2015, with only 0.8% of the portfolio's fair
value invested in the energy sector and no exposure to CLO
equity.
At September 30, 2016, SLF JV I had $338.5 million in
assets, including senior secured loans to 37 portfolio
companies. The joint venture generated income of $4.5 million
to FSC during the fourth fiscal quarter, which represented an 11.3%
weighted average annualized return on investment.
Our weighted average yield on debt investments at
September 30, 2016, including the return on SLF JV I, was
10.4% and included a cash component of 9.6%. At
September 30, 2016 and September 30, 2015, $1.6 billion
and $1.7 billion, respectively, of our debt investments at fair
value bore interest at floating rates, which represented 80.9% and
77.5%, respectively, of our total portfolio of debt investments at
fair value.
Results of Operations
Total investment income for the quarters ended
September 30, 2016 and September 30, 2015 was $59.2
million and $63.8 million, respectively. For the quarter
ended September 30, 2016, the amount primarily consisted of
$47.1 million of cash interest income from portfolio
investments. For the quarter ended September 30, 2015,
the amount primarily consisted of $52.0 million of cash interest
income from portfolio investments. For the quarter ended
September 30, 2016, payment-in-kind ("PIK") interest income
net of PIK collected in cash represented 5.9% of total investment
income.
Total investment income for the years ended September 30,
2016 and September 30, 2015 was $247.9 million and $265.5
million, respectively. For the year ended September 30,
2016, the amount primarily consisted of $197.2 million of cash
interest income from portfolio investments. For the year
ended September 30, 2015, the amount primarily consisted of
$215.9 million of cash interest income from portfolio
investments. For the year ended September 30, 2016, PIK
interest income net of PIK collected in cash represented 4.8% of
total investment income.
Net expenses for the quarters ended September 30, 2016 and
September 30, 2015 were $33.5 million and $35.6 million,
respectively. Net expenses decreased for the quarter ended
September 30, 2016 as compared to the quarter ended
September 30, 2015, due primarily to a $2.5 million decrease
in base management fees, which was attributable to the permanent
fee reduction that we agreed to with our investment adviser
effective January 1, 2016, partially offset by a $0.8 million
increase in professional fees.
Net expenses for the years ended September 30, 2016 and
September 30, 2015 were $141.1 million and $150.5 million,
respectively. Net expenses decreased for the year ended
September 30, 2016 as compared to the year ended
September 30, 2015, due primarily to a $9.9 million decrease
in base management fees and a $6.5 million decrease in incentive
fees paid to our investment adviser, partially offset by an $11.2
million increase in professional fees.
Net realized and unrealized losses on our investment portfolio
for the quarters ended September 30, 2016 and
September 30, 2015 were $29.1 million and $30.5 million,
respectively. Net realized and unrealized losses on our
investment portfolio for the years ended September 30, 2016
and September 30, 2015 were $173.3 million and $99.5 million,
respectively.
Liquidity and Capital Resources
At September 30, 2016, we had $130.4 million of cash and
cash equivalents (including $12.4 million of restricted cash),
portfolio investments (at fair value) of $2.2 billion, $15.6
million of interest, dividends and fees receivable, $213.3 million
of U.S. Small Business Administration ("SBA") debentures payable,
$516.3 million of borrowings outstanding under our credit
facilities, $410.6 million of unsecured notes payable, $18.4
million of secured borrowings and unfunded commitments of $215.7
million. Our regulatory leverage ratio was 0.83x
debt-to-equity, excluding the debentures issued by our small
business investment company ("SBIC") subsidiaries.
At September 30, 2015, we had $143.5 million of cash and
cash equivalents (including $5.1 million of restricted cash),
portfolio investments (at fair value) of $2.4 billion, $15.7
million of interest, dividends and fees receivable, $225.0 million
of SBA debentures payable, $427.3 million of borrowings outstanding
under our credit facilities, $115.0 million of unsecured
convertible notes payable, $410.3 million of unsecured notes
payable, $21.2 million of secured borrowings and unfunded
commitments of $305.3 million. Our regulatory leverage ratio
was 0.72x debt-to-equity, excluding the debentures issued by our
SBIC subsidiaries.
