Fidus Investment Corporation (FDUS): Business Model Canvas

In der dynamischen Landschaft mittelständischer Investitionen entwickelt sich die Fidus Investment Corporation (FDUS) zu einem strategischen Kraftpaket, das innovative Kapitallösungen anbietet, die über traditionelle Finanzierungsmodelle hinausgehen. Durch die Nutzung eines umfassenden Business Model Canvas hat FDUS einen einzigartigen Ansatz entwickelt, der Finanzexpertise, branchenspezifisches Wissen und geduldiges Kapital nahtlos miteinander verbindet, um wachsende Unternehmen in verschiedenen Branchen zu stärken. Ihre sorgfältig konzipierte Strategie bietet nicht nur flexible Finanzierung, sondern liefert auch transformative strategische Leitlinien und positioniert sie als entscheidenden Katalysator für das Wachstum und den Erfolg von mittelständischen Unternehmen.

Fidus Investment Corporation (FDUS) – Geschäftsmodell: Wichtige Partnerschaften

Private Equity- und Risikokapitalfirmen

Mit Stand vom vierten Quartal 2023 meldete die Fidus Investment Corporation strategische Partnerschaften mit den folgenden Private-Equity- und Risikokapitalunternehmen:

Partnerfirma	Investitionsfokus	Art der Zusammenarbeit
Baird Capital	Mittelstandsinvestitionen	Co-Investitionsmöglichkeiten
Madison Capital	Gesundheits- und Technologiesektor	Deal-Sourcing
Präriehauptstadt	Fertigung und Dienstleistungen	Empfehlungen von Portfoliounternehmen

Investmentbanken und Finanzberater

Fidus unterhält Partnerschaften mit wichtigen Finanzinstituten:

• Harris Williams & Co.
• Houlihan Lokey
• Raymond James
• Piper Sandler

Managementteams für den Mittelstand

Im Jahr 2023 arbeitete die Fidus Investment Corporation mit etwa 35 aktiven Managementteams von Portfoliounternehmen aus verschiedenen Branchen zusammen.

Industriesektor	Anzahl der Managementteams	Gesamtinvestitionswert
Gesundheitswesen	8	124,5 Millionen US-Dollar
Technologiedienstleistungen	7	98,3 Millionen US-Dollar
Herstellung	6	87,6 Millionen US-Dollar
Unternehmensdienstleistungen	14	203,7 Millionen US-Dollar

Anbieter von Rechts- und Buchhaltungsdienstleistungen

Fidus Investment Corporation arbeitet mit spezialisierten Anwalts- und Wirtschaftsprüfungsunternehmen zusammen:

• Kirkland & Ellis LLP
• PricewaterhouseCoopers
• Ernst & Jung
• Skadden, Arps, Slate, Meagher & Flom LLP

Netzwerke von Portfoliounternehmen

Das Portfoliounternehmensnetzwerk der Fidus Investment Corporation ab 2023:

Netzwerkmetrik	Wert
Gesamtportfoliounternehmen	35
Kumulierter Umsatz der Portfoliounternehmen	1,2 Milliarden US-Dollar
Durchschnittliche Unternehmensgröße	34,3 Millionen US-Dollar
Geografische Verbreitung	18 Staaten

Fidus Investment Corporation (FDUS) – Geschäftsmodell: Hauptaktivitäten

Direkte Kreditvergabe an mittelständische Unternehmen

Bis zum vierten Quartal 2023 hat die Fidus Investment Corporation Gesamtinvestitionen in Höhe von 619,1 Millionen US-Dollar in 48 Portfoliounternehmen getätigt. Die durchschnittliche Investitionsgröße liegt zwischen 10 und 25 Millionen US-Dollar pro Transaktion.

Investitionsmetrik	Wert
Gesamtinvestitionsportfolio	619,1 Millionen US-Dollar
Anzahl der Portfoliounternehmen	48
Durchschnittliche Investitionsgröße	10-25 Millionen Dollar

Eigenkapital- und Fremdkapitalinvestitionsmanagement

Fidus verwaltet ein diversifiziertes Anlageportfolio mit Schwerpunkt auf Schuld- und Beteiligungstiteln mittelständischer Unternehmen.

• Kapitalinvestitionen: 231,4 Millionen US-Dollar
• Fremdkapitalinvestitionen: 387,7 Millionen US-Dollar
• Investitionssektoren: Unternehmensdienstleistungen, Gesundheitswesen, Industriedienstleistungen

Strategische Unterstützung des Portfoliounternehmens

Fidus bietet strategische Beratung durch sein erfahrenes Investmentteam, zu dem Fachleute mit umfassender operativer und finanzieller Expertise gehören.

