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09.08.2017 23:30:00

Fifth Street Senior Floating Rate Corp. Announces Quarter Ended June 30, 2017 Financial Results

GREENWICH, CT, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) ("FSFR" or "we") today announced its financial results for the third fiscal quarter ended June 30, 2017.Third Fiscal Quarter 2017 and Post-Quarter HighlightsNet investment income of $5.9 million, or $0.20 per share;Net asset value per share of $10.65;Closed $58.0 million of new investments; andOur Board of Directors declared quarterly dividends of $0.19 per share, payable on September 29, 2017 to stockholders of record on September 15, 2017, and $0.19 per share, payable on December 29, 2017 to stockholders of record on December 15, 2017.Portfolio and Investment ActivityFSFR's Board of Directors determined the fair value of our investment portfolio at June 30, 2017 to be $565.2 million, as compared to $573.6 million at September 30, 2016.  Total assets were $597.8 million at June 30, 2017, as compared to $622.4 million at September 30, 2016.During the quarter ended June 30, 2017, we closed $58.0 million of investments in 11 new and one existing portfolio companies and funded $66.9 million across new and existing portfolio companies.  This compares to closing $112.2 million of investments in nine new and three existing portfolio companies and funding $107.1 million during the quarter ended June 30, 2016. During the quarter ended June 30, 2017, we received $36.8 million in connection with the full repayments and exits of four of our investments, and an additional $6.6 million in connection with other paydowns and sales of investments.At June 30, 2017, our portfolio consisted of investments in 68 companies.  At fair value, 88.3% of our portfolio consisted of senior secured floating rate debt investments, 10.9% consisted of investments in the subordinated notes and LLC equity interests of FSFR Glick JV LLC ("FSFR Glick JV") and 0.8% consisted of equity investments in other portfolio companies.  Our average portfolio company debt investment size at fair value was $8.2 million at June 30, 2017 versus $8.9 million at September 30, 2016.At June 30, 2017, FSFR Glick JV had $145.2 million in assets, including senior secured loans to 28 portfolio companies.  The joint venture generated income of $1.0 million for FSFR during the third fiscal quarter.Our weighted average yield on debt investments at June 30, 2017, including the return on FSFR Glick JV, was 7.9%, and included a cash component of 7.6%.  We utilized our attractively priced leverage and operated within our target leverage range of 0.8x to 0.9x debt-to-equity during the quarter, ending the quarter at 0.86x leverage.Results of OperationsTotal investment income for the quarters ended June 30, 2017 and June 30, 2016 was $12.2 million and $13.1 million, respectively. For the quarter ended June 30, 2017, the amount primarily consisted of $12.1 million of interest income from portfolio investments. For the quarter ended June 30, 2016, the amount primarily consisted of $11.6 million of interest income from portfolio investments.Net expenses for the quarters ended June 30, 2017 and June 30, 2016 were $6.2 million and $7.0 million, respectively.  Net expenses decreased for the quarter ended June 30, 2017 as compared to the quarter ended June 30, 2016, due primarily to a $0.6 million decrease in professional fees attributable to the settlement of proxy-related matters.Net realized and unrealized losses on our investment portfolio for the quarters ended June 30, 2017 and June 30, 2016 were $5.8 million and $5.2 million, respectively.Liquidity and Capital ResourcesAt June 30, 2017, we had $26.9 million of cash and cash equivalents (including $7.7 million of restricted cash), portfolio investments (at fair value) of $565.2 million, $2.9 million of interest, dividends and fees receivable, $12.0 million of net payables from unsettled transactions, $86.7 million of borrowings outstanding under our revolving credit facilities, $179.5 million of borrowings outstanding under our debt securitization (net of unamortized financing costs) and unfunded commitments of $47.4 million.  Our regulatory leverage ratio was 0.86x debt-to-equity.At September 30, 2016, we had $28.8 million of cash and cash equivalents (including $9.0 million of restricted cash), portfolio investments (at fair value) of $573.6 million, $4.6 million of interest, dividends and fees receivable, $12.9 million of net receivables from unsettled transactions, $107.4 million of borrowings outstanding under our revolving credit facilities, $177.5 million of borrowings outstanding under our debt securitization (net of unamortized financing costs) and unfunded commitments of $52.8 million.  Our regulatory leverage ratio was 0.90x debt-to-equity.Dividend DeclarationOur Board of Directors met on August 7, 2017 and declared the following quarterly distributions:$0.19 per share, payable on September 29, 2017 to stockholders of record on September 15, 2017; and$0.19 per share, payable on December 29, 2017 to stockholders of record on December 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.Portfolio Asset QualityWe utilize the following investment ranking system to assess and monitor our debt investment portfolio:Investment Ranking 1 is used for debt investments that are performing above expectations and/or capital gains are expected.Investment Ranking 2 is used for debt 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 debt investments are initially ranked 2.Investment Ranking 3 is used for debt 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, debt investments with a ranking of 3 are generally those on which we are not accruing PIK interest.Investment Ranking 4 is used for debt investments that are performing substantially below our expectations and for which risk has increased substantially since the original or restructured investment.  Debt 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 June 30, 2017 and September 30, 2016, the distribution of our debt investments on the 1 to 4 investment ranking scale at fair value was as follows:Investment Ranking June 30, 2017 September 30, 2016(2)  Fair Value % of Portfolio Leverage Ratio Fair Value % of Portfolio Leverage Ratio 1 $19,048,520  3.40% 2.33  $20,056,209  3.59% 3.80  2 492,886,292  87.93  4.00  519,618,113  92.91  4.20  3 40,703,150  7.26  NM (1)12,440,322  2.22  NM (1)4 7,921,674  1.41  NM (1)7,156,160  1.28  NM (1)Total $560,559,636  100.00% 3.94  $559,270,804  100.00% 4.18  _____________(1)  Due to operating performance this ratio is not measurable and, as a result, is excluded from the total portfolio ...Full story available on Benzinga.com
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