Fidus Investment | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 42.15 M

Revenue: As of FY2025 Q4, the actual value is USD 42.15 M, beating the estimate of USD 39.46 M.

EPS: As of FY2025 Q4, the actual value is USD 0.5, beating the estimate of USD 0.4975.

EBIT: As of FY2025 Q4, the actual value is USD -2.193 M.

Financial Highlights - Fourth Quarter 2025 vs. Fourth Quarter 2024

Segment Revenue (Investment Income)

Total investment income for Fidus Investment Corporation was $42.2 million in Q4 2025, an increase of 12.5% from $37.457 million in Q4 2024, primarily driven by increases in total interest income, dividend income, fee income, and interest on idle funds .
- Interest income increased by 4.3% to $33,026 thousand in Q4 2025 from $31,651 thousand in Q4 2024 .
- Payment-in-kind interest income increased by 42.3% to $2,982 thousand in Q4 2025 from $2,095 thousand in Q4 2024 .
- Dividend income increased by 92.3% to $200 thousand in Q4 2025 from $104 thousand in Q4 2024 .
- Fee income increased by 60.9% to $4,823 thousand in Q4 2025 from $2,998 thousand in Q4 2024 .
- Interest on idle funds increased by 84.2% to $1,122 thousand in Q4 2025 from $609 thousand in Q4 2024 .

Operational Metrics

Net investment income increased by 5.3% to $19.6 million in Q4 2025 from $18.648 million in Q4 2024 .
Adjusted net investment income was $19.4 million in Q4 2025, an increase of 5.1% from $18.437 million in Q4 2024 .
Total expenses increased by 19.7% to $22.5 million in Q4 2025 from $18.8 million in Q4 2024, mainly due to a $3.1 million increase in interest and financing expenses and a $0.8 million net increase in base management fee .
Net increase in net assets resulting from operations was $18,322 thousand in Q4 2025, an increase of 4.1% from $17,593 thousand in Q4 2024 .
Total net realized gain/(loss) on investments, net of income tax, was - $3.1 million in Q4 2025, compared to - $0.5 million in Q4 2024 .
Total net change in unrealized appreciation (depreciation) on investments was $2,101 thousand in Q4 2025, compared to - $522 thousand in Q4 2024 .
Net gain (loss) on investments was - $1,040 thousand in Q4 2025, compared to - $1,055 thousand in Q4 2024 .
Realized losses on extinguishment of debt were - $269 thousand in Q4 2025 .

Unique Metrics

Fidus Investment Corporation invested $213.7 million in debt and equity securities, including eight new portfolio companies .
Received proceeds from repayments and realizations of $84.7 million .
Net asset value (NAV) was $741.9 million, or $19.55 per share, as of December 31, 2025 .

Financial Highlights - Full Year 2025 vs. Full Year 2024

Segment Revenue (Investment Income)

Total investment income for Fidus Investment Corporation was $155.9 million in full year 2025, an increase of 6.6% from $146.154 million in full year 2024, primarily due to increases in total interest income, dividend income, fee income, and interest on idle funds .
- Interest income increased by 2.6% to $126,371 thousand in full year 2025 from $123,153 thousand in full year 2024 .
- Payment-in-kind interest income increased by 38.6% to $10,866 thousand in full year 2025 from $7,840 thousand in full year 2024 .
- Dividend income increased by 36.1% to $3,051 thousand in full year 2025 from $2,242 thousand in full year 2024 .
- Fee income increased by 27.0% to $12,156 thousand in full year 2025 from $9,572 thousand in full year 2024 .
- Interest on idle funds increased by 2% to $3,428 thousand in full year 2025 from $3,347 thousand in full year 2024 .

