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01.03.2018 22:20
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FSIC Reports Fourth Quarter and Annual 2017 Financial Results and Declares Regular Distribution for First Quarter
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PR Newswire
PHILADELPHIA, March 1, 2018
PHILADELPHIA, March 1, 2018 /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, 2017, and that its board of directors has declared its first quarter 2018 regular distribution.
Financial Highlights for the Quarter Ended December 31, 20171
- Net investment income of $0.22 per share, compared to $0.21 per share for the quarter ended December 31, 2016
- Adjusted net investment income of $0.24 per share, compared to $0.23 per share for the quarter ended December 31, 20162
- Total net realized loss of $0.04 per share and total net change in unrealized depreciation of $0.12 per share, compared to a total net realized loss of $0.18 per share and a total net change in unrealized appreciation of $0.18 per share for the quarter ended December 31, 2016
- Paid cash distributions to stockholders totaling $0.19 per share3
- Total purchases of $262.6 million versus $234.6 million of sales and repayments
- Net asset value of $9.30 per share, compared to $9.43 per share as of September 30, 2017
Financial Highlights for the Year Ended December 31, 20171
- Net investment income of $0.83 per share, compared to $0.85 per share for the year ended December 31, 2016
- Adjusted net investment income of $0.85 per share, compared to $0.87 per share for the year ended December 31, 20162
- Total net realized loss of $0.58 per share and total net change in unrealized appreciation of $0.49 per share, compared to a total net realized loss of $0.26 per share and a total net change in unrealized appreciation of $0.62 per share for the year ended December 31, 2016
- Paid cash distributions to stockholders totaling $0.85825 per share
- Total purchases of $1.3 billion versus $1.1 billion of sales and repayments
"Since announcing the strategic partnership with KKR in December, the transition of advisory services is advancing as expected and we continue to provide our portfolio companies and their sponsors with timely, flexible capital, as evidenced by several financings we have recently executed," said Michael Forman, Chairman and Chief Executive Officer of FSIC. "We are confident that our new partnership will allow us to grow stockholder value and our share repurchase program demonstrates our commitment to FSIC investors."
Declaration of Regular Distribution for First Quarter 2018
FSIC's board of directors has declared a regular cash distribution for the first quarter of $0.19 per share, which will be paid on or about April 3, 2018 to stockholders of record as of the close of business on March 21, 2018.
Share Repurchase Program
In February 2018, FSIC's board of directors authorized a stock repurchase program. Under the program, FSIC may repurchase up to $50 million in the aggregate of its outstanding common stock in the open market at prices below the current net asset value per share. The timing, manner, price and amount of any share repurchases will be determined by FSIC, in its discretion, based upon the evaluation of economic and market conditions, FSIC's stock price, applicable legal and regulatory requirements and other factors. The program will be in effect through February 21, 2019, unless extended or until the aggregate repurchase amount that has been approved by FSIC's board of directors has been expended. The program does not require FSIC to repurchase any specific number of shares and FSIC cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time.
Summary Consolidated Results
| | | Three Months Ended | |||
| (dollars in thousands, except per share data) | December 31, 2017 | September 30, 2017 | December 31, 2016 | ||
| Total investment income | $110,861 | $103,691 | $108,978 | ||
| Net investment income | 54,061 | 50,648 | 51,542 | ||
| Net increase (decrease) in net assets resulting from operations | 14,754 | 85,398 | 51,862 | ||
| | | | | ||
| Net investment income per share | $0.22 | $0.21 | $0.21 | ||
| Adjusted net investment income per share2 | $0.24 | $0.21 | $0.23 | ||
| Total net realized and unrealized gain (loss) per share | $(0.16) | $0.14 | $0.00 | ||
| Net increase (decrease) in net assets resulting from operations (Earnings per Share) | $0.06 | $0.35 | $0.21 | ||
| Stockholder distributions per share3 | $0.19000 | $0.22275 | $0.22275 | ||
| Net asset value per share at period end | $9.30 | $9.43 | $9.41 | ||
| Weighted average shares outstanding | 245,725,416 | 245,678,745 | 244,016,474 | ||
| Shares outstanding, end of period | 245,725,416 | 245,725,416 | 244,063,357 | ||
| | | | | | |
| (dollar amounts in thousands) | | As of | As of |
| Total fair value of investments | | $3,926,234 | $3,726,816 |
| Total assets | | 4,104,275 | 4,110,071 |
| Total stockholders' equity | | 2,284,723 | 2,297,377 |
Portfolio Highlights as of December 31, 2017
- Total fair value of investments was $3.9 billion.
- Core investment strategies4 represented 99% of the portfolio by fair value as of December 31, 2017, including 92% from direct originations and 7% from opportunistic investments. Broadly syndicated/other investments represented the remaining 1% of the portfolio by fair value.
- Gross portfolio yield prior to leverage (based on amortized cost and excluding non-income producing assets)5 was 10.5%, compared to 10.3% as of September 30, 2017.
- Total commitments to direct originations (including unfunded commitments) made during the fourth quarter of 2017 was $220.2 million in 13 companies, 10 of which were existing portfolio companies.
- 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, 2017 | September 30, 2017 | December 31, 2016 | | ||
| Purchases | $262,562 | $183,384 | $495,071 | | ||
| Sales and redemptions | (234,638) | (255,483) | (715,567) | | ||
| Net portfolio activity | $27,924 | $(42,099) | $(220,496) | | ||
| | | |||||
| Portfolio Data | As of December 31, 2017 | As of December, 2016 | | |||
| Total fair value of investments Werbung Mehr Nachrichten zur FS KKR Capital Aktie kostenlos abonnieren
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