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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.
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Q2 2025 earnings summary8 Aug, 2025

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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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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