Fidus Investment Corporation (FDUS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'investissement du marché intermédiaire, Fidus Investment Corporation (FDUS) apparaît comme une puissance stratégique, offrant des solutions de capital innovantes qui transcendent les modèles de financement traditionnels. En tirant parti d'une toile complète du modèle commercial, FDUS a conçu une approche unique qui mélange de manière transparente l'expertise financière, les connaissances sectorielles et le capital des patients pour autonomiser les entreprises croissantes dans divers secteurs. Leur stratégie méticuleusement conçue fournit non seulement un financement flexible, mais fournit également des conseils stratégiques transformateurs, les positionnant comme un catalyseur critique pour la croissance et le succès des entreprises du marché intermédiaire.

Fidus Investment Corporation (FDUS) - Modèle d'entreprise: partenariats clés

Sociétés de capital-investissement et de capital-risque

Au quatrième trimestre 2023, Fidus Investment Corporation a signalé des partenariats stratégiques avec les sociétés de capital-investissement et de capital-risque suivantes:

Entreprise partenaire	Focus d'investissement	Type de collaboration
Capital baird	Investissements sur le marché intermédiaire	Opportunités de co-investissement
Madison Capital	Secteurs de la santé et de la technologie	Source des transactions
Capital prairie	Fabrication et services	Références de compagnie de portefeuille

Banques d'investissement et conseillers financiers

Fidus maintient des partenariats avec les principales institutions financières:

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

Équipes de gestion d'entreprise sur le marché intermédiaire

En 2023, Fidus Investment Corporation s'est engagée avec environ 35 équipes de gestion des entreprises de portefeuille active dans diverses industries.

Secteur de l'industrie	Nombre d'équipes de gestion	Valeur d'investissement totale
Soins de santé	8	124,5 millions de dollars
Services technologiques	7	98,3 millions de dollars
Fabrication	6	87,6 millions de dollars
Services aux entreprises	14	203,7 millions de dollars

Fournisseurs de services juridiques et comptables

Fidus Investment Corporation collabore avec des cabinets juridiques et comptables spécialisés:

• Kirkland & Ellis LLP
• PricewaterhouseCoopers
• Ernst & Jeune
• Skadden, arps, ardoise, meagher & Flom LLP

Réseaux de compagnie de portefeuille

FIDUS Investment Corporation's Portfolio Company Network à partir de 2023:

Métrique du réseau	Valeur
Companies totales de portefeuille	35
Revenus cumulatifs des sociétés de portefeuille	1,2 milliard de dollars
Taille moyenne de l'entreprise	34,3 millions de dollars
Propagation géographique	18 États

Fidus Investment Corporation (FDUS) - Modèle d'entreprise: activités clés

Prêts directs aux sociétés du marché intermédiaire

Au quatrième trimestre 2023, Fidus Investment Corporation a déployé 619,1 millions de dollars d'investissements totaux dans 48 sociétés de portefeuille. La taille moyenne des investissements varie entre 10 et 25 millions de dollars par transaction.

Métrique d'investissement	Valeur
Portefeuille d'investissement total	619,1 millions de dollars
Nombre de sociétés de portefeuille	48
Taille moyenne de l'investissement	10-25 millions de dollars

Gestion des investissements en capitaux propres et en dette

Fidus gère un portefeuille d'investissement diversifié en mettant l'accent sur la dette et les titres de capitaux propres dans les sociétés du marché intermédiaire.

• Investissements en actions: 231,4 millions de dollars
• Investissements de la dette: 387,7 millions de dollars
• Secteurs d'investissement: services commerciaux, soins de santé, services industriels

Portfolio Company Support stratégique

Fidus fournit des conseils stratégiques par le biais de son équipe d'investissement expérimentée, qui comprend des professionnels ayant une vaste expertise opérationnelle et financière.

