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, 2021

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
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 2, 2021, 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	3
Item 1.	Financial Statements.	3
	Consolidated Statements of Assets and Liabilities — June  30, 2021 (unaudited) and December 31, 2020	3
	Consolidated Statements of Operations — Three and Six Months Ended June 30, 2021 (unaudited) and 2020 (unaudited)	4
	Consolidated Statements of Changes in Net Assets — Three and Six Months Ended June 30, 2021 (unaudited) and 2020 (unaudited)	5
	Consolidated Statements of Cash Flows — Three and Six Months Ended June 30, 2021 (unaudited) and 2020 (unaudited)	6
	Consolidated Schedules of Investments — June  30, 2021 (unaudited) and December 31, 2020	7
	Notes to Consolidated Financial Statements (unaudited)	18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	40
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	60
Item 4.	Controls and Procedures.	61
	PART II — OTHER INFORMATION	62
Item 1.	Legal Proceedings.	62
Item 1A.	Risk Factors.	62
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	62
Item 3.	Defaults Upon Senior Securities.	62
Item 4.	Mine Safety Disclosures.	62
Item 5.	Other Information.	62
Item 6.	Exhibits.	63
Signatures		64
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, 2021			December 31, 2020
ASSETS
Investments, at fair value:
Control investments (cost: $71,869 and $32,969, respectively)	$	61,168		$	28,253
Affiliate investments (cost: $26,713 and $31,836, respectively)		92,639			81,394
Non-control/non-affiliate  investments (cost: $572,350 and $622,222, respectively)		589,651			633,222
Total investments, at fair value (cost: $670,932 and $687,027, respectively)		743,458			742,869
Cash and cash equivalents		54,211			124,308
Interest receivable		7,767			7,548
Prepaid expenses and other assets		2,244			1,015
Total assets	$	807,680		$	875,740
LIABILITIES
SBA debentures, net of deferred financing costs (Note 6)	$	135,848		$	144,004
Notes, net of deferred financing costs (Note 6)		202,857			300,294
Borrowings under Credit Facility, net of deferred financing costs (Note 6)		(824	)		(1,048	)
Secured Borrowings		13,500			—
Accrued interest and fees payable		5,476			3,500
Base management fee payable, net of base management fee waiver – due to affiliate		3,186			3,244
Income incentive fee payable, net of income incentive fee waiver – due to affiliate		2,550			2,610
Capital gains incentive fee payable – due to affiliate		15,005			11,031
Administration fee payable and other – due to affiliate		183			576
Taxes (receivable) payable		(425	)		275
Accounts payable and other liabilities		957			494
Total liabilities		378,313			464,980
Commitments and contingencies (Note 7)
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 24,437,400 and 24,437,400 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively)		24			24
Additional paid-in capital		363,751			363,751
Total distributable earnings		65,592			46,985
Total net assets		429,367			410,760
Total liabilities and net assets	$	807,680		$	875,740
Net asset value per common share	$	17.57		$	16.81

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,
	2021			2020			2021			2020
Investment Income:
Interest income
Control investments	$	975		$	449		$	1,568		$	881
Affiliate investments		711			831			1,559			1,814
Non-control/non-affiliate  investments		16,105			17,559			33,802			33,611
Total interest income		17,791			18,839			36,929			36,306
Payment-in-kind interest income
Control investments		596			445			937			870
Affiliate investments		84			29			195			69
Non-control/non-affiliate investments		424			707			940			1,323
Total payment-in-kind interest income		1,104			1,181			2,072			2,262
Dividend income
Control investments		568			—			568			—
Affiliate investments		110			1			110			108
Non-control/non-affiliate  investments		149			17			242			46
Total dividend income		827			18			920			154
Fee income
Control investments		—			—			400			—
Affiliate investments		85			66			268			66
Non-control/non-affiliate  investments		2,018			327			4,526			1,618
Total fee income		2,103			393			5,194			1,684
Interest on idle funds		1			2			1			10
Total investment income		21,826			20,433			45,116			40,416
Expenses:
Interest and financing expenses		4,562			4,863			9,756			9,823
Base management fee		3,215			3,193			6,391			6,465
Incentive fee—income		2,550			2,113			5,219			3,968
Incentive fee (reversal)—capital gains		3,883			(263	)		3,974			(9,141	)
Administrative service expenses		430			364			843			830
Professional fees		312			654			635			1,207
Other general and administrative expenses		396			500			741			835
Total expenses before base management and income incentive fee waivers		15,348			11,424			27,559			13,987
Base management and income incentive fee waivers		(29	)		(423	)		(29	)		(423	)
Total expenses, net of base management and incentive fee waivers		15,319			11,001			27,530			13,564
Net investment income before income taxes		6,507			9,432			17,586			26,852
Income tax provision (benefit)		34			141			32			144
Net investment income		6,473			9,291			17,554			26,708
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		—			—			957			—
Affiliate investments		—			87			—			24,419
Non-control/non-affiliate  investments		2,150			117			4,409			7,163
Total net realized gain (loss) on investments		2,150			204			5,366			31,582
Income tax (provision) benefit from realized gains on investments		—			(14	)		—			(1,065	)
Net change in unrealized appreciation (depreciation):
Control investments		(6,877	)		(68	)		(5,985	)		(1,764	)
Affiliate investments		12,416			3,797			16,368			(35,453	)
Non-control/non-affiliate  investments		11,724			(5,237	)		6,301			(38,881	)
Total net change in unrealized appreciation (depreciation) on investments		17,263			(1,508	)		16,684			(76,098	)
Net gain (loss) on investments		19,413			(1,318	)		22,050			(45,581	)
Realized losses on extinguishment of debt		—			—			(2,180	)		(125	)
Net increase (decrease) in net assets resulting from operations	$	25,886		$	7,973		$	37,424		$	(18,998	)
Per common share data:
Net investment income per share-basic and diluted	$	0.26		$	0.38		$	0.72		$	1.09
Net increase in net assets resulting from operations per share — basic and diluted	$	1.06		$	0.33		$	1.53		$	(0.78	)
Dividends declared per share	$	0.39		$	0.30		$	0.77		$	0.69
Weighted average number of shares outstanding — basic and diluted		24,437,400			24,437,400			24,437,400			24,447,517

