Fidus Investment Corp
NASDAQ:FDUS
Fidus Investment Corp
Fidus Investment Corporation is a business development company specializing in leveraged buyouts, refinancings, change of ownership transactions, recapitalizations, strategic acquisitions, mezzanine, growth capital, business expansion, lower middle market investments, debt investments, subordinated and second lien loans, senior secured and unitranche debt, preferred equity, warrants, subordinated debt, senior subordinated notes, junior secured loans, and unitranche loans. The company is headquartered in Evanston, Illinois. The company went IPO on 2011-06-21. The firm provides customized debt and equity financing solutions to lower middle-market companies. The firm's investment objective is to provide attractive risk-adjusted returns by generating both incomes from its debt investments and capital appreciation from its equity-related investments. The firm's equity securities typically consist of either a direct minority equity investment in common or preferred stock or membership/partnership interests of a portfolio company, or it may receive warrants to buy a minority equity interest in a portfolio company in connection with a debt investment. The company invests primarily in unitranche or first lien senior secured loans. The Company’s investment activities are managed by Fidus Investment Advisors, LLC, its investment advisor.
Fidus Investment Corporation is a business development company specializing in leveraged buyouts, refinancings, change of ownership transactions, recapitalizations, strategic acquisitions, mezzanine, growth capital, business expansion, lower middle market investments, debt investments, subordinated and second lien loans, senior secured and unitranche debt, preferred equity, warrants, subordinated debt, senior subordinated notes, junior secured loans, and unitranche loans. The company is headquartered in Evanston, Illinois. The company went IPO on 2011-06-21. The firm provides customized debt and equity financing solutions to lower middle-market companies. The firm's investment objective is to provide attractive risk-adjusted returns by generating both incomes from its debt investments and capital appreciation from its equity-related investments. The firm's equity securities typically consist of either a direct minority equity investment in common or preferred stock or membership/partnership interests of a portfolio company, or it may receive warrants to buy a minority equity interest in a portfolio company in connection with a debt investment. The company invests primarily in unitranche or first lien senior secured loans. The Company’s investment activities are managed by Fidus Investment Advisors, LLC, its investment advisor.
Record Originations: Fidus saw strong deal flow in Q4 2025, with $213.7 million in new investments—the highest quarterly origination in its history, driven by pent-up M&A demand.
Portfolio Growth: The total portfolio grew to $1.3 billion at fair value, marking continued expansion since the company’s IPO.
Dividend & Earnings: Adjusted net investment income (NII) rose 5.1% to $19.4 million, with Q4 adjusted NII per share at $0.52, and total dividends paid at $0.50 per share.
Strong Software Exposure: Software and tech-enabled services represent $464 million of the portfolio, with 92% in first lien debt and well-diversified risk, and 22% of that segment structured as ARR loans.
Credit Quality: Nonaccruals remain low at under 1% of portfolio fair value; portfolio is described as healthy and well-structured.
Liquidity Position: Liquidity at year-end totaled $304.8 million, including a $31.5 million equity raise under the ATM program and increased credit capacity.
Modest Q1 Outlook: Management expects Q1 2026 deal flow to be more modest after a record Q4, but anticipates activity to pick up as the year progresses.
NAV Growth: Net asset value at quarter end was $741.9 million, up 13.2% year-on-year, or $19.55 per share.
