Fidus Investment Corporation (FIC) reported its financial results for the third quarter of 2025, revealing a total investment income of $37.3 million, a decrease of 2.9% from $38.4 million in the same period last year. The decline was primarily driven by a reduction in fee income and dividend income, despite an increase in interest income, which rose to $30.8 million from $31.9 million. For the nine months ended September 30, 2025, total investment income increased by 4.6% to $113.7 million, compared to $108.7 million in the prior year, attributed to higher interest and dividend income.
The company's net investment income for the third quarter was $17.4 million, down 18.9% from $21.4 million in the same quarter of 2024. For the nine-month period, net investment income decreased slightly to $54.2 million from $55.9 million. The total expenses for the third quarter increased to $19.9 million, up 17.2% from $17.0 million, largely due to higher interest and financing expenses, which rose by 26.9% to $7.6 million. The company also recognized a net realized loss on investments of $0.9 million for the quarter, contrasting with a net gain of $12.2 million in the same period last year.
FIC's total assets as of September 30, 2025, reached $1.28 billion, an increase from $1.16 billion at the end of 2024. The company’s net assets also grew to $711.0 million, up from $655.7 million, with a net asset value per share of $19.56, compared to $19.33 at the end of the previous fiscal year. The company’s investment portfolio consisted of 92 active portfolio companies, with a fair value of $1.19 billion, reflecting a diversified approach primarily in first lien debt, which constituted 72.1% of the total portfolio.
In terms of strategic developments, FIC has been active in its investment activities, deploying $284.5 million in new investments during the nine months ended September 30, 2025, compared to $274.2 million in the same period of 2024. The company also exited several investments, generating $203.3 million in proceeds from sales and repayments, which included five portfolio company exits. Additionally, FIC has continued to utilize its SBA debenture program, with $191 million in outstanding SBA debentures as of September 30, 2025, and has plans to issue additional debentures to support its investment strategy.
Looking ahead, FIC remains focused on maintaining its investment strategy while navigating market conditions, including interest rate volatility and economic uncertainties. The company has sufficient liquidity, with $62.3 million in cash and cash equivalents, and anticipates that its current resources will support its operations and investment activities for at least the next 12 months. The board has declared a quarterly dividend of $0.43 per share, reflecting its commitment to returning value to shareholders while managing its investment portfolio effectively.
About FIDUS INVESTMENT Corp
Fidus Investment Corporation is a business development company providing debt and equity financing to lower middle-market U.S. companies. It offers customized financing solutions, primarily in the form of senior secured loans and minority equity investments, targeting industries like technology, healthcare, industrials, and business services. The company aims to generate attractive risk-adjusted returns through active portfolio management and strategic partnerships.
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