Fifth Street Senior Floating Rate Corp., a Greenwich-based specialty finance company, has named Patrick J. Dalton as its new CEO and a member of the board of directors, effective Jan. 2. He replaces Ivelin M. Dimitrov, who is stepping down from his positions. This is his second executive ranking with the company: Dalton was named CEO and co-president of Fifth Street Asset Management Inc. on Nov. 30, replacing Todd G. Owens.
Dalton was previously founder, president and CEO of Gordon Brothers Finance Co., a portfolio company of BlackRock Capital Corp. Before that, he was president and chief operating officer of Apollo Investment Corp. He holds an MBA from Columbia Business School and a bachelor of science degree in finance from Boston College, and is the founding sponsor for the Private Equity Mentorship Program at Columbia Business School.
“I am excited to lead both of Fifth Street’s credit-focused BDCs, which provide unique value propositions for shareholders,” Dalton said. “With 100 percent of its current debt portfolio invested in senior secured floating rate loans, I believe that FSFR is well-positioned for a potential rise in interest rates and is uniquely capable to originate and invest in attractive opportunities with appropriate risk-adjusted returns. Looking ahead, I am focused on improving the company’s operating performance and stabilizing NAV, as we seek to improve returns for our shareholders over the long-term.”