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 June 30, 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 ☐

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 August 6, 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 — June 30, 2020 (unaudited) and December 31, 2019	3
	Consolidated Statements of Operations — Three and Six Months Ended June 30, 2020 (unaudited) and 2019 (unaudited)	4
	Consolidated Statements of Changes in Net Assets — Three and Six Months Ended June 30, 2020 (unaudited) and 2019 (unaudited)	5
	Consolidated Statements of Cash Flows — Six Months Ended June 30, 2020 (unaudited) and 2019 (unaudited)	6
	Consolidated Schedules of Investments — June 30, 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	38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
Item 4.	Controls and Procedures	57
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	59
Item 1A.	Risk Factors	59
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	64
Item 4.	Mine Safety Disclosures	64
Item 5.	Other Information	64
Item 6.	Exhibits	65
Signatures		66
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)

	June 30, 2020 (unaudited)		December 31, 2019
ASSETS
Investments, at fair value:
Control investments (cost: $29,591 and $27,718, respectively)	$	21,929	$	21,820
Affiliate investments (cost: $40,792 and $56,328, respectively)		70,566		121,555
Non-control/non-affiliate  investments (cost: $675,915 and $620,453, respectively)		640,125		623,544
Total investments, at fair value (cost: $746,298 and $704,499, respectively)		732,620		766,919
Cash and cash equivalents		19,268		15,012
Interest receivable		8,208		6,331
Prepaid expenses and other assets		1,348		1,177
Total assets	$	761,444	$	789,439
LIABILITIES
SBA debentures, net of deferred financing costs (Note 6)	$	153,061	$	153,802
Public Notes, net of deferred financing costs (Note 6)		177,553		176,901
Borrowings under Credit Facility, net of deferred financing costs (Note 6)		41,715		23,899
Accrued interest and fees payable		3,411		3,505
Base management fee payable – due to affiliate		3,193		3,334
Income incentive fee payable, net of incentive fee waiver – due to affiliate		1,690		1,497
Capital gains incentive fee payable – due to affiliate		3,574		12,715
Administration fee payable and other – due to affiliate		415		487
Taxes payable		123		547
Accounts payable and other liabilities		533		442
Total liabilities		385,268		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 June 30, 2020 and December 31, 2019, respectively)		24		24
Additional paid-in capital		365,793		366,061
Total distributable earnings		10,359		46,225
Total net assets		376,176		412,310
Total liabilities and net assets	$	761,444	$	789,439
Net asset value per common share	$	15.39	$	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 June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Investment Income:
Interest income
Control investments	$	449		$	68		$	881		$	350
Affiliate investments		831			1,414			1,814			2,934
Non-control/non-affiliate  investments		17,559			12,365			33,611			25,815
Total interest income		18,839			13,847			36,306			29,099
Payment-in-kind interest income
Control investments		445			183			870			1,420
Affiliate investments		29			85			69			168
Non-control/non-affiliate  investments		707			2,687			1,323			3,997
Total payment-in-kind  interest income		1,181			2,955			2,262			5,585
Dividend income
Control investments		—			—			—			—
Affiliate investments		1			573			108			941
Non-control/non-affiliate  investments		17			58			46			(15	)
Total dividend income		18			631			154			926
Fee income
Control investments		—			—			—			349
Affiliate investments		66			—			66			22
Non-control/non-affiliate  investments		175			601			1,457			2,329
Total fee income		241			601			1,523			2,700
Interest on idle funds and other income		154			34			171			88
Total investment income		20,433			18,068			40,416			38,398
Expenses:
Interest and financing expenses		4,863			4,052			9,823			7,776
Base management fee		3,193			3,016			6,465			5,887
Incentive fee - income		2,113			1,299			3,968			3,784
Incentive fee - capital gains		(263	)		(1,289	)		(9,141	)		(934	)
Administrative service expenses		364			378			830			777
Professional fees		654			406			1,207			996
Other general and administrative expenses		500			510			835			815
Total expenses before income incentive fee waiver		11,424			8,372			13,987			19,101
Incentive fee waiver - income		(423	)		—			(423	)		—
Total expenses, net of income incentive fee waiver		11,001			8,372			13,564			19,101
Net investment income before income taxes		9,432			9,696			26,852			19,297
Income tax provision (benefit)		141			53			144			55
Net investment income		9,291			9,643			26,708			19,242
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		—			—			—			(1,268	)
Affiliate investments		87			(134	)		24,419			(99	)
Non-control/non-affiliate  investments		117			23			7,163			(335	)
Total net realized gain (loss) on investments		204			(111	)		31,582			(1,702	)
Income tax (provision) benefit from realized gains on investments		(14	)		(301	)		(1,065	)		(293	)
Net change in unrealized appreciation (depreciation):
Control investments		(68	)		(64	)		(1,764	)		1,573
Affiliate investments		3,797			2,527			(35,453	)		5,286
Non-control/non-affiliate  investments		(5,237	)		(8,492	)		(38,881	)		(9,343	)
Total net change in unrealized appreciation (depreciation) on investments		(1,508	)		(6,029	)		(76,098	)		(2,484	)
Net gain (loss) on investments		(1,318	)		(6,441	)		(45,581	)		(4,479	)
Realized losses on extinguishment of debt		—			—			(125	)		(189	)
Net increase (decrease) in net assets resulting from operations	$	7,973		$	3,202		$	(18,998	)	$	14,574
Per common share data:
Net investment income per share-basic and diluted	$	0.38		$	0.39		$	1.09		$	0.79
Net increase (decrease) in net assets resulting from operations per share — basic and diluted	$	0.33		$	0.13		$	(0.78	)	$	0.60
Dividends declared per share	$	0.30		$	0.39		$	0.69		$	0.78
Weighted average number of shares outstanding — basic and diluted		24,437,400			24,463,119			24,447,517			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
Net investment income		—			—			—			9,643			9,643
Net realized gain (loss) on investments, net of taxes		—			—			—			(412	)		(412	)
Net unrealized appreciation (depreciation) on investments		—			—			—			(6,029	)		(6,029	)
Realized losses on extinguishment of debt		—			—			—			—			—
Dividends declared		—			—			—			(9,540	)		(9,540	)
Balances at June 30, 2019		24,463,119		$	24		$	366,688		$	31,766		$	398,478
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	)		(0	)*		(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
Net investment income		—			—			—			9,291			9,291
Net realized gain (loss) on investments, net of taxes		—			—			—			190			190
Net unrealized appreciation (depreciation) on investments		—			—			—			(1,508	)		(1,508	)
Realized losses on extinguishment of debt		—			—			—			—			—
Dividends declared		—			—			—			(7,331	)		(7,331	)
Balances at June 30, 2020		24,437,400		$	24		$	365,793		$	10,359		$	376,176

