Fidus Investment Corporation Announces Second Quarter 2025 Financial Results
Fidus Investment Corporation (NASDAQ:FDUS) reported strong Q2 2025 financial results with total investment income of $40.0 million and net investment income of $18.6 million ($0.53 per share). The Board declared a total dividend of $0.57 per share for Q3 2025, consisting of a $0.43 base dividend and $0.14 supplemental dividend.
During Q2, Fidus invested $94.5 million in debt and equity securities, including four new portfolio companies, while receiving $109.3 million from repayments. The company's NAV stood at $692.3 million ($19.57 per share) as of June 30, 2025, with estimated spillover income of $49.0 million ($1.39 per share).
The investment portfolio totaled $1.1 billion across 92 active portfolio companies, with a weighted average yield on debt investments of 13.1%. The company maintains strong liquidity with $91.2 million in cash and $140.0 million in unused credit facility capacity.
Fidus Investment Corporation (NASDAQ:FDUS) ha riportato risultati finanziari solidi per il secondo trimestre 2025 con un reddito totale da investimenti di 40,0 milioni di dollari e un reddito netto da investimenti di 18,6 milioni di dollari (0,53 dollari per azione). Il Consiglio ha dichiarato un dividendo totale di 0,57 dollari per azione per il terzo trimestre 2025, composto da un dividendo base di 0,43 dollari e un dividendo supplementare di 0,14 dollari.
Durante il secondo trimestre, Fidus ha investito 94,5 milioni di dollari in titoli di debito e azionari, includendo quattro nuove società nel portafoglio, ricevendo contestualmente 109,3 milioni di dollari da rimborsi. Il valore patrimoniale netto (NAV) della società era di 692,3 milioni di dollari (19,57 dollari per azione) al 30 giugno 2025, con un reddito stimato da spillover di 49,0 milioni di dollari (1,39 dollari per azione).
Il portafoglio di investimenti ammontava a 1,1 miliardi di dollari distribuiti su 92 società attive, con un rendimento medio ponderato sugli investimenti in debito del 13,1%. La società mantiene una solida liquidità con 91,2 milioni di dollari in contanti e 140,0 milioni di dollari di capacità inutilizzata sulla linea di credito.
Fidus Investment Corporation (NASDAQ:FDUS) reportó sólidos resultados financieros para el segundo trimestre de 2025 con un ingreso total por inversiones de 40.0 millones de dólares y un ingreso neto por inversiones de 18.6 millones de dólares (0.53 dólares por acción). La Junta declaró un dividendo total de 0.57 dólares por acción para el tercer trimestre de 2025, compuesto por un dividendo base de 0.43 dólares y un dividendo suplementario de 0.14 dólares.
Durante el segundo trimestre, Fidus invirtió 94.5 millones de dólares en valores de deuda y capital, incluyendo cuatro nuevas compañías en cartera, mientras recibía 109.3 millones de dólares en reembolsos. El valor neto de activos (NAV) de la empresa fue de 692.3 millones de dólares (19.57 dólares por acción) al 30 de junio de 2025, con un ingreso estimado por spillover de 49.0 millones de dólares (1.39 dólares por acción).
La cartera de inversiones totalizó 1.1 mil millones de dólares en 92 compañías activas, con un rendimiento promedio ponderado en inversiones de deuda del 13.1%. La empresa mantiene una fuerte liquidez con 91.2 millones de dólares en efectivo y 140.0 millones de dólares en capacidad no utilizada de línea de crédito.
Fidus Investment Corporation (NASDAQ:FDUS)는 2025년 2분기에 총 투자 수익 4,000만 달러와 순투자수익 1,860만 달러(주당 0.53달러)라는 강력한 실적을 보고했습니다. 이사회는 2025년 3분기 배당금으로 주당 총 0.57달러를 선언했으며, 이는 기본 배당금 0.43달러와 추가 배당금 0.14달러로 구성됩니다.