Dividend Declaration
In addition to our previously declared dividend of $0.06 per
share, which is payable on November 30, 2016 to stockholders of
record on November 15, 2016, our Board of Directors met on October
18, 2016 and declared the following distributions:
- $0.06 per share, payable on December 30, 2016 to stockholders
of record on December 15, 2016;
- $0.06 per share, payable on January 31, 2017 to stockholders of
record on January 13, 2017; and
- $0.06 per share, payable on February 28, 2017 to stockholders
of record on February 15, 2017.
Dividends are paid primarily from distributable (taxable)
income. To the extent our taxable earnings for a fiscal taxable
year fall below the total amount of our dividend distributions for
that fiscal year, a portion of those distributions may be deemed a
return of capital to our stockholders. Our Board of Directors
determines dividends based on estimates of distributable (taxable)
income, which differ from book income due to temporary and
permanent differences in income and expense recognition and changes
in unrealized appreciation and depreciation on investments.
Stock Repurchase Program
On November 30, 2015, our Board of Directors authorized a common
stock repurchase program to acquire up to $100 million of the
outstanding shares of our common stock through November 30,
2016. During the quarter ended September 30, 2016, we
repurchased 2.0 million shares of common stock in the open market
at an aggregate cost of $12.5 million, bringing the total amount
repurchased during the fiscal year to $37.6 million.
On November 28, 2016, our Board of Directors approved a new
common stock repurchase program authorizing us to repurchase up to
$12.5 million in the aggregate of our outstanding common stock
through November 28, 2017. Any common stock repurchases
under the newly authorized program are to be made in the open
market, privately negotiated transactions or otherwise at times,
and in such amounts, as management deems appropriate subject to
various factors, including company performance, capital
availability, general economic and market conditions, regulatory
requirements and other corporate considerations, as determined by
management. The newly authorized repurchase program may be
suspended or discontinued at any time. We expect to finance
the stock repurchases with existing cash balances or by incurring
leverage.
Portfolio Asset Quality
We utilize the following investment ranking system for our
investment portfolio:
- Investment Ranking 1 is used for investments that are
performing above expectations and/or capital gains are
expected.
- Investment Ranking 2 is used for investments that are
performing substantially within our expectations, and whose risks
remain materially consistent with the potential risks at the time
of the original or restructured investment. All new
investments are initially ranked 2.
- Investment Ranking 3 is used for investments that are
performing below our expectations and for which risk has materially
increased since the original or restructured investment. The
portfolio company may be out of compliance with debt covenants and
may require closer monitoring. To the extent that the
underlying agreement has a PIK interest provision, investments with
a ranking of 3 are generally those on which we are not accruing PIK
interest.
- Investment Ranking 4 is used for investments that are
performing substantially below our expectations and for which risk
has increased substantially since the original or restructured
investment. Investments with a ranking of 4 are those for
which some loss of principal is expected and are generally those on
which we are not accruing cash interest.
At September 30, 2016 and September 30, 2015, the
distribution of our investments on the 1 to 4 investment ranking
scale at fair value was as follows (dollars in thousands):
Investment Ranking |
|
September 30, 2016 |
|
|
|
September 30, 2015 |
|
Fair Value |
|
% of Portfolio |
|
Leverage Ratio |
|
|
|
Fair Value |
|
% of Portfolio |
|
Leverage Ratio |
|
1 |
|
$ |
75,065 |
|
|
3.47 |
% |
|
3.44 |
|
|
|
|
$ |
215,095 |
|
|
8.95 |
% |
|
1.85 |
|
|
2 |
|
1,946,682 |
|
|
89.90 |
|
|
4.51 |
|
|
|
|
2,040,006 |
|
|
84.91 |
|
|
4.94 |
|
|
3 |
|
41,163 |
|
|
1.90 |
|
|
7.41 |
|
|
|
|
122,128 |
|
|
5.08 |
|
|
5.54 |
|
|
4 |
|
102,581 |
|
|
4.73 |
|
|
7.51 |
|
|
|
|
25,266 |
|
|
1.06 |
|
|
NM |
|
|
(1 |
) |
Total |
|
$ |
2,165,491 |
|
|
100.00 |
% |
|
4.61 |
|
|
|
|
$ |
2,402,495 |
|
|
100.00 |
% |
|
4.60 |
|
|
_____________(1) Due to operating performance this ratio is not
measurable and, as a result, is excluded from the total portfolio
calculation.
