# EDGAR Filing Document

**Accession Number:** 0001513363
**File Stem:** 0001193125-25-269489
**Filing Date:** 2025-11
**Character Count:** 403672
**Document Hash:** f46901fd03a4aaae4c35a36ce253f45b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269489.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269489

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDUS INVESTMENT Corp
- **CENTRAL INDEX KEY:** 0001513363

**ORGANIZATION NAME:**
- **EIN:** 275017321
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00861
- **FILM NUMBER:** 251458313

**BUSINESS ADDRESS:**
- **STREET 1:** 1603 ORRINGTON AVENUE
- **STREET 2:** SUITE 820
- **CITY:** EVANSTON
- **STATE:** IL
- **ZIP:** 60201
- **BUSINESS PHONE:** 847-859-3940

**MAIL ADDRESS:**
- **STREET 1:** 1603 ORRINGTON AVENUE
- **STREET 2:** SUITE 820
- **CITY:** EVANSTON
- **STATE:** IL
- **ZIP:** 60201

?xml version='1.0' encoding='ASCII'? 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** **September 30,** 2025

**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** <br>**Incorporation or Organization)** | **(I.R.S. Employer** <br>**Identification No.)** |
| 1603 Orrington Avenue, Suite 1005<br>Evanston**,** Illinois | <br>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:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common Stock, par value $0.001 per share | &nbsp;&nbsp;FDUS | &nbsp;&nbsp;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 ☐ <br>

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 November 4, 2025, the Registrant had outstanding 36,427,491 shares of common stock, $0.001 par value.

------

**FIDUS INVESTMENT CORPORATION**

**TABLE OF CONTENTS**

**QUARTERLY REPORT ON FORM 10-Q**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;[**<u>PART I — FINANCIAL INFORMATION</u>**](#part_i) |  |
| Item 1. | [<u>Financial Statements.</u>](#item_1) |  |
|  | [<u>Consolidated Statements of Assets and Liabilities — September 30, 2025 (unaudited) and December 31, 2024</u>](#net_asset) | 3 |
|  | [<u>Consolidated Statements of Operations — three and nine months ended September 30, 2025 (unaudited) and 2024 (unaudited)</u>](#statement_of_operations) | 4 |
|  | [<u>Consolidated Statements of Changes in Net Assets — three and nine months ended September 30, 2025 (unaudited) and 2024 (unaudited)</u>](#changes_net_assets) | 5 |
|  | [<u>Consolidated Statements of Cash Flows — nine months ended September 30, 2025 (unaudited) and 2024 (unaudited)</u>](#statements_cash_flows) | 7 |
|  | [<u>Consolidated Schedules of Investments — September 30, 2025 (unaudited) and December 31, 2024</u>](#consolidated_schedule_of_investments) | 8 |
|  | [<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_consolidated_financial_statements) | 21 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item2_mda). | 47 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk.</u>](#item3_marketrisk) | 65 |
| Item 4. | [<u>Controls and Procedures</u>](#item4_controls) | 66 |
|  | [**<u>PART II — OTHER INFORMATION</u>**](#part_ii) |  |
| Item 1. | [<u>Legal Proceedings.</u>](#item1_legal_proceedings) | 67 |
| Item 1A. | [<u>Risk Factors.</u>](#item1a_risk_factors) | 67 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds.</u>](#item2_unregistered_sales_equity) | 67 |
| Item 3. | [<u>Defaults Upon Senior Securities.</u>](#item3_defaults_upon_senior_securities) | 68 |
| Item 4. | [<u>Mine Safety Disclosures.</u>](#item4_mine_safety_disclosures) | 68 |
| Item 5. | [<u>Other Information.</u>](#item5_other_information) | 68 |
| Item 6. | [<u>Exhibits.</u>](#item6_exhibits) | 69 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 71 |

---

------

**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)**

---

| | | |
|:---|:---|:---|
|  | **September 30,** |  |
|  | **2025** | **December 31,** |
|  | **(unaudited)** | **2024** |
| **ASSETS** |  |  |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments (cost: $6,832 and $6,832, respectively) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments (cost: $53,718 and $56,679, respectively) | 97305 | 102024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/non-affiliate investments (cost: $1,108,840 and $1,011,646, respectively) | 1095443 | 988482 |
| Total investments, at fair value (cost: $1,169,390 and $1,075,157, respectively) | 1192748 | 1090506 |
| Cash and cash equivalents | 62324 | 57159 |
| Interest receivable | 20489 | 15119 |
| Proceeds receivable from stock offering | 681 |  |
| Prepaid expenses and other assets | 1506 | 1328 |
| **Total assets** | $1277748 | $1164112 |
| **LIABILITIES** |  |  |
| SBA debentures (net of $6,028 and $6,101, respectively, of unamortized deferred financing costs) | $184972 | $168899 |
| Notes (net of $3,489 and $1,638, respectively, of unamortized deferred financing costs) | 321511 | 248362 |
| Revolving Credit Facility (net of $749 and $1,046, respectively, of unamortized deferred financing costs) | 14251 | 43954 |
| Secured borrowings | 12816 | 13674 |
| Accrued interest and fees payable | 3703 | 5784 |
| Base management fee payable, net of base management fee waiver – due to affiliate | 5195 | 4805 |
| Income incentive fee payable – due to affiliate | 4371 | 4477 |
| Capital gains incentive fee payable – due to affiliate | 16675 | 14703 |
| Administration fee payable and other – due to affiliate | 929 | 919 |
| Taxes payable | 746 | 1850 |
| Accounts payable and other liabilities | 1545 | 1019 |
| **Total liabilities** | $566714 | $508446 |
| Commitments and contingencies (Note 7) |  |  |
| **NET ASSETS** |  |  |
| Common stock, $0.001 par value (100,000,000 shares authorized, 36,347,868 and 33,914,652 shares issued and |  |  |
| &nbsp;&nbsp; outstanding at September 30, 2025 and December 31, 2024, respectively) | $36 | $34 |
| Additional paid-in capital | 616949 | 567159 |
| Total distributable earnings | 94049 | 88473 |
| **Total net assets** | 711034 | 655666 |
| **Total liabilities and net assets** | $1277748 | $1164112 |
| **Net asset value per common share** | $19.56 | $19.33 |

---

*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** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 1090 | 870 | 3258 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/non-affiliate investments | 29725 | 30987 | 90087 | 88899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 30815 | 31857 | 93345 | 91502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/non-affiliate investments | 3185 | 1851 | 7884 | 5745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total payment-in-kind interest income | 3185 | 1851 | 7884 | 5745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 329 | 1328 | 1381 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/non-affiliate investments | 660 | 56 | 1470 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total dividend income | 989 | 1384 | 2851 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 8 | 5 | 24 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/non-affiliate investments | 1314 | 2688 | 7309 | 6559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee income | 1322 | 2693 | 7333 | 6574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on idle funds | 942 | 597 | 2306 | 2738 |
| Total investment income | 37253 | 38382 | 113719 | 108697 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and financing expenses | 7649 | 6026 | 22191 | 18100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee | 5253 | 4848 | 15281 | 13986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee - income | 4371 | 5059 | 13819 | 14072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee (reversal) - capital gains | 354 | (987) | 1972 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative service expenses | 708 | 688 | 2064 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 713 | 567 | 2959 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 494 | 266 | 921 | 764 |
| Total expenses before base management fee waiver | 19542 | 16467 | 59207 | 52227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee waiver | (57) | (64) | (175) | (200) |
| Total expenses, net of base management fee waiver | 19485 | 16403 | 59032 | 52027 |
| Net investment income before income taxes | 17768 | 21979 | 54687 | 56670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 399 | 568 | 468 | 682 |
| **Net investment income** | 17369 | 21411 | 54219 | 55988 |
| **Net realized and unrealized gains (losses) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 897 |  | 10963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/non-affiliate investments | (1827) | (366) | (6131) | 12161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) on investments | (930) | (366) | 4832 | 12161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (provision) benefit from realized gains on investments | (421) |  | (2350) | (1523) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 1634 | 2075 | (1758) | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-control/non-affiliate investments | 1790 | (6643) | 9767 | (5823) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) on investments | 3424 | (4568) | 8009 | (5406) |
| **Net gain (loss) on investments** | 2073 | (4934) | 10491 | 5232 |
| **Realized losses on extinguishment of debt** | (304) |  | (630) | (521) |
| **Net increase (decrease) in net assets resulting from operations** | $19138 | $16477 | $64080 | $60699 |
| **Per common share data:** |  |  |  |  |
| Net investment income per share-basic and diluted | $0.49 | $0.64 | $1.55 | $1.74 |
| Net increase in net assets resulting from operations per share — basic and diluted | $0.54 | $0.49 | $1.83 | $1.89 |
| Dividends declared per share | $0.57 | $0.57 | $1.65 | $1.81 |
| Weighted average number of shares outstanding — basic and diluted | 35721635 | 33380480 | 34991361 | 32138865 |

---

*See Notes to Consolidated Financial Statements (unaudited).*

------

**FIDUS INVESTMENT CORPORATION**

**Consolidated Statements of Changes in Net Assets (unaudited)**

**(in thousands, except shares)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Number of**<br>**shares** | **Par**<br>**value** | **Additional**<br>**paid-in**<br>**capital** | **Total**<br>**distributable**<br>**earnings** | <br>**Total net**<br>**assets** |
| **Balances at December 31, 2023** | 30438979 | $31 | $504087 | $85356 | $589474 |
| Public offering of common stock, net of expenses | 987170 | 1 | 19169 |  | 19170 |
| Net investment income |  |  |  | 17627 | 17627 |
| Net realized gain (loss) on investments, net of taxes |  |  |  | 1799 | 1799 |
| Net unrealized appreciation (depreciation) on investments |  |  |  | 1218 | 1218 |
| Realized losses on extinguishment of debt |  |  |  | (521) | (521) |
| Dividends declared |  |  |  | (20427) | (20427) |
| **Balances at March 31, 2024** | 31426149 | $32 | $523256 | $85052 | $608340 |
| Public offering of common stock, net of expenses | 1691336 | 2 | 33017 |  | 33019 |
| Shares issued under dividend reinvestment plan | 43755 | —<br> \* | 847 |  | 847 |
| Net investment income |  |  |  | 16950 | 16950 |
| Net realized gain (loss) on investments, net of taxes |  |  |  | 9205 | 9205 |
| Net unrealized appreciation (depreciation) on investments |  |  |  | (2056) | (2056) |
| Realized losses on extinguishment of debt |  |  |  |  |  |
| Dividends declared |  |  |  | (19539) | (19539) |
| **Balances at June 30, 2024** | 33161240 | $34 | $557120 | $89612 | $646766 |
| Public offering of common stock, net of expenses | 714995 | —<br> \* | 14080 |  | 14080 |
| Shares issued under dividend reinvestment plan | 38417 | —<br> \* | 748 |  | 748 |
| Net investment income |  |  |  | 21411 | 21411 |
| Net realized gain (loss) on investments, net of taxes |  |  |  | (366) | (366) |
| Net unrealized appreciation (depreciation) on investments |  |  |  | (4568) | (4568) |
| Realized losses on extinguishment of debt |  |  |  |  |  |
| Dividends declared |  |  |  | (19310) | (19310) |
| **Balances at September 30, 2024** | 33914652 | $34 | $571948 | $86779 | $658761 |
| **Balances at December 31, 2024** | 33914652 | $34 | $567159 | $88473 | $655666 |
| Public offering of common stock, net of expenses | 1019812 | 1 | 20660 |  | 20661 |
| Shares issued under dividend reinvestment plan | 36245 | —<br> \* | 700 |  | 700 |
| Net investment income |  |  |  | 18222 | 18222 |
| Net realized gain (loss) on investments, net of taxes |  |  |  | 11480 | 11480 |
| Net unrealized appreciation (depreciation) on investments |  |  |  | (9793) | (9793) |
| Realized losses on extinguishment of debt |  |  |  | (251) | (251) |
| Dividends declared |  |  |  | (18755) | (18755) |
| **Balances at March 31, 2025** | 34970709 | $35 | $588519 | $89376 | $677930 |
| Public offering of common stock, net of expenses | 376625 | —<br> \* | 7540 |  | 7540 |
| Shares issued under dividend reinvestment plan | 32566 | —<br> \* | 631 |  | 631 |
| Net investment income |  |  |  | 18628 | 18628 |
| Net realized gain (loss) on investments, net of taxes |  |  |  | (7647) | (7647) |
| Net unrealized appreciation (depreciation) on investments |  |  |  | 14378 | 14378 |
| Realized losses on extinguishment of debt |  |  |  | (75) | (75) |
| Dividends declared |  |  |  | (19088) | (19088) |
| **Balances at June 30, 2025** | 35379900 | $35 | $596690 | $95572 | $692297 |
| Public offering of common stock, net of expenses | 933165 | 1 | 19578 |  | 19579 |
| Shares issued under dividend reinvestment plan | 34803 | —<br> \* | 681 |  | 681 |
| Net investment income |  |  |  | 17369 | 17369 |
| Net realized gain (loss) on investments, net of taxes |  |  |  | (1351) | (1351) |
| Net unrealized appreciation (depreciation) on investments |  |  |  | 3424 | 3424 |
| Realized losses on extinguishment of debt |  |  |  | (304) | (304) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Dividends declared |  |  |  | (20661 | (20661 |
| **Balances at September 30, 2025** | 36347868 | $36 | $616949 | $94049 | $711034 |
| \*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)** 

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $64080 | $60699 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (8009) | 5406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (4832) | (12161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income paid-in-kind | (7884) | (5745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of original issue discount | (106) | (335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of loan origination fees | (2007) | (1801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments | (284480) | (274194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and repayments of investments | 203319 | 154109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from loan origination fees | 1757 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized losses on extinguishment of debt | 630 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 2024 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred equity financing costs | 78 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (5370) | (2352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds receivable from stock offering | (681) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (308) | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest and fees payable | (2081) | (2380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable, net of base management fee waiver – due to affiliate | 390 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income incentive fee payable – due to affiliate | (106) | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee (reversal) – due to (from) affiliate | 1972 | (2595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fee payable and other – due to (from) affiliate | 10 | (170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | (1104) | (476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 526 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used for) operating activities** | (42182) | (75810) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from common stock offerings, net of expenses | 47780 | 66269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds received from SBA debentures | 44500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of SBA debentures | (28500) | (35000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds received from issuance of Notes | 100000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on Notes | (25000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds received from (repayments of) Revolving Credit Facility, net | (30000) | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds received from (repayments of) Secured Borrowings, net | (858) | (1855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs | (4083) | (611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to stockholders, including expenses | (56492) | (57681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used for) financing activities** | 47347 | 11122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in cash and cash equivalents** | 5165 | (64688) |
| **Cash and cash equivalents:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 57159 | 119131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $62324 | $54443 |
| **Supplemental cash flow disclosures:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash payments for interest | $22248 | $18929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash payments for taxes, net of tax refunds received | $3922 | $2681 |
| **Non-cash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of shares issued pursuant to the dividend reinvestment plan | $— | $852 |

