Today’s 13GD Filing: Why Tannenbaum Leonard M Reported Big Fifth Street Senior Floating Rate Corp Position?

Today's 13GD Filing: Why Tannenbaum Leonard M Reported Big Fifth Street Senior Floating Rate Corp Position?

The New Tannenbaum Leonard M Holding in Fifth Street Senior Floating Rate Corp

Tannenbaum Leonard M filed with the SEC SC 13D/A form for Fifth Street Senior Floating Rate Corp. The form can be accessed here: 000114420416127034. As reported in Tannenbaum Leonard M’s form, the filler as of late owns 26.8% or 2,677,494 shares of the Industrials–company.

Fifth Street Senior Floating Rate Corp stake is a new one for the and it was filed because of activity on September 30, 2016. We feel this shows Tannenbaum Leonard M’s positive view for the stock.

Reasons Why Tannenbaum Leonard M Bought – Fifth Street Senior Floating Rate Corp Stock

Purpose of Transaction

Item 4 is amended by adding the following:

On September 30, 2016, Mr. Tannenbaum and Fifth Street Holdings L.P. (“FSH”) entered into the Purchase and Settlement Agreement (the “PSA”) by and among (i) FSH, Leonard M. Tannenbaum (together with FSH, the “Buyers”), and (ii) Ironsides Partners LLC, Ironsides Partners Special Situations Master Fund II L.P. and Ironsides P Fund L.P. (collectively, this clause (ii), the “Sellers”).

On the terms and subject to the conditions of the PSA, the Buyers have agreed to purchase 1,942,641 Shares (as defined in the Tannenbaum Schedule 13D) of the Issuer (as defined in the Tannenbaum Schedule 13D) from the Sellers for a per-share purchase price of $9.00, without interest (the “Purchase”). The closing of the Purchase is contemplated to occur on November 30, 2016.

In the PSA, the Sellers agreed to observe certain standstill provisions in respect of the Issuer, Fifth Street Finance Corp. and Fifth Street Asset Management Inc. until the earlier of (i) certification of voting results with respect to each company’s 2018 annual meeting of stockholders, (ii) July 6, 2018 and (iii) the closing date, if the closing of the Purchase has not occurred on November 30, 2016 (other than by reason of the failure of the Sellers to deliver the Shares, free and clear of any liens, at the closing). On the basis of the foregoing agreements, the Reporting Persons may be deemed to have formed a “group,” as such term is used in Section 13(d) of the Securities Exchange Act of 1934 and the rules thereunder, with the Sellers. Based on the representations of the Sellers in the PSA, the Reporting Persons believe that the members of such group would have aggregate beneficial ownership of 7,882,822.622 Shares.

In connection with the execution and delivery of the PSA, FSH and Mr. Tannenbaum have entered into an allocation and backstop agreement (the “Allocation and Backstop Agreement”) that provides that to the extent that FSH fails to purchase any or all of the Shares set forth under FSH’s name on Schedule I to the PSA (as may be amended), Mr. Tannenbaum shall purchase all such remaining Shares, provided that Sellers have delivered their Shares free and clear of liens pursuant to the PSA. The Allocation and Backstop Agreement also provides for mutual indemnification of the parties in connection with their obligations under the PSA and the Allocation and Backstop Agreement.

The summary of the PSA and the Purchase in this Item 4 is qualified in its entirety by reference to the complete text of the PSA, a copy of which is attached hereto as Exhibit 4 and is incorporated by reference in its entirety into this Item 4. The summary of the Allocation and Backstop Agreement in this Item 4 is qualified in its entirety by reference to the complete text of the Allocation and Backstop Agreement, a copy of which is attached hereto as Exhibit 4 and is incorporated by reference in its entirety into this Item 4.

Fifth Street Senior Floating Rate Corp Institutional Sentiment

Latest Security and Exchange filings show 42 investors own Fifth Street Senior Floating Rate Corp. The institutional ownership in Q3 2015 is low, at 29.70% of the outstanding shares. This is increased by 824443 the total institutional shares. 8752999 were the shares owned by these institutional investors. In total 4 funds opened new Fifth Street Senior Floating Rate Corp stakes, 11 increased stakes. There were 10 that closed positions and 16 reduced them.

2 managers had the stock in their top Ten. Notable investors are: .

Muzinich & Company is an institutional investor bullish on Fifth Street Senior Floating Rate Corp, owning 221136 shares as of Q3 2015 for 0.93% of its portfolio. Kemper Corp owns 390000 shares or 1.57% of its portfolio. NJ Tradition Capital Management Llc have 0.14% of their stock portfolio for 43775 shares. Further, Tam Capital Management Inc reported stake worth 8.92% of its US stock portfolio. The A8 Fiera Capital Corp owns 10000 shares. Fifth Street Senior Floating Rate Corp is less than 0.01% of the manager’s US portfolio.

Business Profile

Fifth Street Senior Floating Rate Corp. is the United States-based closed-end, non-diversified management investment company. The Company’s investment objective is to maximize its portfolio’s total return by generating income from its debt investments while seeking to preserve its capital. The Company invests in senior secured loans, including first lien, unitranche and second lien debt instruments. The Company also invests in senior unsecured loans issued by private middle market companies and subordinated loans issued by private middle market companies and senior and subordinated loans issued by public companies. Its investment criteria include established companies with a history of positive operating cash flow; strong market presence; private equity sponsorship; seasoned management team; defensible and sustainable business, and exit strategy.

SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.

Insitutional Activity: The institutional sentiment increased to 1.06 in 2016 Q2. Its up 0.27, from 0.79 in 2016Q1. The ratio is positive, as 4 funds sold all Fifth Street Senior Floating Rate Corp shares owned while 13 reduced positions. 7 funds bought stakes while 11 increased positions. They now own 8.41 million shares or 11.07% more from 7.57 million shares in 2016Q1.

Ares Mngmt Ltd Liability Com reported 404,270 shares or 0.26% of all its holdings. Products Ltd Liability Co holds 0.01% of its portfolio in Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) for 12,400 shares. The North Carolina-based Natl Bank Of America De has invested 0% in Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR). The California-based California Pub Employees Retirement System has invested 0% in Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR). Northern Tru last reported 13,003 shares in the company. Raymond James Associate has 14,400 shares for 0% of their US portfolio. Springbok Management Ltd holds 0% of its portfolio in Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) for 1,300 shares. Wells Fargo & Communications Mn, a California-based fund reported 947,161 shares. Susquehanna International Group Limited Liability Partnership last reported 75,435 shares in the company. Bb&T Ltd Liability Corp, a Virginia-based fund reported 60,600 shares. Gsa Cap Limited Liability Partnership has 0.02% invested in the company for 47,537 shares. Royal Comml Bank Of Canada last reported 0% of its portfolio in the stock. Goldman Sachs Group last reported 0% of its portfolio in the stock. Guggenheim Capital Ltd Liability has 0% invested in the company for 33,974 shares. Ladenburg Thalmann holds 8,916 shares or 0% of its portfolio.

Analysts await Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) to report earnings on December, 12. They expect $0.23 earnings per share, down 8.00% or $0.02 from last year’s $0.25 per share. FSFR’s profit will be $6.73M for 9.47 P/E if the $0.23 EPS becomes a reality. After $0.21 actual earnings per share reported by Fifth Street Senior Floating Rate Corp for the previous quarter, Wall Street now forecasts 9.52% EPS growth.

The stock increased 0.69% or $0.06 on October 5, hitting $8.71. About 88,368 shares traded hands. Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) has risen 12.34% since March 2, 2016 and is uptrending. It has outperformed by 4.08% the S&P500.

Fifth Street Senior Floating Rate Corp. is the United States closed-end, non-diversified management investment company. The company has a market cap of $254.89 million. The Company’s investment objective is to maximize its portfolio’s total return by generating income from its debt investments while seeking to preserve its capital. It currently has negative earnings. The Firm invests in senior secured loans, including first lien, unitranche and second lien debt instruments.

Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) Ratings Coverage

Out of 3 analysts covering Fifth Street Senior (NASDAQ:FSFR), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. $11 is the highest target while $9 is the lowest. The $9.33 average target is 7.12% above today’s ($8.71) stock price. Fifth Street Senior has been the topic of 7 analyst reports since August 12, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Maxim Group on Thursday, February 11. Maxim Group maintained Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) rating on Wednesday, August 12. Maxim Group has “Buy” rating and $11 price target. The company was maintained on Wednesday, August 12 by Deutsche Bank. Deutsche Bank maintained Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) rating on Thursday, May 12. Deutsche Bank has “Buy” rating and $10 price target.

More notable recent Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) news were published by: Barrons.com which released: “Ironsides, RiverNorth on Fifth Street Senior Floating Rate” on February 27, 2016, also Seekingalpha.com with their article: “Fifth Street Senior Floating Rate Corporation (FSFR) Management on Q3 2016 …” published on August 10, 2016, Seekingalpha.com published: “Fifth Street Senior Floating Rate’s (FSFR) CEO Ivelin Dimitrov on Q2 2016 …” on May 11, 2016. More interesting news about Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) were released by: Businesswire.com and their article: “Ironsides Urges Fifth Street Senior Floating Rate Corp. Stockholders to …” published on March 28, 2016 as well as Businesswire.com‘s news article titled: “Ironsides Files Definitive Proxy Statement for Fifth Street Senior Floating …” with publication date: March 09, 2016.

According to Zacks Investment Research, “Fifth Street Senior Floating Rate Corp. is a business development company. It invests primarily in senior secured loans, including first lien, unitranche and second lien debt instruments. The Company’s investment objective is to maximize the portfolio’s total return by generating current income from debt investments while seeking to preserve capital. Fifth Street Senior Floating Rate Corp. is based in White Plains, New York.”

FSFR Company Profile

Fifth Street Senior Floating Rate Corp., incorporated on May 22, 2013, is a closed-end, non-diversified management investment company. The Firm investment objective is to maximize the Company’s portfolio’s total return by generating income from its debt investments while seeking to preserve its capital. The Firm intends to achieve its investment objective by investing primarily in senior secured loans, including first lien, unitranche and second lien debt instruments, that pay interest at rates, which are determined periodically on the basis of a floating base lending rate, made to private middle market companies whose debt is rated below investment grade, which the Company refer to collectively as senior loans. The Company’s investment adviser is Fifth Street Management.

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