UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 814-00861

Fidus Investment Corporation

(Exact Name of Registrant as Specified in its Charter)

Maryland	27-5017321
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
1603 Orrington Avenue, Suite 1005 Evanston, Illinois	60201
(Address of Principal Executive Offices)	(Zip Code)

(847) 859-3940

(Registrant’s telephone number, including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	FDUS	The NASDAQ Global Select Market
5.875% Notes due 2023	FDUSL	The NASDAQ Global Select Market
6.000% Notes due 2024	FDUSZ	The NASDAQ Global Select Market
5.375% Notes due 2024	FDUSG	The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☐    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐	Accelerated filer ☒	Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐
(Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of April 27, 2020, the Registrant had outstanding 24,437,400 shares of common stock, $0.001 par value.

FIDUS INVESTMENT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements.	3
	Consolidated Statements of Assets and Liabilities — March 31, 2020 (unaudited) and December 31, 2019	3
	Consolidated Statements of Operations — Three Months Ended March 31, 2020 (unaudited) and 2019 (unaudited)	4
	Consolidated Statements of Changes in Net Assets — Three Months Ended March 31, 2020 (unaudited) and 2019 (unaudited)	5
	Consolidated Statements of Cash Flows — Three months Ended March 31, 2020 (unaudited) and 2019 (unaudited)	6
	Consolidated Schedules of Investments — March 31, 2020 (unaudited) and December 31, 2019	7
	Notes to Consolidated Financial Statements (unaudited)	17
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	52
Item 4.	Controls and Procedures.	53
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings.	54
Item 1A.	Risk Factors.	54
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	57
Item 3.	Defaults Upon Senior Securities.	58
Item 4.	Mine Safety Disclosures.	58
Item 5.	Other Information.	58
Item 6.	Exhibits.	59
Signatures		60
Exhibit Index

2

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

	March 31, 2020 (unaudited)		December 31, 2019
ASSETS
Investments, at fair value:
Control investments (cost: $28,145 and $27,718, respectively)	$	20,551	$	21,820
Affiliate investments (cost: $41,527 and $56,328, respectively)		67,504		121,555
Non-control/non-affiliate  investments (cost: $661,438 and $620,453, respectively)		630,885		623,544
Total investments, at fair value (cost: $731,110 and $704,499, respectively)		718,940		766,919
Cash and cash equivalents		27,225		15,012
Interest receivable		5,442		6,331
Prepaid expenses and other assets		935		1,177
Total assets	$	752,542	$	789,439
LIABILITIES
SBA debentures, net of deferred financing costs (Note 6)	$	152,922	$	153,802
Public Notes, net of deferred financing costs (Note 6)		177,227		176,901
Borrowings under Credit Facility, net of deferred financing costs (Note 6)		33,982		23,899
Accrued interest and fees payable		2,222		3,505
Base management fee payable – due to affiliate		3,272		3,334
Income incentive fee payable – due to affiliate		1,855		1,497
Capital gains incentive fee payable – due to affiliate		3,837		12,715
Administration fee payable and other – due to affiliate		647		487
Taxes payable		123		547
Accounts payable and other liabilities		921		442
Total liabilities		377,008		377,129
Commitments and contingencies (Note 7)
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 24,437,400 and 24,463,119 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively)		24		24
Additional paid-in capital		365,793		366,061
Total distributable earnings		9,717		46,225
Total net assets		375,534		412,310
Total liabilities and net assets	$	752,542	$	789,439
Net asset value per common share	$	15.37	$	16.85

See Notes to Consolidated Financial Statements (unaudited).

3

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Operations (unaudited)

(in thousands, except shares and per share data)

	Three Months Ended March 31,
	2020			2019
Investment Income:
Interest income
Control investments	$	432		$	282
Affiliate investments		983			1,520
Non-control/non-affiliate  investments		16,052			13,450
Total interest income		17,467			15,252
Payment-in-kind interest income
Control investments		425			1,237
Affiliate investments		40			83
Non-control/non-affiliate  investments		616			1,310
Total payment-in-kind  interest income		1,081			2,630
Dividend income
Control investments		—			—
Affiliate investments		107			368
Non-control/non-affiliate  investments		29			(73	)
Total dividend income		136			295
Fee income
Control investments		—			349
Affiliate investments		—			22
Non-control/non-affiliate  investments		1,282			1,728
Total fee income		1,282			2,099
Interest on idle funds and other income		17			54
Total investment income		19,983			20,330
Expenses:
Interest and financing expenses		4,960			3,724
Base management fee		3,272			2,871
Incentive fee - income		1,855			2,485
Incentive fee - capital gains		(8,878	)		355
Administrative service expenses		466			399
Professional fees		553			590
Other general and administrative expenses		335			305
Total expenses		2,563			10,729
Net investment income before income taxes		17,420			9,601
Income tax provision (benefit)		3			2
Net investment income		17,417			9,599
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		—			(1,268	)
Affiliate investments		24,332			35
Non-control/non-affiliate  investments		7,046			(358	)
Total net realized gain (loss) on investments		31,378			(1,591	)
Income tax (provision) benefit from realized gains on investments		(1,051	)		8
Net change in unrealized appreciation (depreciation):
Control investments		(1,696	)		1,637
Affiliate investments		(39,253	)		2,759
Non-control/non-affiliate  investments		(33,641	)		(851	)
Total net change in unrealized appreciation (depreciation) on investments		(74,590	)		3,545
Net gain (loss) on investments		(44,263	)		1,962
Realized losses on extinguishment of debt		(125	)		(189	)
Net increase (decrease) in net assets resulting from operations	$	(26,971	)	$	11,372
Per common share data:
Net investment income per share-basic and diluted	$	0.71		$	0.39
Net increase (decrease) in net assets resulting from operations per share — basic and diluted	$	(1.10	)	$	0.46
Dividends declared per share	$	0.39		$	0.39
Weighted average number of shares outstanding — basic and diluted		24,457,634			24,463,119

See Notes to Consolidated Financial Statements (unaudited).