* Amount is greater than zero but less than one

See Notes to Consolidated Financial Statements (unaudited).

5

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Cash Flows (unaudited)

(in thousands)

	Six Months Ended June 30,
	2020			2019
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(18,998	)	$	14,574
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Net change in unrealized (appreciation) depreciation on investments		76,098			2,484
Net realized (gain) loss on investments		(31,582	)		1,702
Interest and dividend income paid-in-kind		(2,262	)		(5,585	)
Accretion of original issue discount		(103	)		(30	)
Accretion of loan origination fees		(514	)		(567	)
Purchase of investments		(85,097	)		(128,460	)
Proceeds from sales and repayments of investments		76,315			75,320
Proceeds from loan origination fees		1,444			846
Realized losses on extinguishment of debt		125			189
Amortization of deferred financing costs		1,098			858
Changes in operating assets and liabilities:
Interest receivable		(1,877	)		1,630
Prepaid expenses and other assets		(171	)		517
Accrued interest and fees payable		(94	)		339
Base management fee payable – due to affiliate		(141	)		89
Income incentive fee payable, net of incentive fee waiver – due to affiliate		193			(1,486	)
Capital gains incentive fee payable – due to affiliate		(9,141	)		(934	)
Administration fee payable and other – due to affiliate		(72	)		(174	)
Taxes payable		(424	)		(803	)
Accounts payable and other liabilities		91			196
Net cash provided by (used for) operating activities		4,888			(39,295	)
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		18,000			(7,000	)
Payment of deferred financing costs		(496	)		(4,004	)
Dividends paid to stockholders, including expenses		(16,868	)		(19,081	)
Repurchases of common stock under Stock Repurchase Program		(268	)		—
Net cash provided by (used for) financing activities		(632	)		19,165
Net increase (decrease) in cash and cash equivalents		4,256			(20,130	)
Cash and cash equivalents:
Beginning of period		15,012			42,015
End of period	$	19,268		$	21,885
Supplemental disclosure of cash flow information:
Cash payments for interest	$	8,819		$	6,579
Cash payments for taxes, net of tax refunds received	$	1,633		$	1,151

See Notes to Consolidated Financial Statements (unaudited).

