Fidus Investment Corporation (FIC) reported significant growth in its investment portfolio and financial performance for the three and nine months ended September 30, 2024. The total fair value of investments increased to $1,090.7 million, up from $957.9 million at the end of 2023. This growth was driven by a rise in non-control/non-affiliate investments, which reached $1,004.8 million, compared to $874.0 million previously. Affiliate investments also saw a modest increase to $85.8 million from $83.9 million.
For the three months ended September 30, 2024, total interest income rose to $31.9 million, a 12.5% increase from $28.3 million in the same period of 2023. Total investment income for the quarter was $38.4 million, reflecting a 12.3% increase from $34.2 million year-over-year. Net investment income before income taxes increased to $22.0 million, compared to $16.7 million in 2023. However, net realized losses on investments were $(0.4) million, contrasting with net realized gains of $9.8 million in the prior year.
The company’s net increase in net assets resulting from operations for the three months ended September 30, 2024, was $16.5 million, down from $24.3 million in 2023. For the nine-month period, net investment income increased to $56.0 million, a 16.2% rise from $48.2 million in 2023. Total expenses for the nine months were $52.7 million, up from $45.6 million, primarily due to increased interest and financing expenses, management fees, and professional fees.
FIC's cash and cash equivalents decreased significantly to $54.4 million from $119.1 million at the end of 2023. The company also reported a net cash used for operating activities of $(75.8) million for the nine months ended September 30, 2024, compared to $(32.8) million in the same period of 2023.
Strategically, FIC has been active in its investment activities, with total purchases of debt and equity investments amounting to $274.2 million for the nine months ended September 30, 2024, compared to $204.0 million in 2023. The company also exited several investments, including a full payment of $15.2 million from US Fertility Enterprises, LLC.
As of September 30, 2024, FIC had a total of 85 active portfolio companies, an increase from 81 at the end of 2023. The weighted average yield on debt investments was reported at 13.8%, down from 14.2% previously. The company continues to focus on providing customized debt and equity financing solutions to lower middle-market companies, maintaining a diversified investment portfolio to mitigate risks associated with specific sectors or regions.
About FIDUS INVESTMENT Corp
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