FDUS on Nasdaq
FIDUS INVESTMENT Corp
FIDUS INVESTMENT Corp is an American company based in Lutherville Timonium, listed on Nasdaq (FDUS).2
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Last updated Oct 20, 2026.
Overview
- TickerFDUS on Nasdaq2
- HeadquartersLutherville Timonium, United States2
- Incorporated inMD3
- Business address1603 Orrington Avenue, Suite 820, Evanston, Il 602013
- Filer categoryLarge accelerated filer3
- Legal formStock Corporation2
- LEI549300836CRWCROFBC022
- StatusActive2
- LEI statusIssued and current2
- Registered addressc/o NATIONAL REGISTERED AGENTS, INC. OF MD., 2405 YORK ROAD, SUITE 201, 21093-2264 Lutherville Timonium, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D139603562
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FIC may make investments directly or through its two wholly-owned investment company subsidiaries, Fidus Mezzanine Capital III, L.P. (“Fund III”) and Fidus Mezzanine Capital IV, L.P. (“Fund IV” and together with Fund III, the “SBIC Funds”). Fidus Investment GP, LLC, the general partner of the SBIC Funds, is also a wholly owned subsidiary of FIC. The SBIC Funds are licensed by the U.S. Small Business Administration (the “SBA”) to operate as small business investment companies (“SBICs”). The SBIC Funds utilize the proceeds of the issuance of SBA-guaranteed debentures to enhance returns to our stockholders. Fidus Mezzanine Capital, L.P. (“Fund I”) and Fidus Mezzanine Capital II, L.P. (“Fund II”) have both completed their wind-down plans, can no longer issue additional SBA-guaranteed debentures, and relinquished their SBIC licenses on March 20, 2020 and March 7, 2024, respectively. We believ…5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 5 fiscal years (annual) or 12 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Total interest income | $126.4M | $123.2M | $109.9M | ||
| Total payment-in-kind interest income | $10.9M | $7.8M | $6.6M | ||
| Total dividend income | $3.1M | $2.2M | $1.2M | ||
| Total fee income | $12.2M | $9.6M | $9.4M | ||
| Interest on idle funds | $3.4M | $3.3M | $2.9M | ||
| Total investment income | $155.9M | $146.2M | $130.1M | ||
| Interest and financing expenses | $31.6M | $24.4M | $22.7M | ||
| Base management fee | $20.9M | $18.9M | $16.3M | ||
| Incentive fee - income | $18.5M | $18.5M | $16.5M | ||
| Incentive fee (reversal) - capital gains | $1.7M | $731.0K | $2.4M | ||
| Administrative service expenses | $2.7M | $2.6M | $2.4M | ||
| Professional fees | $3.4M | $3.2M | $2.9M | ||
| Other general and administrative expenses | $1.2M | $1.0M | $1.0M | ||
| Total expenses before base management fee waiver | $80.0M | $69.3M | $64.3M | ||
| Base management fee waiver | -$230.0K | -$264.0K | -$287.0K | ||
| Total expenses, net of base management fee waiver | $79.8M | $69.1M | $64.0M | ||
| Net investment income before income taxes | $76.1M | $77.1M | $66.1M | ||
| Income tax provision (benefit) | $2.2M | $2.4M | $1.0M | ||
| Net investment income | $73.8M | $74.6M | $65.1M | ||
| Total net realized gain (loss) on investments | $3.4M | $11.6M | $24.1M | ||
| Income tax (provision) benefit from realized gains on investments | -$4.0M | -$1.5M | -$1.7M | ||
| Total net change in unrealized appreciation (depreciation) on investments | $10.1M | -$5.9M | -$10.4M | ||
| Net gain (loss) on investments | $9.5M | $4.2M | $12.1M | ||
| Realized losses on extinguishment of debt | -$899.0K | -$521.0K | -$23.0K | ||
| Net increase (decrease) in net assets resulting from operations | $82.4M | $78.3M | $77.1M | ||
