Fifth Street Finance A Buy Here???

Fifth Street Finance Corp. (NASDAQ:FSC) announced its financial results for the first fiscal quarter ended December 31, 2014.

First Fiscal Quarter 2015 Financial Highlights
• Net investment income for the quarter ended December 31, 2014 was $35.2 million, or $0.23 per share;

• Net asset value per share was $9.17 as of December 31, 2014;

• FSC closed $716.6 million of investments during the quarter ended December 31, 2014; and

• Declared monthly distributions of $0.06 per share beginning in March 2015 through August 2015.



This is a huge dividend cut and is leading the stock lower. I think it can be bought here. I should have opined that I saw this coming after coverage issues and Prospect Capital (PSEC) cutting their dividend. Cash is good

As of December 31, 2014, FSC had $110.6 million in cash and cash equivalents (including restricted cash), portfolio investments (at fair value) of $2.7 billion, $15.2 million of interest, dividends and fees receivable, $225.0 million of SBA debentures payable, $617.5 million of borrowings outstanding under its credit facilities, $115.0 million of unsecured convertible notes payable, $410.1 million of unsecured notes payable, $22.2 million of secured borrowings and unfunded commitments of $350.8 million.

As of September 30, 2014, FSC had $109.0 million in cash and cash equivalents (including restricted cash), portfolio investments (at fair value) of $2.5 billion, $15.2 million of interest, dividends and fees receivable, $225.0 million of SBA debentures payable, $317.4 million of borrowings outstanding under its credit facilities, $115.0 million of unsecured convertible notes payable, $409.9 million of unsecured notes payable, $84.8 million of secured borrowings and unfunded commitments of $325.0 million.