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10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2021

☐	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 May 3, 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
Item 1.	Financial Statements.	3
	Consolidated Statements of Assets and Liabilities — March 31, 2021 (unaudited) and December 31, 2020	3
	Consolidated Statements of Operations — Three Months Ended March 31, 2021 (unaudited) and 2020 (unaudited)	4
	Consolidated Statements of Changes in Net Assets — Three Months Ended March 31, 2021 (unaudited) and 2020 (unaudited)	5
	Consolidated Statements of Cash Flows — Three Months Ended March 31, 2021 (unaudited) and 2020 (unaudited)	6
	Consolidated Schedules of Investments — March 31, 2021 (unaudited) and December 31, 2020	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.	57
Item 4.	Controls and Procedures.	58

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.	59
Item 3.	Defaults Upon Senior Securities.	59
Item 4.	Mine Safety Disclosures.	59
Item 5.	Other Information.	59
Item 6.	Exhibits.	60
Signatures
Exhibit Index

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)


	March 31, 2021			December 31, 2020
ASSETS
Investments, at fair value:
Control investments (cost: $26,390 and $32,969, respectively)	$	22,566		$	28,253
Affiliate investments (cost: $42,504 and $31,836, respectively)		96,014			81,394
Non-control/non-affiliate investments (cost: $587,727 and $622,222, respectively)		593,304			633,222

Total investments, at fair value (cost: $656,621 and $687,027, respectively)		711,884			742,869
Cash and cash equivalents		60,175			124,308
Interest receivable		7,091			7,548
Prepaid expenses and other assets		1,733			1,015

Total assets	$	780,883		$	875,740


LIABILITIES

SBA debentures, net of deferred financing costs (Note 6)	$	131,092		$	144,004
Notes, net of deferred financing costs (Note 6)		202,576			300,294
Borrowings under Credit Facility, net of deferred financing costs (Note 6)		14,063			(1,048	)
Accrued interest and fees payable		2,967			3,500
Base management fee payable – due to affiliate		3,176			3,244
Income incentive fee payable – due to affiliate		2,669			2,610
Capital gains incentive fee payable – due to affiliate		11,122			11,031
Administration fee payable and other – due to affiliate		194			576
Taxes (receivable) payable		(425	)		275
Accounts payable and other liabilities		437			494

Total liabilities		367,871			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 March 31, 2021 and December 31, 2020, respectively)		24			24
Additional paid-in capital		363,751			363,751
Total distributable earnings		49,237			46,985

Total net assets		413,012			410,760

Total liabilities and net assets	$	780,883		$	875,740

Net asset value per common share	$	16.90		$	16.81

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Operations (unaudited)

(in thousands, except shares and per share data)


	Three Months Ended March 31,
	2021			2020
Investment Income:
Interest income
Control investments	$	593		$	432
Affiliate investments		848			983
Non-control/non-affiliate investments		17,697			16,052

Total interest income		19,138			17,467
Payment-in-kind interest income
Control investments		341			425
Affiliate investments		111			40
Non-control/non-affiliate investments		516			616

Total payment-in-kind interest income		968			1,081
Dividend income
Control investments		—			—
Affiliate investments		—			107
Non-control/non-affiliate investments		93			29

Total dividend income		93			136
Fee income
Control investments		400			—
Affiliate investments		183			—
Non-control/non-affiliate investments		2,508			1,291

Total fee income		3,091			1,291
Interest on idle funds		—			8

Total investment income		23,290			19,983

Expenses:
Interest and financing expenses		5,194			4,960
Base management fee		3,176			3,272
Incentive fee - income		2,669			1,855
Incentive fee (reversal) - capital gains		91			(8,878	)
Administrative service expenses		413			466
Professional fees		323			553
Other general and administrative expenses		345			335

Total expenses		12,211			2,563

Net investment income before income taxes		11,079			17,420
Income tax provision (benefit)		(2	)		3

Net investment income		11,081			17,417

Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		957			—
Affiliate investments		—			24,332
Non-control/non-affiliate investments		2,259			7,046