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, 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
Balances at December 31, 2020		24,437,400		$	24		$	363,751		$	46,985		$	410,760
Net investment income		—			—			—			11,081			11,081
Net realized gain (loss) on investments, net of taxes		—			—			—			3,216			3,216
Net unrealized appreciation (depreciation) on investments		—			—			—			(579	)		(579	)
Realized losses on extinguishment of debt		—			—			—			(2,180	)		(2,180	)
Dividends declared		—			—			—			(9,286	)		(9,286	)
Balances at March 31, 2021		24,437,400		$	24		$	363,751		$	49,237		$	413,012
Net investment income		—			—			—			6,473			6,473
Net realized gain (loss) on investments, net of taxes		—			—			—			2,150			2,150
Net unrealized appreciation (depreciation) on investments		—			—			—			17,263			17,263
Realized losses on extinguishment of debt		—			—			—			—			—
Dividends declared		—			—			—			(9,531	)		(9,531	)
Balances at June 30, 2021		24,437,400		$	24		$	363,751		$	65,592		$	429,367

* 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,
	2021			2020
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	37,424		$	(18,998	)
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		(16,684	)		76,098
Net realized (gain) loss on investments		(5,366	)		(31,582	)
Interest and dividend income paid-in-kind		(2,177	)		(2,262	)
Accretion of original issue discount		(605	)		(103	)
Accretion of loan origination fees		(1,139	)		(514	)
Purchase of investments		(167,349	)		(85,097	)
Proceeds from sales and repayments of investments		191,560			76,315
Proceeds from loan origination fees		1,171			1,444
Realized losses on extinguishment of debt		2,180			125
Amortization of deferred financing costs		1,117			1,098
Changes in operating assets and liabilities:
Interest receivable		(219	)		(1,877	)
Prepaid expenses and other assets		(1,164	)		(171	)
Accrued interest and fees payable		1,976			(94	)
Base management fee payable, net of base management fee waiver – due to affiliate		(58	)		(141	)
Income incentive fee payable, net of income incentive fee waiver – due to affiliate		(60	)		193
Capital gains incentive fee (reversal) – due to (from) affiliate		3,974			(9,141	)
Administration fee payable and other – due to affiliate		(393	)		(72	)
Taxes payable		(700	)		(424	)
Accounts payable and other liabilities		463			91
Net cash provided by (used for) operating activities		43,951			4,888
Cash Flows from Financing Activities:
Proceeds received from SBA debentures		11,500			6,000
Repayments of SBA debentures		(19,200	)		(7,000	)
Principal payments on Notes		(100,000	)		—
Proceeds received from (repayments of) borrowings under Credit Facility, net		—			18,000
Proceeds from secured borrowings		13,500			—
Payment of deferred financing costs		(1,031	)		(496	)
Dividends paid to stockholders, including expenses		(18,817	)		(16,868	)
Repurchases of common stock under Stock Repurchase Program		—			(268	)
Net cash provided by (used for) financing activities		(114,048	)		(632	)
Net increase (decrease) in cash and cash equivalents		(70,097	)		4,256
Cash and cash equivalents:
Beginning of period		124,308			15,012
End of period	$	54,211		$	19,268
Supplemental disclosure of cash flow information:
Cash payments for interest	$	6,663		$	8,819
Cash payments for taxes, net of tax refunds received	$	732		$	1,633

See Notes to Consolidated Financial Statements (unaudited).