| Net investment income per share-basic | $2.08 | $2.29 | $2.47 | ||
| Net investment income per share-diluted | $2.08 | $2.29 | $2.47 | ||
| Net increase in net assets resulting from operations per share - basic | $2 | $2 | $3 | ||
| Net increase in net assets resulting from operations per share - diluted | $2 | $2 | $3 | ||
| Dividends declared per share | $2.15 | $2.42 | $2.88 | ||
| Weighted average number of shares outstanding - basic | 35.5M shares | 32.6M shares | 26.4M shares | 24.5M shares | 24.4M shares |
| Weighted average number of shares outstanding - diluted | 35.5M shares | 32.6M shares | 26.4M shares | 24.5M shares | 24.4M shares |
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total investment income | $42.2M | $37.3M | $40.0M | $36.5M | $37.5M | $38.4M | $35.7M | $34.7M | $36.3M | $34.2M | $30.6M | $29.1M |
| Net investment income per share-basic | $0.53 | $0.49 | $0.53 | $0.53 | $0.55 | $0.64 | $0.53 | $0.57 | $0.58 | $0.63 | $0.67 | $0.59 |
| Net investment income per share-diluted | $0.53 | $0.49 | $0.53 | $0.53 | $0.55 | $0.64 | $0.53 | $0.57 | $0.58 | $0.63 | $0.67 | $0.59 |
| Net increase in net assets resulting from operations per share - basic | $0 | $1 | $1 | $1 | $1 | $0 | $1 | $1 | $1 | $1 | $0 | $1 |
| Net increase in net assets resulting from operations per share - diluted | $0 | $1 | $1 | $1 | $1 | $0 | $1 | $1 | $1 | $1 | $0 | $1 |
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 20 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 |
|---|---|---|---|---|---|
| Investment Owned, Fair Value | $1.3B | $1.1B | |||
| Cash and cash equivalents | $70.0M | $57.2M | |||
| Restricted cash | $9.6M | ||||
| Interest receivable | $21.4M | $15.1M | |||
| Prepaid expenses and other assets | $766.0K | $1.3M | |||
| Total assets | $1.4B | $1.2B | |||
| SBA debentures (net of $6,943 and $6,101, respectively, of unamortized deferred financing costs) | $230.6M | $168.9M | |||
| Notes (net of $4,109 and $1,638, respectively, of unamortized deferred financing costs) | $320.9M | $248.4M | |||
| Credit Facilities (net of $3,223 and $1,046, respectively, of unamortized deferred financing costs) | $80.6M | $44.0M | |||
| Secured borrowings | $12.0M | $13.7M | |||
| Accrued interest and fees payable | $7.4M | $5.8M | |||
| Base management fee payable, net of base management fee waiver - due to affiliate | $5.6M | $4.8M | |||
| Income incentive fee payable - due to affiliate | $4.7M | $4.5M | |||
| Capital gains incentive fee payable - due to affiliate | $16.4M | $14.7M | |||
| Administration fee payable and other - due to affiliate | $988.0K | $919.0K | |||
| Taxes payable | $3.6M | $1.9M | |||
| Accounts payable and other liabilities | $1.8M | $1.0M | |||
| Total liabilities | $684.6M | $508.4M | |||
| 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) | $38.0K | $34.0K | |||
| Additional paid-in capital | $641.4M | $567.2M | |||
| Total distributable earnings | $100.5M | $88.5M | |||
| Total net assets | $741.9M | $655.7M | |||
| Total liabilities and net assets | $1.4B | $1.2B | |||
| Net asset value per common share | $19.55 | $19.56 | $19.57 | $19.39 | $19.33 |
| Investments at cost | $1.3B | $1.1B | |||
| Unamortized deferred financing costs | $14.3M | $8.8M | |||
| Common Stock, par value | $0.00 | $0.00 | |||
| Common Stock, shares authorized | 100.0M shares | 100.0M shares | |||
| Common Stock, shares issued | 38.0M shares | 33.9M shares | |||
| Common Stock, shares outstanding | 38.0M shares | 33.9M shares |
