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Fidus Investment (FDUS) investor relations material
Fidus Investment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Debt portfolio continued strong performance, with adjusted NII well above the base dividend for Q3 2025.
Net investment income for Q3 2025 was $17.4M ($0.49 per share), with adjusted NII of $17.7M ($0.50 per share), both down year-over-year.
Portfolio remains healthy, diversified, and focused on high-quality, lower-middle-market companies with recurring revenue and growth prospects.
Net asset value per share increased to $19.56 at September 30, 2025, with NAV at $711 million.
M&A activity increased in Q3, with deal closings back-end loaded and some pushed into October.
Financial highlights
Total investment income for Q3 2025 was $37.3M, a 2.9% decrease year-over-year.
Adjusted NII was $0.50 per share in Q3 2025, down from $0.61 in Q3 2024, but still covering the base dividend of $0.43 per share.
Total dividends paid in Q3 were $0.57 per share, including a $0.14 supplemental dividend.
Net asset value per share: $19.56 at September 30, 2025.
Weighted average yield on debt investments was 13.0% at quarter end.
Outlook and guidance
Q4 2025 dividend declared at $0.50 per share, with $0.43 base and $0.07 supplemental.
Originations in Q4 expected to be strong, with healthy deal flow and continued add-on investments.
Management expects current cash, credit facilities, and SBA debenture access to provide adequate capital for at least the next 12 months.
Market activity for Q4 anticipated to remain healthy, with stable deal terms and structures.
Assess China tariff exposure impact on portfolio
Describe current lower middle market deal structures
Explain recent debt refinancing and line upsize
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Next Fidus Investment earnings date
Q4 20255 Mar, 2026
Next Fidus Investment earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Fidus Investment Corporation is a business development company specializing in debt and equity financing for lower middle-market companies. The company provides senior secured loans, subordinated debt, and equity investments to support business growth, acquisitions, and recapitalizations. Fidus Investment targets companies across a broad range of industries. The company is headquartered in Evanston, Illinois, and its shares are listed on the NASDAQ.
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