Operational Metrics

Net investment income decreased by 1.1% to $73.9 million in full year 2025 from $74.636 million in full year 2024 .
Adjusted net investment income increased by 0.3% to $75.6 million in full year 2025 from $75.367 million in full year 2024 .
Total expenses increased by 14.7% to $82.0 million in full year 2025 from $71.5 million in full year 2024, primarily due to a $7.2 million increase in interest and financing expenses and a $2.1 million net increase in base management fee .
Net increase in net assets resulting from operations was $82,402 thousand in full year 2025, an increase of 5.2% from $78,292 thousand in full year 2024 .
Total net realized gain on investments, net of income tax provision, was - $0.7 million in full year 2025, compared to $10.1 million in full year 2024 .
Total net change in unrealized appreciation (depreciation) on investments was $10,110 thousand in full year 2025, compared to - $5,928 thousand in full year 2024 .
Net gain (loss) on investments was $9,451 thousand in full year 2025, compared to $4,177 thousand in full year 2024 .
Realized losses on extinguishment of debt were - $899 thousand in full year 2025, compared to - $521 thousand in full year 2024 .

Unique Metrics

Fidus Investment Corporation invested $498.2 million in debt and equity securities, including 20 new portfolio companies .
Received proceeds from repayments and realizations of $288.0 million .
Paid total dividends of $2.15 per share .
Estimated spillover income as of December 31, 2025, was $38.5 million, or $1.01 per share .
The fair value of the investment portfolio totaled $1.3 billion, consisting of 97 active portfolio companies and six portfolio companies that have sold their underlying operations .
The weighted average yield on debt investments was 12.6% as of December 31, 2025 .

Cash Flow and Liquidity

As of December 31, 2025, Fidus Investment Corporation had $70.0 million in cash and cash equivalents and $9.6 million in restricted cash .
The company had $141.2 million of unused capacity under its special purpose vehicle credit facility .
During 2025, Fidus Investment Corporation received net proceeds of $79.3 million from its equity at-the-market program, $200.0 million from the issuance of March 2030 Notes, and $91.0 million from SBA debentures . The company also had net borrowings of $38.9 million under its credit facilities and paid cash dividends of $75.5 million .
The weighted average interest rate on total debt outstanding was 5.2% as of December 31, 2025 .
The document does not explicitly provide figures for operating cash flow or free cash flow .

Outlook / Guidance

Fidus Investment Corporation anticipates decent levels of deal activity in 2026, which is expected to provide opportunities to further build its portfolio . The company remains committed to growing net asset value over time and delivering attractive risk-adjusted returns to shareholders .

Revenue: As of FY2025 Q4, the actual value is USD 42.15 M, beating the estimate of USD 39.46 M.

EPS: As of FY2025 Q4, the actual value is USD 0.5, beating the estimate of USD 0.4975.

EBIT: As of FY2025 Q4, the actual value is USD -2.193 M.

Financial Highlights - Fourth Quarter 2025 vs. Fourth Quarter 2024

Segment Revenue (Investment Income)

Total investment income for Fidus Investment Corporation was $42.2 million in Q4 2025, an increase of 12.5% from $37.457 million in Q4 2024, primarily driven by increases in total interest income, dividend income, fee income, and interest on idle funds .
- Interest income increased by 4.3% to $33,026 thousand in Q4 2025 from $31,651 thousand in Q4 2024 .
- Payment-in-kind interest income increased by 42.3% to $2,982 thousand in Q4 2025 from $2,095 thousand in Q4 2024 .
- Dividend income increased by 92.3% to $200 thousand in Q4 2025 from $104 thousand in Q4 2024 .
- Fee income increased by 60.9% to $4,823 thousand in Q4 2025 from $2,998 thousand in Q4 2024 .
- Interest on idle funds increased by 84.2% to $1,122 thousand in Q4 2025 from $609 thousand in Q4 2024 .

Operational Metrics

Net investment income increased by 5.3% to $19.6 million in Q4 2025 from $18.648 million in Q4 2024 .
Adjusted net investment income was $19.4 million in Q4 2025, an increase of 5.1% from $18.437 million in Q4 2024 .
Total expenses increased by 19.7% to $22.5 million in Q4 2025 from $18.8 million in Q4 2024, mainly due to a $3.1 million increase in interest and financing expenses and a $0.8 million net increase in base management fee .
Net increase in net assets resulting from operations was $18,322 thousand in Q4 2025, an increase of 4.1% from $17,593 thousand in Q4 2024 .
Total net realized gain/(loss) on investments, net of income tax, was - $3.1 million in Q4 2025, compared to - $0.5 million in Q4 2024 .
Total net change in unrealized appreciation (depreciation) on investments was $2,101 thousand in Q4 2025, compared to - $522 thousand in Q4 2024 .
Net gain (loss) on investments was - $1,040 thousand in Q4 2025, compared to - $1,055 thousand in Q4 2024 .
Realized losses on extinguishment of debt were - $269 thousand in Q4 2025 .

