Fifth Street Asset Management Inc. (NASDAQ:FSAM) ("FSAM" or "we")
announces its financial results for the fourth quarter and year
ended December 31, 2015.
Fourth Quarter and Full Year 2015 Financial
Highlights
- Pro Forma Adjusted Net Income for the quarter and year ended
December 31, 2015 was $9.2 million, or $0.18 per share, and
$36.3 million, or $0.73 per share, respectively. Net income
for the quarter and year ended December 31, 2015 was $4.7
million, or $0.09 per share, and $34.0 million, or $0.68 per share,
respectively. For the quarter ended December 31, 2015,
Pro Forma Adjusted Net Income before adjustment for
litigation-related costs was $6.5 million, or $0.13 per share;
- Fee-earning Assets Under Management ("AUM") was $4.4 billion as
of December 31, 2015, versus $4.5 billion as of September 30,
2015;
- Total revenues for the quarter ended December 31, 2015
were $22.9 million, versus $25.5 million for the quarter ended
September 30, 2015, and $97.8 million for the year ended
December 31, 2015, versus $102.5 million for the year ended
December 31, 2014; and
- Management fees represented 84.6% of total revenues for the
quarter ended December 31, 2015 and 90.5% of total revenues
for the year ended December 31, 2015.
“As a result of substantial costs incurred during the December
quarter at FSAM, FSC and FSFR related to activist investors and
litigation, we generated pro forma earnings of $0.13 per share,
substantially below our normalized level. We are pleased that
subsequent to quarter end, FSC reached an amicable resolution with
RiverNorth, which will increase FSAM's and my combined ownership of
FSC to 14.6% and further solidifies the alignment of interests
between FSAM and FSC,” stated Leonard M. Tannenbaum, Chairman and
Chief Executive Officer, adding, “Going forward, as a result of
broader market volatility, we have seen a widening of spreads in
the middle market and believe that we are well-positioned to take
advantage of the opportunity to put capital to work in this new
vintage.”
Results of Operations
Total revenues for the quarter ended December 31, 2015 were
$22.9 million, representing a $2.6 million, or 10.1%, decrease from
$25.5 million for the quarter ended September 30, 2015.
Management fees (which include base management fees and Part I
fees) for the quarter ended December 31, 2015 were $19.4
million, or 84.6% of total revenues.
Total expenses for the quarter ended December 31, 2015 were
$15.6 million, and include amounts reimbursed by our funds of $3.4
million, non-recurring compensation charges of $1.7 million, and
expenses attributable to MMKT of $0.3 million. After
adjusting for these items, net expenses were $10.3 million for the
quarter ended December 31, 2015, which included
litigation-related costs of $2.7 million. Net expenses
decreased by $0.2 million, or 1.9%, as compared to $10.5 million
for the quarter ended September 30, 2015.
Pro Forma Adjusted Net Income was $9.2 million, or $0.18 per
share, for the quarter ended December 31, 2015, which
represented a $0.4 million, or 5.1%, increase as compared to $8.6
million, or $0.17 per share, for the quarter ended September 30,
2015. Net income for the quarters ended December 31,
2015 and September 30, 2015 was $4.7 million, or $0.09 per share,
and $9.2 million, or $0.18 per share, respectively.
Dividend Declaration
On March 14, 2016, our Board of Directors declared a quarterly
dividend of $0.10 per share of our Class A common stock, which is
based on our Pro Forma Adjusted Net Income before adjustment for
litigation-related costs of $0.13 per share for the quarter ended
December 31, 2015. The declared dividend is payable on April 15,
2016 to stockholders of record at the close of business on March
31, 2016.