2분기 동안 Fidus는 부채 및 주식 증권에 9,450만 달러를 투자했으며, 이 중 4개의 신규 포트폴리오 기업을 포함했으며, 동시에 1억 930만 달러의 상환금을 받았습니다. 2025년 6월 30일 기준 회사의 순자산가치(NAV)는 6억 9,230만 달러(주당 19.57달러)였으며, 추정된 추가 수익인 4,900만 달러(주당 1.39달러)를 보유하고 있습니다.
투자 포트폴리오는 92개의 활성 포트폴리오 기업에 걸쳐 총 11억 달러로 구성되어 있으며, 부채 투자에 대한 가중평균 수익률은 13.1%입니다. 회사는 9,120만 달러의 현금과 1억 4,000만 달러의 미사용 신용 한도를 유지하며 강력한 유동성을 확보하고 있습니다.
Fidus Investment Corporation (NASDAQ:FDUS) a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec un revenu total d'investissement de 40,0 millions de dollars et un revenu net d'investissement de 18,6 millions de dollars (0,53 dollar par action). Le conseil d'administration a déclaré un dividende total de 0,57 dollar par action pour le troisième trimestre 2025, comprenant un dividende de base de 0,43 dollar et un dividende supplémentaire de 0,14 dollar.
Au cours du deuxième trimestre, Fidus a investi 94,5 millions de dollars dans des titres de dette et de capitaux propres, incluant quatre nouvelles sociétés en portefeuille, tout en recevant 109,3 millions de dollars en remboursements. La valeur nette d'inventaire (VNI) de la société s'élevait à 692,3 millions de dollars (19,57 dollars par action) au 30 juin 2025, avec un revenu estimé de spillover de 49,0 millions de dollars (1,39 dollar par action).
Le portefeuille d'investissement totalisait 1,1 milliard de dollars répartis sur 92 sociétés actives, avec un rendement moyen pondéré des investissements en dette de 13,1%. La société maintient une forte liquidité avec 91,2 millions de dollars en liquidités et 140,0 millions de dollars de capacité de crédit inutilisée.
Fidus Investment Corporation (NASDAQ:FDUS) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Gesamtanlageertrag von 40,0 Millionen US-Dollar und einem Nettoanlageertrag von 18,6 Millionen US-Dollar (0,53 US-Dollar pro Aktie). Der Vorstand erklärte eine Gesamtdividende von 0,57 US-Dollar pro Aktie für das dritte Quartal 2025, bestehend aus einer Basisdividende von 0,43 US-Dollar und einer Zusatzdividende von 0,14 US-Dollar.
Im zweiten Quartal investierte Fidus 94,5 Millionen US-Dollar in Schuld- und Eigenkapitalwerte, darunter vier neue Portfoliounternehmen, und erhielt 109,3 Millionen US-Dollar an Rückzahlungen. Der Nettoinventarwert (NAV) des Unternehmens lag zum 30. Juni 2025 bei 692,3 Millionen US-Dollar (19,57 US-Dollar pro Aktie), mit geschätztem Spillover-Einkommen von 49,0 Millionen US-Dollar (1,39 US-Dollar pro Aktie).
Das Anlageportfolio belief sich auf 1,1 Milliarden US-Dollar verteilt auf 92 aktive Portfoliounternehmen, mit einer gewichteten durchschnittlichen Rendite auf Schuldeninvestitionen von 13,1%. Das Unternehmen verfügt über eine starke Liquidität mit 91,2 Millionen US-Dollar in bar und 140,0 Millionen US-Dollar ungenutzter Kreditlinienkapazität.