Unique Metrics

Fidus Investment Corporation invested $213.7 million in debt and equity securities, including eight new portfolio companies .
Received proceeds from repayments and realizations of $84.7 million .
Net asset value (NAV) was $741.9 million, or $19.55 per share, as of December 31, 2025 .

Financial Highlights - Full Year 2025 vs. Full Year 2024

Segment Revenue (Investment Income)

Total investment income for Fidus Investment Corporation was $155.9 million in full year 2025, an increase of 6.6% from $146.154 million in full year 2024, primarily due to increases in total interest income, dividend income, fee income, and interest on idle funds .
- Interest income increased by 2.6% to $126,371 thousand in full year 2025 from $123,153 thousand in full year 2024 .
- Payment-in-kind interest income increased by 38.6% to $10,866 thousand in full year 2025 from $7,840 thousand in full year 2024 .
- Dividend income increased by 36.1% to $3,051 thousand in full year 2025 from $2,242 thousand in full year 2024 .
- Fee income increased by 27.0% to $12,156 thousand in full year 2025 from $9,572 thousand in full year 2024 .
- Interest on idle funds increased by 2% to $3,428 thousand in full year 2025 from $3,347 thousand in full year 2024 .

Operational Metrics

Net investment income decreased by 1.1% to $73.9 million in full year 2025 from $74.636 million in full year 2024 .
Adjusted net investment income increased by 0.3% to $75.6 million in full year 2025 from $75.367 million in full year 2024 .
Total expenses increased by 14.7% to $82.0 million in full year 2025 from $71.5 million in full year 2024, primarily due to a $7.2 million increase in interest and financing expenses and a $2.1 million net increase in base management fee .
Net increase in net assets resulting from operations was $82,402 thousand in full year 2025, an increase of 5.2% from $78,292 thousand in full year 2024 .
Total net realized gain on investments, net of income tax provision, was - $0.7 million in full year 2025, compared to $10.1 million in full year 2024 .
Total net change in unrealized appreciation (depreciation) on investments was $10,110 thousand in full year 2025, compared to - $5,928 thousand in full year 2024 .
Net gain (loss) on investments was $9,451 thousand in full year 2025, compared to $4,177 thousand in full year 2024 .
Realized losses on extinguishment of debt were - $899 thousand in full year 2025, compared to - $521 thousand in full year 2024 .

Unique Metrics

Fidus Investment Corporation invested $498.2 million in debt and equity securities, including 20 new portfolio companies .
Received proceeds from repayments and realizations of $288.0 million .
Paid total dividends of $2.15 per share .
Estimated spillover income as of December 31, 2025, was $38.5 million, or $1.01 per share .
The fair value of the investment portfolio totaled $1.3 billion, consisting of 97 active portfolio companies and six portfolio companies that have sold their underlying operations .
The weighted average yield on debt investments was 12.6% as of December 31, 2025 .

Cash Flow and Liquidity

As of December 31, 2025, Fidus Investment Corporation had $70.0 million in cash and cash equivalents and $9.6 million in restricted cash .
The company had $141.2 million of unused capacity under its special purpose vehicle credit facility .
During 2025, Fidus Investment Corporation received net proceeds of $79.3 million from its equity at-the-market program, $200.0 million from the issuance of March 2030 Notes, and $91.0 million from SBA debentures . The company also had net borrowings of $38.9 million under its credit facilities and paid cash dividends of $75.5 million .
The weighted average interest rate on total debt outstanding was 5.2% as of December 31, 2025 .
The document does not explicitly provide figures for operating cash flow or free cash flow .

Outlook / Guidance

Fidus Investment Corporation anticipates decent levels of deal activity in 2026, which is expected to provide opportunities to further build its portfolio . The company remains committed to growing net asset value over time and delivering attractive risk-adjusted returns to shareholders .