---

*See Notes to Consolidated Financial Statements (unaudited).*

------

**FIDUS INVESTMENT CORPORATION**

**Consolidated Schedule of Investments (unaudited)**

**September 30, 2025**

**(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** |
| **<u>Control Investments (t)</u>** |  |  |  |  |  |  |  |  |  |
| *US GreenFiber, LLC (n)* | Building Products Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j)(y) |  |  | 0.00%/0.00% | 7/3/2014 | 8/30/2024 | $5226 | $5223 | $— |  |
| &nbsp;&nbsp;&nbsp;Common Equity (2,522 units) (h)(j) |  |  |  | 7/3/2014 |  |  | 586 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (425,508 units) (j) |  |  |  | 8/30/2019 |  |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,022,813 units) (h)(j) |  |  |  | 7/1/2020 |  |  | 1022 |  |  |
|  |  |  |  |  |  |  | 6832 |  | 0% |
| **Total Control Investments** |  |  |  |  |  |  | $6832 | $— | 0% |
| **<u>Affiliate Investments (l)</u>** |  |  |  |  |  |  |  |  |  |
| *Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)* | Building Products Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 11.00%/0.00% | 12/31/2021 | 12/31/2027 | $9602 | $9601 | $9602 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (5,690 units) (h)(j) |  |  |  | 12/31/2021 |  |  | 5690 | 6548 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (7,113 units) (h)(j) |  |  |  | 12/31/2021 |  |  | 7113 | 9507 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (2,012 units) (h)(j) |  |  |  | 12/31/2021 |  |  |  |  |  |
|  |  |  |  |  |  |  | 22404 | 25657 | 4% |
| *CP Communications, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (am) |  | (S + 8.50%) / (4.00%) | 12.79%/0.00% | 12/4/2024 | 12/4/2029 | 5941 | 5902 | 5941 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (62 units) |  |  |  | 12/4/2024 |  |  | 500 | 489 |  |
|  |  |  |  |  |  |  | 6402 | 6430 | 1% |
| *Medsurant Holdings, LLC (n)* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (84,997 units) (h)(j) |  |  |  | 4/12/2011 |  |  |  | 70 |  |
| &nbsp;&nbsp;&nbsp;Warrant (252,588 units) (h)(j)(m) |  |  |  | 4/12/2011 |  |  |  | 238 |  |
|  |  |  |  |  |  |  |  | 308 | 0% |
| *Pfanstiehl, Inc.* | Healthcare Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (2,550 units) (j) |  |  |  | 3/29/2013 |  |  | 254 | 41922 | 5% |
| *Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)* | Aerospace & Defense Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ag) |  | (S + 6.00%) / (1.00%) | 10.26%/0.00% | 2/12/2021 | 2/11/2026 | 15000 | 14992 | 14901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 6.00%) / (1.00%) | 10.26%/0.00% | 9/10/2025 | 2/11/2026 | 1500 | 1500 | 1500 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (12,035 units) (j) |  |  |  | 8/25/2021 |  |  | 1204 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (38,493 units) (j) |  |  |  | 12/16/2022 |  |  | 2609 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (6,783 units) (j) |  |  |  | 7/10/2023 |  |  | 686 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (4,663 units) (j) |  |  |  | 9/16/2022 |  |  | 472 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (21,689 units) (j) |  |  |  | 5/22/2024 |  |  | 2195 | 2741 |  |
|  |  |  |  |  |  |  | 23658 | 19142 | 3% |
| *Steward Holding LLC (dba Steward Advanced Materials)* | Aerospace & Defense Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000,000 units) (j) |  |  |  | 11/12/2015 |  |  | 1000 | 3846 | 1% |
| **Total Affiliate Investments** |  |  |  |  |  |  | $53718 | $97305 | 14% |
| **<u>Non-control/Non-affiliate Investments</u>** |  |  |  |  |  |  |  |  |  |
| *2KDirect, Inc. (dba iPromote)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(at) |  | (S + 8.00%) / (0.50%) | 12.44%/0.00% | 6/25/2021 | 6/25/2026 | $6720 | $6707 | $6219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(aa) |  | (S + 8.00%) / (0.50%) | 8.69%/0.00% | 7/30/2021 | 6/25/2026 | 1921 | 1921 | 1844 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000,000 units) |  |  |  | 6/25/2021 |  |  | 1000 |  |  |
|  |  |  |  |  |  |  | 9628 | 8063 | 1% |
| *301 Edison Holdings Inc. (dba LGG Industrial)* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  |  | 11.75%/1.50% | 11/14/2023 | 11/13/2028 | 11730 | 11628 | 11651 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (518,135 units) (j) |  |  |  | 11/14/2023 |  |  | 1000 | 1000 |  |
|  |  |  |  |  |  |  | 12628 | 12651 | 2% |
| *Acendre Midco, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  |  | 12.50%/1.25% | 10/6/2021 | 3/31/2026 | 5726 | 5723 | 5726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  |  | 12.50%/1.25% | 10/6/2021 | 3/31/2026 | 13014 | 13002 | 13014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving Loan (j) |  |  | 12.50%/1.25% | 10/6/2021 | 3/31/2026 | 1007 | 1007 | 1007 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (500,000 shares) (j) |  |  |  | 10/6/2021 |  |  | 371 | 275 |  |
| &nbsp;&nbsp;&nbsp;Warrant (275,000 shares) (j)(m) |  |  |  | 10/6/2021 |  |  | 254 | 69 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (77,016 shares) (j) |  |  |  | 9/26/2022 |  |  | 88 | 148 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (568,182 shares) (j) |  |  |  | 6/10/2025 |  |  | 375 | 625 |  |
|  |  |  |  |  |  |  | 20820 | 20864 | 3% |
| *Ad Info Parent, Inc. (dba MediaRadar)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 5.25%) / (1.00%) | 9.25%/0.00% | 11/1/2023 | 9/16/2029 | 15958 | 15883 | 15958 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($1,442 unfunded commitment) (i)(j) |  | (S + 5.25%) / (1.00%) | 9.25%/0.00% | 11/1/2023 | 9/16/2029 |  | (5) |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,250,000 units) (j) |  |  |  | 11/1/2023 |  |  | 1250 | 1046 |  |
|  |  |  |  |  |  |  | 17128 | 17004 | 2% |
| *Aldinger Company* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (12,504 units) |  |  |  | 6/30/2023 |  |  | 254 | 2436 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (12,861 units) |  |  |  | 6/30/2023 |  |  | 1286 | 1555 |  |
|  |  |  |  |  |  |  | 1540 | 3991 | 1% |
| *Allredi, LLC (fka Marco Group International OpCo, LLC)* | Industrial Cleaning & Coatings |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j) |  |  | 0.00%/15.00% | 3/2/2020 | 9/30/2027 | 16756 | 16727 | 14990 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (570,636 units) (h)(j) |  |  |  | 7/21/2017 |  |  | 637 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (39,443 units) (h)(j) |  |  |  | 11/24/2021 |  |  | 22 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (524,624units) (h)(j) |  |  |  | 8/3/2023 |  |  | 45 |  |  |
|  |  |  |  |  |  |  | 17431 | 14990 | 2% |
| *American AllWaste LLC (dba WasteWater Transport Services)* | Environmental Industries |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(p) |  | (S + 6.75%) / (1.00%) | 11.01%/0.00% | 6/28/2021 | 3/31/2028 | 22218 | 22188 | 19905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(o) |  | (S + 6.75%) / (1.00%) | 8.51%/0.00% | 6/28/2021 | 3/31/2028 | 330 | 330 | 329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(bh) |  |  | 15.25%/0.00% | 3/28/2024 | 3/31/2028 | 5864 | 5864 | 10688 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (500 units) (h)(j) |  |  |  | 5/31/2018 |  |  | 500 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (207 units) (h)(j) |  |  |  | 8/6/2019 |  |  | 250 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (141 units) (h)(j) |  |  |  | 11/2/2020 |  |  | 171 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (74 units) (h)(j) |  |  |  | 12/29/2021 |  |  | 97 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (52 units) (h)(j) |  |  |  | 11/27/2024 |  |  | 52 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (312 units) (h)(j) |  |  |  | 12/30/2024 |  |  | 312 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,405 units) (h)(j) |  |  |  | 12/30/2024 |  |  |  |  |  |
|  |  |  |  |  |  |  | 29764 | 30922 | 4% |
| *AmeriWater, LLC* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (af) |  | (S + 6.25%) / (1.00%) | 10.25%/0.00% | 7/8/2022 | 7/8/2027 | 7112 | 7095 | 7112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 7.00%/7.00% | 7/8/2022 | 1/8/2028 | 2511 | 2506 | 2511 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000 units) (h)(j) |  |  |  | 7/8/2022 |  |  | 1000 | 2092 |  |
|  |  |  |  |  |  |  | 10601 | 11715 | 2% |
| *AMOpportunities, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  |  | 12.50%/0.00% | 3/12/2025 | 3/12/2029 | 10000 | 9954 | 10000 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (801,414 shares) |  |  |  | 3/17/2025 |  |  | 801 | 838 |  |
|  |  |  |  |  |  |  | 10755 | 10838 | 2% |
| *AOM Intermediate Holdco, LLC (dba AllOver Media)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,232 units) (h)(j) |  |  |  | 2/1/2022 |  |  | 1372 | 1242 | 0% |
| *APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.)* | Building Products Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ai) |  | (S + 7.25%) / (2.00%) | 11.54%/0.00% | 11/8/2022 | 11/8/2027 | 18200 | 18150 | 18200 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,200 units) (h)(j) |  |  |  | 11/8/2022 |  |  | 1200 | 991 |  |
|  |  |  |  |  |  |  | 19350 | 19191 | 3% |
| *Auto CRM LLC (dba Dealer Holdings)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt |  |  | 0.00%/14.50% | 10/1/2021 | 12/31/2028 | 874 | 873 | 874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt |  |  | 0.00%/14.50% | 12/30/2024 | 12/31/2028 | 1921 | 1921 | 1921 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (500 units) (j) |  |  |  | 10/1/2021 |  |  | 500 | 43 |  |
|  |  |  |  |  |  |  | 3294 | 2838 | 0% |
| *Axis Medical Technologies LLC (dba MoveMedical)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 6.50%) / (2.00%) | 10.79%/0.00% | 10/24/2024 | 10/24/2029 | 13600 | 13545 | 13600 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($800 unfunded commitment) (j)(x) |  | (S + 6.50%) / (2.00%) | 10.79%/0.00% | 10/24/2024 | 10/24/2029 |  | (3) |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,200,000 units) (j) |  |  |  | 10/25/2024 |  |  | 1148 | 1234 |  |
|  |  |  |  |  |  |  | 14690 | 14834 | 2% |
| *Bad Boy Mowers JV Acquisition, LLC* | Consumer Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (k) |  |  | 9.00%/4.50% | 11/9/2023 | 11/9/2030 | 14168 | 14108 | 14168 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (13,000 units) (j) |  |  |  | 11/9/2023 |  |  | 1300 | 1580 |  |
|  |  |  |  |  |  |  | 15408 | 15748 | 2% |
| *Barefoot Mosquito and Pest Control, LLC* | Consumer Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(s) |  | (S + 6.00%) / (2.00%) | 10.29%/0.00% | 11/27/2024 | 12/22/2029 | 31795 | 31776 | 31415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ba) |  | (S + 6.00%) / (2.00%) | 7.54%/0.00% | 7/14/2025 | 12/22/2029 | 5 | 5 | 5 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (5,474 units) (h)(j) |  |  |  | 12/22/2023 |  |  | 12 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (20,137 units) (h)(j) |  |  |  | 12/22/2023 |  |  | 2014 | 1875 |  |
|  |  |  |  |  |  |  | 33807 | 33295 | 6% |
| *BCM One Group Holdings, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 11.75%/0.00% | 11/17/2021 | 11/17/2028 | 17667 | 17582 | 17667 | 2% |
| *Bedford Precision Parts LLC* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (500,000 units) (h)(j) |  |  |  | 3/12/2019 |  |  | 478 | 337 | 0% |
| *Brightmore Brands LLC* | Retail |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(al) |  | (S + 5.38%) / (1.50%) | 9.67%/0.00% | 9/13/2022 | 9/9/2029 | 24000 | 23727 | 24000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000 units) (j) |  |  |  | 9/13/2022 |  |  | 1000 | 1791 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (371 units) (j) |  |  |  | 9/9/2024 |  |  | 713 | 718 |  |
|  |  |  |  |  |  |  | 25440 | 26509 | 4% |
| *Cardback Intermediate, LLC (dba Chargeback Gurus)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ah) |  | (S + 6.50%) / (0.75%) | 11.05%/0.00% | 8/10/2021 | 8/10/2026 | 6488 | 6475 | 6488 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (495 shares) (j) |  |  |  | 8/10/2021 |  |  | 125 | 345 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (495 shares) (j) |  |  |  | 8/10/2021 |  |  | 125 | 344 |  |
|  |  |  |  |  |  |  | 6725 | 7177 | 1% |
| *Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (500,000 units) (h)(j) |  |  |  | 8/21/2023 |  |  |  |  | 0% |
| *CIH Intermediate, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (563 shares) (j) |  |  |  | 3/3/2022 |  |  | 400 | 2911 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (563 shares) (j) |  |  |  | 3/3/2022 |  |  | 270 | 466 |  |
|  |  |  |  |  |  |  | 670 | 3377 | 1% |
| *Cleanova Topco Limited* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (746,893shares) (j) |  |  |  | 6/12/2025 |  |  | 841 | 841 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (373,447shares) (j) |  |  |  | 6/12/2025 |  |  | 436 | 435 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (113,166 shares) (j) |  |  |  | 6/12/2025 |  |  | 454 | 454 |  |
|  |  |  |  |  |  |  | 1731 | 1730 | 0% |
| *CRS Solutions Holdings, LLC (dba CRS Texas)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (574,929 units) (h)(j) |  |  |  | 6/28/2022 |  |  | 272 |  | 0% |
| *CTM Group, Inc. (dba Venuplus, Inc.)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 4.75%) / (1.00%) | 9.01%/2.25% | 2/28/2023 | 11/30/2026 | 7981 | 7931 | 7981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt |  |  | 7.75%/6.50% | 2/28/2023 | 11/30/2027 | 2363 | 2352 | 2177 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (400,000 units) |  |  |  | 2/28/2023 |  |  | 400 |  |  |
|  |  |  |  |  |  |  | 10683 | 10158 | 1% |
| *Customer Expressions Corp (dba Case IQ) (aq)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ao)(bc) |  | (S + 5.00%) / (1.00%) | 9.15%/0.50% | 1/6/2025 | 4/15/2029 | 15140 | 15047 | 15140 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (502,894 units) (j) |  |  |  | 1/6/2025 |  |  | 771 | 791 |  |
|  |  |  |  |  |  |  | 15818 | 15931 | 2% |
| *Dataguise, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (909 shares) (j) |  |  |  | 12/31/2020 |  |  | 1500 | 1586 | 0% |
| *Dealerbuilt Acquisition, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ac) |  | (S + 5.75%) / (4.00%) | 10.05%/1.00% | 7/21/2023 | 7/21/2026 | 13686 | 13660 | 13686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 7.50%/7.50% | 7/21/2023 | 1/21/2027 | 12276 | 12245 | 12276 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000 Units) (h)(j) |  |  |  | 7/21/2023 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,000 Units) (h)(j) |  |  |  | 7/21/2023 |  |  | 1000 | 1017 |  |
|  |  |  |  |  |  |  | 26905 | 26979 | 4% |
| *Detechtion Holdings, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Lien Debt ($1,250 unfunded commitment) (k) |  | (S + 5.75%) / (2.25%) | 10.04%/2.50% | 6/21/2023 | 6/21/2028 | 26289 | 26200 | 26289 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($1,000 unfunded commitment) (j)(w) |  | (S + 8.25%) / (2.25%) | 12.54%/0.00% | 7/12/2024 | 6/21/2028 |  | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 0.00%/14.00% | 6/21/2023 | 6/21/2028 | 2750 | 2743 | 2750 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (601,532 units) (h)(j) |  |  |  | 6/21/2023 |  |  | 602 | 548 |  |
|  |  |  |  |  |  |  | 29542 | 29587 | 4% |
| *Diversified Search LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(r) |  | (S + 7.50%) / (1.00%) | 11.76%/0.00% | 2/7/2019 | 12/23/2026 | 24155 | 24140 | 23597 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (573 units) (h)(j) |  |  |  | 2/7/2019 |  |  | 552 | 106 |  |
|  |  |  |  |  |  |  | 24692 | 23703 | 3% |
| *Donovan Food Brokerage, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ae) |  | (S + 6.00%) / (2.00%) | 10.29%/0.00% | 2/23/2024 | 2/23/2029 | 18908 | 18843 | 18908 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (598,832 units) (j) |  |  |  | 2/23/2024 |  |  | 599 | 1370 |  |
|  |  |  |  |  |  |  | 19442 | 20278 | 3% |
| *E-PlanSoft Buyer, LLC (dba e-PlanSoft)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  |  | 11.00%/2.00% | 6/30/2025 | 6/30/2030 | 8041 | 8001 | 8001 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,500 units) (j) |  |  |  | 6/27/2025 |  |  | 1500 | 1500 |  |
|  |  |  |  |  |  |  | 9501 | 9501 | 2% |
| *Enterprise Asset Management FM Purchaser, Inc. (dba MCIM)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Lien Debt ($3,000 unfunded commitment)(j) |  | (S + 5.75%) / (2.00%) | 10.04%/2.00% | 5/20/2024 | 5/20/2029 | 18477 | 18403 | 18477 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (551,470 units) (j) |  |  |  | 5/20/2024 |  |  | 750 | 1167 |  |
|  |  |  |  |  |  |  | 19153 | 19644 | 3% |
| *Estex Manufacturing Company, LLC* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(az) |  | (S + 5.00%) / (2.00%) | 9.28%/0.00% | 10/1/2024 | 10/1/2029 | 5531 | 5483 | 5531 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Common Equity (75,000 units) (j) |  |  |  | 10/1/2024 |  |  | 750 | 603 |  |
|  |  |  |  |  |  |  | 6233 | 6134 | 1% |
| *Fishbowl Solutions, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 7.75%) / (1.00%) | 12.31%/0.00% | 3/25/2022 | 3/25/2027 | 22894 | 22824 | 22894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 7.75%) / (1.00%) | 12.31%/0.00% | 12/27/2024 | 3/25/2027 | 12168 | 12157 | 12168 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($3,000 unfunded commitment) (i)(j) |  | (S + 7.75%) / (1.00%) | 12.31%/0.00% | 12/27/2024 | 3/25/2027 |  |  |  |  |
|  |  |  |  |  |  |  | 34981 | 35062 | 5% |
| *Fraser Steel LLC* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  |  | 13.00%/0.00% | 2/5/2025 | 2/5/2030 | 13800 | 13734 | 13800 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($2,000 unfunded commitment) (i)(j) |  |  | 13.00%/0.00% | 2/5/2025 | 2/5/2030 |  | (9) |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (140,000 units) (h)(j) |  |  |  | 2/5/2025 |  |  | 140 | 166 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (500,000 units) (h)(j) |  |  |  | 2/5/2025 |  |  | 500 | 538 |  |
|  |  |  |  |  |  |  | 14365 | 14504 | 2% |
| *Fumex, LLC* | Industrial Product Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ar) |  | (S + 4.75%) / (1.00%) | 9.05%/0.00% | 11/27/2024 | 11/27/2029 | 7000 | 6956 | 7000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (3,500 units) (h)(j) |  |  |  | 11/27/2024 |  |  | 350 | 353 |  |
|  |  |  |  |  |  |  | 7306 | 7353 | 1% |
| *Global Plasma Solutions, Inc.* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (601 shares) (j) |  |  |  | 2/1/2024 |  |  | 162 | 277 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,705 shares) (j) |  |  |  | 9/21/2018 |  |  | 188 | 423 |  |
|  |  |  |  |  |  |  | 350 | 700 | 0% |
| *GMP HVAC, LLC (dba McGee Heating & Air, LLC)* | Utilities: Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(bb) |  | (S + 6.75%) / (2.00%) | 11.04%/0.00% | 12/8/2023 | 12/8/2028 | 29460 | 29282 | 29460 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,366 units) (h)(j) |  |  |  | 12/8/2023 |  |  | 1406 | 1785 |  |
|  |  |  |  |  |  |  | 30688 | 31245 | 4% |
| *GP&C Operations, LLC (dba Garlock Printing and Converting)* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (515,625 units) (h)(j) |  |  |  | 1/22/2021 |  |  | 516 | 1076 | 0% |
| *Green Cubes Technology, LLC (dba Green Cubes)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ax) |  | (S + 7.50%) / (2.00%) | 11.80%/0.00% | 10/16/2024 | 10/16/2029 | 22500 | 22275 | 22500 | 3% |
| *Haematologic Technologies, Inc.* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 5.25%) / (3.00%) | 9.79%/3.00% | 10/11/2019 | 6/30/2026 | 6539 | 6539 | 6457 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (630 units) (h)(j) |  |  |  | 10/11/2019 |  |  | 630 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (169 units) (h)(j) |  |  |  | 6/26/2023 |  |  | 169 | 47 |  |
|  |  |  |  |  |  |  | 7338 | 6504 | 1% |
| *Hallmark Health Care Solutions, Inc.* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (3,645,752 units) (j) |  |  |  | 9/18/2023 |  |  | 3646 | 2367 | 0% |
| *Hub Acquisition Sub, LLC (dba Hub Pen)* | Promotional products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j) |  |  | 11.50%/1.25% | 4/25/2023 | 6/30/2028 | 25040 | 24850 | 25040 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (5,837 units) (j) |  |  |  | 3/23/2016 |  |  |  | 1178 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (637 units) (j) |  |  |  | 8/7/2023 |  |  | 102 | 129 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (868 units) (j) |  |  |  | 10/16/2020 |  |  | 154 | 326 |  |
|  |  |  |  |  |  |  | 25106 | 26673 | 4% |
| *IBH Holdings, LLC (fka Inflexxion, Inc.)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (150,000 units) (j) |  |  |  | 6/20/2018 |  |  |  |  | 0% |
| *InductiveHealth Informatics, LLC* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 7.75%) / (2.00%) | 12.05%/0.50% | 9/20/2024 | 9/20/2028 | 35107 | 34791 | 35107 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (367 units) (j) |  |  |  | 9/20/2024 |  |  | 292 | 321 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,361 units) (j) |  |  |  | 9/20/2024 |  |  |  |  |  |
|  |  |  |  |  |  |  | 35083 | 35428 | 5% |
| *Info Tech Operating, LLC (dba infotech)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (bd) |  | (S + 4.88%) / (2.00%) | 8.85%/0.00% | 3/31/2025 | 3/31/2030 | 13500 | 13409 | 13500 | 2% |
| *Informatics Holdings, Inc. (dba Wasp Barcode Technologies)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(v) |  | (S + 6.50%) / (2.50%) | 10.79%/0.00% | 5/1/2024 | 3/7/2029 | 9000 | 8988 | 9000 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,000,000 units) (j) |  |  |  | 3/7/2024 |  |  | 1000 | 706 |  |
|  |  |  |  |  |  |  | 9988 | 9706 | 2% |
| *ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(aj) |  | (S + 7.50%) / (0.50%) | 11.65%/0.00% | 4/5/2021 | 4/5/2026 | 10097 | 10086 | 10097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(an) |  | (S + 7.50%) / (0.50%) | 8.15%/0.00% | 6/30/2021 | 4/5/2026 | 10554 | 10554 | 10551 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (256,964 units) (h)(j) |  |  |  | 4/5/2021 |  |  | 500 | 453 |  |
|  |  |  |  |  |  |  | 21140 | 21101 | 3% |
| *Janus Health Technologies, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (68,361 units) |  |  |  | 1/3/2024 |  |  | 1500 | 1038 | 0% |
| *Jumo Health, Inc.* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(aw) |  | (S + 5.50%) / (2.00%) | 9.80%/0.00% | 8/16/2024 | 8/16/2029 | 5955 | 5900 | 5955 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,359 shares) (j) |  |  |  | 8/16/2024 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,359 shares) (j) |  |  |  | 8/16/2024 |  |  | 750 | 714 |  |
|  |  |  |  |  |  |  | 6650 | 6669 | 1% |
| *The Kyjen Company, LLC (dba Outward Hound)* | Consumer Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (855 shares) (j) |  |  |  | 12/8/2017 |  |  | 933 |  | 0% |
| *Laboratory Testing, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 5.25%) / (2.00%) | 9.54%/0.00% | 4/15/2025 | 4/15/2030 | 4963 | 4940 | 4940 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($3,427 unfunded commitment) (i)(j) |  | (S + 5.25%) / (2.00%) | 9.54%/0.00% | 4/15/2025 | 4/15/2030 | 573 | 557 | 557 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (3,881 units) (h)(j) |  |  |  | 4/15/2025 |  |  | 388 | 388 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (3,619 units) (h)(j) |  |  |  | 4/15/2025 |  |  | 362 | 362 |  |
|  |  |  |  |  |  |  | 6247 | 6247 | 1% |
| *Level Education Group, LLC (dba CE4Less)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ak) |  | (S + 5.25%) / (2.00%) | 9.81%/0.00% | 4/1/2021 | 9/30/2030 | 12588 | 12503 | 12588 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000,000 units) (j) |  |  |  | 4/1/2021 |  |  | 934 | 2449 |  |
|  |  |  |  |  |  |  | 13437 | 15037 | 2% |
| *LifeSpan Biosciences, Inc.* | Healthcare Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 11.50%/0.00% | 3/19/2021 | 4/7/2028 | 16000 | 15978 | 15962 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (108 shares) (j) |  |  |  | 6/7/2024 |  |  | 595 | 438 |  |
|  |  |  |  |  |  |  | 16573 | 16400 | 2% |
| *Mayesh Wholesale Florist, LLC* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Lien Debt ($2,000 unfunded commitment)(i)(j)(be) |  | (S + 6.25%) / (2.00%) | 10.55%/0.00% | 3/18/2025 | 3/18/2030 | 10500 | 10390 | 10500 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (500,000 units) (h)(j) |  |  |  | 3/18/2025 |  |  | 500 | 688 |  |
|  |  |  |  |  |  |  | 10890 | 11188 | 2% |
| *MBS Opco, LLC (dba Marketron)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 8.50%) / (1.50%) | 13.05%/0.00% | 9/29/2022 | 9/28/2026 | 27000 | 26966 | 27000 | 4% |
| *MDME Holding Corp.* | Healthcare Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 6.25%) / (1.00%) | 10.40%/0.00% | 8/31/2023 | 8/3/2027 | 12264 | 12216 | 11777 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (5,149 units) (j) |  |  |  | 9/18/2023 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (12,500 units) (j) |  |  |  | 9/18/2023 |  |  | 1250 | 147 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (713 units) (j) |  |  |  | 7/1/2025 |  |  | 71 | 73 |  |
|  |  |  |  |  |  |  | 13537 | 11997 | 2% |
| *Netbase Solutions, Inc. (dba Netbase Quid)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(ap) |  | (P + 2.00%) / (3.25%) | 9.25%/2.00% | 11/18/2021 | 11/18/2026 | 16413 | 16399 | 16413 | 2% |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *NWS Technologies, LLC* | Utilities: Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Lien Debt ($1,259 unfunded commitment)(u) |  | (S + 7.50%) / (2.50%) | 11.79%/0.00% | 6/20/2023 | 6/16/2028 | 17641 | 17494 | 17641 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1 unit) (h)(j) |  |  |  | 6/20/2023 |  |  | 1125 | 1161 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (0.375 units) (h)(j) |  |  |  | 6/20/2023 |  |  | 375 | 429 |  |
|  |  |  |  |  |  |  | 18994 | 19231 | 3% |
| *OnePath Systems, LLC (n)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (732,542 shares) (j) |  |  |  | 9/30/2022 |  |  |  |  | 0% |
| *Onsight Industries, LLC* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(bf) |  | (S + 5.50%) / (1.50%) | 9.79%/0.00% | 3/27/2025 | 1/7/2030 | 9120 | 9093 | 9120 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (380,000 units) (h)(j) |  |  |  | 1/7/2025 |  |  | 380 | 425 |  |
|  |  |  |  |  |  |  | 9473 | 9545 | 1% |
| *Palmetto Moon, LLC* | Retail |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (499 units) (j) |  |  |  | 11/3/2016 |  |  | 265 | 1431 | 0% |
| *PayEntry Financial Services, Inc. (dba Payentry)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (k) |  |  | 10.50%/1.75% | 3/28/2025 | 9/28/2031 | 5600 | 5550 | 5600 |  |
| &nbsp;&nbsp;&nbsp;Second Lien Debt ($1,563 unfunded commitment)(k) |  |  | 10.50%/1.75% | 3/28/2025 | 9/28/2031 | 2868 | 2854 | 2868 |  |
| &nbsp;&nbsp;&nbsp;Second Lien Debt ($1,563 unfunded commitment)(k) |  |  | 10.50%/1.75% | 3/28/2025 | 9/28/2031 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (10,000 units) |  |  |  | 3/28/2025 |  |  | 1000 | 982 |  |
|  |  |  |  |  |  |  | 9404 | 9450 | 1% |
| *Pinnergy, Ltd.* | Oil & Gas Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 10.00%/0.00% | 6/30/2022 | 6/30/2027 | 10050 | 10024 | 10050 | 1% |
| *PowerGrid Services Acquisition, LLC* | Utilities: Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (4,490 units) (h)(j) |  |  |  | 9/21/2021 |  |  | 53 | 9 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (118 units) (h)(j) |  |  |  | 7/2/2025 |  |  | 118 | 118 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (133 units) (h)(j) |  |  |  | 7/2/2025 |  |  | 133 | 133 |  |
|  |  |  |  |  |  |  | 304 | 260 | 0% |
| *Prime AE Group, Inc.* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (900,000 shares) (j) |  |  |  | 11/25/2019 |  |  | 900 | 497 | 0% |
| *Pronto Plumbing & Drain, Inc.* | Utilities: Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 7.00%) / (2.00%) | 11.29%/0.00% | 5/22/2025 | 5/22/2030 | 5325 | 5269 | 5269 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($500 unfunded commitment)(i)(j) |  | (S + 7.00%) / (2.00%) | 11.29%/0.00% | 5/22/2025 | 5/22/2030 |  | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity (Units N/A) (h)(j) |  |  |  | 5/22/2025 |  |  | 563 | 563 |  |
|  |  |  |  |  |  |  | 5827 | 5832 | 1% |
| *Puget Collision, LLC* | Retail |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(av) |  | (S + 7.00%) / (2.00%) | 11.29%/0.00% | 1/4/2024 | 1/4/2029 | 22232 | 22056 | 22765 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (310 units) (h)(j) |  |  |  | 1/4/2024 |  |  | 810 | 1049 |  |
|  |  |  |  |  |  |  | 22866 | 23814 | 3% |
| *QED Technologies International, Inc.* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (q) |  | (S + 4.75%) / (1.50%) | 9.54%0.00% | 3/1/2023 | 3/1/2028 | 15551 | 15488 | 15551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(q) |  | (S + 4.75%) / (1.50%) | 9.54%0.00% | 5/30/2025 | 3/1/2028 | 2103 | 2046 | 2046 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (140 shares) (j) |  |  |  | 2/28/2023 |  |  | 1402 | 4059 |  |
|  |  |  |  |  |  |  | 18936 | 21656 | 3% |
| *Quest Software US Holdings Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 1.00%) / (0.50%) | 5.31%/6.75% | 8/11/2025 | 2/1/2030 | 17398 | 17398 | 16194 | 2% |
| *R1 Holdings, LLC (dba RoadOne IntermodaLogistics)* | Transportation services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 6.25%) / (1.00%) | 10.56%/0.00% | 12/30/2022 | 12/30/2028 | 6231 | 6093 | 6231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 8.75%/5.00% | 12/30/2022 | 6/30/2029 | 1532 | 1505 | 1455 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (280,000 units) (j) |  |  |  | 12/30/2022 |  |  | 280 | 138 |  |
|  |  |  |  |  |  |  | 7878 | 7824 | 1% |
| *R.F. Fager Company LLC* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j) |  |  | 12.75%/0.00% | 3/4/2024 | 8/4/2030 | 18000 | 17923 | 18000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (12,500 units) (h)(j) |  |  |  | 3/4/2024 |  |  | 1250 | 1428 |  |
|  |  |  |  |  |  |  | 19173 | 19428 | 3% |
| *ServicePower, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(as) |  |  | 10.50%/5.50% | 3/15/2024 | 3/15/2028 | 29573 | 29343 | 29573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ba) |  |  | 8.25%/0.00% | 6/6/2025 | 3/15/2028 | 5 | 5 | 5 |  |
|  |  |  |  |  |  |  | 29348 | 29578 | 4% |
| *SES Investors, LLC (dba SES Foam) (n)* | Building Products Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (6,000 units) (h)(j) |  |  |  | 9/8/2016 |  |  |  |  | 0% |
| *Sogno Toscano LLC* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (bi) |  | (S + 5.00%) / (2.00%) | 9.29%/0.00% | 7/2/2025 | 1/2/2029 | 8500 | 8441 | 8441 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (6 units) (j) |  |  |  | 7/2/2025 |  |  | 4250 | 4250 |  |
|  |  |  |  |  |  |  | 12691 | 12691 | 2% |
| *Suited Connector LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j)(y) |  |  | 0.00%/13.00% | 10/29/2021 | 6/1/2028 | 16000 | 15933 | 1784 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (97,808 units) (h)(j) |  |  |  | 12/1/2021 |  |  | 857 |  |  |
|  |  |  |  |  |  |  | 16790 | 1784 | 1% |
| *Tedia Company, LLC* | Healthcare Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 7.75%) / (1.00%) | 12.30%/0.00% | 3/4/2022 | 3/4/2027 | 14100 | 14075 | 14100 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($2,250 unfunded commitment) (i)(j) |  | (S + 7.75%) / (1.00%) | 12.30%/0.00% | 3/4/2022 | 3/4/2027 |  | (6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 7.25%/7.25% | 3/4/2022 | 9/4/2027 | 3261 | 3256 | 3527 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,000 units) (h)(j) |  |  |  | 3/4/2022 |  |  | 1000 | 679 |  |
|  |  |  |  |  |  |  | 18325 | 18306 | 3% |
| *Thrust Flight LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Lien Debt ($3,339 unfunded commitment)(i)(j)(au) |  | (S + 5.75%) / (2.00%) | 10.03%/0.00% | 9/9/2024 | 9/9/2029 | 12586 | 12498 | 12469 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,050,000 units) (h)(j) |  |  |  | 9/9/2024 |  |  | 1050 | 787 |  |
|  |  |  |  |  |  |  | 13548 | 13256 | 2% |
| *Tiger Calcium Services Inc. (aq)* | Transportation services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j) (ao) |  |  | 13.00%/0.00% | 12/21/2022 | 7/31/2026 | 12500 | 12495 | 12625 | 2% |
| *True Environmental Inc.* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Lien Debt ($1,125 unfunded commitment)(j)(bj) |  | (S + 5.50%) / (2.00%) | 9.80%/0.00% | 5/12/2025 | 5/12/2030 | 6650 | 6607 | 6607 |  |
| &nbsp;&nbsp;&nbsp;First Lien Debt ($2,250 unfunded commitment)(bj) |  | (S + 5.50%) / (2.00%) | 9.80%/0.00% | 5/12/2025 | 5/12/2030 | 13300 | 13214 | 13214 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (312,500 units) (h)(j) |  |  |  | 5/12/2025 |  |  | 500 | 284 |  |
|  |  |  |  |  |  |  | 20321 | 20105 | 3% |
| *UBEO, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (705,000 units) (h)(j) |  |  |  | 4/3/2018 |  |  | 655 | 1894 | 0% |
| *United Biologics, LLC* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (98,377 units) (h)(j) |  |  |  | 4/1/2012 |  |  | 891 |  |  |
| &nbsp;&nbsp;&nbsp;Warrant (57,469 units) (j)(m) |  |  |  | 3/5/2012 |  |  | 564 |  |  |
|  |  |  |  |  |  |  | 1455 |  | 0% |
| *USG AS Holdings, LLC* | Utilities: Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity (Units N/A) (j) |  |  |  | 2/21/2023 |  |  | 4 | 1894 |  |
|  |  |  |  |  |  |  | 4 | 1894 | 0% |
| *Virginia Tile Company, LLC (n)* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity (Units N/A) (j) |  |  |  | 12/19/2014 |  |  |  | 5 | 0% |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Virtex Enterprises, LP* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (y) |  | (S + 0.00%) / (2.50%) | 4.23%/9.75% | 4/13/2022 | 9/30/2027 | 11002 | 10906 | 1360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (y) |  | (S + 4.00%) / (2.50%) | 8.23%/0.00% | 9/20/2023 | 3/31/2027 | 321 | 320 | 265 |  |
|  |  |  |  |  |  |  | 11226 | 1625 | 0% |
| *W50 Holdings, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 11.50%/0.00% | 3/22/2024 | 3/24/2031 | 12500 | 12378 | 12500 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (Units N/A) ($100 unfunded commitment) (j) |  |  |  | 3/21/2024 |  |  | 900 | 819 |  |
|  |  |  |  |  |  |  | 13278 | 13319 | 2% |
| *White Label Communication, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ab) |  | (S + 5.25%) / (1.00%) | 9.55%/0.00% | 6/30/2025 | 6/30/2030 | 24400 | 24256 | 24256 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (536 units) (h)(j) |  |  |  | 10/11/2023 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (5,000 units) (h)(j) |  |  |  | 10/11/2023 |  |  | 500 | 566 |  |
|  |  |  |  |  |  |  | 24756 | 24822 | 3% |
| *Wonderware Holdings, LLC (dba CORE Business Technologies)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(z) |  | (S + 7.00%) / (1.00%) | 11.43%/0.00% | 2/10/2021 | 10/29/2025 | 8316 | 8316 | 8316 | 1% |
| *World Tours LLC* | Consumer Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ay) |  | (S + 6.50%) / (2.00%) | 10.79%/0.00% | 11/13/2024 | 11/13/2029 | 6000 | 5963 | 6000 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,000,000 units) (h)(j) |  |  |  | 11/13/2024 |  |  | 1000 | 1324 |  |
|  |  |  |  |  |  |  | 6963 | 7324 | 1% |
| *Worldwide Express Operations, LLC* | Transportation services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (795,000 units) (j) |  |  |  | 7/21/2021 |  |  | 795 | 982 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (752,380 units) (h)(j) |  |  |  | 7/26/2021 |  |  | 225 | 753 |  |
|  |  |  |  |  |  |  | 1020 | 1735 | 0% |
| *Zonkd, LLC* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  |  | 15.00%/0.00% | 3/18/2022 | 3/18/2027 | 2200 | 2132 | 2200 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (4,987 units) (h)(j) |  |  |  | 3/18/2022 |  |  | 169 | 560 |  |
|  |  |  |  |  |  |  | 2301 | 2760 | 0% |
| **Total Non-control/Non-affiliate Investments** |  |  |  |  |  |  | $1108840 | $1095443 | 154% |
| **Total Investments** |  |  |  |  |  |  | $1169390 | $1192748 | 168% |
| **Money market funds (included in cash and cash equivalents)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Obligation Institution CUSIP (38141W323) (ad) |  |  | 3.99%/0.00% |  |  |  | $57853 | $57853 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** |  |  |  |  |  |  | $57853 | $57853 | 8% |
| **Total Investments and Money Market Funds** |  |  |  |  |  |  | $1227243 | $1250601 | 176% |