- Total investment income increased 12.1% year-over-year to $40.0 million
- Net investment income grew 9.9% to $18.6 million
- Healthy portfolio performance with 13.1% weighted average yield on debt investments
- Strong liquidity position with $231.2 million available through cash and credit facility
- Substantial spillover income of $49.0 million ($1.39 per share)
- Increased total dividend to $0.57 per share for Q3 2025
- Net realized loss of $7.6 million on investments in Q2 2025
- Weighted average interest rate on debt increased to 4.8%
- Decrease in net assets per share from operations of 4.0% compared to Q2 2024
Insights
Fidus posted solid Q2 results with healthy portfolio performance, growing investment income, and declared attractive dividends supporting 11.7% annualized yield.
Fidus Investment Corporation delivered encouraging Q2 2025 results that demonstrate continued portfolio health despite a challenging M&A environment. The BDC reported adjusted net investment income of
The company's total investment income increased
Portfolio metrics remain strong with zero investments on non-accrual status implied by the weighted average yield calculation methodology disclosed. The weighted average yield on debt investments stood at
Notably, Fidus has maintained significant liquidity for new investments, with
The Board's declaration of a
Board of Directors Declared Total Dividends of
Base Dividend of
EVANSTON, Ill., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”), a provider of customized debt and equity financing solutions, primarily to lower middle-market companies based in the United States, today announced its financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Financial Highlights
- Total investment income of
$40.0 million - Net investment income of
$18.6 million , or$0.53 per share - Adjusted net investment income of
$20.0 million , or$0.57 per share(1) - Invested
$94.5 million in debt and equity securities, including four new portfolio companies - Received proceeds from repayments and realizations of
$109.3 million - Paid total dividends of
$0.54 per share: regular quarterly dividend of$0.43 and a supplemental dividend of$0.11 per share on June 25, 2025 - Net asset value (“NAV”) of
$692.3 million , or$19.57 per share, as of June 30, 2025 - Estimated spillover income (or taxable income in excess of distributions) as of June 30, 2025 of
$49.0 million , or$1.39 per share
Management Commentary
“At the mid-point of the year, Fidus’ portfolio continues to perform well and remains healthy with sound credit quality. Adjusted net investment income grew to
(1) Supplemental information regarding adjusted net investment income:
On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment adviser provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of net investment income to adjusted net investment income are set forth in Schedule 1.
Second Quarter 2025 Financial Results
The following table provides a summary of our operating results for the three months ended June 30, 2025, as compared to the same period in 2024 (dollars in thousands, except per share data):
| Three Months Ended June 30, | ||||||||||||||||
| 2025 | 2024 | $ Change | % Change | |||||||||||||
| Interest income | $ | 32,211 | $ | 31,507 | $ | 704 | 2.2 | % | ||||||||
| Payment-in-kind interest income | 2,451 | 1,845 | 606 | 32.8 | % | |||||||||||
| Dividend income | 631 | 357 | 274 | 76.8 | % | |||||||||||
| Fee income | 3,884 | 1,522 | 2,362 | 155.2 | % | |||||||||||
| Interest on idle funds | 793 | 433 | 360 | 83.1 | % | |||||||||||
| Total investment income | $ | 39,970 | $ | 35,664 | $ | 4,306 | 12.1 | % | ||||||||
| Net investment income | $ | 18,628 | $ | 16,950 | $ | 1,678 | 9.9 | % | ||||||||
| Net investment income per share | $ | 0.53 | $ | 0.53 | $ | - | 0.0 | % | ||||||||
| Adjusted net investment income(1) | $ | 19,959 | $ | 18,380 | $ | 1,579 | 8.6 | % | ||||||||
| Adjusted net investment income per share(1) | $ | 0.57 | $ | 0.57 | $ | - | 0.0 | % | ||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 25,284 | $ | 24,099 | $ | 1,185 | 4.9 | % | ||||||||
| Net increase (decrease) in net assets resulting from operations per share | $ | 0.72 | $ | 0.75 | $ | (0.03 | ) | (4.0 | %) | |||||||
The
For the three months ended June 30, 2025, total expenses, including the base management fee waiver and income tax provision, were
Net investment income increased by
For the three months ended June 30, 2025, the total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, was
Portfolio and Investment Activities
As of June 30, 2025, the fair value of our investment portfolio totaled
Second quarter 2025 investment activity included the following new portfolio company investments:
- E-PlanSoft Buyer, LLC (dba e-PlanSoft), a provider of electronic plan review software solutions for state & local government permitting agencies. Fidus invested
$8.0 million in first lien debt and$1.5 million in preferred equity. - Laboratory Testing, LLC, a provider of destructive and non-destructive material testing and calibration services. Fidus invested
$5.0 million in first lien debt,$0.4 million in preferred equity,$0.4 million in common equity, and made additional commitments up to$4.0 million in a revolving loan. - Pronto Plumbing & Drain, Inc., a residential plumbing contractor offering a comprehensive range of drain, plumbing, and HVAC services. Fidus invested
$1.5 million in first lien debt,$0.6 million in common equity, and made additional commitments up to$0.5 million in a revolving loan. - True Environmental Inc., a provider of environmental consulting and engineering services. Fidus invested
$20.0 million in first lien debt,$0.5 million in common equity, and made additional commitments up to$3.4 million in first lien debt.