Domaines de soutien stratégiques	Description
Conseil en gestion	Conseils opérationnels directs
Restructuration financière	Optimisation de la structure du capital
Stratégie de croissance	Extension et positionnement du marché

Évaluation des risques et analyse financière

L'analyse financière rigoureuse et la gestion des risques sont des éléments essentiels de l'approche d'investissement de Fidus.

• Couverture d'évaluation des risques de crédit: 100% des investissements potentiels
• Fréquence d'examen annuel du portefeuille: trimestriel
• Taux par défaut: 2,3% en 2023

Surveillance du portefeuille d'investissement

La surveillance continue des sociétés de portefeuille assure une gestion proactive et une optimisation des performances.

Surveillance de la métrique	Valeur
Fréquence de surveillance	Mensuel
Métriques de suivi des performances	Revenus, EBITDA, flux de trésorerie
Gestion de portefeuille actif	100% des investissements

Fidus Investment Corporation (FDUS) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

En 2024, l'équipe de gestion de Fidus Investment Corporation comprend:

Total des professionnels de l'investissement	18 professionnels
Expérience d'investissement moyenne	15,7 ans
Membres de l'équipe de direction	7 cadres

Solide base de capital financier

Ressources financières au quatrième trimestre 2023:

Actif total	1,2 milliard de dollars
Portefeuille d'investissement total	985,6 millions de dollars
Valeur de l'actif net	451,3 millions de dollars

Processus de dépistage des investissements propriétaires

• Critères de dépistage couvrant 12 mesures financières distinctes
• Algorithme d'évaluation des risques propriétaires
• Cadre d'évaluation en plusieurs étapes

Capacités de diligence raisonnable complètes

Évaluations annuelles de la diligence raisonnable	127 investissements potentiels
Durée de diligence raisonnable moyenne	6 à 8 semaines par investissement
Équipe spécialisée de diligence raisonnable	5 professionnels dévoués

Connaissances approfondies du secteur industriel

Couverture du secteur:

• Fabrication
• Soins de santé
• Technologie
• Services aux entreprises
• Produits de consommation

Fidus Investment Corporation (FDUS) - Modèle d'entreprise: propositions de valeur

Solutions de capital flexibles pour les entreprises en croissance

Fidus Investment Corporation fournit un capital d'investissement total de 448,9 millions de dollars au troisième trimestre 2023, en mettant l'accent sur les structures de financement flexibles pour les sociétés du marché intermédiaire.

Type de capital	Montant d'investissement
Dette subordonnée	268,5 millions de dollars
Co-investissement en actions	180,4 millions de dollars

Soutien financier sur mesure pour les entreprises du marché intermédiaire

FIDUS cible les entreprises avec 10 à 150 millions de dollars de revenus annuels, offrant des solutions financières personnalisées.

• Taille moyenne de l'investissement: 25 millions à 50 millions de dollars
• Gamme d'investissement: 10 à 75 millions de dollars par transaction
• Gamme d'EBITDA typique pour les sociétés de portefeuille: 5 à 30 millions de dollars

Expertise dans plusieurs secteurs industriels

Secteur de l'industrie	Pourcentage de portefeuille
Services aux entreprises	24%
Soins de santé	18%
Services industriels	16%
Produits de consommation	14%
Autres secteurs	28%

Capital du patient avec une perspective de croissance à long terme

Fidus maintient une période de détention d'investissement moyenne de 4 à 6 ans, en se concentrant sur une croissance durable à long terme.

• Horizon d'investissement typique: 4-6 ans
• Objectif de croissance des sociétés de portefeuille: augmentation annuelle des revenus de 15 à 25%

Gestion active et conseils stratégiques

Fidus fournit un soutien stratégique par le biais d'une équipe de 35 professionnels de l'investissement ayant une vaste expérience de l'industrie.

