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01.03.2017 22:15
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FSIC Reports Fourth Quarter and Annual 2016 Financial Results and Declares Regular Distribution for First Quarter
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PR Newswire
PHILADELPHIA, March 1, 2017
PHILADELPHIA, March 1, 2017 /PRNewswire/ -- FS Investment Corporation (NYSE: FSIC), a publicly traded business development company focused on providing customized credit solutions to private middle market U.S. companies, announced its operating results for the quarter and year ended December 31, 2016, and announced that its board of directors has declared its first quarter 2017 regular distribution.
Financial Highlights for the Quarter Ended December 31, 20161
- Net investment income of $0.21 per share, compared to $0.23 per share for the quarter ended December 31, 2015
- Adjusted net investment income of $0.23 per share, compared to $0.24 per share for the quarter ended December 31, 20152
- Total net realized loss of $0.18 per share and total net change in unrealized appreciation of $0.18 per share, compared to a total net realized loss of $0.08 per share and a total net change in unrealized depreciation of $0.47 per share for the quarter ended December 31, 2015
- Paid cash distributions to stockholders totaling $0.22275 per share3
- Total purchases of $495.1 million versus $715.6 million of sales and repayments
- Net asset value of $9.41 per share, compared to $9.42 per share as of September 30, 2016
Financial Highlights for the Year Ended December 31, 20161
- Net investment income of $0.85 per share, compared to $1.10 per share for the year ended December 31, 2015
- Adjusted net investment income of $0.87 per share, compared to $1.03 per share for the year ended December 31, 20152
- Total net realized loss of $0.26 per share and total net change in unrealized appreciation of $0.62 per share, compared to a total net realized loss of $0.26 per share and a total net change in unrealized depreciation of $0.68 per share for the year ended December 31, 2015
- Paid cash distributions to stockholders totaling $0.89100 per share
- Total purchases of $1.2 billion versus $1.6 billion of sales and repayments
"FSIC's focus on long-term performance, the strength of its investment portfolio and the scale of its direct lending platform helped to deliver strong total returns for our stockholders in the fourth quarter and full-year 2016," said Michael C. Forman, Chairman and Chief Executive Officer of FSIC. "The backdrop of tight credit markets necessitated a conservative approach during the fourth quarter. As a result, we focused on investing in senior secured first-lien loans, consistent with FSIC's commitment to being judicious stewards of stockholders' capital."
Declaration of Regular Distribution for First Quarter 2017
FSIC's board of directors has declared a regular cash distribution for the first quarter of $0.22275 per share, which will be paid on or about April 4, 2017 to stockholders of record as of the close of business on March 22, 2017.
Summary Consolidated Results
| | Three Months Ended | ||||
| (dollars in thousands, except per share data) | December 31, 2016 | September 30, 2016 | December 31, 2015 | ||
| Total investment income | $108,978 | $100,557 | $114,763 | ||
| Net investment income | 51,542 | 49,003 | 56,151 | ||
| Net increase (decrease) in net assets resulting from operations | 51,862 | 114,369 | (78,468) | ||
| | | | | ||
| Net investment income per share | $0.21 | $0.20 | $0.23 | ||
| Adjusted net investment income per share2 | $0.23 | $0.20 | $0.24 | ||
| Total net realized and unrealized gain (loss) per share | $0.00 | $0.27 | $(0.55) | ||
| Net increase (decrease) in net assets resulting from operations (Earnings per Share) | $0.21 | $0.47 | $(0.32) | ||
| Stockholder distributions per share3 | $0.22275 | $0.22275 | $0.22275 | ||
| Net asset value per share at period end | $9.41 | $9.42 | $9.10 | ||
| Weighted average shares outstanding | 244,016,474 | 243,488,590 | 242,800,333 | ||
| Shares outstanding, end of period | 244,063,357 | 243,488,590 | 242,847,016 | ||
| | | | | ||
| | | As of | As of | ||
| Total fair value of investments | | $3,726,816 | $4,029,371 | ||
| Total assets | | 4,110,071 | 4,148,173 | ||
| Total stockholders' equity | | 2,297,377 | 2,208,928 | ||
Portfolio Highlights as of December 31, 2016
- Total fair value of investments was $3.7 billion.
- Core investment strategies4 represented 97% of the portfolio by fair value as of December 31, 2016, including 88% from direct originations and 9% from opportunistic investments. Broadly syndicated/other investments represented the remaining 3% of the portfolio by fair value.
- Gross portfolio yield prior to leverage (based on amortized cost and excluding non-income producing assets)5 was 10.1%, compared to 10.2% as of September 30, 2016.
- Total commitments to direct originations (including unfunded commitments) made during the fourth quarter of 2016 was $526.6 million in 18 companies, 13 of which were existing portfolio companies.
- As of December 31, 2016, approximately 0.2% of investments were on non-accrual based on fair value.6
Total Portfolio Activity
| | Three Months Ended | ||||
| (dollar amounts in thousands) | December 31, 2016 | September 30, 2016 | December 31, 2015 | ||
| Purchases | $495,071 | $217,337 | $563,346 | ||
| Sales and redemptions | (715,567) | (290,764) | (511,289) | ||
| Net portfolio activity | $(220,496) | $(73,427) | $52,057 | ||
| | |||||
| Portfolio Data | As of December 31, 2016 | As of December 31, 2015 | |||
| Total fair value of investments | $3,726,816 | $4,029,371 | |||
| Number of Portfolio Companies | 102 Werbung Mehr Nachrichten zur FS KKR Capital Aktie kostenlos abonnieren
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