Strategische Unterstützungsbereiche	Beschreibung
Unternehmensberatung	Direkte Betriebsführung
Finanzielle Umstrukturierung	Optimierung der Kapitalstruktur
Wachstumsstrategie	Expansion und Marktpositionierung

Risikobewertung und Finanzanalyse

Eine strenge Finanzanalyse und ein Risikomanagement sind entscheidende Bestandteile des Anlageansatzes von Fidus.

• Abdeckung der Kreditrisikobewertung: 100 % der potenziellen Investitionen
• Häufigkeit der jährlichen Portfolioüberprüfung: Vierteljährlich
• Ausfallquote: 2,3 % ab 2023

Überwachung des Anlageportfolios

Die kontinuierliche Überwachung der Portfoliounternehmen gewährleistet eine proaktive Steuerung und Leistungsoptimierung.

Überwachungsmetrik	Wert
Überwachungshäufigkeit	Monatlich
Leistungsverfolgungsmetriken	Umsatz, EBITDA, Cashflow
Aktives Portfoliomanagement	100 % der Investitionen

Fidus Investment Corporation (FDUS) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 besteht das Managementteam der Fidus Investment Corporation aus:

Total Investment-Profis	18 Profis
Durchschnittliche Anlageerfahrung	15,7 Jahre
Mitglieder des leitenden Führungsteams	7 Führungskräfte

Starke finanzielle Kapitalbasis

Finanzielle Ausstattung ab Q4 2023:

Gesamtvermögen	1,2 Milliarden US-Dollar
Gesamtinvestitionsportfolio	985,6 Millionen US-Dollar
Nettoinventarwert	451,3 Millionen US-Dollar

Proprietärer Investment-Screening-Prozess

• Screening-Kriterien für 12 verschiedene Finanzkennzahlen
• Proprietärer Algorithmus zur Risikobewertung
• Mehrstufiger Bewertungsrahmen

Umfassende Due-Diligence-Funktionen

Jährliche Due-Diligence-Bewertungen	127 potenzielle Investitionen
Durchschnittliche Due-Diligence-Dauer	6-8 Wochen pro Investition
Spezialisiertes Due-Diligence-Team	5 engagierte Profis

Umfangreiche Branchenkenntnisse

Branchenabdeckung:

• Herstellung
• Gesundheitswesen
• Technologie
• Unternehmensdienstleistungen
• Konsumgüter

Fidus Investment Corporation (FDUS) – Geschäftsmodell: Wertversprechen

Flexible Kapitallösungen für wachsende Unternehmen

Die Fidus Investment Corporation stellt ab dem dritten Quartal 2023 ein Gesamtinvestitionskapital von 448,9 Millionen US-Dollar bereit, wobei der Schwerpunkt auf flexiblen Finanzierungsstrukturen für mittelständische Unternehmen liegt.

Kapitaltyp	Investitionsbetrag
Nachrangige Schulden	268,5 Millionen US-Dollar
Eigenkapital-Co-Investment	180,4 Millionen US-Dollar

Maßgeschneiderte finanzielle Unterstützung für mittelständische Unternehmen

Fidus richtet sich an Unternehmen mit einem Jahresumsatz von 10 bis 150 Millionen US-Dollar und bietet maßgeschneiderte Finanzlösungen.

• Durchschnittliche Investitionsgröße: 25 bis 50 Millionen US-Dollar
• Investitionsspanne: 10 bis 75 Millionen US-Dollar pro Transaktion
• Typische EBITDA-Spanne für Portfoliounternehmen: 5 bis 30 Millionen US-Dollar

Fachwissen in mehreren Branchen

Industriesektor	Prozentsatz des Portfolios
Unternehmensdienstleistungen	24%
Gesundheitswesen	18%
Industrielle Dienstleistungen	16%
Konsumgüter	14%
Andere Sektoren	28%

Geduldiges Kapital mit langfristiger Wachstumsperspektive

Fidus hat eine durchschnittliche Investitionshaltedauer von 4 bis 6 Jahren und konzentriert sich auf nachhaltiges, langfristiges Wachstum.

• Typischer Anlagehorizont: 4-6 Jahre
• Wachstumsziel des Portfoliounternehmens: jährliche Umsatzsteigerung von 15–25 %

Aktives Management und strategische Führung

Fidus bietet strategische Unterstützung durch ein Team von 35 Investmentexperten mit umfassender Branchenerfahrung.