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investment Owned, Fair Value | $1.3B | $1.1B | ||||||||||||||||||
| Cash and cash equivalents | $70.0M | $57.2M | $119.1M | |||||||||||||||||
| Restricted cash | $9.6M | |||||||||||||||||||
| Interest receivable | $21.4M | $15.1M | ||||||||||||||||||
| Prepaid expenses and other assets | $766.0K | $1.3M | ||||||||||||||||||
| Total assets | $1.4B | $1.2B | ||||||||||||||||||
| SBA debentures (net of $6,943 and $6,101, respectively, of unamortized deferred financing costs) | $230.6M | $168.9M | ||||||||||||||||||
| Notes (net of $4,109 and $1,638, respectively, of unamortized deferred financing costs) | $320.9M | $248.4M | ||||||||||||||||||
| Credit Facilities (net of $3,223 and $1,046, respectively, of unamortized deferred financing costs) | $80.6M | $44.0M | ||||||||||||||||||
| Secured borrowings | $12.0M | $13.7M | ||||||||||||||||||
| Accrued interest and fees payable | $7.4M | $5.8M | ||||||||||||||||||
| Base management fee payable, net of base management fee waiver - due to affiliate | $5.6M | $4.8M | ||||||||||||||||||
| Income incentive fee payable - due to affiliate | $4.7M | $4.5M | ||||||||||||||||||
| Capital gains incentive fee payable - due to affiliate | $16.4M | $14.7M | ||||||||||||||||||
| Administration fee payable and other - due to affiliate | $988.0K | $919.0K | ||||||||||||||||||
| Taxes payable | $3.6M | $1.9M | ||||||||||||||||||
| Accounts payable and other liabilities | $1.8M | $1.0M | ||||||||||||||||||
| Total liabilities | $684.6M | $508.4M | ||||||||||||||||||
| 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) | $38.0K | $34.0K | ||||||||||||||||||
| Additional paid-in capital | $641.4M | $567.2M | ||||||||||||||||||
| Total distributable earnings | $100.5M | $88.5M | ||||||||||||||||||
| Total net assets | $741.9M | $655.7M | $589.5M | $480.3M | ||||||||||||||||
| Total liabilities and net assets | $1.4B | $1.2B | ||||||||||||||||||
| Net asset value per common share | $19.55 | $19.56 | $19.57 | $19.39 | $19.33 | $19.42 | $19.50 | $19.36 | $19.37 | $19.28 | $19.13 | $19.39 | $19.43 | $19.96 | $16.81 | $16.85 | $16.47 | $16.05 | $15.76 | $15.17 |
| Investments at cost | $1.3B | $1.1B | ||||||||||||||||||
| Unamortized deferred financing costs | $14.3M | $8.8M | ||||||||||||||||||
| Common Stock, par value | $0.00 | $0.00 | ||||||||||||||||||
| Common Stock, shares authorized | 100.0M shares | 100.0M shares | ||||||||||||||||||
| Common Stock, shares issued | 38.0M shares | 33.9M shares | ||||||||||||||||||
| Common Stock, shares outstanding | 38.0M shares | 33.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase (decrease) in net assets resulting from operations | $82.4M | $78.3M | $77.1M |
| Net change in unrealized (appreciation) depreciation on investments | -$10.1M | $5.9M | $10.4M |
| Net realized (gain) loss on investments | -$3.4M | -$11.6M | -$24.1M |
| Interest and dividend income paid-in-kind | -$10.9M | -$7.8M | -$6.6M |
| Accretion of original issue discount | -$169.0K | -$1.2M | -$461.0K |
| Accretion of loan origination fees | -$2.7M | -$2.8M | -$2.5M |
| Purchase of investments | -$498.2M | -$394.5M | -$336.7M |
| Proceeds from sales and repayments of investments | $288.0M | $276.9M | $258.9M |
| Proceeds from loan origination fees | $3.1M | $2.6M | $3.6M |
| Realized losses on extinguishment of debt | $899.0K | $521.0K | $23.0K |
| Amortization of deferred financing costs | $2.8M | $2.1M | $2.1M |
| Amortization of deferred equity financing costs | $146.0K | $32.0K | $60.0K |
