Fidus Investment Corp (NASDAQ: FDUS) is a business development company (BDC) that provides debt and equity capital to lower middle-market companies in the United States. It makes money primarily through interest income on debt investments, with a weighted average yield on debt investments of 12.6% as of December 31, 2025. Investment activities are managed externally by Fidus Investment Advisors, LLC under an Investment Advisory Agreement. As of December 31, 2025, FDUS held investments in 103 portfolio companies with an aggregate fair value of $1.3 billion, up from 91 portfolio companies with an aggregate fair value of $1.1 billion as of December 31, 2024. The company invests directly through Fidus Investment Corporation and through two SBIC-licensed subsidiaries, Fidus Mezzanine Capital III, L.P. and Fidus Mezzanine Capital IV, L.P., which issue SBA-guaranteed debentures to access lower-cost capital. Total return based on NAV per share was 12.0% for the year ended December 31, 2025.

Revenue model

Interest income on debt investments to lower middle-market companies, supplemented by equity investment returns. The externally managed structure means Fidus Investment Advisors, LLC earns management and incentive fees paid by FDUS. SBIC subsidiary debentures issued with SBA guarantees reduce the cost of capital deployed into the portfolio.

Products and services

Debt investments (including mezzanine and other structured credit) and equity investments targeting lower middle-market companies. SBIC-licensed funds (Fidus Mezzanine Capital III, L.P. and Fidus Mezzanine Capital IV, L.P.) provide SBA-guaranteed debenture-funded capital.

Customers and end markets

Lower middle-market companies across industries including Information Technology Services, Business Services, Specialty Distribution, Healthcare Products, Utilities Services, Healthcare Services, Component Manufacturing, Building Products Manufacturing, Consumer Services, Aerospace and Defense Manufacturing, Environmental Industries, Promotional Products, Industrial Cleaning and Coatings, Consumer Products, Oil and Gas Services, Transportation Services, Industrial Product Services, and Utility Equipment Manufacturing.

Value-chain role

Direct lender and equity co-investor providing growth and buyout capital to lower middle-market businesses. Externally managed by Fidus Investment Advisors, LLC, which sources, underwrites, structures, and monitors all investments.

Geographic exposure

Primarily United States, with portfolio company headquarters used to determine geographic composition as of December 31, 2025.

Source: SEC 10-K, filed 2026-02-26

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