6

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 2021

(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)
Hilco Plastics Holdings, LLC (dba Hilco Technologies)		Component Manufacturing
Revolving Loan (j)				(L + 9.50%) / (0.50%	)		10.00%/0.00	%		12/20/2019		6/30/2022	$	5,962	$	5,962	$	5,962
First Lien Debt (j)				(L + 9.50%) / (0.50%	)		10.00%/0.00	%		12/20/2019		6/30/2022		4,324		4,324		4,324
Preferred Equity (1,000,000 units) (h)(j)										4/18/2018						1,000		—
Common Equity (72,507 units) (h)(j)										9/23/2016						473		—
Common Equity (Units N/A)										4/6/2021						10,450		10,428
																22,209		20,714		5	%
Mesa Line Services, LLC		Utilities: Services
Second Lien Debt (j)							5.00%/7.00	%		11/30/2017		2/1/2024		20,804		20,745		16,298
Common Equity (981 shares) (j)										11/30/2017						1,148		—
Common Equity (10 shares) (j)										4/22/2021						—		—
																21,893		16,298		4	%
US GreenFiber, LLC		Building Products Manufacturing
Second Lien Debt (j)							8.00%/5.00	%		7/3/2014		8/30/2024		15,784		15,780		13,557
Second Lien Debt (j)							8.50%/6.50	%		11/9/2018		8/30/2024		5,203		5,203		5,328
Second Lien Debt (j)							8.50%/6.50	%		8/10/2020		8/30/2024		5,174		5,174		5,271
Common Equity (2,522 units) (h)(j)										7/3/2014						586		—
Common Equity (425,508 units) (j)										8/30/2019						1		—
Common Equity (1,022,813 units) (h)(j)										7/1/2020						1,023		—
																27,767		24,156		5	%
Total Control Investments															$	71,869	$	61,168		14	%
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						—		42		0	%
Medsurant Holdings, LLC		Healthcare Services
Preferred Equity (63,331 units) (h)(j)										4/12/2011						673		864
Warrant (252,588 units) (h)(j)(m)										4/12/2011						2,258		3,140
																2,931		4,004		1	%
Mirage Trailers LLC		Utility Equipment Manufacturing
Second Lien Debt (k)				(L + 10.00%) / (1.00%	)		11.00%/5.00	%		11/25/2015		11/25/2021		6,532		6,615		6,532
Common Equity (2,500,000 shares)										11/25/2015						2,188		3,540
																8,803		10,072		2	%
Pfanstiehl, Inc.		Healthcare Products
Common Equity (4,250 units) (j)										3/29/2013						425		43,181		10	%
Pinnergy, Ltd.		Oil & Gas Services
Common Equity—Class A-2 (42,500 units) (j)										10/13/2016						3,000		20,797		5	%
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		Aerospace & Defense Manufacturing
First Lien Debt (ag)				(L + 5.50%) / (1.00%	)		6.50%/0.00	%		2/12/2021		2/11/2026		8,000		7,946		7,946
Common Equity (41,290 units) (j)										2/12/2021						2,608		4,272
																10,554		12,218		3	%
Steward Holding LLC (dba Steward Advanced Materials)		Aerospace & Defense Manufacturing
Common Equity (1,000,000 units)										11/12/2015						1,000		2,297		1	%
Total Affiliate Investments															$	26,713	$	92,639		22	%

7

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 2021

(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
2KDirect, Inc. (dba iPromote)		Information Technology Services
First Lien Debt (k)(ah)				(L + 6.75%) / (0.50%	)		7.25%/0.00	%		6/25/2021		6/25/2026	$	17,000	$	16,931	$	16,931
Common Equity (1,000,000 units)										6/25/2021						1,000		1,000
																17,931		17,931		4	%
Aeronix Inc.		Aerospace & Defense Manufacturing
First Lien Debt (ai)				(L + 5.88%) / (0.50%	)		6.38%/0.00	%		6/11/2021		6/11/2026		6,500		6,454		6,454
Common Equity (500 units)										6/11/2021						500		500
																6,954		6,954		2	%
Allied 100 Group, Inc.		Healthcare Products
Subordinated Debt (k)							11.25%/0.00	%		7/31/2019		5/26/2023		21,500		21,446		21,500
Common Equity (625,000 units) (j)										11/26/2014						626		1,138
																22,072		22,638		5	%
Allredi, LLC (fka Marco Group International OpCo, LLC)		Industrial Cleaning & Coatings
