Fidus Investment Corporation Announces Fourth Quarter and Full Year 2024 Financial Results
Fidus Investment (FDUS) reported strong financial results for Q4 and full year 2024. Q4 highlights include total investment income of $37.5M, net investment income of $18.6M ($0.55 per share), and NAV of $655.7M ($19.33 per share). The company invested $120.3M in debt and equity securities, including five new portfolio companies.
Full year 2024 showed total investment income of $146.1M, net investment income of $74.6M ($2.29 per share), and investments of $394.5M across 16 new portfolio companies. Portfolio growth resulted in a 13.8% increase in assets under management. The company paid total dividends of $2.42 per share for 2024.
For Q1 2025, the Board declared total dividends of $0.54 per share, comprising a $0.43 base dividend and $0.11 supplemental dividend. The investment portfolio totaled $1.1B across 87 active portfolio companies, with a weighted average yield on debt investments of 13.3%.
Fidus Investment (FDUS) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. I punti salienti del Q4 includono un reddito totale da investimenti di $37,5 milioni, un reddito netto da investimenti di $18,6 milioni ($0,55 per azione) e un NAV di $655,7 milioni ($19,33 per azione). L'azienda ha investito $120,3 milioni in titoli di debito e di capitale, inclusi cinque nuove aziende in portafoglio.
Per l'anno intero 2024, il reddito totale da investimenti è stato di $146,1 milioni, il reddito netto da investimenti di $74,6 milioni ($2,29 per azione) e gli investimenti ammontano a $394,5 milioni in 16 nuove aziende in portafoglio. La crescita del portafoglio ha portato a un aumento del 13,8% delle attività gestite. L'azienda ha pagato dividendi totali di $2,42 per azione per il 2024.
Per il primo trimestre del 2025, il Consiglio ha dichiarato dividendi totali di $0,54 per azione, di cui $0,43 come dividendo base e $0,11 come dividendo supplementare. Il portafoglio di investimenti ha totalizzato $1,1 miliardi su 87 aziende attive in portafoglio, con un rendimento medio ponderato sugli investimenti in debito del 13,3%.
Fidus Investment (FDUS) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los aspectos destacados del Q4 incluyen un ingreso total por inversiones de $37,5 millones, un ingreso neto por inversiones de $18,6 millones ($0,55 por acción) y un NAV de $655,7 millones ($19,33 por acción). La empresa invirtió $120,3 millones en valores de deuda y capital, incluyendo cinco nuevas empresas en su cartera.
El año completo 2024 mostró un ingreso total por inversiones de $146,1 millones, un ingreso neto por inversiones de $74,6 millones ($2,29 por acción) y $394,5 millones en inversiones en 16 nuevas empresas de la cartera. El crecimiento de la cartera resultó en un aumento del 13,8% en los activos bajo gestión. La empresa pagó un dividendo total de $2,42 por acción para 2024.
Para el primer trimestre de 2025, la Junta declaró un dividendo total de $0,54 por acción, que consiste en un dividendo base de $0,43 y un dividendo suplementario de $0,11. El portafolio de inversiones totalizó $1,1 mil millones en 87 empresas activas en la cartera, con un rendimiento promedio ponderado en inversiones de deuda del 13,3%.
Fidus Investment (FDUS)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 4분기 주요 내용으로는 총 투자 수익이 3,750만 달러, 순 투자 수익이 1,860만 달러(주당 0.55달러), 순자산가치(NAV)가 6억 5,570만 달러(주당 19.33달러)입니다. 회사는 1억 2,030만 달러를 부채 및 자본 증권에 투자했으며, 그 중 5개의 새로운 포트폴리오 회사가 포함되었습니다.
2024년 전체 연도는 총 투자 수익이 1억 4,610만 달러, 순 투자 수익이 7,460만 달러(주당 2.29달러), 16개의 새로운 포트폴리오 회사에 대한 3억 9,450만 달러의 투자를 기록했습니다. 포트폴리오 성장은 관리 자산의 13.8% 증가를 가져왔습니다. 회사는 2024년 주당 2.42달러의 총 배당금을 지급했습니다.
