Fifth Street Senior Floating Rate Corp. Releases Its June 2014 Newsletter: Continued Positive Momentum

Fifth Street Senior Floating Rate Corp. Releases Its June 2014 Newsletter:
Continued Positive Momentum

WHITE PLAINS, NY, June 18, 2014 (GLOBE NEWSWIRE) -- Fifth Street Senior
Floating Rate Corp. (NASDAQ:FSFR) ("FSFR") released its June 2014 newsletter
today.

Continuing on FSFR's Positive Growth Trajectory

As FSFR approaches its one-year anniversary as a public company, we have
successfully deployed the equity raised during our July 2013 IPO, reached and
maintained leverage within our target range of 0.8x to 0.9x debt-to-equity and
consistently increased net investment income per share. On the heels of these
accomplishments, our Board of Directors recently declared a quarterly dividend
of $0.30 per share, representing an annualized run rate of $1.20 per share and
an 11% quarter-over-quarter increase. The September quarterly dividend
represents our fourth consecutive quarterly dividend increase.

Today, FSFR has a high-quality portfolio consisting of 100% senior secured
floating rate loans to 38 portfolio companies. After becoming fully deployed
in the March quarter, FSFR has continued to optimize its portfolio by rotating
out of certain assets into new originations. FSFR benefits from the broad
platform of our investment adviser and its existing relationships with
sponsors and middle market investment banks. The power of the Fifth Street
platform provides a steady source of deal flow, which allows FSFR to
selectively invest in middle market opportunities that generate more favorable
risk-adjusted returns. So far, during the June quarter, we exited nine
portfolio company investments and redeployed the capital into 13 new portfolio
companies. This strategy continues to be successful, since it allows us to
operate within our target leverage range while continuing to fund new
investments with more attractive risk/return characteristics.

Partnership Should Provide Additional Upside and Drive Growth

We are excited about the strategic partnership that we are currently in the
process of structuring between FSFR and GF Funding 2014, an entity controlled
by the Glick family, to establish a joint venture to co-invest primarily in
middle market senior secured loans. This partnership should allow FSFR to
enhance the returns on its invested equity, broaden its investment opportunity
set and improve its long-term growth potential.

We anticipate that this partnership will be structured similar to Senior Loan
Fund JV 1, a recently formed joint venture between Fifth Street Finance Corp.
(NASDAQ:FSC) ("FSC") and a subsidiary of Kemper Corporation. FSFR will need
additional capital to fully ramp the strategic partnership, which we consider
important to our long-term growth and success. Once fully ramped, we believe
this partnership could generate an estimated 13% to 16% return on FSFR's
invested equity, which would be accretive to net investment income per share.

Sincerely,

The Fifth Street Team

About Fifth Street Senior Floating Rate Corp.

Fifth Street Senior Floating Rate Corp. is a specialty finance company that
provides financing solutions in the form of floating rate senior secured loans
to small and mid-sized companies, primarily in connection with investments by
private equity sponsors. The company's investment objective is to maximize its
portfolio's total return by generating current income from its debt
investments while seeking to preserve its capital. The company has elected to
be regulated as a business development company and is externally managed by
Fifth Street Management LLC. Named 2013 "Lender Firm of the Year" by The M&A
Advisor and "Lender of the Year" by Mergers & Acquisitions, Fifth Street
Management LLC is an SEC-registered investment adviser and leading alternative
asset manager with over $4 billion in assets under management. With a track
record of more than 15 years, Fifth Street's nationally recognized platform
has the ability to hold loans up to $150 million, commit up to $250 million
and structure and syndicate transactions up to $500 million. FSFR's website
can be found at fsfr.fifthstreetfinance.com.

Forward-Looking Statements

This press release may contain certain forward-looking statements, including
statements with regard to the future performance of the company. Words such as
"believes," "expects," "estimates," "projects," "anticipates," and "future" or
similar expressions are intended to identify forward-looking statements. These
forward-looking statements are subject to the inherent uncertainties in
predicting future results and conditions. Certain factors could cause actual
results to differ materially from those projected in these forward-looking
statements, and these factors are identified from time to time in the
company's filings with the Securities and Exchange Commission. The company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

CONTACT: Investor Contact:
         Dean Choksi, Executive Director of Finance &
         Head of Investor Relations
         (914) 286-6855
         dchoksi@fifthstreetfinance.com
        
         Media Contact:
         Nick Rust
         Prosek Partners
         (212) 279-3115 ext. 252
         pro-fifthstreet@prosek.com

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