We may from time to time modify the payment terms of our
investments, either in response to current economic conditions and
their impact on certain of our portfolio companies or in accordance
with tier pricing provisions in certain loan agreements. As
of September 30, 2016, we had modified the payment terms of
our investments in 16 portfolio companies. Such modified
terms may include increased PIK interest rates and reduced cash
interest rates. These modifications, and any future
modifications to our loan agreements, may limit the amount of
interest income that we recognize from the modified investments,
which may, in turn, limit our ability to make distributions to our
stockholders.
As of September 30, 2016, there were five investments on
which we had stopped accruing cash and/or PIK interest or original
issue discount ("OID") income that represented 6.1% of our debt
portfolio at fair value in the aggregate.
|
Fifth Street Finance Corp. |
Consolidated Statements of Assets and
Liabilities |
(in thousands, except per share
amounts) |
|
|
September 30, 2016 |
|
September 30, 2015 |
ASSETS |
|
|
|
Investments at
fair value: |
|
|
|
Control
investments (cost September 30, 2016: $456,493; cost
September 30, 2015: $333,520) |
$ |
388,267 |
|
|
$ |
318,893 |
|
Affiliate
investments (cost September 30, 2016: $34,955; cost September 30,
2015: $36,637) |
39,769 |
|
|
40,606 |
|
Non-control/Non-affiliate investments (cost September 30, 2016:
$1,792,410; cost September 30, 2015: $2,102,781) |
1,737,455 |
|
|
2,042,996 |
|
Total investments
at fair value (cost September 30, 2016: $2,283,858; cost September
30, 2015: $2,472,938) |
2,165,491 |
|
|
2,402,495 |
|
Cash and cash
equivalents |
117,923 |
|
|
138,377 |
|
Restricted cash |
12,439 |
|
|
5,107 |
|
Interest, dividends and
fees receivable |
15,568 |
|
|
15,687 |
|
Due from portfolio
companies |
4,077 |
|
|
2,641 |
|
Receivables from unsettled
transactions |
5,346 |
|
|
5,168 |
|
Deferred financing
costs |
11,479 |
|
|
16,051 |
|
Insurance recoveries
receivable |
19,729 |
|
|
— |
|
Other assets |
478 |
|
|
131 |
|
Total
assets |
$ |
2,352,530 |
|
|
$ |
2,585,657 |
|
|
|
|
|
LIABILITIES AND NET ASSETS |
|
|
|
Liabilities: |
|
|
|
Accounts
payable, accrued expenses and other liabilities |
$ |
2,533 |
|
|
$ |
4,946 |
|
Base
management fee and Part I incentive fee payable |
15,958 |
|
|
16,531 |
|
Due to FSC
CT LLC |
2,204 |
|
|
2,965 |
|
Interest
payable |
3,912 |
|
|
4,300 |
|
Amounts
payable to syndication partners |
754 |
|
|
1,316 |
|
Director
fees payable |
566 |
|
|
60 |
|
Payables
from unsettled transactions |
6,234 |
|
|
3,648 |
|
Legal
settlements payable |
19,500 |
|
|
— |
|
Credit
facilities payable |
516,295 |
|
|
427,295 |
|
SBA
debentures payable |
213,300 |
|
|
225,000 |
|
Unsecured
convertible notes payable |
— |
|
|
115,000 |
|
Unsecured
notes payable |
410,586 |
|
|
410,320 |
|
Secured
borrowings at fair value (proceeds September 30, 2016: $18,929;
proceeds September 30, 2015: $21,787) |
18,400 |
|
|
21,182 |
|
Total
liabilities |
1,210,242 |
|
|
1,232,563 |
|
Commitments and
contingencies |
|
|
|
Net
assets: |
|
|
|
Common
