Fidus Investment Corporation Announces Third Quarter 2026 Financial Results
Estimated taxable income in excess of distributions stood at $37.7 million, or $0.95 per share, at September 30.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Fidus Investment (NASDAQ:FDUS) reported third-quarter 2026 net investment income of $21.1 million, up 21.7% from the same period last year. Investment income rose 23.2% to $45.9 million. Net investment income per share increased to $0.54 from $0.49; adjusted net investment income, excluding capital gains incentive fee accruals, rose to $0.54 from $0.50. Net realized investment losses after tax widened to $10.9 million from $1.4 million.
At September 30, net asset value was $774.4 million, or $19.47 per share, and the investment portfolio totaled $1.4 billion at fair value. Quarterly investments were $51.8 million, against $52.4 million in repayments and realizations. The board declared fourth-quarter dividends totaling $0.54 per share, comprising a $0.43 base and $0.11 supplemental dividend, payable December 29, 2026, to holders of record December 18. The third-quarter dividend totaled $0.50 per share.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointTotal investment income rose 23.2% year over year to $45.913 million in third-quarter 2026.
- Moderate pointNet investment income increased 21.7% to $21.139 million; per-share income rose 10.2% to $0.54.
- Moderate pointThird-quarter investments totaled $51.8 million in debt and equity securities. 6.6% of market cap
- Moderate pointRepayments and realizations generated $52.4 million in third-quarter proceeds. 6.7% of market cap
- Moderate pointAt-the-market issuance raised approximately $35.5 million in net proceeds during the third quarter. 4.5% of market cap
- Moderate pointSBA debenture issuance provided $10.5 million in third-quarter funding. 1.3% of market cap
- Moderate pointSBA debenture redemptions totaled $17.0 million in the third quarter. 2.2% of market cap
- Moderate pointAdditional SBA debentures provided $8.0 million in funding on October 23, 2026. 1% of market cap
7 minor points
- Minor pointAdjusted net investment income rose 18.4% to $20.977 million; per-share income increased 8.0% to $0.54.
- Minor pointInterest income increased 26.9% year over year to $39.103 million in third-quarter 2026.
- Minor pointFee income increased 125.9% year over year to $2.986 million in third-quarter 2026.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter dividends total $0.54 per share, including a $0.11 supplemental dividend versus $0.07 in the third quarter.
- Minor pointCasePoint Solutions investment added $25.0 million in first-lien debt and $1.0 million in common equity on October 30.
- Minor pointGreen Cubes Technology repayment returned the full $22.5 million first-lien debt investment on November 2.
- Minor pointSnugZ/USA investment added $17.6 million in first-lien debt on November 4, 2026.
Negative
- Moderate pointNet realized investment losses after tax widened to $10.9 million from $1.4 million a year earlier.
- Moderate pointTotal expenses increased 24.6% to $24.8 million, including the base management fee waiver and income tax provision.
- Moderate pointAt-the-market equity issuance raised approximately $35.5 million net while diluting existing holders. 4.5% of market cap
- Moderate pointThird-quarter SBA debenture issuance added $10.5 million in debt obligations. 1.3% of market cap
- Moderate pointOctober 23 SBA debentures added $8.0 million in debt at a fixed interim 4.987% rate until December pooling. 1% of market cap
4 minor points
- Minor pointNet assets gained $20.327 million from operations, up 6.2%, but per-share gains fell 3.7% to $0.52.
- Minor pointDividend income fell to negative $78,000 from positive $989,000 in third-quarter 2025.
- Minor pointPayment-in-kind interest income declined 1.9% year over year to $3.126 million.
- Minor pointInterest on idle funds declined 17.6% year over year to $776,000.
News Explained
The higher reported share count can reduce unchanged holders’ ownership percentages: 39,770,605 shares at September 30, 2026, versus 37,954,364 at December 31, 2025.