Second Lien Debt							10.50%/1.75	%		3/2/2020		9/2/2026		10,169		10,090		8,109
Common Equity (570,636 units) (h)(j)										7/21/2017						637		52
																10,727		8,161		2	%
Alzheimer’s Research and Treatment Center, LLC		Healthcare Services
Common Equity (500 units) (h)(j)										10/23/2018						500		1,098		0	%
American AllWaste LLC (dba WasteWater Transport Services)		Environmental Industries
First Lien Debt (j)(p)				(L + 6.15%) / (1.00%	)		7.15%/0.00	%		6/28/2021		6/28/2026		19,000		18,851		18,851
Delayed Draw Commitment ($3,900 unfunded commitment) (j)(o)				(L + 3.75%) / (1.00%	)		4.75%/0.00	%		6/28/2021		12/31/2022		—		—		—
Preferred Equity (500 units) (h)(j)										5/31/2018						500		188
Preferred Equity (207 units) (h)(j)										8/6/2019						250		226
Preferred Equity (141 units) (h)(j)										11/2/2020						171		171
																19,772		19,436		5	%
Applied Data Corporation		Information Technology Services
First Lien Debt (v)				(L + 6.25%) / (1.50%	)		7.75%/0.00	%		11/6/2020		11/6/2025		8,000		7,954		8,000
Common Equity (22 units)										11/6/2020						—		—
Preferred Equity (1,070,614 units)										11/6/2020						1,071		1,101
																9,025		9,101		2	%
Argo Turboserve Corporation		Business Services
Second Lien Debt (j)				(L + 12.00%) / (2.00%	)		14.00%/0.00	%		12/26/2018		6/28/2023		12,469		12,436		12,469		3	%
AVC Investors, LLC (dba Auveco)		Specialty Distribution
Common Equity (5,000 units) (j)										1/3/2018						383		515		0	%
B&B Roadway and Security Solutions, LLC		Component Manufacturing
Second Lien Debt							11.25%/4.00	%		2/27/2018		1/1/2022		11,131		11,120		10,451
Common Equity (50,000 units) (h)(j)										2/27/2018						497		—
																11,617		10,451		2	%
Bandon Fitness (Texas), Inc.		Retail
Common Equity (545,810 units) (j)										8/9/2019						931		1,659		0	%
BCM One Group Holdings, Inc.		Information Technology Services
Subordinated Debt (k)							11.00%/0.00	%		1/3/2019		7/3/2024		30,000		29,903		30,000
Common Equity (1,281 shares)										1/3/2019						48		752
Preferred Equity (74 shares)										1/3/2019						736		737
																30,687		31,489		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		4,531		4,510		4,477
Common Equity (500,000 units) (h)(j)										3/12/2019						500		313
																5,010		4,790		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						96		21
																617		21		0	%
Combined Systems, Inc.		Aerospace & Defense Manufacturing
First Lien Debt				(L + 11.00%) / (2.00%	)		13.00%/0.00	%		1/31/2020		1/31/2025		7,291		7,250		7,105
Revolving Loan ($550 unfunded commitment) (j)(ac)				(L + 10.00%) / (2.00%	)		12.00%/0.00	%		1/31/2020		1/31/2025		3,450		3,432		3,450
																10,682		10,555		2	%
Comply365, LLC		Aerospace & Defense Manufacturing
First Lien Debt (ad)				(L + 8.00%) /(1.00%	)		9.00%/0.00	%		12/11/2020		12/11/2025		9,570		9,440		9,570
Common Equity (1,000,000 units)										12/11/2020						1,000		1,232
																10,440		10,802		3	%
CRS Solutions Holdings, LLC (dba CRS Texas)		Business Services
Second Lien Debt							10.50%/1.50	%		3/14/2018		4/30/2024		11,390		11,360		11,390
Common Equity (538,875 units) (h)(j)										3/14/2018						621		709
																11,981		12,099		3	%
Dataguise, Inc.		Information Technology Services
First Lien Debt (j)							11.00%/0.00	%		12/31/2020		12/31/2023		19,950		19,867		19,751
Common Equity (909 shares) (j)										12/31/2020						1,500		1,491
																21,367		21,242		5	%
Diversified Search LLC		Business Services
First Lien Debt (k)(r)				(L + 6.50%) / (1.00%	)		7.50%/0.00	%		2/7/2019		2/7/2024		17,355		17,190		17,355
Common Equity (573 units) (h)(j)										2/7/2019						593		784
																17,783		18,139		4	%