4

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Changes in Net Assets (unaudited)

(in thousands, except shares)

	Common Stock					Additional paid-in capital			Total distributable earnings			Total net assets
	Number of shares			Par value
Balances at December 31, 2018		24,463,119		$	24	$	366,688		$	36,273		$	402,985
Net investment income		—			—		—			9,599			9,599
Net realized gain (loss) on investments, net of taxes		—			—		—			(1,583	)		(1,583	)
Net unrealized appreciation (depreciation) on investments		—			—		—			3,545			3,545
Realized losses on extinguishment of debt		—			—		—			(189	)		(189	)
Dividends declared		—			—		—			(9,541	)		(9,541	)
Balances at March 31, 2019		24,463,119		$	24	$	366,688		$	38,104		$	404,816
Balances at December 31, 2019		24,463,119		$	24	$	366,061		$	46,225		$	412,310
Repurchases of common stock under Stock Repurchase Program (Note 8)		(25,719	)		—		(268	)		—			(268	)
Net investment income		—			—		—			17,417			17,417
Net realized gain (loss) on investments, net of taxes		—			—		—			30,327			30,327
Net unrealized appreciation (depreciation) on investments		—			—		—			(74,590	)		(74,590	)
Realized losses on extinguishment of debt		—			—		—			(125	)		(125	)
Dividends declared		—			—		—			(9,537	)		(9,537	)
Balances at March 31, 2020		24,437,400		$	24	$	365,793		$	9,717		$	375,534

See Notes to Consolidated Financial Statements (unaudited).

5

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Cash Flows (unaudited)

(in thousands)

	Three Months Ended March 31,
	2020			2019
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(26,971	)	$	11,372
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities:
Net change in unrealized (appreciation) depreciation on investments		74,590			(3,545	)
Net realized (gain) loss on investments		(31,378	)		1,591
Interest and dividend income paid-in-kind		(1,081	)		(2,630	)
Accretion of original issue discount		(87	)		(13	)
Accretion of loan origination fees		(260	)		(367	)
Purchase of investments		(68,192	)		(80,473	)
Proceeds from sales and repayments of investments		73,772			57,352
Proceeds from loan origination fees		615			586
Realized losses on extinguishment of debt		125			189
Amortization of deferred financing costs		550			415
Changes in operating assets and liabilities:
Interest receivable		889			220
Prepaid expenses and other assets		224			482
Accrued interest and fees payable		(1,283	)		(1,095	)
Base management fee payable – due to affiliate		(63	)		(56	)
Income incentive fee payable – due to affiliate		358			(300	)
Capital gains incentive fee payable – due to affiliate		(8,878	)		355
Administration fee payable and other – due to affiliate		160			(99	)
Taxes payable		(424	)		(588	)
Accounts payable and other liabilities		480			93
Net cash provided by (used for) operating activities		13,146			(16,511	)
Cash Flows from Financing Activities:
Proceeds received from SBA debentures		6,000			—
Repayments of SBA debentures		(7,000	)		(19,750	)
Proceeds received from issuance of Public Notes		—			69,000
Proceeds received from (repayments of) borrowings under Credit Facility, net		10,000			(36,500	)
Payment of deferred financing costs		(128	)		(2,504	)
Dividends paid to stockholders, including expenses		(9,537	)		(9,541	)
Repurchases of common stock under Stock Repurchase Program		(268	)		—
Net cash provided by (used for) financing activities		(933	)		705
Net increase (decrease) in cash and cash equivalents		12,213			(15,806	)
Cash and cash equivalents:
Beginning of period		15,012			42,015
End of period	$	27,225		$	26,209
Supplemental disclosure of cash flow information:
Cash payments for interest	$	5,693		$	4,404
Cash payments for taxes, net of tax refunds received	$	1,478		$	582

See Notes to Consolidated Financial Statements (unaudited).

6

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2020

(in thousands, except shares)

Portfolio Company (a)(b)		Variable Index		Rate (e)		Investment				Principal				Fair		Percent of
Investment Type (c)	Industry	Spread / Floor (d)		Cash/PIK		Date (f)		Maturity		Amount		Cost		Value (g)		Net Assets
Control Investments (t)
FDS Avionics Corp. (dba Flight Display Systems)	Aerospace & Defense Manufacturing
Second Lien Debt					6.00%/9.00%		11/5/2014		12/31/2021	$	4,519	$	4,519	$	3,971
Revolving Loan ($30 commitment)					6.00%/9.00%		4/12/2018		12/31/2021		267		267		267
Common Equity (7,478 shares) (j)							11/10/2017						748		—
Preferred Equity (2,550 shares)							12/26/2019						2,550		—
													8,084		4,238		1	%
US GreenFiber, LLC	Building Products Manufacturing
Second Lien Debt (k)					7.00%/6.00%		7/3/2014		8/30/2024		14,727		14,721		11,558
Second Lien Debt (k)					7.50%/7.50%		11/9/2018		8/30/2024		4,754		4,754		4,755
Common Equity (2,522 units) (h)(j)							7/3/2014						585		—
Common Equity (425,508 units) (j)							8/30/2019						1		—
													20,061		16,313		4	%
Total Control Investments												$	28,145	$	20,551		5	%
Affiliate Investments (l)
FAR Research Inc. (n)	Specialty Chemicals
Common Equity (1,396 units)							3/31/2014					$	—	$	28		0	%
Fiber Materials, Inc. (n)	Aerospace & Defense Manufacturing
Common Equity (10 units)							11/30/2016						—		—		0	%
Medsurant Holdings, LLC	Healthcare Services
Second Lien Debt					14.75%/0.00%		12/18/2015		6/30/2020		8,823		8,818		8,823
Preferred Equity (63,331 units) (h)							4/12/2011						673		711
Warrant (252,588 units) (h)(m)							4/12/2011						2,258		2,502
													11,749		12,036		3	%
Mirage Trailers LLC	Utility Equipment Manufacturing
Second Lien Debt (k)(ad)			(L + 8.50%) /(1.00%)		10.02%/4.50%		11/25/2015		11/25/2020		6,250		6,277		5,297
Common Equity (2,500,000 shares) (o)							11/25/2015						2,185		—
													8,462		5,297		1	%
Pfanstiehl, Inc.	Healthcare Products
Subordinated Debt					10.50%/0.00%		3/29/2013		9/29/2022		6,208		6,202		6,208
Common Equity (4,250 units) (j)							3/29/2013						425		14,364
													6,627		20,572		6	%
Pinnergy, Ltd.	Oil & Gas Services
Common Equity - Class A-2 (42,500 units) (k)							10/13/2016						3,000		16,602
Common Equity - Class B (1,000 units) (k)							10/13/2016						3,000		3,185
													6,000		19,787		5	%
Steward Holding LLC (dba Steward Advanced Materials)	Aerospace & Defense Manufacturing
Second Lien Debt					12.00%/1.50%		11/12/2015		5/12/2021		7,696		7,689		7,696
Common Equity (1,000,000 units)							11/12/2015						1,000		2,088
													8,689		9,784		3	%
Total Affiliate Investments												$	41,527	$	67,504		18	%

7

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2020

(in thousands, except shares)

Portfolio Company (a)(b)		Variable Index		Rate (e)		Investment				Principal					Fair		Percent of
Investment Type (c)	Industry	Spread / Floor (d)		Cash/PIK		Date (f)		Maturity		Amount		Cost			Value (g)		Net Assets
Non-control/Non-affiliate Investments
Accent Food Services, LLC	Vending Equipment Manufacturing
Second Lien Debt (k)(p)					0.00%/17.00%		11/30/2016		5/30/2022	$	35,410	$	35,328		$	25,717
Common Equity (7,885 units) (h)(j)							11/30/2016						800			—
													36,128			25,717		7	%
Allied 100 Group, Inc.	Healthcare Products
Subordinated Debt (k)					11.25%/0.00%		7/31/2019		5/26/2023		21,500		21,411			21,500
Common Equity (625,000 units) (j)							11/26/2014						625			1,061
													22,036			22,561		6	%
Alzheimer’s Research and Treatment Center, LLC	Healthcare Services
First Lien Debt (j)(w)			(L + 5.75%) / (2.00%)		7.75%/0.00%		10/23/2018		10/23/2023		6,500		6,464			6,500
Common Equity (500 units) (h)(j)							10/23/2018						500			667
													6,964			7,167		2	%
American AllWaste LLC (dba WasteWater Transport Services)	Environmental Industries
Second Lien Debt (j)			(L + 11.00%) / (2.00%)		13.00%/0.00%		5/31/2018		11/30/2023		17,503		17,416			17,503
Preferred Equity (500 units) (h)(j)							5/31/2018						500			176
Preferred Equity (207 units) (h)(j)							8/6/2019						250			250
													18,166			17,929		5	%
Argo Turboserve Corporation	Business Services
Second Lien Debt (j)			(L + 9.75%) / (2.00%)		11.75%/0.00%		12/26/2018		6/28/2023		13,875		13,821			13,875		4	%
AVC Investors, LLC (dba Auveco)	Specialty Distribution
Second Lien Debt (k)					11.50%/0.00%		1/3/2018		7/3/2023		22,500		22,432			22,259
Common Equity (5,000 units) (j)							1/3/2018						490			492
													22,922			22,751		6	%
B&B Roadway and Security Solutions, LLC	Component Manufacturing
Second Lien Debt					10.50%/3.50%		2/27/2018		8/27/2023		10,586		10,551			9,630
Common Equity (50,000 units) (h)(j)							2/27/2018						500			—
													11,051			9,630		2	%
Bandon Fitness (Texas), Inc.	Retail
First Lien Debt (j)(z)			(L + 6.00%) / (2.25%)		8.25%/0.00%		8/9/2019		8/9/2024		14,180		13,710			12,505
Common Equity (497,549 units) (j)							8/9/2019						849			—
													14,559			12,505		3	%
BCC Group Holdings, Inc.	Information Technology Services
Subordinated Debt					11.00%/1.00%		1/28/2019		4/11/2023		18,212		18,083			18,212
Common Equity (451 shares)							1/28/2019						232			165
Preferred Equity (14 shares)							1/28/2019						143			143
													18,458			18,520		5	%
BCM One Group Holdings, Inc.	Information Technology Services
Subordinated Debt (k)					11.00%/0.00%		1/3/2019		7/3/2024		29,000		28,875			29,000
Common Equity (1,143 shares)							1/3/2019						1			—
Preferred Equity (66 shares)							1/3/2019						665			619
													29,541			29,619		8	%
Bedford Precision Parts LLC	Specialty Distribution
First Lien Debt (j)(s)			(L + 6.25%) / (2.00%)		8.25%/0.00%		3/12/2019		3/12/2024		5,000		4,971			5,000
Common Equity (500,000 units) (h)(j)							3/12/2019						500			403
													5,471			5,403		1	%
Cardboard Box LLC (dba Anthony’s Coal Fired Pizza)	Restaurants
Common Equity (521,021 units) (j)							12/15/2015						521			—
Preferred Equity (99,889 units) (j)							12/6/2019						49			127
													570			127		0	%
Combined Systems, Inc.	Aerospace & Defense Manufacturing
First Lien Debt			(L + 10.00%) / (2.00%)		12.00%/0.00%		1/31/2020		1/31/2025		7,900		7,844			7,844
Revolving Loan ($0 commitment) (j)(ac)			(L + 9.00%) / (2.00%)		11.00%/0.00%		1/31/2020		1/31/2025		4,000		3,976			3,976
													11,820			11,820		3	%
ControlScan, Inc.	Information Technology Services
Subordinated Debt (j)					11.00%/0.00%		7/28/2017		1/28/2023		6,750		6,733			6,750
Common Equity (1,852 shares) (j)							7/28/2017						2			222
Preferred Equity (50 shares) (j)							7/28/2017						498			498
													7,233			7,470		2	%
CRS Solutions Holdings, LLC (dba CRS Texas)	Business Services
Second Lien Debt					10.50%/1.00%		3/14/2018		4/30/2024		11,190		11,147			10,779
Common Equity (375,000 units) (h)(j)							3/14/2018						375			222
													11,522			11,001		3	%
Diversified Search LLC	Business Services
First Lien Debt (k)(r)			(L + 6.00%) / (1.75%)		7.94%/0.00%		2/7/2019		2/7/2024		17,355		17,112			16,917
Common Equity (573 units) (h)(j)							2/7/2019						593			375
													17,705			17,292		5	%
EBL, LLC (EbLens)	Retail
Second Lien Debt (j)(p)					12.00%/1.00%		7/13/2017		1/13/2023		9,197		9,146			7,235
Common Equity (75,000 units) (j)							7/13/2017						750			—
													9,896			7,235		2	%
French Transit, LLC	Consumer Products
First Lien Debt (j)			(L + 9.00%) / (2.25%)		11.25%/0.00%		6/21/2019		6/21/2024		4,100		4,066			4,100
Revolving Loan ($1,000 commitment) (j)(u)			(L + 9.00%) / (2.25%)		11.25%/0.00%		6/21/2019		6/21/2024		—		(4	)		—
													4,062			4,100		1	%
Global Plasma Solutions, Inc.	Component Manufacturing
First Lien Debt (j)(v)			(L + 5.00%) / (2.00%)		7.00%/0.00%		9/21/2018		9/21/2023		6,838		6,784			6,838
Preferred Equity (947 shares) (j)							9/21/2018						360			407
Common Equity (947 shares) (j)							9/21/2018						15			224
													7,159			7,469		2	%
Gurobi Optimization, LLC	Information Technology Services
Common Equity (3 shares)							12/19/2017						750			1,595		0	%

8

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2020

(in thousands, except shares)

Portfolio Company (a)(b)			Variable Index		Rate (e)	Investment			Principal				Fair		Percent of
Investment Type (c)	Industry		Spread / Floor (d)		Cash/PIK	Date (f)	Maturity		Amount		Cost		Value (g)		Net Assets
Haematologic Technologies, Inc.		Healthcare Services
First Lien Debt (x)				(L + 7.25%) / (2.00%)	9.25%/0.00%	10/11/2019		10/11/2024	$	5,500	$	5,463	$	5,463
Common Equity (500 units) (h)(j)						10/11/2019						500		201
												5,963		5,664		1	%
Hilco Plastics Holdings, LLC (dba Hilco Technologies)		Component Manufacturing
Second Lien Debt					11.50%/1.50%	9/23/2016		12/31/2019		10,162		10,162		8,660
Revolving Loan (j)				(L + 6.50%) / (0.00%)	8.08%/0.00%	12/20/2019		12/15/2019		5,962		5,962		5,962
First Lien Debt (j)				(L + 6.95%) / (0.00%)	8.53%/0.00%	12/20/2019		12/15/2019		6,243		6,243		6,243
Preferred Equity (1,000,000 units) (h)(j)						4/18/2018						1,000		—
Common Equity (72,507 units) (h)(j)						9/23/2016						473		—
												23,840		20,865		6	%
Hoonuit, LLC		Information Technology Services
First Lien Debt				(L + 9.25%) / (2.25%)	11.50%/0.00%	6/7/2019		6/7/2024		7,165		7,124		7,166
Preferred Equity (610 units) (h)(j)						6/20/2019		1/1/2022				250		260
												7,374		7,426		2	%
Hub Acquisition Sub, LLC (dba Hub Pen)		Promotional products
Second Lien Debt (k)					12.25%/0.00%	3/23/2016		9/23/2021		25,000		24,955		22,329
Common Equity (3,750 units)						3/23/2016						131		556
												25,086		22,885		6	%
IBH Holdings, LLC (fka Inflexxion, Inc.)		Business Services
Common Equity (150,000 units)						6/20/2018						—		—		0	%
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) (n)		Industrial Cleaning & Coatings
Second Lien Debt					0.00%/10.00%	1/28/2019		1/28/2021		1,984		1,984		1,984		0	%
The Kyjen Company, LLC (dba Outward Hound)		Consumer Products
Second Lien Debt (k)					12.00%/0.00%	12/8/2017		6/8/2024		15,000		14,952		13,740
Common Equity (765 shares) (j)						12/8/2017						765		552
												15,717		14,292		4	%
LNG Indy, LLC (dba Kinetrex Energy)		Oil & Gas Distribution
Second Lien Debt (k)					11.50%/1.50%	12/28/2016		11/12/2021		10,012		9,977		9,977
Common Equity (500 units)						12/28/2016						500		527
												10,477		10,504		3	%
Marco Group International OpCo, LLC		Industrial Cleaning & Coatings
Second Lien Debt					10.50%/0.75%	3/2/2020		9/2/2026		10,006		9,908		9,908
Common Equity (570,636 units) (h)(j)						7/21/2017						637		578
												10,545		10,486		3	%
Mesa Line Services, LLC		Utilities: Services
Second Lien Debt (j)					10.50%/1.75%	11/30/2017		8/1/2024		17,297		17,214		17,297
Common Equity (981 shares) (j)						11/30/2017						1,148		758
												18,362		18,055		5	%
Microbiology Research Associates, Inc.		Healthcare Services
Subordinated Debt					11.00%/1.50%	5/13/2015		3/13/2022		8,964		8,955		8,964
Common Equity (812,866 units) (j)						5/13/2015						969		920
												9,924		9,884		3	%
Midwest Transit Equipment, Inc.		Transportation services
Warrant (7,192 shares) (j)(m)						6/23/2017						180		392
Warrant (9.59% of Junior Subordinated Notes) (j)(q)						6/23/2017						191		237
												371		629		0	%
NGT Acquisition Holdings, LLC (dba Techniks Industries)		Component Manufacturing
Common Equity (378 units) (j)						5/24/2017						500		123		0	%
OMC Investors, LLC (dba Ohio Medical Corporation)		Healthcare Products
Second Lien Debt					12.00%/0.00%	1/15/2016		7/15/2021		10,000		9,976		10,000
Common Equity (5,000 units)						1/15/2016						500		406
												10,476		10,406		3	%
Palisade Company, LLC		Information Technology Services
Subordinated Debt (j)					11.75%/0.00%	11/15/2018		5/15/2024		6,500		6,476		6,500
Common Equity (50 shares) (j)						11/15/2018						500		451
												6,976		6,951		2	%
Palmetto Moon, LLC		Retail
First Lien Debt					11.50%/2.50%	11/3/2016		10/31/2021		4,994		4,982		3,985
Common Equity (499 units) (j)						11/3/2016						494		—
												5,476		3,985		1	%
Power Grid Components, Inc.		Specialty Distribution
Second Lien Debt (k)					11.00%/1.00%	4/12/2018		12/2/2025		22,262		22,175		22,262
Preferred Equity (392 shares) (j)						4/12/2018						392		471
Preferred Equity (48 shares) (j)						12/2/2019						48		58
Common Equity (10,622 shares) (j)						4/12/2018						462		691
												23,077		23,482		6	%
Prime AE Group, Inc.		Business Services
First Lien Debt (j)				(L + 6.25%) / (2.00%)	8.25%/0.00%	11/25/2019		11/25/2024		7,333		7,154		7,154
Preferred Equity (500,000 shares) (j)						11/25/2019						500		500
												7,654		7,654		2	%
Pugh Lubricants, LLC		Specialty Distribution
Second Lien Debt (k)					12.25%/0.00%	11/10/2016		5/10/2022		26,581		26,514		26,581
Common Equity (3,062 units) (h)(j)						11/10/2016						288		534
												26,802		27,115		7	%
Revenue Management Solutions, LLC		Information Technology Services
Common Equity (1,125,000 shares)						1/4/2017						1,125		2,672		1	%

9

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2020

(in thousands, except shares)