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(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. The Company's investments are generally classified as "restricted securities", unless otherwise noted, as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144. As of September 30, 2025, the Company held restricted securities with an aggregate fair value of $1,192,748, or 168% of the Company's net assets.

(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 prime (P) or Secured Overnight Financing Rate ("SOFR") (S), which are reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a prime or SOFR interest rate floor. For each investment, the Company has provided the spread over the reference rate and the prime or SOFR floor, if any, as of September 30, 2025.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of September 30, 2025. 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) Except as otherwise noted, the Company's investment portfolio is comprised 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 September 30, 2025. 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 Revolving 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 Revolving Credit Facility (see Note 6 to the consolidated financial statements).

(k) The portion of the investment not held by the SBIC Funds is pledged as collateral for the Revolving 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 Revolving 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 Company sold a participating interest of approximately $0.3 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.

(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 2.58% 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) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.46% 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.

(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 2.80% 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 1.57% 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 2.21% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 1.09% 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.

(w) The disclosed commitment represents the unfunded amount as of September 30, 2025. The Company is earning 0.75% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

(x) The disclosed commitment represents the unfunded amount as of September 30, 2025. 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.

(y) Investment was on non-accrual status as of September 30, 2025.

(z) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.07% 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) The Company sold a participating interest of approximately $4.0 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 GAAP, the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(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 1.93% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ac) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.80% and PIK interest amount of 1.28% 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.

(ad) This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.

(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 2.08% 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 3.28% 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 3.77% 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 1.63% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 3.08% 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 3.42% 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 3.97% 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 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.

(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 GAAP, the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2025, total non-qualifying assets at fair value represented 2.17% of the Company's total assets calculated in accordance with the 1940 Act.

(ap) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 0.46% 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.

(aq) The headquarters of this portfolio company is located in Canada.

(ar) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.61% 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.

(as) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 0.25% and PIK interest amount of 0.61% 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.

(at) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.41% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(au) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.21% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(av) 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 1.70% 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.

(aw) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.50% 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.

(ax) 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 1.03% 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.

(ay) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.10% 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.

(az) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.37% 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.

(ba) The Company sold a participating interest of approximately $0.005 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 GAAP, the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(bb) 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 1.03% 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.

(bc) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.23% and PIK interest amount of 0.74% 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.

(bd) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.99% 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.

(be) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.98% 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.

(bf) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.41% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(bg) As of September 30, 2025, the Company is earning an incremental 0.60% interest on the outstanding principal balance.

(bh) The fair value for this investment includes a multiple of invested capital fee equal to (i) the principal amount repaid multiplied by a return percentage that is subject to change based upon the loan repayment date minus (ii) the sum of (a) the principal amount repaid plus (b) all interest paid in cash on such principal amount plus (c) the aggregate amount of fees paid in cash on or prior to the date of such repayment.

(bi) 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.

(bj) 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 3.22% 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, 2024**