2025년 1분기에는 이사회가 주당 0.54달러의 총 배당금을 선언했으며, 이는 0.43달러의 기본 배당금과 0.11달러의 추가 배당금으로 구성됩니다. 투자 포트폴리오는 87개의 활성 포트폴리오 회사에서 총 11억 달러에 달하며, 부채 투자에 대한 가중 평균 수익률은 13.3%입니다.
Fidus Investment (FDUS) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année complète 2024. Les points forts du Q4 incluent un revenu total d'investissement de 37,5 millions de dollars, un revenu net d'investissement de 18,6 millions de dollars (0,55 $ par action) et une valeur nette d'inventaire (NAV) de 655,7 millions de dollars (19,33 $ par action). L'entreprise a investi 120,3 millions de dollars dans des titres de créance et de capital, y compris cinq nouvelles entreprises dans son portefeuille.
Pour l'année complète 2024, le revenu total d'investissement était de 146,1 millions de dollars, le revenu net d'investissement de 74,6 millions de dollars (2,29 $ par action), et les investissements s'élevaient à 394,5 millions de dollars dans 16 nouvelles entreprises de portefeuille. La croissance du portefeuille a entraîné une augmentation de 13,8 % des actifs sous gestion. L'entreprise a versé des dividendes totaux de 2,42 $ par action pour 2024.
Pour le premier trimestre 2025, le conseil d'administration a déclaré des dividendes totaux de 0,54 $ par action, comprenant un dividende de base de 0,43 $ et un dividende supplémentaire de 0,11 $. Le portefeuille d'investissement totalisait 1,1 milliard de dollars répartis sur 87 entreprises actives, avec un rendement moyen pondéré des investissements en dette de 13,3 %.
Fidus Investment (FDUS) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 berichtet. Die Höhepunkte des Q4 umfassen ein Gesamteinkommen aus Investitionen von 37,5 Millionen Dollar, ein Nettoinvestitionseinkommen von 18,6 Millionen Dollar (0,55 Dollar pro Aktie) und einen NAV von 655,7 Millionen Dollar (19,33 Dollar pro Aktie). Das Unternehmen investierte 120,3 Millionen Dollar in Schuldtitel und Eigenkapital, einschließlich fünf neuer Portfoliounternehmen.
Das Gesamtjahr 2024 zeigte ein Gesamteinkommen aus Investitionen von 146,1 Millionen Dollar, ein Nettoinvestitionseinkommen von 74,6 Millionen Dollar (2,29 Dollar pro Aktie) und Investitionen von 394,5 Millionen Dollar in 16 neue Portfoliounternehmen. Das Wachstum des Portfolios führte zu einem Anstieg der verwalteten Vermögenswerte um 13,8 %. Das Unternehmen zahlte für 2024 insgesamt Dividenden von 2,42 Dollar pro Aktie.
Für das erste Quartal 2025 erklärte der Vorstand insgesamt Dividenden von 0,54 Dollar pro Aktie, die sich aus einer Basisdividende von 0,43 Dollar und einer zusätzlichen Dividende von 0,11 Dollar zusammensetzen. Das Investitionsportfolio belief sich auf insgesamt 1,1 Milliarden Dollar in 87 aktiven Portfoliounternehmen, mit einer gewichteten durchschnittlichen Rendite auf Schuldeninvestitionen von 13,3 %.
- Net investment income increased 14.6% to $74.6M in 2024
- 13.8% increase in assets under management
- Portfolio generated $11.6M in net realized gains
- $45.6M ($1.34/share) in spillover income available
- Strong portfolio yield of 13.3%
- Decrease in weighted average yield on debt investments
- Net realized gains declined from $22.4M in 2023 to $10.1M in 2024
- Increased expenses by 10% to $71.5M in 2024
Insights
Fidus Investment delivered strong financial results for Q4 and full year 2024, demonstrating the resilience of its lower middle-market investment strategy. The 13.8% growth in assets under management (AUM) showcases management's ability to successfully deploy capital while maintaining disciplined credit standards.
