American Capital Senior Floating (ACSF) Reports Q1 EPS of $0.31

American Capital Senior Floating (NASDAQ: ACSF) reported Q1 EPS of $0.31.

FIRST QUARTER 2018 FINANCIAL HIGHLIGHTS

ACSF also announced financial results for its first quarter ended March 31, 2018.

ACSF reported net investment income of $2.2 million, or $0.22 per share, and net earnings of $3.1 million, or $0.31 per share, for the quarter ended March 31, 2018 and NAV of $131.1 million, or $13.11 per share, as of March 31, 2018.

• Investing activities
  • Invested $24.7 million into 13 new loan obligors and 10 existing loan obligors
  • Sold $18.1 million of investments and received $13.5 million of repayments, including distributions received from our collateralized loan obligations (“CLOs”)
• Net investment income of $0.22 per share, or $2.2 million
  • Decreased $0.03 per share from Q4 2017 net investment income of $0.25 per share
• Net realized and unrealized gain on investments of $0.09 per share, or $0.9 million
• Net earnings of $0.31 per share, or $3.1 million
  • Increased $0.06 per share from Q4 2017 net earnings of $0.25 per share due to higher net realized and unrealized gains on investments in Q1 2018 as compared to Q4 2017
• NAV of $13.11 per share, or $131.1 million
  • $0.02 per share increase from December 31, 2017 NAV per share of $13.09
• Monthly cash distributions to stockholders of $0.097 per share ($0.291 for the quarter)
  • 8.9% annualized yield on the March 31, 2018 NAV per share
  • 10.4% annualized yield on the March 31, 2018 closing market price of $11.15 per share
• $224.6 million investment portfolio at fair value
• $169.6 million, or 75.5%, of first lien floating rate loans and $13.0 million, or 5.8%, of second lien floating rate loans, together diversified across 121 issuers and 37 industries
• $42.0 million, or 18.7%, of equity in CLOs, invested in 24 issuers across 17 different collateral managers
• 7.20% investment portfolio yield at cost
• 4.10% cost of funds
• 0.72x debt to equity ratio

“As we have discussed with stockholders, the Company lacks scale and has limited opportunities for growth in earnings due to challenging conditions in the liquid credit market. ACSF also suffers from an inability to accretively raise additional equity capital to grow due to the stock trading at a significant discount to its net asset value,” said Kevin Braddish, President and Chief Executive Officer of ACSF. “Therefore, we have explored various strategic alternatives and concluded that a managed liquidation and distribution of the company’s net assets to stockholders provides the most attractive option to enhance stockholder value.”

For earnings history and earnings-related data on American Capital Senior Floating (ACSF) click here.

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