Fidus Investment Stock Earnings Reports

Fidus reported a strong Q1 2026 driven by higher interest and fee income. Adjusted net investment income (NII) was $23.7 million (62¢ per share), up 14.8% year-over-year, and GAAP NII was $0.65 per share. The Board declared a Q2 dividend of $0.62 per share (base $0.43 + supplemental $0.19). Investment activity included $118.7 million of originations (predominantly first lien debt) and $73.1 million of repayments/realizations, producing net portfolio growth of ~$46 million in the quarter. The portfolio had a fair value of $1.4 billion (102.5% of cost) with 87% of the debt portfolio in first‑lien investments, and only one non‑accrual representing <1% of portfolio value. Software and IT services comprise ~32% of the portfolio (fair value), but management notes these positions are primarily first‑lien with strong sponsor backing and a weighted average LTV ~42% in that subgroup. Realized losses included ~$12.2 million net (notably a $15.8 million loss on Pseudo Connector), partially offset by $3.9 million of equity gains. NAV was $742 million, or $19.55 per share. Balance sheet and liquidity: $50.4 million cash, $1.399 billion undrawn revolver capacity (note: transcript shows large line availability figure), $54.0 million available SBA debentures, with total liquidity stated at approximately $244.2 million; total debt outstanding was $682.2 million, net debt‑to‑equity 0.9x (statutory leverage ex‑SBA debentures 0.6x). Management cautions deal activity remains modest amid geopolitical uncertainty but expects a decent pipeline and continued focus on preserving capital and generating risk‑adjusted returns.