The company's net investment income increased 14.6% year-over-year to
Notably, Fidus maintains a robust dividend coverage ratio with spillover income of
The company's diversified funding profile with a weighted average interest rate of
Post-quarter investment activity signals continued momentum, with five new portfolio companies added in January and February 2025, deploying over
Fidus's Q4 and full year results illuminate several positive developments beneath the headline numbers. The company's NAV per share of
The most compelling aspect of these results is Fidus's portfolio construction strategy. With 58% of debt investments carrying variable rates (
In the current credit environment, Fidus's underwriting discipline appears sound, with no mention of new non-accruals and diversification across 87 active portfolio companies, limiting single-name exposure. The average investment size of
The company's origination momentum remains strong with
Looking forward, Fidus's SBA debenture activity (issuing
Board of Directors Declared Total Dividends of
Base Dividend of
EVANSTON, Ill, March 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 fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights
- Total investment income of
$37.5 million - Net investment income of
$18.6 million , or$0.55 per share - Adjusted net investment income of
$18.4 million , or$0.54 per share(1) - Invested
$120.3 million in debt and equity securities, including five new portfolio companies - Received proceeds from repayments and realizations of
$122.8 million - Paid total dividends of
$0.61 per share: regular quarterly dividend of$0.43 and supplemental dividend of$0.18 per share on December 27, 2024 - Net asset value (“NAV”) of
$655.7 million , or$19.33 per share, as of December 31, 2024
Full Year 2024 Financial Highlights
- Total investment income of
$146.1 million - Net investment income of
$74.6 million , or$2.29 per share - Adjusted net investment income of
$75.4 million , or$2.31 per share(1) - Invested
$394.5 million in debt and equity securities, including 16 new portfolio companies - Received proceeds from repayments and realizations of
$276.9 million - Paid total dividends of
$2.42 per share: regular quarterly dividends totaling$1.72 and supplemental dividends of$0.70 per share - Estimated spillover income (or taxable income in excess of distributions) as of December 31, 2024 of
$45.6 million , or$1.34 per share
Management Commentary
“During the fourth quarter and fiscal year 2024, we extended our track record of growing our portfolio while maintaining sound credit quality overall by adhering to our proven strategy of investing in debt and equity investments,” said Edward Ross, Chairman and CEO of Fidus Investment Corporation. “Originations for the year exceeded repayments and realizations resulting in a
(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 2024 Financial Results
The following table provides a summary of our operating results for the three months ended December 31, 2024, as compared to the same period in 2023 (dollars in thousands, except per share data):
| Three Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | $ Change | % Change | ||||||||||||
| Interest income | $ | 31,651 | $ | 29,511 | $ | 2,140 | 7.3 | % | |||||||
| Payment-in-kind interest income | 2,095 | 1,973 | 122 | 6.2 | % | ||||||||||
| Dividend income | 104 | 265 | (161 | ) | (60.8 | %) | |||||||||
| Fee income | 2,998 | 3,522 | (524 | ) | (14.9 | %) | |||||||||
| Interest on idle funds | 609 | 1,040 | (431 | ) | (41.4 | %) | |||||||||
| Total investment income | $ | 37,457 | $ | 36,311 | $ | 1,146 | 3.2 | % | |||||||
| Net investment income | $ | 18,648 | $ | 16,939 | $ | 1,709 | 10.1 | % | |||||||
| Net investment income per share | $ | 0.55 | $ | 0.58 | $ | (0.03 | ) | (5.2 | %) | ||||||
| Adjusted net investment income(1) | $ | 18,437 | $ | 18,837 | $ | (400 | ) | (2.1 | %) | ||||||
| Adjusted net investment income per share(1) | $ | 0.54 | $ | 0.65 | $ | (0.11 | ) | (16.9 | %) | ||||||
| Net increase (decrease) in net assets resulting from operations | $ | 17,593 | $ | 26,430 | $ | (8,837 | ) | (33.4 | %) | ||||||