Key Performance Metrics
| |
|
Three months endedDecember
31, |
|
Year ended December 31, |
| |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| |
|
(dollars in thousands, except per share amounts) |
| Total revenues |
|
$ |
22,920 |
|
|
$ |
28,939 |
|
|
$ |
97,766 |
|
|
$ |
102,537 |
|
| Net income (loss) |
|
$ |
4,716 |
|
|
$ |
(1,410 |
) |
|
$ |
33,964 |
|
|
$ |
35,596 |
|
| Net income (loss) per
share |
|
$ |
0.09 |
|
|
$ |
(0.03 |
) |
|
$ |
0.68 |
|
|
$ |
0.71 |
|
| Pro Forma Adjusted Net
Income(1) |
|
$ |
9,206 |
|
|
$ |
11,487 |
|
|
$ |
36,261 |
|
|
$ |
44,121 |
|
| Pro Forma Adjusted Net
Income Per Share |
|
$ |
0.18 |
|
|
$ |
0.23 |
|
|
$ |
0.73 |
|
|
$ |
0.88 |
|
| |
|
|
|
|
|
|
|
|
| Management Fees as % of
total revenues |
|
84.6 |
% |
|
85.3 |
% |
|
90.5 |
% |
|
89.8 |
% |
| |
|
|
|
|
|
|
|
|
| AUM at end of
period(2) |
|
$ |
5,295,612 |
|
|
$ |
6,301,260 |
|
|
$ |
5,295,612 |
|
|
$ |
6,301,260 |
|
| Fee-earning AUM at end
of period(3) |
|
$ |
4,351,768 |
|
|
$ |
5,554,013 |
|
|
$ |
4,351,768 |
|
|
$ |
5,554,013 |
|
__________________
(1) Please refer to Exhibit A for a reconciliation of net income
and income before income tax benefit (provision) to Adjusted Net
Income and Pro Forma Adjusted Net Income.
(2) AUM refers to assets under management of our funds and
material control investments of these funds and represents the sum
of the net asset value of such funds and investments, the drawn
debt and unfunded debt and equity commitments at the fund or
investment level (including amounts subject to restrictions) and
uncalled committed debt and equity capital (including commitments
to funds that have yet to commence their investment periods).
(3) Fee-earning AUM refers to the AUM on which we directly or
indirectly earn management fees and represents the sum of the net
asset value of our funds and their material control investments and
the drawn debt and unfunded debt and equity commitments at the fund
or investment level (including amounts subject to
restrictions).
Recent Developments
On January 19, 2016, Fifth Street Management LLC ("FSM"), a
subsidiary of FSAM, entered into an amended and restated investment
advisory agreement with Fifth Street Finance Corp ("FSC"). The
amended and restated investment advisory agreement reduces the base
management fee payable to FSM on gross assets, excluding cash and
cash equivalents, from 2.00% to 1.75% effective as of January 1,
2016. The other commercial terms of FSM’s existing investment
advisory relationship with FSC remain unchanged.
On February 18, 2016, we entered into a purchase and settlement
agreement with RiverNorth Capital Management ("RiverNorth")
pursuant to which RiverNorth would withdraw its competing FSC proxy
solicitation. In connection with the agreement, we and Mr.
Tannenbaum collectively agreed to purchase 9,220,600 shares of
FSC’s common stock for a per-share purchase price of $6.25 from
RiverNorth, and we deposited $10 million in escrow to be credited
against the purchase price at closing. In addition, we issued
a warrant to RiverNorth that may require us to pay RiverNorth a
cash settlement equal to the lesser of (i) $5 million and (ii) the
value of the warrant based on the strike price. We may also be
subject to additional future payments based on certain terms of the
purchase and settlement agreement.
On February 29, 2016, Fifth Street Holdings LP, a subsidiary of
FSAM, entered into an amendment to its existing revolving credit
facility which reduced the aggregate revolver commitments of the
lenders from $176 million to $146 million. The amendment also
provides, among other things, that certain risk retention debt
incurred by subsidiaries engaged solely in managing collateralized
loan obligations shall be permitted and excluded from certain
financial covenant calculations, including leverage and interest
coverage ratios.
Non-GAAP Financial Measures and Operating Metrics
Certain of the terms used in this press release, including AUM,
fee-earning AUM, Adjusted Net Income and Pro Forma Adjusted Net
Income, may not be comparable to similarly titled measures used by
other companies. In addition, our definitions of AUM and
fee-earning AUM are not based on any definition of AUM or
fee-earning AUM that is set forth in the agreements governing the
investment funds that we manage and may differ from definitions of
AUM set forth in other agreements to which we are a party from time
to time. Further, Adjusted Net Income and Pro Forma Adjusted Net
Income are not performance measures calculated in accordance with
GAAP. Adjusted Net Income has been included in this press
release to adjust for certain one-time, non-recurring or
non-operating items. Pro Forma Net Adjusted Net Income has been
included in this press release to reflect certain tax adjustments
in connection with our IPO and excludes the financial results of
MMKT. We use Adjusted Net Income and Pro Forma Adjusted Net
Income as measures of our operating performance, not as measures of
liquidity. We believe that Adjusted Net Income and Pro Forma
Adjusted Net Income provide investors with a meaningful indication
of our core operating performance and Adjusted Net Income and Pro
Forma Adjusted Net Income are evaluated regularly by our management
as decision tools for deployment of resources. We believe that
reporting Adjusted Net Income and Pro Forma Adjusted Net Income is
helpful in understanding our business and that investors should
review the same supplemental non-GAAP financial measures that our
management uses to analyze our performance. Adjusted Net Income and
Pro Forma Adjusted Net Income have limitations as analytical tools
and should not be considered in isolation or as a substitute for
analyzing our results prepared in accordance with GAAP. The use of
Adjusted Net Income or Pro Forma Adjusted Net Income without
consideration of related GAAP measures is not adequate due to the
adjustments described herein. Income before income tax benefit
(provision) is the GAAP financial measure most comparable to
Adjusted Net Income and net income is the GAAP financial measure
most comparable to Pro Forma Adjusted Net Income. Please refer to
Exhibit A for a reconciliation of net income and income before
income tax benefit (provision) to Adjusted Net Income and Pro Forma
Adjusted Net Income.
