Core Viewpoint - Fidus Investment (NASDAQ:FDUS) is positioned as a strong investment opportunity due to its durable cash flow and a robust portfolio in defensive industries, allowing for sustainable base dividends even in challenging market conditions [1][5] Financial Performance - In Q2 2024, FDUS expanded its adjusted net investment income (NII) by approximately 18% year-over-year, but the adjusted NII per share decreased to $0.57, down $0.05 from Q2 2023 [3] - The net asset value (NAV) per share increased by $0.14 from the previous quarter and $0.37 from Q2 2023, indicating positive underlying asset performance [3] Challenges - The decline in adjusted NII per share is attributed to spread compression in the BDC sector, with a drop of around 20 basis points over the past three quarters [3] - Equity dilution from additional at-the-market (ATM) issuances has pressured per-share results, leading to underleveraged balance sheets and surplus liquidity [3][4] Growth Prospects - FDUS has the lowest leverage profile in the BDC space, with a debt-to-equity ratio of 0.5 times, which is seen as a temporary issue that provides liquidity for portfolio growth [4] - New investment funding for Q2 2024 totaled approximately $62 million, with a focus on first lien securities, which now make up 71% of the portfolio [4] Dividend and Credit Quality - The base dividend coverage remains strong at 132%, with an attractive yield of 8.9%, and a forward annualized yield of approximately 12.2% when including supplemental dividends [4] - The portfolio's credit quality is robust, with non-accruals under 1% of total portfolio value, and no first lien-related non-accruals since 2019 [4] Investment Case - Despite surface-level negative results in Q2 2024, the underlying dynamics of growth and portfolio quality remain solid, making FDUS a reliable option for income-seeking investors [5]

Financial Data and Key Metrics Changes - Adjusted net investment income for Q2 2024 grew 17.7% to $18.4 million compared to $15.6 million in the same period last year, primarily due to higher interest income [5][10] - Net asset value increased to $646.8 million, a 9.7% rise from $589.5 million as of December 31, 2023, with a per share value of $19.50 compared to $19.37 [6][12] - Total investment income was $35.7 million for Q2 2024, a $1 million increase from Q1 2024, driven by a $3.2 million rise in interest income [10] Business Line Data and Key Metrics Changes - Originations totaled $62.4 million in Q2, including $17.8 million in one new portfolio company, with follow-on investment activity amounting to $44.6 million [6] - Equity investments totaled $4.3 million, continuing co-investment in portfolio companies [6] Market Data and Key Metrics Changes - The portfolio grew to $1.1 billion on a fair value basis, consisting of a debt portfolio of $945.7 million and an equity portfolio of $132.7 million [7][12] - The weighted average yield on debt investments remained at 14% as of June 30, 2024 [12] Company Strategy and Development Direction - The company remains focused on the lower middle market, seeking opportunities that meet strict underwriting standards and investing in businesses with strong cash flow [8] - The strategy includes maintaining a high degree of equity cushion in debt investments to ensure both current income and potential enhanced returns [8] Management's Comments on Operating Environment and Future Outlook - Management expects deal flow and M&A activity to remain reasonable for the remainder of the year, with a potential increase in repayments as portfolio companies evaluate strategic alternatives [8][19] - The overall portfolio remains healthy, with 65% of companies growing their cash flow or EBITDA [24] Other Important Information - The company declared dividends totaling $0.57 per share for Q3 2024, consisting of a base dividend of $0.43 and a supplemental dividend of $0.14 [5] - Liquidity as of June 30 included cash of $48.3 million and $67 million available on the line of credit, totaling approximately $115.8 million [13] Q&A Session Summary Question: Update on capital structure and liquidity profile - Management expressed confidence in the SBIC license process and noted the benefits of the expanded revolving credit facility and investment grade rating [16][17] Question: Outlook for the second half of the year - Management indicated expectations for a pickup in M&A activity and new platform investments, despite a slower Q2 [18][19] Question: Dynamics of repayments and refinancing activity - Management highlighted that several portfolio companies are evaluating strategic alternatives, with some seeking refinancing opportunities [21][22] Question: Credit quality concerns amid economic pressures - Management reported strong portfolio performance, with a focus on high free cash flow companies, and noted that 65% of companies grew cash flow or EBITDA [24][25] Question: Activity in non-sponsored deals - Management confirmed ongoing interest in non-sponsored deals but emphasized that the majority of current opportunities are still in sponsored deals [28][29]

Fidus Investment (FDUS) came out with quarterly earnings of $0.57 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this closed-end investment company would post earnings of $0.59 per share when it actually produced earnings of $0.59, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Fidus Investme ...