stock, $0.01 par value, 250,000 shares authorized; 143,259 and
150,668 shares issued and outstanding at September 30, 2016 and
September 30, 2015, respectively |
1,433 |
|
|
1,507 |
|
Additional
paid-in-capital |
1,591,466 |
|
|
1,631,523 |
|
Treasury
stock, 423 shares at September 30, 2015 |
— |
|
|
(2,538 |
) |
Net
unrealized depreciation on investments and secured borrowings |
(117,837 |
) |
|
(69,838 |
) |
Net realized
loss on investments and secured borrowings |
(306,228 |
) |
|
(180,945 |
) |
Accumulated
overdistributed net investment income |
(26,546 |
) |
|
(26,615 |
) |
Total net assets
(equivalent to $7.97 and $9.00 per common share at September 30,
2016 and September 30, 2015, respectively) |
1,142,288 |
|
|
1,353,094 |
|
Total liabilities
and net assets |
$ |
2,352,530 |
|
|
$ |
2,585,657 |
|
|
|
|
|
Fifth Street Finance Corp. |
Consolidated Statements of
Operations |
(in thousands, except per share
amounts) |
|
|
|
Three months ended September 30, 2016 |
|
Three months ended September 30, 2015 |
|
Year ended September 30, 2016 |
|
Year ended September 30, 2015 |
Interest
income: |
|
|
|
|
|
|
|
|
Control
investments |
|
$ |
4,604 |
|
|
$ |
3,468 |
|
|
$ |
17,122 |
|
|
$ |
15,541 |
|
Affiliate
investments |
|
1,018 |
|
|
1,084 |
|
|
4,110 |
|
|
4,338 |
|
Non-control/Non-affiliate investments |
|
41,319 |
|
|
47,406 |
|
|
175,584 |
|
|
195,988 |
|
Interest on
cash and cash equivalents |
|
118 |
|
|
19 |
|
|
380 |
|
|
55 |
|
Total interest income |
|
47,059 |
|
|
51,977 |
|
|
197,196 |
|
|
215,922 |
|
PIK interest
income: |
|
|
|
|
|
|
|
|
Control
investments |
|
1,410 |
|
|
950 |
|
|
4,987 |
|
|
5,029 |
|
Affiliate
investments |
|
204 |
|
|
217 |
|
|
822 |
|
|
860 |
|
Non-control/Non-affiliate investments |
|
2,447 |
|
|
1,826 |
|
|
8,219 |
|
|
7,500 |
|
Total PIK interest income |
|
4,061 |
|
|
2,993 |
|
|
14,028 |
|
|
13,389 |
|
Fee
income: |
|
|
|
|
|
|
|
|
Control
investments |
|
313 |
|
|
273 |
|
|
2,715 |
|
|
1,841 |
|
Affiliate
investments |
|
12 |
|
|
16 |
|
|
320 |
|
|
52 |
|
Non-control/Non-affiliate investments |
|
4,913 |
|
|
4,700 |
|
|
19,643 |
|
|
20,371 |
|
Total fee income |
|
5,238 |
|
|
4,989 |
|
|
22,678 |
|
|
22,264 |
|
Dividend and other
income: |
|
|
|
|
|
|
|
|
Control
investments |
|
2,802 |
|
|
3,394 |
|
|
9,175 |
|
|
12,574 |
|
Non-control/Non-affiliate investments |
|
— |
|
|
417 |
|
|
4,795 |
|
|
1,326 |
|
Total dividend and other income |
|
2,802 |
|
|
3,811 |
|
|
13,970 |
|
|
13,900 |
|
Total investment
income |
|
59,160 |
|
|
63,770 |
|
|
247,872 |
|
|
265,475 |
|
Expenses: |
|
|
|
|
|
|
|
|
Base
management fee |
|
9,636 |
|
|
12,250 |
|
|
41,483 |
|
|
51,615 |
|
Part I
incentive fee |
|
6,402 |
|
|
7,015 |
|
|
22,091 |
|
|
28,575 |
|
Professional
fees |
|
1,837 |
|
|
1,084 |
|
|
15,232 |
|
|
4,079 |
|
Board of
Directors fees |
|
191 |
|
|
178 |
|
|
966 |
|
|
722 |
|
Interest
expense |
|
13,587 |
|
|
13,659 |
|
|
54,621 |
|
|
56,654 |
|
Administrator expense |
|
289 |
|
|
484 |
|
|
1,891 |
|
|
3,090 |
|
General and
administrative expenses |
|
1,603 |
|
|
1,086 |
|
|
5,128 |
|
|
6,346 |
|
Loss on
legal settlements |
|
350 |
|
|
— |
|
