Q2 2024 Fidus Investment Corp Earnings Call Transcript
Key Points
- Fidus Investment Corp (FDUS) reported a 17.7% increase in adjusted net investment income for the second quarter, reaching $18.4 million compared to $15.6 million last year.
- The company declared dividends totaling $0.57 per share for the third quarter, including a base dividend of $0.43 and a supplemental dividend of $0.14.
- Net asset value increased by 9.7% to $646.8 million at the end of the quarter, compared to $589.5 million as of December 31, 2023.
- The debt portfolio consists entirely of first lien investments, which grew to 71% of the debt portfolio at quarter end, indicating a focus on high-quality, secured investments.
- Fidus Investment Corp (FDUS) maintained a healthy credit quality with non-accruals staying under 1% of the total portfolio on a fair value basis.
- Adjusted net investment income per share decreased to $0.57 from $0.62 in the same period last year, reflecting a dilution effect from a higher average share count.
- Total expenses increased by $1.7 million from the previous quarter, driven by higher capital gains fee accruals and management fees.
- The company experienced a slower than normal second quarter in terms of new investment originations, partly due to a less robust M&A environment.
- Despite a strong portfolio performance, Fidus Investment Corp (FDUS) continues to manage issues with two operating companies on non-accrual.
- The company remains under-levered, which has impacted its adjusted NII yield, running below last year's levels.
Good day and welcome to the Fidus second quarter 2024 earnings conference Call. All participants will be in listen-only mode. (Operator Instructions). Please note this event is being recorded.
I would now like to turn the conference over to Jody Burfening. Please go ahead.
Thank you, Cindy, and good morning, everyone. And thank you for joining us today for Fidus Investment Corporation's second quarter 2024 earnings conference call. With me this morning are Ed Ross, Fidus Investment Corporation's Chairman and Chief Executive Officer, and Shelby Sherard, Chief Financial Officer.
Fidus Investment Corporation issued a press release yesterday afternoon with the details of the company's quarterly financial results. The copy of the press release is available on the investor relations page of the company's website at FDUS.com. I'd also like to call your attention to the Customary Safe Harbor Disclosure regarding forward-looking statements included on today's call.
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