Fidus shares rose 0.8% after earnings, a roughly flat reaction. Adjusted NII increased to $0.54 per share and covered the base dividend, while portfolio activity was nearly balanced between originations and repayments.
- Third-quarter adjusted NII was $0.54 per share, up from $0.50 in Q2; management said it covered the base dividend.
- Total investment income rose $2.4 million from Q2 to $45.9 million, mainly on higher interest income from larger average debt balances.
- Originations were $51.8 million versus $52.4 million in repayments and realizations; the portfolio totaled $1.4 billion at fair value, or 102.8% of cost.
- First-lien investments were 88% of the debt portfolio, weighted average loan-to-value was about 41%, and there were no debt investments on non-accrual at quarter-end.
- Fidus recognized about $11 million of net realized losses on Virtex Enterprises debt investments that had previously been written down. Q4’s declared dividend is $0.54 per share, including a $0.43 base dividend and a $0.11 supplemental dividend.
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