The firm has expanded its total assets to $1.4 billion as of 2026Q1 while maintaining a conservative debt-to-equity ratio of 0.90, suggesting a disciplined approach to leverage despite the recent increase in total debt to $668.1 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash & Short Term Investments | 273.21M | 70M | 57.16M | 119.13M | 62.35M | 169.42M | 124.31M | 15.01M | 42.02M | 41.57M | 57.08M | 31.66M | 29.32M | 53.42M | 52.04M | 39.06M | 1.76M | 2.67M |
| Cash & Due from Banks | 49.68M | 70M | 57.16M | 119.13M | 62.35M | 169.42M | 124.31M | 15.01M | 42.02M | 41.57M | 57.08M | 31.66M | 29.32M | 53.42M | 52.04M | 39.06M | 1.76M | 2.67M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 0 | 1.09B | 957.91M | 0 | 0 | 0 | 0 | 642.98M | 596.31M | 524.45M | 443.27M | 396.36M | 306.98M | 274.25M | 204.75M | 141.34M | 122.9M |
| Investments Growth % | -200% | -100% | 13.84% | - | - | - | - | -100% | 7.83% | 13.7% | 18.32% | 11.84% | 29.11% | 11.94% | 33.95% | 44.86% | 15% | - |
| Long-Term Investments | 1.15B | 0 | 1.09B | 957.91M | 0 | 0 | 0 | 0 | 642.98M | 596.31M | 524.45M | 443.27M | 396.36M | 306.98M | 274.25M | 204.75M | 141.34M | 122.9M |
| Accounts Receivables | 0 | 0 | 15.12M | 11.96M | 11.83M | 8.23M | 7.55M | 6.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.14M | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1.39B | 1.36B | 0 | 0 | 860.33M | 719.12M | 742.87M | 766.92M | -692.52M | -646.26M | -586.74M | 4.87M | 0 | 3.15M | -274.25M | 2.69M | 0 | 0 |
| Total Current Assets | 49.68M | 70M | 72.28M | 132.99M | 75.63M | 178.06M | 132.87M | 22.52M | 49.54M | 49.95M | 62.29M | 37.4M | 39.23M | 57.13M | 59.6M | 41.21M | 6.04M | 6.75M |
| Total Non-Current Assets | 1.39B | 1.36B | 1.09B | 957.91M | 860.33M | 719.12M | 742.87M | 766.92M | 644.33M | 596.31M | 524.45M | 448.14M | 396.36M | 310.13M | 274.25M | 207.43M | 141.34M | 122.9M |
| Total Assets | 1.44B | 1.43B | 1.16B | 1.09B | 935.96M | 897.18M | 875.74M | 789.44M | 693.88M | 646.26M | 586.74M | 485.54M | 435.59M | 367.26M | 333.85M | 248.64M | 147.38M | 129.65M |
| Asset Growth % | 58.61% | 22.54% | 6.71% | 16.55% | 4.32% | 2.45% | 10.93% | 13.77% | 7.37% | 10.14% | 20.84% | 11.47% | 18.6% | 10.01% | 34.27% | 68.71% | 13.67% | - |
| Return on Assets (ROA) | 6.11% | 6.36% | 6.94% | 7.61% | 3.91% | 13.1% | 3.75% | 6.53% | 7.38% | 7.13% | 7.75% | 5.64% | 4.85% | 7.76% | 6.66% | 7.77% | 3.63% | -1.23% |
| Accounts Payable | 3.29M | 7.45M | 5.78M | 6.67M | 4.75M | 4.67M | 3.5M | 3.5M | 172K | 164K | 441K | 176K | 248K | 286K | 2.61M | 2M | 232.31K | 253.36K |
| Total Debt | 668.1M | 644.08M | 474.89M | 466.51M | 410.1M | 366.04M | 443.25M | 354.6M | 271.5M | 237.84M | 219.44M | 229M | 183.5M | 144.5M | 144.5M | 106.16M | 93.5M | 79.45M |
| Net Debt | 618.42M | 574.08M | 417.73M | 347.38M | 347.75M | 196.62M | 318.94M | 339.59M | 229.49M | 196.26M | 162.36M | 197.34M | 154.18M | 91.08M | 92.46M | 67.1M | 91.74M | 76.78M |
| Long-Term Debt | 668.1M | 644.08M | 474.89M | 466.51M | 410.1M | 366.04M | 443.25M | 354.6M | 271.5M | 237.84M | 219.44M | 229M | 183.5M | 144.5M | 144.5M | 104M | 93.5M | 79.45M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1.21M | 1.83M | 0 | 0 | 40.77M | 38.72M | 18.23M | 19.02M | 0 | 0 | 0 | -4.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 32.84M | 38.74M | 33.56M | 34.91M | 4.75M | 4.67M | 3.5M | 3.5M | 19.39M | 15.15M | 13.52M | 9.18M | 8.82M | 11.64M | 6.26M | 4.16M | 1.87M | 1.72M |
| Total Non-Current Liabilities | 669.32M | 645.9M | 474.89M | 466.51M | 450.87M | 404.75M | 461.48M | 373.62M | 271.5M | 237.84M | 219.44M | 229M | 183.5M | 144.5M | 144.5M | 104M | 93.5M | 79.45M |
| Total Liabilities | 702.16M | 684.64M | 508.45M | 501.42M | 455.62M | 409.42M | 464.98M | 377.13M | 290.89M | 252.99M | 232.96M | 238.18M | 192.32M | 156.14M | 150.76M | 108.16M | 95.37M | 81.17M |
| Total Equity | 742.05M | 741.9M | 655.67M | 589.47M | 480.34M | 487.76M | 410.76M | 412.31M | 632.47M | 589.54M | 516.14M | 247.36M | 243.26M | 211.13M | 183.09M | 140.48M | 52M | 48.48M |
| Equity Growth % | 37.58% | 13.15% | 11.23% | 22.72% | -1.52% | 18.75% | -0.38% | -34.81% | 7.28% | 14.22% | 108.66% | 1.69% | 15.22% | 15.31% | 30.33% | 170.13% | 7.27% | - |
| Equity / Assets (Capital Ratio) | 51.38% | 52.01% | 56.32% | 54.04% | 51.32% | 54.37% | 46.9% | 52.23% | 91.15% | 91.22% | 87.97% | 50.95% | 55.85% | 57.49% | 54.84% | 56.5% | 35.29% | 37.39% |