| Net increase (decrease) in net assets resulting from operations per share | $ | 0.52 | $ | 0.91 | $ | (0.39 | ) | (42.9 | %) | ||||||
The
For the three months ended December 31, 2024, total expenses, including the base management fee waiver and income tax provision, were
Net investment income increased by
For the three months ended December 31, 2024, the total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, was
Full Year 2024 Financial Results
The following table provides a summary of our operating results for the year ended December 31, 2024 as compared to the same period in 2023 (dollars in thousands, except per share data):
| Years Ended December 31, | |||||||||||||||
| 2024 | 2023 | $ Change | % Change | ||||||||||||
| Interest income | $ | 123,153 | $ | 109,947 | $ | 13,206 | 12.0 | % | |||||||
| Payment-in-kind interest income | 7,840 | 6,634 | 1,206 | 18.2 | % | ||||||||||
| Dividend income | 2,242 | 1,215 | 1,027 | 84.5 | % | ||||||||||
| Fee income | 9,572 | 9,450 | 122 | 1.3 | % | ||||||||||
| Interest on idle funds | 3,347 | 2,864 | 483 | 17 | % | ||||||||||
| Total investment income | $ | 146,154 | $ | 130,110 | $ | 16,044 | 12.3 | % | |||||||
| Net investment income | $ | 74,636 | $ | 65,106 | $ | 9,530 | 14.6 | % | |||||||
| Net investment income per share | $ | 2.29 | $ | 2.47 | $ | (0.18 | ) | (7.3 | %) | ||||||
| Adjusted net investment income(1) | $ | 75,367 | $ | 67,511 | $ | 7,856 | 11.6 | % | |||||||
| Adjusted net investment income per share(1) | $ | 2.31 | $ | 2.56 | $ | (0.25 | ) | (9.8 | %) | ||||||
| Net increase in net assets resulting from operations | $ | 78,292 | $ | 77,133 | $ | 1,159 | 1.5 | % | |||||||
| Net increase in net assets resulting from operations per share | $ | 2.40 | $ | 2.93 | $ | (0.53 | ) | (18.1 | %) | ||||||
The
For the year ended December 31, 2024, total expenses, including the base management waiver and income tax provision, were
Net investment income increased by
For the year ended December 31, 2024, the total net realized gain on investments, net of income tax provision on realized gains, was
Portfolio and Investment Activities
As of December 31, 2024, the fair value of our investment portfolio totaled
Fourth quarter 2024 investment activity included the following new portfolio company investments:
- Axis Medical Technologies LLC (dba MoveMedical), a leading provider of last-mile supply chain software solutions to medical device OEMs. Fidus invested
$14.8 million in first lien debt and preferred equity and made additional commitments up to$0.8 million in first lien debt. - CP Communications, LLC, a provider of specialized technology solutions for live event broadcasters and premium video content producers. Fidus invested
$8.4 million in first lien debt, subordinated debt and common equity. - Estex Manufacturing Company, LLC, a branded manufacturer of sewn products used in the utility, airline / aerospace, sports, and military end markets. Fidus invested
$6.3 million in first lien debt and common equity. - Fumex, LLC, a leading provider of fume extraction and air filtration systems for industrial manufacturing applications. Fidus invested
$7.4 million in first lien debt and common equity. - World Tours LLC, a travel tour operator focused on affinity groups in the United States. Fidus invested
$7.0 million in first lien debt and preferred equity.
Liquidity and Capital Resources
As of December 31, 2024, we had
Subsequent Events
On January 6, 2025, we invested
On January 7, 2025, we invested
On January 14, 2025, we exited our preferred equity investment in Healthfuse, LLC. We received a distribution on our preferred equity investment for a realized gain of approximately
On January 24, 2025, we received a distribution on our equity investments in Medsurant Holdings, LLC, resulting in a net realized gain of approximately
On February 5, 2025, we invested
On February 6, 2025, we issued an additional
On February 13, 2025, we issued an additional
On February 27, 2025, we repaid
First Quarter 2025 Dividends Totaling $0.54 Per Share Declared
On February 18, 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.