Total net realized gain (loss) on investments		3,216			31,378

Income tax (provision) benefit from realized gains on investments		—			(1,051	)
Net change in unrealized appreciation (depreciation):
Control investments		892			(1,696	)
Affiliate investments		3,952			(39,253	)
Non-control/non-affiliate investments		(5,423	)		(33,641	)

Total net change in unrealized appreciation (depreciation) on investments		(579	)		(74,590	)

Net gain (loss) on investments		2,637			(44,263	)
Realized losses on extinguishment of debt		(2,180	)		(125	)

Net increase (decrease) in net assets resulting from operations	$	11,538		$	(26,971	)

Per common share data:
Net investment income per share-basic and diluted	$	0.45		$	0.71

Net increase in net assets resulting from operations per share — basic and diluted	$	0.47		$	(1.10	)

Dividends declared per share	$	0.38		$	0.39

Weighted average number of shares outstanding — basic and diluted		24,437,400			24,457,634

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Changes in Net Assets (unaudited)

(in thousands, except shares)


	Common Stock						Additional			Total
	Number of			Par			paid-in			distributable			Total net
	shares			value			capital			earnings			assets
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

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

* amount is greater than zero but less than one

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Cash Flows (unaudited)

(in thousands)


	Three Months Ended March 31,
	2021			2020
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	11,538		$	(26,971	)
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		579			74,590
Net realized (gain) loss on investments		(3,216	)		(31,378	)
Interest and dividend income paid-in-kind		(968	)		(1,081	)
Accretion of original issue discount		(597	)		(87	)
Accretion of loan origination fees		(747	)		(260	)
Purchase of investments		(63,107	)		(68,192	)
Proceeds from sales and repayments of investments		98,565			73,772
Proceeds from loan origination fees		476			615
Realized losses on extinguishment of debt		2,180			125
Amortization of deferred financing costs		583			550
Changes in operating assets and liabilities:
Interest receivable		457			889
Prepaid expenses and other assets		(652	)		224
Accrued interest and fees payable		(533	)		(1,283	)
Base management fee payable – due to affiliate		(68	)		(63	)
Income incentive fee payable – due to affiliate		59			358
Capital gains incentive fee (reversal) – due to (from) affiliate		91			(8,878	)
Administration fee payable and other – due to affiliate		(382	)		160
Taxes payable		(700	)		(424	)
Accounts payable and other liabilities		(57	)		480

Net cash provided by (used for) operating activities		43,501			13,146

Cash Flows from Financing Activities:
Proceeds received from SBA debentures		6,000			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		15,000			10,000
Payment of deferred financing costs		(148	)		(128	)
Dividends paid to stockholders, including expenses		(9,286	)		(9,537	)
Repurchases of common stock under Stock Repurchase Program		—			(268	)

Net cash provided by (used for) financing activities		(107,634	)		(933	)

Net increase (decrease) in cash and cash equivalents		(64,133	)		12,213
Cash and cash equivalents:
Beginning of period		124,308			15,012

End of period	$	60,175		$	27,225

Supplemental disclosure of cash flow information:
Cash payments for interest	$	5,144		$	5,693
Cash payments for taxes, net of tax refunds received	$	698		$	1,478

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2021

(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)
US GreenFiber, LLC		Building Products Manufacturing
Second Lien Debt (j)					8.00%/5.00%		7/3/2014		8/30/2024	$	15,580	$	15,576	$	13,140
Second Lien Debt (j)					8.50%/6.50%		11/9/2018		8/30/2024		5,115		5,115		5,249
Second Lien Debt (j)					8.50%/6.50%		8/10/2020		8/30/2024		4,089		4,089		4,177
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		—

													26,390		22,566		5	%

Total Control Investments												$	26,390	$	22,566		5	%

Affiliate Investments (l)
FAR Research Inc. (n)		Specialty Chemicals
Common Equity (1,396 units)							3/31/2014					$	—	$	28		0	%