| Interest receivable | -$6.3M | -$3.2M | -$139.0K |
| Prepaid expenses and other assets | $312.0K | $847.0K | -$501.0K |
| Accrued interest and fees payable | $1.7M | -$140.0K | $1.2M |
| Base management fee payable, net of base management fee waiver - due to affiliate | $791.0K | $654.0K | $382.0K |
| Income incentive fee payable - due to affiliate | $244.0K | -$93.0K | $1.5M |
| Capital gains incentive fee (reversal) - due to (from) affiliate | $1.7M | -$2.8M | -$5.2M |
| Administration fee payable and other - due to (from) affiliate | $69.0K | $130.0K | $213.0K |
| Taxes payable | $1.7M | $623.0K | -$8.7M |
| Accounts payable and other liabilities | $810.0K | $278.0K | -$49.0K |
| Net cash provided by (used for) operating activities | -$147.0M | -$55.3M | -$29.5M |
| Proceeds from common stock offerings, net of expenses | $79.3M | $66.3M | $110.3M |
| Proceeds received from SBA debentures | $91.0M | $62.0M | |
| Repayments of SBA debentures | -$28.5M | -$35.0M | -$5.0M |
| Proceeds received from issuance of Notes | $200.0M | ||
| Principal payments on Notes | -$125.0M | ||
| Proceeds received from (repayments of) Credit Facilities, net | $38.9M | $45.0M | |
| Proceeds received from (repayments of) Secured Borrowings, net | -$1.7M | -$2.2M | -$1.0M |
| Payment of deferred financing costs | -$9.1M | -$2.4M | -$1.8M |
| Dividends paid to stockholders, including expenses | -$75.5M | -$78.4M | -$78.3M |
| Net cash provided by (used for) financing activities | $169.5M | -$6.7M | $86.2M |
| Net increase (decrease) in cash and cash equivalents | $22.4M | -$62.0M | $56.8M |
| Value of shares issued pursuant to the dividend reinvestment plan | $2.0M | $1.6M | $603.0K |
| Cash payments for interest | $27.2M | $22.4M | $19.4M |
| Cash payments for taxes, net of tax refunds received | $4.6M | $3.3M | $11.4M |
No quarter-by-quarter statement was filed.
Corporate structure
FIDUS INVESTMENT Corp sits at the top of its group. 11 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
- FIDUS INVESTMENT Corp Lutherville Timonium, Maryland, United States
- FCDS Corp. Subsidiary · Delaware, United States
- FCMH Equity Corp. Subsidiary · Delaware, United States
- FIC Funding, LLC Subsidiary · Delaware, United States
- Fidus Capital GP, LLC Subsidiary · Delaware, United States
- Fidus Investment GP, LLC Subsidiary · Delaware, United States
- Fidus Investment Holdings, Inc. Subsidiary · Delaware, United States
- Fidus Mezzanine Capital II, L.P. Subsidiary · Delaware, United States
- Fidus Mezzanine Capital III, L.P. Subsidiary · Delaware, United States
- Fidus Mezzanine Capital IV, L.P. Subsidiary · Delaware, United States
- Fidus Mezzanine Capital, L.P. Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.
What it owns
What FIDUS INVESTMENT Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $70.0M8 Dec 31, 2025 | $57.2M8 Dec 31, 2024 | +22.5% |
| Debt securities available for sale | $1.3B8 Dec 31, 2025 | $1.1B8 Dec 31, 2024 | +21.5% |
Properties, in its own words
We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 1603 Orrington Avenue, Suite 1005, Evanston, Illinois 60201, and are provided by our investment advisor pursuant to the Administration Agreement. Our investment advisor also maintains additional office space at 4201 Congress Street, Suite 250, Charlotte, North Carolina 28209, and 1140 Avenue of the Americas, 21st Floor, New York, New York 10036. We believe that our office facilities are suitable and adequate to our business as we contemplate conducting it.