During the third quarter, Fidus received approximately
After quarter-end, Fidus issued
The exchange offer for the June 2029 Notes closed on
Key Figures
- Total investment income
- $45.913 million; +23.2% year over year
- Third quarter 2026
- Net investment income
- $21.139 million; $0.54 per share; +21.7% year over year
- Third quarter 2026
- Adjusted net investment income
- $20.977 million; $0.54 per share; +18.4% year over year
- Third quarter 2026; non-GAAP measure
- Fourth-quarter dividend
- $0.54 per share ($0.43 base and $0.11 supplemental)
- Payable Dec. 29, 2026, to holders of record Dec. 18, 2026
- Net asset value
- $774.4 million; $19.47 per share
- As of Sept. 30, 2026
- Net realized loss on investments
- $10.9 million loss, versus $1.4 million loss
- Third quarter 2026 versus third quarter 2025; net of income tax
Previous Earnings Reports
-
Q2 investment income and net investment income rose; adjusted net investment income was $0.50 per share.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap measure financial
at-the-market program financial
first lien debt financial
business development company regulatory
regulated investment company regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Board of Directors Declared Total Dividends of
EVANSTON, Ill., Nov. 05, 2026 (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, 2026.
Third Quarter 2026 Financial Highlights
- Total investment income of
$45.9 million - Net investment income of
$21.1 million , or$0.54 per share - Adjusted net investment income of
$21.0 million , or$0.54 per share(1) - Invested
$51.8 million in debt and equity securities - Received proceeds from repayments and realizations of
$52.4 million - Paid total dividends of
$0.50 per share: regular quarterly dividend of$0.43 and a supplemental dividend of$0.07 per share on September 29, 2026 - Net asset value (“NAV”) of
$774.4 million , or$19.47 per share, as of September 30, 2026 - Estimated spillover income (or taxable income in excess of distributions) as of September 30, 2026 of
$37.7 million , or$0.95 per share
Management Commentary
“In the third quarter, our high performing debt portfolio generated adjusted net investment income 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 2026 Financial Results
The following table provides a summary of our operating results for the three months ended September 30, 2026, as compared to the same period in 2025 (dollars in thousands, except per share data):
| Three Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | $ Change | % Change | |||||||||||||
| Interest income | $ | 39,103 | $ | 30,815 | $ | 8,288 | 26.9 | % | ||||||||
| Payment-in-kind interest income | 3,126 | 3,185 | (59 | ) | (1.9 | %) | ||||||||||
| Dividend income | (78 | ) | 989 | (1,067 | ) | (107.9 | %) | |||||||||
| Fee income | 2,986 | 1,322 | 1,664 | 125.9 | % | |||||||||||
| Interest on idle funds | 776 | 942 | (166 | ) | (17.6 | %) | ||||||||||
| Total investment income | $ | 45,913 | $ | 37,253 | $ | 8,660 | 23.2 | % | ||||||||
| Net investment income | $ | 21,139 | $ | 17,369 | $ | 3,770 | 21.7 | % | ||||||||
| Net investment income per share | $ | 0.54 | $ | 0.49 | $ | 0.05 | 10.2 | % | ||||||||
| Adjusted net investment income(1) | $ | 20,977 | $ | 17,723 | $ | 3,254 | 18.4 | % | ||||||||
| Adjusted net investment income per share(1) | $ | 0.54 | $ | 0.50 | $ | 0.04 | 8.0 | % | ||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 20,327 | $ | 19,138 | $ | 1,189 | 6.2 | % | ||||||||
| Net increase (decrease) in net assets resulting from operations per share | $ | 0.52 | $ | 0.54 | $ | (0.02 | ) | (3.7 | %) | |||||||
The
For the three months ended September 30, 2026, total expenses, including the base management fee waiver and income tax provision, were
Net investment income increased compared with the prior period as a result of the
For the three months ended September 30, 2026, 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, 2026, the fair value of our investment portfolio totaled
Liquidity and Capital Resources
As of September 30, 2026, we had
Fourth Quarter 2026 Dividends Totaling $0.54 Per Share Declared
On November 2, 2026, 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 2026 taxable income, as well as the tax attributes for 2026 dividends, will be made after the close of the 2026 tax year. The final tax attributes for 2026 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
As previously disclosed, on May 29, 2026, the Company issued the June 2029 Notes in a transaction not requiring registration under the Securities Act of 1933, as amended (the “Securities Act”). The June 2029 Notes were originally issued pursuant to a Note Purchase Agreement, dated May 29, 2026, by and between the Company and the initial purchasers. In connection with the issuance and sale of the June 2029 Notes, and pursuant to the registration rights agreement dated as of May 29, 2026, by and among the Company and the purchasers, the Company filed with the SEC a registration statement, and, on September 16, 2026, commenced an offer to exchange the June 2029 Notes initially issued in the private placement for a like principal amount of the June 2029 Notes registered under the Securities Act. The offer to exchange the June 2029 Notes expired on October 16, 2026 and closed on October 20, 2026.