Fiber Materials, Inc. (n)		Aerospace & Defense Manufacturing
Common Equity (10 units)							11/30/2016						—		42		0	%

Medsurant Holdings, LLC		Healthcare Services
Second Lien Debt (j)					14.00%/0.00%		12/18/2015		3/10/2022		8,031		8,029		8,091
Preferred Equity (63,331 units) (h)(j)							4/12/2011						673		623
Warrant (252,588 units) (h)(j)(m)							4/12/2011						2,258		2,259

													10,960		10,973		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		6,492		6,570		6,492
Common Equity (2,500,000 shares)							11/25/2015						2,188		1,277

													8,758		7,769		2	%
Pfanstiehl, Inc.		Healthcare Products
Common Equity (4,250 units) (j)							3/29/2013						425		34,018		8	%

Pinnergy, Ltd.		Oil & Gas Services
Common Equity - Class A-2 (42,500 units) (j)							10/13/2016						3,000		20,895		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		7,942		7,942
Common Equity (41,290 units) (j)							2/12/2021						2,609		4,240

													10,551		12,182		3	%
Steward Holding LLC (dba Steward Advanced Materials)		Aerospace & Defense Manufacturing
Second Lien Debt					12.00%/1.50%		11/12/2015		10/31/2021		7,812		7,810		7,812
Common Equity (1,000,000 units)							11/12/2015						1,000		2,295

													8,810		10,107		2	%

Total Affiliate Investments												$	42,504	$	96,014		23	%

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2021

(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
Allied 100 Group, Inc.	Healthcare Products
Subordinated Debt (k)				11.25%/0.00%		7/31/2019		5/26/2023	$	21,501	$	21,439	$	21,501
Common Equity (625,000 units) (j)						11/26/2014						626		1,039

												22,065		22,540		6	%
Allredi, LLC (fka Marco Group International OpCo, LLC)	Industrial Cleaning & Coatings
Second Lien Debt				10.50%/1.75%		3/2/2020		9/2/2026		10,125		10,041		7,858
Common Equity (570,636 units) (h)(j)						7/21/2017						637		159

												10,678		8,017		2	%
Alzheimer’s Research and Treatment Center, LLC	Healthcare Services
Common Equity (500 units) (h)(j)						10/23/2018						500		880		0	%

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		17,440		17,503
Preferred Equity (500 units) (h)(j)						5/31/2018						500		121
Preferred Equity (207 units) (h)(j)						8/6/2019						250		226
Preferred Equity (141 units) (h)(j)						11/2/2020						171		171

												18,361		18,021		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		7,951		7,951
Common Equity (22 units)						11/6/2020						—		—
Preferred Equity (1,070,614 units)						11/6/2020						1,071		1,071

												9,022		9,022		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		12,750		12,713		12,750		3	%

AVC Investors, LLC (dba Auveco)	Specialty Distribution
Second Lien Debt (k)				11.50%/0.00%		1/3/2018		7/3/2023		22,500		22,453		22,500
Common Equity (5,000 units) (j)						1/3/2018						487		481

												22,940		22,981		6	%
B&B Roadway and Security Solutions, LLC	Component Manufacturing
Second Lien Debt				11.25%/4.00%		2/27/2018		1/1/2022		11,019		11,004		10,399
Common Equity (50,000 units) (h)(j)						2/27/2018						497		—

												11,501		10,399		3	%
Bandon Fitness (Texas), Inc.	Retail
Common Equity (545,810 units) (j)						8/9/2019						931		328		0	%

BCM One Group Holdings, Inc.	Information Technology Services
Subordinated Debt (k)				11.00%/0.00%		1/3/2019		7/3/2024		30,000		29,895		30,000
Common Equity (1,281 shares)						1/3/2019						48		653
Preferred Equity (74 shares)						1/3/2019						736		736

												30,679		31,389		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		4,509		4,216
Common Equity (500,000 units) (h)(j)						3/12/2019						500		247