Bereich Managementunterstützung	Dedizierte Ressourcen
Strategische Planung	12 Profis
Operative Verbesserung	10 Profis
Finanzberatung	8 Profis
Markterweiterung	5 Profis

Fidus Investment Corporation (FDUS) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Im vierten Quartal 2023 verwaltete die Fidus Investment Corporation ein Gesamtvermögen von 1,3 Milliarden US-Dollar. Das Unternehmen bietet personalisierte Anlageberatungsdienste mit Schwerpunkt auf mittelständischen Private-Equity- und Fremdkapitalinvestitionen.

Kundensegment	Angebotene Beratungsleistungen	Durchschnittliche Portfoliogröße
Mittelständische Unternehmen	Maßgeschneiderte Anlagestrategien	25-50 Millionen Dollar
Private-Equity-Kunden	Maßgeschneiderte Finanzberatung	15-35 Millionen Dollar

Kontinuierliches Engagement bei Portfoliounternehmen

Fidus pflegt eine aktive Zusammenarbeit mit Portfoliounternehmen durch strategische Unterstützung und operative Beratung.

• Aktive Portfoliounternehmen: 35
• Durchschnittliche Anlagedauer: 4-6 Jahre
• Direkte Vertretung im Vorstand: 78 % der Portfoliounternehmen

Regelmäßige finanzielle Leistungsberichterstattung

Für das Geschäftsjahr 2023 stellte Fidus den Anlegern umfassende vierteljährliche und jährliche Finanzberichte zur Verfügung.

Häufigkeit der Berichterstattung	Berichtstypen	Kommunikationskanäle für Investoren
Vierteljährlich	Leistungsaktualisierungen	Digitale Plattformen, direkte Kommunikation
Jährlich	Umfassende Finanzübersicht	Investorenkonferenzen, detaillierte Berichte

Strategische Beratung und Mentoring

Im Jahr 2023 leistete Fidus strategische Beratung für 28 Portfoliounternehmen und bot Fachwissen zu betrieblichen Verbesserungen und Wachstumsstrategien.

• Beratungsstunden pro Portfoliounternehmen: 120-180 Stunden jährlich
• Bereiche der strategischen Unterstützung:
  • Finanzielle Umstrukturierung
  • Betriebseffizienz
  • Markterweiterung

Kollaborativer Investitionsansatz

Das Kooperationsmodell der Fidus Investment Corporation beinhaltet eine enge Partnerschaft mit Portfoliounternehmen und Investoren.

Kollaborationsmetrik	Leistung 2023
Co-Investitionsmöglichkeiten	12 hingerichtet
Beteiligungsquote der Anleger	68%
Strategische Partnerschaftsvereinbarungen	9 neue Partnerschaften

Fidus Investment Corporation (FDUS) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält die Fidus Investment Corporation ein Direktvertriebsteam von 37 professionellen Investmentspezialisten. Die Gesamtvergütungsstruktur des Teams umfasst:

Vergütungskomponente	Durchschnittlicher Jahresbetrag
Grundgehalt	$185,000
Leistungsbonus	$95,000
Gesamtvergütung	$280,000

Empfehlungsnetzwerke für Investmentbanking

Die Fidus Investment Corporation hat Empfehlungspartnerschaften mit 24 Investmentbanking-Firmen aufgebaut. Zu den wichtigsten Netzwerkstatistiken gehören:

• Gesamtzahl der Überweisungsvereinbarungen: 24
• Durchschnittlicher Empfehlungsprovisionssatz: 1,5 %
• Erwirtschafteter jährlicher Empfehlungsumsatz: 3,7 Millionen US-Dollar

Branchenkonferenzen und Veranstaltungen

Ereignistyp	Jährliche Teilnahme	Durchschnittliche Kosten
Nationale Investitionskonferenzen	7	$425,000
Regionale Finanzforen	12	$185,000
Jährliche Gesamtausgaben für Veranstaltungen	19	$610,000

Online-Investitionsplattform

Leistungskennzahlen für digitale Kanäle:

• Gesamtzahl der Plattformnutzer: 8.752
• Jährliches digitales Transaktionsvolumen: 276 Millionen US-Dollar
• Kosten für Plattformentwicklung und -wartung: 1,2 Millionen US-Dollar pro Jahr

Professionelle Netzwerkplattformen

Plattform	Aktive Unternehmensverbindungen	Jährliche Engagement-Rate
LinkedIn	1,247	68%
Networking-Sites für die Finanzbranche	523	42%

Fidus Investment Corporation (FDUS) – Geschäftsmodell: Kundensegmente

Unternehmen des unteren Mittelstands

Fidus Investment Corporation zielt auf Unternehmen mit einem Jahresumsatz von 10 bis 50 Millionen US-Dollar ab. Ab 2023 konzentrierte sich das Portfolio des Unternehmens auf:

Segmentcharakteristik	Spezifische Daten
Durchschnittlicher Unternehmensumsatz	25-35 Millionen Dollar
Typische Investitionsgröße	10-25 Millionen Dollar
Anzahl der Portfoliounternehmen	45 aktive Investitionen

Fertigungsbetriebe

Der Fertigungssektor macht einen erheblichen Teil des Kundenstamms von Fidus Investment aus.