Portfolio Company (a)(b)			Variable Index		Rate (e)		Investment				Principal				Fair		Percent of
Investment Type (c)	Industry		Spread / Floor (d)		Cash/PIK		Date (f)		Maturity		Amount		Cost		Value (g)		Net Assets
Rhino Assembly Company, LLC		Specialty Distribution
Second Lien Debt (k)						12.00%/1.00%		8/11/2017		2/11/2023	$	11,469	$	11,434	$	10,295
Delayed Draw Commitment ($875 commitment) (i)(j)						12.00%/1.00%		8/11/2017		5/17/2022		—		—		—
Preferred Equity (8,864 units) (h)(j)								8/11/2017						944		252
														12,378		10,547		3	%
Road Safety Services, Inc.		Business Services
Second Lien Debt						11.25%/1.50%		9/18/2018		3/18/2024		10,261		10,226		10,261
Common Equity (655 units)								9/18/2018						621		688
														10,847		10,949		3	%
Rohrer Corporation		Packaging
Subordinated Debt (j)						10.50%/1.00%		10/1/2018		4/1/2024		13,910		13,860		13,910
Common Equity (400 shares)								7/18/2016						780		1,079
														14,640		14,989		4	%
Routeware, Inc.		Information Technology Services
First Lien Debt (k)(aa)				(L + 7.00%) / (1.75%)		8.75%/0.00%		2/7/2020		2/7/2025		15,000		14,912		14,912		4	%
SES Investors, LLC (dba SES Foam)		Building Products Manufacturing
Second Lien Debt						13.00%/0.00%		9/8/2016		12/29/2020		3,095		3,085		3,095
Common Equity (6,000 units) (h)(j)								9/8/2016						567		914
														3,652		4,009		1	%
Software Technology, LLC		Information Technology Services
Subordinated Debt (k)						11.00%/0.00%		12/23/2016		6/23/2023		10,000		9,974		10,000
Common Equity (6 shares)								12/23/2016						646		800
														10,620		10,800		3	%
Specialized Elevator Services Holdings, LLC		Business Services
First Lien Debt (j)(y)				(L + 5.50%) / (2.00%)		7.50%/0.00%		5/7/2019		5/3/2024		12,889		12,758		12,889
Common Equity (500 units) (j)								5/8/2019						596		556
														13,354		13,445		4	%
SpendMend LLC		Business Services
Second Lien Debt (k)						11.00%/0.75%		1/8/2018		7/8/2023		10,515		10,482		10,515
Common Equity (1,000,000 units)								1/8/2018						1,000		1,404
														11,482		11,919		3	%
TransGo, LLC		Component Manufacturing
Common Equity (500 units)								2/28/2017						499		526		0	%
The Tranzonic Companies		Specialty Distribution
Subordinated Debt (j)						10.00%/1.25%		3/27/2018		3/27/2025		6,945		6,895		6,945
Preferred Equity (5,653 units) (j)								3/27/2018						565		679
Common Equity (1 units) (j)								3/27/2018						—		57
														7,460		7,681		2	%
UBEO, LLC		Business Services
Subordinated Debt (j)						11.00%/0.00%		4/3/2018		10/3/2024		13,893		13,798		12,199
Common Equity (705,000 units) (h)(j)								4/3/2018						668		402
														14,466		12,601		3	%
United Biologics, LLC		Healthcare Services
Preferred Equity (98,377 units) (h)(j)								4/1/2012						1,008		34
Warrant (57,469 units) (m)								3/5/2012						566		29
														1,574		63		0	%
Vanguard Dealer Services, L.L.C. (n)		Business Services
Common Equity (6,000 units)								7/30/2015						—		—
Common Equity (2,380 units) (j)								2/2/2018						—		—
														—		—		0	%
Virginia Tile Company, LLC		Specialty Distribution
Second Lien Debt (k)(p)						12.25%/0.00%		12/19/2014		4/7/2022		12,000		11,990		9,984
Common Equity (17 units)								12/19/2014						342		367
														12,332		10,351		3	%
Western’s Smokehouse, LLC		Consumer Products
First Lien Debt (j)(ab)				(L + 6.50%) / (1.25%)		7.95%/0.00%		2/28/2020		12/23/2024		10,000		9,853		9,853		3	%
Wheel Pros, Inc.		Specialty Distribution
Second Lien Debt (j)				(L + 8.50%) / (0.00%)		9.57%/0.00%		5/17/2019		4/4/2026		20,000		19,825		18,400
Preferred Equity (347,222 units) (j)								5/15/2019						750		585
														20,575		18,985		5	%
Worldwide Express Operations, LLC		Transportation services
Second Lien Debt (j)				(L + 8.00%) / (1.00%)		9.69%/0.00%		2/27/2017		2/3/2025		20,000		19,753		18,907
Common Equity (2,000 units) (h)(j)								2/27/2017						1,478		1,500
														21,231		20,407		5	%
Total Non-control/Non-affiliate Investments													$	661,438	$	630,885		168	%
Total Investments													$	731,110	$	718,940		191	%

(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.

(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

(d) Variable rate investments bear interest at a rate indexed to LIBOR (L), which is reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a LIBOR interest rate floor. For each investment, the Company has provided the spread over the reference rate and the LIBOR floor, if any, as of March 31, 2020.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of March 31, 2020. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

(f) Investment date represents the date of the initial investment in the security.

(g) The Company’s investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.

(h) Investment is held by a Taxable Subsidiary of the Company.

(i) The disclosed commitment represents the unfunded amount as of March 31, 2020. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

(j) Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

(k) The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

10

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2020

(in thousands, except shares)

(l) As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

(m) Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(n) Investment in portfolio company that has sold its operations and is in the process of winding down.

(o) Income producing. Maturity date, if any, represents mandatory redemption date.

(p) Investment was on non-accrual status as of March 31, 2020, meaning the Company has ceased recognizing interest income on the investment.

(q) Warrant entitles the Company to purchase 9.59% of the outstanding principal of Junior Subordinated Notes prior to exercise, and is non-income producing.

(r) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.12% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(s) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.90% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(t) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

(u) The disclosed commitment represents the unfunded amount as of March 31, 2020. The Company is earning 0.75% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

(v) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.26% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(w) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.88% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(x) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.73% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(y) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.06% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(z) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.43% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(aa) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.84% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ab) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.05% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ac) The disclosed commitment represents the unfunded amount as of March 31, 2020. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

(ad) Investment was on PIK-only non-accrual status as of March 31, 2020, meaning the Company has ceased recognizing PIK interest income on the investment.

See Notes to Consolidated Financial Statements (unaudited).

11

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments

December 31, 2019

(in thousands, except shares)

