Fidus Investment Corporation Announces Third Quarter 2025 Financial Results
Fidus Investment Corporation (NASDAQ:FDUS) reported third quarter results for the period ended September 30, 2025, and announced a $0.50 per share dividend for Q4 2025 (base $0.43 + supplemental $0.07) payable Dec 29, 2025 to holders of record Dec 19, 2025.
Q3 highlights: Total investment income $37.3M, Net investment income $17.4M ($0.49/share), Adjusted NII $17.7M ($0.50/share), NAV $711.0M or $19.56/share, portfolio fair value ~$1.2B across 92 active companies, weighted average debt yield 13.0%.
Liquidity and capital moves: invested $74.5M in Q3, subsequent investments of $40.2M, issued additional $100M March 2030 notes (outstanding $200M), new SPV credit facility with $175M initial commitments (accordion to $250M), and fully redeemed $100M January 2026 notes on Nov 3, 2025.
Fidus Investment Corporation (NASDAQ:FDUS) ha riportato i risultati del terzo trimestre per il periodo terminato il 30 settembre 2025 e ha annunciato un dividendo di $0,50 per azione per il Q4 2025 (base $0,43 + supplemental $0,07) pagabile il 29 dicembre 2025 agli azionisti registrati al 19 dicembre 2025.
Punti salienti del Q3: Reddito totale da investimenti $37,3 milioni, Reddito netto da investimenti $17,4 milioni ($0,49/azione), Reddito netto da investimenti rettificato $17,7 milioni ($0,50/azione), NAV $711,0 milioni ovvero $19,56/azione, portafoglio fair value circa $1,2 miliardi su 92 aziende attive, rendimento medio ponderato del debito 13,0%.
Movimenti di liquidità e capitale: investiti $74,5 milioni nel trimestre, investimenti successivi di $40,2 milioni, emessi ulteriori note March 2030 per $100 milioni (in circolazione $200 milioni), nuova linea di credito SPV con impegni iniziali di $175 milioni (espandibile fino a $250 milioni), e totale rimborsi delle note gennaio 2026 da $100 milioni il 3 novembre 2025.
Fidus Investment Corporation (NASDAQ:FDUS) informó los resultados del tercer trimestre para el periodo vencido el 30 de septiembre de 2025 y anunció un dividendo de $0,50 por acción para el 4T 2025 (base $0,43 + suplemento $0,07) pagadero el 29 de diciembre de 2025 a los accionistas registrados al 19 de diciembre de 2025.
Aspectos destacados del 3T: Ingreso total por inversiones $37,3 millones, Ingreso neto por inversiones $17,4 millones ($0,49/acción), Ingreso neto por inversiones ajustado $17,7 millones ($0,50/acción), NAV $711,0 millones o $19,56/acción, cartera con valor razonable ~ $1,2 mil millones en 92 compañías activas, rendimiento ponderado de la deuda 13,0%.
Movimientos de liquidez y capital: invirtió $74,5 millones en el 3T, inversiones subsecuentes de $40,2 millones, emitió notas March 2030 por $100 millones (en circulación $200 millones), nueva facilidad de crédito SPV con compromisos iniciales de $175 millones (ampliable a $250 millones), y redimió completamente las notas de enero de 2026 por $100 millones el 3 de noviembre de 2025.
Fidus Investment Corporation (NASDAQ:FDUS)는 2025년 9월 30일로 종료된 제3분기 실적을 발표했고 2025년 4분기에 주당 $0.50의 배당금을 발표했습니다(기준 $0.43 + 보충 $0.07). 배당은 2025년 12월 29일에 2025년 12월 19일 기준 주주에게 지급됩니다.
Q3 하이라이트: 총 투자 소득 $37.3M, 투자 순소득 $17.4M ($0.49/주), 조정된 NII $17.7M ($0.50/주), NAV $711.0M 또는 $19.56/주, 포트폴리오 공정가치 약 $1.2B에 걸쳐 92개 활성 기업, 가중평균 부채 수익률 13.0%.
