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Fidus Investment (FDUS) investor relations material
Fidus Investment Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Portfolio remains healthy and diversified, focused on lower middle market companies with strong cash flows and defensible positions, totaling $1.1B across 92 companies as of June 30, 2025.
Adjusted net investment income rose to $20M ($0.57 per share) in Q2 2025, up from $18.4M year-over-year, driven by higher fee and interest income.
Net asset value increased to $692.3M ($19.57 per share) at June 30, 2025, with NAV consistently above IPO level for 56 quarters.
Proven track record of dividend coverage, capital gains, and capital preservation, supported by an experienced management team.
Dividends paid totaled $0.54 per share in Q2, with $0.57 per share declared for Q3 2025.
Financial highlights
Total investment income was $40M in Q2 2025, up 12.1% year-over-year, driven by higher interest, dividend, and fee income.
Adjusted NII per share was $0.57, up from $0.54 in Q1; statutory NII was $0.53 per share, flat sequentially.
Net realized loss of $7.6M in Q2 2025, mainly from Quantum IR Technologies, offset by gains on Micronix Filtration.
LTM total dividend yield reached 11.2% as of June 30, 2025.
Portfolio turnover ratio was 29.2% for the six months ended June 30, 2025.
Outlook and guidance
M&A activity and deal flow are improving in Q3, with expectations for continued portfolio growth and monetization of mature equity investments.
Repayments expected to be lower in Q3 compared to Q2; prepayment and fee income likely to decrease.
Focus remains on careful selection of high-caliber companies with defensive characteristics and growth potential.
Management expects current liquidity and funding sources to support investment activity for at least the next 12 months.
Board extended the stock repurchase program through December 2025.
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