Fidus Investment (FDUS) investor relations material

Executive summary

• Maintained a diversified portfolio focused on lower middle market companies, with a fair value of $1.4 billion across 100 companies as of June 30, 2026, emphasizing manufacturing, distribution, services, and information technology.

• Net investment income for Q2 2026 was $18.7 million ($0.49 per share), with adjusted NII of $0.50 per share, and total investment income of $43.5 million, up 8.8% year-over-year.

• Portfolio remains healthy with strong recurring income, capital gains potential, and robust credit quality despite market volatility.

• Focus on delivering stable dividends, preserving capital, and growing NAV, with NAV per share at $19.46 as of June 30, 2026.

• Consistently higher ROE versus BDC peers, supported by a seasoned management team averaging over 25 years of experience.

Financial highlights

• Total investment income was $43.5 million in Q2 2026, with net investment income of $18.7 million ($0.49 per share) and adjusted NII of $0.50 per share.

• Net asset value at quarter end was $738.5 million, or $19.46 per share.

• Realized net gains of $6.4 million from equity monetizations in Q2 2026; net realized loss for six months was $(5.8) million.

• Paid total dividends of $0.62 per share in Q2 2026 (regular $0.43, supplemental $0.19); six-month dividends declared: $0.86 per share.

• LTM total dividend yield was 11.6%, with $2.21 per share in dividends (including supplemental and special dividends).

Outlook and guidance

• Management expects deal flow and investment activity to pick up in Q4 as geopolitical uncertainties abate.

• Portfolio is well positioned to generate adjusted NII covering the base dividend and deliver attractive risk-adjusted returns.

• Repayments expected to increase in the second half of the year; ATM equity issuance possible if growth opportunities arise.

• Strong balance sheet and liquidity position support continued portfolio growth.

• Board declared Q3 2026 dividends totaling $0.50 per share (base $0.43, supplemental $0.07), payable September 29, 2026.