Fidus Investment Corporation (FDUS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do investimento no mercado intermediário, a Fidus Investment Corporation (FDUS) surge como uma potência estratégica, oferecendo soluções de capital inovadoras que transcendem modelos de financiamento tradicionais. Ao alavancar uma tela abrangente do modelo de negócios, a FDUS criou uma abordagem única que combina perfeitamente a experiência financeira, o conhecimento específico do setor e o capital do paciente para capacitar empresas em crescimento em diversos setores. Sua estratégia meticulosamente projetada não apenas fornece financiamento flexível, mas também oferece orientações estratégicas transformadoras, posicionando-as como um catalisador crítico para o crescimento e o sucesso da empresa no mercado intermediário.

Fidus Investment Corporation (FDUS) - Modelo de negócios: Parcerias -chave

Empresas de capital de private equity e risco

A partir do quarto trimestre 2023, a Fidus Investment Corporation relatou parcerias estratégicas com as seguintes empresas de capital de private equity e risco:

Empresa parceira	Foco de investimento	Tipo de colaboração
Baird Capital	Investimentos de mercado intermediário	Oportunidades de co-investimento
Madison Capital	Setores de saúde e tecnologia	Fornecimento de negócios
Capital da pradaria	Fabricação e serviços	Referências da empresa de portfólio

Bancos de investimento e consultores financeiros

Fidus mantém parcerias com as principais instituições financeiras:

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

Equipes de gerenciamento de negócios do mercado intermediário

A partir de 2023, a Fidus Investment Corporation se envolveu com aproximadamente 35 equipes de gerenciamento de empresas de portfólio ativas em vários setores.

Setor da indústria	Número de equipes de gerenciamento	Valor total de investimento
Assistência médica	8	US $ 124,5 milhões
Serviços de Tecnologia	7	US $ 98,3 milhões
Fabricação	6	US $ 87,6 milhões
Serviços de negócios	14	US $ 203,7 milhões

Provedores de serviços legais e de contabilidade

A Fidus Investment Corporation colabora com empresas jurídicas e de contabilidade especializadas:

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

Networks de empresas de portfólio

A rede de portfólio da Fidus Investment Corporation em 2023:

Métrica de rede	Valor
Empresas totais de portfólio	35
Receita cumulativa de empresas de portfólio	US $ 1,2 bilhão
Tamanho médio da empresa	US $ 34,3 milhões
Propagação geográfica	18 estados

Fidus Investment Corporation (FDUS) - Modelo de negócios: Atividades -chave

Empréstimos diretos para empresas de mercado intermediário

No quarto trimestre 2023, a Fidus Investment Corporation implantou US $ 619,1 milhões em investimentos totais em 48 empresas de portfólio. O tamanho médio do investimento varia entre US $ 10 milhões e US $ 25 milhões por transação.

Métrica de investimento	Valor
Portfólio total de investimentos	US $ 619,1 milhões
Número de empresas de portfólio	48
Tamanho médio de investimento	US $ 10-25 milhões

Gerenciamento de patrimônio e investimento de dívida

A FIDUS gerencia um portfólio de investimentos diversificado, com foco em títulos de dívida e patrimônio em empresas de médio porte.

• Investimentos de ações: US $ 231,4 milhões
• Investimentos de dívida: US $ 387,7 milhões
• Setores de investimento: serviços comerciais, saúde, serviços industriais

Suporte estratégico da empresa de portfólio

A FIDUS fornece orientação estratégica por meio de sua experiente equipe de investimento, que inclui profissionais com ampla experiência operacional e financeira.

Áreas de apoio estratégico	Descrição
Consultoria de Gerenciamento	Orientação operacional direta
Reestruturação financeira	Otimização da estrutura de capital
Estratégia de crescimento	Expansão e posicionamento de mercado

Avaliação de risco e análise financeira

Análise financeira rigorosa e gerenciamento de riscos são componentes críticos da abordagem de investimento da FIDUS.

• Cobertura de avaliação de risco de crédito: 100% dos investimentos em potencial
• Frequência anual de revisão do portfólio: trimestral
• Taxa padrão: 2,3% a partir de 2023

Monitoramento do portfólio de investimentos

O monitoramento contínuo das empresas de portfólio garante o gerenciamento proativo e a otimização de desempenho.

Monitoramento métrica	Valor
Frequência de monitoramento	Mensal
Métricas de rastreamento de desempenho	Receita, Ebitda, fluxo de caixa
Gerenciamento de portfólio ativo	100% dos investimentos

Fidus Investment Corporation (FDUS) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a equipe de gestão da Fidus Investment Corporation compreende:

Total de profissionais de investimento	18 profissionais
Experiência média de investimento	15,7 anos
Membros da equipe de liderança sênior	7 executivos

Forte base de capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Total de ativos	US $ 1,2 bilhão
Portfólio total de investimentos	US $ 985,6 milhões
Valor líquido do ativo	US $ 451,3 milhões

Processo de triagem de investimento proprietário

• Critérios de triagem cobrindo 12 métricas financeiras distintas
• Algoritmo de avaliação de risco proprietário
• Estrutura de avaliação de vários estágios

