v3.26.3
Common Stock
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Common Stock

Note 8. Common Stock

Public Offerings of Common Stock

The following table summarizes the cumulative total shares issued, net proceeds received, and weighted average offering price in public offerings of the Company’s common stock since the IPO in June 2011, except for the issuances under the ATM Program as described further below.

 

Period

 

Cumulative Number of Shares

 

 

Cumulative Gross Proceeds

 

 

Cumulative Underwriting Fees and Commissions and Offering Costs (1)

 

 

Weighted Average Offering Price

 

Cumulative since IPO

 

 

14,388,414

 

 

$

236,597

 

 

$

8,989

 

 

$

16.44

 

 

(1) Fidus Investment Advisors, LLC agreed to bear a cumulative of $1,925 of underwriting fees and commissions and offering costs associated with these offerings (such amounts are not included in the number reported above). All such payments made by Fidus Investment Advisors, LLC are not subject to reimbursement by the Company.

Equity ATM Program

On November 10, 2022, the Company established the at-the-market program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through Raymond James & Associates, Inc. and B. Riley Securities, Inc., each as sales agents, shares of the Company’s common stock having an aggregate offering price of up to $50,000. On August 11, 2023, the Company increased the maximum amount of shares to be sold through the ATM Program to $150,000 from $50,000. On February 29, 2024, the Company increased the maximum amount of shares to be sold through the ATM Program to $300,000 from $150,000. On March 2, 2026, the Company increased the maximum amount of shares to be sold through the ATM Program to $400,000 from $300,000. The gross proceeds raised, the related sales agent commissions and the offering expenses, the net proceeds raised, and the average price at which shares were issued under the ATM Program for the nine months ended September 30, 2026 and 2025 are as follows:

 

 

 

 

 

Average

 

 

 

 

 

Underwriting

 

 

 

 

 

 

Number of

 

 

Offering

 

 

Gross

 

 

Fees and

 

 

Net

 

 

 

Shares

 

 

Price

 

 

Proceeds

 

 

Commissions

 

 

Proceeds (1)

 

Nine Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2025 through March 31, 2025

 

 

1,019,812

 

 

$

20.58

 

 

$

20,987

 

 

$

315

 

 

$

20,672

 

April 1, 2025 through June 30, 2025

 

 

376,625

 

 

 

20.34

 

 

 

7,660

 

 

 

115

 

 

 

7,545

 

July 1, 2025 through September 30, 2025

 

 

933,165

 

 

 

21.31

 

 

 

19,888

 

 

 

299

 

 

 

19,589

 

Total

 

 

2,329,602

 

 

$

20.83

 

 

$

48,535

 

 

$

729

 

 

$

47,806

 

Nine Months Ended September 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2026 through March 31, 2026

 

 

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

April 1, 2026 through June 30, 2026

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

July 1, 2026 through September 30, 2026

 

 

1,816,241

 

 

 

19.85

 

 

 

36,048

 

 

 

541

 

 

 

35,507

 

Total

 

$

1,816,241

 

 

$

19.85

 

 

$

36,048

 

 

$

541

 

 

$

35,507

 

(1) Net proceeds exclude amortization of deferred equity financing costs.

Cumulative to September 30, 2026, the Company has sold 15,116,583 shares of common stock under the ATM Program at a weighted-average price of $19.93, raising $301,273 of gross proceeds. Net proceeds were $297,345 after commissions to the sales agents on shares sold. As of September 30, 2026, the Company had $98,727 available under the ATM Program.

Stock Repurchase Program

As described in Note 2. Significant Accounting Policies, the Company has a Stock Repurchase Program under which the Company may acquire up to $5,000 of its outstanding common stock. The Company did not make any repurchases of common stock during the three and nine months ended September 30, 2026 and 2025.

 

DRIP Program

 

The Company did not issue any shares of common stock under the DRIP during the three and nine months ended September 30, 2026. The Company issued 34,803 and 103,614 shares of common stock under the DRIP during the three and nine months ended September 30, 2025, respectively. Refer to Note 9. Dividends and Distributions for additional information regarding the issuance of shares under the DRIP.

The Company had 39,770,605 and 37,954,364 shares of common stock outstanding as of September 30, 2026 and December 31, 2025, respectively.