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A note is the basic element of musical language: each one represents a sound, and through their combination music takes shape. As with notes on a staff, infinite are the combinations of financial instruments through which investors' portfolios take shape. My current portfolio consists of 28 securities that play a music generated by the flow of dividends against the backdrop of a rising NAV for most of them.

Fidus Investment experienced a near-term lag versus the BDC sector, as anticipated, due to tough Q2 comps and market sensitivity to NII declines. While Q2 brought in balanced results (and thus no abnormally high comp for Q3), I am still reluctant to turn bullish here. My dilemma is paying a premium to NAV and an even more aggressive premium compared to other externally managed BDCs, given the current fundamentals.

Fidus Investment offers a 10.9% yield, pristine credit quality, and zero non-accruals, but trades at a premium to NAV. FDUS's net investment income declined 19% quarter-over-quarter, now matching the dividend payout, with the supplemental dividend sharply reduced. At 1.05x book value and with declining earnings momentum, FDUS is fully valued—warranting a Hold rather than a Buy rating.

Fidus Investment (FDUS) Q2 2026 Earnings Call Transcript

Fidus Investment NASDAQ: FDUS said its adjusted net investment income covered its base dividend in the second quarter of 2026, while the business development company expanded its portfolio through primarily M&A-driven first-lien investments and realized gains from three equity monetizations.

Fidus Investment (FDUS) came out with quarterly earnings of $0.5 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.57 per share a year ago.