Fidus Investment Corporation Announces Second Quarter 2023 Financial Results.

EVANSTON, Ill: 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, 2023.

Second Quarter 2023 Financial Highlights

Total investment income of $30.6 million

Net investment income of $16.8 million, or $0.67 per share

Adjusted net investment income of $15.6 million, or $0.62 per share(1)

Net increase in net assets resulting from operations of $10.9 million, or $0.44 per share

Invested $95.8 million in debt and equity securities, including five new portfolio companies

Received proceeds from repayments and realizations of $60.6 million

Paid total dividends of $0.70 per share: regular quarterly dividend of $0.41 per share, supplemental dividend of $0.19 per share, and special dividend of $0.10 per share on June 28, 2023

Net asset value ("NAV") of $483.3 million, or $19.13 per share, as of June 30, 2023

Estimated spillover income (or taxable income in excess of distributions) as of June 30, 2023 of $36.2 million, or $1.43 per share

Management Commentary

"The combination of a larger portfolio of income-producing assets and a widened spread further enhanced the earnings power of our portfolio during the second quarter, and we grew Adjusted NII 44.2% versus last year to $0.62 per share, well in excess of our base dividend. Net originations were $35.2 million, as we continued to build our portfolio, which reached $928.7 million on a fair value basis at quarter end. With a healthy and performing portfolio, the total dividend declaration increased for the third quarter to $0.72 per share, allowing our shareholders to continue to fully participate in our success," said Edward Ross, Chairman and CEO of Fidus Investment Corporation. "Looking ahead, the volume of deal activity in the lower middle market offers us opportunities to invest selectively in high-quality companies, and we intend to remain focused on our long-term goals of growing NAV over time, preserving capital and generating attractive risk-adjusted returns for our shareholders."

(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...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT