Fidus Investment Corporation Announces Fourth Quarter And Full Year 2021 Financial Results
Fidus Investment Corporation (FDUS) declared a base dividend of $0.36 per share and a supplemental dividend of $0.17 for Q1 2022. In its fourth quarter report for 2021, total investment income reached $24.1 million, while net investment income was $2.4 million, or $0.10 per share. Adjusted net investment income was $12.0 million, or $0.49 per share, marking an 11.9% increase year-over-year. The company saw a net increase in net assets of $50.2 million, or $2.06 per share. As of December 31, 2021, NAV stood at $487.8 million, or $19.96 per share.
- Declared total dividend of $0.53 per share for Q1 2022.
- Increased total investment income by $5.3 million, or 6.3%, for the year 2021.
- Net increase in net assets from operations surged by 271.8% to $116.1 million for 2021.
- Achieved a weighted average yield of 12.3% on debt investments.
- Significant realized gains of $39.9 million for Q4 2021.
- Net investment income decreased by 36.6% to $25.1 million for the year 2021.
- Total expenses increased by 43.7% to $65.3 million for the year 2021.
- Net investment income per share dropped by $0.59, or 36.4%, compared to 2020.
Base Dividend of
Board of Directors Declared Supplemental Dividend of
EVANSTON, Ill., March 03, 2022 (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 fourth quarter and full year ended December 31, 2021.
Fourth Quarter 2021 Financial Highlights
- Total investment income of
$24.1 million - Net investment income of
$2.4 million , or$0.10 per share - Adjusted net investment income of
$12.0 million , or$0.49 per share(1) - Net increase in net assets resulting from operations of
$50.2 million , or$2.06 per share - Invested
$101.2 million in debt and equity securities, including six new portfolio companies - Received proceeds from repayments and realizations of
$153.7 million - Paid supplemental dividend of
$0.04 per share, special dividend of$0.05 per share, and regular quarterly dividend of$0.32 per share on December 17, 2021 - Net asset value (“NAV”) of
$487.8 million , or$19.96 per share, as of December 31, 2021
Full Year 2021 Financial Highlights
- Total investment income of
$90.4 million - Net investment income of
$25.1 million , or$1.03 per share - Adjusted net investment income of
$43.3 million , or$1.77 per share(1) - Net increase in net assets resulting from operations of
$116.1 million , or$4.75 per share - Invested
$346.7 million in debt and equity securities, including 18 new portfolio companies - Received proceeds from repayments and realizations of
$472.8 million - Paid regular dividends totaling
$1.26 per share, supplemental dividends of$0.25 per share, and special dividends of$0.09 per share. - Estimated spillover income (or taxable income in excess of distributions) as of December 31, 2021 of
$38.1 million , or$1.56 per share
Management Commentary
“The fourth quarter capped off a year of heightened level of deal activity in the lower middle market, strong operating performance and underlying portfolio value appreciation. Boosted by
(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.
Fourth Quarter 2021 Financial Results
The following table provides a summary of our operating results for the three months ended December 31, 2021, as compared to the same period in 2020 (dollars in thousands, except per share data):
| Three Months Ended December 31, | ||||||||||||||||
| 2021 | 2020 | $ Change | % Change | |||||||||||||
| Interest income | $ | 18,290 | $ | 18,424 | $ | (134 | ) | (0.7 | %) | |||||||
| Payment-in-kind interest income | 962 | 1,149 | (187 | ) | (16.3 | %) | ||||||||||
| Dividend income | 1,258 | 1,842 | (584 | ) | (31.7 | %) | ||||||||||
| Fee income | 3,590 | 2,215 | 1,375 | 62.1 | % | |||||||||||
| Interest on idle funds | 1 | - | 1 | NM | ||||||||||||
| Total investment income | $ | 24,101 | $ | 23,630 | $ | 471 | 2.0 | % | ||||||||
| Net investment income | $ | 2,448 | $ | 6,038 | $ | (3,590 | ) | (59.5 | %) | |||||||
| Net investment income per share | $ | 0.10 | $ | 0.25 | $ | (0.15 | ) | (60.0 | %) | |||||||
| Adjusted net investment income (1) | $ | 12,006 | $ | 10,734 | $ | 1,272 | 11.9 | % | ||||||||
| Adjusted net investment income per share (1) | $ | 0.49 | $ | 0.44 | $ | 0.05 | 11.4 | % | ||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 50,238 | $ | 29,517 | $ | 20,721 | 70.2 | % | ||||||||
| Net increase (decrease) in net assets resulting from operations per share | $ | 2.06 | $ | 1.20 | $ | 0.86 | 71.7 | % | ||||||||
The
For the three months ended December 31, 2021, total expenses, including the base management and income incentive fee waivers and income tax provision, were
Net investment income decreased by
For the three months ended December 31, 2021, the total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, was
Full Year 2021 Financial Results
The following table provides a summary of our operating results for the year ended December 31, 2021 as compared to the same period in 2020 (dollars in thousands, except per share data):
| Years Ended December 31, | ||||||||||||||||
| 2021 | 2020 | $ Change | % Change | |||||||||||||
| Interest income | $ | 73,078 | $ | 73,495 | $ | (417 | ) | (0.6 | %) | |||||||
| Payment-in-kind interest income | 4,294 | 4,660 | (366 | ) | (7.9 | %) | ||||||||||
| Dividend income | 2,635 | 2,467 | 168 | 6.8 | % | |||||||||||
| Fee income | 10,431 | 4,492 | 5,939 | 132.2 | % | |||||||||||
| Interest on idle funds | 8 | 9 | (1 | ) | (11.1 | %) | ||||||||||
| Total investment income | $ | 90,446 | $ | 85,123 | $ | 5,323 | 6.3 | % | ||||||||
| Net investment income | $ | 25,120 | $ | 39,648 | $ | (14,528 | ) | (36.6 | %) | |||||||
| Net investment income per share | $ | 1.03 | $ | 1.62 | $ | (0.59 | ) | (36.4 | %) | |||||||
| Adjusted net investment income (1) | $ | 43,316 | $ | 37,964 | $ | 5,352 | 14.1 | % | ||||||||
| Adjusted net investment income per share (1) | $ | 1.77 | $ | 1.55 | $ | 0.22 | 14.2 | % | ||||||||
| Net increase in net assets resulting from operations | $ | 116,104 | $ | 31,226 | $ | 84,878 | 271.8 | % | ||||||||
| Net increase in net assets resulting from operations per share | $ | 4.75 | $ | 1.28 | $ | 3.47 | 271.1 | % | ||||||||
The
For the year ended December 31, 2021, total expenses, including the base management and incentive fee waivers and income tax provision, were
Net investment income decreased by
For the year ended December 31, 2021, the total net realized gain on investments, net of income tax provision on realized gains, was
Portfolio and Investment Activities
As of December 31, 2021, the fair value of our investment portfolio totaled
Fourth quarter 2021 investment activity included the following new portfolio company investments:
- Acendre Midco, Inc., a market leading provider of cloud-based talent management software solutions. Fidus invested
$18.5 million in first lien debt, revolving loans, common equity, and warrants. - Auto CRM LLC (dba Dealer Holdings), a leading SaaS-based provider of customer communication software to the auto repair market. Fidus invested
$8.5 million in first lien debt, subordinated debt, and common equity. - Green Cubes Technology, LLC (dba Green Cubes), a leading provider of lithium power systems for motive, mobile, and stationary power in the industrial automation, material handling, and telecom markets. Fidus invested
$13.0 million in first lien debt. - Mobilewalla, Inc., a leading provider of consumer intelligence solutions. Fidus invested
$5.7 million in first lien debt. - Netbase Solutions, Inc. (dba Netbase Quid), a global leader in artificial intelligence-powered consumer and market intelligence. Fidus invested
$16.5 million in first lien debt. - Suited Connector LLC, a leading marketing technology platform for digital customer acquisition across most consumer verticals, including financial services, home services, and insurance. Fidus invested
$16.8 million in second lien debt and common equity.
Liquidity and Capital Resources
As of December 31, 2021, we had
Subsequent Events
On January 7, 2022, we issued an additional
On February 1, 2022, we invested
On February 8, 2022, we exited our debt investments in Mirage Trailers LLC. We received payment in full of
On February 15, 2022, we issued an additional
On February 17, 2022, we invested
On February 18, 2022, we received a distribution on our equity investment in Frontline Food Services, LLC (f/k/a Accent Food Services, LLC), resulting in a realized gain of approximately
On February 25, 2022, we issued an additional
On February 28, 2022, we repaid
On March 1, 2022, we invested
On March 1, 2022, we received a distribution on our equity investment in SpendMend LLC, resulting in a realized gain of approximately
On March 2, 2022, we invested
First Quarter 2022 Base Dividend of
On February 15, 2022, 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 2021 taxable income, as well as the tax attributes for 2021 dividends, will be made after the close of the 2021 tax year. The final tax attributes for 2021 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.
Fourth Quarter 2021 Financial Results Conference Call
Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, March 4, 2022. To participate in the conference call, please dial (877) 810-3368 approximately 10 minutes prior to the call. International callers should dial (914) 495-8561. Please reference conference ID # 5252355.
A live webcast of the conference call will be available at http://investor.fdus.com/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.
A telephone replay of the conference call will be available from 12:00pm ET on March 4, 2022, until 11:59pm ET on March 11, 2022, and may be accessed by calling (855) 859-2056 (domestic dial-in) or (404) 537-3406 (international dial-in) and reference conference ID # 5252355. 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 is 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 and the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives. 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, and that the Company may or may not have considered, such as changes in the financial and lending markets and the impact of interest rate volatility, including the decommissioning of LIBOR; 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)
| December 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| Investments, at fair value: | ||||||||
| Control investments (cost: | $ | 2,151 | $ | 28,253 | ||||
| Affiliate investments (cost: | 137,284 | 81,394 | ||||||
| Non-control/non-affiliate investments (cost: | 579,689 | 633,222 | ||||||
| Total investments, at fair value (cost: | 719,124 | 742,869 | ||||||
| Cash and cash equivalents | 169,417 | 124,308 | ||||||
| Interest receivable | 8,231 | 7,548 | ||||||
| Prepaid expenses and other assets | 413 | 1,015 | ||||||
| Total assets | $ | 897,185 | $ | 875,740 | ||||
| LIABILITIES | ||||||||
| SBA debentures, net of deferred financing costs | $ | 103,978 | $ | 144,004 | ||||
| Notes, net of deferred financing costs | 245,016 | 300,294 | ||||||
| Borrowings under Credit Facility, net of deferred financing costs | (595 | ) | (1,048 | ) | ||||
| Secured Borrowings | 17,637 | - | ||||||
| Accrued interest and fees payable | 4,668 | 3,500 | ||||||
| Base management fee payable, net of base management fee waiver – due to affiliate | 3,135 | 3,244 | ||||||
| Income incentive fee payable – due to affiliate | 2,622 | 2,610 | ||||||
| Capital gains incentive fee payable – due to affiliate | 29,227 | 11,031 | ||||||
| Administration fee payable and other, net – due to affiliate | 668 | 576 | ||||||
| Taxes payable | 2,410 | 275 | ||||||
| Accounts payable and other liabilities | 655 | 494 | ||||||
| Total liabilities | $ | 409,421 | $ | 464,980 | ||||
| Commitments and contingencies | ||||||||
| NET ASSETS | ||||||||
| Common stock, | ||||||||
| issued and outstanding at December 31, 2021 and December 31, 2020, respectively) | $ | 24 | $ | 24 | ||||
| Additional paid-in capital | 361,807 | 363,982 | ||||||
| Total distributable earnings | 125,933 | 46,754 | ||||||
| Total net assets | 487,764 | 410,760 | ||||||
| Total liabilities and net assets | $ | 897,185 | $ | 875,740 | ||||
| Net asset value per common share | $ | 19.96 | $ | 16.81 | ||||
FIDUS INVESTMENT CORPORATION
Consolidated Statements of Operations (unaudited)
(in thousands, except shares and per share data)
| Three Months Ended | Years Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Investment Income: | ||||||||||||||||
| Interest income | ||||||||||||||||
| Control investments | $ | 1,240 | $ | 541 | $ | 3,735 | $ | 1,889 | ||||||||
| Affiliate investments | 599 | 848 | 2,695 | 3,511 | ||||||||||||
| Non-control/non-affiliate investments | 16,451 | 17,035 | 66,648 | 68,095 | ||||||||||||
| Total interest income | 18,290 | 18,424 | 73,078 | 73,495 | ||||||||||||
| Payment-in-kind interest income | ||||||||||||||||
| Control investments | 456 | 425 | 2,117 | 1,748 | ||||||||||||
| Affiliate investments | 87 | 112 | 368 | 287 | ||||||||||||
| Non-control/non-affiliate investments | 419 | 612 | 1,809 | 2,625 | ||||||||||||
| Total payment-in-kind interest income | 962 | 1,149 | 4,294 | 4,660 | ||||||||||||
| Dividend income | ||||||||||||||||
| Control investments | — | — | 568 | — | ||||||||||||
| Affiliate investments | 1,062 | 372 | 1,172 | 837 | ||||||||||||
| Non-control/non-affiliate investments | 196 | 1,470 | 895 | 1,630 | ||||||||||||
| Total dividend income | 1,258 | 1,842 | 2,635 | 2,467 | ||||||||||||
| Fee income | ||||||||||||||||
| Control investments | 1,472 | — | 1,872 | — | ||||||||||||
| Affiliate investments | 15 | 32 | 385 | 120 | ||||||||||||
| Non-control/non-affiliate investments | 2,103 | 2,183 | 8,174 | 4,372 | ||||||||||||
| Total fee income | 3,590 | 2,215 | 10,431 | 4,492 | ||||||||||||
| Interest on idle funds | 1 | - | 8 | 9 | ||||||||||||
| Total investment income | 24,101 | 23,630 | 90,446 | 85,123 | ||||||||||||
| Expenses: | ||||||||||||||||
| Interest and financing expenses | 4,746 | 4,977 | 19,164 | 19,678 | ||||||||||||
| Base management fee | 3,213 | 3,244 | 12,874 | 12,932 | ||||||||||||
| Incentive fee - income | 2,622 | 2,610 | 10,266 | 8,952 | ||||||||||||
| Incentive fee (reversal) - capital gains | 9,558 | 4,696 | 18,196 | (1,684 | ) | |||||||||||
| Administrative service expenses | 438 | 478 | 1,719 | 1,720 | ||||||||||||
| Professional fees | 345 | 582 | 1,327 | 2,090 | ||||||||||||
| Other general and administrative expenses | 332 | 289 | 1,447 | 1,348 | ||||||||||||
| Total expenses before base management and income incentive fee waivers | 21,254 | 16,876 | 64,993 | 45,036 | ||||||||||||
| Base management and income incentive fee waivers | (78 | ) | — | (176 | ) | (423 | ) | |||||||||
| Total expenses, net of base management and incentive fee waivers | 21,176 | 16,876 | 64,817 | 44,613 | ||||||||||||
| Net investment income before income taxes | 2,925 | 6,754 | 25,629 | 40,510 | ||||||||||||
| Income tax provision (benefit) | 477 | 716 | 509 | 862 | ||||||||||||
| Net investment income | 2,448 | 6,038 | 25,120 | 39,648 | ||||||||||||
| Net realized and unrealized gains (losses) on investments: | ||||||||||||||||
| Net realized gains (losses): | ||||||||||||||||
| Control investments | 20,554 | — | 20,521 | — | ||||||||||||
| Affiliate investments | 94 | 301 | 124 | 24,655 | ||||||||||||
| Non-control/non-affiliate investments | 21,488 | (34,166 | ) | 35,163 | (25,623 | ) | ||||||||||
| Total net realized gain (loss) on investments | 42,136 | (33,865 | ) | 55,808 | (968 | ) | ||||||||||
| Income tax (provision) benefit from realized gains on investments | (2,200 | ) | 488 | (2,057 | ) | (577 | ) | |||||||||
| Net change in unrealized appreciation (depreciation): | ||||||||||||||||
| Control investments | 4,923 | 2,339 | 34 | 1,182 | ||||||||||||
| Affiliate investments | 7,733 | 12,626 | 32,207 | (15,669 | ) | |||||||||||
| Non-control/non-affiliate investments | (3,179 | ) | 41,891 | 9,255 | 7,909 | |||||||||||
| Total net change in unrealized appreciation (depreciation) on investments | 9,477 | 56,856 | 41,496 | (6,578 | ) | |||||||||||
| Net gain (loss) on investments | 49,413 | 23,479 | 95,247 | (8,123 | ) | |||||||||||
| Realized losses on extinguishment of debt | (1,623 | ) | — | (4,263 | ) | (299 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 50,238 | $ | 29,517 | $ | 116,104 | $ | 31,226 | ||||||||
| Per common share data: | ||||||||||||||||
| Net investment income per share-basic and diluted | $ | 0.10 | $ | 0.25 | $ | 1.03 | $ | 1.62 | ||||||||
| Net increase in net assets resulting from operations per share — basic and diluted | $ | 2.06 | $ | 1.20 | $ | 4.75 | $ | 1.28 | ||||||||
| Dividends declared per share | $ | 0.41 | $ | 0.34 | $ | 1.60 | $ | 1.33 | ||||||||
| Weighted average number of shares outstanding — basic and diluted | 24,437,400 | 24,437,400 | 24,437,400 | 24,442,431 | ||||||||||||
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 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 twelve months ended December 31, 2021 and 2020.
| ($ in thousands) | ($ in thousands) | ||||||||||||||
| Three Months Ended | Years Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Net investment income | $ | 2,448 | $ | 6,038 | $ | 25,120 | $ | 39,648 | |||||||
| Capital gains incentive fee expense (reversal) | 9,558 | 4,696 | 18,196 | (1,684 | ) | ||||||||||
| Adjusted net investment income (1) | $ | 12,006 | $ | 10,734 | $ | 43,316 | $ | 37,964 | |||||||
| (Per share) | (Per share) | ||||||||||||||
| Three Months Ended | Years Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Net investment income | $ | 0.10 | $ | 0.25 | $ | 1.03 | $ | 1.62 | |||||||
| Capital gains incentive fee expense (reversal) | 0.39 | 0.19 | 0.74 | (0.07 | ) | ||||||||||
| Adjusted net investment income (1) | $ | 0.49 | $ | 0.44 | $ | 1.77 | $ | 1.55 | |||||||
(1) Adjusted net investment income per share amounts are calculated as adjusted net investment income dividend 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 | LHA |
| (847) 859-3940 | (212) 838-3777 |
| ssherard@fidusinv.com | jburfening@lhai.com |
FAQ
What were Fidus Investment Corporation's dividend declarations for Q1 2022?
What were Fidus's total investment income figures for the fourth quarter of 2021?
How much did Fidus report as net investment income for Q4 2021?
What was the net asset value (NAV) for Fidus as of December 31, 2021?
How much did Fidus increase its net assets from operations in 2021?