Conference Call Information
We will host a conference call at 10:00 a.m. (Eastern Time) on
Thursday, March 17, 2016 to discuss our fourth quarter and year end
2015 financial results. All interested parties are welcome to
participate. Domestic callers can access the conference call by
dialing (855) 791-2033. International callers can access the
conference call by dialing +1 (631) 485-4910. All callers will need
to enter the Participant Passcode Number 17809698 and reference
"Fifth Street Asset Management Inc." after being connected with the
operator. All callers are asked to dial in 10-15 minutes prior to
the call so that name and company information can be collected. An
archived replay of the call will be available shortly after the end
of the conference call through March 24, 2016, to domestic callers
by dialing (855) 859-2056 and to international callers by dialing
+1 (404) 537-3406. For all replays, please reference Passcode
Number 17809698. An archived replay will also be available online
in the "Investor Relations" section of FSAM's website under the
"News & Events - Calendar of Events" section. FSAM's website
can be accessed at fsam.fifthstreetfinance.com.
About Fifth Street Asset Management Inc.
Fifth Street Asset Management Inc. (NASDAQ:FSAM) is a nationally
recognized credit-focused asset manager. The firm has over $5
billion of assets under management across two publicly-traded
business development companies, Fifth Street Finance Corp.
(NASDAQ:FSC) and Fifth Street Senior Floating Rate Corp.
(NASDAQ:FSFR), as well as multiple private investment
vehicles. The Fifth Street platform provides innovative and
customized financing solutions to small and mid-sized businesses
across the capital structure through complementary investment
vehicles and co-investment capabilities. With over a 17-year
track record focused on disciplined credit investing across
multiple economic cycles, Fifth Street is led by a seasoned
management team that has issued billions of dollars in public
equity, private capital and public debt securities. Fifth
Street's national origination strategy, proven track record and
established platform are supported by approximately 70
professionals across locations in Greenwich, Chicago and San
Francisco. For more information, please visit
fsam.fifthstreetfinance.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that reflect the company's current views with respect to, among
other things, future events and financial performance. Words
such as "believes," "expects," "will," "estimates," "projects,"
"anticipates," and "future" or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are subject to the inherent uncertainties in predicting
future results and conditions. Certain factors could cause
actual results to differ materially from those projected in these
forward-looking statements. New risks and uncertainties arise
over time, and it is not possible for the company to predict those
events or how they may affect it. Therefore, you should not
place undue reliance on these forward-looking statements. The
company does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Exhibit A. Calculation of Adjusted Net Income and Pro
Forma Adjusted Net Income
Income before income tax benefit (provision) is the GAAP
financial measure most comparable to Adjusted Net Income and net
income is the GAAP financial measure most comparable to Pro Forma
Adjusted Net Income. The following table provides a
reconciliation of net income and income before income tax benefit
(provision) to Adjusted Net Income and Pro Forma Adjusted Net
Income (shown in thousands, except per share amounts):
|
|
| |
|
Three months ended December 31, |
|
Year ended December 31, |
| |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Net income |
|
$ |
4,716 |
|
|
$ |
(1,410 |
) |
|
$ |
33,964 |
|
|
$ |
35,596 |
|
| Provision (benefit) for
income taxes |
|
1,575 |
|
|
(2,124 |
) |
|
5,065 |
|
|
(2,124 |
) |
| Income before provision
(benefit) for income taxes |
|
6,291 |
|
|
(3,533 |
) |
|
39,030 |
|
|
33,473 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
Compensation-related charges(1)(2) |
|
1,666 |
|
|
18,610 |
|
|
6,111 |
|
|
25,025 |
|
| Unrealized loss
on beneficial interests in CLOs(3) |
|
489 |
|
|
— |
|
|
1,080 |
|
|
— |
|
| FSC follow-on
equity offering underwriting costs(4) |
|
— |
|
|
— |
|
|
— |
|
|
822 |
|
| Lease
termination charges(5) |
|
— |
|
|
101 |
|
|
(72 |
) |
|
707 |
|
| Professional
fees and other expenses in connection with our IPO |
|
— |
|
|
224 |
|
|
— |
|
|
1,118 |
|
| Adjusted Net Income
before adjustment for litigation-related costs |
|
8,446 |
|
|
15,402 |
|
|
46,149 |
|
|
61,145 |
|
|
Litigation-related costs |
|
2,685 |
|
|
— |
|
|
2,685 |
|
|
— |
|
| Adjusted Net
Income(6) |
|
$ |
11,131 |
|
|
$ |
15,402 |
|
|
$ |
48,834 |
|
|
$ |
61,145 |
|
| |
|
|
|
|
|
|
|
|
| Net loss attributable
to MMKT(7) |
|
261 |
|
|
— |
|
|
1,136 |
|
|
— |
|
| Pro Forma income tax
provision(8) |
|
(3,324 |
) |
|
(5,076 |
) |
|
(18,330 |
) |
|
(21,724 |
) |
| Pro Forma tax
receivable agreement benefit |
|
1,138 |
|
|
1,161 |
|
|
4,621 |
|
|
4,700 |
|
| Pro Forma Adjusted Net
Income |
|
$ |
9,206 |
|
|
$ |
11,487 |
|
|
$ |
36,261 |
|
|
$ |
44,121 |
|
| |
|
|
|
|
|
|
|
|
| Pro Forma weighted
average shares outstanding(9) |
|
49,782 |
|
|
50,000 |
|
|
49,912 |
|
|
50,000 |
|
| Pro Forma Adjusted Net
Income, before adjustment for litigation-related costs, per Class A
common share(9) |
|
$ |
0.13 |
|
|
$ |
0.23 |
|
|
$ |
0.67 |
|
|
$ |
0.88 |
|
| Pro Forma Adjusted Net
Income per Class A common share(9) |
|
$ |
0.18 |
|
|
$ |
0.23 |
|
|
$ |
0.73 |
|
|
$ |
0.88 |
|
_________________
(1) For the quarters and years ended December 31, 2015 and 2014,
this amount includes $0.3 million, $1.0 million, $0.3 million and
$1.8 million, respectively, of amortization expense relating to the
conversion and vesting of member interests in connection with our
2014 reorganization.(2) For the quarter and year ended
December 31, 2015, this amount includes $1.4 million and $5.1
million, respectively, of amortization expense relating to
stock-based compensation that was awarded to certain of our
employees in connection with our IPO. For the year ended
December 31, 2014, this amount includes: (1) $3.1 million of
noncash compensation expense relating to the separation of a former
equity member in May 2014, (2) $3.1 million of cash payments to
purchase the equity interest from a former member, (3) $15.1
million of noncash compensation expense relating to our
Reorganization and IPO, (4) $1.1 million of cash bonus awards paid
to certain of our employees in connection with our IPO and (5) $0.8
million of amortization expense relating to stock-based
compensation that was awarded to certain of our employees in
connection with our IPO.(3) Represents change in fair value on
beneficial interests in CLO on which we have elected the fair value
option.(4) Represents the costs borne by us relating to equity
underwriting commissions attributable to an equity offering at
FSC.(5) Includes non-recurring charges and refunds for termination
payments and related exit costs accrued at present value relating
to our office leases.(6) Adjusted Net Income is presented on a
pre-tax basis.(7) Represents net loss attributable to the
operations of MMKT, a consolidated subsidiary of FSAM that was
formed to develop technology related to the financial services
industry.(8) Based on our estimated statutory tax rate and includes
an adjustment for pro forma tax benefits related to basis
adjustments due to our IPO.(9) Presented with the assumption that
100% of the limited partnership interests in Fifth Street Holdings
L.P. were converted on a one-for-one basis into shares of our Class
A common stock.