In connection with the closing of the offer to exchange the June 2029 Notes, on October 20, 2026, the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (the “Trustee”), entered into the Seventh Supplemental Indenture (the “Seventh Supplemental Indenture”) to the Base Indenture, dated February 2, 2018, by and between the Company and the Trustee (the “Base Indenture” and together with the Seventh Supplemental Indenture, the “Indenture”). Under the Indenture, the terms of the June 2029 Notes registered under the Securities Act are substantially identical to those of the June 2029 Notes initially issued in the private placement (except for provisions related to transfer restrictions and payment of additional interest). The June 2029 Notes mature on June 1, 2029, unless previously redeemed or repurchased in accordance with their terms. The June 2029 Notes bear interest at a rate of
On October 23, 2026, we issued an additional
On October 30, 2026, we invested
On November 2, 2026, we exited our first lien debt investment in Green Cubes Technology, LLC. We received payment in full of
On November 4, 2026, we invested
Third Quarter 2026 Financial Results Conference Call
Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, November 6, 2026. 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, the timing, form and amount of any distributions or supplemental dividends in the future, and the level of deal activity and investment opportunities available to the Company. 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 current geopolitical conditions, the impact of interest rate volatility, the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and our financial condition, and the impact of elevated levels of inflation on the Company’s business and its portfolio companies; 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, | |||||||||
| 2026 | 2025 | |||||||||
| ASSETS | ||||||||||
| Investments, at fair value: | ||||||||||
| Control investments (cost: | $ | — | $ | — | ||||||
| Affiliate investments (cost: | 146,178 | 119,015 | ||||||||
| Non-control/non-affiliate investments (cost: | 1,288,997 | 1,205,738 | ||||||||
| Total investments, at fair value (cost: | 1,435,175 | 1,324,753 | ||||||||
| Cash and cash equivalents | 31,246 | 69,995 | ||||||||
| Restricted cash | 1,458 | 9,611 | ||||||||
| Interest receivable | 24,839 | 21,414 | ||||||||
| Proceeds receivable from investments sold | 11,272 | — | ||||||||
| Prepaid expenses and other assets | 1,277 | 766 | ||||||||
| Total assets | $ | 1,505,267 | $ | 1,426,539 | ||||||
| LIABILITIES | ||||||||||
| SBA debentures, net of deferred financing costs | $ | 281,849 | $ | 230,557 | ||||||
| Notes, net of deferred financing costs | 314,774 | 320,891 | ||||||||
| SPV Credit Facility, net of deferred financing costs | 89,525 | 80,627 | ||||||||
| Secured borrowings | 10,460 | 12,000 | ||||||||
| Accrued interest and fees payable | 4,597 | 7,449 | ||||||||
| Base management fee payable, net of base management fee waiver – due to affiliate | 6,399 | 5,596 | ||||||||
| Income incentive fee payable – due to affiliate | 5,027 | 4,721 | ||||||||
| Capital gains incentive fee payable – due to affiliate | 15,554 | 16,414 | ||||||||
| Administration fee payable and other, net – due to affiliate | 884 | 988 | ||||||||
| Taxes payable | 602 | 3,568 | ||||||||