유동성 및 자본 움직임: Q3에 $74.5M 투자, 이후 추가 투자 $40.2M, 2030년 3월 만기 채권 $100M 추가 발행(유통 중 $200M), 초기 약정이 $175M인 새 SPV 신용시설(확장 시 $250M), 2025년 11월 3일에 2026년 1월 만기의 노트 $100M를 전액 상환.
Fidus Investment Corporation (NASDAQ:FDUS) a publié les résultats du troisième trimestre pour la période se terminant le 30 septembre 2025 et a annoncé un dividende de $0,50 par action pour le T4 2025 (base $0,43 + complément $0,07) payable le 29 décembre 2025 aux détenteurs enregistrés au 19 décembre 2025.
Points forts du T3 : Revenu total d'investissement 37,3 M$, Revenu net d'investissement 17,4 M$ (0,49$/action), Revenu net d'investissement ajusté 17,7 M$ (0,50$/action), NAV 711,0 M$ soit 19,56$/action, portefeuille en valeur juste d'environ 1,2 Md$ réparti sur 92 entreprises actives, rendement moyen pondéré de la dette 13,0 %.
Mouvements de liquidité et de capital : investi 74,5 M$ au T3, investissements subséquents de 40,2 M$, émis des notes March 2030 pour 100 M$ (en circulation 200 M$), nouvelle facilité de crédit SPV avec engagements initiaux de 175 M$ (pouvant aller jusqu'à 250 M$), et rachat total des notes de janvier 2026 de 100 M$ le 3 novembre 2025.
Fidus Investment Corporation (NASDAQ:FDUS) berichtete die Ergebnisse des dritten Quartals für den Zeitraum bis zum 30. September 2025 und kündigte eine Dividende von $0,50 pro Aktie für das Q4 2025 an (Basis $0,43 + Zusatz $0,07) zahlbar am 29. Dezember 2025 an Inhaber mit dem Stichtag 19. Dezember 2025.
Q3-Highlights: Gesamte Investitionseinnahmen $37,3 Mio., Netto-Investitionserträge $17,4 Mio. ($0,49/Aktie), Angepasstes NNII $17,7 Mio. ($0,50/Aktie), NAV $711,0 Mio. bzw. $19,56/Aktie, Portfoliowert fair value ca. $1,2 Mrd. über 92 aktive Unternehmen, gewichteter Durchschnitt der Fremdkapitalrendite 13,0%.
Liquidität und Kapitalbewegungen: im Q3 wurden $74,5 Mio investiert, nachfolgende Investitionen von $40,2 Mio., Emission zusätzlicher March 2030-Anleihen über $100 Mio. (ausstehend $200 Mio.), neue SPV-Kreditfazilität mit anfänglichen Verpflichtungen von $175 Mio. (bis auf $250 Mio. erweiterbar) und vollständige Rückzahlung der Januar 2026-Anleihen über $100 Mio. am 3. November 2025.
Fidus Investment Corporation (NASDAQ:FDUS) أبلغت عن نتائج الربع الثالث للفترة المنتهية في 30 سبتمبر 2025 وأعلنت عن توزيـع أرباح بقيمة $0.50 للسهم للربع الرابع 2025 (الأساسي $0.43 + الإضافي $0.07) قابلة للدفع في 29 ديسمبر 2025 للمساهمين المسجلين حتى 19 ديسمبر 2025.
أبرز نتائج Q3: إجمالي دخل الاستثمار $37.3 مليون, دخل الاستثمار الصافي $17.4 مليون ($0.49/السهم), دخل الاستثمار الصافي المعدل $17.7 مليون ($0.50/السهم), صافي قيمة الأصول NAV $711.0 مليون أو $19.56/السهم، محفظة بقيمة عادلة تقارب $1.2 مليار عبر 92 شركة فعالة، عائد الدين المتوسط المرجح 13.0%.
