Fidus Investment
18 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.
Partners and platforms
Fidus Investment Advisors, LLC
depends on · 1.75%named as a riskOur investment advisor has the right, under the Investment Advisory Agreement, to resign at any time upon not less than 60 days’ written notice, whether we have found a replacement or not.Risk factors (Item 1A)
Small and regional banks
depends onnamed as a riskOur business is dependent on bank relationships, including small and regional banks, and we are proactively monitoring the financial health of banks with which we (or our portfolio companies) do or may in the future do business.Risk factors (Item 1A)
Also named by CSWC
Fidus Partners, LLC
depends onnamed as a riskOther than with respect to this limited license, we have no legal right to the “Fidus” name.Business (Item 1)
Other companies
Information Technology Services industry
concentrated in · 35.7%Information Technology Services 35.7% 34.0% 37.6% 37.8%Business (Item 1)
Fidus Credit Opportunities, L.P.
named as a riskTo the extent our investment advisor acts as an investment advisor to other funds or clients, including Fidus Credit Opportunities, L.P., we may have conflicts of interest with our investment advisor or its other clients that elect to invest in similar types of securities as those in which we invest.Risk factors (Item 1A)
Places
Commodities and inputs
SOFR
exposed to its price · $890.1 millionnamed as a riskAs of December 31, 2025 and 2024, 58 and 50 portfolio companies’ debt investments, respectively, bore interest at a variable rate, which represented $890.1 million and $704.0 million of our portfolio on a fair value basis, respectively, and the remainder of our debt portfolio was comprised entirely of fixed rate investments.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Oil and natural gas
exposed to its pricenamed as a riskThe revenues and profitability of certain portfolio companies may be significantly affected by the future prices of and the demand for oil, natural gas liquids and natural gas, which are inherently uncertain.Risk factors (Item 1A)
Also named by APO, ARES, BX, GAIN, HON, MMM, RF, SOLV and 3 more
Regulators
U.S. Small Business Administration (SBA)
subject tonamed as a riskFailure to comply with the SBA regulations could result in the loss of the SBIC licenses and the resulting inability to participate in the SBA debenture program.Risk factors (Item 1A)
Laws and programs
Investment Company Act of 1940
subject to · 150%named as a riskIf this ratio declines below 150%, we may not be able to incur additional debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so, and we may not be able to make distributions to our stockholders.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
SPV Credit Facility
depends on · $83.9 millionnamed as a riskOur SPV Credit Facility bears interest, at our election, at a rate per annum equal to one-month Term SOFR plus 0.11448% and an applicable margin of 2.675% (or 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for alternate base rate loans).Market risk (Item 7A)
Also named by CSWC
SBA SBIC debenture program
depends on · $237.5 million in outstanding SBA debenturesnamed as a riskFor two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million.Risk factors (Item 1A)
Internal Revenue Code Subchapter M (RIC status)
subject to · at least 90% of our “investment company taxable income”named as a riskIf we fail to maintain our tax treatment as a RIC for any reason and become subject to U.S. federal income tax imposed at corporate rates, the resulting tax liability could substantially reduce our net assets, the amount of income available for distributions to stockholders and the amount of our distributions and the amount of funds available for new investments.Risk factors (Item 1A)
U.S. tariffs (Trade Act of 1974 / IEEPA)
subject tonamed as a riskAny of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers, and increase costs, decrease margins, and reduce the competitiveness of products and services offered by our portfolio companies.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
SEC Rule 18f-4
subject tonamed as a riskWe qualify as a “limited derivatives user,” and as a result the requirements applicable to us under Rule 18f-4 may limit our ability to use derivatives and enter into certain other financial contracts.Risk factors (Item 1A)
Small Business Investment Act of 1958
subject tonamed as a riskThe SBIC Funds’ ability to make distributions to us may be limited by the Small Business Investment Act of 1958.Risk factors (Item 1A)
Healthcare regulation
subject tonamed as a riskChanges in healthcare or other laws and regulations applicable to the businesses of some of our portfolio companies may occur that could increase their compliance and other costs of doing business, require significant systems enhancements, or render their products or services less profitable or obsolete, any of which could have a material adverse effect on their results of operations.Risk factors (Item 1A)