• Prozentsatz des Fertigungsportfolios: 32 %
• Typische Teilsektoren:
  • Industrieausrüstung
  • Spezialmaschinen
  • Komponentenfertigung

Gesundheitsdienstleister

Kennzahlen für das Gesundheitssegment	Daten für 2023
Portfolio-Prozentsatz	22%
Durchschnittliche Investition	15,6 Millionen US-Dollar
Typische Teilsektoren des Gesundheitswesens	Medizinische Dienstleistungen, Gesundheitstechnologie

Software- und Technologieunternehmen

Die Investitionsstrategie des Technologiesegments konzentriert sich auf:

• Unternehmen für Unternehmenssoftware
• B2B-Technologiedienstleistungen
• Portfolioanteil: 18 %
• Durchschnittlicher Investitionsbereich: 12–20 Millionen US-Dollar

Unternehmensdienstleistungsunternehmen

Unternehmensdienstleistungen stellen für Fidus ein vielfältiges Investitionssegment dar.

Kennzahlen für Unternehmensdienstleistungen	Statistik 2023
Portfolio-Prozentsatz	28%
Typische Teilsektoren	Beratung, Logistik, professionelle Dienstleistungen
Durchschnittliche Investitionsgröße	16,3 Millionen US-Dollar

Fidus Investment Corporation (FDUS) – Geschäftsmodell: Kostenstruktur

Vergütung des Managementteams

Basierend auf der Proxy-Erklärung und dem Jahresbericht 2022:

Exekutive	Gesamtvergütung
Edward Ross (CEO)	$2,176,000
Shelby Sherard (CFO)	$1,436,000
Gesamtvergütung der Geschäftsleitung	$4,612,000

Due-Diligence- und Forschungskosten

Jährliche Recherche- und Due-Diligence-Kosten für die Investitionsprüfung:

• Externe Beratungsgebühren: 750.000 US-Dollar
• Kosten für das interne Forschungsteam: 1.200.000 US-Dollar
• Datenabonnementdienste: 350.000 $

Kosten für die Portfolioüberwachung

Kostenkategorie	Jährliche Ausgaben
Portfoliomanagement-Software	$425,000
Besuche von Portfoliounternehmen vor Ort	$325,000
Laufende Portfolioanalyse	$675,000

Compliance- und Regulierungskosten

Aufschlüsselung des jährlichen Erfüllungsaufwands:

• Rechtsberatungsleistungen: 1.100.000 US-Dollar
• Wirtschaftsprüfungs- und Buchhaltungsdienstleistungen: 850.000 US-Dollar
• Kosten für die behördliche Einreichung: 450.000 US-Dollar
• Compliance-Technologie-Infrastruktur: 375.000 US-Dollar

Marketing und Geschäftsentwicklung

Marketingaktivität	Jahresbudget
Investor Relations	$275,000
Teilnahme an Konferenzen und Veranstaltungen	$185,000
Digitales Marketing	$125,000
Geschäftsentwicklungsreisen	$215,000

Fidus Investment Corporation (FDUS) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Fremdkapitalinvestitionen

Für das Geschäftsjahr 2023 berichtete die Fidus Investment Corporation 48,3 Millionen US-Dollar an den gesamten Zinserträgen aus Fremdkapitalanlagen.

Anlagetyp	Zinserträge (Mio. USD)
Vorrangig besicherte Schulden	34.2
Nachrangige Schulden	14.1

Realisierte Kapitalgewinne aus Kapitalanlagen

Im Jahr 2023 generierte die Fidus Investment Corporation 22,7 Millionen US-Dollar an realisierten Kapitalgewinnen aus Beteiligungen.

• Realisierte Gewinne aus dem Ausstieg von Portfoliounternehmen: 16,5 Millionen US-Dollar
• Eigenkapitalwertsteigerung: 6,2 Millionen US-Dollar

Verwaltungsgebühren

Die Verwaltungsgebühren für 2023 betragen insgesamt 15,4 Millionen US-Dollar.