Core Viewpoint - Fidus Investment Corporation reported its financial results for the second quarter of 2024, highlighting a total investment income of $35.7 million and a net investment income of $17.0 million, or $0.53 per share, with a declared dividend of $0.57 per share for the third quarter of 2024 [1][2][12]. Financial Highlights - Total investment income for Q2 2024 was $35.7 million, a 16.7% increase from $30.6 million in Q2 2023 [2][4]. - Net investment income was $17.0 million, reflecting a slight increase of 1.0% from $16.8 million in the same period last year [2][7]. - Adjusted net investment income was $18.4 million, or $0.57 per share, up 17.7% from $15.6 million, or $0.62 per share, in Q2 2023 [2][7][27]. - The company declared a total dividend of $0.57 per share for Q3 2024, consisting of a base dividend of $0.43 and a supplemental dividend of $0.14 [1][12]. Investment Activity - Fidus invested $62.4 million in debt and equity securities during the quarter, including one new portfolio company [2][10]. - The company realized net gains of $9.2 million from the monetization of two equity investments [2][8]. Portfolio Overview - As of June 30, 2024, the fair value of the investment portfolio was $1,078.4 million, consisting of 86 active portfolio companies [2][9]. - The weighted average yield on debt investments was 14.0% [2][9]. Expenses and Liabilities - Total expenses for Q2 2024 were $18.7 million, a 35.9% increase from $13.8 million in Q2 2023, primarily due to higher interest and financing expenses [2][6]. - The company had $48.3 million in cash and cash equivalents and $67.5 million of unused capacity under its senior secured revolving credit facility as of June 30, 2024 [2][11]. Subsequent Events - On July 2, 2024, Fidus exited its debt investment in Aldinger Company, receiving full payment of $23.1 million [2][15]. - An incremental commitment agreement increased the total commitments available under the Credit Facility from $100.0 million to $140.0 million [2][15].

EVANSTON, Ill., July 25, 2024 (GLOBE NEWSWIRE) -- Fidus Investment Corporation (NASDAQ: FDUS) ("Fidus" or the "Company") today announced that it will report its second quarter 2024 financial results on Thursday, August 1, 2024 after the close of the financial markets. Company Contact: Investor Relations Contact: Shelby E. Sherard LHA Investor Relations Chief Financial Officer Jody Burfening Fidus Investment Corporation (212) 838-3777 (847) 859-3938 JBurfening@lhai.com Management will host a conference call ...

da-kuk YCharts Thesis review The bottom line I have been covering Fidus Investment (NASDAQ:FDUS) since December last year, when I issued my first bullish article on this business development company, or BDC. Since then, I have circulated a follow-up article assessing the Q4, 2023 results, where the conclusion was also clear - i.e., to maintain a buy rating. On a YTD basis, FDUS has delivered positive total returns, but to a lower extent as the overall BDC market. All in all, this is fairly logical given tha ...

PM Images Fidus Investment Corporation (NASDAQ:FDUS) is a well-managed business development company that has earned a reputation for distributing a large amount of special dividends to shareholders in the last year. The company's core dividend pay-out ratio in the first quarter was well below 100% and Fidus Investment's net asset value remained, despite the distribution of a considerable amount of portfolio income to shareholders, stable on a YoY basis. I think that Fidus Investment continues to make a comp ...

John M Lund Photography Inc/DigitalVision via Getty Images Overview When investing into business development companies, I tend to focus on how sustainable the high yield is. After all, the high yield is the main appeal as I use BDCs to prioritize and add income to my portfolio. I came across SLR Investment Corp (NASDAQ:SLRC) this past weekend and wanted to see if it met my standards. For me to consider a BDC, they have to meet the following criteria: Diverse portfolio of investments across different sector ...

