FIDUS INVESTMENT Corp

Listed Company

FDUSCIK 0001513363NasdaqLarge AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$82.40M

Total Assets

$1.43B

Equity

$741.90M

Shares Out

37.95M

Op. Cash Flow

$-147.00M

Business

Fidus Investment Corp operates as an externally managed business development company and elects RIC treatment for U.S. federal income tax purposes, investing through the company and its SBIC fund subsidiaries. It provides customized debt and equity financing solutions to lower middle-market companies, including senior secured, second lien, subordinated debt and minority equity or warrant positions. The firm conducts underwriting, structuring, due diligence and active portfolio management via its investment advisor and investment committee and utilizes SBIC leverage where applicable. Fidus primarily targets U.S.-based lower middle-market companies across a broad range of industries and sources transactions through private equity firms, lenders, financial intermediaries and management teams.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total interest income	126	123	110	82	73
Total payment-in-kind interest income	11	8	7	2	—
Total dividend income	3	2	1	2	3
Total fee income	12	10	9	8	10
Interest on idle funds	3	3	3	534,000	8,000
Total investment income	156	146	130	94	90
Interest and financing expenses	32	24	23	19	19
Base management fee	21	19	16	15	13
Incentive fee - income	19	19	17	—	—
Incentive fee (reversal) - capital gains	2	731,000	2	−432,000	18
Administrative service expenses	3	3	2	2	2
Professional fees	3	3	3	2	2
Other general and administrative expenses	1	1	1	994,000	875,000
Total expenses before base management fee waiver	80	69	64	—	—
Base management fee waiver	−230,000	−264,000	−287,000	—	—
Total expenses, net of base management fee waiver	80	69	64	—	—
Net investment income before income taxes	76	77	66	48	26
Income tax provision (benefit)	2	2	1	—	—
Net investment income	74	75	65	—	—
Total net realized gain (loss) on investments	3	12	24	—	—
Income tax (provision) benefit from realized gains on investments	−4	−1	−2	—	—
Total net change in unrealized appreciation (depreciation) on investments	10	−6	−10	—	—
Net gain (loss) on investments	9	4	12	—	—
Realized losses on extinguishment of debt	−899,000	−521,000	−23,000	−251,000	−251,000
Net increase (decrease) in net assets resulting from operations	82	78	77	36	36
Net investment income per share-basic	2.08	2.29	2.47	1.9	1.03
Net investment income per share-diluted	2.08	2.29	2.47	1.9	1.03
Net increase in net assets resulting from operations per share - basic	2.32	2.4	2.93	1.46	—
Net increase in net assets resulting from operations per share - diluted	2.32	2.4	2.93	1.46	—
Dividends declared per share	2.15	2.42	2.88	2	1.6
Weighted average number of shares outstanding - basic	35	33	26	24	24
Weighted average number of shares outstanding - diluted	35	33	26	24	24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Investment Owned, Fair Value	1,325	—	—	—	1,091
Cash and cash equivalents	70	—	—	—	57
Restricted cash	10	—	—	—	—
Interest receivable	21	—	—	—	15
Prepaid expenses and other assets	766,000	—	—	—	1
Total assets	1,427	—	—	—	1,164
SBA debentures (net of $6,943 and $6,101, respectively, of unamortized deferred financing costs)	231	—	—	—	169
Notes (net of $4,109 and $1,638, respectively, of unamortized deferred financing costs)	321	—	—	—	248
Credit Facilities (net of $3,223 and $1,046, respectively, of unamortized deferred financing costs)	81	—	—	—	44
Secured borrowings	12	—	—	—	14
Accrued interest and fees payable	7	—	—	—	6
Base management fee payable, net of base management fee waiver - due to affiliate	6	—	—	—	5
Income incentive fee payable - due to affiliate	5	—	—	—	4
Capital gains incentive fee payable - due to affiliate	16	—	—	—	15
Administration fee payable and other - due to affiliate	988,000	—	—	—	919,000
Taxes payable	4	—	—	—	2
Accounts payable and other liabilities	2	—	—	—	1
Total liabilities	685	—	—	—	508
Commitments and contingencies (Note 7)	—	—	—	—	—
Common stock, $0.001 par value (100,000,000 shares authorized, 37,954,364 and 33,914,652 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)	38,000	—	—	—	34,000
Additional paid-in capital	641	—	—	—	567
Total distributable earnings	100	—	—	—	88
Total net assets	742	—	—	—	656
Total liabilities and net assets	1,427	—	—	—	1,164
Net asset value per common share	19.55	19.56	19.57	19.39	19.33

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and dividend income paid-in-kind	−11	−8	−7	−2	−2
Accretion of original issue discount	−169,000	−1	−461,000	−242,000	−242,000
Accretion of loan origination fees	−3	−3	−3	−2	−2
Purchase of investments	−498	−395	−337	−334	−334
Proceeds from sales and repayments of investments	288	277	259	194	194
Proceeds from loan origination fees	3	3	4	2	2
Amortization of deferred financing costs	3	2	2	2	2
Amortization of deferred equity financing costs	146,000	32,000	60,000	3,000	3,000
Interest receivable	−6	−3	−139,000	−4	−4
Prepaid expenses and other assets	312,000	847,000	−501,000	−1	−1
Accrued interest and fees payable	2	−140,000	1	79,000	79,000
Base management fee payable, net of base management fee waiver - due to affiliate	791,000	654,000	382,000	—	—
Income incentive fee payable - due to affiliate	244,000	−93,000	2	—	—
Capital gains incentive fee (reversal) - due to (from) affiliate	2	−3	−5	−7	−7
Administration fee payable and other - due to (from) affiliate	69,000	130,000	213,000	−92,000	−92,000
Taxes payable	2	623,000	−9	8	8
Accounts payable and other liabilities	810,000	278,000	−49,000	135,000	135,000
Net cash provided by (used for) operating activities	−147	−55	−29	−106	−106
Proceeds from common stock offerings, net of expenses	79	66	110	6	6
Proceeds received from SBA debentures	91	—	62	76	76
Repayments of SBA debentures	−29	−35	−5	−30	−30
Proceeds received from issuance of Notes	200	—	—	—	—
Principal payments on Notes	−125	—	—	—	—
Proceeds received from (repayments of) Credit Facilities, net	39	45	—	—	—
Proceeds received from (repayments of) Secured Borrowings, net	−2	−2	−1	−757,000	−757,000
Payment of deferred financing costs	−9	−2	−2	−4	−4
Dividends paid to stockholders, including expenses	−75	−78	−78	−49	−49
Net cash provided by (used for) financing activities	169	−7	86	−2	−2
Net increase (decrease) in cash and cash equivalents	22	−62	57	−107	−107
Value of shares issued pursuant to the dividend reinvestment plan	2	2	603,000	—	—
Cash payments for interest	27	22	19	16	16
Cash payments for taxes, net of tax refunds received	5	3	11	4	4

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