سيولة وتحركات رأس المال: استثمرت $74.5 مليون في Q3، استثمارات تالية بقيمة $40.2 مليون، إصدار سندات مارس 2030 إضافية بقيمة $100 مليون (المتداولة $200 مليون)، وتسهيل ائتماني SPV جديد ببدء تعهدات $175 مليون (قابلة لزيادة إلى $250 مليون)، واسترداد كامل لسندات يناير 2026 بقيمة $100 مليون في 3 نوفمبر 2025.
- Declared Q4 2025 dividends of $0.50 per share
- NAV of $711.0M or $19.56 per share as of Sept 30, 2025
- Portfolio fair value of $1.2B across 92 active companies
- Weighted average yield on debt investments of 13.0%
- Closed additional $100M March 2030 notes (outstanding $200M)
- Entered SPV credit facility with $175M initial commitments (accordion to $250M)
- Net investment income declined 18.9% YoY to $17.4M in Q3 2025
- Total investment income decreased 2.9% YoY to $37.3M
- Adjusted NII per share fell 18.0% YoY to $0.50
- Accrued capital gains incentive fee increased by $1.4M, driven by net gains and realized losses
Insights
Fidus declares a $0.50 fourth-quarter dividend while third-quarter NII fell but adjusted NII still covers the base dividend.
Fidus Investment Corporation generated total investment income of The business model relies on originating and managing middle‑market debt and equity to generate yield; portfolio fair value stood at approximately Key dependencies and risks include declines in net investment income (NII decreased Items to watch: quarterly NII and adjusted NII in the next two quarters to confirm coverage of the base dividend; realized gains or losses and the capital gains incentive fee accrual that affect adjusted metrics; liquidity and refinancing events around the November 2026 and March 2030 notes and SBA pooling in
Board of Directors Declared Total Dividends of
Base Dividend of
EVANSTON, Ill., Nov. 06, 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 third quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights
- Total investment income of
$37.3 million - Net investment income of
$17.4 million , or$0.49 per share - Adjusted net investment income of
$17.7 million , or$0.50 per share(1) - Invested
$74.5 million in debt and equity securities, including one new portfolio company - Received proceeds from repayments and realizations of
$36.7 million - Paid total dividends of
$0.57 per share: regular quarterly dividend of$0.43 and a supplemental dividend of$0.14 per share on September 25, 2025 - Net asset value (“NAV”) of
$711.0 million , or$19.56 per share, as of September 30, 2025 - Estimated spillover income (or taxable income in excess of distributions) as of September 30, 2025 of
$39.5 million , or$1.09 per share
Management Commentary
“For the third quarter, Fidus’ portfolio performed well, producing adjusted net investment income that continued to amply cover our base dividend for our shareholders. With net originations of
(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.