6

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 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	$	4,621	$	4,621	$	3,811
Revolving Loan ($30 commitment)							6.00%/9.00	%		4/12/2018		12/31/2021		273		273		273
Common Equity (7,478 shares) (j)										11/10/2017						748		—
Preferred Equity (2,550 shares)										12/26/2019						2,550		—
																8,192		4,084		1	%
US GreenFiber, LLC		Building Products Manufacturing
Second Lien Debt (j)							7.00%/6.00	%		7/3/2014		8/30/2024		15,967		15,964		12,996
Second Lien Debt (j)							7.50%/7.50	%		11/9/2018		8/30/2024		4,848		4,848		4,849
Common Equity (2,522 units) (h)(j)										7/3/2014						586		—
Common Equity (425,508 units) (j)										8/30/2019						1		—
																21,399		17,845		5	%
Total Control Investments															$	29,591	$	21,929		6	%
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 (j)							13.00%/0.00	%		12/18/2015		3/10/2022		8,031		8,026		8,090
Preferred Equity (63,331 units) (h)(j)										4/12/2011						674		543
Warrant (252,588 units) (h)(j)(m)										4/12/2011						2,259		1,889
																10,959		10,522		3	%
Mirage Trailers LLC		Utility Equipment Manufacturing
Second Lien Debt (k)(ad)				(L + 8.50%) / (1.00%	)		9.50%/4.50	%		11/25/2015		11/25/2020		6,250		6,300		5,258
Common Equity (2,500,000 shares) (o)										11/25/2015						2,186		—
																8,486		5,258		1	%
Pfanstiehl, Inc.		Healthcare Products
Subordinated Debt							10.50%/0.00	%		3/29/2013		9/29/2024		6,208		6,203		6,208
Common Equity (4,250 units) (j)										3/29/2013						425		17,239
																6,628		23,447		6	%
Pinnergy, Ltd.		Oil & Gas Services
Common Equity - Class A-2 (42,500 units) (j)										10/13/2016						3,000		18,186
Common Equity - Class B (1,000 units) (j)										10/13/2016						3,000		3,221
																6,000		21,407		6	%
Steward Holding LLC (dba Steward Advanced Materials)		Aerospace & Defense Manufacturing
Second Lien Debt							12.00%/1.50	%		11/12/2015		5/12/2021		7,725		7,719		7,725
Common Equity (1,000,000 units)										11/12/2015						1,000		2,179
																8,719		9,904		3	%
Total Affiliate Investments															$	40,792	$	70,566		19	%