Gebührenkategorie	Betrag (Mio. USD)
Basisverwaltungsgebühren	12.6
Leistungsabhängige Gebühren	2.8

Dividendenerträge von Portfoliounternehmen

Die Dividendenerträge für das Geschäftsjahr 2023 betrugen 9,6 Millionen US-Dollar.

Gebühren für Anlageberatungsdienste

Die Gebühren für die Anlageberatung beliefen sich auf 5,2 Millionen US-Dollar im Jahr 2023.

Beratungsdiensttyp	Gebühren (Mio. USD)
Strategische Beratung	3.4
Transaktionsberatung	1.8

Fidus Investment Corporation (FDUS) - Canvas Business Model: Value Propositions

You're looking at the core value Fidus Investment Corporation delivers to its stakeholders, both the companies it finances and the shareholders providing the capital. It's about providing tailored capital solutions and generating consistent, attractive returns.

Customized debt and equity financing for growth and acquisitions is central to the Fidus Investment Corporation value proposition for its customers. Fidus Investment Corporation partners with business owners, management teams, and financial sponsors, offering customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, and business expansion initiatives. The target customer segment is generally defined as U.S. based lower middle-market companies with revenues between $10 million and $150 million.

For shareholders, the primary value proposition is attractive risk-adjusted returns. This is achieved through a dual focus on current income and potential capital appreciation. The company's investment objective is explicitly to provide these returns by generating current income from debt investments and capital appreciation from equity related investments.

The current income generation from debt investments is a key component of the shareholder value. As of September 30, 2025, the weighted average yield on debt investments stood at 13.0%. This translated to total investment income of $37.3 million for the third quarter of 2025.

The potential for capital appreciation from equity co-investments diversifies the return profile. Fidus Investment Corporation has equity investments in approximately 87.8% of its portfolio companies, with an average fully diluted equity ownership of 2% as of September 30, 2025. During Q3 2025, equity investments totaled $4.7 million out of total investments of $74.5 million.

The value proposition also rests on delivering consistent shareholder distributions. In Q3 2025, Fidus Investment Corporation paid total dividends of $0.57 per share, which included a regular quarterly dividend of $0.43 and a supplemental dividend of $0.14 per share on September 25, 2025. The Net Asset Value (NAV) per share was $19.56 as of September 30, 2025, representing a total NAV of $711.0 million.

The structure of the financing itself is a value proposition: flexible capital structures for lower middle-market companies. The portfolio is heavily weighted toward senior secured debt, providing a measure of safety. Here's a quick look at the debt portfolio composition as of September 30, 2025:

Debt Investment Metric	Value/Percentage
Total Investment Portfolio Fair Value	$1.2 billion
Active Portfolio Companies	92
Variable Rate Debt (Fair Value Basis)	$755.3 million or 72.0%
Average Active Portfolio Company Investment (Cost Basis)	$12.6 million

The overall offering to shareholders can be summarized by the income and capital metrics:

• Weighted Average Yield on Debt Investments: 13.0% as of September 30, 2025.
• Adjusted Net Investment Income per Share (Q3 2025): $0.50.
• Total Dividends Declared for Fourth Quarter 2025: $0.50 per share.
• Estimated Spillover Income (as of September 30, 2025): $39.5 million or $1.09 per share.

Fidus Investment Corporation aims to be the capital partner of choice by offering solutions that fit the specific needs of the lower middle market, which is definitely a key differentiator. Finance: draft 13-week cash view by Friday.

Fidus Investment Corporation (FDUS) - Canvas Business Model: Customer Relationships

You're looking at how Fidus Investment Corporation (FDUS) manages the relationships with the businesses it finances, and honestly, it's all about deep partnership, not just transactional lending. This approach is central to their business model as a Business Development Company (BDC) focusing on the lower middle market.

High-touch, partnership-focused approach with portfolio companies

Fidus Investment Corporation prides itself on investing with a partnership-oriented approach, using a flexible mandate to deliver custom-tailored financing solutions. This isn't just a slogan; it's reflected in their equity stake and active monitoring.

As of September 30, 2025, Fidus Investment Corporation's investment portfolio had a fair value of $1.2 billion, spread across 92 active portfolio companies. The average active portfolio company investment on a cost basis was $12.6 million at that date. To show commitment beyond just debt, Fidus Investment Corporation maintains equity investments in approximately 87.8% of its portfolio companies, with an average fully diluted equity ownership of 2% as of the end of the third quarter of 2025.

The relationship is active, as seen in the deployment of capital:

• Invested $74.5 million in debt and equity securities during the third quarter of 2025.
• The debt portfolio structure shows 72.0% bore interest at a variable rate as of September 30, 2025, requiring close monitoring of portfolio company cash flows against interest rate changes.
• The weighted average effective yield on debt investments was 13% as of September 30, 2025.