Third Quarter 2025 Financial Results
The following table provides a summary of our operating results for the three months ended September 30, 2025, as compared to the same period in 2024 (dollars in thousands, except per share data):
| Three Months Ended September 30, | ||||||||||||||||
| 2025 | 2024 | $ Change | % Change | |||||||||||||
| Interest income | $ | 30,815 | $ | 31,857 | $ | (1,042 | ) | (3.3 | %) | |||||||
| Payment-in-kind interest income | 3,185 | 1,851 | 1,334 | 72.1 | % | |||||||||||
| Dividend income | 989 | 1,384 | (395 | ) | (28.5 | %) | ||||||||||
| Fee income | 1,322 | 2,693 | (1,371 | ) | (50.9 | %) | ||||||||||
| Interest on idle funds | 942 | 597 | 345 | 57.8 | % | |||||||||||
| Total investment income | $ | 37,253 | $ | 38,382 | $ | (1,129 | ) | (2.9 | %) | |||||||
| Net investment income | $ | 17,369 | $ | 21,411 | $ | (4,042 | ) | (18.9 | %) | |||||||
| Net investment income per share | $ | 0.49 | $ | 0.64 | $ | (0.15 | ) | (23.4 | %) | |||||||
| Adjusted net investment income (1) | $ | 17,723 | $ | 20,424 | $ | (2,701 | ) | (13.2 | %) | |||||||
| Adjusted net investment income per share (1) | $ | 0.50 | $ | 0.61 | $ | (0.11 | ) | (18.0 | %) | |||||||
| Net increase (decrease) in net assets resulting from operations | $ | 19,138 | $ | 16,477 | $ | 2,661 | 16.1 | % | ||||||||
| Net increase (decrease) in net assets resulting from operations per share | $ | 0.54 | $ | 0.49 | $ | 0.05 | 10.2 | % | ||||||||
The
For the three months ended September 30, 2025, total expenses, including the base management fee waiver and income tax provision, were
Net investment income decreased by
For the three months ended September 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 September 30, 2025, the fair value of our investment portfolio totaled
Third quarter 2025 investment activity included the following new portfolio company investments:
- Sogno Toscano LLC, a single brand distributor of authentic high-quality Italian foods, primarily serving the food service industry. Fidus invested
$8.5 million in first lien debt and$4.3 million in preferred equity.
Liquidity and Capital Resources
As of September 30, 2025, we had
Fourth Quarter 2025 Dividends Totaling
On November 3, 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
Portfolio and Investment Activity
On October 1, 2025, we invested
On October 17, 2025, we invested
On October 20, 2025, we exited our preferred and common equity investments in Aldinger Company. We received a distribution on our preferred and common equity investments for a realized gain of approximately
On October 22, 2025, we exited our common equity investment in GP&C Operations, LLC (dba Garlock Printing and Converting). We received a distribution on our common equity investment for a realized gain of approximately
On October 24, 2025, we exited our subordinated debt investment in AmeriWater, LLC. We received payment in full of
Issuance of Additional March 2030 Notes
On October 3, 2025, we issued an additional
SBA Debentures
On October 14, 2025, we issued an additional
On October 21, 2025, we issued an additional
SPV Credit Facility
On October 16, 2025, we entered into a credit and security agreement relating to a special purpose vehicle credit facility with ING Capital LLC (the “SPV Credit Facility”). The SPV Credit Facility provides for
Termination of Revolving Credit Facility
On October 16, 2025, we terminated in full the credit agreement relating to the Revolving Credit Facility.
Full Redemption of January 2026 Notes
On November 3, 2025, we fully redeemed the outstanding
Third 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, November 7, 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 https://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) | ||||||||||
| September 30, | December 31, | |||||||||
