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Common Stock | 9 Months Ended
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Sep. 30, 2025
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, 2025 and 2024 are as follows:
|  |  |  |  | Average |  |  |  |  |  | Underwriting |  |  |  |
|  | Number of |  |  | Offering |  |  | Gross |  |  | Fees and |  |  | Net |
|  | Shares |  |  | Price |  |  | Proceeds |  |  | Commissions |  |  | Proceeds (1) |
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 |
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 |
(1) Net proceeds exclude amortization of deferred equity financing costs. Through September 30, 2025, the Company has sold 11,693,846 shares of common stock under the ATM Program at a weighted-average price of $19.97, raising $233,507 of gross proceeds. Net proceeds were $230,302 after commissions to the sales agents on shares sold. As of September 30, 2025, the Company has $66,493 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 no t make any repurchases of common stock during the three and nine months ended September 30, 2025 and 2024. DRIP Program 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. 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. Refer to Note 9. Dividends and Distributions for additional information regarding the issuance of shares under the DRIP. The Company had 36,347,868 and 33,914,652 shares of common stock outstanding as of September 30, 2025 and December 31, 2024, respectively.

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