The following is a summary of the Fidus Investment Corporation (FDUS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Fidus Investment Corporation reported a total Q1 portfolio on a fair value basis of over $1 billion.
Q1 net originations amounted to $85.7 million.
The company's debt portfolio generated adjusted net investment income of $18.1 million, an increase of 21.8% compared to $14.9 million last year.
The adjusted net investment income on a per share basis was $0.59 per share compared to $0.60 per share for the same period last year.
The company paid Q1 dividends totaling $0.65 per share, and declared dividends totaling $0.59 per share for the second quarter of 2024.
Net asset value grew 3.2% to $608.3 million compared to $589.5 million. On a per share basis, net asset value was $19.36 at quarter end compared to $19.37 as of December 31, 2023.
The company ended the quarter with $463.1 million of debt outstanding, and its debt-to-equity ratio as of March 31 was 0.8x. The weighted average interest rate on outstandings was 4.6% on March 31, 2024.
Business Progress:
In Q1, Fidus Investment Corporation invested $94.6 million in 7 new portfolio companies mostly through M&A transactions.
The company's portfolio consisted of 87 active portfolio companies at the end of Q1.
Non-accruals represented under 1% of the total portfolio on a fair value basis for the first quarter.
Looking ahead, the company expects a decline in Q2 originations and sees a gradual increase in transaction activity and M&A over 2023.
Fidus made two mezzanine investments in the last quarter and continues to actively look for such opportunities despite the market moving towards first-lien solutions.
Current non-accruals are seeing improving EBITDAs but remain a high risk.
More details: Fidus Investment IR
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