8

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 2021

(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
EBL, LLC (EbLens)		Retail
Second Lien Debt (j)							12.00%/1.00	%		7/13/2017		1/13/2023		9,277		9,247		7,939
Common Equity (75,000 units) (j)										7/13/2017						750		—
																9,997		7,939		2	%
ECM Industries, LLC		Component Manufacturing
Subordinated Debt (j)							11.50%/0.00	%		4/30/2020		5/23/2026		11,500		11,314		11,500
Common Equity (1,000,000 units) (h)(j)										4/30/2020						1,000		1,847
																12,314		13,347		3	%
Elements Brands, LLC		Consumer Products
First Lien Debt							12.25%/0.00	%		12/31/2020		12/31/2025		5,925		5,895		5,925
Revolving Loan ($838 unfunded commitment) (i)(j)							12.25%/0.00	%		12/31/2020		12/31/2025		2,162		2,147		2,162
																8,042		8,087		2	%
Frontline Food Services, LLC (f/k/a Accent Food Services, LLC)		Vending Equipment Manufacturing
Preferred Equity (Class A Units) (46 units) (j)										12/31/2020						2,000		1,825
Common Equity (Class B Units) (124 units) (j)										12/31/2020						—		—
Preferred Equity (Class C Units) (100 units) (j)										12/31/2020						—		—
																2,000		1,825		0	%
Global Plasma Solutions, Inc.		Component Manufacturing
Common Equity (947 shares) (j)										9/21/2018						52		6,108		1	%
GP&C Operations, LLC (dba Garlock Printing and Converting)		Component Manufacturing
First Lien Debt (w)				(L + 7.25%) / (1.00%	)		8.25%/0.00	%		1/22/2021		1/22/2026		11,000		10,849		10,849
Common Equity (515,625 units) (h)(j)										1/22/2021						516		516
																11,365		11,365		3	%
Gurobi Optimization, LLC		Information Technology Services
Common Equity (3 shares)										12/19/2017						607		2,138		0	%
Haematologic Technologies, Inc.		Healthcare Services
First Lien Debt (x)				(L + 8.25%) / (2.00%	)		10.25%/0.00	%		10/11/2019		10/11/2024		5,500		5,473		4,759
Common Equity (549 units) (h)(j)										10/11/2019						549		49
																6,022		4,808		1	%
Hallmark Health Care Solutions, Inc.		Healthcare Services
First Lien Debt (j)(ae)				(L + 7.25%) / (1.50%	)		8.75%/0.00	%		12/4/2020		12/4/2025		8,460		8,404		8,460
Common Equity (750,000 units) (j)										12/4/2020						750		1,633
																9,154		10,093		2	%
Healthfuse, LLC		Healthcare Services
First Lien Debt (af)				(L + 7.25%) / (1.00%	)		8.25%/0.00	%		11/13/2020		11/13/2025		5,985		5,949		5,985
Preferred Equity (197,980 units)										11/13/2020						750		801
																6,699		6,786		2	%
Hub Acquisition Sub, LLC (dba Hub Pen)		Promotional products
Second Lien Debt (k)							13.50%/0.00	%		3/23/2016		3/31/2023		25,000		24,979		21,672
Common Equity (3,750 units)										3/23/2016						128		—
Preferred Equity (868 units) (j)										10/16/2020						153		—
																25,260		21,672		5	%
IBH Holdings, LLC (fka Inflexxion, Inc.)		Business Services
Common Equity (150,000 units)										6/20/2018						—		390		0	%
Ipro Tech, LLC		Information Technology Services
First Lien Debt (j)(u)				(L + 8.50%) / (2.00%	)		10.50%/0.00	%		6/30/2020		6/30/2025		2,453		1,961		2,438		1	%
ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.)		Business Services
First Lien Debt (j)(aj)				(L + 7.50%) / (0.50%	)		8.00%/0.00	%		4/5/2021		4/5/2026		11,500		11,410		11,410
First Lien Debt (j)(an)				(L + 7.50%) / (0.50%	)		8.00%/0.00	%		6/30/2021		4/5/2026		13,500		13,500		13,500
Common Equity (256,964 units) (h)(j)										4/5/2021						500		500
																25,410		25,410		6	%
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		1/28/2023		2,250		2,250		2,250		1	%
The Kyjen Company, LLC (dba Outward Hound)		Consumer Products
Common Equity (855 shares) (j)										12/8/2017						933		1,601		0	%
Level Education Group, LLC (dba CE4Less)		Business Services
First Lien Debt (ak)				(L + 6.75%) / (0.50%	)		7.25%/0.00	%		4/1/2021		4/1/2026		5,500		5,461		5,461
Common Equity (1,000,000 units) (j)										4/1/2021						1,000		1,000
																6,461		6,461		1	%
LifeSpan Biosciences, Inc.		Healthcare Products
Subordinated Debt (j)							11.50%/0.00	%		3/19/2021		9/19/2026		16,000		15,924		15,924
Common Equity (100 shares) (j)										3/19/2021						1,000		1,000
																16,924		16,924		4	%
LNG Indy, LLC (dba Kinetrex Energy)		Oil & Gas Distribution
Second Lien Debt (k)							11.50%/0.00	%		12/28/2016		12/31/2023		11,000		10,986		11,000
Common Equity (500 units)										12/28/2016						500		1,689
																11,486		12,689		3	%
Midwest Transit Equipment, Inc.		Transportation services
Warrant (7,192 shares) (j)(m)										6/23/2017						180		18
Warrant (4.79% of Junior Subordinated Notes) (j)(q)										6/23/2017						190		256
																370		274		0	%

9

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 2021

(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
NGT Acquisition Holdings, LLC (dba Techniks Industries)	Component Manufacturing
Common Equity (378 units) (j)									5/24/2017						500		238		0	%
OMC Investors, LLC (dba Ohio Medical Corporation)	Healthcare Products
Second Lien Debt						13.00%/0.00	%		1/26/2021		6/30/2024		5,000		4,956		5,000
Common Equity (5,000 units)									1/15/2016						215		721
															5,171		5,721		1	%
Palisade Company, LLC	Information Technology Services
Common Equity (50 shares) (j)									11/15/2018						500		1,010		0	%
Palmetto Moon, LLC	Retail
Common Equity (499 units) (j)									11/3/2016						494		513		0	%
Pool & Electrical Products, LLC	Specialty Distribution
Second Lien Debt (j)						11.75%/0.00	%		10/28/2020		4/28/2027		12,000		11,892		12,000
Common Equity (15,000 units) (h)(j)									10/28/2020						1,500		3,688
															13,392		15,688		4	%
Power Grid Components, Inc.	Specialty Distribution
Second Lien Debt (k)						11.00%/0.50	%		4/12/2018		12/2/2025		17,488		17,420		17,488
Preferred Equity (392 shares) (j)									4/12/2018						392		535
Preferred Equity (48 shares) (j)									12/2/2019						48		66
Common Equity (10,622 shares) (j)									4/12/2018						462		585
															18,322		18,674		4	%
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		6,500		6,369		6,500
Preferred Equity (500,000 shares) (j)									11/25/2019						500		568
															6,869		7,068		2	%
Pugh Lubricants, LLC (n)	Specialty Distribution
Common Equity (3,062 units) (h)(j)									11/10/2016						—		23		0	%
Revenue Management Solutions, LLC	Information Technology Services
Common Equity (113 shares)									1/4/2017						1,125		3,982		1	%
Rhino Assembly Company, LLC	Specialty Distribution
Second Lien Debt (k)						12.00%/1.50	%		8/11/2017		2/11/2023		10,748		10,729		10,748
Delayed Draw Commitment ($875 unfunded commitment) (i)(j)						12.00%/1.50	%		8/11/2017		5/17/2022		—		—		—
Common Equity (Class A Units) (8,864 units) (h)(j)									8/11/2017						944		694
Preferred Equity (Units N/A) (h)(j)									12/10/2020						136		144
Common Equity (Class F Units) (355 units) (h)(j)									12/10/2020						—		—
															11,809		11,586		3	%
Road Safety Services, Inc.	Business Services
Second Lien Debt						11.25%/1.00	%		9/18/2018		3/18/2024		10,451		10,427		10,451
Common Equity (655 units)									9/18/2018						621		972
															11,048		11,423		3	%
Routeware, Inc.	Information Technology Services
First Lien Debt (k)(aa)			(L + 6.75%) / (1.25%	)		8.00%/0.00	%		2/7/2020		2/7/2026		16,845		16,759		16,845		4	%
SES Investors, LLC (dba SES Foam)	Building Products Manufacturing
Second Lien Debt (h)(j)									9/8/2016						—		—
Common Equity (6,000 units) (h)(j)									9/8/2016						537		2,091
															537		2,091		1	%
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		12,798		12,889
Common Equity (596 units) (j)									5/8/2019						596		586
															13,394		13,475		3	%
SpendMend LLC	Business Services
Common Equity (1,000,000 units)									1/8/2018						967		2,000		1	%
TransGo, LLC	Component Manufacturing
Common Equity (500 units) (j)									2/28/2017						430		1,416		0	%
The Tranzonic Companies	Specialty Distribution
Subordinated Debt (j)						10.00%/1.00	%		3/27/2018		3/27/2025		7,037		7,000		7,037
Preferred Equity (5,653 units) (j)									3/27/2018						565		765
Common Equity (1 units) (j)									3/27/2018						—		1,227
															7,565		9,029		2	%
UBEO, LLC	Business Services
Subordinated Debt (j)						11.00%/0.00	%		4/3/2018		10/3/2024		13,893		13,824		13,893
Common Equity (705,000 units) (h)(j)									4/3/2018						668		866
															14,492		14,759		3	%
United Biologics, LLC	Healthcare Services
Preferred Equity (98,377 units) (h)(j)									4/1/2012						1,008		—
Warrant (57,469 units) (j)(m)									3/5/2012						566		—
															1,574		—		0	%
UPG Company, LLC	Component Manufacturing
First Lien Debt (j)(al)			(L + 8.25%) / (0.50%	)		8.75%/0.00	%		6/21/2021		6/21/2024		12,000		11,906		11,906		3	%
Virginia Tile Company, LLC	Specialty Distribution
Common Equity (17 units) (j)									12/19/2014						342		686		0	%

10

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 2021

(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
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		9,625		9,517		9,625		2	%
Winona Foods, Inc.	Specialty Distribution
First Lien Debt (j)(am)		(L + 12.00%) / (1.00%)		13.00%/0.00%		4/1/2021		4/1/2026		4,000		3,864		3,864
First Lien Debt		(L + 13.00%) / (1.00%)		14.00%/0.00%		4/1/2021		4/1/2026		7,000		6,950		6,950
												10,814		10,814		3	%
Wonderware Holdings, LLC (dba CORE Business Technologies)	Information Technology Services
First Lien Debt ($2,000 unfunded commitment) (k)(z)		(L + 7.25%) / (1.00%)		8.25%/0.00%		2/10/2021		2/9/2026		6,500		6,455		6,455		2	%
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		19,816		20,000
Common Equity (2,000 units) (h)(j)						2/27/2017						1,478		3,617
												21,294		23,617		6	%
Xeeva, Inc.	Information Technology Services
First Lien Debt (j)		(L + 10.50%) / (1.50%)		12.00%/0.00%		2/11/2021		2/11/2026		8,900		8,852		8,852		2	%
Total Non-control/Non-affiliate Investments											$	572,350	$	589,651		137	%
Total Investments											$	670,932	$	743,458		173	%

(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, 2021.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of June 30, 2021. 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, 2021. 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) The disclosed commitment represents the unfunded amount as of June 30, 2021. The Company is earning 0.75% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

(p) 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 3.54% 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.

(q) Warrant entitles the Company to purchase 4.79% 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 5.15% 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 3.05% 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.

(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) 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 4.49% 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.

(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 4.23% 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 7.20% 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 3.09% 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 3.30% 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 5.85% 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 3.09% 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 3.52% 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.

11

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 2021

(in thousands, except shares)

(ac) The disclosed commitment represents the unfunded amount as of June 30, 2021. 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) 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 3.32% 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.

(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 3.31% 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.

(af) 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 3.50% 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.

(ag) 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 5.48% 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.

(ah) 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 1.25% 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.

(ai) 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 4.84% 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.

(aj) 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 4.11% 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.

(ak) 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 4.83% 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.

(al) 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 3.56% 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.

(am) 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 8.25% 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.

