Fidus Investment Corporation (FIC) reported its financial results for the first quarter of 2025, revealing a total investment income of $36.5 million, a 5.3% increase from $34.7 million in the same period last year. This growth was primarily driven by a $2.5 million rise in interest income, attributed to higher average debt investment balances, and a significant increase in dividend income, which rose by 210.1% to $1.2 million. However, fee income decreased by $0.3 million, reflecting a decline in management services fees. The company’s net investment income for the quarter was $18.2 million, up from $17.6 million in the prior year.
FIC's total assets increased to $1.24 billion as of March 31, 2025, compared to $1.16 billion at the end of 2024. The company's net assets also rose to $677.9 million, with a net asset value per share of $19.39, slightly up from $19.33 at the end of the previous quarter. The increase in total assets was supported by a public offering of common stock, which generated net proceeds of approximately $20.7 million. The company’s total liabilities increased to $564.1 million, primarily due to a rise in notes payable, which increased from $248.4 million to $345.6 million.
Operationally, FIC's investment portfolio consisted of 92 active portfolio companies, with a fair value of $1.15 billion. The weighted average yield on debt investments was reported at 13.2%. The company made new investments totaling $115.6 million during the quarter, while receiving $57.3 million from sales and repayments of investments. The portfolio's composition remained diversified, with first lien debt representing 69.4% of the total fair value of investments.
In terms of strategic developments, FIC continues to leverage its Small Business Investment Company (SBIC) licenses to access lower-cost capital through SBA-guaranteed debentures. As of March 31, 2025, the company had $182 million in outstanding SBA debentures and $140 million available under its credit facility. The company also reported a commitment to fund various undrawn loans totaling $17.8 million, indicating ongoing investment activity. Looking ahead, FIC anticipates that its current cash reserves, along with access to additional capital through its credit facilities and SBA debentures, will support its investment strategy and enable it to meet its distribution obligations to shareholders.
About FIDUS INVESTMENT Corp
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