| 2025 | 2024 | |||||||||
| ASSETS | ||||||||||
| Investments, at fair value: | ||||||||||
| Control investments (cost: | $ | — | $ | — | ||||||
| Affiliate investments (cost: | 97,305 | 102,024 | ||||||||
| Non-control/non-affiliate investments (cost: | 1,095,443 | 988,482 | ||||||||
| Total investments, at fair value (cost: | 1,192,748 | 1,090,506 | ||||||||
| Cash and cash equivalents | 62,324 | 57,159 | ||||||||
| Interest receivable | 20,489 | 15,119 | ||||||||
| Proceeds receivable from stock offering | 681 | — | ||||||||
| Prepaid expenses and other assets | 1,506 | 1,328 | ||||||||
| Total assets | $ | 1,277,748 | $ | 1,164,112 | ||||||
| LIABILITIES | ||||||||||
| SBA debentures, net of deferred financing costs | $ | 184,972 | $ | 168,899 | ||||||
| Notes, net of deferred financing costs | 321,511 | 248,362 | ||||||||
| Revolving Credit Facility, net of deferred financing costs | 14,251 | 43,954 | ||||||||
| Secured borrowings | 12,816 | 13,674 | ||||||||
| Accrued interest and fees payable | 3,703 | 5,784 | ||||||||
| Base management fee payable, net of base management fee waiver – due to affiliate | 5,195 | 4,805 | ||||||||
| Income incentive fee payable – due to affiliate | 4,371 | 4,477 | ||||||||
| Capital gains incentive fee payable – due to affiliate | 16,675 | 14,703 | ||||||||
| Administration fee payable and other, net – due to affiliate | 929 | 919 | ||||||||
| Taxes payable | 746 | 1,850 | ||||||||
| Accounts payable and other liabilities | 1,545 | 1,019 | ||||||||
| Total liabilities | $ | 566,714 | $ | 508,446 | ||||||
| Commitments and contingencies | ||||||||||
| NET ASSETS | ||||||||||
| Common stock, | $ | 36 | $ | 34 | ||||||
| Additional paid-in capital | 616,949 | 567,159 | ||||||||
| Total distributable earnings | 94,049 | 88,473 | ||||||||
| Total net assets | 711,034 | 655,666 | ||||||||
| Total liabilities and net assets | $ | 1,277,748 | $ | 1,164,112 | ||||||
| Net asset value per common share | $ | 19.56 | $ | 19.33 | ||||||
| FIDUS INVESTMENT CORPORATION Consolidated Statements of Operations (unaudited) (in thousands, except shares and per share data) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Investment Income: | ||||||||||||||||
| Interest income | ||||||||||||||||
| Control investments | $ | — | $ | — | $ | — | $ | — | ||||||||
| Affiliate investments | 1,090 | 870 | 3,258 | 2,603 | ||||||||||||
| Non-control/non-affiliate investments | 29,725 | 30,987 | 90,087 | 88,899 | ||||||||||||
| Total interest income | 30,815 | 31,857 | 93,345 | 91,502 | ||||||||||||
| Payment-in-kind interest income | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | — | — | — | — | ||||||||||||
| Non-control/non-affiliate investments | 3,185 | 1,851 | 7,884 | 5,745 | ||||||||||||
| Total payment-in-kind interest income | 3,185 | 1,851 | 7,884 | 5,745 | ||||||||||||
| Dividend income | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 329 | 1,328 | 1,381 | 1,830 | ||||||||||||
| Non-control/non-affiliate investments | 660 | 56 | 1,470 | 308 | ||||||||||||
| Total dividend income | 989 | 1,384 | 2,851 | 2,138 | ||||||||||||
| Fee income | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 8 | 5 | 24 | 15 | ||||||||||||
| Non-control/non-affiliate investments | 1,314 | 2,688 | 7,309 | 6,559 | ||||||||||||
| Total fee income | 1,322 | 2,693 | 7,333 | 6,574 | ||||||||||||
| Interest on idle funds | 942 | 597 | 2,306 | 2,738 | ||||||||||||
| Total investment income | 37,253 | 38,382 | 113,719 | 108,697 | ||||||||||||
| Expenses: | ||||||||||||||||
| Interest and financing expenses | 7,649 | 6,026 | 22,191 | 18,100 | ||||||||||||
| Base management fee | 5,253 | 4,848 | 15,281 | 13,986 | ||||||||||||
| Incentive fee - income | 4,371 | 5,059 | 13,819 | 14,072 | ||||||||||||
| Incentive fee (reversal) - capital gains | 354 | (987 | ) | 1,972 | 942 | |||||||||||