Exhibit B. Consolidated Statements of Financial
Condition as of December 31, 2015 and December 31,
2014
| |
| |
|
As of |
| |
|
December 31, 2015 |
|
December 31, 2014 |
|
Assets |
|
|
|
|
| Cash and cash
equivalents |
|
$ |
17,185,204 |
|
|
$ |
3,238,008 |
|
| Management fees
receivable (includes Part I Fees of $(555,663) and
$7,809,194 at December 31, 2015 and December 31, 2014,
respectively) |
|
4,879,785 |
|
|
23,528,749 |
|
| Performance fees
receivable |
|
224,618 |
|
|
106,635 |
|
| Prepaid expenses
(includes $676,789 and $185,580 related to income taxes at December
31, 2015 and December 31, 2014, respectively) |
|
1,284,759 |
|
|
1,395,882 |
|
| Investments in equity
method investees |
|
6,427,272 |
|
|
4,115,429 |
|
| Investments in
available-for-sale securities (cost: $26,389,015) |
|
26,771,258 |
|
|
— |
|
| Beneficial interests in
CLOs at fair value: (cost: $24,617,568) |
|
23,537,629 |
|
|
— |
|
| Due from
affiliates |
|
3,943,384 |
|
|
3,799,542 |
|
| Fixed assets, net |
|
9,893,521 |
|
|
10,274,263 |
|
| Deferred tax
assets |
|
51,180,237 |
|
|
57,972,039 |
|
| Deferred financing
costs |
|
1,929,433 |
|
|
2,432,764 |
|
| Other assets |
|
3,976,420 |
|
|
4,197,358 |
|
| Total assets |
|
$ |
151,233,520 |
|
|
$ |
111,060,669 |
|
| Liabilities and
Equity |
|
|
|
|
|
Liabilities |
|
|
|
|
| Accounts payable and
accrued expenses |
|
$ |
5,324,842 |
|
|
$ |
3,045,651 |
|
| Accrued compensation
and benefits |
|
10,448,260 |
|
|
11,095,548 |
|
| Income taxes
payable |
|
28,559 |
|
|
361,052 |
|
| Loans payable
(including $4,738,026 of MMKT Notes at fair value) |
|
21,710,640 |
|
|
4,000,000 |
|
| Credit facility
payable |
|
65,000,000 |
|
|
12,000,000 |
|
| Dividend payable |
|
1,748,062 |
|
|
— |
|
| Due to Principal |
|
— |
|
|
9,063,792 |
|
| Due to affiliates |
|
24,257 |
|
|
62,781 |
|
| Deferred rent
liability |
|
3,146,210 |
|
|
3,261,434 |
|
| Payable to related
parties pursuant to tax receivable agreements |
|
45,486,114 |
|
|
47,373,245 |
|
| Total
liabilities |
|
152,916,944 |
|
|
90,263,503 |
|
| Commitments and
contingencies |
|
|
|
|
|
Equity |
|
|
|
|
| Preferred stock, $0.01 par value;
5,000,000 shares authorized; none issued and outstanding as of
December 31, 2015 and December 31, 2014 |
|
— |
|
|
— |
|
| Class A common stock, $0.01 par
value 500,000,000 shares authorized; 5,822,672 and 6,000,033
shares issued and 5,798,614 and 6,000,033 shares
outstanding as of December 31, 2015 and December 31, 2014,
respectively |
|
58,227 |
|
|
60,000 |
|
| Class B common stock, $0.01 par
value 50,000,000 shares authorized; 42,856,854 shares issued
and outstanding as of December 31, 2015 and December 31,
2014 |
|
428,569 |
|
|
428,569 |
|
| Additional paid-in capital |
|
2,661,253 |
|
|
4,975,073 |
|
| Accumulated other comprehensive
income |
|
27,276 |
|
|
— |
|
| Retained earnings |
|
— |
|
|
1,214,949 |
|
| |
|
3,175,325 |
|
|
6,678,591 |
|
| Less: Treasury stock, at cost,
24,058 shares as of December 31, 2015 |
|
(180,064 |
) |
|
— |
|
| Total stockholders' equity,
Fifth Street Asset Management Inc. |
|
2,995,261 |
|
|
6,678,591 |
|
| Non-controlling
interests |
|
(4,678,685 |
) |
|
14,118,575 |
|
| Total equity
(deficit) |
|
(1,683,424 |
) |
|
20,797,166 |
|
| Total liabilities and
equity |
|
$ |
151,233,520 |
|
|
$ |
111,060,669 |
|
Exhibit C. Consolidated Statements of Income for the
Three Months and Years Ended December 31, 2015 and