Domaine de soutien à la gestion	Ressources dédiées
Planification stratégique	12 professionnels
Amélioration opérationnelle	10 professionnels
Avis financier	8 professionnels
Extension du marché	5 professionnels

Fidus Investment Corporation (FDUS) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

Au quatrième trimestre 2023, Fidus Investment Corporation a géré 1,3 milliard de dollars d'actifs totaux sous gestion. La société fournit aux services de conseil en investissement personnalisés en mettant l'accent sur les investissements en capital-investissement et en dette du marché intermédiaire.

Segment de clientèle	Services consultatifs offerts	Taille moyenne du portefeuille
Sociétés intermédiaires	Stratégies d'investissement personnalisées	25 à 50 millions de dollars
Clients de capital-investissement	Guidage financier sur mesure	15-35 millions de dollars

Engagement de la société de portefeuille en cours

Fidus maintient un engagement actif avec les sociétés de portefeuille grâce à un soutien stratégique et à des conseils opérationnels.

• Compagnies de portefeuille actifs: 35
• Durée d'investissement moyenne: 4-6 ans
• Représentation directe du conseil d'administration: 78% des sociétés de portefeuille

Rapports de performance financière réguliers

Pour l'exercice 2023, Fidus a fourni des rapports financiers trimestriels et annuels complets aux investisseurs.

Fréquence de rapport	Types de rapports	Canaux de communication des investisseurs
Trimestriel	Mises à jour des performances	Plates-formes numériques, communication directe
Annuel	Examen financier complet	Conférences d'investisseurs, rapports détaillés

Consultation stratégique et mentorat

En 2023, FIDUS a fourni des conseils stratégiques à 28 sociétés de portefeuille, offrant une expertise en améliorations opérationnelles et en stratégies de croissance.

• Heures de consultation par portefeuille Company: 120-180 heures par an
• Domaines de soutien stratégique:
  • Restructuration financière
  • Efficacité opérationnelle
  • Extension du marché

Approche d'investissement collaboratif

Le modèle collaboratif de Fidus Investment Corporation implique un partenariat étroit avec les sociétés de portefeuille et les investisseurs.

Métrique de collaboration	Performance de 2023
Opportunités de co-investissement	12 exécutés
Taux de participation des investisseurs	68%
Accords de partenariat stratégique	9 nouveaux partenariats

Fidus Investment Corporation (FDUS) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Fidus Investment Corporation maintient une équipe de vente directe de 37 spécialistes des investissements professionnels. La structure de rémunération totale de l'équipe comprend:

Composant de compensation	Montant annuel moyen
Salaire de base	$185,000
Bonus de performance	$95,000
Compensation totale	$280,000

Réseaux de référence de la banque d'investissement

Fidus Investment Corporation a établi des partenariats de référence avec 24 sociétés de banque d'investissement. Les statistiques clés du réseau comprennent:

• Accords de référence totaux: 24
• Taux de commission de référence moyen: 1,5%
• Revenus de référence annuels générés: 3,7 millions de dollars

Conférences et événements de l'industrie

Type d'événement	Participation annuelle	Coût moyen
Conférences d'investissement nationales	7	$425,000
Forums financiers régionaux	12	$185,000
Dépenses annuelles totales d'événements	19	$610,000

Plateforme d'investissement en ligne

Métriques de performance des canaux numériques:

• Total des utilisateurs de la plate-forme: 8 752
• Volume annuel des transactions numériques: 276 millions de dollars
• Coût de développement et de maintenance de la plate-forme: 1,2 million de dollars par an

Plateformes de réseautage professionnels

Plate-forme	Connexions actives d'entreprise	Taux d'engagement annuel
Liendin	1,247	68%
Sites de réseautage de l'industrie financière	523	42%

Fidus Investment Corporation (FDUS) - Modèle d'entreprise: segments de clientèle

Centre des sociétés du marché intermédiaire inférieures

Fidus Investment Corporation cible les sociétés avec des revenus annuels de 10 à 50 millions de dollars. En 2023, le portefeuille de la société s'est concentré sur:

Caractéristique du segment	Données spécifiques
Revenus moyens de l'entreprise	25 à 35 millions de dollars
Taille d'investissement typique	10-25 millions de dollars
Nombre de sociétés de portefeuille	45 investissements actifs

Entreprises manufacturières

Le secteur manufacturier représente une partie importante de la clientèle de Fidus Investment.