| Return on Equity (ROE) | 11.45% | 11.79% | 12.58% | 14.42% | 7.4% | 25.84% | 7.59% | 9.28% | 8.09% | 7.95% | 10.89% | 10.59% | 8.58% | 13.8% | 12% | 15.99% | 10% | -3.28% |
| Book Value per Share | 19.55 | 20.90 | 20.12 | 22.36 | 19.63 | 19.96 | 16.81 | 16.85 | 25.85 | 25.06 | 28.23 | 15.27 | 16.96 | 15.61 | 17.98 | 14.90 | 5.52 | 5.14 |
| Tangible BV per Share | 19.55 | 20.90 | 20.12 | 22.36 | 19.63 | 19.96 | 16.81 | 16.85 | 25.85 | 25.06 | 28.23 | 15.27 | 16.96 | 15.61 | 17.98 | 14.90 | 5.52 | 5.14 |
| Common Stock | 38K | 38K | 34K | 31K | 25K | 24K | 24K | 24K | 24K | 24K | 22K | 16K | 16K | 14K | 12K | 9.43K | 49.82M | 49.82M |
| Additional Paid-in Capital | 641.38M | 641.38M | 567.16M | 504.3M | 395.92M | 361.81M | 363.98M | 366.06M | 366.69M | 370.55M | 340.1M | 246.31M | 243.01M | 206.12M | 177.5M | 138.65M | 0 | 0 |
| Retained Earnings | 100.63M | 100.48M | 88.47M | 85.14M | 84.4M | 125.93M | 46.75M | 46.23M | 36.68M | 5.69M | 9.63M | 13.89M | 12.43M | 3.22M | 455K | 422.05K | 7.65M | 2.55M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.02M | 4.04M | -12.85M | -12.19M | 5M | 3.63M | -481.94K | -3.96M | -3.89M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.68M | 5.69M | 9.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Exit Timing Volatility
According to recent quarterly filings, FDUS has grown total assets from $1.1 billion in 2023Q4 to $1.4 billion by 2026Q1, a trajectory that appears to be supported by a deliberate increase in debt financing to fund portfolio expansion within the lower middle market segment.
The steady climb in total assets suggests management is actively deploying capital, though the concurrent rise in liabilities warrants close observation regarding the quality of new originations. Investors should monitor whether this asset growth translates into sustainable net interest margin expansion or if it merely reflects a temporary increase in leverage-fueled investment activity.
As reported in financial statements, FDUS maintained a debt-to-equity ratio of 0.90 in 2026Q1, a figure that remains well within the regulatory constraints for BDCs and suggests a disciplined approach to capital structure despite the recent uptick in total debt levels to $668.1 million.
The firm's ability to manage its debt load while scaling the portfolio indicates a prudent approach to balance sheet risk. However, the shift from lower debt levels in 2025Q3 suggests that the company may be utilizing its credit facilities more aggressively to capitalize on current market opportunities, which could increase sensitivity to interest rate volatility.
Based on reported figures, FDUS's cash position has demonstrated significant variability, dropping from a peak of $119.1 million in 2023Q4 to $49.7 million in 2026Q1, which may indicate a shift toward more active capital deployment or a reduction in available liquidity for new investments.
The current ratio of 1.51 in 2026Q1 suggests an adequate short-term liquidity profile, yet the volatility in cash balances highlights the lumpy nature of BDC cash flows. This trend implies that the firm's liquidity is highly dependent on the timing of portfolio exits and the subsequent recycling of capital into new debt or equity positions.
As indicated by the absence of goodwill and PPE on the balance sheet, FDUS's asset base is almost entirely composed of financial instruments, which, according to regulatory disclosures, are subject to internal fair-value estimates that may not reflect actual market liquidity during periods of economic stress.
The reliance on Level 3 asset valuations means that the reported net asset value could be subject to significant downward revisions if the underlying lower middle market companies face operational distress. Investors should be wary that the lack of tangible assets makes the balance sheet highly sensitive to management's subjective valuation assumptions regarding its private equity co-investments.
Quick answers to the most common questions about buying FDUS stock.
As of 2025, Fidus Investment Corporation (FDUS) had total assets of $1.43B including $70.0M in current assets.
Fidus Investment Corporation (FDUS) carries total debt of $644.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fidus Investment Corporation (FDUS) has total shareholders' equity (book value) of $741.9M ($20.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fidus Investment Corporation (FDUS) reported a current ratio of 1.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.