												5,009		4,463		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		22

												617		22		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		7,500		7,456		7,369
Revolving Loan ($550 unfunded commitment) (j)(ac)		(L + 9.00%) / (2.00%)		11.00%/0.00%		1/31/2020		1/31/2025		3,450		3,431		3,450

												10,887		10,819		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		9,570		9,433		9,433
Common Equity (1,000,000 units)						12/11/2020						1,000		1,000

												10,433		10,433		3	%
CRS Solutions Holdings, LLC (dba CRS Texas)	Business Services
Second Lien Debt				10.50%/1.50%		3/14/2018		4/30/2024		11,347		11,315		11,347
Common Equity ($74 unfunded commitment) (489,712 units) (h)(j)						3/14/2018						547		347

												11,862		11,694		3	%
Dataguise, Inc.	Information Technology Services
First Lien Debt (j)				11.00%/0.00%		12/31/2020		12/31/2023		20,000		19,908		19,908
Common Equity (909 shares) (j)						12/31/2020						1,500		1,500

												21,408		21,408		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		17,175		17,355
Common Equity (573 units) (h)(j)						2/7/2019						593		657

												17,768		18,012		4	%
EBL, LLC (EbLens)	Retail
Second Lien Debt (j)(p)				12.00%/1.00%		7/13/2017		1/13/2023		9,253		9,218		5,709
Common Equity (75,000 units) (j)						7/13/2017						750		—

												9,968		5,709		1	%
ECM Industries, LLC	Component Manufacturing
Subordinated Debt (j)				11.50%/0.00%		4/30/2020		5/23/2026		11,500		11,305		11,500
Common Equity (1,000,000 units) (h)(j)						4/30/2020						1,000		1,830

												12,305		13,330		3	%
Elements Brands, LLC	Consumer Products
First Lien Debt				12.25%/0.00%		12/31/2020		12/31/2025		6,000		5,968		5,968
Revolving Loan ($838 unfunded commitment) (i)(j)				12.25%/0.00%		12/31/2020		12/31/2025		2,162		2,146		2,146

												8,114		8,114		2	%

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2021

(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
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	%
Global Plasma Solutions, Inc.	Component Manufacturing
Common Equity (947 shares) (j)						9/21/2018						52		10,011		2	%

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		10,841		10,841
Common Equity (515,625 units) (h)(j)						1/22/2021						516		516

												11,357		11,357		3	%
Gurobi Optimization, LLC	Information Technology Services
Common Equity (3 shares)						12/19/2017						607		1,824		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		5,471		5,093
Common Equity (549 units) (h)(j)						10/11/2019						549		112

												6,020		5,205		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		8,440		8,440
Common Equity (750,000 units) (j)						12/4/2020						750		750

												9,190		9,190		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		5,962		5,962
Preferred Equity (197,980 units)						11/13/2020						750		750

												6,712		6,712		2	%
Hilco Plastics Holdings, LLC (dba Hilco Technologies)	Component Manufacturing
Second Lien Debt (j)				11.50%/1.50%		9/23/2016		12/31/2019		10,346		10,346		10,148
Revolving Loan (j)		(L + 6.50%) / (0.00%)		6.62%/0.00%		12/20/2019		12/15/2019		5,962		5,962		5,962
First Lien Debt (j)		(L + 6.95%) / (0.00%)		7.07%/0.00%		12/20/2019		12/15/2019		4,707		4,707		4,707
Preferred Equity (1,000,000 units) (h)(j)						4/18/2018						1,000		—
Common Equity (72,507 units) (h)(j)						9/23/2016						473		—

												22,488		20,817		5	%
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		24,977		21,294
Common Equity (3,750 units)						3/23/2016						131		—
Preferred Equity (868 units) (j)						10/16/2020						154		55

												25,262		21,349		5	%
IBH Holdings, LLC (fka Inflexxion, Inc.)	Business Services
Common Equity (150,000 units)						6/20/2018						—		415		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		1,934		2,453		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		1/28/2023		2,194		2,194		2,194		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		14,963		15,000
Common Equity (765 shares) (j)						12/8/2017						765		969

