In This Article:
-
Adjusted Net Investment Income: $18.4 million, a 17.7% increase from $15.6 million last year.
-
Adjusted Net Investment Income Per Share: $0.57, compared to $0.62 last year.
-
Dividends Declared for Q3 2024: $0.57 per share, including a base dividend of $0.43 and a supplemental dividend of $0.14.
-
Net Asset Value: $646.8 million, up 9.7% from $589.5 million as of December 31, 2023.
-
Net Asset Value Per Share: $19.50, compared to $19.37 as of December 31, 2023.
-
Originations: $62.4 million, including $17.8 million in one new portfolio company.
-
Net Realized Gains: $9.2 million from equity investments.
-
Total Investment Income: $35.7 million for Q2 2024.
-
Total Expenses: $18.7 million for Q2 2024.
-
Debt Outstanding: $472.8 million as of June 30, 2024.
-
Debt-to-Equity Ratio: 0.7 times, or 0.5 times statutory leverage excluding exempt SBA debentures.
-
Weighted Average Interest Rate on Debt: 4.6% as of June 30, 2024.
-
Weighted Average Effective Yield on Debt Investments: 14% as of June 2024.
-
Liquidity and Capital Resources: $115.8 million, including cash and line of credit availability.
Release Date: August 02, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Fidus Investment Corp (NASDAQ:FDUS) reported a 17.7% increase in adjusted net investment income for the second quarter, reaching $18.4 million compared to $15.6 million last year.
-
The company declared dividends totaling $0.57 per share for the third quarter, including a base dividend of $0.43 and a supplemental dividend of $0.14.
-
Net asset value increased by 9.7% to $646.8 million at the end of the quarter, compared to $589.5 million as of December 31, 2023.
-
The debt portfolio consists entirely of first lien investments, which grew to 71% of the debt portfolio at quarter end, indicating a focus on high-quality, secured investments.
-
Fidus Investment Corp (NASDAQ:FDUS) maintained a healthy credit quality with non-accruals staying under 1% of the total portfolio on a fair value basis.
Negative Points
-
Adjusted net investment income per share decreased to $0.57 from $0.62 in the same period last year, reflecting a dilution effect from a higher average share count.
-
Total expenses increased by $1.7 million from the previous quarter, driven by higher capital gains fee accruals and management fees.
-
The company experienced a slower than normal second quarter in terms of new investment originations, partly due to a less robust M&A environment.
-
Despite a strong portfolio performance, Fidus Investment Corp (NASDAQ:FDUS) continues to manage issues with two operating companies on non-accrual.
-
The company remains under-levered, which has impacted its adjusted NII yield, running below last year's levels.