| Accounts payable and other liabilities | 1,186 | 1,829 | ||||||||
| Total liabilities | $ | 730,857 | $ | 684,640 | ||||||
| Commitments and contingencies | ||||||||||
| NET ASSETS | ||||||||||
| Common stock, | $ | 40 | $ | 38 | ||||||
| Additional paid-in capital | 676,864 | 641,376 | ||||||||
| Total distributable earnings | 97,506 | 100,485 | ||||||||
| Total net assets | 774,410 | 741,899 | ||||||||
| Total liabilities and net assets | $ | 1,505,267 | $ | 1,426,539 | ||||||
| Net asset value per common share | $ | 19.47 | $ | 19.55 | ||||||
| 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, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Investment Income: | ||||||||||||||||
| Interest income | ||||||||||||||||
| Control investments | $ | — | $ | — | $ | — | $ | — | ||||||||
| Affiliate investments | 1,931 | 1,090 | 5,081 | 3,258 | ||||||||||||
| Non-control/non-affiliate investments | 37,172 | 29,725 | 104,812 | 90,087 | ||||||||||||
| Total interest income | 39,103 | 30,815 | 109,893 | 93,345 | ||||||||||||
| Payment-in-kind interest income | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 182 | — | 182 | — | ||||||||||||
| Non-control/non-affiliate investments | 2,944 | 3,185 | 9,495 | 7,884 | ||||||||||||
| Total payment-in-kind interest income | 3,126 | 3,185 | 9,677 | 7,884 | ||||||||||||
| Dividend income | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | — | 329 | 557 | 1,381 | ||||||||||||
| Non-control/non-affiliate investments | (78 | ) | 660 | 510 | 1,470 | |||||||||||
| Total dividend income | (78 | ) | 989 | 1,067 | 2,851 | |||||||||||
| Fee income | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 32 | 8 | 56 | 24 | ||||||||||||
| Non-control/non-affiliate investments | 2,954 | 1,314 | 13,969 | 7,309 | ||||||||||||
| Total fee income | 2,986 | 1,322 | 14,025 | 7,333 | ||||||||||||
| Interest on idle funds | 776 | 942 | 2,277 | 2,306 | ||||||||||||
| Total investment income | 45,913 | 37,253 | 136,939 | 113,719 | ||||||||||||
| Expenses: | ||||||||||||||||
| Interest and financing expenses | 11,639 | 7,649 | 32,371 | 22,191 | ||||||||||||
| Base management fee | 6,447 | 5,253 | 18,590 | 15,281 | ||||||||||||
| Incentive fee - income | 5,027 | 4,371 | 15,508 | 13,819 | ||||||||||||
| Incentive fee (reversal) - capital gains | (162 | ) | 354 | (860 | ) | 1,972 | ||||||||||
| Administrative service expenses | 775 | 708 | 2,324 | 2,064 | ||||||||||||
| Professional fees | 707 | 713 | 3,684 | 2,959 | ||||||||||||
| Other general and administrative expenses | 291 | 494 | 825 | 921 | ||||||||||||
| Total expenses before base management fee waiver | 24,724 | 19,542 | 72,442 | 59,207 | ||||||||||||
| Base management fee waiver | (48 | ) | (57 | ) | (149 | ) | (175 | ) | ||||||||
| Total expenses, net of base management fee waiver | 24,676 | 19,485 | 72,293 | 59,032 | ||||||||||||
| Net investment income before income taxes | 21,237 | 17,768 | 64,646 | 54,687 | ||||||||||||
| Income tax provision (benefit) | 98 | 399 | 174 | 468 | ||||||||||||
| Net investment income | 21,139 | 17,369 | 64,472 | 54,219 | ||||||||||||
| Net realized and unrealized gains (losses) on investments: | ||||||||||||||||
| Net realized gains (losses): | ||||||||||||||||
| Control investments | — | — | (120 | ) | — | |||||||||||
| Affiliate investments | — | 897 | 1,189 | 10,963 | ||||||||||||
