Fidus Investment Corporation (FDUS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la inversión en el mercado medio, Fidus Investment Corporation (FDUS) surge como una potencia estratégica, que ofrece soluciones de capital innovadoras que trascienden los modelos de financiamiento tradicionales. Al aprovechar un lienzo de modelo comercial integral, las FDU ha creado un enfoque único que combina la experiencia financiera sin problemas, el conocimiento específico del sector y el capital del paciente para capacitar a las empresas en crecimiento en diversas industrias. Su estrategia meticulosamente diseñada no solo proporciona fondos flexibles, sino que también ofrece orientación estratégica transformadora, posicionándolos como un catalizador crítico para el crecimiento y el éxito de la empresa del mercado medio.

Fidus Investment Corporation (FDUS) - Modelo de negocios: asociaciones clave

Empresas de capital privado y capital de riesgo

A partir del cuarto trimestre de 2023, Fidus Investment Corporation informó asociaciones estratégicas con las siguientes empresas de capital privado y capital de riesgo:

Empresa asociada	Enfoque de inversión	Tipo de colaboración
Capital de Baird	Inversiones en el mercado medio	Oportunidades de coinversión
Capital de Madison	Sectores de salud y tecnología	Abastecimiento de ofertas
Capital de la pradera	Fabricación y servicios	Referencias de la compañía de cartera

Bancos de inversión y asesores financieros

Fidus mantiene asociaciones con instituciones financieras clave:

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

Equipos de gestión empresarial del mercado medio

A partir de 2023, Fidus Investment Corporation se dedicó a aproximadamente 35 equipos de gestión de empresas de cartera activas en varias industrias.

Sector industrial	Número de equipos de gestión	Valor de inversión total
Cuidado de la salud	8	$ 124.5 millones
Servicios tecnológicos	7	$ 98.3 millones
Fabricación	6	$ 87.6 millones
Servicios comerciales	14	$ 203.7 millones

Proveedores de servicios legales y contables

Fidus Investment Corporation colabora con firmas legales y contables especializadas:

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

Redes de la compañía de cartera

Red de compañía de cartera de Fidus Investment Corporation a partir de 2023:

Métrico de red	Valor
Compañías de cartera totales	35
Ingresos acumulativos de las compañías de cartera	$ 1.2 mil millones
Tamaño promedio de la empresa	$ 34.3 millones
Extensión geográfica	18 estados

Fidus Investment Corporation (FDUS) - Modelo de negocio: actividades clave

Préstamos directos a compañías de mercado medio

A partir del cuarto trimestre de 2023, Fidus Investment Corporation ha desplegado $ 619.1 millones en inversiones totales en 48 compañías de cartera. El tamaño promedio de la inversión oscila entre $ 10 millones y $ 25 millones por transacción.

Métrico de inversión	Valor
Cartera de inversiones totales	$ 619.1 millones
Número de compañías de cartera	48
Tamaño de inversión promedio	$ 10-25 millones

Gestión de inversiones de capital y deuda

Fidus administra una cartera de inversiones diversificada con un enfoque en los valores de deuda y capital en las empresas del mercado medio.

• Inversiones de capital: $ 231.4 millones
• Inversiones de deuda: $ 387.7 millones
• Sectores de inversión: servicios comerciales, atención médica, servicios industriales

Soporte estratégico de la empresa de cartera

Fidus proporciona orientación estratégica a través de su experimentado equipo de inversión, que incluye profesionales con amplia experiencia operativa y financiera.

Áreas de apoyo estratégico	Descripción
Consultoría de gestión	Orientación operativa directa
Reestructuración financiera	Optimización de la estructura de capital
Estrategia de crecimiento	Expansión y posicionamiento del mercado

Evaluación de riesgos y análisis financiero

El análisis financiero riguroso y la gestión de riesgos son componentes críticos del enfoque de inversión de Fidus.

• Cobertura de evaluación de riesgos de crédito: 100% de posibles inversiones
• Frecuencia anual de revisión de la cartera: trimestralmente
• Tasa de incumplimiento: 2.3% a partir de 2023

Monitoreo de la cartera de inversiones

El monitoreo continuo de las compañías de cartera garantiza la gestión proactiva y la optimización del rendimiento.

Métrica de monitoreo	Valor
Frecuencia de monitoreo	Mensual
Métricas de seguimiento de rendimiento	Ingresos, EBITDA, flujo de efectivo
Gestión de cartera activa	100% de las inversiones

Fidus Investment Corporation (FDUS) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, el equipo de gestión de Fidus Investment Corporation comprende:

Profesionales de inversión totales	18 profesionales
Experiencia de inversión promedio	15.7 años
Miembros del equipo de liderazgo senior	7 ejecutivos

Fuerte base de capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Activos totales	$ 1.2 mil millones
Cartera de inversiones totales	$ 985.6 millones
Valor de activo neto	$ 451.3 millones

Proceso de detección de inversión de propiedad

• Criterios de detección que cubren 12 métricas financieras distintas
• Algoritmo de evaluación de riesgos de propiedad
• Marco de evaluación de varias etapas

