Fidus Investment Corporation reported a significant increase in its net investment income for the third quarter ended September 30, 2024, rising by $4.7 million, or 28.5%, to $21.4 million compared to the same period in 2023. Total investment income increased by $4.2 million, primarily driven by a $2.6 million increase in total interest income from higher average debt investment balances and a $1.1 million increase in dividend income from equity investments. Total expenses decreased by $0.5 million, or 3.2%, to $17.0 million, mainly due to a $2.5 million decrease in capital gains incentive fee accrued.
Adjusted net investment income for the third quarter was $0.61 per share, compared to $0.68 per share in the prior year. The fair value of the investment portfolio totaled $1,090.7 million as of September 30, 2024, comprising 85 active portfolio companies. Debt investments, representing 73.2% of the debt portfolio at fair value, bore interest at a variable rate, with a weighted average yield on debt investments of 13.8%.
The Board of Directors declared a base dividend of $0.43 per share and a supplemental dividend of $0.18 per share for the fourth quarter of 2024, totaling $0.61 per share. The company maintained a healthy liquidity position with $54.4 million in cash and cash equivalents and $100.0 million of unused capacity under its senior secured revolving credit facility. Net proceeds of $14.1 million were received from the equity at-the-market program during the quarter.
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