Ivelin Dimitrov (Insider Trades), CEO of Fifth Street Senior Floating Rate Corp. (FSFR), bought 5,000 shares of the company on Aug. 13. The average price per share was $9.03, for a total of $45,150. Fifth Street Floating Rate provides financing solutions in the form of floating rate senior secured loans to mid-sized companies. FSFR’s market cap is $269.03 million, and P/S ratio is 7.02.
Dimitrov bought 17,667 shares of FSFR in seven transactions since July 2013. Dimitrov’s earliest transaction with the company decreased about 30% since the purchase. Fifth Street Director Bernard Berman (Insider Trades) also bought 2,000 shares of the company for an average price of $9.01 per share on Aug. 12. Berman made nine transactions with the company, totaling 19,000 shares since July 2013. The volume of FSFR insider buys decreased from a total of 219,448 shares in 2013 to 10,000 shares between January and mid-August. The number of insider transactions also decreased from 22 to four in the same time period. For more information about insider transactions with FSFR, click here.
Fifth Street reported a net increase in net assets of $2.14 million, or $0.07 per share in the second quarter of 2015; this is up from their reported net income of $1.79 million, or $0.27 per share in the second quarter of 2014. 
Total expenses for the company also increased from $1.98 million, to $7.37 million in the same period. Fifth Street also announced a dividend of $0.075 per share payable starting Sept. 15 to shareholders of record Sept. 4. FSFR entered into an LLC agreement with GF Equity Funding 2014 LLC to form FSFR Glick JV. FSFR Glick JV began investing in senior securing loans of middle market companies starting on April 21. By June 30, FSFR Click JV had $147.6 million in assets. The joint venture generated $0.8 million in income for FSFR during the third fiscal quarter of 2015. Dimitrov commented that the company “completed the optimization” of the balance sheet in the second quarter of 2015, which provided the company with “necessary capital.” Dimitrov added that an “important step in positioning FSFR for future flexibility is moving to a more conservative monthly dividend distribution that is covered by sustainable net investment income.”
There was one guru transaction with the company in the second quarter of 2015. Hotchkis & Wiley Capital Management LLC (Trades, Portfolio) bought 49,347 shares of FSFR for an average price of $10.31 per share. This is the only transaction between the two since 2010. For more information about guru trades with FSFR, click here.
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