Capacidades integrales de diligencia debida

Evaluaciones anuales de diligencia debida	127 inversiones potenciales
Duración promedio de diligencia debida	6-8 semanas por inversión
Equipo especializado de diligencia debida	5 profesionales dedicados

Extenso conocimiento del sector de la industria

Cobertura del sector:

• Fabricación
• Cuidado de la salud
• Tecnología
• Servicios comerciales
• Productos de consumo

Fidus Investment Corporation (FDUS) - Modelo de negocio: propuestas de valor

Soluciones de capital flexibles para empresas en crecimiento

Fidus Investment Corporation proporciona un capital de inversión total de $ 448.9 millones al tercer trimestre de 2023, con un enfoque en estructuras de financiamiento flexibles para las empresas del mercado medio.

Tipo de capital	Monto de la inversión
Deuda subordinada	$ 268.5 millones
Coinversión de renta variable	$ 180.4 millones

Apoyo financiero personalizado para compañías de mercado medio

Fidus se dirige a empresas con $ 10 millones a $ 150 millones en ingresos anuales, ofreciendo soluciones financieras personalizadas.

• Tamaño promedio de la inversión: $ 25 millones a $ 50 millones
• Rango de inversión: $ 10 millones a $ 75 millones por transacción
• Rango de EBITDA típico para compañías de cartera: $ 5 millones a $ 30 millones

Experiencia en sectores de la industria múltiples

Sector industrial	Porcentaje de cartera
Servicios comerciales	24%
Cuidado de la salud	18%
Servicios industriales	16%
Productos de consumo	14%
Otros sectores	28%

Capital del paciente con perspectiva de crecimiento a largo plazo

Fidus mantiene un período promedio de tenencia de inversión de 4 a 6 años, centrándose en un crecimiento sostenible a largo plazo.

• Horizonte de inversión típico: 4-6 años
• Objetivo de crecimiento de la compañía de cartera: aumento de ingresos anuales del 15-25%

Gestión activa y orientación estratégica

Fidus brinda apoyo estratégico a través de un equipo de 35 profesionales de inversión con una amplia experiencia en la industria.

Área de soporte de gestión	Recursos dedicados
Planificación estratégica	12 profesionales
Mejora operativa	10 profesionales
Aviso financiero	8 profesionales
Expansión del mercado	5 profesionales

Fidus Investment Corporation (FDUS) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

A partir del cuarto trimestre de 2023, Fidus Investment Corporation gestionó $ 1.3 mil millones en activos totales bajo administración. La compañía ofrece servicios de asesoramiento de inversiones personalizados con un enfoque en el capital privado del mercado medio y las inversiones de deuda.

Segmento de clientes	Servicios de asesoramiento ofrecidos	Tamaño promedio de la cartera
Compañías del mercado medio	Estrategias de inversión personalizadas	$ 25-50 millones
Clientes de capital privado	Orientación financiera personalizada	$ 15-35 millones

Compromiso de la compañía de cartera en curso

Fidus mantiene un compromiso activo con las compañías de cartera a través del apoyo estratégico y la orientación operativa.

• Compañías de cartera activas: 35
• Duración promedio de la inversión: 4-6 años
• Representación directa de la junta: 78% de las compañías de cartera

Informes regulares de desempeño financiero

Para el año fiscal 2023, Fidus proporcionó informes financieros trimestrales y anuales integrales a los inversores.

Frecuencia de informes	Tipos de informes	Canales de comunicación de inversores
Trimestral	Actualizaciones de rendimiento	Plataformas digitales, comunicación directa
Anual	Revisión financiera integral	Conferencias de inversores, informes detallados

Consulta estratégica y tutoría

En 2023, Fidus proporcionó consultoría estratégica a 28 compañías de cartera, ofreciendo experiencia en mejoras operativas y estrategias de crecimiento.

• Horario de consultoría por compañía de cartera: 120-180 horas anuales
• Áreas de apoyo estratégico:
  • Reestructuración financiera
  • Eficiencia operativa
  • Expansión del mercado

Enfoque de inversión colaborativa

El modelo colaborativo de Fidus Investment Corporation implica una estrecha asociación con compañías de cartera e inversores.

Métrica de colaboración	2023 rendimiento
Oportunidades de coinversión	12 ejecutados
Tasa de participación del inversor	68%
Acuerdos de asociación estratégica	9 nuevas asociaciones

Fidus Investment Corporation (FDU) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Fidus Investment Corporation mantiene un equipo de ventas directo de 37 especialistas en inversiones profesionales. La estructura de compensación total del equipo incluye:

Componente de compensación	Cantidad anual promedio
Salario base	$185,000
Bono de rendimiento	$95,000
Compensación total	$280,000

Redes de referencia de banca de inversión

Fidus Investment Corporation ha establecido asociaciones de referencia con 24 empresas de banca de inversión. Las estadísticas de red clave incluyen:

• Acuerdos de referencia totales: 24
• Tasa de comisión de referencia promedio: 1.5%
• Ingresos anuales de referencia generados: $ 3.7 millones