Capacidades abrangentes de due diligence

Avaliações anuais de due diligence	127 investimentos em potencial
Duração média de due diligence	6-8 semanas por investimento
Equipe especializada de due diligence	5 profissionais dedicados

Extenso conhecimento do setor da indústria

Cobertura do setor:

• Fabricação
• Assistência médica
• Tecnologia
• Serviços de negócios
• Produtos de consumo

Fidus Investment Corporation (FDUS) - Modelo de Negócios: Proposições de Valor

Soluções de capital flexíveis para empresas em crescimento

A Fidus Investment Corporation fornece capital total de investimento de US $ 448,9 milhões a partir do terceiro trimestre de 2023, com foco em estruturas de financiamento flexíveis para empresas de mercado intermediário.

Tipo de capital	Valor do investimento
Dívida subordinada	US $ 268,5 milhões
Co-investimento de ações	US $ 180,4 milhões

Apoio financeiro personalizado para empresas de mercado intermediário

A Fidus tem como alvo as empresas com US $ 10 milhões a US $ 150 milhões em receita anual, oferecendo soluções financeiras personalizadas.

• Tamanho médio do investimento: US $ 25 milhões a US $ 50 milhões
• Faixa de investimento: US $ 10 milhões a US $ 75 milhões por transação
• Faixa EBITDA típica para empresas de portfólio: US $ 5 milhões a US $ 30 milhões

Experiência em vários setores do setor

Setor da indústria	Porcentagem de portfólio
Serviços de negócios	24%
Assistência médica	18%
Serviços industriais	16%
Produtos de consumo	14%
Outros setores	28%

Capital do paciente com perspectiva de crescimento a longo prazo

O FIDUS mantém um período médio de retirada de investimento de 4-6 anos, com foco no crescimento sustentável a longo prazo.

• Horizonte de investimento típico: 4-6 anos
• Portfolio Company Growth Meta: 15-25% Aumento da receita anual

Gerenciamento ativo e orientação estratégica

A FIDUS fornece apoio estratégico por meio de uma equipe de 35 profissionais de investimento com extensa experiência no setor.

Área de apoio à gerência	Recursos dedicados
Planejamento estratégico	12 profissionais
Melhoria operacional	10 profissionais
Aviso financeiro	8 profissionais
Expansão do mercado	5 profissionais

Fidus Investment Corporation (FDUS) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

A partir do quarto trimestre 2023, a Fidus Investment Corporation conseguiu US $ 1,3 bilhão em ativos totais sob gestão. A empresa fornece serviços de consultoria de investimento personalizados, com foco em investimentos em private equity e dívidas do mercado intermediário.

Segmento de clientes	Serviços de consultoria oferecidos	Tamanho médio do portfólio
Empresas de mercado intermediário	Estratégias de investimento personalizado	US $ 25-50 milhões
Clientes de private equity	Orientação financeira personalizada	US $ 15-35 milhões

Engajamento em andamento da empresa de portfólio

A FIDUS mantém o envolvimento ativo com as empresas de portfólio por meio de suporte estratégico e orientação operacional.

• Empresas de portfólio ativo: 35
• Duração média do investimento: 4-6 anos
• Representação direta do conselho: 78% das empresas de portfólio

Relatório de desempenho financeiro regular

Para o ano fiscal de 2023, a FIDUS forneceu relatórios financeiros trimestrais e anuais abrangentes aos investidores.

Frequência de relatório	Tipos de relatório	Canais de comunicação de investidores
Trimestral	Atualizações de desempenho	Plataformas digitais, comunicação direta
Anual	Revisão financeira abrangente	Conferências de investidores, relatórios detalhados

Consulta estratégica e orientação

Em 2023, a FIDUS forneceu consultoria estratégica a 28 empresas de portfólio, oferecendo experiência em melhorias operacionais e estratégias de crescimento.

• Horário de consultoria por portfólio Empresa: 120-180 horas anualmente
• Áreas de suporte estratégico:
  • Reestruturação financeira
  • Eficiência operacional
  • Expansão do mercado

Abordagem de investimento colaborativo

O modelo colaborativo da Fidus Investment Corporation envolve uma parceria estreita com empresas e investidores de portfólio.

Métrica de colaboração	2023 desempenho
Oportunidades de co-investimento	12 executados
Taxa de participação do investidor	68%
Acordos de parceria estratégica	9 novas parcerias

Fidus Investment Corporation (FDUS) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Fidus Investment Corporation mantém uma equipe de vendas direta de 37 especialistas em investimentos profissionais. A estrutura total de remuneração da equipe inclui:

Componente de compensação	Valor médio anual
Salário base	$185,000
Bônus de desempenho	$95,000
Compensação total	$280,000

Redes de referência bancária de investimento

A Fidus Investment Corporation estabeleceu parcerias de referência com 24 empresas de banco de investimento. As principais estatísticas de rede incluem:

• Acordos totais de referência: 24
• Taxa média de comissão de referência: 1,5%
• Receita anual de referência gerada: US $ 3,7 milhões