												15,728		15,969		4	%
LifeSpan Biosciences, Inc.	Healthcare Products
Subordinated Debt (j)				11.50%/0.00%		3/19/2021		9/19/2026		16,000		15,921		15,921
Common Equity (100 shares) (j)						3/19/2021						1,000		1,000

												16,921		16,921		4	%
LNG Indy, LLC (dba Kinetrex Energy)	Oil & Gas Distribution
Second Lien Debt (k)				11.50%/0.00%		12/28/2016		11/12/2021		10,127		10,114		10,127
Common Equity (500 units)						12/28/2016						500		1,052

												10,614		11,179		3	%
Mesa Line Services, LLC	Utilities: Services
Second Lien Debt (j)				10.50%/1.50%		11/30/2017		8/1/2024		17,561		17,498		15,321
Common Equity (981 shares) (j)						11/30/2017						1,148		215

												18,646		15,536		4	%
Midwest Transit Equipment, Inc.	Transportation services
Warrant (7,192 shares) (j)(m)						6/23/2017						180		140
Warrant (4.79% of Junior Subordinated Notes) (j)(q)						6/23/2017						190		253

												370		393		0	%
NGT Acquisition Holdings, LLC (dba Techniks Industries)	Component Manufacturing
Common Equity (378 units) (j)						5/24/2017						500		254		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		4,953		4,954
Common Equity (5,000 units)						1/15/2016						222		668

												5,175		5,622		1	%
Palisade Company, LLC	Information Technology Services
Common Equity (50 shares) (j)						11/15/2018						500		829		0	%

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2021

(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
Palmetto Moon, LLC		Retail
First Lien Debt (j)				11.50%/2.50%	11/3/2016		10/31/2021		4,731		4,726		4,731
Common Equity (499 units) (j)					11/3/2016						494		307

											5,220		5,038		1	%
Pool & Electrical Products, LLC		Specialty Distribution
Second Lien Debt (j)				11.75%/0.00%	10/28/2020		4/28/2027		12,000		11,888		11,889
Common Equity (15,000 units) (h)(j)					10/28/2020						1,500		1,500

											13,388		13,389		3	%
Power Grid Components, Inc.		Specialty Distribution
Second Lien Debt (k)				11.00%/0.50%	4/12/2018		12/2/2025		17,466		17,394		17,466
Preferred Equity (392 shares) (j)					4/12/2018						392		522
Preferred Equity (48 shares) (j)					12/2/2019						48		64
Common Equity (10,622 shares) (j)					4/12/2018						462		777

											18,296		18,829		5	%
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		6,667		6,526		6,667
Preferred Equity (500,000 shares) (j)					11/25/2019						500		613

											7,026		7,280		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		3,439		1	%

Rhino Assembly Company, LLC		Specialty Distribution
Second Lien Debt (k)				12.00%/1.00%	8/11/2017		2/11/2023		10,708		10,686		10,708
Delayed Draw Commitment ($875 unfunded commitment) (i)(j)				12.00%/1.00%	8/11/2017		5/17/2022		—		—		—
Common Equity (Class A Units) (8,864 units) (h)(j)					8/11/2017						944		757
Preferred Equity (Units N/A) (h)(j)					12/10/2020						136		140
Common Equity (Class F Units) (355 units) (h)(j)					12/10/2020						—		—

											11,766		11,605		3	%
Road Safety Services, Inc.		Business Services
Second Lien Debt				11.25%/1.50%	9/18/2018		3/18/2024		10,418		10,392		10,418
Common Equity (655 units)					9/18/2018						621		1,101

											11,013		11,519		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		16,888		16,797		16,888		4	%

SES Investors, LLC (dba SES Foam)		Building Products Manufacturing
Second Lien Debt				13.00%/0.00%	9/8/2016		12/29/2022		1,000		997		1,000
Common Equity (6,000 units) (h)(j)					9/8/2016						537		1,771