**(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** |
| **<u>Control Investments (t)</u>** |  |  |  |  |  |  |  |  |  |
| *US GreenFiber, LLC (n)* | Building Products Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j)(y) |  |  | 0.00%/0.00% | 7/3/2014 | 8/30/2024 | $5226 | $5223 | $— |  |
| &nbsp;&nbsp;&nbsp;Common Equity (2,522 units) (h)(j) |  |  |  | 7/3/2014 |  |  | 585 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (425,508 units) (j) |  |  |  | 8/30/2019 |  |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,022,813 units) (h)(j) |  |  |  | 7/1/2020 |  |  | 1023 |  |  |
|  |  |  |  |  |  |  | 6832 |  | 0% |
| **Total Control Investments** |  |  |  |  |  |  | $6832 | $— | 0% |
| **<u>Affiliate Investments (l)</u>** |  |  |  |  |  |  |  |  |  |
| *Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)* | Building Products Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 11.00%/0.00% | 12/31/2021 | 12/31/2027 | $9602 | $9602 | $9602 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (5,690 units) (h)(j) |  |  |  | 12/31/2021 |  |  | 5690 | 6571 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (7,113 units) (h)(j) |  |  |  | 12/31/2021 |  |  | 7113 | 8214 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (2,012 units) (h)(j) |  |  |  | 12/31/2021 |  |  | - | - |  |
|  |  |  |  |  |  |  | 22405 | 24387 | 4% |
| *CP Communications, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (am) |  | (S + 8.50%) / (4.00%) | 12.96%/0.00% | 12/4/2024 | 12/4/2029 | 6350 | 6304 | 6304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Holdco Note (j) |  |  | 8.00%/8.00% | 12/4/2024 | 6/4/2030 | 1509 | 1502 | 1502 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (62 units) |  |  |  | 12/4/2024 |  |  | 500 | 500 |  |
|  |  |  |  |  |  |  | 8306 | 8306 | 1% |
| *Medsurant Holdings, LLC* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (84,997 units) (h)(j) |  |  |  | 4/12/2011 |  |  | 314 | 2231 |  |
| &nbsp;&nbsp;&nbsp;Warrant (252,588 units) (h)(j)(m) |  |  |  | 4/12/2011 |  |  | 2257 | 7632 |  |
|  |  |  |  |  |  |  | 2571 | 9863 | 1% |
| *Pfanstiehl, Inc.* | Healthcare Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (2,550 units) (j) |  |  |  | 3/29/2013 |  |  | 255 | 39923 | 6% |
| *Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)* | Aerospace & Defense Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ag) |  | (S + 6.00%) / (1.00%) | 10.57%/0.00% | 2/12/2021 | 2/11/2026 | 15000 | 14976 | 14186 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (12,035 units) (j) |  |  |  | 8/25/2021 |  |  | 1204 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (38,493 units) (j) |  |  |  | 12/16/2022 |  |  | 2609 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (6,783 units) (j) |  |  |  | 7/10/2023 |  |  | 686 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (4,663 units) (j) |  |  |  | 9/16/2022 |  |  | 472 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (21,689 units) (j) |  |  |  | 5/22/2024 |  |  | 2195 | 735 |  |
|  |  |  |  |  |  |  | 22142 | 14921 | 2% |
| *Steward Holding LLC (dba Steward Advanced Materials)* | Aerospace & Defense Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000,000 units) (j) |  |  |  | 11/12/2015 |  |  | 1000 | 4624 | 1% |
| **Total Affiliate Investments** |  |  |  |  |  |  | $56679 | $102024 | 15% |
| **<u>Non-control/Non-affiliate Investments</u>** |  |  |  |  |  |  |  |  |  |
| *2KDirect, Inc. (dba iPromote)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(at) |  | (S + 8.00%) / (0.50%) | 12.74%/0.00% | 6/25/2021 | 6/25/2026 | $7076 | $7051 | $7076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(aa) |  | (S + 8.00%) / (0.50%) | 8.99%/0.00% | 7/30/2021 | 6/25/2026 | 2141 | 2141 | 2141 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000,000 units) |  |  |  | 6/25/2021 |  |  | 1000 |  |  |
|  |  |  |  |  |  |  | 10192 | 9217 | 1% |
| *301 Edison Holdings Inc. (dba LGG Industrial)* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  |  | 11.75%/1.50% | 11/14/2023 | 11/13/2028 | 11597 | 11471 | 11597 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (518,135 units) (j) |  |  |  | 11/14/2023 |  |  | 1000 | 1000 |  |
|  |  |  |  |  |  |  | 12471 | 12597 | 2% |
| *Acendre Midco, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 7.75%) / (0.50%) | 12.60%/0.00% | 10/6/2021 | 10/6/2026 | 5418 | 5412 | 5418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 7.75%) / (0.50%) | 12.60%/0.00% | 10/6/2021 | 10/6/2026 | 12313 | 12289 | 12313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Loan (j) |  | (S + 7.75%) / (0.50%) | 12.60%/0.00% | 10/6/2021 | 10/6/2026 | 1000 | 1000 | 1000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (500,000 shares) (j) |  |  |  | 10/6/2021 |  |  | 371 | 365 |  |
| &nbsp;&nbsp;&nbsp;Warrant (150,000 shares) (j)(m) |  |  |  | 10/6/2021 |  |  | 129 | 1 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (77,016 shares) (j) |  |  |  | 9/26/2022 |  |  | 88 | 143 |  |
|  |  |  |  |  |  |  | 19289 | 19240 | 3% |
| *Ad Info Parent, Inc. (dba MediaRadar)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 6.25%) / (1.00%) | 10.75%/0.00% | 11/1/2023 | 9/16/2029 | 12375 | 12319 | 11996 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($865 unfunded commitment) (i)(j) |  | (S + 6.25%) / (1.00%) | 10.75%/0.00% | 11/1/2023 | 9/16/2029 | 577 | 570 | 577 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,250,000 units) (j) |  |  |  | 11/1/2023 |  |  | 1250 | 735 |  |
|  |  |  |  |  |  |  | 14139 | 13308 | 2% |
| *Aldinger Company* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (12,504 units) |  |  |  | 6/30/2023 |  |  | 254 | 1645 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (12,861 units) |  |  |  | 6/30/2023 |  |  | 1286 | 1583 |  |
|  |  |  |  |  |  |  | 1540 | 3228 | 0% |
| *Allredi, LLC (fka Marco Group International OpCo, LLC)* | Industrial Cleaning & Coatings |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j) |  |  | 0.00%/17.00% | 3/2/2020 | 9/2/2026 | 13702 | 13665 | 12623 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (570,636 units) (h)(j) |  |  |  | 7/21/2017 |  |  | 637 | 36 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (39,443 units) (h)(j) |  |  |  | 11/24/2021 |  |  | 22 | 36 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (524,624units) (h)(j) |  |  |  | 8/3/2023 |  |  | 45 | 61 |  |
|  |  |  |  |  |  |  | 14369 | 12756 | 2% |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *American AllWaste LLC (dba WasteWater Transport Services)* | Environmental Industries |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(p) |  | (S + 6.75%) / (1.00%) | 11.32%/0.00% | 6/28/2021 | 3/31/2028 | 22218 | 22180 | 22218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(o) |  | (S + 6.75%) / (1.00%) | 8.82%/0.00% | 6/28/2021 | 3/31/2028 | 330 | 330 | 328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  |  | 15.25%/0.00% | 3/28/2024 | 3/31/2028 | 5864 | 5864 | 5864 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (500 units) (h)(j) |  |  |  | 5/31/2018 |  |  | 500 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (207 units) (h)(j) |  |  |  | 8/6/2019 |  |  | 250 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (141 units) (h)(j) |  |  |  | 11/2/2020 |  |  | 171 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (74 units) (h)(j) |  |  |  | 12/29/2021 |  |  | 97 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (52 units) (h)(j) |  |  |  | 11/27/2024 |  |  | 52 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (312 units) (h)(j) |  |  |  | 12/30/2024 |  |  | 312 | 312 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,405 units) (h)(j) |  |  |  | 12/30/2024 |  |  |  |  |  |
|  |  |  |  |  |  |  | 29756 | 28722 | 4% |
| *AmeriWater, LLC* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (af) |  | (S + 6.25%) / (1.00%) | 10.58%/0.00% | 7/8/2022 | 7/8/2027 | 7340 | 7316 | 7340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 7.00%/7.00% | 7/8/2022 | 1/8/2028 | 2382 | 2377 | 2382 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000 units) (h)(j) |  |  |  | 7/8/2022 |  |  | 1000 | 1392 |  |
|  |  |  |  |  |  |  | 10693 | 11114 | 2% |
| *AOM Intermediate Holdco, LLC (dba AllOver Media)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,232 units) (h)(j) |  |  |  | 2/1/2022 |  |  | 1372 | 1459 | 0% |
| *APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.)* | Building Products Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ai) |  | (S + 7.25%) / (2.00%) | 11.84%/0.00% | 11/8/2022 | 11/8/2027 | 18200 | 18126 | 17808 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,200 units) (h)(j) |  |  |  | 11/8/2022 |  |  | 1200 | 644 |  |
|  |  |  |  |  |  |  | 19326 | 18452 | 3% |
| *Auto CRM LLC (dba Dealer Holdings)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt |  |  | 0.00%/14.50% | 10/1/2021 | 12/31/2028 | 784 | 782 | 783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt |  |  | 0.00%/14.50% | 12/30/2024 | 12/31/2028 | 1722 | 1722 | 1722 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (500 units) (j) |  |  |  | 10/1/2021 |  |  | 500 | 291 |  |
|  |  |  |  |  |  |  | 3004 | 2796 | 0% |
| *Axis Medical Technologies LLC (dba MoveMedical)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 6.50%) / (2.00%) | 11.13%/0.00% | 10/24/2024 | 10/24/2029 | 13600 | 13535 | 13535 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($800 unfunded commitment) (j)(x) |  | (S + 6.50%) / (2.00%) | 11.13%/0.00% | 10/24/2024 | 10/24/2029 |  | (4) |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,200,000 units) (j) |  |  |  | 10/25/2024 |  |  | 1148 | 1148 |  |
|  |  |  |  |  |  |  | 14679 | 14683 | 2% |
| *Bad Boy Mowers JV Acquisition, LLC* | Consumer Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (k) |  |  | 9.00%/4.50% | 11/9/2023 | 11/9/2030 | 13695 | 13626 | 13695 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (13,000 units) (j) |  |  |  | 11/9/2023 |  |  | 1300 | 1438 |  |
|  |  |  |  |  |  |  | 14926 | 15133 | 2% |
| *Barefoot Mosquito and Pest Control, LLC* | Consumer Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(s) |  | (S + 6.50%) / (2.00%) | 11.02%/0.00% | 11/27/2024 | 12/22/2029 | 26800 | 26800 | 26800 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (4,422 units) (h)(j) |  |  |  | 12/22/2023 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (16,693 units) (h)(j) |  |  |  | 12/22/2023 |  |  | 1669 | 1736 |  |
|  |  |  |  |  |  |  | 28469 | 28536 | 4% |
| *BCM One Group Holdings, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 11.75%/0.00% | 11/17/2021 | 11/17/2028 | 17667 | 17562 | 17667 | 3% |
| *Bedford Precision Parts LLC* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (500,000 units) (h)(j) |  |  |  | 3/12/2019 |  |  | 470 | 444 | 0% |
| *Brightmore Brands LLC* | Retail |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(al) |  | (S + 5.38%) / (1.50%) | 9.97%/0.00% | 9/13/2022 | 9/9/2029 | 24000 | 23675 | 24000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000 units) (j) |  |  |  | 9/13/2022 |  |  | 1000 | 1856 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (371 units) (j) |  |  |  | 9/9/2024 |  |  | 713 | 732 |  |
|  |  |  |  |  |  |  | 25388 | 26588 | 4% |
| *Cardback Intermediate, LLC (dba Chargeback Gurus)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ah) |  | (S + 6.50%) / (0.75%) | 11.35%/0.00% | 8/10/2021 | 8/10/2026 | 8927 | 8902 | 8927 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (495 shares) (j) |  |  |  | 8/10/2021 |  |  | 125 | 123 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (495 shares) (j) |  |  |  | 8/10/2021 |  |  | 125 | 325 |  |
|  |  |  |  |  |  |  | 9152 | 9375 | 1% |
| *Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 7.25%) / (1.00%) | 12.09%/0.00% | 4/1/2022 | 4/1/2027 | 10550 | 10529 | 10550 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($1,000 unfunded commitment) (i)(j) |  | (S + 6.25%) / (1.00%) | 11.09%/0.00% | 4/1/2022 | 4/1/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (500,000 units) (h)(j) |  |  |  | 8/21/2023 |  |  | 500 | 148 |  |
|  |  |  |  |  |  |  | 11029 | 10698 | 2% |
| *CIH Intermediate, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (k) |  |  | 10.00%/1.00% | 3/3/2022 | 3/3/2028 | 12666 | 12594 | 12666 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (563 shares) (j) |  |  |  | 3/3/2022 |  |  | 400 | 1935 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (563 shares) (j) |  |  |  | 3/3/2022 |  |  | 400 | 995 |  |
|  |  |  |  |  |  |  | 13394 | 15596 | 2% |
| *CRS Solutions Holdings, LLC (dba CRS Texas)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (574,929 units) (h)(j) |  |  |  | 6/28/2022 |  |  | 272 |  | 0% |
| *CTM Group, Inc. (dba Venuplus, Inc.)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 4.75%) / (1.00%) | 9.40%/2.75% | 2/28/2023 | 11/30/2026 | 7980 | 7898 | 7980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt |  |  | 7.75%/6.50% | 2/28/2023 | 11/30/2027 | 2251 | 2235 | 2019 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (400,000 units) |  |  |  | 2/28/2023 |  |  | 400 | 35 |  |
|  |  |  |  |  |  |  | 10533 | 10034 | 2% |
| *Dataguise, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 11.00%/2.00% | 12/30/2022 | 11/23/2027 | 22590 | 22560 | 22590 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (909 shares) (j) |  |  |  | 12/31/2020 |  |  | 1500 | 1276 |  |
|  |  |  |  |  |  |  | 24060 | 23866 | 4% |
| *Dealerbuilt Acquisition, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ac) |  | (S + 5.75%) / (4.00%) | 10.36%/1.00% | 7/21/2023 | 7/21/2026 | 13455 | 13404 | 13455 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 7.50%/7.50% | 7/21/2023 | 1/21/2027 | 11603 | 11556 | 11603 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000 Units) (h)(j) |  |  |  | 7/21/2023 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,000 Units) (h)(j) |  |  |  | 7/21/2023 |  |  | 1000 | 1000 |  |
|  |  |  |  |  |  |  | 25960 | 26058 | 4% |
| *Detechtion Holdings, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k) |  | (S + 5.75%) / (2.25%) | 10.34%/2.00% | 6/21/2023 | 6/21/2028 | 23604 | 23508 | 23604 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($1,000 unfunded commitment) (j)(w) |  | (S + 7.75%) / (2.25%) | 12.34%/0.00% | 7/12/2024 | 6/21/2028 |  | (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 0.00%/14.00% | 6/21/2023 | 6/21/2028 | 2477 | 2469 | 2477 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (601,532 units) (h)(j) |  |  |  | 6/21/2023 |  |  | 602 | 657 |  |
|  |  |  |  |  |  |  | 26575 | 26738 | 4% |
| *Diversified Search LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(r) |  | (S + 7.50%) / (1.00%) | 12.09%/0.00% | 2/7/2019 | 9/30/2025 | 24155 | 24124 | 23612 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (573 units) (h)(j) |  |  |  | 2/7/2019 |  |  | 552 | 203 |  |
|  |  |  |  |  |  |  | 24676 | 23815 | 4% |
| *Donovan Food Brokerage, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ae) |  | (S + 6.25%) / (2.00%) | 10.84%/0.00% | 2/23/2024 | 2/23/2029 | 17108 | 17043 | 17108 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (598,832 units) (j) |  |  |  | 2/23/2024 |  |  | 599 | 1125 |  |
|  |  |  |  |  |  |  | 17642 | 18233 | 3% |
| *Elements Brands, LLC* | Consumer Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  |  | 12.25%/0.00% | 12/31/2020 | 6/30/2025 | 2025 | 2025 | 2025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Loan (j) |  |  | 12.25%/0.00% | 12/31/2020 | 6/30/2025 | 1500 | 1500 | 1500 |  |
|  |  |  |  |  |  |  | 3525 | 3525 | 1% |
| *Enterprise Asset Management FM Purchaser, Inc. (dba MCIM)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 5.75%) / (2.00%) | 10.34%/2.00% | 5/20/2024 | 5/20/2029 | 17214 | 17140 | 17214 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (551,470 units) (j) |  |  |  | 5/20/2024 |  |  | 750 | 846 |  |
|  |  |  |  |  |  |  | 17890 | 18060 | 3% |
| *Estex Manufacturing Company, LLC* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(az) |  | (S + 5.00%) / (2.00%) | 9.55%/0.00% | 10/1/2024 | 10/1/2029 | 5531 | 5474 | 5474 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (75,000 units) (j) |  |  |  | 10/1/2024 |  |  | 750 | 750 |  |
|  |  |  |  |  |  |  | 6224 | 6224 | 1% |
| *Fishbowl Solutions, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 7.75%) / (1.00%) |  | 3/25/2022 | 3/25/2027 | 18811 | 18738 | 18811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 7.75%) / (1.00%) | 12.62%/0.00% | 12/27/2024 | 3/25/2027 | 10001 | 10001 | 10001 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($2,223 unfunded commitment) (i)(j) |  | (S + 7.75%) / (1.00%) | 12.62%/0.00% | 12/27/2024 | 3/25/2027 | 777 | 777 | 777 |  |
|  |  |  |  |  |  |  | 29516 | 29589 | 5% |
| *Fumex, LLC* | Industrial Product Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ar) |  | (S + 4.75%) / (1.00%) | 9.26%/0.00% | 11/27/2024 | 11/27/2029 | 7000 | 6949 | 6949 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (3,500 units) (h)(j) |  |  |  | 11/27/2024 |  |  | 350 | 350 |  |
|  |  |  |  |  |  |  | 7299 | 7299 | 1% |
| *Global Plasma Solutions, Inc.* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (601 shares) (j) |  |  |  | 2/1/2024 |  |  | 162 | 261 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,705 shares) (j) |  |  |  | 9/21/2018 |  |  | 188 | 371 |  |
|  |  |  |  |  |  |  | 350 | 632 | 0% |
| *GMP HVAC, LLC (dba McGee Heating & Air, LLC)* | Utilities: Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 7.00%) / (2.00%) | 11.59%/0.00% | 12/8/2023 | 12/8/2028 | 20596 | 20497 | 20596 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($1,500 unfunded commitment) (i)(j) |  | (S + 7.00%) / (2.00%) | 11.59%/0.00% | 12/8/2023 | 12/8/2028 |  | (7) |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,394 units) (h)(j) |  |  |  | 12/8/2023 |  |  | 1406 | 1594 |  |
|  |  |  |  |  |  |  | 21896 | 22190 | 3% |
| *GP&C Operations, LLC (dba Garlock Printing and Converting)* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (515,625 units) (h)(j) |  |  |  | 1/22/2021 |  |  | 516 | 913 | 0% |
| *Green Cubes Technology, LLC (dba Green Cubes)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ax) |  | (S + 7.50%) / (2.00%) | 12.13%/0.00% | 10/16/2024 | 10/16/2029 | 22500 | 22235 | 22234 | 3% |
| *Haematologic Technologies, Inc.* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 5.25%) / (3.00%) | 10.11%/3.00% | 10/11/2019 | 6/30/2026 | 6422 | 6422 | 6422 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (630 units) (h)(j) |  |  |  | 10/11/2019 |  |  | 630 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (169 units) (h)(j) |  |  |  | 6/26/2023 |  |  | 169 | 214 |  |
|  |  |  |  |  |  |  | 7221 | 6636 | 1% |
| *Hallmark Health Care Solutions, Inc.* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (3,645,752 units) (j) |  |  |  | 9/18/2023 |  |  | 3646 | 3743 | 1% |
| *Healthfuse, LLC* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (197,980 units) |  |  |  | 11/13/2020 |  |  | 739 | 4038 | 1% |
| *Hub Acquisition Sub, LLC (dba Hub Pen)* | Promotional products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j) |  |  | 11.50%/1.25% | 4/25/2023 | 6/30/2028 | 24804 | 24562 | 24804 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (5,837 units) (j) |  |  |  | 3/23/2016 |  |  |  | 1350 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (637 units) (j) |  |  |  | 8/7/2023 |  |  | 24 | 147 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (868 units) (j) |  |  |  | 10/16/2020 |  |  | 154 | 341 |  |
|  |  |  |  |  |  |  | 24740 | 26642 | 4% |
| *IBH Holdings, LLC (fka Inflexxion, Inc.)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (150,000 units) (j) |  |  |  | 6/20/2018 |  |  |  |  | 0% |
| *InductiveHealth Informatics, LLC* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 7.75%) / (2.00%) | 12.44%/0.50% | 9/20/2024 | 9/20/2028 | 20029 | 19819 | 19819 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (367 units) (j) |  |  |  | 9/20/2024 |  |  | 367 | 367 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,361 units) (j) |  |  |  | 9/20/2024 |  |  |  |  |  |
|  |  |  |  |  |  |  | 20186 | 20186 | 3% |
| *Informatics Holdings, Inc. (dba Wasp Barcode Technologies)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(v) |  | (S + 6.50%) / (2.50%) | 11.09%/0.00% | 5/1/2024 | 3/7/2029 | 9000 | 8985 | 9000 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,000,000 units) (j) |  |  |  | 3/7/2024 |  |  | 1000 | 1000 |  |
|  |  |  |  |  |  |  | 9985 | 10000 | 2% |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(aj) |  | (S + 7.50%) / (0.50%) | 11.98%/0.00% | 4/5/2021 | 4/5/2026 | 10649 | 10623 | 10886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(an) |  | (S + 7.50%) / (0.50%) | 8.48%/0.00% | 6/30/2021 | 4/5/2026 | 11203 | 11203 | 11036 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (256,964 units) (h)(j) |  |  |  | 4/5/2021 |  |  | 500 | 488 |  |
|  |  |  |  |  |  |  | 22326 | 22410 | 3% |
| *Janus Health Technologies, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  |  | 12.00%/0.00% | 1/3/2024 | 1/3/2028 | 5000 | 4983 | 5000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  |  | 12.00%/0.00% | 1/3/2024 | 6/3/2025 | 2500 | 2497 | 2500 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (68,361 units) |  |  |  | 1/3/2024 |  |  | 1500 | 1472 |  |
|  |  |  |  |  |  |  | 8980 | 8972 | 1% |
| *Jumo Health, Inc.* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(aw) |  | (S + 5.50%) / (2.00%) | 10.11%/0.00% | 8/16/2024 | 8/16/2029 | 6000 | 5934 | 5934 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,359 shares) (j) |  |  |  | 8/16/2024 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,359 shares) (j) |  |  |  | 8/16/2024 |  |  | 750 | 750 |  |
|  |  |  |  |  |  |  | 6684 | 6684 | 1% |
| *The Kyjen Company, LLC (dba Outward Hound)* | Consumer Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (855 shares) (j) |  |  |  | 12/8/2017 |  |  | 933 | 128 | 0% |
| *Level Education Group, LLC (dba CE4Less)* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ak) |  | (S + 5.75%) / (2.00%) | 10.62%/0.00% | 4/1/2021 | 4/1/2026 | 2315 | 2305 | 2315 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,000,000 units) (j) |  |  |  | 4/1/2021 |  |  | 1000 | 1695 |  |
|  |  |  |  |  |  |  | 3305 | 4010 | 1% |
| *LifeSpan Biosciences, Inc.* | Healthcare Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 11.50%/0.00% | 3/19/2021 | 4/7/2028 | 16000 | 15972 | 16000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (108 shares) (j) |  |  |  | 6/7/2024 |  |  | 595 | 518 |  |
|  |  |  |  |  |  |  | 16567 | 16518 | 3% |
| *MBS Opco, LLC (dba Marketron)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 8.50%) / (1.50%) | 13.35%/0.00% | 9/29/2022 | 9/28/2026 | 27000 | 26941 | 27000 | 4% |
| *MDME Holding Corp.* | Healthcare Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt |  | (S + 6.25%) / (1.00%) | 10.73%/0.00% | 8/31/2023 | 8/3/2027 | 11774 | 11711 | 11610 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (4,735 units) (j) |  |  |  | 9/18/2023 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (12,500 units) (j) |  |  |  | 9/18/2023 |  |  | 1250 | 527 |  |
|  |  |  |  |  |  |  | 12961 | 12137 | 2% |
| *Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.)* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(as) |  | (S + 5.25%) / (0.50%) | 10.10%/0.00% | 2/17/2022 | 2/17/2027 | 30000 | 29445 | 30000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (14,400 units) (j) |  |  |  | 2/17/2022 |  |  | 1440 | 6933 |  |
|  |  |  |  |  |  |  | 30885 | 36933 | 6% |
| *Netbase Solutions, Inc. (dba Netbase Quid)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(ap) |  | (P + 4.00%) / (3.25%) | 11.50%/0.00% | 11/18/2021 | 11/18/2025 | 15869 | 15841 | 15711 | 2% |
| *NWS Technologies, LLC* | Utilities: Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (u) |  | (S + 8.00%) / (2.50%) | 12.59%/0.00% | 6/20/2023 | 6/16/2028 | 17000 | 16823 | 17000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1 unit) (h)(j) |  |  |  | 6/20/2023 |  |  | 1110 | 843 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (0.375 units) (h)(j) |  |  |  | 6/20/2023 |  |  | 370 | 409 |  |
|  |  |  |  |  |  |  | 18303 | 18252 | 3% |
| *OnePath Systems, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (732,542 shares) (j) |  |  |  | 9/30/2022 |  |  | 500 | 790 | 0% |
|  |  |  |  |  |  |  | 500 | 790 |  |
| *Palmetto Moon, LLC* | Retail |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (499 units) (j) |  |  |  | 11/3/2016 |  |  | 265 | 1274 | 0% |
| *Pinnergy, Ltd.* | Oil & Gas Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 10.00%/0.00% | 6/30/2022 | 6/30/2027 | 10200 | 10163 | 10200 | 2% |
| *PowerGrid Services Acquisition, LLC* | Utilities: Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (5,461 units) (h)(j) |  |  |  | 9/21/2021 |  |  | 494 | 1231 | 0% |
| *Prime AE Group, Inc.* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(ab) |  | (S + 8.75%) / (2.00%) | 13.21%/0.00% | 11/25/2019 | 11/22/2025 | 5500 | 5488 | 5500 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (900,000 shares) (j) |  |  |  | 11/25/2019 |  |  | 900 | 364 |  |
|  |  |  |  |  |  |  | 6388 | 5864 | 1% |
| *Puget Collision, LLC* | Retail |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(av) |  | (S + 7.00%) / (2.00%) | 11.59%/0.00% | 1/4/2024 | 1/4/2029 | 22232 | 22016 | 22232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (h)(j) |  |  | 0.00%/10.00% | 11/22/2024 | 5/22/2026 | 60 | 59 | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (h)(j) |  |  | 0.00%/10.00% | 12/20/2024 | 6/20/2026 | 37 | 37 | 37 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (310 units) (h)(j) |  |  |  | 1/4/2024 |  |  | 810 | 1284 |  |
|  |  |  |  |  |  |  | 22922 | 23613 | 4% |
| *QED Technologies International, Inc.* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (q) |  | (S + 5.25%) / (1.50%) | 9.84%/0.50% | 3/1/2023 | 3/1/2028 | 15551 | 15468 | 15551 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (140 shares) (j) |  |  |  | 2/28/2023 |  |  | 1402 | 3574 |  |
|  |  |  |  |  |  |  | 16870 | 19125 | 3% |
| *Quantum IR Technologies, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j)(y) |  |  | 14.00%/0.00% | 3/19/2024 | 12/20/2026 | 12000 | 11964 |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (12,183 shares) (j) |  |  |  | 3/19/2024 |  |  | 2400 |  |  |
|  |  |  |  |  |  |  | 14364 |  | 0% |
| *Quest Software US Holdings Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j) |  | (S + 7.50%) / (0.50%) | 12.24%/0.00% | 3/1/2022 | 2/1/2030 | 20000 | 19540 | 9645 | 1% |
| *R1 Holdings, LLC (dba RoadOne IntermodaLogistics)* | Transportation services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 6.25%) / (1.00%) | 10.84%/0.00% | 12/30/2022 | 12/30/2028 | 6279 | 6110 | 6303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 8.75%/5.00% | 12/30/2022 | 6/30/2029 | 1475 | 1443 | 1475 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (280,000 units) (j) |  |  |  | 12/30/2022 |  |  | 280 | 238 |  |
|  |  |  |  |  |  |  | 7833 | 8016 | 1% |
| *R.F. Fager Company LLC* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j) |  |  | 12.75%/0.00% | 3/4/2024 | 8/4/2030 | 14000 | 13932 | 14000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (12,500 units) (h)(j) |  |  |  | 3/4/2024 |  |  | 1208 | 1343 |  |
|  |  |  |  |  |  |  | 15140 | 15343 | 2% |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Rhino Assembly Company, LLC (n)* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (Class A Units) (10,915 units) (h)(j) |  |  |  | 8/11/2017 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Equity (Units N/A) (h) (j) |  |  |  | 12/10/2020 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (Class F Units) (710 units) (h)(j) |  |  |  | 12/10/2020 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 0% |
| *ServicePower, Inc.* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k) |  | (S + 8.00%) / (3.25%) | 12.61%/0.00% | 3/15/2024 | 3/15/2028 | 21000 | 20750 | 21000 | 3% |
| *SES Investors, LLC (dba SES Foam) (n)* | Building Products Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (6,000 units) (h)(j) |  |  |  | 9/8/2016 |  |  |  |  | 0% |
| *Suited Connector LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j)(y) |  |  | 0.00%/13.00% | 10/29/2021 | 6/1/2028 | 16000 | 15933 | 5505 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (97,808 units) (h)(j) |  |  |  | 12/1/2021 |  |  | 857 |  |  |
|  |  |  |  |  |  |  | 16790 | 5505 | 1% |
| *Tedia Company, LLC* | Healthcare Products |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 8.75%) / (1.00%) | 13.60%/0.00% | 3/4/2022 | 3/4/2027 | 15600 | 15562 | 15600 |  |
| &nbsp;&nbsp;&nbsp;Revolving Loan ($2,250 unfunded commitment) (i)(j) |  | (S + 8.75%) / (1.00%) | 13.60%/0.00% | 3/4/2022 | 3/4/2027 |  | (10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 7.75%/7.75% | 3/4/2022 | 9/4/2027 | 3088 | 3081 | 3531 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,000 units) (h)(j) |  |  |  | 3/4/2022 |  |  | 1000 | 995 |  |
|  |  |  |  |  |  |  | 19633 | 20126 | 3% |
| *Thrust Flight LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Lien Debt ($2,625 unfunded commitment)(i)(j)(au) |  | (S + 5.75%) / (2.00%) | 10.36%/0.00% | 9/9/2024 | 9/9/2029 | 9800 | 9710 | 9710 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (1,050,000 units) (h)(j) |  |  |  | 9/9/2024 |  |  | 1050 | 1050 |  |
|  |  |  |  |  |  |  | 10760 | 10760 | 2% |
| *Tiger Calcium Services Inc. (aq)* | Transportation services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (j) (ao) |  |  | 12.50%/0.00% | 12/21/2022 | 5/31/2025 | 12500 | 12489 | 12529 | 2% |
| *UBEO, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (705,000 units) (h)(j) |  |  |  | 4/3/2018 |  |  | 655 | 2214 | 0% |
| *United Biologics, LLC* | Healthcare Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (98,377 units) (h)(j) |  |  |  | 4/1/2012 |  |  | 891 |  |  |
| &nbsp;&nbsp;&nbsp;Warrant (57,469 units) (j)(m) |  |  |  | 3/5/2012 |  |  | 565 |  |  |
|  |  |  |  |  |  |  | 1456 |  | 0% |
| *USG AS Holdings, LLC* | Utilities: Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 8.50%) / (2.50%) | 13.24%/0.00% | 2/23/2023 | 2/23/2028 | 10000 | 9937 | 10000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Equity (Units N/A) (j) |  |  |  | 2/21/2023 |  |  | 387 | 1480 |  |
|  |  |  |  |  |  |  | 10324 | 11480 | 2% |
| *Virginia Tile Company, LLC (n)* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Equity (units) (j) |  |  |  | 12/19/2014 |  |  |  | 5 | 0% |
| *Virtex Enterprises, LP* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt (y) |  | (S + 0.00%) / (2.50%) | 4.46%/9.75% | 4/13/2022 | 6/30/2026 | 11002 | 10906 | 4437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (y) |  | (S + 4.00%) / (2.50%) | 10.46%/0.00% | 9/20/2023 | 12/31/2025 | 354 | 353 | 328 |  |
|  |  |  |  |  |  |  | 11259 | 4765 | 1% |
| *W50 Holdings, LLC* | Business Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt (j) |  |  | 12.50%/0.00% | 3/22/2024 | 3/24/2031 | 12500 | 12361 | 12500 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (Units N/A) ($100 unfunded commitment) (j) |  |  |  | 3/21/2024 |  |  | 900 | 804 |  |
|  |  |  |  |  |  |  | 13261 | 13304 | 2% |
| *White Label Communication, LLC* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 6.00%) / (1.00%) | 10.36%/0.00% | 10/11/2023 | 10/11/2029 | 17369 | 17290 | 17369 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (536 units) (h)(j) |  |  |  | 10/11/2023 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (5,000 units) (h)(j) |  |  |  | 10/11/2023 |  |  | 500 | 545 |  |
|  |  |  |  |  |  |  | 17790 | 17914 | 3% |
| *Winona Foods, Inc.* | Specialty Distribution |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 6.00%) / (6.00%) | 17.00%/0.00% | 12/13/2023 | 6/13/2027 | 2032 | 2010 | 2032 | 0% |
| *Wonderware Holdings, LLC (dba CORE Business Technologies)* | Information Technology Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (k)(z) |  | (S + 7.00%) / (1.00%) | 11.73%/0.00% | 2/10/2021 | 3/31/2025 | 8316 | 8315 | 8316 | 1% |
| *World Tours LLC* | Consumer Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (ay) |  | (S + 6.50%) / (2.00%) | 11.02%/0.00% | 11/13/2024 | 11/13/2029 | 6000 | 5956 | 5956 |  |
| &nbsp;&nbsp;&nbsp;Preferred Equity (1,000,000 units) (h)(j) |  |  |  | 11/13/2024 |  |  | 1000 | 1000 |  |
|  |  |  |  |  |  |  | 6956 | 6956 | 1% |
| *Worldwide Express Operations, LLC* | Transportation services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity (795,000 units) (j) |  |  |  | 7/21/2021 |  |  | 795 | 847 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (752,380 units) (h)(j) |  |  |  | 7/26/2021 |  |  | 225 | 658 |  |
|  |  |  |  |  |  |  | 1020 | 1505 | 0% |
| *Zonkd, LLC* | Component Manufacturing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt (j) |  | (S + 9.00%) / (1.00%) | 14.75%/0.00% | 3/18/2022 | 3/18/2027 | 3000 | 2898 | 3000 |  |
| &nbsp;&nbsp;&nbsp;Common Equity (4,987 units) (h)(j) |  |  |  | 3/18/2022 |  |  | 169 | 951 |  |
|  |  |  |  |  |  |  | 3067 | 3951 | 1% |
| **Total Non-control/Non-affiliate Investments** |  |  |  |  |  |  | $1011646 | $988482 | 151% |
| **Total Investments** |  |  |  |  |  |  | $1075157 | $1090506 | 166% |
| **Money market funds (included in cash and cash equivalents)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Obligation Institution CUSIP (38141W323) (ad) |  |  | 4.40%/0.00% |  |  |  | $48715 | $48715 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total money market funds** |  |  |  |  |  |  | $48715 | $48715 | 8% |

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------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Total Investments and Money Market Funds** | $1123872 | $1139221 | 174 | % |

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(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 prime (P) or SOFR (S), which are reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a prime or SOFR interest rate floor. For each investment, the Company has provided the spread over the reference rate and the prime or SOFR floor, if any, as of December 31, 2023.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2023. 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) Except as otherwise noted, the Company's investment portfolio is comprised 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 December 31, 2023. 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 Revolving 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 Revolving Credit Facility (see Note 6 to the consolidated financial statements).

(k) The portion of the investment not held by Fidus Mezzanine Capital II, LP or Fidus Mezzanine Capital III, LP, each a wholly owned subsidiary of the Company operating as a small business investment company, is pledged as collateral for the Revolving 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 Revolving 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 Company sold a participating interest of approximately $0.3 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.

(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 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.

(q) 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.

(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 3.22% 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 2.19% 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 2.33% 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.

