Activist investor demands change at Fifth Street BDC

Ironsides Partners has filed definitive proxy materials with the SEC requesting the election of new board members to the Fifth Street Senior Floating Rate Corp (FSFR) BDC and demanding that the investment manager be replaced.  

Ironsides Partners, an investment firm that holds a 6.4 percent stake in the Fifth Street Senior Floating Rate Corp (FSFR), filed definitive proxy materials with the Securities and Exchange Commission (SEC) demanding changes at the business development company (BDC).

The activist investor accuses FSFR of grossly underperforming while paying excessive incentive fees to the BDC’s external manager.