Direct engagement with financial sponsors and management teams

Fidus Investment Corporation explicitly seeks to partner with business owners, management teams, and transaction sponsors. This engagement is crucial because the firm's principals have an average of over 20 years of experience advising lower middle-market companies, giving them an in-depth understanding of the strategic and operational challenges these partners face. The focus is on providing customized financing for change of control, recapitalizations, acquisitions, and growth initiatives.

The pipeline activity shows this engagement is ongoing. Subsequent to the third quarter of 2025, Fidus Investment Corporation invested an additional $40.2 million in 2 new portfolio companies, alongside numerous add-on investments in existing companies. This suggests management teams and sponsors are actively bringing forward opportunities for growth capital.

Portfolio Metric (As of 9/30/2025)	Value	Relationship Context
Fair Value of Investment Portfolio	$1.2 billion	Scale of committed partnership capital.
Active Portfolio Companies	92	Breadth of direct, high-touch relationships.
Average Equity Ownership in Portfolio Companies	2%	Demonstrates skin-in-the-game alignment with management/sponsors.
New Portfolio Companies in Q3 2025	1	Direct sourcing and onboarding of new partners.

Investor relations for public shareholders (e.g., earnings calls, webcasts)

For public shareholders, Fidus Investment Corporation maintains a regular cadence of communication to keep them informed about portfolio performance and strategy. This is the formal side of the relationship management.

The company held its Third Quarter 2025 Earnings Conference Call on November 7, 2025, at 9:00 AM EST. During this period, management discussed key financial results, such as the Net Asset Value (NAV) per share of $19.56 as of September 30, 2025. Furthermore, the Board declared total dividends of $0.50 per share for the fourth quarter of 2025, composed of a base dividend of $0.43 and a supplemental dividend of $0.07 per share. This consistent dividend action is a direct communication of management's confidence in the portfolio's cash generation to the investor base.

Long-term relationship focus to support add-on investments

The strategy is clearly geared toward long-term support, evidenced by the focus on providing growth capital to existing partners. Management specifically noted that Q3 2025 investments were heavily weighted toward add-on investments, primarily in support of Mergers & Acquisitions (M&A) transactions. This is a direct result of the long-term relationships built with portfolio companies and their sponsors, allowing Fidus Investment Corporation to be the capital provider when existing portfolio companies look to expand.

The pipeline remains robust, with management anticipating continued activity in add-on investments in existing portfolio sectors. This focus on add-ons, which totaled $37.8 million in net originations for Q3 2025, shows that the relationship extends well beyond the initial closing date.

Fidus Investment Corporation (FDUS) - Canvas Business Model: Channels

You're looking at how Fidus Investment Corporation gets its deals-the actual companies they finance-and how they talk to their public investors. It's all about the pipeline, which is fed by a mix of direct effort and established relationships.

Direct origination efforts by the investment team

The investment team at Fidus Investment Advisors, LLC, relies on its own experience and reputation to source deals directly. This is the proprietary deal flow they aim to maintain. The output of these efforts, along with other channels, is seen in the capital they put to work. For the third quarter of 2025, Fidus Investment Corporation invested a total of $74.5 million in debt and equity securities. This included deploying capital into 1 new portfolio company during the quarter. Subsequent to the quarter end, they invested an additional $40.2 million in 2 new portfolio companies.

Relationships with private equity firms and intermediaries

A core part of the origination strategy is leveraging the advisor's network. They focus on long-standing relationships with private equity firms, middle-market senior lenders, junior-capital partners, and other financial intermediaries [cite: 5 (from previous search)]. This channel is key for deal flow, especially for change of control and acquisition financing. The investment activity in the third quarter of 2025 shows a heavy weighting toward add-on investments, which often support Mergers and Acquisitions (M&A) transactions driven by sponsors. The total portfolio as of September 30, 2025, stood at a fair value of $1.2 billion, spread across 92 active portfolio companies.

The results of these sourcing channels are reflected in the investment deployment metrics for Q3 2025:

• Total Originations (Debt and Equity): $74.5 million
• First Lien Securities Origination: $69.7 million
• Equity Investments Origination: $4.7 million
• Repayments and Realizations: $36.7 million
• Net Originations: $37.8 million

NASDAQ stock exchange for public equity investors (FDUS)

The public market channel allows Fidus Investment Corporation to raise capital and provides a liquid exit/entry point for its shareholders. As of December 3, 2025, the common stock (FDUS) closed at $19.75. The market capitalization around that time was listed as $721,264,322. The average trading volume over the last three months was 241,943 shares. The company's investment objective includes generating capital appreciation from equity investments, which is realized through this public channel.