(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 2.63% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(w) The disclosed commitment represents the unfunded amount as of December 31, 2023. 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.

(x) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.37% 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) Investment was on non-accrual status as of December 31, 2023.

(z) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.60% 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) The Company sold a participating interest of approximately $4.0 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 GAAP, the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(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 7.72% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ac) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 3.75% and PIK interest amount of 0.82% 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.

(ad) This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.

(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 1.20% 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.

(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 3.28% 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 4.44% 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 1.62% 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 3.36% 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 3.47% 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 5.04% 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 3.23% 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.

(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 GAAP, the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 1.17% of the Company's total assets calculated in accordance with the 1940 Act.

------

(ap) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.00% 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.

(aq) The headquarters of this portfolio company is located in Canada.

(ar) 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.

(as) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.80% 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.

(at) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.55% 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.

(au) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.80% 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.*

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**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

**Note 1. Organization and Nature of Business**

Fidus Investment Corporation ("FIC," and together with its subsidiaries, the "Company"), a Maryland corporation, operates as an externally managed, closed-end, non-diversified business development company ("BDC") under the Investment Company Act of 1940, as amended ("1940 Act"). FIC completed its initial public offering, or IPO, in June 2011. In addition, for U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company provides customized debt and equity financing solutions to lower middle-market companies, and may make investments directly or through its two wholly-owned investment company subsidiaries, Fidus Mezzanine Capital III, L.P. ("Fund III") and Fidus Mezzanine Capital IV, L.P. ("Fund IV" and together with Fund III, the "SBIC Funds"). Each SBIC Fund is licensed by the U.S. Small Business Administration (the "SBA") as a small business investment company ("SBIC"). The SBIC licenses allow the SBIC Funds to obtain leverage by issuing SBA-guaranteed debentures ("SBA debentures"), subject to the issuance of leverage commitments by the SBA and other customary procedures. As SBICs, the SBIC Funds are subject to regulations of and oversight by the SBA under the Small Business Investment Act of 1958, as amended (the "SBIC Act"), concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments.

We believe that utilizing both FIC and the SBIC Funds as investment vehicles provides us with access to a broader array of investment opportunities. Given our access to lower cost capital through the SBA's SBIC debenture program, we expect that we will make investments through active SBIC Funds until the earlier of the end of such fund's investment period or when the fund reaches its borrowing limit under the SBA program. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350,000.

Fund III and Fund IV are not registered under the 1940 Act and rely on the exclusion from the definition of investment company contained in Section 3(c)(7) of the 1940 Act.

The Company pays a quarterly base management fee and an incentive fee to Fidus Investment Advisors, LLC, our investment advisor (the "Investment Advisor" or "Fidus Investment Advisors") under an investment advisory agreement (the "Investment Advisory Agreement").

**Note 2. Significant Accounting Policies**

*Basis of presentation:* The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") pursuant to the requirements for reporting on Form 10-Q, including Accounting Standards Codification ("ASC") 946, *Financial Services – Investment Companies* ("ASC 946"), and Articles 6 and 10 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. The current period's results of operations are not necessarily indicative of results that ultimately may be achieved for the year. Therefore, the unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2024.

*Use of estimates:* The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

*Consolidation:* Pursuant to Article 6 of Regulation S-X and ASC 946, the Company will generally not consolidate its investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

*Investment risks:* The Company's investments are subject to a variety of risks. These risks may include, but are not limited to the following:

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Market risk -* In contrast to investment-grade bonds (the market prices of which change primarily as a reaction to changes in interest rates), the market prices of high-yield bonds (which are also affected by changes in interest rates) are influenced much more by credit factors and financial results of the issuer as well as general economic factors that influence the financial markets as a whole. The portfolio companies in which the Company invests may be unseasoned, unprofitable and/or have little established operating history or earnings. These companies may also lack technical, marketing, financial, and other resources or may be dependent upon the success of one product or service, a unique distribution channel, or the effectiveness of a manager or management team, as compared to larger, more established entities. The failure of a single product, service or distribution channel, or the loss or the ineffectiveness of a key executive or executives within the management team may have a materially adverse impact on such companies. Furthermore, these companies may be more vulnerable to competition and to overall economic conditions than larger, more established entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Credit risk -* Credit risk represents the risk of counterparties failing to perform pursuant to the terms of their agreements with the Company. Issues of high-yield debt securities in which the Company invests are more likely to default on interest or principal than are issues of investment-grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Liquidity risk -* Liquidity risk represents the possibility that the Company may not be able to sell its investments quickly or at a reasonable price (given the lack of an established market).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Interest rate risk -* Interest rate risk represents the likelihood that a change in interest rates could have an adverse impact on the fair value of an interest-bearing financial instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Prepayment risk -* Certain of the Company's debt investments allow for prepayment of principal without penalty. Downward changes in market interest rates may cause prepayments to occur at a faster than expected rate, thereby effectively shortening the maturity of the debt investments and making the instrument less likely to be an income producing instrument through the stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Off-Balance sheet risk -* Some of the Company's financial instruments contain off-balance sheet risk. Generally, these financial instruments represent future commitments to purchase other financial instruments at defined terms at defined future dates. See Note 7. Commitments and Contingencies for further details.

*Fair value of financial instruments:* The Company measures and discloses fair value with respect to substantially all of its financial instruments in accordance with ASC Topic 820 — *Fair Value Measurements and Disclosures* ("ASC Topic 820"). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4. Fair Value Measurements to the consolidated financial statements for further discussion regarding the fair value measurements and hierarchy.

*Investment classification:* The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, "Control Investments" are defined as investments in companies where the Company owns more than 25% of the voting securities of such company or has rights to maintain greater than 50% of the board representation. Under the 1940 Act, "Affiliate Investments" are defined as investments in companies where the Company owns between 5% and 25% of the voting securities of such company. "Non-Control/Non-Affiliate Investments" are those that neither qualify as Control Investments nor Affiliate Investments.

*Segments:* In accordance with ASC Topic 280 — Segment Reporting, the Company is externally managed and has determined that it has a single reporting segment and operating unit structure, which derives investment income from its portfolio investments. The chief operating decision maker (the "CODM") assesses performance for the Company based on net investment income, net realized and unrealized gains (losses) from investments, and net increase (decrease) in net assets resulting from operations, which are reported on the consolidated statements of operations. The CODM also may assess the Company's performance by completing an industry benchmarking analysis using the metrics disclosed in Note 10. Financial Highlights. The CODM is the Investment Advisor's investment committee. Subject to the overall supervision of the Company's board of directors, the Investment Advisor manages the day-to-day operations of, and provides investment advisory and management services to the Company. The information and operating expense categories included in the consolidated statements of operations are fully reflective of the significant expense categories and amounts that are regularly provided to the CODM.

*Cash and cash equivalents:* Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company does not believe its cash balances are exposed to any significant credit risk.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

*Deferred financing costs:* Deferred financing costs consist of fees and expenses paid in connection with the SBA debentures, the Revolving Credit Facility and the Notes (as defined in Note 6). Deferred financing costs are capitalized and amortized to interest and financing expenses over the term of the debt agreement using the effective interest method. Unamortized deferred financing costs are presented as an offset to the corresponding debt liabilities on the consolidated statements of assets and liabilities.

*Realized losses on extinguishment of debt:* Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity, adjusted for any unamortized deferred financing costs, is recognized as a loss (i.e., the unamortized deferred financing costs are recognized as a loss upon extinguishment of the underlying debt obligation).

*Deferred offering costs:* Deferred offering costs include registration expenses related to the shelf registration statement filing pursuant to which the Company may offer its securities, from time to time, in one or more offerings. These expenses primarily consist of U.S. Securities and Exchange Commission ("SEC") registration fees, legal fees and accounting fees incurred. These expenses are included in prepaid expenses and other assets on the consolidated statements of assets and liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or deferred financing costs, respectively. If no offering is completed prior to the expiration of the registration statement, the deferred costs are charged to expense.

*Realized gains or losses and unrealized appreciation or depreciation on investments:* Realized gains or losses on investments are recorded upon the sale or disposition of a portfolio investment and are calculated as the difference between the net proceeds from the sale or disposition and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on the consolidated statements of operations includes changes in the fair value of investments from the prior period, as determined in good faith by the Company's board of directors (the "Board") through the application of the Company's valuation policy, as well as reclassifications of any prior period unrealized appreciation or depreciation on exited investments to realized gains or losses on investments.

*Interest and dividend income:* Interest and dividend income are recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company.

*PIK income:* Certain of the Company's investments contain a payment-in-kind ("PIK") income provision. The PIK income, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash, and recorded as interest or dividend income, as applicable, on the consolidated statements of operations. Generally, PIK can be paid-in-kind or all in cash. The Company stops accruing PIK income when there is reasonable doubt that PIK income will be collected. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment (with corresponding adjustments to unrealized depreciation, as applicable). PIK income is included in the Company's taxable income and, therefore, affects the amount the Company is required to pay to shareholders in the form of dividends in order to maintain the Company's tax treatment as a RIC, even though the Company has not yet collected the cash.

*Non-accrual:* Debt investments or preferred equity investments (for which the Company is accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on full non-accrual status. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or may be applied to the investment principal balance based on management's judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management's judgment, payments are likely to remain current.

*Origination and closing fees:* The Company also typically receives debt investment origination or closing fees in connection with such investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on the consolidated statements of assets and liabilities and accreted into interest income over the life of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income.

*Warrants*: In connection with the Company's debt investments, the Company will sometimes receive warrants or other equity-related securities from the borrower ("Warrants"). The Company determines the cost basis of Warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and Warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the Warrants is treated as

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

original issue discount ("OID"), and accreted into interest income using the effective interest method over the term of the debt investment. Upon the prepayment of a debt investment, any unaccreted OID is accelerated into interest income.

*Fee income*: Transaction fees earned in connection with the Company's investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including structuring and advisory services, provided to portfolio companies. The Company recognizes income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. Upon the prepayment of a debt investment, any prepayment penalties are recorded as fee income when earned.

*Partial loan and equity sales:* The Company follows the guidance in ASC 860, *Transfers and Servicing* ("ASC 860")*,* when accounting for loan (debt investment) participations, equity assignments and other partial loan sales. Such guidance requires a participation, assignment or other partial loan or equity sale to meet the definition of a "participating interest," as defined in the guidance, in order for sale treatment to be allowed. Participations, assignments or other partial loan or equity sales which do not meet the definition of a participating interest should remain on the Company's consolidated statements of assets and liabilities and the proceeds recorded as a secured borrowing until the definition is met. For these partial loan sales, the interest earned on the entire loan balance is recorded within "interest income" and the interest earned by the buyer in the partial loan sale is recorded within "interest and financing expenses" in the accompanying consolidated statements of operations.

*Income taxes:* The Company has elected, and intends to qualify annually, to be treated as a RIC under subchapter M of the Code, and, as such will not be subject to U.S. federal income tax on the portion of its taxable income (including gains) distributed as dividends for U.S. federal income tax purposes to stockholders. Taxable income includes the Company's taxable interest, dividend and fee income, reduced by certain deductions as well as taxable net realized investment gains. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized. The Company's net assets as included on the Consolidated Statements of Assets and Liabilities and Consolidated Statements of Changes in Net Assets include an adjustment to classification as a result of permanent book to tax differences, which include differences in the book and tax treatment of income and expenses.

To qualify as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing dividends of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions paid, to its stockholders. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent that the Company's earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of the Company's distributions for the fiscal year may be deemed a return of capital for U.S. federal income tax purposes.

In the future, the SBIC Funds may be limited by provisions of the SBIC Act and SBA regulations governing SBICs from making certain distributions to FIC that may be necessary to enable FIC to make the minimum distributions required to maintain its RIC tax treatment.

The Company has certain wholly-owned subsidiaries (the "Taxable Subsidiaries") that have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax imposed at corporate rates, each of which generally holds one or more of the Company's portfolio investments listed on the consolidated schedules of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company's consolidated financial statements reflect the Company's investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies ("LLCs") or other forms of pass through entities) while complying with the "source-of-income" requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations.

U.S. federal income tax determinations differ from GAAP, and as a result, distributions for U.S. federal income tax purposes may differ from net investment income and realized gains recognized under GAAP. Differences may be permanent or temporary. Permanent differences may arise as a result of, among other items, a difference in the book and adjusted tax basis of certain assets and nondeductible U.S. federal income tax. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

ASC Topic 740 — *Accounting for Uncertainty in Income Taxes* ("ASC Topic 740") provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

the evaluation of tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be respected by the applicable tax authorities. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company's policy to recognize accrued interest and penalties related to uncertain tax benefits included in the income tax provision, if any. There were no material uncertain income tax positions at September 30, 2025 and December 31, 2024. The Company's tax returns are generally subject to examination by U.S. federal and most state tax authorities for a period of three years from the date the respective returns are filed, and, accordingly, tax years after 2022 remain subject to examination.

*Dividends to stockholders:* Dividends to stockholders are recorded on the record date with respect to such distributions. The amount, if any, to be distributed to stockholders, is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually, although the Company may decide to retain such capital gains for investment.

The determination of the tax attributes for the Company's distributions is made annually, and is based upon the Company's taxable income and distributions paid to its stockholders for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax characterization of the Company's distributions generally includes both ordinary income and capital gains but may also include qualified dividends or return of capital.

The Company has adopted a dividend reinvestment plan ("DRIP") that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if the Company declares a cash dividend, the Company's stockholders who have not "opted out" of the DRIP at least two days prior to the dividend payment date will have their cash dividend automatically reinvested into additional shares of the Company's common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company's common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator before any associated brokerage or other costs. See Note 9. Dividends and Distributions to the consolidated financial statements regarding dividend declarations and distributions.

*Earnings and net asset value per share:* The earnings per share calculations for the three and nine months ended September 30, 2025 and 2024 are computed utilizing the weighted average shares outstanding for the period. Net asset value per share is calculated using the number of shares outstanding as of the end of the period.

*Stock Repurchase Program:* The Company has an open market stock repurchase program (the "Stock Repurchase Program") under which the Company may acquire up to $5,000 of its outstanding common stock. Under the Stock Repurchase Program, the Company may, but is not obligated to, repurchase outstanding common stock in the open market from time to time provided that the Company complies with the prohibitions under its insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by the Company's management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. Subsequent to fiscal quarter ended September 30, 2025, on November 3, 2025, the Board extended the Stock Repurchase Program through December 31, 2026, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares and the Company cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. The Company did not make any repurchases of common stock during the three and nine months ended September 30, 2025 and 2024. Refer to Note 8 for additional information concerning stock repurchases.

*Recent accounting pronouncement:*

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Improvements to Income Tax Disclosures (Topic 740)," which requires disclosure of additional information pertaining to income taxes. Such changes include disclosing (i) a reconciliation of the effective tax rate to statutory rate for federal, state, and foreign income taxes and (ii) taxes paid (net of refunds received) should be disaggregated for federal, state and foreign taxes. The guidance is effective for annual reporting periods beginning after December 15, 2024 and may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact this ASU will have on its consolidated financial position and disclosures, but the Company does not expect the impact to be material.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

**Note 3. Portfolio Company Investments**

The Company's portfolio investments principally consist of secured and unsecured debt, equity warrants and direct equity investments primarily in privately held companies. The debt investments may or may not be secured by either a first or second lien on the assets of the portfolio company. The debt investments generally bear interest at fixed rates or variable rates, and generally mature between five and seven years from the original investment. In connection with a debt investment, the Company also may receive nominally priced equity warrants and/or make a direct equity investment in the portfolio company. The Company's warrants or equity investments may be investments in a holding company related to the portfolio company. In addition, the Company makes equity investments in portfolio companies organized as LLCs or other forms of pass-through entities through Taxable Subsidiaries. In both situations, the investment is generally reported under the name of the operating company on the consolidated schedules of investments.

As of September 30, 2025, the Company had active investments in 92 portfolio companies and residual investments in six portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $1,192,748 and the weighted average yield on the Company's debt investments was 13.0% as of such date. As of September 30, 2025, the Company held equity investments in 87.8% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 2.0%.

As of December 31, 2024, the Company had active investments in 87 portfolio companies and residual investments in four portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $1,090,506 and the weighted average yield on the Company's debt investments was 13.3% as of such date. As of December 31, 2024, the Company held equity investments in 85.7% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 2.0%.

The weighted average yield of the Company's debt investments is not the same as a return on investment for its stockholders but, rather, relates to a portion of the Company's investment portfolio and is calculated before the payment of all of the Company's and its subsidiaries' fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost as of September 30, 2025 and December 31, 2024, including accretion of OID and debt investment origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing, if any.

Purchases of debt and equity investments for the nine months ended September 30, 2025 and 2024 totaled $284,480 and $274,194, respectively. Proceeds from sales and repayments, including principal, return of capital distributions and realized gains, of portfolio investments for the nine months ended September 30, 2025 and 2024 totaled $203,319 and $154,109, respectively.

Investments by type with corresponding percentage of total portfolio investments consisted of the following:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Cost** | **Cost** | **Cost** | **Cost** |
|  | **September 30,** | **September 30,** | **December 31,** | **December 31,** | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| First Lien Debt<sup>(1)</sup> | $859375 | 72.1% | $718120 | 65.8% | $856304 | 73.2% | $729084 | 67.8% |
| Second Lien Debt | 82267 | 6.9 | 83543 | 7.7 | 112461 | 9.6 | 116250 | 10.8 |
| Subordinated Debt | 107705 | 9.0 | 142839 | 13.1 | 107392 | 9.2 | 142056 | 13.2 |
| Equity | 143094 | 12.0 | 138371 | 12.7 | 92415 | 7.9 | 84816 | 7.9 |
| Warrants | 307 | - | 7633 | 0.7 | 818 | 0.1 | 2951 | 0.3 |
| Total | $1192748 | 100.0% | $1090506 | 100.0% | $1169390 | 100.0% | $1075157 | 100.0% |

---

(1) Includes unitranche investments, which account for 46.7 % and 47.7 % of the Company's portfolio on a fair value and cost basis as of September 30, 2025, respectively. Includes unitranche investments, which account for 39.9 % and 40.4 % of the Company's portfolio on a fair value and cost basis as of December 31, 2024, respectively.

The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Cost** | **Cost** | **Cost** | **Cost** |
|  | **September 30,** | **September 30,** | **December 31,** | **December 31,** | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| United States |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Midwest | $139446 | 11.7% | $120537 | 11.1% | $92054 | 7.9% | $73636 | 6.8% |
| &nbsp;&nbsp;Southeast | 334454 | 28.0 | 339683 | 31.2 | 334415 | 28.6 | 337762 | 31.4 |
| &nbsp;&nbsp;Northeast | 239347 | 20.1 | 211758 | 19.4 | 237901 | 20.3 | 202206 | 18.8 |
| &nbsp;&nbsp;West | 201160 | 16.9 | 194568 | 17.8 | 219615 | 18.8 | 232262 | 21.6 |
| &nbsp;&nbsp;Southwest | 249785 | 20.9 | 211431 | 19.4 | 257092 | 22.0 | 216802 | 20.2 |
| Canada | 28556 | 2.4 | 12529 | 1.1 | 28313 | 2.4 | 12489 | 1.2 |
| Total | $1192748 | 100.0% | $1090506 | 100.0% | $1169390 | 100.0% | $1075157 | 100.0% |

---

The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **By Type** | **By Type** | **By Type** | **By Geographic Region** | **By Geographic Region** | **By Geographic Region** |
|  | **September 30,** | **December 31,** |  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| First Lien Debt | 120.9% | 109.5% | United States |  |  |
| Second Lien Debt | 11.6 | 12.7 | &nbsp;&nbsp;Midwest | 19.6% | 18.4% |
| Subordinated Debt | 15.1 | 21.8 | &nbsp;&nbsp;Southeast | 47.0 | 51.8 |
| Equity | 20.1 | 21.1 | &nbsp;&nbsp;Northeast | 33.7 | 32.3 |
| Warrants | - | 1.2 | &nbsp;&nbsp;West | 28.3 | 29.7 |
| Total | 167.7% | 166.3% | &nbsp;&nbsp;Southwest | 35.1 | 32.2 |
|  |  |  | Canada | 4.0 | 1.9 |
|  |  |  | Total | 167.7% | 166.3% |

---

As of September 30, 2025 and December 31, 2024, the Company had no portfolio company investments that represented more than 10% of the total investment portfolio on a fair value or cost basis. As of September 30, 2025 and December 31, 2024, the Company had no investments that exceeded 5% of total assets.

As of September 30, 2025 and December 31, 2024, the Company had debt investments in three and four portfolio companies on non-accrual status, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair** |  | **Fair** |  |
| **Portfolio Company** | **Value** | **Cost** | **Value** | **Cost** |
| Quantum IR Technologies, LLC | $—<br><sup>(1)</sup> | $—<br><sup>(1)</sup> | $— | $11964 |
| US GreenFiber, LLC |  | 5223 |  | 5223 |
| Suited Connector LLC | 1784 | 15933 | 5505 | 15933 |
| Virtex Enterprises, LP | 1625 | 11226 | 4765 | 11259 |
| Total | $3409 | $32382 | $10270 | $44379 |

---

(1) The Company exited its debt investment in such portfolio company and did not hold such investment as of September 30, 2025.

*Consolidated Schedule of Investments In and Advances To Affiliates*

The table below represents the fair value of control and affiliate investments as of December 31, 2024 and any additions and reductions made to such investments during the nine months ended September 30, 2025, the ending fair value as of September 30, 2025, and the total investment income earned on such investments during the period.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| **Portfolio Company** <sup>(1)</sup> | **September 30, 2025 Principal Amount - Debt Investments** | **December 31, 2024<br>Fair Value** | **Gross Additions** <sup>(2)</sup> | **Gross Reductions** <sup>(3)</sup> | **September 30, 2025 Fair Value** | **Net Realized Gains (Losses)** <sup>(4)</sup> | **Net Change in Unrealized Appreciation (Depreciation)** | **Interest Income** | **Payment-in-kind Interest Income** | **Dividend Income** | **Fee Income** |
| **Control Investments** |  |  |  |  |  |  |  |  |  |  |  |
| US GreenFiber, LLC | $5226 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| **Total Control Investments** | $5226 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| **Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |  |
| Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | $9602 | $24387 | $1270 | $— | $25657 | $— | $1269 | $801 | $— | $— | $— |
| CP Communications, LLC | 5941 | 8306 | 43 | (1919) | 6430 |  | 28 | 794 |  |  | 8 |
| Medsurant Holdings, LLC |  | 9863 | 10963 | (20518) | 308 | 10963 | (6981) |  |  | 867 |  |
| Pfanstiehl, Inc. |  | 39923 | 1999 |  | 41922 |  | 1999 |  |  | 348 |  |
| Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | 16500 | 14921 | 4221 |  | 19142 |  | 2705 | 1663 |  |  | 16 |
| Steward Holding LLC (dba Steward Advanced Materials) |  | 4624 |  | (778) | 3846 |  | (778) |  |  | 166 |  |
| **Total Affiliate Investments** | $32043 | $102024 | $18496 | $(23215) | $97305 | $10963 | $(1758) | $3258 | $— | $1381 | $24 |

---

(1)The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.

(2)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

(3)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.

(4)The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.