| Non-control/non-affiliate investments | (10,881 | ) | (1,827 | ) | (17,730 | ) | (6,131 | ) | ||||||||
| Total net realized gain (loss) on investments | (10,881 | ) | (930 | ) | (16,661 | ) | 4,832 | |||||||||
| Income tax (provision) benefit from realized gains on investments | — | (421 | ) | (416 | ) | (2,350 | ) | |||||||||
| Net change in unrealized appreciation (depreciation): | ||||||||||||||||
| Control investments | — | — | — | — | ||||||||||||
| Affiliate investments | 2,363 | 1,634 | 6,799 | (1,758 | ) | |||||||||||
| Non-control/non-affiliate investments | 7,974 | 1,790 | 6,559 | 9,767 | ||||||||||||
| Total net change in unrealized appreciation (depreciation) on investments | 10,337 | 3,424 | 13,358 | 8,009 | ||||||||||||
| Net gain (loss) on investments | (544 | ) | 2,073 | (3,719 | ) | 10,491 | ||||||||||
| Realized losses on extinguishment of debt | (268 | ) | (304 | ) | (579 | ) | (630 | ) | ||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 20,327 | $ | 19,138 | $ | 60,174 | $ | 64,080 | ||||||||
| Per common share data: | ||||||||||||||||
| Net investment income per share-basic and diluted | $ | 0.54 | $ | 0.49 | $ | 1.68 | $ | 1.55 | ||||||||
| Net increase in net assets resulting from operations per share — basic and diluted | $ | 0.52 | $ | 0.54 | $ | 1.57 | $ | 1.83 | ||||||||
| Dividends declared per share | $ | 0.50 | $ | 0.57 | $ | 1.64 | $ | 1.65 | ||||||||
| Weighted average number of shares outstanding — basic and diluted | 38,903,423 | 35,721,635 | 38,274,193 | 34,991,361 | ||||||||||||
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, 2026 and 2025.
| ($ in thousands) | ($ in thousands) | ||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net investment income | $ | 21,139 | $ | 17,369 | $ | 64,472 | $ | 54,219 | |||||||||||
| Capital gains incentive fee expense (reversal) | (162 | ) | 354 | (860 | ) | 1,972 | |||||||||||||
| Adjusted net investment income(1) | $ | 20,977 | $ | 17,723 | $ | 63,612 | $ | 56,191 | |||||||||||
| (Per share) | (Per share) | ||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net investment income | $ | 0.54 | $ | 0.49 | $ | 1.68 | $ | 1.55 | |||||||||||
| Capital gains incentive fee expense (reversal) | - | 0.01 | (0.02 | ) | 0.06 | ||||||||||||||
| Adjusted net investment income(1) | $ | 0.54 | $ | 0.50 | $ | 1.66 | $ | 1.61 | |||||||||||
| (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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much is Fidus Investment's fourth-quarter 2026 dividend and when is it paid?
The fourth-quarter dividend totals $0.54 per share, payable December 29, 2026, to stockholders of record December 18, 2026. It consists of a $0.43 base dividend and a $0.11 supplemental dividend.
What liquidity and borrowing capacity did Fidus have at September 30, 2026?
Fidus had $31.2 million in cash and cash equivalents, $1.5 million in restricted cash, and $132.8 million of unused capacity under its special purpose vehicle credit facility. The weighted average interest rate on total debt outstanding was 5.8%.
What was the yield and floating-rate exposure of Fidus's debt portfolio at September 30, 2026?
The debt portfolio had a 12.6% weighted average yield, while variable-rate investments represented $909.8 million, or 71.3%, of debt investments at fair value. The yield calculation excluded investments on non-accrual status and investments recorded as a secured borrowing.