7

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 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		$	16,134
Common Equity (7,885 units) (h)(j)								11/30/2016						800			—
														36,128			16,134		4	%
Allied 100 Group, Inc.		Healthcare Products
Subordinated Debt (k)						11.25%/0.00%		7/31/2019		5/26/2023		21,500		21,419			21,500
Common Equity (625,000 units) (j)								11/26/2014						625			930
														22,044			22,430		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		6,466			6,500
Common Equity (500 units) (h)(j)								10/23/2018						500			697
														6,966			7,197		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		17,422			17,503
Preferred Equity (500 units) (h)(j)								5/31/2018						500			300
Preferred Equity (207 units) (h)(j)								8/6/2019						250			250
														18,172			18,053		5	%
Argo Turboserve Corporation		Business Services
Second Lien Debt (j)				(L + 10.75%) / (2.00%)		12.75%/0.00%		12/26/2018		6/28/2023		13,594		13,544			13,594		4	%
AVC Investors, LLC (dba Auveco)		Specialty Distribution
Second Lien Debt (k)						11.50%/0.00%		1/3/2018		7/3/2023		22,500		22,436			22,373
Common Equity (5,000 units) (j)								1/3/2018						490			449
														22,926			22,822		6	%
B&B Roadway and Security Solutions, LLC		Component Manufacturing
Second Lien Debt						11.25%/4.00%		2/27/2018		1/1/2022		10,690		10,660			9,665
Common Equity (50,000 units) (h)(j)								2/27/2018						500			—
														11,160			9,665		3	%
Bandon Fitness (Texas), Inc.		Retail
First Lien Debt (j)(z)				(L + 6.00%) / (2.25%)		8.25%/0.25%		8/9/2019		8/9/2024		14,689		14,246			13,714
Common Equity (545,810 units) (j)								8/9/2019						931			139
														15,177			13,853		4	%
BCC Group Holdings, Inc.		Information Technology Services
Subordinated Debt						11.00%/1.00%		1/28/2019		4/11/2023		18,258		18,139			18,258
Common Equity (451 shares)								1/28/2019						232			176
Preferred Equity (14 shares)								1/28/2019						143			143
														18,514			18,577		5	%
BCM One Group Holdings, Inc.		Information Technology Services
Subordinated Debt (k)						11.00%/0.00%		1/3/2019		7/3/2024		29,000		28,882			29,000
Common Equity (1,143 shares)								1/3/2019						1			78
Preferred Equity (66 shares)								1/3/2019						665			665
														29,548			29,743		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		4,972			5,000
Common Equity (500,000 units) (h)(j)								3/12/2019						500			340
														5,472			5,340		1	%
Cardboard Box LLC (dba Anthony’s Coal Fired Pizza)		Restaurants
Common Equity (521,021 units) (j)								12/15/2015						521			—
Preferred Equity (1,043,133 units) (j)								12/6/2019						72			81
														593			81		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		7,800		7,747			7,747
Revolving Loan ($100 commitment) (j)(ac)				(L + 9.00%) / (2.00%)		11.00%/0.00%		1/31/2020		1/31/2025		3,900		3,877			3,877
														11,624			11,624		3	%
ControlScan, Inc.		Information Technology Services
Subordinated Debt (j)						11.00%/0.00%		7/28/2017		1/28/2023		6,750		6,734			6,750
Common Equity (1,852 shares) (j)								7/28/2017						2			243
Preferred Equity (50 shares) (j)								7/28/2017						498			498
														7,234			7,491		2	%
CRS Solutions Holdings, LLC (dba CRS Texas)		Business Services
Second Lien Debt						10.50%/1.00%		3/14/2018		4/30/2024		11,219		11,178			10,474
Common Equity (375,000 units) (h)(j)								3/14/2018						375			161
														11,553			10,635		3	%
Diversified Search LLC		Business Services
First Lien Debt (k)(r)				(L + 6.00%) / (1.75%)		7.75%/0.00%		2/7/2019		2/7/2024		17,355		17,128			16,739
Common Equity (573 units) (h)(j)								2/7/2019						593			261
														17,721			17,000		4	%
EBL, LLC (EbLens)		Retail
Second Lien Debt (j)						12.00%/1.00%		7/13/2017		1/13/2023		9,221		9,174			7,764
Common Equity (75,000 units) (j)								7/13/2017						750			40
														9,924			7,804		2	%
ECM Industries, LLC		Component Manufacturing
Subordinated Debt (j)						11.50%/0.00%		4/30/2020		5/23/2026		11,500		11,276			11,276
Common Equity (1,000,000 units) (h)(j)								4/30/2020						1,000			1,000
														12,276			12,276		3	%
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		4,068			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	)		—
														4,064			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		6,788			6,838
Preferred Equity (947 shares) (j)								9/21/2018						360			415
Common Equity (947 shares) (j)								9/21/2018						15			1,126
													$	7,163		$	8,379		2	%