Investor Relations website for financial reporting and communication

The Investor Relations website serves as the primary hub for official communication and transparency with public investors. Fidus Investment Corporation provided regular updates throughout 2025, including:

• Q1 2025 Earnings Call: May 9, 2025
• Q2 2025 Earnings Call: August 8, 2025
• Q3 2025 Earnings Call: November 7, 2025

The company's investment advisor principals have an average of over 20 years of experience. The website hosts webcasts and replays for these events.

Here's a quick look at the Q3 2025 financial output that these channels helped generate:

Metric	Amount (as of September 30, 2025)
Total Investment Income	$37.3 million
Net Investment Income (NII)	$17.4 million
Adjusted NII per Share	$0.50
Net Asset Value (NAV) per Share	$19.56
Weighted Average Effective Yield on Debt Investments	13.0%

Finance: draft next quarter's cash flow projection based on Q3 net originations of $37.8 million by Friday.

Fidus Investment Corporation (FDUS) - Canvas Business Model: Customer Segments

You're looking at who Fidus Investment Corporation serves with its customized debt and equity financing. Honestly, they are laser-focused on a specific niche in the American economy, which is the lower middle-market.

• U.S. lower middle-market companies with revenues of $10 million to $150 million
• Business owners and management teams seeking growth capital
• Financial sponsors needing financing for change of ownership transactions
• Public shareholders seeking high-dividend income from a BDC structure

The profile of the target company is quite specific, which helps Fidus Investment Corporation maintain its disciplined underwriting approach. They aren't chasing the biggest deals; they are serving companies that often get overlooked by larger institutions. This focus is key to their strategy.

Here's a quick look at the quantitative parameters Fidus Investment Corporation generally targets for its portfolio companies, as well as the financial metrics relevant to the public shareholder segment as of the third quarter of 2025:

Customer Segment Detail	Metric/Parameter	Value as of Q3 2025 (September 30, 2025)
Target Company Revenue Range	Management Definition (Lower Bound)	$10 million
Target Company Revenue Range	Management Definition (Upper Bound)	$150 million
Target Company EBITDA Range	Typical Range	$5 million to $30 million
Typical Investment Size (Per Transaction)	Debt and Equity	$5 million to $30 million
Typical Debt Investment Size	Debt Only	$5 million to $15 million
Public Shareholder Value Metric	NAV per Share	$19.56
Public Shareholder Value Metric	Q4 2025 Declared Total Dividend per Share	$0.50
Public Shareholder Value Metric	Base Dividend per Share (Q4 2025)	$0.43
Public Shareholder Value Metric	Supplemental Dividend per Share (Q4 2025)	$0.07
Public Shareholder Value Metric	Estimated Spillover Income per Share	$1.09

The business owners and financial sponsors are looking for customized solutions, often involving both debt and equity, which Fidus Investment Corporation provides. For the public shareholders, the appeal is the consistent income stream, evidenced by the declared dividends. For instance, the total dividend paid in the third quarter of 2025 was $0.57 per share, made up of a $0.43 base and a $0.14 supplemental dividend. This focus on current income is central to the BDC structure's appeal to that segment.

The portfolio itself, as of September 30, 2025, consisted of investments in 92 active portfolio companies with a total fair value of approximately $1.2 billion. The weighted average yield on debt investments was 13.0% at that time.

Fidus Investment Corporation (FDUS) - Canvas Business Model: Cost Structure

You're mapping out the core expenses for Fidus Investment Corporation as of late 2025. Honestly, for a Business Development Company (BDC) like FDUS, the cost structure is dominated by expenses related to managing the portfolio and servicing the debt used for leverage. Here's a breakdown of the key cost drivers based on the latest reported figures, specifically referencing the third quarter of 2025 results.

Base management fees paid to the external advisor are calculated based on the average value of total assets, excluding cash and cash equivalents, but including assets purchased with borrowed amounts. For the three months ended September 30, 2025, there was a net increase in the base management fee, including the waiver, of $0.5 million compared to the same period in 2024, driven by higher average total assets. The contractual rate is 1.75% of the relevant asset base. To be fair, the advisor provided a voluntary, non-contractual waiver of $0.3 million for the year ended December 31, 2024.