Item 2 of the 10-K filed Feb 26, 2026.5
Leadership
Who has led FIDUS INVESTMENT Corp, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
201520202025
- Chief executive officerEdward H. Ross Jun 21, 2011 to Nov 9, 201212
- ChairEdward H. Ross Jun 21, 2011 to Nov 9, 201212
- PresidentThomas Charles Lauer Mar 12, 2018 to Mar 12, 202013
- Chief financial officerShelby E. Sherard Jun 9, 2014 to Aug 24, 201514
- Chief financial officerCary L. Schaefer Feb 14, 2012 to Aug 16, 201315
Board members and other officers (10)
- OfficerEdward H. Ross Mar 12, 2018 to Feb 4, 202116
- OfficerShelby E. Sherard Mar 12, 2018 to Mar 12, 202017
- OfficerCary L. Schaefer Jun 22, 2011 to Feb 14, 201418
- Board memberEdward X. Tune Apr 26, 2019 to Mar 16, 202019
- Board memberEdward H. Ross Mar 12, 2018 to Feb 4, 202116
- Board memberJohn A. Mazzarino Dec 3, 2012 to Nov 25, 201420
- Board memberCharles D. Hyman Jun 21, 2011 to Mar 16, 202021
- Board memberThomas Charles Lauer Jun 21, 2011 to Mar 12, 202022
- Board memberWayne F. Robinson Jun 21, 2011 to Jun 21, 201123
- Board memberRaymond L. Anstiss Jr. Oct 6, 2011 to Mar 12, 202024
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- FCDS Corp. Delaware4
- FCMH Equity Corp. Delaware4
- FIC Funding, LLC Delaware4
- Fidus Capital GP, LLC Delaware4
- Fidus Investment GP, LLC Delaware4
- Fidus Investment Holdings, Inc. Delaware4
- Fidus Mezzanine Capital II, L.P. Delaware4
- Fidus Mezzanine Capital III, L.P. Delaware4
- Fidus Mezzanine Capital IV, L.P. Delaware4
- Fidus Mezzanine Capital, L.P. Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Aug 6, 20268-K Results of operations; Regulation FD disclosure25
- Jun 24, 20268-K Shareholder vote26
- Jun 11, 20268-K Other events27
- May 29, 20268-K Entered a material agreement; New debt or obligation; Other events28
- May 7, 20268-K Results of operations; Regulation FD disclosure29
- Mar 2, 20268-K Entered a material agreement30
- Feb 26, 20268-K Results of operations31
- Feb 17, 20268-K Regulation FD disclosure32
- Nov 6, 20258-K Results of operations; Regulation FD disclosure33
- Oct 22, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation34
- Oct 3, 20258-K Entered a material agreement; New debt or obligation; Other events35
- Aug 7, 20258-K Results of operations; Regulation FD disclosure36
- Jun 21, 2011New chief executive Edward H. Ross becomes CEO12
- Feb 14, 2011Founded FIDUS INVESTMENT Corp is founded2
Calendar
Coming up
- Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.50 a share, on Nov 6, 2025.37
When it reported results
- Aug 6, 2026Reported quarterly or annual results25
- May 7, 2026Reported quarterly or annual results29
- Feb 26, 2026Reported quarterly or annual results31
- Nov 6, 2025Reported quarterly or annual results33
- Aug 7, 2025Reported quarterly or annual results36
- May 8, 2025Reported quarterly or annual results38
- Mar 6, 2025Reported quarterly or annual results39
- Oct 31, 2024Reported quarterly or annual results40
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
140 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 49 major events, 71 other. The latest 20:
- Sep 16, 2026EFFECT EDGAR
- Sep 16, 2026424B3 EDGAR
- Sep 9, 2026N-14 8C/A EDGAR
- Sep 9, 202640-17G EDGAR
- Aug 28, 202640-APP EDGAR
- Aug 6, 2026424B3 EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jun 30, 2026N-14 8C EDGAR
- Jun 24, 20268-K EDGAR
- Jun 11, 20268-K EDGAR
- May 29, 2026N-23C-2 EDGAR
- May 29, 20268-K EDGAR
- May 7, 202610-Q EDGAR
- May 7, 20268-K EDGAR
- Mar 20, 2026DEF 14A EDGAR
- Mar 2, 2026424B2 EDGAR
- Mar 2, 20268-K EDGAR
- Feb 27, 2026N-2ASR EDGAR
- Feb 26, 2026PRE 14A EDGAR
The 140 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How FIDUS INVESTMENT Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARFIDUS INVESTMENT Corp1
- CIK0001513363
- Employer ID (EIN)27-50173215
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inMaryland5
- Fiscal year endsDecember 311
- Business address1603 Orrington Avenue, Suite 820, Evanston, IL 602011
- Phone847-859-39401
- Shares outstanding37,954,364 as of Aug 4, 202610
- Public float$707.6M as of Jun 30, 20255
- AuditorRSM US LLP, Chicago, Illinois PCAOB ID 49; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceMar 1, 20111
- Filings524 in all: 8-K (122), 10-Q (46), 4 (40), 497AD (38), 497 (28), CORRESP (26), 40-17G (16), 10-K (15)1
All 43 form types
DEF 14A (15), DEFA14A (15), PRE 14A (15), 424B3 (13), EFFECT (12), 3 (11), 424B2 (11), POS EX (11), 40-APP/A (10), N-2/A (10), POS 8C (8), N-23C-2 (7), N-2 (6), 40-APP (5), 5 (4), 8-A12B (4), FWP (4), 25-NSE (3), 4/A (3), APP NTC (3), APP ORDR (3), UPLOAD (3), 3/A (2), CERT (2), CERTNAS (2), SC 13G/A (2), 305B2 (1), D (1), N-14 8C (1), N-14 8C/A (1), N-2ASR (1), N-2MEF (1), N-54A (1), N-6F (1), SC 13G (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Mar 20, 2026
Latest 8-K (8-K) Aug 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | FDUS | The NASDAQ Global Select Market |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks FIDUS INVESTMENT Corp names in Item 1A of its 10-K filed Feb 26, 2026: 77 risks under these headings, as written.5