Liquidity and Capital Resources
As of June 30, 2025, we had
Third Quarter 2025 Dividends Totaling
On August 4, 2025, our board of directors declared a base dividend of
When declaring dividends, our board of directors reviews estimates of taxable income available for distribution, which differs from consolidated income under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2025 taxable income, as well as the tax attributes for 2025 dividends, will be made after the close of the 2025 tax year. The final tax attributes for 2025 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.
Fidus has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when we declare a cash dividend, stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of our common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.
Subsequent Events
On July 2, 2025, we invested
On July 2, 2025, we received a distribution on our common equity investment in PowerGrid Services Acquisition, LLC, resulting in a realized gain of
On July 30, 2025, we exited our first lien debt investment in Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC). We received payment in full of
Second Quarter 2025 Financial Results Conference Call
Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, August 8, 2025. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.
A live webcast of the conference call will be available at http://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived replay of the conference call will also be available in the investor relations section of the Company’s website.
ABOUT FIDUS INVESTMENT CORPORATION
Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between
Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and was licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, such as changes in the financial and lending markets, the impact of the general economy (including an economic downturn or recession), the impact of interest rate volatility and the impact of elevated levels of inflation on the Company’s portfolio companies and the industries in which it invests, and the uncertainty relating to the general economy (including the uncertainty with respect to new tariffs and trade policies); accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.
| FIDUS INVESTMENT CORPORATION Consolidated Statements of Assets and Liabilities (in thousands, except shares and per share data) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Investments, at fair value: | ||||||||
| Control investments (cost: | $ | — | $ | — | ||||
| Affiliate investments (cost: | 94,492 | 102,024 | ||||||
| Non-control/non-affiliate investments (cost: | 1,054,812 | 988,482 | ||||||
| Total investments, at fair value (cost: | 1,149,304 | 1,090,506 | ||||||
| Cash and cash equivalents | 91,207 | 57,159 | ||||||
| Interest receivable | 15,866 | 15,119 | ||||||
| Prepaid expenses and other assets | 1,083 | 1,328 | ||||||
| Total assets | $ | 1,257,460 | $ | 1,164,112 | ||||
| LIABILITIES | ||||||||
| SBA debentures, net of deferred financing costs | $ | 195,584 | $ | 168,899 | ||||
| Notes, net of deferred financing costs | 321,104 | 248,362 | ||||||
| Borrowings under Credit Facility, net of deferred financing costs | (849 | ) | 43,954 | |||||
| Secured borrowings | 13,255 | 13,674 | ||||||
| Accrued interest and fees payable | 7,479 | 5,784 | ||||||
| Base management fee payable, net of base management fee waiver – due to affiliate | 5,048 | 4,805 | ||||||
| Income incentive fee payable – due to affiliate | 4,854 | 4,477 | ||||||