|
19,500 |
|
|
— |
|
Total
expenses |
|
33,895 |
|
|
35,756 |
|
|
160,912 |
|
|
151,081 |
|
Base
management fee waived |
|
(80 |
) |
|
(145 |
) |
|
(338 |
) |
|
(546 |
) |
Insurance
recoveries |
|
(350 |
) |
|
— |
|
|
(19,429 |
) |
|
— |
|
Net
expenses |
|
33,465 |
|
|
35,611 |
|
|
141,145 |
|
|
150,535 |
|
Net investment
income |
|
25,695 |
|
|
28,159 |
|
|
106,727 |
|
|
114,940 |
|
Unrealized
appreciation (depreciation) on investments: |
|
|
|
|
|
|
|
|
Control
investments |
|
(10,727 |
) |
|
(5,324 |
) |
|
(53,599 |
) |
|
(21,874 |
) |
Affiliate
investments |
|
(56 |
) |
|
(421 |
) |
|
845 |
|
|
962 |
|
Non-control/Non-affiliate investments |
|
37,034 |
|
|
(26,565 |
) |
|
4,830 |
|
|
(50,762 |
) |
Net unrealized
depreciation on investments |
|
26,251 |
|
|
(32,310 |
) |
|
(47,924 |
) |
|
(71,674 |
) |
Net unrealized
(appreciation) depreciation on secured borrowings |
|
(209 |
) |
|
474 |
|
|
(76 |
) |
|
658 |
|
Realized gain
(loss) on investments and secured borrowings: |
|
|
|
|
|
|
|
|
Control
investments |
|
(1,170 |
) |
|
(132 |
) |
|
(9,318 |
) |
|
(4,516 |
) |
Affiliate
investments |
|
— |
|
|
— |
|
|
3 |
|
|
72 |
|
Non-control/Non-affiliate investments |
|
(54,000 |
) |
|
1,420 |
|
|
(115,968 |
) |
|
(24,085 |
) |
Net realized gain
(loss) on investments and secured borrowings |
|
(55,170 |
) |
|
1,288 |
|
|
(125,283 |
) |
|
(28,529 |
) |
Net increase
(decrease) in net assets resulting from operations |
|
$ |
(3,433 |
) |
|
$ |
(2,389 |
) |
|
$ |
(66,556 |
) |
|
$ |
15,395 |
|
Net investment
income per common share — basic |
|
$ |
0.18 |
|
|
$ |
0.18 |
|
|
$ |
0.72 |
|
|
$ |
0.75 |
|
Earnings (loss)
per common share — basic |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.45 |
) |
|
$ |
0.10 |
|
Weighted average common
shares outstanding — basic |
|
144,649 |
|
|
152,639 |
|
|
147,422 |
|
|
153,164 |
|
Net investment
income per common share — diluted |
|
$ |
0.18 |
|
|
$ |
0.18 |
|
|
$ |
0.71 |
|
|
$ |
0.75 |
|
Earnings (loss)
per common share — diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.45 |
) |
|
$ |
0.10 |
|
Weighted average common
shares outstanding — diluted |
|
144,649 |
|
|
160,430 |
|
|
151,339 |
|
|
160,954 |
|
Distributions per
common share |
|
$ |
0.18 |
|
|
$ |
0.18 |
|
|
$ |
0.72 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call Information
We will hold a conference call at 10:00 a.m. (Eastern Time) on
Wednesday, November 30, 2016 to discuss our financial results. All
interested parties are welcome to participate. Domestic callers can
access the conference call by dialing (877) 290-1655. International
callers can access the conference call by dialing +1 (531)
289-2889. All callers will need to enter the Conference ID Number
95159724 and reference "Fifth Street Finance Corp." after being
connected with the operator. All callers are asked to dial in 10-15
minutes prior to the call so that name and company information can
be collected. An archived replay of the call will be
available approximately four hours after the end of the conference
call and will be available through December 7, 2016 to domestic