- Risks Relating to Our Business and Structure
- Risks Relating to Our Investments
- Risks Relating to Our Common Stock
- We are dependent upon our investment advisor’s managing members and our executive officers for our future success. If our investment advisor was to lose any of its managing members or we lose any of our executive officers, our ability to achieve our investment objective could be significantly harmed.
- Our business model depends, to a significant extent, upon strong referral relationships with financial institutions, sponsors and investment professionals. Any inability of our investment advisor to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
- Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.
- We may suffer credit losses and our investments could be rated below investment grade.
- Because we borrow money and may in the future issue additional senior securities, including preferred stock and debt securities, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.
- Effective April 29, 2020, our asset coverage requirement was reduced from 200% to 150%, which could increase the risk of investing in the Company.
- All of our portfolio investments are recorded at fair value as determined in good faith by our board of directors, and, as a result, there is uncertainty as to the value of our portfolio investments and the valuation process for certain of our portfolio holdings creates a conflict of interest.
- We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
- Our management and incentive fee structure may create incentives for our investment advisor that are not fully aligned with the interests of our stockholders and may encourage our investment advisor to make speculative investments.
The other 68 risks
- We may be obligated to pay our investment advisor incentive compensation even if we incur a loss and may pay more than 20% of our net capital gains because we cannot recover payments made in previous years.
- A general increase in interest rates will likely have the effect of making it easier for the investment advisor to receive incentive fees, without necessarily resulting in an increase in our net earnings.
- We may have potential conflicts of interest related to obligations that our investment advisor may have to other clients.
- Our investment advisor or its investment committee may, from time to time, possess material non-public information, limiting our investment discretion.
- We may have conflicts related to other arrangements with our investment advisor.
- The SBIC Funds are licensed by the SBA, and, therefore, are subject to SBA regulations.
- SBA regulations limit the amount of SBA-guaranteed debt that may be borrowed by an SBIC.
- The SBIC Funds, as SBICs, are limited in their ability to make distributions to us, which could result in us being unable to meet the minimum distribution requirements to maintain our status as a RIC.
- Changes in interest rates will affect our cost of capital and net investment income.
- Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.
- Our ability to enter into transactions involving derivatives and unfunded commitment transactions may be limited.
- Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.
- We are currently operating in a period of significant capital markets disruption and economic uncertainty, which may have a negative impact on our business, financial condition and operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.
- Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.
- We may experience fluctuations in our quarterly operating results.
- We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to maintain our tax treatment as a RIC under subchapter M of the Code.
- We may not be able to pay you distributions, our distributions may not grow over time, a portion of distributions paid to you may be a return of capital, and investors in our debt securities may not receive all of the interest income to which they are entitled.
- We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.
- Due to current market conditions, we may reduce or defer our dividends and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility.
- We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
- You may have a current tax liability on distributions you elect to reinvest in our common stock but would not receive cash to pay such tax liability.
- Because we expect to distribute substantially all of our net investment income and net realized capital gains to our stockholders, we will need additional capital to finance our growth, and such capital may not be available on favorable terms or at all.
- Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.
- Regulations governing our operation as a BDC affect our ability to raise, and the way in which we raise, additional capital that may have a negative effect on our growth.
- There is uncertainty surrounding potential legal, regulatory and policy changes by the current presidential administration and Congress in the United States that may directly affect financial institutions and the global economy.
- Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
- We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.
- Changes to U.S. tariff and import/export regulations may have a negative effect on the operation of our portfolio companies and, in turn, negatively impact us.
- Our ability to enter into and exit investment transactions with our affiliates will be restricted.
- Our investment advisor can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
- Our investment advisor can resign from its role as our administrator under the Administration Agreement, and we may not be able to find a suitable replacement, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
- The failure of cybersecurity protection systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.
- We may be subject to risks associated with artificial intelligence.
- Environmental, social and governance factors may adversely affect our business or cause us to alter our business strategy.
- The effect of global climate change may impact the operations and valuations of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.
- Economic recessions or downturns could impair our portfolio companies and harm our operating results.
- Terrorist attacks, acts of war, or natural disasters may affect any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial condition.
- Our investments in certain industry sectors, such as the energy sector, may be subject to significant political, economic and capacity risks that may increase the possibility that we lose all or a part of our investment.
- Changes in healthcare laws and other regulations applicable to some of our portfolio companies’ businesses may constrain their ability to offer their products and services.
- If our portfolio companies are unable to protect their intellectual property rights, our business and prospects could be harmed, and if portfolio companies are required to devote significant resources to protecting their intellectual property rights, the value of our investment could be reduced.
- Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.
- Our investments in portfolio companies may be risky, and we could lose all or part of our investment.
- The lack of liquidity in our investments may adversely affect our business.
- We may not have the funds to make additional investments in our portfolio companies that could impair the value of our portfolio.
- Portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
- There may be circumstances where our debt investments could be subordinated to claims of other creditors or could be subject to lender liability claims.
- Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
- We may hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings.
- Any unrealized depreciation we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
- Defaults by our portfolio companies will harm our operating results.
- To the extent OID and PIK-interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income.
- We do not expect to control many of our portfolio companies.
- We are a non-diversified investment company within the meaning of the 1940 Act; therefore, we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
- Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
- We may not realize gains from our equity investments.
- If our primary investments are deemed not to be qualifying assets, we could be precluded from investing in our desired manner or deemed to be in violation of the 1940 Act.
- The disposition of our investments may result in contingent liabilities.
- We may be unable to invest a significant portion of any net proceeds from an offering or from exiting an investment or other capital on acceptable terms, which could harm our financial condition and operating results.
- Our investment advisor’s liability is limited under the Investment Advisory Agreement, and we have agreed to indemnify our investment advisor against certain liabilities, which may lead our investment advisor to act in a riskier manner on our behalf than it would when acting for its own account.
- Shares of closed-end investment companies, including business development companies, frequently trade at a discount to their net asset value.
- Market conditions may increase the risks associated with our business and an investment in us.
- If, in the future, we sell common stock at a discount to our net asset value per share, stockholders who do not participate in such sale will experience immediate dilution in an amount that may be material.
- Our net asset value may have changed significantly since our last valuation.
- The market price of our securities may fluctuate significantly.
- Sales of substantial amounts of our common stock may have an adverse effect on the market price of our common stock.
- If we issue preferred stock and/or debt securities, the net asset value and market value of our common stock may become more volatile.
- Provisions of the Maryland General Corporation Law and our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.
- Our business and operation could be negatively affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price.
Legal proceedings
We are not, and our investment advisor is not, currently subject to any material legal proceedings.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 13SEC EDGARThomas Charles Lauer, President
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- 16SEC EDGAREdward H. Ross, Officer
- 17SEC EDGARShelby E. Sherard, Officer
- 18SEC EDGARCary L. Schaefer, Officer
- 19SEC EDGAREdward X. Tune, Board member
- 20SEC EDGARJohn A. Mazzarino, Board member
- 21SEC EDGARCharles D. Hyman, Board member
- 22SEC EDGARThomas Charles Lauer, Board member
- 23SEC EDGARWayne F. Robinson, Board member
- 24SEC EDGARRaymond L. Anstiss Jr., Board member
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- 26SEC EDGARShareholder vote
- 27SEC EDGAROther events
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- 30SEC EDGAREntered a material agreement
- 31SEC EDGARResults of operations
- 32SEC EDGARRegulation FD disclosure
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- 37NasdaqNasdaq calendar
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