											1,534		2,771		1	%
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		12,889		12,790		12,889
Common Equity (596 units) (j)					5/8/2019						596		600

											13,386		13,489		3	%
SpendMend LLC		Business Services
Common Equity (1,000,000 units)					1/8/2018						972		1,986		1	%

TransGo, LLC		Component Manufacturing
Common Equity (500 units) (j)					2/28/2017						457		1,154		0	%

The Tranzonic Companies		Specialty Distribution
Subordinated Debt (j)				10.00%/1.00%	3/27/2018		3/27/2025		7,019		6,979		7,019
Preferred Equity (5,653 units) (j)					3/27/2018						565		747
Common Equity (1 units) (j)					3/27/2018						—		999

											7,544		8,765		2	%
UBEO, LLC		Business Services
Subordinated Debt (j)				11.00%/0.00%	4/3/2018		10/3/2024		13,893		13,819		13,893
Common Equity (705,000 units) (h)(j)					4/3/2018						668		659

											14,487		14,552		4	%
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	%
Virginia Tile Company, LLC		Specialty Distribution
Second Lien Debt (j)				12.25%/0.00%	12/19/2014		4/7/2022		12,000		12,000		12,000
Common Equity (17 units) (j)					12/19/2014						342		706

											12,342		12,706		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		9,884		10,000		2	%

Wheel Pros, Inc.		Specialty Distribution
Preferred Equity (347,222 units) (j)					5/15/2019						301		1,817		0	%

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		6,453		6,453		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		19,804		20,000
Common Equity (2,000 units) (h)(j)					2/27/2017						1,478		2,191

											21,282		22,191		5	%
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		8,849		8,849
Delayed Draw Commitment ($400 unfunded commitment) (j)(o)					2/11/2021						—		—

											8,849		8,849		2	%

Total Non-control/Non-affiliate Investments										$	587,727	$	593,304		144	%

Total Investments										$	656,621	$	711,884		172	%

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2021

(in thousands, except shares)

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

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

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

(d)

Variable rate investments bear interest at a rate indexed to LIBOR (L), which is reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a LIBOR interest rate floor. For each investment, the Company has provided the spread over the reference rate and the LIBOR floor, if any, as of March 31, 2021.

(e)	Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of March 31, 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 March 31, 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 March 31, 2021. The Company is earning 5.20% 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)	Investment was on PIK-only non-accrual status as of March 31, 2021, meaning the Company has ceased recognizing PIK interest income on the investment.

(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 5.75% 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 3.13% 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 4.50% 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.

(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 4.25% 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.

(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 7.45% 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 3.11% 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.

(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 3.86% 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 5.92% 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)

(ac)	The disclosed commitment represents the unfunded amount as of March 31, 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 3.33% 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 4.03% 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 5.50% 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).

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	%

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	%

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
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	%

IBH Holdings, LLC (fka Inflexxion, Inc.)	Business Services
Common Equity (150,000 units)					6/20/2018						—		235		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		2,469		1,923		2,469		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		2,140		2,140		2,140		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		14,960		15,000
Common Equity (765 shares) (j)					12/8/2017						765		841

											15,725		15,841		4	%
LNG Indy, LLC (dba Kinetrex Energy)	Oil & Gas Distribution
Second Lien Debt (k)			11.50%/1.50%		12/28/2016		11/12/2021		10,127		10,108		10,127
Common Equity (500 units)					12/28/2016						500		959

											10,608		11,086		3	%
Mesa Line Services, LLC	Utilities: Services
Second Lien Debt (j)			10.50%/0.50%		11/30/2017		8/1/2024		17,511		17,442		17,511
Common Equity (981 shares) (j)					11/30/2017						1,148		1,076

											18,590		18,587		5	%
Midwest Transit Equipment, Inc.	Transportation services
Warrant (7,192 shares) (j)(m)					6/23/2017						180		118
Warrant (4.79% of Junior Subordinated Notes) (j)(q)					6/23/2017						190		248