callers by dialing (855) 859-2056 and to international callers by
dialing +1 (404) 537-3406. For all replays, please reference
Conference ID Number 95159724. An archived replay will also be
available online on the "Investor Relations" section of our website
under the "News & Events - Calendar of Events"
section. FSC's website can be accessed
at fsc.fifthstreetfinance.com.
About Fifth Street Finance Corp.
Fifth Street Finance Corp. is a leading specialty finance
company that provides custom-tailored financing solutions to small
and mid-sized companies, primarily in connection with investments
by private equity sponsors. The company originates and
invests in one-stop financings, first lien, second lien, mezzanine
debt and equity co-investments. FSC's investment objective is
to maximize its portfolio's total return by generating current
income from its debt investments and capital appreciation from its
equity investments. The company has elected to be regulated as a
business development company and is externally managed by a
subsidiary of Fifth Street Asset Management
Inc. (NASDAQ:FSAM), a nationally recognized credit-focused
asset manager with over $5 billion in assets under
management across multiple public and private vehicles. Having
committed approximately $10 billion of loans over its 18-year track
record, Fifth Street's platform has the ability to hold loans up
to $250 million and structure and syndicate transactions
up to $500 million. Fifth Street received the 2015 ACG
New York Champion's Award for "Lender Firm of the Year," and other
previously received accolades include the ACG New York Champion's
Award for "Senior Lender Firm of the Year," "Lender Firm of the
Year" by The M&A Advisor and "Lender of the Year"
by Mergers & Acquisitions. FSC's website can be
found at fsc.fifthstreetfinance.com.
Forward-Looking Statements
Some of the statements in this press release constitute
forward-looking statements, because they relate to future events or
our future performance or financial condition. Forward-looking
statements may include statements as to the future operating
results, dividends and business prospects of FSC. Words such as
"believes," "expects," "seeks," "plans," "should," "estimates,"
"project," and "intend" indicate forward-looking statements,
although not all forward-looking statements include these words.
These forward-looking statements involve risks and uncertainties.
Actual results could differ materially from those implied or
expressed in these forward-looking statements for any reason. Such
factors are identified from time to time in FSC's filings with the
Securities and Exchange Commission and include changes in the
economy and the financial markets and future changes in laws or
regulations and conditions in the Company's operating areas. FSC
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
CONTACT:
Investor Contact:
Robyn Friedman, Executive Director, Head of Investor Relations
(203) 681-3720
ir@fifthstreetfinance.com
Media Contact:
James Golden / Aura Reinhard / Andrew Squire
Joele Frank Wilkinson Brimmer Katcher
(212) 355-4449
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