In This Article:
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Interest Income: Record interest income of $33.7 million.
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Net Asset Value: $658.8 million, up 11.8% from $589.5 million as of December 31, 2023.
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Adjusted Net Investment Income: $20.4 million, a 12.3% increase from last year.
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Adjusted NII Per Share: $0.61, compared to $0.68 last year.
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Total Dividends: $0.57 per share, including a $0.14 supplemental dividend.
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Originations: $65.9 million, with $38.1 million in new portfolio companies.
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Debt Investments: $62.7 million, primarily in first-lien securities.
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Equity Investments: $3.2 million, with $2.3 million in new portfolio companies.
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Repayments and Realizations: $50.8 million, including $8.6 million from equity monetization.
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Total Investment Income: $38.4 million, a $2.7 million increase from Q2.
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Total Expenses: $17 million, $1.7 million lower than Q2.
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Net Investment Income Per Share: $0.64, up from $0.53 in Q2.
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Debt Outstanding: $479 million, with a debt to equity ratio of 0.7 times.
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Weighted Average Interest Rate on Debt: 4.6% as of September 30.
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Weighted Average Effective Yield on Debt Investments: 13.8% as of September 30.
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Liquidity: $154.4 million, including $54.4 million in cash and $100 million line of credit availability.
Release Date: November 01, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Fidus Investment Corp (NASDAQ:FDUS) reported record interest income of $33.7 million, demonstrating strong portfolio performance.
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Net asset value increased by 11.8% to $658.8 million compared to the end of 2023, indicating growth in the company's financial position.
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The company successfully obtained a new SBIC license, providing access to $175 million in additional SBA debentures.
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Adjusted net investment income grew by 12.3% to $20.4 million, reflecting higher interest and fee income.
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The portfolio remains healthy with sound credit quality, with nonaccruals under 1% for the third quarter.
Negative Points
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Investment activity was lighter during the third quarter, indicating potential challenges in deal flow.
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Adjusted net investment income per share decreased to $0.61 from $0.68 in the same period last year, partly due to a higher average share count.
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The weighted average effective yield on debt investments decreased slightly to 13.8% from 14% in the previous quarter.
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There is ongoing competition in the market, which could impact future investment opportunities and returns.
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Some portfolio companies are experiencing underperformance, leading to an increase in internal risk ratings for certain investments.