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Common Stock
 9 Months Ended
Sep. 30, 2024
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. 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, 2024 and 2023 are as follows:

 

 

 

 

 

Average

 

 

 

 

 

Underwriting

 

 

 

 

 

 

Number of

 

 

Offering

 

 

Gross

 

 

Fees and

 

 

Net

 

 

 

Shares

 

 

Price

 

 

Proceeds

 

 

Commissions

 

 

Proceeds

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2023 through March 31, 2023

 

 

260,610

 

 

$

20.68

 

 

$

5,389

 

 

$

81

 

 

$

5,308

 

April 1, 2023 through June 30, 2023

 

 

246,574

 

 

 

19.93

 

 

 

4,914

 

 

 

74

 

 

 

4,840

 

July 1, 2023 through September 30, 2023

 

 

3,187,661

 

 

 

19.54

 

 

 

62,277

 

 

 

779

 

 

 

61,498

 

Total

 

 

3,694,845

 

 

$

19.64

 

 

$

72,580

 

 

$

934

 

 

$

71,646

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2024 through March 31, 2024

 

 

987,170

 

 

$

19.66

 

 

$

19,408

 

 

$

228

 

 

$

19,180

 

April 1, 2024 through June 30, 2024

 

 

1,691,336

 

 

 

19.80

 

 

 

33,489

 

 

 

458

 

 

 

33,031

 

July 1, 2024 through September 30, 2024

 

 

714,995

 

 

 

20.01

 

 

 

14,304

 

 

 

215

 

 

 

14,089

 

Total

 

 

3,393,501

 

 

$

19.80

 

 

$

67,201

 

 

$

901

 

 

$

66,300

 

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

Cumulative to date, the Company has sold 9,364,244 shares of common stock under the ATM Program at a weighted-average price of $19.75, raising $184,973 of gross proceeds. Net proceeds were $182,496 after commissions to the sales agents on shares sold. As of September 30, 2024, the Company has $115,027 available under the ATM Program.

Stock Repurchase Program

As described in Note 2, 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, 2024 and 2023.

 

DRIP Program

 

The Company issued 38,417 and 82,172 shares of common stock under the DRIP during the three and nine months ended September 30, 2024, respectively. The Company issued zero and 30,836 shares of common stock under the DRIP during the three and nine months ended September 30, 2023, respectively. Refer to Note 9 for additional information regarding the issuance of shares under the DRIP.

The Company had 33,914,652 and 30,438,979 shares of common stock outstanding as of September 30, 2024 and December 31, 2023, respectively.