Conferências e eventos do setor

Tipo de evento	Participação anual	Custo médio
Conferências Nacionais de Investimento	7	$425,000
Fóruns Financeiros Regionais	12	$185,000
Despesas de eventos anuais totais	19	$610,000

Plataforma de investimento online

Métricas de desempenho do canal digital:

• Usuários totais da plataforma: 8.752
• Volume anual de transação digital: US $ 276 milhões
• Custo do desenvolvimento e manutenção da plataforma: US $ 1,2 milhão anualmente

Plataformas de redes profissionais

Plataforma	Conexões corporativas ativas	Taxa de engajamento anual
LinkedIn	1,247	68%
Sites de rede do setor financeiro	523	42%

Fidus Investment Corporation (FDUS) - Modelo de negócios: segmentos de clientes

Empresas de mercado médio inferior

A Fidus Investment Corporation tem como alvo as empresas com US $ 10 milhões a US $ 50 milhões em receitas anuais. A partir de 2023, o portfólio da empresa se concentrou em:

Característica do segmento	Dados específicos
Receita média da empresa	US $ 25-35 milhões
Tamanho típico de investimento	US $ 10-25 milhões
Número de empresas de portfólio	45 investimentos ativos

Empresas de manufatura

O setor manufatureiro representa uma parcela significativa da base de clientes do Fidus Investment.

• Porcentagem de portfólio de fabricação: 32%
• Subsetores típicos:
  • Equipamento industrial
  • Máquinas especializadas
  • Fabricação de componentes

Provedores de serviços de saúde

Métricas do segmento de saúde	2023 dados
Porcentagem de portfólio	22%
Investimento médio	US $ 15,6 milhões
Subsetores típicos de saúde	Serviços médicos, tecnologia de saúde

Empresas de software e tecnologia

A estratégia de investimento do segmento de tecnologia se concentra:

• Empresas de software corporativo
• Serviços de tecnologia B2B
• Porcentagem de portfólio: 18%
• Faixa de investimento médio: US $ 12-20 milhões

Empresas de serviços de negócios

Os serviços de negócios representam um segmento de investimento diversificado para Fidus.

Métricas de Serviços de Negócios	2023 Estatísticas
Porcentagem de portfólio	28%
Subsetores típicos	Consultoria, logística, serviços profissionais
Tamanho médio de investimento	US $ 16,3 milhões

Fidus Investment Corporation (FDUS) - Modelo de negócios: estrutura de custos

Compensação da equipe de gerenciamento

Com base na declaração de procuração de 2022 e no relatório anual:

Executivo	Compensação total
Edward Ross (CEO)	$2,176,000
Shelby Sherard (CFO)	$1,436,000
Compensação de executivos totais	$4,612,000

Due Diligence e Despesas de Pesquisa

Custos anuais de pesquisa e due diligence para triagem de investimentos:

• Taxas de consultoria externa: US $ 750.000
• Custos internos da equipe de pesquisa: US $ 1.200.000
• Serviços de assinatura de dados: US $ 350.000

Custos de monitoramento de portfólio

Categoria de custo	Despesa anual
Software de gerenciamento de portfólio	$425,000
Visitas de empresa de portfólio no local	$325,000
Análise de portfólio em andamento	$675,000

Conformidade e despesas regulatórias

Repartição dos custos anuais de conformidade:

• Serviços de Consultoria Jurídica: US $ 1.100.000
• Serviços de auditoria e contabilidade: US $ 850.000
• Despesas de arquivamento regulatório: US $ 450.000
• Infraestrutura de tecnologia de conformidade: US $ 375.000

Marketing e desenvolvimento de negócios

Atividade de marketing	Orçamento anual
Relações com investidores	$275,000
Participação de conferência e evento	$185,000
Marketing digital	$125,000
Viagens de desenvolvimento de negócios	$215,000

Fidus Investment Corporation (FDUS) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em dívida

Para o ano fiscal de 2023, informou a Fidus Investment Corporation US $ 48,3 milhões na receita total de juros dos investimentos em dívida.

Tipo de investimento	Receita de juros ($ m)
Dívida sênior garantida	34.2
Dívida subordinada	14.1

Ganhos de capital realizados com investimentos em ações

Em 2023, a Fidus Investment Corporation gerou US $ 22,7 milhões em ganhos de capital realizados com investimentos em ações.

• Ganhos realizados da empresa de portfólio sai: US $ 16,5 milhões
• Apreciação de patrimônio: US $ 6,2 milhões

Taxas de gerenciamento

Taxas de gerenciamento para 2023 totalizaram US $ 15,4 milhões.

Categoria de taxa	Valor ($ m)
Taxas de gerenciamento base	12.6
Taxas baseadas em desempenho	2.8

Receita de dividendos de empresas de portfólio

A renda dos dividendos para o ano fiscal de 2023 foi US $ 9,6 milhões.

Taxas de serviço de consultoria de investimento

As taxas de serviço de consultoria de investimento totalizaram US $ 5,2 milhões em 2023.

Tipo de serviço de consultoria	Taxas ($ m)
Consultoria estratégica	3.4
Aviso de transação	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.