Fidus Investment Corporation announced its financial results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter, net investment income increased by $1.7 million, or 10.1%, to $18.6 million compared to the same period in 2023. Total investment income for the quarter increased by $1.1 million, primarily due to a $2.3 million increase in total interest income from higher average debt investment balances.
Adjusted net investment income for Q4 2024 was $0.54 per share, compared to $0.65 per share in the prior year. For the full year 2024, total investment income increased by $16.0 million, and net investment income rose by $9.5 million, or 14.6%, to $74.6 million compared to 2023. Adjusted net investment income for the full year increased by $7.9 million, or 11.6%, to $75.4 million.
The fair value of the investment portfolio reached $1.1 billion as of December 31, 2024, consisting of 87 active portfolio companies. Debt investments with variable rates represented 74.5% of the debt portfolio at fair value, and the weighted average yield on debt investments was 13.3%. The company received net proceeds of $66.3 million from its equity at-the-market program in 2024.
As of December 31, 2024, Fidus had $57.2 million in cash and cash equivalents and $95.0 million of unused capacity under its senior secured revolving credit facility. The Board of Directors declared a base dividend of $0.43 per share and a supplemental dividend of $0.11 per share for the first quarter of 2025, totaling $0.54 per share. This reflects a total distribution of $2.42 per share to shareholders in 2024.
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