PHILADELPHIA, PA
FS Investment Corporation II (FSIC II), a business development company (BDC) focused on providing customized credit solutions to private middle market U.S. companies, announced its operating results for the quarter ended March 31, 2016. FSIC II will hold a conference call to discuss these results at 1:30 p.m. Eastern Time on Friday, May 20, 2016. Information for those interested in participating on the call can be found below.
“Despite general weakness in the secondary markets during the first quarter, FSIC II’s focus on investing in senior secured, floating rate debt of U.S. middle market companies provided our investors with a high level of current income,” commented Michael C. Forman, Chairman & CEO of FSIC II. “Especially during these periods of volatility, we expect that our partnership with GSO / Blackstone and long-term fund structure will help drive performance and preserve capital over time.”
Financial Highlights for the Quarter Ended March 31, 20161
- Net investment income of $0.20 per share, compared to $0.19 per share for the quarter ended March 31, 2015
- Net decrease in net assets resulting from operations of $0.04 per share, compared to a net increase of $0.20 per share for the quarter ended March 31, 2015
- Net realized loss of $0.05 per share, compared to a net realized loss of $0.05 per share for the quarter ended March 31, 2015
- Net change in unrealized appreciation (depreciation) of $(0.19) per share, compared to $0.06 per share for the quarter ended March 31, 2015
- Paid regular cash distributions to stockholders totaling approximately $0.19 per share
- Committed approximately $67.0 million to direct originations
Portfolio Highlights as of March 31, 2016
- The fair value of FSIC II’s investments was approximately $4.4 billion
- FSIC II’s portfolio consisted of investments in 161 portfolio companies
- Core investment strategies2 represented 92% of the portfolio by fair value, including 80% in direct originations and 12% in opportunistic investments. Broadly syndicated/other investments represented 8% of the portfolio by fair value
- Gross portfolio yield prior to leverage (based on amortized cost and excluding non-income producing assets) was 9.8%, compared to 10.0% as of March 31, 20153
- Non-accruals represented 1.7% of the investment portfolio based on fair value4