Business
Fidus Investment Corporation Announces Fourth Quarter and Full Year 2022 Financial Results
Board of Directors Declared Total Dividends of $0.66 per Share for First Quarter 2023 Base Dividend Increased to $0.41 Per Share, Reflecting Improved Earnings
About this update from Fidus Investment Corporation
[{"type":"text","content":"Board of Directors Declared Total Dividends of $0.66 per Share for First Quarter 2023 Base Dividend Increased to $0.41 Per Share, Reflecting Improved Earnings Power of Fidus' Portfolio EVANSTON, Ill., March 02, 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 fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights Total investment income of $27.5 millionNet investment income of $12.5 million, or $0.51 per shareAdjusted net investment income of $12.6 million, or $0.51 per share(1)Invested $65.9 million in debt and equity securities, including four new portfolio companiesReceived proceeds from repayments and realizations of $65.7 millionPaid total dividends of $0.61 per share: regular quarterly dividend of $0.36, supplemental dividends of $0.15, and special dividend of $0.10 per share on December 16, 2022Net asset value (“NAV”) of $480.3 million, or $19.43 per share, as of December 31, 2022 Full Year 2022 Financial Highlights Total investment income of $94.1 millionNet investment income of $46.5 million, or $1.90 per shareAdjusted net investment income of $46.1 million, or $1.88 per share(1)Invested $333.8 million in debt and equity securities, including 19 new portfolio companiesReceived proceeds from repayments and realizations of $194.0 millionPaid total dividends of $2.00 per share: regular quarterly dividends totaling $1.44, supplemental dividends of $0.46, and special dividends of $0.10 per shareAnnounced a deemed distribution of $1.65 per share to shareholders of record as of December 31, 2022Estimated spillover income (or taxable income in excess of distributions) as of December 31, 2022 of $40.0 million, or $1.62 per share Management Commentary “During 2022 we continued to redeploy proceeds from equity monetizations into income producing assets, growing our debt portfolio 38% and building our total portfolio on a fair value basis to a record $860.3 million. With the enhanced earnings power of our portfolio, we are positioned to increase adjusted NII well in excess of our now higher base dividend. In addition, our portfolio remains healthy and well-structured to ...