| Capital gains incentive fee payable – due to affiliate | 16,321 | 14,703 | ||||||
| Administration fee payable and other, net – due to affiliate | 618 | 919 | ||||||
| Taxes payable | 325 | 1,850 | ||||||
| Accounts payable and other liabilities | 1,424 | 1,019 | ||||||
| Total liabilities | $ | 565,163 | $ | 508,446 | ||||
| Commitments and contingencies | ||||||||
| NET ASSETS | ||||||||
| Common stock, | ||||||||
| issued and outstanding at June 30, 2025 and December 31, 2024, respectively) | $ | 35 | $ | 34 | ||||
| Additional paid-in capital | 596,690 | 567,159 | ||||||
| Total distributable earnings | 95,572 | 88,473 | ||||||
| Total net assets | 692,297 | 655,666 | ||||||
| Total liabilities and net assets | $ | 1,257,460 | $ | 1,164,112 | ||||
| Net asset value per common share | $ | 19.57 | $ | 19.33 | ||||
| FIDUS INVESTMENT CORPORATION Consolidated Statements of Operations (unaudited) (in thousands, except shares and per share data) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Investment Income: | ||||||||||||||||
| Interest income | ||||||||||||||||
| Control investments | $ | — | $ | — | $ | — | $ | — | ||||||||
| Affiliate investments | 1,074 | 864 | 2,168 | 1,733 | ||||||||||||
| Non-control/non-affiliate investments | 31,137 | 30,643 | 60,362 | 57,912 | ||||||||||||
| Total interest income | 32,211 | 31,507 | 62,530 | 59,645 | ||||||||||||
| Payment-in-kind interest income | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | — | — | — | — | ||||||||||||
| Non-control/non-affiliate investments | 2,451 | 1,845 | 4,699 | 3,894 | ||||||||||||
| Total payment-in-kind interest income | 2,451 | 1,845 | 4,699 | 3,894 | ||||||||||||
| Dividend income | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 166 | 154 | 1,052 | 502 | ||||||||||||
| Non-control/non-affiliate investments | 465 | 203 | 810 | 252 | ||||||||||||
| Total dividend income | 631 | 357 | 1,862 | 754 | ||||||||||||
| Fee income | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 8 | 5 | 16 | 10 | ||||||||||||
| Non-control/non-affiliate investments | 3,876 | 1,517 | 5,995 | 3,871 | ||||||||||||
| Total fee income | 3,884 | 1,522 | 6,011 | 3,881 | ||||||||||||
| Interest on idle funds | 793 | 433 | 1,364 | 2,141 | ||||||||||||
| Total investment income | 39,970 | 35,664 | 76,466 | 70,315 | ||||||||||||
| Expenses: | ||||||||||||||||
| Interest and financing expenses | 7,769 | 6,062 | 14,542 | 12,074 | ||||||||||||
| Base management fee | 5,106 | 4,706 | 10,028 | 9,138 | ||||||||||||
| Incentive fee - income | 4,854 | 4,546 | 9,448 | 9,013 | ||||||||||||
| Incentive fee (reversal) - capital gains | 1,331 | 1,430 | 1,618 | 1,929 | ||||||||||||
| Administrative service expenses | 754 | 669 | 1,356 | 1,206 | ||||||||||||
| Professional fees | 1,298 | 965 | 2,246 | 1,902 | ||||||||||||
| Other general and administrative expenses | 221 | 269 | 427 | 498 | ||||||||||||
| Total expenses before base management fee waiver | 21,333 | 18,647 | 39,665 | 35,760 | ||||||||||||
| Base management fee waiver | (59 | ) | (67 | ) | (118 | ) | (136 | ) | ||||||||
| Total expenses, net of base management fee waiver | 21,274 | 18,580 | 39,547 | 35,624 | ||||||||||||
| Net investment income before income taxes | 18,696 | 17,084 | 36,919 | 34,691 | ||||||||||||
| Income tax provision (benefit) | 68 | 134 | 69 | 114 | ||||||||||||
| Net investment income | 18,628 | 16,950 | 36,850 | 34,577 | ||||||||||||
| Net realized and unrealized gains (losses) on investments: | ||||||||||||||||