The table below represents the fair value of control and affiliate investments as of December 31, 2023 and any additions and reductions made to such investments during the year ended December 31, 2024, including the total investment income earned on such investments during the period.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Portfolio Company** <sup>(1)</sup> | **December 31, 2024 Principal Amount - Debt Investments** | **December 31, 2023<br>Fair Value** | **Gross Additions** <sup>(2)</sup> | **Gross Reductions** <sup>(3)</sup> | **December 31, 2024 Fair Value** | **Net Realized Gains (Losses)** <sup>(4)</sup> | **Net Change in Unrealized Appreciation (Depreciation)** | **Interest Income** | **Payment-in-kind Interest Income** | **Dividend Income** | **Fee Income** |
| **Control Investments** |  |  |  |  |  |  |  |  |  |  |  |
| US GreenFiber, LLC | $5226 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| **Total Control Investments** | $5226 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| **Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |  |
| Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | $9602 | $24590 | $— | $(203) | $24387 | $— | $(202) | $1074 | $— | $— | $— |
| CP Communications, LLC | 7859 |  | 8360 | (54) | 8306 |  | - | 88 | 9 |  | 163 |
| Medsurant Holdings, LLC |  | 5930 | 4262 | (329) | 9863 |  | 4261 |  |  | 1328 |  |
| Pfanstiehl, Inc. |  | 33321 | 6602 |  | 39923 |  | 6602 |  |  | 348 |  |
| Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | 15000 | 15321 | 2217 | (2617) | 14921 |  | (2617) | 2371 |  |  | 20 |
| Steward Holding LLC (dba Steward Advanced Materials) |  | 4714 |  | (90) | 4624 |  | (90) |  |  | 154 |  |
| **Total Affiliate Investments** | $32461 | $83876 | $21441 | $(3293) | $102024 | $— | $7954 | $3533 | $9 | $1830 | $183 |

---

(1) The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.

(2) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.

(3) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.

(4) The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.

**Note 4. Fair Value Measurements**

*Investments*

The Board has established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring basis in accordance with ASC Topic 820 and consistent with the requirements of the 1940 Act. Fair value is the price, determined at the measurement date, that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available or reliable, valuation techniques described below are applied. Under ASC Topic 820, portfolio investments recorded at fair value in the consolidated financial statements are classified within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value, as defined below:

*Level 1* — Inputs are unadjusted, quoted prices in active markets for identical assets as of the measurement date.

*Level 2* — Inputs include quoted prices for similar assets in active markets, or that are quoted prices for identical or similar assets in markets that are not active and inputs that are observable, either directly or indirectly, for substantially the full term, if applicable, of the investment.

*Level 3* — Inputs include those that are both unobservable and significant to the overall fair value measurement.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

An investment's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. 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, with the exception of money market funds, which are valued using Level 1 inputs as of September 30, 2025. Therefore, the Company values such portfolio investments at fair value, as determined in good faith by the Board, using Level 3 inputs with the exception of money market funds that were valued using Level 1 inputs as of September 30, 2025. The degree of judgment exercised by the Board in determining fair value is greatest for investments classified as Level 3 inputs. Due to the inherent uncertainty of determining the fair values of investments that do not have readily available market quotations, the Board's estimate of fair values may differ significantly from the values that would have been used had a ready market for the securities existed, and those differences may be material. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the amounts ultimately realized on these investments to be materially different than the valuations currently assigned.

With respect to investments for which market quotations are not readily available, the Board undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Investment Advisor responsible for the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preliminary valuation conclusions are then documented and discussed with the investment committee of the Investment Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Board engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of our portfolio investments for which market quotations are not readily available. Each portfolio company investment is generally appraised by the valuation firm(s) at least once every calendar year and each new portfolio company investment is appraised at least once in the twelve-month period following the initial investment. In certain instances, the Company may determine that it is not cost-effective, and as a result it is not in the Company's stockholders' best interest, to request the independent appraisal of certain portfolio company investments. Such instances include, but are not limited to, situations where the Company determines that the fair value of the portfolio company investment is relatively insignificant to the fair value of the total portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the audit committee of the Board reviews the preliminary valuations of the Investment Advisor and of the independent valuation firm(s) and responds and supplements the valuation recommendations to reflect any comments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Board discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Investment Advisor, the independent valuation firm(s) and the audit committee.

In making the good faith determination of the value of portfolio investments, the Board starts with the cost basis of the security. The transaction price is typically the best estimate of fair value at inception. When evidence supports a subsequent change to the carrying value from the original transaction price, adjustments are made to reflect the expected exit values.

The Board consulted with the independent third-party valuation firm(s) in arriving at our determination of fair value for 20 and 21 of our portfolio company investments representing 34.1% and 27.5% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the three months ended September 30, 2025 and December 31, 2024, respectively) as of September 30, 2025 and December 31, 2024, respectively.

Consistent with the policies and methodologies adopted by the Board, the Company performs detailed valuations of its debt and equity investments, including an analysis on the Company's unfunded debt investment commitments, using both the market and income approaches as appropriate. Under the market approach, the Company typically uses the enterprise value methodology to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Company derives a single estimate of enterprise value. Under the income approach, the Company typically prepares and analyzes discounted cash flow models to estimate the present value of future cash flows of either an individual debt investment or of the underlying portfolio company itself.

The Company evaluates investments in portfolio companies using the most recent portfolio company financial statements and forecasts. The Company also consults with the portfolio company's senior management to obtain further updates on the portfolio company's performance, including information such as industry trends, new product development and other operational issues.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

For the Company's debt investments, the primary valuation technique used to estimate the fair value is the discounted cash flow method. However, if there is deterioration in credit quality or a debt investment is in workout status, the Company may consider other methods in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. The Company's discounted cash flow models estimate a range of fair values by applying an appropriate discount rate to the future cash flow streams of its debt investments, based on future interest and principal payments as set forth in the associated debt investment agreements. The Company prepares a weighted average cost of capital for use in the discounted cash flow model for each investment, based on factors including, but not limited to: current pricing and credit metrics for similar proposed or executed investment transactions of private companies; the portfolio company's historical financial results and outlook; and the portfolio company's current leverage and credit quality as compared to leverage and credit quality as of the date the investment was made. The Company may also consider the following factors when determining the fair value of debt investments: the portfolio company's ability to make future scheduled payments; prepayment penalties and other fees; estimated remaining life; the nature and realizable value of any collateral securing such debt investment; and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made. The Company estimates the remaining life of its debt investments to generally be the legal maturity date of the instrument, as the Company generally intends to hold its debt investments to maturity. However, if the Company has information available to it that the debt investment is expected to be repaid in the near term, it would use an estimated remaining life based on the expected repayment date.

For the Company's equity investments, including equity securities and warrants, the Company generally uses a market approach, including valuation methodologies consistent with industry practice, to estimate the enterprise value of portfolio companies. Typically, the enterprise value of a private company is based on multiples of EBITDA, net income, revenues, or in limited cases, book value. In estimating the enterprise value of a portfolio company, the Company analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company's historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

The Company may also utilize an income approach when estimating the fair value of its equity investments, either as a primary methodology if consistent with industry practice or if the market approach is otherwise not applicable, or as a supporting methodology to corroborate the fair value ranges determined by the market approach. The Company typically prepares and analyzes discounted cash flow models based on projections of the future free cash flows (or earnings) of the portfolio company. The Company considers various factors, including, but not limited to, the portfolio company's projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

The following tables present fair value measurements of investments by major class according to the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt |  |  | 859375 | 859375 |
| Second Lien Debt |  |  | 82267 | 82267 |
| Subordinated Debt |  |  | 107705 | 107705 |
| Equity |  |  | 143094 | 143094 |
| Warrants |  |  | 307 | 307 |
| Money Market Funds | 57853 |  |  | 57853 |
| Total | $57853 | $— | $1192748 | $1250601 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt |  |  | 718120 | 718120 |
| Second Lien Debt |  |  | 83543 | 83543 |
| Subordinated Debt |  |  | 142839 | 142839 |
| Equity |  |  | 138371 | 138371 |
| Warrants |  |  | 7633 | 7633 |
| Money Market Funds | 48715 |  |  | 48715 |
| Total | $48715 | $— | $1090506 | $1139221 |

---

The Company reviews the fair value hierarchy classifications on a quarterly basis. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 category as of the beginning of the quarter in which the

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**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

reclassifications occur. There were no transfers among Levels 1, 2, and 3 during the nine months ended September 30, 2025 and 2024.

The following tables present a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3) for the nine months ended September 30, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **First Lien** | **Second Lien** | **Subordinated** |  |  |  |
|  | **Debt** | **Debt** | **Debt** | **Equity** | **Warrants** | **Total** |
| **Balance, December 31, 2023** | $578140 | $119561 | $135173 | $120007 | $4768 | $957649 |
| Net realized gains (losses) on investments | (3280) | (2100) |  | 17541 |  | 12161 |
| Net change in unrealized appreciation (depreciation) on investments | (1467) | (2481) | 1256 | (5524) | 3067 | (5149) |
| Purchase of investments | 212495 | 33281 | 12500 | 15918 |  | 274194 |
| Proceeds from sales and repayments of investments | (90314) | (36472) | (2864) | (24458) | (1) | (154109) |
| Interest and dividend income paid-in-kind | 822 | 1822 | 3101 |  |  | 5745 |
| Proceeds from loan origination fees | (1672) | (123) | (157) |  |  | (1952) |
| Accretion of loan origination fees | 1503 | 142 | 156 |  |  | 1801 |
| Accretion of original issue discount | 53 | 277 | 5 |  |  | 335 |
| **Balance, September 30, 2024** | $696280 | $113907 | $149170 | $123484 | $7834 | $1090675 |
| **Balance, December 31, 2024** | $718120 | $83543 | $142839 | $138371 | $7633 | $1090506 |
| Net realized gains (losses) on investments | (14498) |  |  | 11214 | 8116 | 4832 |
| Net change in unrealized appreciation (depreciation) on investments | 23929 | (7381) | (470) | (2876) | (5193) | 8009 |
| Purchase of investments | 256210 | 13600 |  | 14545 | 125 | 284480 |
| Proceeds from sales and repayments of investments | (137539) |  | (37246) | (18160) | (10374) | (203319) |
| Interest and dividend income paid-in-kind | 3348 | 2158 | 2378 |  |  | 7884 |
| Proceeds from loan origination fees | (1667) | (90) |  |  |  | (1757) |
| Accretion of loan origination fees | 1726 | 82 | 199 |  |  | 2007 |
| Accretion of original issue discount | 101 |  | 5 |  |  | 106 |
| Transfers by type | 9645 | (9645) |  |  |  |  |
| **Balance, September 30, 2025** | $859375 | $82267 | $107705 | $143094 | $307 | $1192748 |

---

Net change in unrealized appreciation/(depreciation) of $(521) and $(6,578) for the three and nine months ended September 30, 2025 was attributable to Level 3 investments held at September 30, 2025. Net change in unrealized appreciation/(depreciation) of $(2,861) and $1,099 for the three and nine months ended September 30, 2024 was attributable to Level 3 investments held at September 30, 2024.

The following tables summarize the significant unobservable inputs by valuation technique used to determine the fair value of the Company's Level 3 debt and equity investments as of September 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company's determination of fair values.

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**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** | **Valuation** | **Unobservable** | **Range** |
|  | **September 30, 2025** | **Techniques** | **Inputs** | **(weighted average)**<sup>(1)</sup> |
| **Debt investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt | $859375 | Discounted cash flow | Weighted average cost of capital | 7.6% - 56.7% (14.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt | 79123 | Discounted cash flow | Weighted average cost of capital | 12.8% - 22.5% (15.1%) |
|  | 1360 | Enterprise value waterfall | EBITDA multiples | 6.0x - 6.0x (6.0x) |
|  | 1784 | Enterprise value waterfall | Revenue multiples | 0.7x - 0.7x (0.7x) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt | 107440 | Discounted cash flow | Weighted average cost of capital | 11.5% - 20.0% (13.3%) |
|  | 265 | Enterprise value waterfall | EBITDA multiples | 6.0x - 6.0x (6.0x) |
| **Equity investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | 133914 | Enterprise value waterfall | EBITDA multiples | 3.5x - 24.0x (10.0x) |
|  | 9180 | Enterprise value waterfall | Revenue multiples | 0.7x - 9.0x (5.9x) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 238 | Enterprise value waterfall | EBITDA multiples | 3.5x - 3.5x (3.5x) |
|  | 69 | Enterprise value waterfall | Revenue multiples | 4.0x - 4.0x (4.0x) |

---

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** | **Valuation** | **Unobservable** | **Range** |
|  | **December 31, 2024** | **Techniques** | **Inputs** | **(weighted average)**<sup>(1)</sup> |
| **Debt investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt | $714595 | Discounted cash flow | Weighted average cost of capital | 7.8% - 26.2% (14.5%) |
|  | 3525 | Enterprise value waterfall | Asset Coverage | 1.0x - 1.0x (1.0x) |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Debt | 79106 | Discounted cash flow <sup>(2)</sup> | Weighted average cost of capital | 13.4% - 55.5% (20.7%) |
|  | 4437 | Option Pricing | Volatility of credit | 85.0% - 85.0% (85.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt | 142839 | Discounted cash flow | Weighted average cost of capital | 10.4% - 20.0% (13.2%) |
| **Equity investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | 132741 | Enterprise value waterfall | EBITDA multiples | 3.5x - 30.0x (11.0x) |
|  | 5630 | Enterprise value waterfall | Revenue multiples | 0.8x - 9.0x (6.6x) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 7633 | Enterprise value waterfall | EBITDA multiples | 3.5x - 3.5x (3.5x) |
|  | - | Enterprise value waterfall | Revenue multiples | 4.0x - 4.0x (4.0x) |

---

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

(2) Includes $9.6 million of debt investments which were valued using a trading discount to par.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

The significant unobservable input used in determining the fair value under the discounted cash flow technique is the weighted average cost of capital of each security. Significant increases (or decreases) in this input would likely result in significantly lower (or higher) fair value estimates.

The significant unobservable inputs used in determining fair value under the enterprise value technique are revenue and EBITDA multiples, as well as asset coverage. Significant increases (or decreases) in these inputs could result in significantly higher (or lower) fair value estimates.

The significant unobservable input used in determining fair value under the option pricing technique (or Black Scholes model) is volatility. Significant increases (or decreases) in this input could result in significantly higher (or lower) fair value estimates.

*Other Financial Assets and Liabilities*

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash and cash equivalents, interest receivable and accounts payable and other liabilities approximate the fair value of such items due to the short maturity of such instruments. The Revolving Credit Facility (as defined in Note 6), the SBA debentures, and the Notes (as defined in Note 6) are recorded at their respective carrying values.

The following tables summarize the carrying value and fair value of the Company's debt obligations as of September 30, 2025 and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025**<sup>(5)</sup> | **September 30, 2025**<sup>(5)</sup> | **December 31, 2024**<sup>(5)</sup> | **December 31, 2024**<sup>(5)</sup> |
|  | **Carrying Value** <sup>(1)</sup> | **Fair Value** | **Carrying Value** <sup>(1)</sup> | **Fair Value** |
| SBA debentures <sup>(2)</sup> | $191000 | $191000 | $175000 | $175000 |
| Revolving Credit Facility borrowings <sup>(3)</sup> | 15000 | 15000 | 45000 | 45000 |
| January 2026 Notes <sup>(4)</sup> | 100000 | 98898 | 125000 | 120188 |
| November 2026 Notes <sup>(4)</sup> | 125000 | 118856 | 125000 | 114293 |
| March 2030 Notes <sup>(4)</sup> | 100000 | 94799 |  |  |
| Total | $531000 | $518553 | $470000 | $454481 |

---

(1)Carrying value represents the outstanding principal balance of the debt obligation.

(2)The fair value of the SBA debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the debentures, which are Level 3 inputs under ASC Topic 820.

(3)The fair value of the Revolving Credit Facility, if valued under ASC Topic 820, are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

(4)The fair value of the January 2026 Notes (as defined in Note 6), the November 2026 Notes (as defined in Note 6), and the March 2030 Notes (as defined in Note 6) are estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date, which are Level 3 inputs under ASC Topic 820.

(5)Totals exclude $12,816 and $13,674 of Secured Borrowings as of September 30, 2025 and December 31, 2024, respectively.

The following table summarizes the inputs used to value the Company's debt obligations if measured at fair value as of September 30, 2025 and December 31, 2024.

---

| | | |
|:---|:---|:---|
|  | **Fair Value** | **Fair Value** |
|  | **September 30,** | **December 31,** |
| **Valuation Inputs** | **2025** | **2024** |
| Level 1 | $— | $— |
| Level 2 |  |  |
| Level 3 | 518553 | 454481 |
| Total | $518553 | $454481 |

---

**Note 5. Related Party Transactions**

*Investment Advisory Agreement:* The Company has entered into an Investment Advisory Agreement with the Investment Advisor. Most recently, on June 11, 2025, the Board approved the renewal of the Investment Advisory Agreement for the period from June 20, 2025 through June 20, 2026. Pursuant to the Investment Advisory Agreement and subject to the overall supervision of the Board, the Investment Advisor provides investment advisory services to the Company. For providing these services, the Investment Advisor receives a fee, consisting of two components — a base management fee and an incentive fee.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

The base management fee is calculated at an annual rate of 1.75% based on the average value of total assets (other than cash or cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. The Board accepted a voluntary, non-contractual, and unconditional waiver from the Investment Advisor to exclude any investments recorded as secured borrowings as defined under GAAP from the base management fee payable effective April 1, 2021. See Note 6. Borrowings – Secured Borrowings for more information about the secured borrowings. The base management fee is payable quarterly in arrears. The base management fee under the Investment Advisory Agreement for the three and nine months ended September 30, 2025 was $5,253 and $15,281, respectively, and $4,848 and $13,986 for the three and nine months ended September 30, 2024, respectively. The base management fee waiver for the three and nine months ended September 30, 2025 was $57 and $175, respectively, and $64 and $200 for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025 and December 31, 2024, the base management fee payable (net of the base management fee waiver) was $5,195 and $4,805, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears based on the Company's pre-incentive fee net investment income for the quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement (defined below) and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee and excise taxes on realized gains). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, original issue discount, debt instruments with PIK income, preferred stock with PIK dividends and zero-coupon securities), and accrued income the Company has not yet received in cash. The Investment Advisor is not under any obligation to reimburse the Company for any part of the incentive fee it receives that was based on accrued interest that the Company never collects.

Pre-incentive fee net investment income does not include any realized capital gains, taxes associated with such realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company generates pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to a net loss on investments.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed "hurdle rate" of 2.0% per quarter. The Company may be able to invest funds in debt instruments that provide for a higher return, which would increase the Company's pre-incentive fee net investment income and make it easier for the Investment Advisor to surpass the fixed hurdle rate and receive an incentive fee based on such net investment income.

The Company pays the Investment Advisor an incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 2.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100.0% of the Company's pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the "catch-up" provision. The catch-up is meant to provide the Investment Advisor with 20.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 2.5% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•20.0% of the amount of the Company's pre-incentive fee net investment income, if any, that exceeds 2.5% in any calendar quarter.

The sum of the calculations above equals the income incentive fee. The income incentive fee is appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the calendar quarter. The income incentive fee for the three and nine months ended September 30, 2025 was $4,371 and $13,819, respectively, and $5,059 and $14,072 for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025 and December 31, 2024, the income incentive fee payable was $4,371 and $4,477, respectively.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

The second part of the incentive fee is a capital gains incentive fee that is determined and paid in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.0% of the net capital gains as of the end of the fiscal year. In determining the capital gains incentive fee to be paid in cash to the Investment Advisor, the Company calculates the cumulative aggregate realized capital gains and losses since the Company's IPO on June 24, 2011 (realized capital gains and losses include realized gains and losses on investments, net of income tax provision from realized gains on investments, and realized losses on extinguishment of debt, but excluding income tax (provision) benefit from deemed distribution of long term capital gains), and the aggregate unrealized capital depreciation on investments as of the date of the calculation. At the end of the applicable year, the amount of capital gains that serves as the basis for the calculation of the capital gains incentive fee to be paid equals the cumulative aggregate realized capital gains on investments, less cumulative aggregate tax (provision) benefit on realized gains (losses), less cumulative aggregate realized capital losses on investments, less aggregate unrealized capital depreciation on investments, and less cumulative aggregate realized losses on extinguishment of debt. If this number is positive at the end of such year, then the capital gains incentive fee to be paid in cash for such year equals 20.0% of such amount, less the aggregate amount of any capital gains incentive fees paid in all prior years. As of September 30, 2025 and December 31, 2024, the capital gains incentive fee payable in cash was $407 and zero, respectively. The aggregate amount of capital gains incentive fees paid from the IPO through September 30, 2025 was $17,577.

In addition, the Company accrues, but does not pay in cash, a capital gains incentive fee in connection with any unrealized capital appreciation on investments, as applicable. If, on a cumulative basis, the sum of (i) net realized gains/(losses) on investments, net of income tax (provision) benefit from realized gains on investments plus (ii) net unrealized appreciation/(depreciation) on investments plus (iii) realized losses on extinguishment of debt decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 20.0% of the sum of (i) net realized gains/(losses) on investments, net of income tax (provision) benefit from realized gains on investments plus (ii) net unrealized appreciation/(depreciation) on investments plus (iii) realized losses on extinguishment of debt. The capital gains incentive fee accrued (reversed) during the three and nine months ended September 30, 2025 was $354 and $1,972, respectively, and $(987) and $942 for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025 and December 31, 2024, the accrued capital gains incentive fee payable was $16,675 and $14,703, respectively.

Unless terminated earlier as described below, the Investment Advisory Agreement will continue in effect from year to year if approved annually by the Board or by the affirmative vote of the holders of a majority of the Company's outstanding voting securities, and, in either case, if also approved by a majority of the directors who are not "interested persons" of the Company, as such term is defined under Section 2(a)(19) of the 1940 Act (the "Independent Directors"). The Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Investment Advisor and may be terminated by either party without penalty upon not less than 60 days' written notice to the other. The Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, by the vote of holders of a majority of the outstanding voting securities of the Company or the vote of the Board.

*Administration Agreement:* The Company also entered into an administration agreement (the "Administration Agreement") with the Investment Advisor. On June 11, 2025, the Board approved the renewal of the Administration Agreement for the period from June 20, 2025 through June 20, 2026. Under the Administration Agreement, the Investment Advisor furnishes the Company with office facilities and equipment, provides clerical, bookkeeping, and record keeping services at such facilities and provides the Company with other administrative services necessary to conduct its day-to-day operations. The Company reimburses the Investment Advisor for the allocable portion of overhead expenses incurred in performing its obligations under the Administration Agreement, including rent and the Company's allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. Under the Administration Agreement, the Investment Advisor also provides managerial assistance to those portfolio companies on the Company's behalf to those portfolio companies that have accepted the Company's offer to provide such assistance and the Company reimburses the Investment Advisor for fees and expenses incurred with providing such services. In addition, the Company reimburses the Investment Advisor for fees and expenses incurred while performing due diligence on the Company's prospective portfolio companies, including "dead deal" expenses*.* Under the Administration Agreement, administrative service expenses for the three and nine months ended September 30, 2025 was $708 and $2,064, respectively, and $688 and $1,894 for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025 and December 31, 2024, the accrued administrative service expense payable was $835 and $934, respectively.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

**Note 6. Debt**

*Revolving Credit Facility*: On June 16, 2014, FIC entered into a senior secured revolving credit agreement (the senior secured revolving credit facility thereunder, the "Revolving Credit Facility") with ING Capital LLC ("ING"), as the administrative agent, collateral agent, and lender. The Revolving Credit Facility is secured by certain portfolio investments held by the Company, but portfolio investments held by the SBIC Funds are not collateral for the Revolving Credit Facility. On April 24, 2019, the Company entered into an Amended & Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the "Revolving Credit Agreement") among the Company, as borrower, the lenders party thereto, and ING, as administrative agent. On June 26, 2020, the Company entered into an amendment to the Revolving Credit Agreement that, among other changes, modified certain financial covenants. On August 17, 2022, the Company entered into a second amendment to the Revolving Credit Agreement ("Second Amendment"). The Second Amendment, among other things: (i) changed the underlying benchmark used to compute interest under the Revolving Credit Agreement to SOFR from LIBOR; (ii) reduced the applicable margin from 3.00% to 2.675% on SOFR loans prior to satisfying certain step-down conditions, and from 2.675% to 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans; (iii) provided for a loan commitment availability period ending on August 17, 2026; (iv) extended the maturity date to August 17, 2027 from April 24, 2023; and (v) amended certain financial covenants, including (a) amending the asset coverage ratio to no less than 1.50 to 1.00 from no less than 2.00 to 1.00 (on a regulatory basis); and (b) requiring the Company to maintain a senior asset coverage ratio of no less than 2.00 to 1.00. On July 25, 2024, the Company entered into an incremental commitment agreement that increased the total commitment under the Revolving Credit Facility from $100,000 to $140,000.

