FS Investment Corporation Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by FS Investment Corporation (the "Company") on September 12, 2013, covering events that occurred on September 10, 2013. The Company is a Maryland corporation with principal executive offices in Philadelphia, Pennsylvania.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only specific financial data disclosed is the declaration of a regular monthly cash distribution of $0.06975 per share.
- Distribution Amount: $0.06975 per share
- Record Date: September 27, 2013
- Payment Date: September 30, 2013
Material Changes
The filing reports two primary material events:
- Board Expansion: The Board of Directors increased its size to eleven members, seven of whom are independent directors.
- New Director Appointment: Pedro A. Ramos was appointed as a new director, effective September 10, 2013. His term expires at the 2014 annual meeting of stockholders. He was also appointed to the Nominating and Corporate Governance Committee.
Outlook, Risks, and Management Commentary
Management noted that the determination of the tax attributes of distributions is made annually based on full-year taxable income and distributions paid. Consequently, quarterly estimates may not be representative of actual annual tax attributes. The Company intends to provide quarterly updates on estimated taxable ordinary income percentages, with final characteristics reported on Form 1099-DIV.
The filing explicitly states that future distributions are subject to the discretion of the Board and applicable legal restrictions, and there can be no assurance as to the amount or timing of future payments.
Key Facts for Investor Verification
- Verify the exact record date (September 27, 2013) and payment date (September 30, 2013) for the $0.06975 per share distribution.
- Confirm the new Board composition of eleven directors, including the specific role of Pedro A. Ramos on the Nominating and Corporate Governance Committee.
- Review upcoming quarterly reports for estimated tax attribute percentages, as the filing clarifies that current distribution tax characteristics are not yet finalized for the full fiscal year.
- Note that the filing does not contain operational results or balance sheet data; refer to the most recent 10-Q or 10-K for comprehensive financial health metrics.