2014
| |
|
For the Three Months Ended December
31, |
|
For the Years Ended December 31, |
| |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
Revenues |
|
|
|
|
|
|
|
|
| Management fees (includes Part I
Fees of $31,172,071 and $35,618,257 for the years ended
December 31, 2015 and 2014, respectively) |
|
$ |
19,378,996 |
|
|
$ |
24,672,236 |
|
|
$ |
88,473,650 |
|
|
$ |
92,092,369 |
|
| Performance fees |
|
145,167 |
|
|
(32,414 |
) |
|
224,618 |
|
|
106,635 |
|
| Other fees |
|
3,395,943 |
|
|
4,299,130 |
|
|
9,068,020 |
|
|
10,337,588 |
|
| Total
revenues |
|
22,920,106 |
|
|
28,938,952 |
|
|
97,766,288 |
|
|
102,536,592 |
|
|
Expenses |
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
7,844,533 |
|
|
28,115,670 |
|
|
36,636,264 |
|
|
53,826,682 |
|
| Fund offering and start-up
expenses |
|
— |
|
|
47,489 |
|
|
— |
|
|
1,247,923 |
|
| General, administrative and other
expenses |
|
7,336,105 |
|
|
3,705,422 |
|
|
17,887,419 |
|
|
13,029,436 |
|
| Depreciation and amortization |
|
438,536 |
|
|
344,396 |
|
|
1,693,080 |
|
|
985,845 |
|
| Total
expenses |
|
15,619,174 |
|
|
32,212,977 |
|
|
56,216,763 |
|
|
69,089,886 |
|
| Other income
(expense) |
|
|
|
|
|
|
|
|
| Interest income |
|
359,465 |
|
|
1,501 |
|
|
653,130 |
|
|
13,031 |
|
| Interest expense |
|
(805,990 |
) |
|
(248,568 |
) |
|
(2,143,817 |
) |
|
(323,363 |
) |
| Income from equity method
investments |
|
18,090 |
|
|
29,611 |
|
|
20,630 |
|
|
246,361 |
|
| Unrealized loss on beneficial
interests in CLOs |
|
(489,393 |
) |
|
— |
|
|
(1,079,939 |
) |
|
— |
|
| Realized loss on beneficial
interests in CLOs |
|
(249,033 |
) |
|
— |
|
|
(249,033 |
) |
|
— |
|
| Other income (expense), net |
|
157,405 |
|
|
(41,951 |
) |
|
279,405 |
|
|
90,049 |
|
| Total other income
(expense), net |
|
(1,009,456 |
) |
|
(259,407 |
) |
|
(2,519,624 |
) |
|
26,078 |
|
| Income before
provision (benefit) for income taxes |
|
6,291,476 |
|
|
(3,533,432 |
) |
|
39,029,901 |
|
|
33,472,784 |
|
| Provision (benefit) for income
taxes |
|
1,575,434 |
|
|
(2,123,627 |
) |
|
5,065,420 |
|
|
(2,123,627 |
) |
| Net
income |
|
4,716,042 |
|
|
(1,409,805 |
) |
|
33,964,481 |
|
|
35,596,411 |
|
| Less: Net income attributable to
Predecessor |
|
— |
|
|
11,375,127 |
|
|
— |
|
|
(25,631,089 |
) |
| Less: Net income attributable to
non-controlling interests |
|
(5,862,168 |
) |
|
(9,527,661 |
) |
|
(31,556,455 |
) |
|
(9,527,661 |
) |
| Net income
attributable to Fifth Street Asset Management Inc. |
|
$ |
(1,146,126 |
) |
|
$ |
437,661 |
|
|
$ |
2,408,026 |
|
|
$ |
437,661 |
|
| |
|
|
|
|
|
|
|
|
| Net income per
share attributable to Fifth Street Asset Management Inc. Class A
common stock: Basic and Diluted |
|
$ |
(0.19 |
) |
|
$ |
0.07 |
|
|
$ |
0.41 |
|
|
$ |
0.07 |
|
| Weighted
average shares of Class A common stock outstanding -
Basic |
|
5,929,627 |
|
|
6,000,033 |
|
|
5,913,125 |
|
|
6,000,033 |
|
| Weighted
average shares of Class A common stock outstanding -
Diluted |
|
5,929,627 |
|
|
6,000,033 |
|
|
5,915,174 |
|
|
6,000,033 |
|
Investor Contact:
Robyn Friedman, Senior Vice President, Head of Investor Relations
(203) 681-3720
IR-FSAM@fifthstreetfinance.com
Media Contact:
Michael Freitag / James Golden / Andrew Squire
Joele Frank Wilkinson Brimmer Katcher
(212) 355-4449
Fifth Str SR Floating Rate Corp (NASDAQ:FSFR)
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