• Pourcentage du portefeuille de fabrication: 32%
• Sous-secteurs typiques:
  • Équipement industriel
  • Machines spécialisées
  • Fabrication de composants

Fournisseurs de services de santé

Métriques du segment des soins de santé	2023 données
Pourcentage de portefeuille	22%
Investissement moyen	15,6 millions de dollars
Sous-secteurs de soins de santé typiques	Services médicaux, technologie de santé

Entreprises de logiciels et de technologie

La stratégie d'investissement du segment de la technologie se concentre sur:

• Entreprise Sogiciels
• Services technologiques B2B
• Pourcentage de portefeuille: 18%
• Plage d'investissement moyenne: 12-20 millions de dollars

Entreprises de services aux entreprises

Les services commerciaux représentent un segment d'investissement diversifié pour Fidus.

Métriques des services aux entreprises	2023 statistiques
Pourcentage de portefeuille	28%
Sous-secteurs typiques	Conseil, logistique, services professionnels
Taille moyenne de l'investissement	16,3 millions de dollars

Fidus Investment Corporation (FDUS) - Modèle d'entreprise: Structure des coûts

Compensation de l'équipe de direction

Basé sur la déclaration de procuration 2022 et le rapport annuel:

Exécutif	Compensation totale
Edward Ross (PDG)	$2,176,000
Shelby Sherard (CFO)	$1,436,000
Compensation totale des cadres	$4,612,000

Diligence raisonnable et dépenses de recherche

Coût annuel de recherche et de diligence raisonnable pour le dépistage des investissements:

• Frais de conseil externe: 750 000 $
• Coûts de l'équipe de recherche interne: 1 200 000 $
• Services d'abonnement aux données: 350 000 $

Coûts de surveillance du portefeuille

Catégorie de coûts	Dépenses annuelles
Logiciel de gestion de portefeuille	$425,000
Visites de l'entreprise de portefeuille sur place	$325,000
Analyse du portefeuille en cours	$675,000

Compliance et dépenses réglementaires

Répartition des frais de conformité annuels:

• Services de conseil juridique: 1 100 000 $
• Services d'audit et de comptabilité: 850 000 $
• Dépenses de dépôt réglementaire: 450 000 $
• Infrastructure technologique de conformité: 375 000 $

Marketing et développement commercial

Activité marketing	Budget annuel
Relations avec les investisseurs	$275,000
Conférence et participation des événements	$185,000
Marketing numérique	$125,000
Voyage du développement des entreprises	$215,000

Fidus Investment Corporation (FDUS) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements de la dette

Pour l'exercice 2023, Fidus Investment Corporation a rapporté 48,3 millions de dollars dans le total des revenus d'intérêts des investissements de la dette.

Type d'investissement	Revenu des intérêts ($ m)
Dette garantie supérieure	34.2
Dette subordonnée	14.1

Réalisé des gains en capital des investissements en actions

En 2023, Fidus Investment Corporation a généré 22,7 millions de dollars dans les gains en capital réalisés des investissements en actions.

• Les gains réalisés des sorties de la société de portefeuille: 16,5 millions de dollars
• Appréciation des actions: 6,2 millions de dollars

Frais de gestion

Les frais de gestion pour 2023 totalisent 15,4 millions de dollars.

Catégorie de frais	Montant ($ m)
Frais de gestion de la base	12.6
Frais de performance	2.8

Revenu de dividendes des sociétés de portefeuille

Les revenus de dividendes pour l'exercice 2023 étaient 9,6 millions de dollars.

Frais de service de conseil en investissement

Les frais de service de conseil en investissement se sont élevés 5,2 millions de dollars en 2023.

Type de service consultatif	Frais ($ m)
Avis stratégique	3.4
Avis de transaction	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.