Portfolio Company (a)(b)		Variable Index		Rate (e)		Investment				Principal				Fair		Percent of
Investment Type (c)	Industry	Spread / Floor (d)		Cash/PIK		Date (f)		Maturity		Amount		Cost		Value (g)		Net Assets
Control Investments (t)
FDS Avionics Corp. (dba Flight Display Systems)	Aerospace & Defense Manufacturing
Second Lien Debt					6.00%/9.00%		11/5/2014		12/31/2021	$	4,420	$	4,418	$	4,227
Revolving Loan ($30 commitment)					6.00%/9.00%		4/12/2018		12/31/2021		261		261		261
Common Equity (7,478 shares) (j)							11/10/2017						748		—
Preferred Equity (2,550 shares)							12/26/2019						2,550		915
													7,977		5,403		1	%
US GreenFiber, LLC	Building Products Manufacturing
Second Lien Debt (k)					7.00%/6.00%		7/3/2014		8/30/2024		14,498		14,494		11,757
Second Lien Debt (k)					7.50%/7.50%		11/9/2018		8/30/2024		4,660		4,660		4,660
Common Equity (2,522 units) (h)(j)							7/3/2014						586		—
Common Equity (425,508 units) (j)							8/30/2019						1		—
													19,741		16,417		4	%
Total Control Investments												$	27,718	$	21,820		5	%
Affiliate Investments (l)
FAR Research Inc. (n)	Specialty Chemicals
Common Equity (1,396 units)							3/31/2014					$	—	$	28		0	%
Fiber Materials, Inc.	Aerospace & Defense Manufacturing
Common Equity (10 units)							11/30/2016						645		10,449		3	%
Medsurant Holdings, LLC	Healthcare Services
Second Lien Debt					13.00%/0.00%		12/18/2015		6/30/2020		8,823		8,814		8,823
Preferred Equity (126,662 units) (h)							4/12/2011						1,346		1,780
Warrant (505,176 units) (h)(m)							4/12/2011						4,516		6,377
													14,676		16,980		4	%
Microbiology Research Associates, Inc.	Healthcare Services
Subordinated Debt					11.00%/1.50%		5/13/2015		3/13/2022		8,930		8,921		8,930
Common Equity (1,625,731 units) (j)							5/13/2015						1,939		2,681
													10,860		11,611		3	%
Mirage Trailers LLC	Utility Equipment Manufacturing
Second Lien Debt (k)			(L + 8.50%) / (1.00%)		10.20%/4.50%		11/25/2015		11/25/2020		6,250		6,253		6,250
Common Equity (2,500,000 shares) (o)							11/25/2015						2,184		968
													8,437		7,218		2	%
Pfanstiehl, Inc.	Healthcare Products
Subordinated Debt					10.50%/0.00%		3/29/2013		9/29/2022		6,208		6,201		6,208
Common Equity (8,500 units) (j)							3/29/2013						850		26,614
													7,051		32,822		8	%
Pinnergy, Ltd.	Oil & Gas Services
Common Equity - Class A-2 (42,500 units) (k)							10/13/2016						3,000		29,831
Common Equity - Class B (1,000 units) (k)							10/13/2016						3,000		3,147
													6,000		32,978		8	%
Steward Holding LLC (dba Steward Advanced Materials)	Aerospace & Defense Manufacturing
Second Lien Debt					12.00%/1.50%		11/12/2015		5/12/2021		7,667		7,659		7,667
Common Equity (1,000,000 units)							11/12/2015						1,000		1,802
													8,659		9,469		2	%
Total Affiliate Investments												$	56,328	$	121,555		30	%

12

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments

December 31, 2019

(in thousands, except shares)

Portfolio Company (a)(b)			Variable Index	Rate (e)	Investment			Principal				Fair		Percent of
Investment Type (c)	Industry		Spread / Floor (d)	Cash/PIK	Date (f)	Maturity		Amount		Cost		Value (g)		Net Assets
Non-control/Non-affiliate Investments
Accent Food Services, LLC		Vending Equipment Manufacturing
Second Lien Debt (k)(p)				10.00%/5.00%	11/30/2016		5/30/2022	$	33,842	$	33,760	$	31,626
Subordinated Debt (j)(p)				0.00%/17.00%	6/28/2019		5/30/2022		1,567		1,567		1,441
Common Equity (7,885 units) (h)(j)					11/30/2016						800		227
											36,127		33,294		8	%
Allied 100 Group, Inc.		Healthcare Products
Subordinated Debt (k)				11.25%/0.00%	7/31/2019		5/26/2023		21,500		21,405		21,405
Common Equity (1,250,000 units) (j)					11/26/2014						1,250		1,465
											22,655		22,870		6	%
Alzheimer’s Research and Treatment Center, LLC		Healthcare Services
First Lien Debt (j)(w)			(L + 5.75%) / (2.00%)	7.75%/0.00%	10/23/2018		10/23/2023		6,500		6,461		6,500
Common Equity (1,000 units) (h)(j)					10/23/2018						1,000		1,406
											7,461		7,906		2	%
American AllWaste LLC (dba WasteWater Transport Services)		Environmental Industries
Second Lien Debt (j)			(L + 11.00%) / (2.00%)	13.00%/0.00%	5/31/2018		11/30/2023		17,503		17,411		17,503
Preferred Equity (500 units) (h)(j)					5/31/2018						500		540
Preferred Equity (207 units) (h)(j)					8/6/2019						250		250
											18,161		18,293		4	%
Argo Turboserve Corporation		Business Services
Second Lien Debt (j)			(L + 9.75%) / (2.00%)	11.84%/0.00%	12/26/2018		6/28/2023		14,156		14,098		14,156		3	%
AVC Investors, LLC (dba Auveco)		Specialty Distribution
Second Lien Debt (k)				11.50%/0.00%	1/3/2018		7/3/2023		22,500		22,427		22,500
Common Equity (5,000 units) (j)					1/3/2018						490		776
											22,917		23,276		6	%
B&B Roadway and Security Solutions, LLC		Component Manufacturing
Second Lien Debt				10.50%/3.50%	2/27/2018		8/27/2023		10,493		10,456		9,569
Common Equity (50,000 units) (h)(j)					2/27/2018						500		200
											10,956		9,769		2	%
Bandon Fitness (Texas), Inc.		Retail
First Lien Debt (j)(z)			(L + 6.00%) / (2.25%)	8.25%/0.00%	8/9/2019		8/9/2024		13,250		12,785		12,785
Common Equity (497,549 units) (j)					8/9/2019						849		849
											13,634		13,634		3	%
BCC Group Holdings, Inc.		Information Technology Services
Subordinated Debt				11.00%/1.00%	1/28/2019		4/11/2023		18,167		18,027		18,167
Common Equity (451 shares)					1/28/2019						232		167
Preferred Equity (14 shares)					1/28/2019						143		143
											18,402		18,477		4	%
BCM One Group Holdings, Inc.		Information Technology Services
Subordinated Debt (k)				11.00%/0.00%	1/3/2019		7/3/2024		27,000		26,888		27,000
Common Equity (2,286 shares)					1/3/2019						2		332
Preferred Equity (133 shares)					1/3/2019						1,330		1,330
											28,220		28,662		7	%
Bedford Precision Parts LLC		Specialty Distribution
First Lien Debt (j)(s)			(L + 6.25%) / (2.00%)	8.25%/0.00%	3/12/2019		3/12/2024		5,000		4,969		5,000
Common Equity (500,000 units) (h)(j)					3/12/2019						500		445
											5,469		5,445		1	%
Cardboard Box LLC (dba Anthony’s Coal Fired Pizza)		Restaurants
Common Equity (521,021 units) (j)					12/15/2015						521		113
Preferred Equity (99,889 units) (j)					12/6/2019						49		146
											570		259		0	%
ControlScan, Inc.		Information Technology Services
Subordinated Debt (j)				11.00%/0.00%	7/28/2017		1/28/2023		6,750		6,731		6,750
Common Equity (3,704 shares) (j)					7/28/2017						4		624
Preferred Equity (100 shares) (j)					7/28/2017						996		996
											7,731		8,370		2	%
CRS Solutions Holdings, LLC (dba CRS Texas)		Business Services
Second Lien Debt				10.50%/1.00%	3/14/2018		9/14/2023		9,166		9,136		9,166
Common Equity (750,000 units) (h)(j)					3/14/2018						750		822
											9,886		9,988		2	%
Diversified Search LLC		Business Services
First Lien Debt (k)(r)			(L + 5.75%) / (1.75%)	7.69%/0.00%	2/7/2019		2/7/2024		15,155		14,939		15,155
Common Equity (573 units) (h)(j)					2/7/2019						593		724
											15,532		15,879		4	%
EBL, LLC (EbLens)		Retail
Second Lien Debt (j)				12.00%/1.00%	7/13/2017		1/13/2023		9,484		9,433		9,484
Common Equity (75,000 units) (j)					7/13/2017						750		669
											10,183		10,153		3	%

