Business
Fidus Investment Corporation Announces First Quarter 2023 Financial Results
Board of Directors Declared Total Dividends of $0.70 Per Share for Second Quarter 2023 Base Dividend of $0.41, Supplemental Dividend of $0.19, and Special
About this update from Fidus Investment Corporation
[{"type":"text","content":"Board of Directors Declared Total Dividends of $0.70 Per Share for Second Quarter 2023 Base Dividend of $0.41, Supplemental Dividend of $0.19, and Special Dividend of $0.10 Per Share EVANSTON, Ill., May 04, 2023 (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 first quarter ended March 31, 2023. First Quarter 2023 Financial Highlights Total investment income of $29.1 millionNet investment income of $14.7 million, or $0.59 per shareAdjusted net investment income of $14.9 million, or $0.60 per share(1)Net increase in net assets resulting from operations of $15.5 million, or $0.62 per shareInvested $51.5 million in debt and equity securities, including three new portfolio companiesReceived proceeds from repayments and realizations of $15.9 millionPaid total dividends of $0.66 per share: regular quarterly dividend of $0.41 per share, supplemental dividend of $0.15 per share, and special dividend of $.10 per share on March 29, 2023Net asset value (“NAV”) of $484.6 million, or $19.39 per share, as of March 31, 2023Estimated spillover income (or taxable income in excess of distributions) as of March 31, 2023 of $38.7 million, or $1.55 per share Management Commentary “First quarter results demonstrate the enhanced earnings power of our portfolio, the overall health of our portfolio and NAV stability against a backdrop of economic uncertainty and a slowdown in deal activity in the lower middle market. Adjusted NII increased 40.2% to $0.60 per share over last year, well in excess of our base dividend, reflecting a larger portfolio of income-producing assets and higher yields. This strong performance supported a total dividend declaration by the Board of $0.70 per share for the second quarter,” said Edward Ross, Chairman and CEO and Fidus Investment Corporation. “By continuing to execute our proven strategy of selectively investing in high-quality companies that possess defensive characteristics, high-cash flow business models and positive long-term outlooks, we remain well positioned to grow NAV over the long term, generating attractive risk adjusted returns for our shareholders while preserving capital.” (1) Supplemental...