Fourth Quarter 2024 Financial Results Conference Call
Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, March 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 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 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, 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), and the impact of interest rate volatility 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) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Investments, at fair value: | |||||||
| Control investments (cost: | $ | — | $ | — | |||
| Affiliate investments (cost: | 102,024 | 83,876 | |||||
| Non-control/non-affiliate investments (cost: | 988,482 | 874,030 | |||||
| Total investments, at fair value (cost: | 1,090,506 | 957,906 | |||||
| Cash and cash equivalents | 57,159 | 119,131 | |||||
| Interest receivable | 15,119 | 11,965 | |||||
| Prepaid expenses and other assets | 1,328 | 1,896 | |||||
| Total assets | $ | 1,164,112 | $ | 1,090,898 | |||
| LIABILITIES | |||||||
| SBA debentures, net of deferred financing costs | $ | 168,899 | $ | 204,472 | |||
| Notes, net of deferred financing costs | 248,362 | 247,243 | |||||
| Borrowings under Credit Facility, net of deferred financing costs | 43,954 | (1,082 | ) | ||||
| Secured borrowings | 13,674 | 15,880 | |||||
| Accrued interest and fees payable | 5,784 | 5,924 | |||||
| Base management fee payable, net of base management fee waiver – due to affiliate | 4,805 | 4,151 | |||||
| Income incentive fee payable – due to affiliate | 4,477 | 4,570 | |||||
| Capital gains incentive fee payable – due to affiliate | 14,703 | 17,509 | |||||
| Administration fee payable and other, net – due to affiliate | 919 | 789 | |||||
| Taxes payable | 1,850 | 1,227 | |||||
| Accounts payable and other liabilities | 1,019 | 741 | |||||
| Total liabilities | $ | 508,446 | $ | 501,424 | |||
| Commitments and contingencies | |||||||
| NET ASSETS | |||||||
| Common stock, | |||||||
| issued and outstanding at December 31, 2024 and December 31, 2023, respectively) | $ | 34 | $ | 31 | |||
| Additional paid-in capital | 567,159 | 504,087 | |||||
| Total distributable earnings | 88,473 | 85,356 | |||||
| Total net assets | 655,666 | 589,474 | |||||
| Total liabilities and net assets | $ | 1,164,112 | $ | 1,090,898 | |||
| Net asset value per common share | $ | 19.33 | $ | 19.37 | |||
| 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, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Investment Income: | |||||||||||||||
| Interest income | |||||||||||||||
| Control investments | $ | — | $ | — | $ | — | $ | — | |||||||
| Affiliate investments | 930 | 858 | 3,533 | 4,026 | |||||||||||
| Non-control/non-affiliate investments | 30,721 | 28,653 | 119,620 | 105,921 | |||||||||||
| Total interest income | 31,651 | 29,511 | 123,153 | 109,947 | |||||||||||
| Payment-in-kind interest income | |||||||||||||||
| Control investments | — | — | — | — | |||||||||||
| Affiliate investments | 9 | — | 9 | — | |||||||||||
| Non-control/non-affiliate investments | 2,086 | 1,973 | 7,831 | 6,634 | |||||||||||
| Total payment-in-kind interest income | 2,095 | 1,973 | 7,840 | 6,634 | |||||||||||
| Dividend income | |||||||||||||||
| Control investments | — | — | — | — | |||||||||||
| Affiliate investments | — | — | 1,830 | 519 | |||||||||||
| Non-control/non-affiliate investments | 104 | 265 | 412 | 696 | |||||||||||
| Total dividend income | 104 | 265 | 2,242 | 1,215 | |||||||||||
| Fee income | |||||||||||||||
| Control investments | — | — | — | — | |||||||||||
| Affiliate investments | 168 | 5 | 183 | 65 | |||||||||||
| Non-control/non-affiliate investments | 2,830 | 3,517 | 9,389 | 9,385 | |||||||||||
| Total fee income | 2,998 | 3,522 | 9,572 | 9,450 | |||||||||||
| Interest on idle funds | 609 | 1,040 | 3,347 | 2,864 | |||||||||||
| Total investment income | 37,457 | 36,311 | 146,154 | 130,110 | |||||||||||
| Expenses: | |||||||||||||||
