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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Fidus Investment
Fidus Investment (FDUS) investor relations material
Fidus Investment Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Fourth quarter 2025 saw record originations of $213.7 million, driving total 2025 investments to $498.2 million and net originations to $210.2 million, with portfolio fair value reaching $1.3 billion across 97 companies.
Adjusted net investment income (NII) rose 5.1% year-over-year to $19.4 million in Q4, with per-share adjusted NII at $0.52, exceeding the base dividend.
Net asset value increased 13.2% to $741.9 million, or $19.55 per share, as of December 31, 2025.
Focus on stable dividends, capital preservation, and NAV growth, with a diversified portfolio and disciplined asset management.
Consistent outperformance versus BDC peers, with a historical median GAAP ROE of 12.5% since IPO.
Financial highlights
Total investment income for Q4 2025 was $42.2 million, up $4.9 million sequentially and 12.5% year-over-year; full year 2025 investment income was $155.9 million.
Adjusted net investment income for Q4 was $19.4 million ($0.52 per share); for the year, $75.6 million ($2.13 per share).
Paid total dividends of $2.15 per share in 2025, with $1.72 in regular and $0.43 in supplemental dividends.
Weighted average effective yield on debt investments was 12.6% at year-end.
NAV per share at $19.55 at year-end 2025, a 35.2% premium to IPO level.
Outlook and guidance
Q1 2026 expected to see more modest deal flow and origination growth compared to Q4, with activity anticipated to pick up later in the year.
Management expects continued deal activity in 2026, leveraging sponsor relationships and industry knowledge to build the portfolio.
Lower middle market remains attractive due to limited traditional capital access and ongoing need for investment capital.
Continued focus on capital preservation, disciplined underwriting, and proactive risk management.
Board declared a Q1 2026 dividend of $0.52 per share, including a $0.09 supplemental dividend.
How does spillover income support future dividends?
How does variable rate debt affect credit quality?
How will the new debt structure impact costs?
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Next Fidus Investment earnings date
Q1 20268 May, 2026
Fidus Investment
Next Fidus Investment earnings date
Q1 20268 May, 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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