| Administrative service expenses | 708 | 688 | 2,064 | 1,894 | ||||||||||||
| Professional fees | 713 | 567 | 2,959 | 2,469 | ||||||||||||
| Other general and administrative expenses | 494 | 266 | 921 | 764 | ||||||||||||
| Total expenses before base management fee waiver | 19,542 | 16,467 | 59,207 | 52,227 | ||||||||||||
| Base management fee waiver | (57 | ) | (64 | ) | (175 | ) | (200 | ) | ||||||||
| Total expenses, net of base management fee waiver | 19,485 | 16,403 | 59,032 | 52,027 | ||||||||||||
| Net investment income before income taxes | 17,768 | 21,979 | 54,687 | 56,670 | ||||||||||||
| Income tax provision (benefit) | 399 | 568 | 468 | 682 | ||||||||||||
| Net investment income | 17,369 | 21,411 | 54,219 | 55,988 | ||||||||||||
| Net realized and unrealized gains (losses) on investments: | ||||||||||||||||
| Net realized gains (losses): | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 897 | — | 10,963 | — | ||||||||||||
| Non-control/non-affiliate investments | (1,827 | ) | (366 | ) | (6,131 | ) | 12,161 | |||||||||
| Total net realized gain (loss) on investments | (930 | ) | (366 | ) | 4,832 | 12,161 | ||||||||||
| Income tax (provision) benefit from realized gains on investments | (421 | ) | — | (2,350 | ) | (1,523 | ) | |||||||||
| Net change in unrealized appreciation (depreciation): | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 1,634 | 2,075 | (1,758 | ) | 417 | |||||||||||
| Non-control/non-affiliate investments | 1,790 | (6,643 | ) | 9,767 | (5,823 | ) | ||||||||||
| Total net change in unrealized appreciation (depreciation) on investments | 3,424 | (4,568 | ) | 8,009 | (5,406 | ) | ||||||||||
| Net gain (loss) on investments | 2,073 | (4,934 | ) | 10,491 | 5,232 | |||||||||||
| Realized losses on extinguishment of debt | (304 | ) | — | (630 | ) | (521 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 19,138 | $ | 16,477 | $ | 64,080 | $ | 60,699 | ||||||||
| Per common share data: | ||||||||||||||||
| Net investment income per share-basic and diluted | $ | 0.49 | $ | 0.64 | $ | 1.55 | $ | 1.74 | ||||||||
| Net increase in net assets resulting from operations per share — basic and diluted | $ | 0.54 | $ | 0.49 | $ | 1.83 | $ | 1.89 | ||||||||
| Dividends declared per share | $ | 0.57 | $ | 0.57 | $ | 1.65 | $ | 1.81 | ||||||||
| Weighted average number of shares outstanding — basic and diluted | 35,721,635 | 33,380,480 | 34,991,361 | 32,138,865 | ||||||||||||
| 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 nine months ended September 30, 2025 and 2024.
| ($ in thousands) | ($ in thousands) | ||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net investment income | $ | 17,369 | $ | 21,411 | $ | 54,219 | $ | 55,988 | |||||||
| Capital gains incentive fee expense (reversal) | 354 | (987 | ) | 1,972 | 942 | ||||||||||
| Adjusted net investment income (1) | $ | 17,723 | $ | 20,424 | $ | 56,191 | $ | 56,930 | |||||||
| (Per share) | (Per share) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Net investment income | $ | 0.49 | $ | 0.64 | $ | 1.55 | $ | 1.74 | ||||||||||
| Capital gains incentive fee expense (reversal) | 0.01 | (0.03 | ) | 0.06 | 0.03 | |||||||||||||
| Adjusted net investment income (1) | $ | 0.50 | $ | 0.61 | $ | 1.61 | $ | 1.77 | ||||||||||
| (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
What dividend did Fidus (FDUS) declare for Q4 2025 and when is it payable?
What were Fidus (FDUS) Q3 2025 net investment income and adjusted net investment income?
What is Fidus (FDUS) NAV and portfolio size as of Sept 30, 2025?
How did Fidus (FDUS) change its debt and liquidity after Q3 2025?
How much did Fidus (FDUS) invest in Q3 2025 and in subsequent October 2025 transactions?
What was Fidus (FDUS) weighted average yield on debt investments at Sept 30, 2025?
