Fidus Investment (FDUS) - 2024 Q1 - Earnings Call Transcript

Bryce Rowe Ed Ross Paul Johnson Paul Johnson Sure. Great question. We haven't really seen structural changes. One of the things we like about the lower middle market is we have real maintenance covenants. Many times, we have 2 covenants, both the leverage and fixed charge. That's a large majority of our situations on our investments. And that's different than the upper market, if you will, the larger market, very different. And I would say the spreads to those maintenance covenants are also narrower. The co ...