(an) The Company sold a participating interest of approximately $13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

12

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments

December 31, 2020

(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	$	4,836	$	4,836	$	4,836
Revolving Loan ($30 unfunded commitment)						6.00%/9.00%		4/12/2018		12/31/2021		286		286		286
Common Equity (7,478 shares) (j)								11/10/2017						748		—
Preferred Equity (2,550 shares)								12/26/2019						2,550		2,269
														8,420		7,391		2	%
US GreenFiber, LLC		Building Products Manufacturing
Second Lien Debt (j)						8.00%/5.00%		7/3/2014		8/30/2024		15,382		15,378		13,078
Second Lien Debt (j)						8.50%/6.50%		11/9/2018		8/30/2024		5,028		5,028		5,183
Second Lien Debt (j)						8.50%/6.50%		8/10/2020		8/30/2024		2,533		2,533		2,601
Common Equity (2,522 units) (h)(j)								7/3/2014						586		—
Common Equity (425,508 units) (j)								8/30/2019						1		—
Common Equity (1,022,813 units) (h)(j)								7/1/2020						1,023		—
														24,549		20,862		5	%
Total Control Investments													$	32,969	$	28,253		7	%
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						—		41		0	%
Medsurant Holdings, LLC		Healthcare Services
Second Lien Debt (j)						14.00%/0.00%		12/18/2015		3/10/2022		8,031		8,028		8,091
Preferred Equity (63,331 units) (h)(j)								4/12/2011						673		620
Warrant (252,588 units) (h)(j)(m)								4/12/2011						2,258		2,249
														10,959		10,960		3	%
Mirage Trailers LLC		Utility Equipment Manufacturing
Second Lien Debt (k)				(L + 10.00%) / (1.00%)		11.00%/5.00%		11/25/2015		11/25/2021		6,410		6,483		6,410
Common Equity (2,500,000 shares) (o)								11/25/2015						2,188		84
														8,671		6,494		2	%
Pfanstiehl, Inc.		Healthcare Products
Common Equity (4,250 units) (j)								3/29/2013						425		33,505		8	%
Pinnergy, Ltd.		Oil & Gas Services
Common Equity—Class A-2 (42,500 units) (j)								10/13/2016						3,000		20,589		5	%
Steward Holding LLC (dba Steward Advanced Materials)		Aerospace & Defense Manufacturing
Second Lien Debt						12.00%/1.50%		11/12/2015		10/31/2021		7,783		7,781		7,783
Common Equity (1,000,000 units)								11/12/2015						1,000		1,994
														8,781		9,777		2	%
Total Affiliate Investments													$	31,836	$	81,394		20	%

13

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments

December 31, 2020

(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
Frontline Food Services, LLC
(f/k/a Accent Food Services, LLC)		Vending Equipment Manufacturing
Preferred Equity (Class A Units) (46 units) (j)								12/31/2020					$	2,000	$	2,000
Common Equity (Class B Units) (124 units) (j)								12/31/2020						—		—
Preferred Equity (Class C Units) (100 units) (j)								12/31/2020						—		—
														2,000		2,000		0	%
Allied 100 Group, Inc.		Healthcare Products
Subordinated Debt (k)						11.25%/0.00%		7/31/2019		5/26/2023		21,500		21,432		21,500
Common Equity (625,000 units) (j)								11/26/2014						625		1,087
														22,057		22,587		5	%
Allredi, LLC (fka Marco Group International OpCo, LLC)		Industrial Cleaning & Coatings
Second Lien Debt						10.50%/1.75%		3/2/2020		9/2/2026		10,080		9,993		7,761
Common Equity (570,636 units) (h)(j)								7/21/2017						637		275
														10,630		8,036		2	%
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		6,471		6,584
Common Equity (500 units) (h)(j)								10/23/2018						500		766
														6,971		7,350		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		17,434		17,503
Preferred Equity (500 units) (h)(j)								5/31/2018						500		241
Preferred Equity (207 units) (h)(j)								8/6/2019						250		226
Preferred Equity (141 units) (h)(j)								11/2/2020						171		171
														18,355		18,141		4	%
Applied Data Corporation		Information Technology Services
First Lien Debt (v)				(L + 6.25%) / (1.50%)		7.75%/0.00%		11/6/2020		11/6/2025		8,000		7,949		7,949
Common Equity (22 units)								11/6/2020						—		—
Preferred Equity (1,070,614 units)								11/6/2020						1,071		1,071
														9,020		9,020		2	%
Argo Turboserve Corporation		Business Services
Second Lien Debt (j)				(L + 10.75%) / (2.00%)		12.75%/0.00%		12/26/2018		6/28/2023		13,031		12,990		13,031		3	%
AVC Investors, LLC (dba Auveco)		Specialty Distribution
Second Lien Debt (k)						11.50%/0.00%		1/3/2018		7/3/2023		22,500		22,448		22,500
Common Equity (5,000 units) (j)								1/3/2018						487		464
														22,935		22,964		6	%
B&B Roadway and Security Solutions, LLC		Component Manufacturing
Second Lien Debt						11.25%/4.00%		2/27/2018		1/1/2022		10,910		10,890		10,782
Common Equity (50,000 units) (h)(j)								2/27/2018						497		—
														11,387		10,782		3	%
Bandon Fitness (Texas), Inc.		Retail
First Lien Debt (j)(z)				(L + 6.50%) / (2.25%)		8.75%/0.25%		8/9/2019		8/9/2024		14,680		14,289		15,591
Common Equity (545,810 units) (j)								8/9/2019						931		554
														15,220		16,145		4	%
BCM One Group Holdings, Inc.		Information Technology Services
Subordinated Debt (k)						11.00%/0.00%		1/3/2019		7/3/2024		30,000		29,887		30,000
Common Equity (1,281 shares)								1/3/2019						48		458
Preferred Equity (74 shares)								1/3/2019						736		737
														30,671		31,195		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		4,531		4,507		4,531
Common Equity (500,000 units) (h)(j)								3/12/2019						500		263
														5,007		4,794		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						96		34
														617		34		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		7,600		7,553		7,600
Revolving Loan ($1,050 unfunded commitment) (j)(ac)				(L + 9.00%) / (2.00%)		11.00%/0.00%		1/31/2020		1/31/2025		2,950		2,930		2,950
														10,483		10,550		3	%
Comply365, LLC		Aerospace & Defense Manufacturing
First Lien Debt (ad)				(L + 8.00%) / (1.00%)		9.00%/0.00%		12/11/2020		12/11/2025		10,000		9,855		9,855
Common Equity (1,000,000 units)								12/11/2020						1,000		1,000
														10,855		10,855		3	%
CRS Solutions Holdings, LLC (dba CRS Texas)		Business Services
Second Lien Debt						10.50%/1.50%		3/14/2018		4/30/2024		11,305		11,270		11,305
Common Equity (450,382 units) (h)(j)								3/14/2018						488		321
														11,758		11,626		3	%
Dataguise, Inc.		Information Technology Services
First Lien Debt (j)						11.00%/0.00%		12/31/2020		12/31/2023		20,000		19,900		19,900
Common Equity (909 shares) (j)								12/31/2020						1,500		1,500
														21,400		21,400		5	%
Diversified Search LLC		Business Services
First Lien Debt (k)(r)				(L + 8.00%) / (1.75%)		9.75%/0.00%		2/7/2019		2/7/2024		17,355		17,159		17,355
Common Equity (573 units) (h)(j)								2/7/2019						593		494
														17,752		17,849		4	%
EBL, LLC (EbLens)		Retail
Second Lien Debt (j)(p)						12.00%/1.00%		7/13/2017		1/13/2023		9,253		9,214		5,454
Common Equity (75,000 units) (j)								7/13/2017						750		—
														9,964		5,454		1	%