The Company pays a commitment fee that varies depending on the size of the unused portion of the Revolving Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Revolving Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Revolving Credit Facility between the total commitments and the 35% minimum utilization. The Revolving Credit Facility is secured by a first priority security interest in all of our assets, excluding the assets of our SBIC subsidiaries.

Amounts available to borrow under the Revolving Credit Facility are subject to a minimum borrowing/collateral base that applies an advance rate to certain investments held by the Company, excluding investments held by the SBIC Funds. The Company is subject to limitations with respect to the investments securing the Revolving Credit Facility, including, but not limited to, restrictions on sector concentrations, loan size, payment frequency and status and collateral interests, as well as restrictions on portfolio company leverage, which may also affect the borrowing base and therefore amounts available to borrow.

The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Credit Facility. As of September 30, 2025 and December 31, 2024, the Company was in compliance in all material respects with the terms of the Revolving Credit Agreement.

Subsequent to the fiscal quarter ended September 30, 2025, the Company terminated in full the Revolving Credit Agreement. See Note 11. Subsequent Events for more information.

*SBA debentures:* The SBIC Funds use debenture leverage provided through the SBA to fund a portion of its investment purchases.

Under the SBA debenture program, the SBA commits to purchase debentures issued by SBICs; such debentures have 10-year terms with the entire principal balance due at maturity and are guaranteed by the SBA. Interest on SBA debentures is payable semi-annually on March 1 and September 1. As of September 30, 2025 and December 31, 2024, approved and unused SBA debenture commitments were $130,500 and $175,000, respectively. The SBA may limit the amount that may be drawn each year under any SBA debenture commitments, and each issuance of leverage is conditioned on such SBIC Fund's full compliance, as determined by the SBA, with the terms and conditions under SBA regulations.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

As of September 30, 2025 and December 31, 2024, the Company's issued and outstanding SBA debentures mature as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pooling** | **Maturity** | **Fixed** | **September 30,** | **December 31,** |
| **Date** <sup>(1)</sup> | **Date** | **Interest Rate** | **2025** | **2024** |
| 9/25/2019 | 9/1/2029 | 2.377% | $7500 | $7500 |
| 3/25/2020 | 3/1/2030 | 2.172 | 6000 | 6000 |
| 9/22/2021 | 9/1/2031 | 1.398 | 11500 | 11500 |
| 3/23/2022 | 3/1/2032 | 3.209 | 43000 | 43500 |
| 9/21/2022 | 9/1/2032 | 4.533 | 17500 | 17500 |
| 3/22/2023 | 3/1/2033 | 5.439 | 4000 | 4000 |
| 3/22/2023 | 3/1/2033 | 5.341 | 3000 | 3000 |
| 3/22/2023 | 3/1/2033 | 5.341 | 3000 | 3000 |
| 3/22/2023 | 3/1/2033 | 5.439 | 5000 | 5000 |
| 3/22/2023 | 3/1/2033 | 5.439 | 5000 | 5000 |
| 3/22/2023 | 3/1/2033 | 5.341 | 7000 | 7000 |
| 3/22/2023 | 3/1/2033 | 5.341 | 4000 | 4000 |
| 9/20/2023 | 9/1/2033 | 5.861 | 5000 | 8000 |
| 9/20/2023 | 9/1/2033 | 5.861 |  | 12000 |
| 9/20/2023 | 9/1/2033 | 5.861 |  | 5000 |
| 9/20/2023 | 9/1/2033 | 5.861 |  | 8000 |
| 9/20/2023 | 9/1/2033 | 5.735 | 3000 | 3000 |
| 3/20/2024 | 3/1/2034 | 5.082 | 3000 | 3000 |
| 3/20/2024 | 3/1/2034 | 5.082 | 12000 | 12000 |
| 3/20/2024 | 3/1/2034 | 5.082 | 2000 | 2000 |
| 3/20/2024 | 3/1/2034 | 5.082 | 2000 | 2000 |
| 3/20/2024 | 3/1/2034 | 5.082 | 3000 | 3000 |
| 3/26/2025 | 3/1/2035 | 5.310 | 19500 |  |
| 9/25/2025 | 9/1/2035 | 4.879 | 10000 |  |
| 9/25/2025 | 9/1/2035 | 4.879 | 10000 |  |
| (2) | (2) | (2) | 5000 |  |
| Total outstanding SBA debentures |  |  | $191000 | $175000 |

---

(1) The SBA has two scheduled pooling dates for debentures (in March and in September). Certain debentures funded during the reporting periods may not be pooled until the subsequent pooling date.

(2) The Company issued SBA debentures which will pool in March 2026. Until the pooling date, the debentures bear interest at a fixed interim interest rate of 4.74 %. The Company expects the current interim interest rates will reset to a higher long-term fixed rate on the pooling date.

*Notes:* On December 23, 2020, the Company closed the offering of $125,000 in aggregate principal amount of its 4.75% notes due 2026 (the "January 2026 Notes"). The total net proceeds to the Company from the January 2026 Notes, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2,500 and offering expenses of $366, were $122,134. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before October 31, 2025 (the date falling three months prior to maturity) and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. The Company does not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system. On May 21, 2025, the Company redeemed $25,000 of the $125,000 aggregate principal amount on the January 2026 Notes, resulting in a realized loss on extinguishment of debt of $75.

On October 8, 2021, the Company closed the offering of $125,000 in aggregate principal amount of its 3.50% notes due 2026 (the "November 2026 Notes"). The total net proceeds to the Company from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2,500 and offering expenses of $318, were $122,177. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before August 15, 2026 (the date falling three months prior to maturity) and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. The Company does not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

On March 19, 2025, the Company closed the offering of $100,000 in aggregate principal amount of its 6.75% notes due 2030 (the "March 2030 Notes" and together with the January 2026 Notes and the November 2026 Notes, the "Notes"). The total net proceeds to the Company from the March 2030 Notes, based on a public offering price of 99.29954% of par, after deducting underwriting discounts of $2,000 and offering expenses of $302, were $96,998. The March 2030 Notes will mature on March 19, 2030 and bear interest at a rate of 6.75%. The March 2030 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before September 19, 2029 (the date falling six months prior to maturity) and at par thereafter. Interest on the March 2030 Notes is payable on March 19 and September 19 of each year, beginning September 19, 2025. The Company does not intend to list the March 2030 Notes on any securities exchange or automated dealer quotation system.

Each of the Notes are unsecured obligations of the Company and rank pari passu with the Company's existing and future unsecured indebtedness; effectively subordinated to all of the Company's existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, financing vehicles, or similar facilities the Company may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities, including the Revolving Credit Facility.

*Secured Borrowing*

As of September 30, 2025 and December 31, 2024, the carrying value of secured borrowings totaled $12,816 and $13,674, respectively, and the fair value of the associated loans included in investments was $12,734 and $13,505, respectively. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a "participating interest" as defined in ASC 860 (see Note 2. Significant Accounting Policies - Partial loan and equity sales for more information)*.* As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 8.2% and 8.6% as of September 30, 2025, and December 31, 2024, respectively.

*Senior Securities*

As of September 30, 2025 and December 31, 2024, the aggregate amount outstanding of the senior securities (including secured borrowings) issued by the Company was $352,816 and $308,674, respectively, for which our asset coverage was 301.5% and 312.4%, respectively. The SBA debentures are excluded from the definition "senior securities" in the asset coverage requirement applicable to the Company under the 1940 Act pursuant to exemptive relief granted to us by the SEC on June 30, 2014. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Company's consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

*Interest and Financing Expenses*

Interest and fees related to the Company's debt for the three and nine months ended September 30, 2025 and 2024 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  |  | **Revolving** |  |  |  |
|  | **SBA** | **Credit** | **Secured** |  |  |
|  | **debentures** | **Facility** | **Borrowings** | **Notes** | **Total** |
| Stated interest expense | $2176 | $475 | $306 | $3982 | $6939 |
| Amortization of deferred financing costs | 205 | 100 | - | 405 | 710 |
| Total interest and financing expenses | $2381 | $575 | $306 | $4387 | $7649 |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  |  | **Revolving** |  |  |  |
|  | **SBA** | **Credit** | **Secured** |  |  |
|  | **debentures** | **Facility** | **Borrowings** | **Notes** | **Total** |
| Stated interest expense | $1903 | $633 | $396 | $2577 | $5509 |
| Amortization of deferred financing costs | 149 | 86 | - | 282 | 517 |
| Total interest and financing expenses | $2052 | $719 | $396 | $2859 | $6026 |

---

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**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  |  | **Revolving** |  |  |  |
|  | **SBA debentures** | **Credit Facility** | **Secured Borrowings** | **Notes** | **Total** |
| Stated interest expense | $6167 | $2130 | $935 | $10935 | $20167 |
| Amortization of deferred financing costs | 601 | 297 | - | 1126 | 2024 |
| Total interest and financing expenses | $6768 | $2427 | $935 | $12061 | $22191 |
| Weighted average stated interest rate, period end | 4.139% | 8.925% | 8.242% | 4.885% | 4.857% |
| Effective interest rate <sup>(1)</sup> | 4.565% | 9.211% | 8.242% | 5.386% | 5.325% |
| Unused commitment fee rate, period end | N/A | 1.092% | N/A | N/A | 1.092% |
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  |  | **Revolving** |  |  |  |
|  | **SBA debentures** | **Credit Facility** | **Secured Borrowings** | **Notes** | **Total** |
| Stated interest expense | $5905 | $1703 | $1208 | $7733 | $16549 |
| Amortization of deferred financing costs | 479 | 234 | - | 838 | 1551 |
| Total interest and financing expenses | $6384 | $1937 | $1208 | $8571 | $18100 |
| Weighted average stated interest rate, period end | 4.316% | 7.859% | 8.915% | 4.125% | 4.647% |
| Effective interest rate <sup>(1)</sup> | 4.658% | 8.145% | 8.915% | 4.576% | 5.043% |
| Unused commitment fee rate, period end | N/A | 0.696% | N/A | N/A | 0.696% |

---

(1) The effective interest rate is equal to the weighted average stated interest rate plus the amortization of deferred financing costs.

*Realized Losses on Extinguishment of Debt*

During the three and nine months ended September 30, 2025, the Company prepaid $16,500 and $28,500 of SBA debentures, respectively, which were scheduled to mature on dates ranging from 2032 to 2033. During the nine months ended September 30, 2025, the Company redeemed $25,000 of the January 2026 Notes, and the Company did not redeem any of the January 2026 Notes during the three months ended September 30, 2025. During the nine months ended September 30, 2024, the Company prepaid $35,000 of SBA debentures, which were scheduled to mature on dates ranging from 2026 to 2027, and the Company did not prepay any SBA debentures during the three months ended September 30, 2024. As a result of the prepayments and the partial redemptions, during the three and nine months ended September 30, 2025 the Company recognized realized losses on extinguishment of debt of $304 and $630, respectively, and zero and $521 equal to the write-off of the related unamortized deferred financing costs, during the three and nine months ended September 30, 2024, respectively.

*Deferred Financing Costs*

Deferred financing costs are amortized into interest and financing expenses on the consolidated statements of operations, using the effective interest method, over the term of the respective financing instrument. Deferred financing costs related to the SBA debentures, the Revolving Credit Facility, and the Notes as of September 30, 2025 and December 31, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Revolving** |  |  |  | **Revolving** |  |  |
|  | **SBA** | **Credit** |  |  | **SBA** | **Credit** |  |  |
|  | **debentures** | **Facility** | **Notes** | **Total** | **debentures** | **Facility** | **Notes** | **Total** |
| SBA debenture commitment fees | $3500 | $— | $— | $3500 | $3500 | $— | $— | $3500 |
| SBA debenture leverage fees | 5343 |  |  | 5343 | 4261 |  |  | 4261 |
| Revolving Credit Facility upfront fees |  | 4717 |  | 4717 |  | 4717 |  | 4717 |
| Notes underwriting discounts |  |  | 7005 | 7005 |  |  | 5005 | 5005 |
| Notes debt issuance costs |  |  | 1737 | 1737 |  |  | 685 | 685 |
| Total deferred financing costs | 8843 | 4717 | 8742 | 22302 | 7761 | 4717 | 5690 | 18168 |
| Less: accumulated amortization | (2815) | (3968) | (5253) | (12036) | (1660) | (3671) | (4052) | (9383) |
| Unamortized deferred financing costs | $6028 | $749 | $3489 | $10266 | $6101 | $1046 | $1638 | $8785 |

---

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**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

Unamortized deferred financing costs are presented as a direct offset to the SBA debentures, the Revolving Credit Facility and the Notes liabilities on the consolidated statements of assets and liabilities. The following table summarizes the outstanding debt net of unamortized deferred financing costs as of September 30, 2025 and December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025**<sup>(1)</sup> | **September 30, 2025**<sup>(1)</sup> | **September 30, 2025**<sup>(1)</sup> | **September 30, 2025**<sup>(1)</sup> | **December 31, 2024**<sup>(1)</sup> | **December 31, 2024**<sup>(1)</sup> | **December 31, 2024**<sup>(1)</sup> | **December 31, 2024**<sup>(1)</sup> |
|  |  | **Revolving** |  |  |  | **Revolving** |  |  |
|  | **SBA** | **Credit** |  |  | **SBA** | **Credit** |  |  |
|  | **debentures** | **Facility** | **Notes** | **Total** | **debentures** | **Facility** | **Notes** | **Total** |
| Outstanding debt | $191000 | $15000 | $325000 | $531000 | $175000 | $45000 | $250000 | $470000 |
| Less: unamortized deferred financing costs | (6028) | (749) | (3489) | (10266) | (6101) | (1046) | (1638) | (8785) |
| Debt, net of deferred financing costs | $184972 | $14251 | $321511 | $520734 | $168899 | $43954 | $248362 | $461215 |

---

(1)Total excludes $12,816 and $13,674 of Secured Borrowings as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025, the Company's debt liabilities are scheduled to mature as follows:<sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Revolving** |  |  |  |
|  | **SBA** | **Credit** | **Secured** |  |  |
| **Year** | **debentures** | **Facility** <sup>(2)</sup> | **Borrowings** | **Notes** | **Total** |
| 2026 | $— | $— | $12476 | $225000 | $237476 |
| 2027 |  | 15000 |  |  | 15000 |
| 2028 |  |  | 335 |  | 335 |
| 2029 | 7500 |  | 5 |  | 7505 |
| 2030 | 6000 |  |  | 100000 | 106000 |
| Thereafter | 177500 |  |  |  | 177500 |
| Total | $191000 | $15000 | $12816 | $325000 | $543816 |

---

(1) The table above presents scheduled maturities of the Company's outstanding debt liabilities as of a point in time pursuant to the terms of those instruments. The timing of actual repayments of outstanding debt liabilities may not ultimately correspond with the scheduled maturity dates depending on the terms of the underlying instruments and the potential for earlier prepayments.

(2) The Revolving Credit Facility matures on August 17, 2027 .

**Note 7. Commitments and Contingencies**

*Commitments:* The Company had outstanding commitments to portfolio companies to fund various undrawn revolving loans, other debt investments and capital commitments totaling $31,868 and $12,363 as of September 30, 2025 and December 31, 2024, respectively. Such outstanding commitments are summarized in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Total** | **Unfunded** | **Total** | **Unfunded** |
| **Portfolio Company - Investment** | **Commitment** | **Commitment** | **Commitment** | **Commitment** |
| Acendre Midco, Inc. - Revolving Loan | $1000 | $— | $1000 | $— |
| Ad Info Parent, Inc. (dba MediaRadar) - Revolving Loan | 1442 | 1442 | 1442 | 865 |
| Axis Medical Technologies LLC (dba MoveMedical) - Revolving Loan | 800 | 800 | 800 | 800 |
| Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan |  |  | 1000 | 1000 |
| Detechtion Holdings, LLC - First Lien Debt | 1250 | 1250 |  |  |
| Detechtion Holdings, LLC - Revolving Loan | 1000 | 1000 | 1000 | 1000 |
| Elements Brands, LLC - Revolving Loan |  |  | 1500 |  |
| Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) - First Lien Debt | 3000 | 3000 |  |  |
| Fraser Steel LLC - Revolving Loan | 2000 | 2000 |  |  |
| Fishbowl Solutions, LLC - Revolving Loan | 3000 | 3000 | 3000 | 2223 |
| GMP HVAC, LLC (dba McGee Heating & Air, LLC) - Revolving Loan |  |  | 1500 | 1500 |
| Laboratory Testing, LLC - Revolving Loan | 4000 | 3427 |  |  |
| Mayesh Wholesale Florist, LLC - First Lien Debt | 2000 | 2000 |  |  |
| NWS Technologies, LLC - First Lien Debt | 1900 | 1259 |  |  |
| PayEntry Financial Services, Inc. (dba Payentry) - Second Lien (DDTL B) | 1563 | 1563 |  |  |
| PayEntry Financial Services, Inc. (dba Payentry) - Second Lien (DDTL B) | 1563 | 1563 |  |  |
| Pronto Plumbing & Drain, Inc. - Revolving Loan | 500 | 500 |  |  |
| Tedia Company, LLC - Revolving Loan | 2250 | 2250 | 2250 | 2250 |
| Thrust Flight LLC - First Lien Debt | 3500 | 3339 | 2625 | 2625 |
| True Environmental Inc. - First Lien Debt | 3375 | 3375 |  |  |
| W50 Holdings, LLC - Preferred Equity | 1000 | 100 | 1000 | 100 |
| Total | $35143 | $31868 | $17117 | $12363 |

---

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

Additional detail for each of the commitments above is provided in the Company's consolidated schedules of investments. As of September 30, 2025 and December 31, 2024, the Company had sufficient liquidity coverage to satisfy these unfunded commitments. Cash and cash equivalents were $62,324 and $57,159 and available borrowings under the Revolving Credit Facility were $125,000 and $95,000 as of September 30, 2025 and December 31, 2024, respectively.

The commitments are generally subject to the borrowers meeting certain criteria such as compliance with financial and non-financial covenants, which may limit such borrower's ability to draw on a revolving loan or delayed draw loan. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.

*Indemnifications:* In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide indemnifications under certain circumstances. In addition, in connection with the disposition of an investment in a portfolio company, the Company may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of a business. The Company may also be required to indemnify the purchasers of such investment to the extent that any such representations are inaccurate. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects the risk of future obligation under these indemnifications to be remote.

*Legal proceedings:* In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While the outcome of any such legal proceedings cannot be predicted with certainty, the Company does not believe any such legal proceedings will have a material adverse effect on the Company's consolidated financial statements.

**Note 8. Common Stock**

*Public Offerings of Common Stock*

The following table summarizes the cumulative total shares issued, net proceeds received, and weighted average offering price in public offerings of the Company's common stock since the IPO in June 2011, except for the issuances under the ATM Program as described further below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Cumulative Number of Shares** | **Cumulative Gross Proceeds** | **Cumulative Underwriting Fees and Commissions and Offering Costs** <sup>(1)</sup> | **Weighted Average Offering Price** |
| Cumulative since IPO | 14388414 | $236597 | $8989 | $16.44 |

---

(1) Fidus Investment Advisors, LLC agreed to bear a cumulative of $1,925 of underwriting fees and commissions and offering costs associated with these offerings (such amounts are not included in the number reported above). All such payments made by Fidus Investment Advisors, LLC are not subject to reimbursement by the Company.

*Equity ATM Program*

On November 10, 2022, the Company established the at-the-market program (the "ATM Program"), pursuant to which the Company may offer and sell, from time to time through Raymond James & Associates, Inc. and B. Riley Securities, Inc., each as sales agents, shares of the Company's common stock having an aggregate offering price of up to $50,000. On August 11, 2023, the Company increased the maximum amount of shares to be sold through the ATM Program to $150,000 from $50,000. On February 29, 2024, the Company increased the maximum amount of shares to be sold through the ATM Program to $300,000 from $150,000. The gross proceeds raised, the related sales agent commissions and the offering expenses, the net proceeds raised, and the average price at which shares were issued under the ATM Program for the nine months ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Average** |  | **Underwriting** |  |
|  | **Number of** | **Offering** | **Gross** | **Fees and** | **Net** |
|  | **Shares** | **Price** | **Proceeds** | **Commissions** | **Proceeds** <sup>(1)</sup> |
| **Nine Months Ended September 30, 2024** |  |  |  |  |  |
| January 1, 2024 through March 31, 2024 | 987170 | $19.66 | $19408 | $228 | $19180 |
| April 1, 2024 through June 30, 2024 | 1691336 | 19.80 | 33489 | 458 | 33031 |
| July 1, 2024 through September 30, 2024 | 714995 | 20.01 | 14304 | 215 | 14089 |
| Total | 3393501 | $19.80 | $67201 | $901 | $66300 |
| **Nine Months Ended September 30, 2025** |  |  |  |  |  |
| January 1, 2025 through March 31, 2025 | 1019812 | $20.58 | $20987 | $315 | $20672 |
| April 1, 2025 through June 30, 2025 | 376625 | 20.34 | 7660 | 115 | 7545 |
| July 1, 2025 through September 30, 2025 | 933165 | 21.31 | 19888 | 299 | 19589 |
| Total | 2329602 | $20.83 | $48535 | $729 | $47806 |

---

(1) Net proceeds exclude amortization of deferred equity financing costs.

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

Through September 30, 2025, the Company has sold 11,693,846 shares of common stock under the ATM Program at a weighted-average price of $19.97, raising $233,507 of gross proceeds. Net proceeds were $230,302 after commissions to the sales agents on shares sold. As of September 30, 2025, the Company has $66,493 available under the ATM Program.

*Stock Repurchase Program*

As described in Note 2, the Company has a Stock Repurchase Program under which the Company may acquire up to $5,000 of its outstanding common stock. The Company did not make any repurchases of common stock during the three and nine months ended September 30, 2025 and 2024.

*DRIP Program*

The Company issued 34,803 and 103,614 shares of common stock under the DRIP during the three and nine months ended September 30, 2025, respectively. The Company issued 38,417 and 82,172 shares of common stock under the DRIP during the three and nine months ended September 30, 2024, respectively. Refer to Note 9. Dividends and Distributions for additional information regarding the issuance of shares under the DRIP.

The Company had 36,347,868 and 33,914,652 shares of common stock outstanding as of September 30, 2025 and December 31, 2024, respectively.