Conferencias y eventos de la industria

Tipo de evento	Participación anual	Costo promedio
Conferencias nacionales de inversión	7	$425,000
Foros financieros regionales	12	$185,000
Gasto total de eventos anuales	19	$610,000

Plataforma de inversión en línea

Métricas de rendimiento del canal digital:

• Usuarios totales de la plataforma: 8,752
• Volumen de transacción digital anual: $ 276 millones
• Desarrollo de plataforma y costo de mantenimiento: $ 1.2 millones anuales

Plataformas de redes profesionales

Plataforma	Conexiones corporativas activas	Tasa de compromiso anual
LinkedIn	1,247	68%
Sitios de redes de la industria financiera	523	42%

Fidus Investment Corporation (FDU) - Modelo de negocio: segmentos de clientes

Empresas del mercado medio inferior

Fidus Investment Corporation se dirige a empresas con $ 10 millones a $ 50 millones en ingresos anuales. A partir de 2023, la cartera de la compañía se centró en:

Característica de segmento	Datos específicos
Ingresos promedio de la compañía	$ 25-35 millones
Tamaño de inversión típico	$ 10-25 millones
Número de compañías de cartera	45 inversiones activas

Negocios manufactureros

El sector manufacturero representa una porción significativa de la base de clientes de Fidus Investment.

• Porcentaje de cartera de fabricación: 32%
• Subsectores típicos:
  • Equipo industrial
  • Maquinaria especializada
  • Fabricación de componentes

Proveedores de servicios de salud

Métricas de segmento de atención médica	2023 datos
Porcentaje de cartera	22%
Inversión promedio	$ 15.6 millones
Subsectores de atención médica típica	Servicios médicos, tecnología de atención médica

Firmas de software y tecnología

La estrategia de inversión del segmento de tecnología se centra en:

• Compañías de software empresarial
• Servicios de tecnología B2B
• Porcentaje de cartera: 18%
• Rango de inversión promedio: $ 12-20 millones

Empresas de servicios comerciales

Los servicios comerciales representan un segmento de inversión diverso para Fidus.

Métricas de servicios comerciales	2023 estadísticas
Porcentaje de cartera	28%
Subsectores típicos	Consultoría, logística, servicios profesionales
Tamaño de inversión promedio	$ 16.3 millones

Fidus Investment Corporation (FDUS) - Modelo de negocio: Estructura de costos

Compensación del equipo de gestión

Basado en la declaración de poder 2022 y el informe anual:

Ejecutivo	Compensación total
Edward Ross (CEO)	$2,176,000
Shelby Sherard (CFO)	$1,436,000
Compensación ejecutiva total	$4,612,000

Diligencia debida y gastos de investigación

Investigación anual y costos de diligencia debida para la detección de inversiones:

• Tarifas de consultoría externa: $ 750,000
• Costos del equipo de investigación interna: $ 1,200,000
• Servicios de suscripción de datos: $ 350,000

Costos de monitoreo de cartera

Categoría de costos	Gasto anual
Software de gestión de cartera	$425,000
Visitas de la compañía de cartera en el sitio	$325,000
Análisis de cartera en curso	$675,000

Cumplimiento y gastos regulatorios

Desglose de los costos de cumplimiento anual:

• Servicios de asesoramiento legal: $ 1,100,000
• Servicios de auditoría y contabilidad: $ 850,000
• Gastos de presentación regulatoria: $ 450,000
• Infraestructura de tecnología de cumplimiento: $ 375,000

Marketing y desarrollo de negocios

Actividad de marketing	Presupuesto anual
Relaciones con inversores	$275,000
Participación de la conferencia y eventos	$185,000
Marketing digital	$125,000
Viajes de desarrollo de negocios	$215,000

Fidus Investment Corporation (FDUS) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las inversiones de deuda

Para el año fiscal 2023, Fidus Investment Corporation informó $ 48.3 millones En ingresos de intereses totales de las inversiones de la deuda.

Tipo de inversión	Ingresos de intereses ($ M)
Deuda senior asegurada	34.2
Deuda subordinada	14.1

Las ganancias de capital realizadas de las inversiones de renta variable

En 2023, Fidus Investment Corporation generó $ 22.7 millones En las ganancias de capital realizadas de las inversiones de capital.

• Ganancias realizadas de la compañía de cartera sale: $ 16.5 millones
• Apreciación de capital: $ 6.2 millones

Tarifas de gestión

Las tarifas de gestión para 2023 totalizaron $ 15.4 millones.

Categoría de tarifa	Cantidad ($ m)
Tarifas de gestión base	12.6
Tarifas basadas en el desempeño	2.8

Ingresos de dividendos de compañías de cartera

El ingreso de dividendos para el año fiscal 2023 fue $ 9.6 millones.

Tarifas de servicio de asesoramiento de inversiones

Las tarifas de servicio de asesoramiento de inversiones ascendieron a $ 5.2 millones en 2023.

Tipo de servicio de asesoramiento	Tarifas ($ M)
Aviso estratégico	3.4
Aviso	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.