13

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments

December 31, 2019

(in thousands, except shares)

Portfolio Company (a)(b) Investment Type (c)	Industry		Variable Index Spread / Floor (d)	Rate (e) Cash/PIK	Investment Date (f)	Maturity	Principal Amount		Cost			Fair Value (g)		Percent of Net Assets
French Transit, LLC		Consumer Products
First Lien Debt (j)			(L + 9.00%) /(2.25%)	11.25%/0.00%	6/21/2019	6/21/2024	$	8,000	$	7,964		$	8,000
Revolving Loan ($1,000 commitment) (j)(u)			(L + 9.00%) / (2.25%)	11.25%/0.00%	6/21/2019	6/21/2024		—		(4	)		—
										7,960			8,000		2	%
Global Plasma Solutions, Inc.		Component Manufacturing
First Lien Debt (j)(v)			(L + 5.00%) / (2.00%)	7.10%/0.00%	9/21/2018	9/21/2023		7,071		7,013			7,071
Preferred Equity (947 shares) (j)					9/21/2018					360			399
Common Equity (947 shares) (j)					9/21/2018					15			161
										7,388			7,631		2	%
Gurobi Optimization, LLC		Information Technology Services
Common Equity (5 shares)					12/19/2017					1,500			3,382		1	%
Haematologic Technologies, Inc.		Healthcare Services
First Lien Debt (x)			(L + 7.25%) / (2.00%)	9.25%/0.00%	10/11/2019	10/11/2024		5,500		5,461			5,461
Common Equity (500 units) (j)					10/11/2019					500			500
										5,961			5,961		1	%
Hilco Plastics Holdings, LLC (dba Hilco Technologies)		Component Manufacturing
Second Lien Debt				11.50%/1.50%	9/23/2016	12/31/2019		10,116		10,116			9,057
Revolving Loan (j)			(L + 6.50%) / (0.00%)	8.26%/0.00%	12/20/2019	12/15/2019		5,962		5,962			5,962
First Lien Debt (j)			(L + 6.95%) / (0.00%)	8.66%/0.00%	12/20/2019	12/15/2019		4,812		4,812			4,812
First Lien Debt (j)			(L + 6.95%) / (0.00%)	8.64%/0.00%	12/20/2019	12/15/2019		1,815		1,815			1,815
Preferred Equity (1,000,000 units) (h)(j)					4/18/2018					1,000			—
Common Equity (72,507 units) (h)(j)					9/23/2016					473			—
										24,178			21,646		5	%
Hoonuit, LLC		Information Technology Services
First Lien Debt			(L + 9.25%) / (2.25%)	11.50%/0.00%	6/7/2019	6/7/2024		7,165		7,121			7,165
Preferred Equity (610 units) (h)(j)					6/20/2019	1/1/2022				250			279
										7,371			7,444		2	%
Hub Acquisition Sub, LLC (dba Hub Pen)		Promotional products
Second Lien Debt (k)				12.25%/0.00%	3/23/2016	9/23/2021		25,000		24,947			25,000
Common Equity (7,500 units)					3/23/2016					263			1,488
										25,210			26,488		6	%
Hunter Defense Technologies, Inc.		Aerospace & Defense Manufacturing
First Lien Debt (j)			(L + 7.00%) / (1.00%)	8.94%/0.00%	9/27/2018	3/29/2023		9,246		9,174			9,246		2	%
IBH Holdings, LLC (fka Inflexxion, Inc.)		Business Services
Common Equity (150,000 units)					6/20/2018					—			—		0	%
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) (n)		Industrial Cleaning & Coatings
Second Lien Debt				0.00%/10.00%	1/28/2019	1/28/2021		2,309		2,309			2,309		1	%
The Kyjen Company, LLC (dba Outward Hound)		Consumer Products
Second Lien Debt (k)				12.00%/0.00%	12/8/2017	6/8/2024		15,000		14,948			13,024
Common Equity (765 shares) (j)					12/8/2017					765			609
										15,713			13,633		3	%
LNG Indy, LLC (dba Kinetrex Energy)		Oil & Gas Distribution
Second Lien Debt (k)				11.50%/0.00%	12/28/2016	11/12/2021		5,000		4,991			5,000
Common Equity (1,000 units)					12/28/2016					1,000			1,264
										5,991			6,264		2	%
Marco Group International OpCo, LLC		Industrial Cleaning & Coatings
Second Lien Debt				10.50%/0.75%	7/21/2017	1/21/2023		12,225		12,192			12,120
Common Equity (960,482 units) (h)(j)					7/21/2017					960			1,063
										13,152			13,183		3	%
Mesa Line Services, LLC		Utilities: Services
Second Lien Debt (j)				10.50%/1.75%	11/30/2017	8/1/2024		17,221		17,133			17,221
Common Equity (981 shares) (j)					11/30/2017					1,148			961
										18,281			18,182		4	%
Midwest Transit Equipment, Inc.		Transportation services
Warrant (14,384 shares) (j)(m)					6/23/2017					361			1,244
Warrant (9.59% of Junior Subordinated Notes) (j)(q)					6/23/2017					381			467
										742			1,711		0	%
NGT Acquisition Holdings, LLC (dba Techniks Industries)		Component Manufacturing
Common Equity (378 units) (j)					5/24/2017					500			155		0	%
OMC Investors, LLC (dba Ohio Medical Corporation)		Healthcare Products
Second Lien Debt				12.00%/0.00%	1/15/2016	7/15/2021		10,000		9,972			10,000
Common Equity (5,000 units)					1/15/2016					500			475
										10,472			10,475		3	%

