Fidus Investment Corporation is a business development company (BDC) that provides debt and equity financing to lower middle-market U.S. companies, targeting businesses with revenues between $10M and $150M and EBITDA between $5M and $30M. Fidus is externally managed by Fidus Investment Advisors, which handles origination, underwriting, and portfolio monitoring — Fidus has no direct employees. As of year-end 2025, Fidus held a portfolio of 103 companies with an aggregate fair value of $1.3B. The portfolio is roughly 88% debt and 12% equity. Debt is primarily first lien and unitranche structures, carrying a weighted average yield of 12.6%, mostly floating-rate and SOFR-based. Alongside nearly every debt investment, Fidus takes a small equity stake (typically ~2% fully diluted ownership), which provides upside when a portfolio company is sold or recapitalized. Fidus makes money two ways: net investment income (NII) from the spread between portfolio yield and borrowing costs, and realized capital gains from equity monetizations. A key funding advantage is access to SBA-guaranteed debentures through two SBIC subsidiaries, which carry below-market fixed rates and lower Fidus' blended borrowing cost relative to peers — though this program is nearly fully utilized at ~$191M outstanding. The remainder of funding comes from unsecured notes and a revolving credit facility. Fidus operates as a regulated investment company, distributing at least 90% of taxable income to shareholders via a base quarterly dividend plus a variable supplemental dividend. Portfolio growth is closely tied to lower middle-market M&A activity, as Fidus primarily originates new loans alongside private equity-sponsored transactions.