| Net realized gains (losses): | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | — | — | 10,066 | — | ||||||||||||
| Non-control/non-affiliate investments | (7,568 | ) | 10,784 | (4,304 | ) | 12,527 | ||||||||||
| Total net realized gain (loss) on investments | (7,568 | ) | 10,784 | 5,762 | 12,527 | |||||||||||
| Income tax (provision) benefit from realized gains on investments | (79 | ) | (1,579 | ) | (1,929 | ) | (1,523 | ) | ||||||||
| Net change in unrealized appreciation (depreciation): | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 3,498 | 1,578 | (3,392 | ) | (1,658 | ) | ||||||||||
| Non-control/non-affiliate investments | 10,880 | (3,634 | ) | 7,977 | 820 | |||||||||||
| Total net change in unrealized appreciation (depreciation) on investments | 14,378 | (2,056 | ) | 4,585 | (838 | ) | ||||||||||
| Net gain (loss) on investments | 6,731 | 7,149 | 8,418 | 10,166 | ||||||||||||
| Realized losses on extinguishment of debt | (75 | ) | — | (326 | ) | (521 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 25,284 | $ | 24,099 | $ | 44,942 | $ | 44,222 | ||||||||
| Per common share data: | ||||||||||||||||
| Net investment income per share-basic and diluted | $ | 0.53 | $ | 0.53 | $ | 1.06 | $ | 1.10 | ||||||||
| Net increase in net assets resulting from operations per share — basic and diluted | $ | 0.72 | $ | 0.75 | $ | 1.30 | $ | 1.40 | ||||||||
| Dividends declared per share | $ | 0.54 | $ | 0.59 | $ | 1.08 | $ | 1.24 | ||||||||
| Weighted average number of shares outstanding — basic and diluted | 35,156,663 | 32,245,714 | 34,620,172 | 31,511,236 | ||||||||||||
| Schedule 1 Supplemental Information Regarding Adjusted Net Investment Income |
On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment advisor provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses for such year, less the aggregate amount of any capital gains incentive fees paid in all prior years. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of net investment income to adjusted net investment income for the three and six months ended June 30, 2025 and 2024.
| ($ in thousands) | ($ in thousands) | ||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net investment income | $ | 18,628 | $ | 16,950 | $ | 36,850 | $ | 34,577 | |||||||
| Capital gains incentive fee expense (reversal) | 1,331 | 1,430 | 1,618 | 1,929 | |||||||||||
| Adjusted net investment income(1) | $ | 19,959 | $ | 18,380 | $ | 38,468 | $ | 36,506 | |||||||
| (Per share) | (Per share) | ||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net investment income | $ | 0.53 | $ | 0.53 | $ | 1.06 | $ | 1.10 | |||||||
| Capital gains incentive fee expense (reversal) | 0.04 | 0.04 | 0.05 | 0.06 | |||||||||||
| Adjusted net investment income(1) | $ | 0.57 | $ | 0.57 | $ | 1.11 | $ | 1.16 | |||||||
| (1) | Adjusted net investment income per share amounts are calculated as adjusted net investment income divided by weighted average shares outstanding for the period. Due to rounding, the sum of net investment income per share and capital gains incentive fee expense (reversal) amounts may not equal the adjusted net investment income per share amount presented here. | |
| Company Contact: | Investor Relations Contact: |
| Shelby E. Sherard | Jody Burfening |
| Chief Financial Officer | Alliance Advisors IR |
| (847) 859-3940 | (212) 838-3777 |
| ssherard@fidusinv.com | jburfening@allianceadvisors.com |
FAQ
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