14

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments

December 31, 2019

(in thousands, except shares)

Portfolio Company (a)(b) Investment Type (c)	Industry	Variable Index Spread / Floor (d)	Rate (e) Cash/PIK	Investment Date (f)		Maturity		Principal Amount		Cost		Fair Value (g)		Percent of Net Assets
Palisade Company, LLC	Information Technology Services
Subordinated Debt (j)			11.75%/0.00%		11/15/2018		5/15/2024	$	6,500	$	6,474	$	6,500
Common Equity (100 shares) (j)					11/15/2018						1,000		901
											7,474		7,401		2	%
Palmetto Moon, LLC	Retail
First Lien Debt			11.50%/2.50%		11/3/2016		10/31/2021		4,963		4,949		4,963
Common Equity (499 units) (j)					11/3/2016						494		67
											5,443		5,030		1	%
Power Grid Components, Inc.	Specialty Distribution
Second Lien Debt (k)			11.00%/1.00%		4/12/2018		12/2/2025		22,207		22,115		22,207
Preferred Equity (392 shares) (j)					4/12/2018						392		459
Preferred Equity (48 shares) (j)					12/2/2019						48		57
Common Equity (10,622 shares) (j)					4/12/2018						462		610
											23,017		23,333		6	%
Prime AE Group, Inc.	Business Services
First Lien Debt (j)		(L + 6.25%) / (2.00%)	8.25%/0.00%		11/25/2019		11/25/2024		7,500		7,312		7,312
Preferred Equity (500,000 shares) (j)					11/25/2019						500		500
											7,812		7,812		2	%
Pugh Lubricants, LLC	Specialty Distribution
Second Lien Debt (k)			12.25%/0.00%		11/10/2016		5/10/2022		23,581		23,521		23,581
Common Equity (6,125 units) (h)(j)					11/10/2016						576		1,199
											24,097		24,780		6	%
Revenue Management Solutions, LLC	Information Technology Services
Common Equity (2,250,000 shares)					1/4/2017						2,250		5,120		1	%
Rhino Assembly Company, LLC	Specialty Distribution
Second Lien Debt (k)			12.00%/1.00%		8/11/2017		2/11/2023		11,440		11,402		10,101
Delayed Draw Commitment ($875 commitment) (i)(j)			12.00%/1.00%		8/11/2017		5/17/2022		—		—		—
Preferred Equity (8,864 units) (h)(j)					8/11/2017						944		499
											12,346		10,600		3	%
Road Safety Services, Inc.	Business Services
Second Lien Debt			11.25%/1.50%		9/18/2018		3/18/2024		10,222		10,185		10,222
Common Equity (655 units)					9/18/2018						621		680
											10,806		10,902		3	%
Rohrer Corporation	Packaging
Subordinated Debt (j)			10.50%/1.00%		10/1/2018		4/1/2024		13,875		13,822		13,875
Common Equity (400 shares)					7/18/2016						780		1,256
											14,602		15,131		4	%
SES Investors, LLC (dba SES Foam)	Building Products Manufacturing
Second Lien Debt			13.00%/0.00%		9/8/2016		12/29/2020		3,095		3,082		3,095
Common Equity (6,000 units) (h)(j)					9/8/2016						567		856
											3,649		3,951		1	%
Software Technology, LLC	Information Technology Services
Subordinated Debt (k)			11.00%/0.00%		12/23/2016		6/23/2023		10,000		9,972		10,000
Common Equity (12 shares)					12/23/2016						1,291		1,578
											11,263		11,578		3	%
Specialized Elevator Services Holdings, LLC	Business Services
First Lien Debt (j)(y)		(L + 5.25%) / (2.00%)	7.25%/0.00%		5/7/2019		5/3/2024		7,080		6,985		7,080
Common Equity (500 units) (j)					5/8/2019						500		554
											7,485		7,634		2	%
SpendMend LLC	Business Services
Second Lien Debt (k)			11.00%/1.00%		1/8/2018		7/8/2023		10,491		10,456		10,491
Common Equity (1,000,000 units)					1/8/2018						1,000		1,400
											11,456		11,891		3	%
TransGo, LLC	Component Manufacturing
Common Equity (1,000 units)					2/28/2017						998		1,005		0	%
The Tranzonic Companies	Specialty Distribution
Subordinated Debt (j)			10.00%/1.50%		3/27/2018		3/27/2025		6,922		6,870		6,922
Preferred Equity (5,653 units) (j)					3/27/2018						565		663
Common Equity (1 units) (j)					3/27/2018						—		26
											7,435		7,611		2	%
UBEO, LLC	Business Services
Subordinated Debt (j)			11.00%/0.00%		4/3/2018		10/3/2024		13,893		13,792		13,645
Common Equity (705,000 units) (h)(j)					4/3/2018						705		811
											14,497		14,456		4	%
United Biologics, LLC	Healthcare Services
Preferred Equity (98,377 units) (h)(j)					4/1/2012						1,008		24
Warrant (57,469 units) (m)					3/5/2012						566		20
											1,574		44		0	%
Vanguard Dealer Services, L.L.C. (n)	Business Services
Common Equity (6,000 units)					7/30/2015						—		22
Common Equity (2,380 units) (j)					2/2/2018						—		9
											—		31		0	%

15

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments

December 31, 2019

(in thousands, except shares)

<

Portfolio Company (a)(b)			Variable Index	Rate (e)	Investment				Principal				Fair		Percent of
Investment Type (c)	Industry		Spread / Floor (d)	Cash/PIK	Date (f)		Maturity		Amount		Cost		Value (g)		Net Assets
Virginia Tile Company, LLC		Specialty Distribution
Second Lien Debt (k)				12.25%/0.00%		12/19/2014		4/7/2022	$	12,000	$	11,989	$	12,000
Common Equity (17 units)						12/19/2014						342		860
												12,331		12,860		3	%
Wheel Pros, Inc.		Specialty Distribution
Second Lien Debt (j)			(L + 8.50%) /(0.00%)	10.30%/0.00%		5/17/2019		4/4/2026		20,000		19,818		20,000
Preferred Equity (694,444 units) (j)						5/15/2019						1,500		1,781
												21,318		21,781		5	%
Worldwide Express Operations, LLC		Transportation services
Second Lien Debt (j)			(L + 8.00%) /(1.00%)	9.90%/0.00%		2/27/2017		2/3/2025		20,000		19,740		20,000
Common Equity (4,000 units) (h)(j)						2/27/2017						2,956		4,452
												22,696		24,452		6	%
Total Non-control/Non-affiliate Investments											$	620,453	$	623,544		151	%