8

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 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
Gurobi Optimization, LLC		Information Technology Services
Common Equity (3 shares)								12/19/2017					$	750	$	1,671		0	%
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		5,466		5,350
Common Equity (500 units) (h)(j)								10/11/2019						500		253
														5,966		5,603		1	%
Hilco Plastics Holdings, LLC (dba Hilco Technologies)		Component Manufacturing
Second Lien Debt (j)						11.50%/1.50%		9/23/2016		12/31/2019		10,207		10,207		8,613
Revolving Loan (j)				(L + 6.50%) / (0.00%)		6.67%/0.00%		12/20/2019		12/15/2019		5,962		5,962		5,962
First Lien Debt (j)				(L + 6.95%) / (0.00%)		7.12%/0.00%		12/20/2019		12/15/2019		5,859		5,859		5,859
Preferred Equity (1,000,000 units) (h)(j)								4/18/2018						1,000		—
Common Equity (72,507 units) (h)(j)								9/23/2016						473		—
														23,501		20,434		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		7,126		7,165
Preferred Equity (610 units) (h)(j)								6/20/2019		1/1/2022				250		264
														7,376		7,429		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		24,963		22,198
Common Equity (3,750 units)								3/23/2016						131		195
														25,094		22,393		6	%
IBH Holdings, LLC (fka Inflexxion, Inc.)		Business Services
Common Equity (150,000 units)								6/20/2018						—		—		0	%
Ipro Tech, LLC		Information Technology Services
First Lien Debt (j)(ae)				(L + 8.50%) / (2.00%)		10.50%/0.00%		6/30/2020		6/30/2025		2,500		1,901		1,901		1	%
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) (n)		Industrial Cleaning & Coatings
Second Lien Debt (j)						0.00%/10.00%		1/28/2019		1/28/2021		2,034		2,034		2,034		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		14,954		14,400
Common Equity (765 shares) (j)								12/8/2017						765		562
														15,719		14,962		4	%
LNG Indy, LLC (dba Kinetrex Energy)		Oil & Gas Distribution
Second Lien Debt (k)						11.50%/1.50%		12/28/2016		11/12/2021		10,050		10,021		10,021
Common Equity (500 units)								12/28/2016						500		535
														10,521		10,556		3	%
Marco Group International OpCo, LLC		Industrial Cleaning & Coatings
Second Lien Debt						10.50%/0.75%		3/2/2020		9/2/2026		10,025		9,930		9,526
Common Equity (570,636 units) (h)(j)								7/21/2017						637		478
														10,567		10,004		3	%
Mesa Line Services, LLC		Utilities: Services
Second Lien Debt (j)						10.50%/1.75%		11/30/2017		8/1/2024		17,374		17,296		17,374
Common Equity (981 shares) (j)								11/30/2017						1,148		556
														18,444		17,930		5	%
Microbiology Research Associates, Inc.		Healthcare Services
Subordinated Debt (j)						11.00%/1.50%		5/13/2015		3/13/2022		8,997		8,990		8,997
Common Equity (812,866 units) (j)								5/13/2015						969		873
														9,959		9,870		3	%
Midwest Transit Equipment, Inc.		Transportation services
Warrant (7,192 shares) (j)(m)								6/23/2017						180		305
Warrant (9.59% of Junior Subordinated Notes) (j)(q)								6/23/2017						190		241
														370		546		0	%
NGT Acquisition Holdings, LLC (dba Techniks Industries)		Component Manufacturing
Common Equity (378 units) (j)								5/24/2017						500		157		0	%
OMC Investors, LLC (dba Ohio Medical Corporation)		Healthcare Products
Second Lien Debt						13.00%/0.00%		1/15/2016		6/30/2022		10,000		9,979		10,000
Common Equity (5,000 units)								1/15/2016						500		590
														10,479		10,590		3	%
Palisade Company, LLC		Information Technology Services
Subordinated Debt (j)						11.75%/0.00%		11/15/2018		5/15/2024		6,500		6,477		6,500
Common Equity (50 shares) (j)								11/15/2018						500		484
														6,977		6,984		2	%
Palmetto Moon, LLC		Retail
First Lien Debt (j)						11.50%/2.50%		11/3/2016		10/31/2021		4,876		4,866		4,142
Common Equity (499 units) (j)								11/3/2016						494		—
														5,360		4,142		1	%
Power Grid Components, Inc.		Specialty Distribution
Second Lien Debt (k)						11.00%/1.00%		4/12/2018		12/2/2025		22,318		22,235		22,318
Preferred Equity (392 shares) (j)								4/12/2018						392		483
Preferred Equity (48 shares) (j)								12/2/2019						48		60
Common Equity (10,622 shares) (j)								4/12/2018						462		694
													$	23,137	$	23,555		6	%

