Business
Fidus Investment Corporation Announces Third Quarter 2022 Financial Results
Base Dividend of $0.36 and Supplemental Dividend of $0.15 Per Share for Fourth Quarter 2022Board of Directors Declared Special Dividend of $0.10 Per Share for
About this update from Fidus Investment Corporation
[{"type":"text","content":"Base Dividend of $0.36 and Supplemental Dividend of $0.15 Per Share for Fourth Quarter 2022Board of Directors Declared Special Dividend of $0.10 Per Share for Fourth Quarter 2022 EVANSTON, Ill., Nov. 03, 2022 (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 third quarter ended September 30, 2022. Third Quarter 2022 Financial Highlights Total investment income of $25.0 millionNet investment income of $12.7 million, or $0.52 per shareAdjusted net investment income of $12.5 million, or $0.51 per share(1)Net increase in net assets resulting from operations of $11.4 million, or $0.47 per shareInvested $107.9 million in debt and equity securities, including six new portfolio companiesReceived proceeds from repayments and realizations of $60.2 millionPaid supplemental dividend of $0.07 per share and regular quarterly dividend of $0.36 per share on September 23, 2022Net asset value (“NAV”) of $474.4 million, or $19.41 per share, as of September 30, 2022Estimated spillover income (or taxable income in excess of distributions) as of September 30, 2022 of $69.9 million, or $2.86 per share Management Commentary “Through continued monetization and redeployment of proceeds from equity realizations into income producing assets, we grew adjusted net investment income 27% versus last year to $0.51 per share and realized net gains totaling $40.0 million or $1.64 per share in the third quarter. Originations exceeded payments as deal flow remained reasonably healthy, offering us opportunities to invest selectively in companies that meet our underwriting criteria. NAV at quarter-end included the early declaration of a fourth quarter dividend. Adjusting for this declaration, NAV was $19.84 per share for a modest increase of $0.04 per share compared to $19.80 per share as of June 30, 2022,” said Edward Ross, Chairman and CEO of Fidus investment Corporation. “We believe our strategy of building a portfolio of debt investments that produce recurring income and equity investments that provide us with incremental returns and a margin of safety is effective in delivering value for our shareholders,” added Mr. Ross. “Based on our success in...