[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section presents the company's financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements%2E) This section provides the consolidated financial statements, including assets, liabilities, operations, changes in net assets, cash flows, and investment schedules for the quarter ended March 31, 2024 [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) The company reported total assets of **$1.093 billion** and net assets of **$608.3 million** as of March 31, 2024, with stable NAV per share Consolidated Statements of Assets and Liabilities (in thousands) | Account | March 31, 2024 (unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Total investments, at fair value** | **$1,048,071** | **$957,906** | | Cash and cash equivalents | $27,122 | $119,131 | | **Total assets** | **$1,092,743** | **$1,090,898** | | SBA debentures, net | $170,176 | $204,472 | | Notes, net | $247,521 | $247,243 | | **Total liabilities** | **$484,403** | **$501,424** | | **Total net assets** | **$608,340** | **$589,474** | | **Net asset value per common share** | **$19.36** | **$19.37** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Total investment income increased to **$34.7 million**, leading to a **$17.6 million** net investment income and a **$20.1 million** net increase in net assets from operations Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total investment income | $34,651 | $29,056 | | Total expenses, net | $17,044 | $14,296 | | **Net investment income** | **$17,627** | **$14,723** | | Net gain (loss) on investments | $3,017 | $766 | | **Net increase in net assets from operations** | **$20,123** | **$15,489** | | Net investment income per share | $0.57 | $0.59 | | Net increase in net assets per share | $0.65 | $0.62 | | Dividends declared per share | $0.65 | $0.66 | [Consolidated Statements of Changes in Net Assets](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets increased by **$18.9 million** to **$608.3 million** in Q1 2024, driven by a public offering and net increase from operations, partially offset by dividends Changes in Net Assets - Q1 2024 (in thousands) | Description | Amount | | :--- | :--- | | Balances at December 31, 2023 | $589,474 | | Public offering of common stock, net | $19,170 | | Net investment income | $17,627 | | Net realized gain on investments, net of taxes | $1,799 | | Net unrealized appreciation on investments | $1,218 | | Realized losses on extinguishment of debt | ($521) | | Dividends declared | ($20,427) | | **Balances at March 31, 2024** | **$608,340** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company reported a net cash decrease of **$92.0 million** in Q1 2024, primarily due to cash used in operating and financing activities Cash Flow Summary - Q1 2024 vs Q1 2023 (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used for operating activities | ($77,823) | ($41,208) | | Net cash (used for) provided by financing activities | ($14,186) | $15,276 | | **Net (decrease) in cash and cash equivalents** | **($92,009)** | **($25,932)** | | Cash and cash equivalents, beginning of period | $119,131 | $62,350 | | **Cash and cash equivalents, end of period** | **$27,122** | **$36,418** | [Consolidated Schedules of Investments](index=8&type=section&id=Consolidated%20Schedules%20of%20Investments) The investment portfolio's fair value reached **$1.048 billion**, primarily in **First Lien Debt (60.3%)** across 87 companies, with a **14.0%** weighted average yield Portfolio Composition by Investment Type (Fair Value) | Investment Type | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | First Lien Debt | 60.3% | 60.3% | | Second Lien Debt | 12.9% | 12.5% | | Subordinated Debt | 14.2% | 14.1% | | Equity | 12.0% | 12.6% | | Warrants | 0.6% | 0.5% | | **Total** | **100.0%** | **100.0%** | - The total fair value of the investment portfolio increased to **$1.048 billion** as of March 31, 2024, from **$957.9 million** as of December 31, 2023[301](index=301&type=chunk) - As of March 31, 2024, the company held investments in **87 active portfolio companies**, an increase from **81** at the end of 2023[164](index=164&type=chunk)[165](index=165&type=chunk) - Three portfolio companies remained on non-accrual status as of March 31, 2024, with a total fair value of **$10.1 million** and a cost basis of **$32.0 million**[174](index=174&type=chunk)[310](index=310&type=chunk)[311](index=311&type=chunk) [Notes to Consolidated Financial Statements (unaudited)](index=28&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20%28unaudited%29) This