9

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 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
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	$	7,167	$	6,997	$	7,167
Preferred Equity (500,000 shares) (j)								11/25/2019						500		550
														7,497		7,717		2	%
Pugh Lubricants, LLC		Specialty Distribution
Second Lien Debt (k)						12.25%/0.00%		11/10/2016		5/10/2022		26,581		26,522		26,581
Common Equity (3,062 units) (h)(j)								11/10/2016						284		652
														26,806		27,233		7	%
Revenue Management Solutions, LLC		Information Technology Services
Common Equity (113 shares)								1/4/2017						1,125		2,852		1	%
Rhino Assembly Company, LLC		Specialty Distribution
Second Lien Debt (k)						12.00%/1.00%		8/11/2017		2/11/2023		11,498		11,466		10,140
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		183
														12,410		10,323		3	%
Road Safety Services, Inc.		Business Services
Second Lien Debt						11.25%/1.50%		9/18/2018		3/18/2024		10,300		10,267		10,300
Common Equity (655 units)								9/18/2018						621		820
														10,888		11,120		3	%
Rohrer Corporation		Packaging
Subordinated Debt (j)						10.50%/1.00%		10/1/2018		4/1/2024		13,945		13,898		13,945
Common Equity (400 shares) (j)								7/18/2016						780		1,099
														14,678		15,044		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		14,962		14,880		14,880		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		3,089		3,095
Common Equity (6,000 units) (h)(j)								9/8/2016						544		1,195
														3,633		4,290		1	%
Software Technology, LLC		Information Technology Services
Subordinated Debt (k)						11.00%/0.00%		12/23/2016		6/23/2023		10,000		9,976		10,000
Common Equity (6 shares)								12/23/2016						646		823
														10,622		10,823		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		12,766		12,889
Common Equity (500 units) (j)								5/8/2019						596		615
														13,362		13,504		4	%
SpendMend LLC		Business Services
Second Lien Debt (k)						11.00%/0.75%		1/8/2018		7/8/2023		10,535		10,505		10,535
Common Equity (1,000,000 units)								1/8/2018						1,000		1,638
														11,505		12,173		3	%
TransGo, LLC		Component Manufacturing
Common Equity (500 units) (j)								2/28/2017						499		568		0	%
The Tranzonic Companies		Specialty Distribution
Subordinated Debt (j)						10.00%/1.25%		3/27/2018		3/27/2025		6,966		6,919		6,966
Preferred Equity (5,653 units) (j)								3/27/2018						565		695
Common Equity (1 units) (j)								3/27/2018						—		166
														7,484		7,827		2	%
UBEO, LLC		Business Services
Subordinated Debt (j)						11.00%/0.00%		4/3/2018		10/3/2024		13,893		13,804		12,236
Common Equity (705,000 units) (h)(j)								4/3/2018						668		486
														14,472		12,722		3	%
United Biologics, LLC		Healthcare Services
Preferred Equity (98,377 units) (h)(j)								4/1/2012						1,008		21
Warrant (57,469 units) (j)(m)								3/5/2012						566		17
														1,574		38		0	%
Virginia Tile Company, LLC		Specialty Distribution
Second Lien Debt (j)						12.25%/0.00%		12/19/2014		4/7/2022		12,000		11,993		10,498
Common Equity (17 units) (j)								12/19/2014						342		272
														12,335		10,770		3	%
Western’s Smokehouse, LLC		Consumer Products
First Lien Debt (j)(ab)				(L + 6.50%) / (1.25%)		7.75%/0.00%		2/28/2020		12/23/2024		10,000		9,860		9,860		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		19,833		19,379
Preferred Equity (347,222 units) (j)								5/15/2019						750		620
														20,583		19,999		5	%
Worldwide Express Operations, LLC		Transportation services
Second Lien Debt (j)				(L + 8.00%) / (1.00%)		9.00%/0.00%		2/27/2017		2/3/2025		20,000		19,766		19,015
Common Equity (2,000 units) (h)(j)								2/27/2017						1,478		1,808
														21,244		20,823		5	%
Total Non-control/Non-affiliate Investments													$	675,915	$	640,125		170	%
Total Investments													$	746,298	$	732,620		195	%

(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 June 30, 2020.

10

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 2020

(in thousands, except shares)

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of June 30, 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 June 30, 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).

(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 June 30, 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 5.05% 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.

(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 3.84% 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.

(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 June 30, 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 3.21% 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 3.41% 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 2.71% 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 4.01% 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 4.63% 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 2.87% 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 3.18% 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 June 30, 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 June 30, 2020, meaning the Company has ceased recognizing PIK interest income on the investment.

(ae) 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 4.50% 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.

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) 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
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	$	4,277
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) 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
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)			000%/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%) / (200%)	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	%
Control Scan, 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 (Eb Lens)	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					—