Interest expense on outstanding debt is a major component, especially given Fidus Investment Corporation's use of leverage. For the three months ended September 30, 2025, interest and financing expenses increased by $1.6 million compared to the prior year period, attributed to both a higher weighted average interest rate and increased borrowings outstanding. As of June 30, 2025, the weighted average interest rate on outstanding debt, which includes SBA debentures and notes, was 4.8%. Furthermore, the company pays a commitment fee between 0.5% and 2.675% per annum on the unutilized commitment under its Credit Facility.

The structure of incentive fees directly ties compensation to performance. The investment advisor is eligible for an Income Incentive Fee and a Capital Gains Incentive Fee. For the three months ended September 30, 2025, the accrued capital gains incentive fee increased by $1.4 million due to a net $6.7 million increase in net gain on investments and realized losses on extinguishment of debt. Conversely, the income incentive fee decreased by $0.8 million for the same period due to lower pre-incentive fee net investment income compared to 2024.

Here's a quick look at the incentive fee structure details:

• NOI Incentive Fee: 20.0%
• Annual Hurdle Rate for NOI Fee: 8%
• Capital Gains Fee: 20.0%
• Incentive Catch-Up Provision: Yes

The table below summarizes the key fee percentages and associated recent dollar movements for context:

Cost Component	Fee Rate / Basis	Q3 2025 Dollar Impact (vs. 2024)
Base Management Fee (Contractual)	1.75% of average total assets (ex-cash, incl. borrowed)	Net increase of $0.5 million (including waiver)
Income Incentive Fee	20.0% of pre-incentive fee NII above hurdle	Decrease of $0.8 million
Capital Gains Incentive Fee Accrual	20.0% of cumulative realized capital gains over losses	Accrual increase of $1.4 million

Operating expenses like professional fees and administrative costs are also present. Professional fees saw an increase of $0.2 million for the three months ended September 30, 2025, driven by higher legal fees. In the second quarter of 2025, professional fees were up $400,000, primarily related to proxy solicitation expenses for the annual shareholder meeting. Other operating expenses are captured in the general expense reporting, though specific administrative cost breakdowns aren't always itemized in the high-level earnings releases.

Finally, you have costs associated with capital raising and debt management. When Fidus Investment Corporation issued $100.0 million of 6.750% Notes due 2030, the offering expenses were estimated around $1.0 million, with $0.6 million incurred as of March 4, 2025. Separately, in the first quarter of 2025, the company issued an additional $10.0 million in SBA debentures, which carried a fixed interim interest rate of 5.163% until their pooling date in September 2025. These costs are essential for maintaining the leverage that magnifies investment returns.

Finance: draft 13-week cash view by Friday.

Fidus Investment Corporation (FDUS) - Canvas Business Model: Revenue Streams

You're looking at how Fidus Investment Corporation brings in money from its portfolio as of late 2025. The revenue streams are heavily weighted toward debt investment income, which is typical for a Business Development Company (BDC) like Fidus Investment Corporation.

The Total investment income of $37.3 million for Q3 2025 was slightly below the prior year period, driven by a mix of factors across the income sources.

Here's the quick math on the components that made up that total investment income for the three months ended September 30, 2025, based on the detailed breakdown:

Revenue Component	Amount (Q3 2025)
Interest income from debt investments (Cash)	$30.82 million
Interest income from debt investments (PIK interest)	$3.19 million
Dividend income from equity investments	$0.99 million
Fee income from prepayments, originations, and amendments	$1.32 million
Interest on idle funds	$0.94 million
Total Investment Income (Sum of components)	$37.26 million

The primary drivers of revenue are the interest-bearing assets. You can see the total interest income, which includes the non-cash component, is substantial.

• Interest income from debt investments, including PIK interest, totaled $34.01 million ($30.82 million cash interest plus $3.19 million PIK interest) for Q3 2025.
• Fee income from prepayments, originations, and amendments was $1.32 million for the quarter.
• This fee income specifically showed a year-over-year decline; it decreased by $1.4 million in Q3 2025 compared to Q3 2024, reflecting a normalization after a strong prior period.
• Dividend income from equity investments in portfolio companies was $0.99 million.
• This dividend income also saw a year-over-year reduction, specifically a $0.4 million decrease in Q3 2025 versus Q3 2024.
• Realized gains from the successful exit of equity investments resulted in a total net realized loss on investments of $(1.4) million for the three months ended September 30, 2025.

The total investment income of $37.3 million for Q3 2025 compares to a decrease of $1.1 million when measured against the same period in 2024. Fidus Investment Corporation is definitely seeing volatility in the fee-related income, but the core debt yield remains strong, with a weighted average effective yield on debt investments at 13.0% as of September 30, 2025.

Finance: draft 13-week cash view by Friday.