| Interest and financing expenses | 6,298 | 5,988 | 24,398 | 22,749 | |||||||||||
| Base management fee | 4,869 | 4,222 | 18,855 | 16,288 | |||||||||||
| Incentive fee - income | 4,477 | 4,570 | 18,549 | 16,529 | |||||||||||
| Incentive fee (reversal) - capital gains | (211 | ) | 1,898 | 731 | 2,405 | ||||||||||
| Administrative service expenses | 704 | 681 | 2,598 | 2,353 | |||||||||||
| Professional fees | 739 | 862 | 3,208 | 2,906 | |||||||||||
| Other general and administrative expenses | 239 | 258 | 1,003 | 1,031 | |||||||||||
| Total expenses before base management fee waiver | 17,115 | 18,479 | 69,342 | 64,261 | |||||||||||
| Base management fee waiver | (64 | ) | (71 | ) | (264 | ) | (287 | ) | |||||||
| Total expenses, net of base management fee waiver | 17,051 | 18,408 | 69,078 | 63,974 | |||||||||||
| Net investment income before income taxes | 20,406 | 17,903 | 77,076 | 66,136 | |||||||||||
| Income tax provision (benefit) | 1,758 | 964 | 2,440 | 1,030 | |||||||||||
| Net investment income | 18,648 | 16,939 | 74,636 | 65,106 | |||||||||||
| Net realized and unrealized gains (losses) on investments: | |||||||||||||||
| Net realized gains (losses): | |||||||||||||||
| Control investments | — | — | — | (11,458 | ) | ||||||||||
| Affiliate investments | 134 | 446 | 134 | 546 | |||||||||||
| Non-control/non-affiliate investments | (710 | ) | 19,358 | 11,451 | 34,983 | ||||||||||
| Total net realized gain (loss) on investments | (576 | ) | 19,804 | 11,585 | 24,071 | ||||||||||
| Income tax (provision) benefit from realized gains on investments | 43 | (93 | ) | (1,480 | ) | (1,662 | ) | ||||||||
| Net change in unrealized appreciation (depreciation): | |||||||||||||||
| Control investments | — | — | — | 11,083 | |||||||||||
| Affiliate investments | 7,537 | 714 | 7,954 | (8,395 | ) | ||||||||||
| Non-control/non-affiliate investments | (8,059 | ) | (10,934 | ) | (13,882 | ) | (13,047 | ) | |||||||
| Total net change in unrealized appreciation (depreciation) on investments | (522 | ) | (10,220 | ) | (5,928 | ) | (10,359 | ) | |||||||
| Net gain (loss) on investments | (1,055 | ) | 9,491 | 4,177 | 12,050 | ||||||||||
| Realized losses on extinguishment of debt | — | — | (521 | ) | (23 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 17,593 | $ | 26,430 | $ | 78,292 | $ | 77,133 | |||||||
| Per common share data: | |||||||||||||||
| Net investment income per share-basic and diluted | $ | 0.55 | $ | 0.58 | $ | 2.29 | $ | 2.47 | |||||||
| Net increase in net assets resulting from operations per share — basic and diluted | $ | 0.52 | $ | 0.91 | $ | 2.40 | $ | 2.93 | |||||||
| Dividends declared per share | $ | 0.61 | $ | 0.80 | $ | 2.42 | $ | 2.88 | |||||||
| Weighted average number of shares outstanding — basic and diluted | 33,914,652 | 28,961,411 | 32,585,238 | 26,365,269 | |||||||||||
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 twelve months ended December 31, 2024 and 2023.
| ($ in thousands) | ($ in thousands) | ||||||||||||||
| Three Months Ended | Years Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net investment income | $ | 18,648 | $ | 16,939 | $ | 74,636 | $ | 65,106 | |||||||
| Capital gains incentive fee expense (reversal) | (211 | ) | 1,898 | 731 | 2,405 | ||||||||||
| Adjusted net investment income(1) | $ | 18,437 | $ | 18,837 | $ | 75,367 | $ | 67,511 | |||||||
| (Per share) | (Per share) | ||||||||||||||
| Three Months Ended | Years Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net investment income | $ | 0.55 | $ | 0.58 | $ | 2.29 | $ | 2.47 | |||||||
| Capital gains incentive fee expense (reversal) | (0.01 | ) | 0.07 | 0.02 | 0.09 | ||||||||||
| Adjusted net investment income(1) | $ | 0.54 | $ | 0.65 | $ | 2.31 | $ | 2.56 | |||||||
| (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 | Alliance Advisors IR |
| (847) 859-3940 | (212) 838-3777 |
| ssherard@fidusinv.com | jburfening@allianceadvisors.com |
FAQ
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