14

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

December 31, 2020

(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
ECM Industries, LLC	Component Manufacturing
Subordinated Debt (j)				11.50%/0.00%		4/30/2020		5/23/2026		11,500		11,295		11,500
Common Equity (1,000,000 units) (h)(j)						4/30/2020						1,000		1,562
												12,295		13,062		3	%
Elements Brands, LLC	Consumer Products
First Lien Debt				12.25%/0.00%		12/31/2020		12/31/2025		6,000		5,967		5,967
Revolving Loan ($838 unfunded commitment) (i)(j)				12.25%/0.00%		12/31/2020		12/31/2025		2,162		2,146		2,146
												8,113		8,113		2	%
French Transit, LLC	Consumer Products
First Lien Debt (j)		(L + 10.00%) / (2.25%)		12.25%/0.00%		6/21/2019		6/21/2024		4,116		4,088		4,116		1	%
Global Plasma Solutions, Inc.	Component Manufacturing
Common Equity (947 shares) (j)						9/21/2018						—		9,995		2	%
Gurobi Optimization, LLC	Information Technology Services
Common Equity (3 shares)						12/19/2017						592		1,660		0	%
Haematologic Technologies, Inc.	Healthcare Services
First Lien Debt (x)		(L + 8.25%) / (2.00%)		10.25%/0.00%		10/11/2019		10/11/2024		5,500		5,469		5,500
Common Equity (549 units) (h)(j)						10/11/2019						549		255
												6,018		5,755		1	%
Hallmark Health Care Solutions, Inc.	Healthcare Services
First Lien Debt (j)(ae)		(L + 7.25%) / (1.50%)		8.75%/0.00%		12/4/2020		12/4/2025		8,500		8,437		8,437
Common Equity (750,000 units) (j)						12/4/2020						750		750
												9,187		9,187		2	%
Healthfuse, LLC	Healthcare Services
First Lien Debt (af)		(L + 7.25%) / (1.00%)		8.25%/0.00%		11/13/2020		11/13/2025		6,000		5,960		5,960
Preferred Equity (197,980 units)						11/13/2020						750		750
												6,710		6,710		2	%
Hilco Plastics Holdings, LLC (dba Hilco Technologies)	Component Manufacturing
Second Lien Debt (j)				11.50%/1.50%		9/23/2016		12/31/2019		10,301		10,301		8,878
Revolving Loan (j)		(L + 6.50%) / (0.00%)		6.65%/0.00%		12/20/2019		12/15/2019		5,962		5,962		5,962
First Lien Debt (j)		(L + 6.95%) / (0.00%)		7.10%/0.00%		12/20/2019		12/15/2019		5,092		5,092		5,092
Preferred Equity (1,000,000 units) (h)(j)						4/18/2018						1,000		—
Common Equity (72,507 units) (h)(j)						9/23/2016						473		—
												22,828		19,932		5	%
Hub Acquisition Sub, LLC (dba Hub Pen)	Promotional products
Second Lien Debt (k)				13.00%/0.00%		3/23/2016		3/31/2023		25,000		24,976		24,106
Common Equity (3,750 units)						3/23/2016						131		283
Preferred Equity (868 units) (j)						10/16/2020						154		158
												25,261		24,547		6	%