section details the company's BDC and RIC structure, accounting policies, portfolio valuation, debt facilities, and shareholder activities, including a **14.0%** portfolio yield - Fidus operates as a BDC and RIC, utilizing its SBIC subsidiary, Fund III, to access up to **$350 million** in SBA-guaranteed debentures for leverage[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The company's investment portfolio is valued in good faith by the Board, with a significant portion (Level 3 assets) reviewed by independent third-party valuation firms[186](index=186&type=chunk)[190](index=190&type=chunk)[193](index=193&type=chunk) - As of March 31, 2024, the company had **$463.1 million** in total debt outstanding, including SBA debentures, credit facility borrowings, notes, and secured borrowings[251](index=251&type=chunk) - In Q1 2024, the company raised **$19.2 million** in net proceeds through its at-the-market (ATM) program by issuing **987,170 shares**[262](index=262&type=chunk) - Subsequent to the quarter's end, on April 29, 2024, the Board declared a regular quarterly dividend of **$0.43 per share** and a supplemental dividend of **$0.16 per share**[279](index=279&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%2E) Management discusses the **19.3%** increase in total investment income to **$34.7 million**, portfolio growth to **$1.05 billion**, and strong liquidity with **$27.1 million** cash - Investment activity was robust in Q1 2024, with **$145.9 million** invested in debt and equity, including **seven new portfolio companies**, compared to **$51.5 million** in Q1 2023[299](index=299&type=chunk) - The weighted average yield on debt investments was **14.0%** as of March 31, 2024, a slight decrease from **14.2%** at the end of 2023[303](index=303&type=chunk) - The portfolio's asset quality remains stable, with **83.5%** of investments at fair value rated as '2' (performing as expected), and the weighted average rating was **2.0**[309](index=309&type=chunk) - Net investment income increased by **19.7%** to **$17.6 million** in Q1 2024, up from **$14.7 million** in Q1 2023, due to higher total investment income outpacing the rise in expenses[317](index=317&type=chunk) [Results of Operations](index=51&type=section&id=Results%20of%20Operations) Total investment income increased by **19.3%** to **$34.7 million** in Q1 2024, leading to a **19.7%** rise in net investment income and a **$3.0 million** net gain on investments Comparison of Results of Operations (in millions) | Metric | Q1 2024 | Q1 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total investment income | $34.7 | $29.1 | $5.6 | 19.3% | | Total expenses | $17.0 | $14.3 | $2.7 | 18.8% | | **Net investment income** | **$17.6** | **$14.7** | **$2.9** | **19.7%** | | Net realized gain on investments | $1.7 | $0.1 | $1.6 | N/A | | Net unrealized appreciation | $1.2 | $0.7 | $0.5 | N/A | | **Net increase in net assets** | **$20.1** | **$15.5** | **$4.6** | **29.7%** | [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$27.1 million** cash and **$77.5 million** available credit, supported by a **311.1%** asset coverage ratio and diversified capital sources - The company maintains a diversified capital structure with access to SBA debentures, a revolving credit facility, and unsecured notes[324](index=324&type=chunk)[326](index=326&type=chunk)[330](index=330&type=chunk)[331](index=331&type=chunk) - Fund III has **$175.0 million** of outstanding SBA debentures, with potential access to an additional **$175.0 million** through a new SBIC fund, subject to SBA approval[325](index=325&type=chunk) - The company's asset coverage ratio of **311.1%** as of March 31, 2024, significantly exceeds the regulatory minimum of **150%**[245](index=245&type=chunk)[335](index=335&type=chunk) - The ATM program was increased to an aggregate offering price of **$300.0 million** in February 2024, with **$162.8 million** remaining available as of March 31, 2024[338](index=338&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk%2E) The company's primary market risk is interest rate volatility, with **72.5%** of its debt portfolio in variable-rate investments, providing a natural hedge - As of March 31, 2024, **$664.6 million (72.5%)** of the company's debt investment portfolio at fair value consisted of variable-rate investments, mitigating risk in a rising rate environment[360](index=360&type=chunk) Interest Rate Sensitivity Analysis (in millions) | Basis Point Change | Net Increase (Decrease) in Net Investment Income | | :--- | :--- | | (200) | $(10.2) | | (100) | $(5.1) | | 100 | $5.2 | | 200 | $10.2 | | 300 | $15.4 | [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during Q1 2024 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[364](index=364&type=chunk) - No changes in internal control over financial reporting occurred during the first quarter of 2024 that have materially affected, or are reasonably likely to materially affect, internal controls[365](index=365&type=chunk) [PART II — OTHER INFORMATION](index=58&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings%2E) The company is not currently subject to any material legal proceedings - Fidus Investment Corporation and its Investment Advisor are not currently subject to any material legal proceedings[366](index=366&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors%2E) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[368](index=368&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%2E) The company reported no unregistered equity sales and made no repurchases under its **$5.0 million** stock repurchase program in Q1 2024 - There were no sales of unregistered securities during the reporting period[369](index=369&type=chunk) - The company did not repurchase any of its equity securities during the three months ended March 31, 2024, under its existing **$5.0 million** stock repurchase program[339](index=339&type=chunk)[370](index=370&type=chunk) [Defaults Upon Senior Securities](index=59&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities%2E) None - There were no defaults upon senior securities during the period[371](index=371&type=chunk) [Mine Safety Disclosures](index=59&type=section&id=Item%204.%20Mine%20Safety%20Disclosures%2E) None - No mine safety disclosures were reported[372](index=372&type=chunk) [Other Information](index=59&type=section&id=Item%205.%20Other%20Information%2E) None - No other information was reported under this item[373](index=373&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits%2E) This section lists all exhibits filed with the Form 10-Q, including articles of incorporation, bylaws, indentures, and officer certifications as required by the Sarbanes-Oxley Act

[Fidus Investment Corporation Q1 2024 Earnings Release](index=1&type=section&id=Fidus%20Investment%20Corporation%20Q1%202024%20Earnings%20Release) [Overview and Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) Fidus reported strong Q1 2024 results, with **Adjusted Net Investment Income of $0.59 per share** and a **Q2 2024 dividend of $0.59 per share** Q1 2024 Key Financial Metrics | Metric | Value | Per Share | | :--- | :--- | :--- | | Total Investment Income | $34.7 million | - | | Net Investment Income (NII) | $17.6 million | $0.57 | | Adjusted NII | $18.1 million | $0.59 | | Net Asset Value (NAV) | $608.3 million | $19.36 | | Estimated Spillover Income | $41.7 million | $1.33 | - The company invested **$145.9 million** in debt and equity securities, including seven new portfolio companies, resulting in net originations of **$85.7 million** after accounting for **$60.2 million** in repayments and realizations[3](index=3&type=chunk)[5](index=5&type=chunk) - The Board of Directors declared a total dividend of **$0.59 per share** for Q2 2024, comprising a base dividend of **$0.43** and a supplemental dividend of **$0.16**[1](index=1&type=chunk) [Financial Results Analysis](index=2&type=section&id=First%20Quarter%202024%20Financial%20Results) Q1 2024 total investment income rose **19.3% to $34.7 million**, with expenses up **18.8%**, leading to **NII per share of $0.57** [Investment Income](index=2&type=section&id=Investment%20Income) Total investment income increased by **$5.6 million (19.3%) year-over-year**, driven by higher interest, fee, and idle cash income Investment Income Comparison (Q1 2024 vs Q1 2023) | Income Category | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | % Change | | :--- | :--- | :--- | :--- | | Interest Income | 28,138 | 25,956 | 8.4% | | Payment-in-kind Interest | 2,049 | 637 | 221.7% | | Fee Income | 2,359 | 1,436 | 64.3% | | Interest on Idle Funds | 1,708 | 643 | 165.6% | | **Total Investment Income** | **34,651** | **29,056** | **19.3%** | [Expenses](index=2&type=section&id=Expenses) Total expenses for Q1 2024 increased by **$2.7 million (18.8%)** to **$17.0 million**, primarily due to higher interest, financing, and incentive fees - Expense increase was driven by a **$0.8 million** rise in interest and financing expenses, a **$0.5 million** net increase in base management fees, a **$0.9 million** increase