											370		366		0	%
NGT Acquisition Holdings, LLC (dba Techniks Industries)	Component Manufacturing
Common Equity (378 units) (j)					5/24/2017						500		227		0	%

OMC Investors, LLC (dba Ohio Medical Corporation)	Healthcare Products
Second Lien Debt			12.00%/0.00%		1/15/2016		6/30/2022		10,000		9,985		10,000
Common Equity (5,000 units)					1/15/2016						462		869

											10,447		10,869		3	%

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

Palisade Company, LLC	Information Technology Services
Common Equity (50 shares) (j)				11/15/2018					500		630		0	%

Palmetto Moon, LLC	Retail
First Lien Debt (j)			11.50%/2.50%	11/3/2016	10/31/2021		4,779		4,773		4,779
Common Equity (499 units) (j)				11/3/2016					494		159

									5,267		4,938		1	%
Pool & Electrical Products, LLC	Specialty Distribution
Second Lien Debt (j)			11.75%/0.00%	10/28/2020	4/28/2027		12,000		11,883		11,883
Common Equity (15,000 units) (h)(j)				10/28/2020					1,500		1,500

									13,383		13,383		3	%
Power Grid Components, Inc.	Specialty Distribution
Second Lien Debt (k)			11.00%/1.00%	4/12/2018	12/2/2025		22,433		22,357		22,433
Preferred Equity (392 shares) (j)				4/12/2018					392		509
Preferred Equity (48 shares) (j)				12/2/2019					48		63
Common Equity (10,622 shares) (j)				4/12/2018					462		740

									23,259		23,745		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		6,833		6,683		6,833
Preferred Equity (500,000 shares) (j)				11/25/2019					500		566

									7,183		7,399		2	%
Revenue Management Solutions, LLC	Information Technology Services
Common Equity (113 shares)				1/4/2017					1,125		3,081		1	%

Rhino Assembly Company, LLC	Specialty Distribution
Second Lien Debt (k)			12.00%/1.50%	8/11/2017	2/11/2023		10,682		10,655		10,682
Delayed Draw Commitment ($875 unfunded commitment) (i)(j)			12.00%/1.00%	8/11/2017	5/17/2022		—		—		—
Common Equity (Class A Units) (8,864 units) (h)(j)				8/11/2017					944		629
Preferred Equity (Units N/A) (h)(j)				12/10/2020					136		137
Common Equity (Class F Units) (355 units) (h)(j)				12/10/2020					—		—

									11,735		11,448		3	%
Road Safety Services, Inc.	Business Services
Second Lien Debt			11.25%/1.50%	9/18/2018	3/18/2024		10,379		10,351		10,379
Common Equity (655 units)				9/18/2018					621		882

									10,972		11,261		3	%
Rohrer Corporation	Packaging
Subordinated Debt (j)			10.50%/1.00%	10/1/2018	4/1/2024		14,017		13,976		14,017
Common Equity (400 shares) (j)				7/18/2016					780		1,591

									14,756		15,608		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		14,888		14,814		14,888		4	%

SES Investors, LLC (dba SES Foam)	Building Products Manufacturing
Second Lien Debt			13.00%/0.00%	9/8/2016	12/29/2022		1,000		997		1,000
Common Equity (6,000 units) (h)(j)				9/8/2016					537		1,869

									1,534		2,869		1	%
Software Technology, LLC	Information Technology Services
Subordinated Debt (k)			11.00%/0.00%	12/23/2016	6/23/2023		10,000		9,980		10,000
Common Equity (6 shares)				12/23/2016					646		942

									10,626		10,942		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		12,889		12,782		12,889
Common Equity (596 units) (j)				5/8/2019					596		647

									13,378		13,536		3	%
SpendMend LLC	Business Services
Common Equity (1,000,000 units)				1/8/2018					972		1,915		0	%

TransGo, LLC	Component Manufacturing
Common Equity (500 units) (j)				2/28/2017					474		996		0	%

The Tranzonic Companies	Specialty Distribution

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