in income incentive fees, and a **$0.3 million** increase in accrued capital gains incentive fees[8](index=8&type=chunk) [Net Investment Income and Net Assets](index=2&type=section&id=Net%20Investment%20Income%20and%20Net%20Assets) Net investment income increased **19.7% to $17.6 million**, with **NII per share at $0.57** and **net assets from operations rising to $20.1 million** Per Share Results Comparison (Q1 2024 vs Q1 2023) | Metric (per share) | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Investment Income | $0.57 | $0.59 | ($0.02) | | Adjusted Net Investment Income | $0.59 | $0.60 | ($0.01) | | Net Increase in Net Assets | $0.65 | $0.62 | $0.03 | - Net realized gain on investments for Q1 2024 was **$1.8 million**, a significant increase from the **$0.1 million** gain in the same period in 2023[10](index=10&type=chunk) [Portfolio and Investment Activities](index=4&type=section&id=Portfolio%20and%20Investment%20Activities) As of March 31, 2024, the investment portfolio was valued at **$1.05 billion** across **87 companies**, with a **14.0% weighted average yield** Portfolio Snapshot as of March 31, 2024 | Metric | Value | | :--- | :--- | | Total Fair Value | $1,048.1 million | | Active Portfolio Companies | 87 | | Fair Value as % of Cost | 102.2% | | Weighted Average Yield on Debt | 14.0% | | % of Debt at Variable Rate | 72.5% | - New investments in Q1 2024 included seven new portfolio companies: Donovan Food Brokerage, LLC; Informatics Holdings, Inc. (Wasp Barcode Technologies); Janus Health Technologies, Inc., LLC; Quantum IR Technologies, LLC, LLC; R.F. Fager Company LLC, LLC; ServicePower, Inc., LLC; and W50 Holdings, LLC, LLC[12](index=12&type=chunk)[14](index=14&type=chunk) [Liquidity, Capital Resources, and Dividends](index=4&type=section&id=Liquidity%20and%20Capital%20Resources) Fidus ended Q1 2024 with **$27.1 million in cash** and **$77.5 million in credit capacity**, declaring a **Q2 2024 dividend of $0.59 per share** - As of March 31, 2024, the company had **$27.1 million** in cash and cash equivalents and **$77.5 million** of unused capacity under its credit facility[12](index=12&type=chunk) - Total debt outstanding included **$175.0 million** in SBA debentures and **$250.0 million** in notes, with a combined weighted average interest rate of **4.6%**[12](index=12&type=chunk) - The board declared a Q2 2024 dividend totaling **$0.59 per share** (**$0.43 base** + **$0.16 supplemental**), payable on June 26, 2024, to stockholders of record as of June 19, 2024[13](index=13&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Consolidated Statements of Assets and Liabilities](index=7&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of March 31, 2024, total assets were **$1.09 billion**, total investments **$1.05 billion**, and **NAV per share was $19.36** Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Investments, at fair value | $1,048,071 | $957,906 | | Cash and cash equivalents | $27,122 | $119,131 | | **Total Assets** | **$1,092,743** | **$1,090,898** | | Total Liabilities | $484,403 | $501,424 | | **Total Net Assets** | **$608,340** | **$589,474** | | **NAV per share** | **$19.36** | **$19.37** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2024 saw **total investment income of $34.7 million**, **net investment income of $17.6 million ($0.57 per share)**, and **net assets increase of $20.1 million ($0.65 per share)** Income Statement Summary (Q1 2024, in thousands) | Account | Amount | | :--- | :--- | | Total Investment Income | $34,651 | | Total Expenses, net | $17,044 | | **Net Investment Income** | **$17,627** | | Net Gain on Investments | $3,017 | | **Net Increase in Net Assets** | **$20,123** | | NII per share | $0.57 | | Net Increase in Net Assets per share | $0.65 | [Non-GAAP Reconciliation: Adjusted Net Investment Income](index=10&type=section&id=Schedule%201) This section reconciles GAAP NII to Adjusted NII, reporting **Q1 2024 Adjusted NII of $18.1 million ($0.59 per share)**, excluding capital gains incentive fees - Adjusted NII is presented as a useful indicator of operations exclusive of any capital gains incentive fee expense or reversal attributable to realized and unrealized gains and losses[6](index=6&type=chunk)[29](index=29&type=chunk) Reconciliation of NII to Adjusted NII (Q1 2024, in thousands) | Metric | Amount | Per Share | | :--- | :--- | :--- | | Net Investment Income (GAAP) | $17,627 | $0.57 | | Add: Capital gains incentive fee | $499 | $0.02 | | **Adjusted Net Investment Income (Non-GAAP)** | **$18,126** | **$0.59** |