**Note 9. Dividends and Distributions**

The Company's dividends and distributions are recorded on the record date. The following table summarizes the dividends paid during the last two fiscal years and for the nine months ended September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **DRIP** |  | **DRIP** |
| **Date** | **Record** | **Payment** | **Amount** | **Total** | **Cash** | **Shares** | **DRIP** | **Share** |
| **Declared** | **Date** | **Date** | **Per Share** | **Distribution** | **Distribution** | **Value** | **Shares** | **Issue Price** |
| **Year Ended December 31, 2023:** |  |  |  |  |  |  |  |  |
| 2/15/2023 | 3/22/2023 | 3/29/2023 | $0.41 | $10245 | $10245 | $—<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 2/15/2023 <sup>(2)</sup> | 3/22/2023 | 3/29/2023 | 0.15 | 3748 | 3748 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 2/15/2023 <sup>(1)</sup> | 3/22/2023 | 3/29/2023 | 0.10 | 2499 | 2499 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 5/02/2023 | 6/21/2023 | 6/28/2023 | 0.41 | 10340 | 9987 | 353 | 18061 | 19.56 |
| 5/02/2023 <sup>(2)</sup> | 6/21/2023 | 6/28/2023 | 0.19 | 4792 | 4628 | 164 | 8370 | 19.56 |
| 5/02/2023 <sup>(1)</sup> | 6/21/2023 | 6/28/2023 | 0.10 | 2522 | 2436 | 86 | 4405 | 19.56 |
| 8/01/2023 | 9/20/2023 | 9/27/2023 | 0.41 | 11666 | 11666 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 8/01/2023 <sup>(2)</sup> | 9/20/2023 | 9/27/2023 | 0.21 | 5975 | 5975 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 8/01/2023 <sup>(1)</sup> | 9/20/2023 | 9/27/2023 | 0.10 | 2845 | 2845 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 10/30/2023 | 12/20/2023 | 12/27/2023 | 0.43 | 13061 | 13061 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 10/30/2023 <sup>(2)</sup> | 12/20/2023 | 12/27/2023 | 0.27 | 8200 | 8200 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 10/30/2023 <sup>(1)</sup> | 12/20/2023 | 12/27/2023 | 0.10 | 3037 | 3037 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
|  |  |  | $2.88 | $78930 | $78327 | $603 | 30836 |  |
| **Year Ended December 31, 2024:** |  |  |  |  |  |  |  |  |
| 2/13/2024 | 3/20/2024 | 3/27/2024 | $0.43 | $13513 | $13513 | $—<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 2/13/2024 <sup>(2)</sup> | 3/20/2024 | 3/27/2024 | 0.22 | 6914 | 6914 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 4/29/2024 | 6/19/2024 | 6/26/2024 | 0.43 | 14240 | 13623 | 617 | 31889 | 19.36 |
| 4/29/2024 <sup>(2)</sup> | 6/19/2024 | 6/26/2024 | 0.16 | 5299 | 5069 | 230 | 11866 | 19.36 |
| 7/29/2024 | 9/19/2024 | 9/26/2024 | 0.43 | 14567 | 14002 | 565 | 28981 | 19.50 |
| 7/29/2024 <sup>(2)</sup> | 9/19/2024 | 9/26/2024 | 0.14 | 4743 | 4560 | 183 | 9436 | 19.50 |
| 10/28/2024 | 12/17/2024 | 12/27/2024 | 0.43 | 14583 | 14583 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
| 10/28/2024 <sup>(2)</sup> | 12/17/2024 | 12/27/2024 | 0.18 | 6105 | 6105 | —<br><sup>(3)</sup> | —<br><sup>(3)</sup> |  |
|  |  |  | $2.42 | $79964 | $78369 | $1595 | 82172 |  |
| **Nine Months Ended September 30, 2025:** |  |  |  |  |  |  |  |  |
| 2/18/2025 | 3/20/2025 | 3/27/2025 | $0.43 | $14935 | $14377 | $558 | 28862 | 19.33 |
| 2/18/2025 <sup>(2)</sup> | 3/20/2025 | 3/27/2025 | 0.11 | 3820 | 3677 | 143 | 7383 | 19.33 |
| 5/5/2025 | 6/13/2025 | 6/25/2025 | 0.43 | 15200 | 14698 | 502 | 25932 | 19.39 |
| 5/5/2025 <sup>(2)</sup> | 6/13/2025 | 6/25/2025 | 0.11 | 3888 | 3760 | 128 | 6634 | 19.39 |
| 8/4/2025 | 9/18/2025 | 9/25/2025 | 0.43 | 15587 | 15073 | 514 | 26255 | 19.57 |
| 8/4/2025 <sup>(2)</sup> | 9/18/2025 | 9/25/2025 | 0.14 | 5074 | 4907 | 167 | 8548 | 19.57 |
|  |  |  | $1.65 | $58504 | $56492 | $2012 | 103614 |  |

---

(1) Special dividend

(2) Supplemental dividend

(3) Except for the shares issued pursuant to the DRIP as reflected in the table above, during the nine months ended September 30, 2025 and the years ended December 31, 2024 and 2023, the Company directed the DRIP plan administrator to repurchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock in lieu of issuing new shares. Accordingly, the Company purchased and reissued shares to satisfy the DRIP obligation as follows:

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** |  |  |
|  | **Shares** | **Average** |  |
|  | **Purchased** | **Price Paid** | **Total** |
| **Year Ended December 31, 2023:** | **and Reissued** | **Per Share** | **Amount Paid** |
| January 1, 2023 through March 31, 2023 | 25512 | $19.22 | $490 |
| April 1, 2023 through June 30, 2023 |  |  |  |
| July 1, 2023 through September 30, 2023 | 39962 | 19.21 | 768 |
| October 1, 2023 through December 31, 2023 | 45047 | 19.83 | 893 |
| Total | 110521 | $19.46 | $2151 |
|  | **Number of** |  |  |
|  | **Shares** | **Average** |  |
|  | **Purchased** | **Price Paid** | **Total** |
| **Year Ended December 31, 2024:** | **and Reissued** | **Per Share** | **Amount Paid** |
| January 1, 2024 through March 31, 2024 | 43050 | $19.78 | $852 |
| April 1, 2024 through June 30, 2024 |  |  |  |
| July 1, 2024 through September 30, 2024 |  |  |  |
| October 1, 2024 through December 31, 2024 | 29537 | 20.99 | 620 |
| Total | 72587 | $20.28 | $1472 |
|  | **Number of** |  |  |
|  | **Shares** | **Average** |  |
|  | **Purchased** | **Price Paid** | **Total** |
| **Nine Months Ended September 30, 2025:** | **and Reissued** | **Per Share** | **Amount Paid** |
| January 1, 2025 through March 31, 2025 |  | $— | $— |
| April 1, 2025 through June 30, 2025 |  |  |  |
| July 1, 2025 through September 30, 2025 |  |  |  |
| Total |  | $— | $— |

---

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

**Note 10. Financial Highlights**

The following is a schedule of financial highlights for the nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Per share data:** |  |  |
| Net asset value at beginning of period | $19.33 | $19.37 |
| Net investment income <sup>(1)</sup> | 1.55 | 1.74 |
| Net realized gain (loss) on investments, net of tax (provision) <sup>(1)</sup> | 0.07 | 0.34 |
| Net unrealized appreciation (depreciation) on investments <sup>(1)</sup> | 0.23 | (0.17) |
| Realized losses on extinguishment of debt <sup>(1)</sup> | (0.02) | (0.02) |
| Total increase from investment operations <sup>(1)</sup> | 1.83 | 1.89 |
| Accretive (dilutive) effect of share issuances and repurchases | 0.08 | - |
| Dividends declared to stockholders | (1.65) | (1.81) |
| Other <sup>(11)</sup> | (0.03) | (0.03) |
| Net asset value at end of period | $19.56 | $19.42 |
| Market value at end of period | $20.26 | $19.60 |
| Shares outstanding at end of period | 36347868 | 33914652 |
| Weighted average shares outstanding during the period | 34991361 | 32138865 |
| Net assets at end of period | $711034 | $658761 |
| Average net assets <sup>(6)</sup> | $684232 | $625835 |
| **Ratios to average net assets:** |  |  |
| Total expenses <sup>(2)(4)(10)</sup> | 11.9% | 11.5% |
| Net investment income <sup>(5)</sup> | 10.6% | 11.9% |
| Total return based on market value <sup>(3)</sup> | 0.4% | 9.1% |
| Total return based on net asset value <sup>(8)</sup> | 9.5% | 9.8% |
| Portfolio turnover ratio <sup>(9)</sup> | 23.6% | 19.7% |
| **Supplemental Data:** |  |  |
| Weighted average debt outstanding <sup>(7)</sup> | $531127 | $462275 |
| Weighted average debt per share <sup>(1)</sup> | $15.18 | $14.38 |

---

(1)Weighted average per share data.

(2)Annualized with the exception of income tax (provision) benefit from realized gains on investments.

(3)Total return based on market value equals the change in the market value of the Company's common stock per share during the period divided by the market value per share at the beginning of the period, and assumes reinvestment of dividends at prices obtained by our dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.

(4)The total expenses to average net assets ratio is calculated using (i) the "total expenses, net of base management waiver", (ii) the "income tax provision (benefit)", and (iii) the "income tax (provision) benefit from realized gains on investments" captions, as presented on the consolidated statements of operations.

(5)The net investment income to average net assets ratio is annualized and calculated using the net investment income caption as presented on the consolidated statements of operations, which includes incentive fee.

(6)Average net assets is calculated as the average of the net asset balances as of each quarter end during the fiscal year and the prior year end.

(7)Weighted average debt outstanding is calculated based upon the number of days that the total outstanding debt balances, including secured borrowings, are outstanding during the nine months ended September 30, 2025 and 2024.

(8)Total return based on net asset value per share equals the change in net asset value per share during the period, plus dividends paid per share during the period, less other non-operating changes during the period, and divided by beginning net asset value per share for the period. Non-operating changes include any items that affect net asset value per share other than increase from investment operations, such as the effects of share issuances and repurchases and other miscellaneous items.

(9)Annualized.

(10)The following are schedules of supplemental expense ratios to average net assets:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**Ratio to average net assets:** | **2025** | **2024** |
| Expenses other than incentive fee <sup>(4)</sup> | 8.8% | 8.3% |
| Incentive fee, net of incentive fee waiver <sup>(4)(9)</sup> | 3.1% | 3.2% |
| Total expenses <sup>(4)</sup> | 11.9% | 11.5% |

---

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**Ratio to average net assets:** | **2025** | **2024** |
| Total expenses, before base management fee waiver <sup>(4)</sup> | 12.0% | 11.5% |
| Base management fee waiver <sup>(4)(9)</sup> | (0.1%) | 0.0% |
| Total expenses <sup>(4)</sup> | 11.9% | 11.5% |

---

(11)Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date, or other rounding.

**Note 11. Subsequent Events**

***Portfolio and Investment Activity*** 

On October 1, 2025, the Company invested $16,000 in first lien debt, $1,000 in common equity, and committed up to an additional $250 in common equity in Bobcat of Connecticut, LLC, a leading regional equipment dealer distributing new/used equipment and selling post-sale parts, service and rental solutions in the Northeast U.S.

On October 17, 2025, the Company invested $23,201 in first lien debt in GPS Insight, Inc., a provider of fleet management and field service software.

On October 20, 2025, the Company exited its preferred and common equity investments in Aldinger Company. The Company received a distribution on its preferred and common equity investments for a realized gain of approximately $2,327.

On October 22, 2025, the Company exited its common equity investment in GP&C Operations, LLC (dba Garlock Printing and Converting). The Company received a distribution on its common equity investment for a realized gain of approximately $600.

On October 24, 2025, the Company exited its subordinated debt investment in AmeriWater, LLC. The Company received payment in full of $2,511 on its subordinated debt.

***Issuance of Additional March 2030 Notes***

On October 3, 2025, the Company issued an additional $100,000 in aggregate principal amount of the March 2030 Notes (the "New March 2030 Notes"). The New March 2030 Notes are treated as a single series with the March 2030 Notes under the governing indenture and have the same terms as the March 2030 Notes (except the issue date, the offering price and the initial interest payment date). The New March 2030 Notes have the same CUSIP number and are fungible and rank equally with the March 2030 Notes. Upon issuance of the New March 2030 Notes, the outstanding aggregate principal amount of the March 2030 Notes was $200,000.

***SBA Debentures***

On October 14, 2025, the Company issued an additional $3,500 in SBA debentures, which will bear interest at a fixed interim interest rate of 4.74% until the pooling date in March 2026.

On October 21, 2025, the Company issued an additional $13,000 in SBA debentures, which will bear interest at a fixed interim interest rate of 4.73% until the pooling date in March 2026.

***SPV Credit Facility*** 

On October 16, 2025, the Company entered into a credit and security agreement (the "SPV Credit Agreement") relating to a special purpose vehicle credit facility (the "SPV Credit Facility") by and among FIC Funding, LLC (the "SPV"), as borrower, the Company, as servicer and equityholder, ING, as administrative agent (the "Administrative Agent") and lead arranger, Western Alliance Trust Company, N.A., as custodian, collateral agent, and collateral administrator, and the lenders from time to time parties thereto. The SPV Credit Facility provides for $175 million of initial commitments, and has an accordion feature that allows for an increase of the total commitments to up to $250 million, subject to certain conditions (including the consent of the Administrative Agent). The SPV Credit Facility has a reinvestment period until October 16, 2029 and matures on October 16, 2030. The advances under the SPV Credit Facility bear interest, subject to the Company's election, on a per annum basis equal to one-month Term SOFR plus 0.11448% and an applicable margin ranging from 2.500% to 2.675%. The SPV pays a commitment fee that varies depending on the size of the unused portion of the SPV Credit Facility: (1) if the utilized portion of the aggregate commitments as of the close of business on such day is less than 35% of the aggregate commitments (the "Minimum Utilization Amount"), the commitment fee will equal the sum of (a) the then applicable margin multiplied by (i) the Minimum Utilization Amount minus (ii) the aggregate

------

**FIDUS INVESTMENT CORPORATION**

**Notes to Consolidated Financial Statements (unaudited)**

**(in thousands, except shares and per share data)**

outstanding principal balance of the advances on such day and (b) 0.50% multiplied by 65% of the commitments and (2) if the utilized portion of the aggregate commitments is greater than or equal to the Minimum Utilization Amount, the commitment fee will equal 0.50% multiplied by the unused amount of the commitments.

Borrowing under the SPV Credit Facility is subject to, among other things, a minimum borrowing base. The SPV Credit Facility is secured primarily by a pledge of 100% of the equity interest in the SPV held by the Company and the SPV's assets, which consist of certain bank loans or securities. The SPV has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

***Termination of Revolving Credit Facility***

On October 16, 2025, the Company terminated in full (i) the Revolving Credit Agreement and (ii) the amended and restated guarantee, pledge and security agreement, dated as of April 24, 2019 (as amended from time to time, the "Guarantee and Security Agreement"), by and among the Company, as borrower, the subsidiary guarantors party thereto, ING, as revolving administrative agent, each financing agent and designated indebtedness holder party thereto, and ING, as collateral agent. The Revolving Credit Agreement and the Guarantee and Security Agreement were terminated concurrently with the satisfaction of all obligations and liabilities of the Company to the lending parties thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the lending parties.

***Distributions***

On November 3, 2025, the Board declared a regular quarterly dividend of $0.43 per share and a supplemental dividend of $0.07 per share payable on December 29, 2025, to stockholders of record as of December 19, 2025.

***Full Redemption of January 2026 Notes***

On November 3, 2025, the Company fully redeemed the outstanding $100,000 in aggregate principal amount of the January 2026 Notes for a total redemption price of $101,227, which equaled 100% of the aggregate principal amount of the January 2026 Notes being redeemed on redemption date, plus accrued and unpaid interest to, but excluding, the redemption date.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Fidus Investment Corporation's consolidated financial statements and related notes appearing in our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 6, 2025. The information contained in this section should also be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.*

*Except as otherwise specified, references to "we," "us," "our," "Fidus" and "FIC" refer to Fidus Investment Corporation and its consolidated subsidiaries.*

**Forward Looking Statements**

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Fidus Investment Corporation, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects" and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the financial and lending markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an economic downturn and its impacts on the ability of our portfolio companies to operate and the investment opportunities available to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of geopolitical conditions, including the ongoing conflict between Ukraine and Russia, the ongoing conflicts in the Middle East, and U.S. and China relations, and its impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies and its impact on our portfolio companies and our financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expected financing and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Investment Advisor to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Investment Advisor to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our regulatory structure and tax treatment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to operate as a BDC and a RIC and each of the SBIC Funds to operate as an SBIC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing, form and amount of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of interest rate volatility and the elevated level of inflation on our business and portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to recover unrealized losses.

These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an economic downturn and significant disruptions to our portfolio companies, including supply chain disruptions, labor shortages, and uncertainty associated with the imposition of tariffs, could impair our portfolio companies' ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rate vo<u>l</u>atility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the elevated level of inflation could adversely affect our business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks, uncertainties and other factors we identify in Item 1A. – Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024, elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new debt investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in *Item 1.A – Risk Factors* contained in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 6, 2025. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q.

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**Overview**

*General and Corporate Structure*

We provide customized debt and equity financing solutions to lower middle-market companies, which we define as U.S. based companies having revenues between $10.0 million and $150.0 million. Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. Our investment strategy includes partnering with business owners, management teams and financial sponsors by providing customized financing for ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. We seek to maintain a diversified portfolio of investments in order to help mitigate the potential effects of adverse economic events related to particular companies, regions or industries.

FIC was formed as a Maryland corporation on February 14, 2011. We completed our initial public offering, or IPO, in June 2011. On June 20, 2011, FIC acquired all of the limited partnership interests of Fidus Mezzanine Capital, L.P. ("Fund I") and membership interests of Fidus Mezzanine Capital GP, LLC, its general partner, resulting in Fund I becoming our wholly-owned subsidiary. Immediately following the acquisition, we and Fund I elected to be treated as business development companies, or BDCs, under the 1940 Act and our investment activities have been managed by Fidus Investment Advisors, LLC, our investment advisor, and supervised by our board of directors, a majority of whom are independent of us. We commenced operations of Fidus Mezzanine Capital II, L.P. ("Fund II"), Fidus Mezzanine Capital III, L.P. ("Fund III"), and Fidus Mezzanine Capital IV, L.P. ("Fund IV"), each a wholly owned subsidiary, on March 29, 2013, April 18, 2018, and November 28, 2023, respectively.

Fund III and Fund IV received their SBIC licenses on March 21, 2019 and September 30, 2024, respectively. We plan to continue to operate Fund III and Fund IV as SBICs, subject to SBA approval, and to utilize the proceeds of the sale of SBA-guaranteed debentures to enhance returns to our stockholders. Fund I and Fund II completed their wind-down plans, can no longer issue additional SBA debentures, and relinquished their SBIC licenses on March 20, 2020 and March 7, 2024, respectively. We have also made, and continue to make, investments directly through FIC. We believe that utilizing FIC and the SBIC Funds as investment vehicles provides us with access to a broader array of investment opportunities.

We have certain wholly-owned subsidiaries (the "Taxable Subsidiaries"), each of which generally holds one or more of our portfolio investments listed on the consolidated schedules of investments, and have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax imposed at corporate rates. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that our consolidated financial statements reflect our investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit us to hold equity investments in portfolio companies that are classified as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies ("LLCs") or other forms of pass through entities) while complying with the "source-of-income" requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with us for U.S. federal income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations.

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*Investments*

We seek to create a diversified investment portfolio that primarily includes debt investments and, to a lesser extent, equity securities. Our investments typically range between $5.0 million to $35.0 million per portfolio company, although this investment size may vary proportionately with the size of our capital base. Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. We may invest in the equity securities of our portfolio companies, such as preferred stock, common stock, warrants and other equity interests, either directly or in conjunction with our debt investments.

*First Lien Debt.* We structure some of our investments as senior secured or first lien debt investments. First lien debt investments are secured by a first priority lien on existing and future assets of the borrower and may take the form of term loans or revolving lines of credit. First lien debt is typically senior on a lien basis to other liabilities in the issuer's capital structure and has the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second lien lenders in those assets. Our first lien debt may include stand-alone first lien loans, "last out" first lien loans, or "unitranche" loans. Stand-alone first lien loans are traditional first lien loans. All lenders in the facility have equal rights to the collateral that is subject to the first-priority security interest. "Last out" first lien loans have a secondary priority behind super-senior "first out" first lien loans in the collateral securing the loans in certain circumstances. The arrangements for a "last out" first lien loan are set forth in an "agreement among lenders," which provides lenders with "first out" and "last out" payment streams based on a single lien on the collateral. Since the "first out" lenders generally have priority over the "last out" lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the "last out" lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through arrangements among the lenders, than the "first out" lenders or lenders in stand-alone first lien loans. Agreements among lenders also typically provide greater voting rights to the "last out" lenders than the intercreditor agreements to which second lien lenders often are subject.

Many of our debt investments also include excess cash flow sweep features, whereby principal repayment may be required before maturity if the portfolio company achieves certain defined operating targets. Additionally, our debt investments typically have principal prepayment penalties in the early years of the debt investment. The majority of our debt investments provide for a variable interest rate, generally with a prime or SOFR floor.

*Second Lien Debt.* Some of our debt investments take the form of second lien debt, which includes senior subordinated notes. Second lien debt investments obtain security interests in the assets of the portfolio company as collateral in support of the repayment of such loans. Second lien debt typically is senior on a lien basis to other liabilities in the issuer's capital structure and has the benefit of a security interest over assets of the issuer, though ranking junior to first lien debt secured by those assets. First lien lenders and second lien lenders typically have separate liens on the collateral, and an intercreditor agreement provides the first lien lenders with priority over the second lien lenders' liens on the collateral. These loans typically provide for no contractual loan amortization, with all amortization deferred until loan maturity, and may include payment-in-kind ("PIK") interest, which increases the principal balance over the term and, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan.

*Subordinated Debt.* These investments are typically structured as unsecured, subordinated notes. Structurally, subordinated debt usually ranks subordinate in priority of payment to first lien and second lien debt and may not have the benefit of financial covenants common in first lien and second lien debt. Subordinated debt may rank junior as it relates to proceeds in certain liquidations where it does not have the benefit of a lien in specific collateral held by creditors (typically first lien and/or second lien) who have a perfected security interest in such collateral. However, subordinated debt ranks senior to common and preferred equity in an issuer's capital structure. These loans typically have relatively higher fixed interest rates (often representing a combination of cash pay and PIK interest) and amortization of principal deferred to maturity. The PIK feature (meaning a feature allowing for the payment of interest in the form of additional principal amount of the loan instead of in cash), which effectively operates as negative amortization of loan principal, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan.

*Equity Securities*. Our equity investments typically consist of either a direct minority equity investment in common or preferred stock or membership/partnership interests of a portfolio company, or we may receive warrants to buy a minority equity interest in a portfolio company in connection with a debt investment. Warrants we receive with our debt investments typically require only a nominal cost to exercise, and thus, as a portfolio company appreciates in value, we may achieve additional investment return from this equity interest. Our equity investments are typically not control-oriented investments, and in many cases, we acquire equity securities as part of a group of private equity investors in which we are not the lead investor. We may structure such equity investments to include provisions protecting our rights as a minority-interest holder, as well as a "put," or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, we may also seek to obtain registration rights in connection with these equity interests, which may include demand and "piggyback" registration rights. Our equity investments typically are made in connection with debt investments to the same portfolio companies.

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*Revenues*: We generate revenue in the form of interest and fee income on debt investments and dividends, if any, on equity investments. Our debt investments, whether in the form of second lien, subordinated or first lien loans, typically have terms of five to seven years and most bear interest at fixed or variable rates. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity dates, which may include prepayment penalties. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity may reflect the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of debt investments and any accrued but unpaid interest generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, amendment, or structuring fees and fees for providing managerial assistance. Debt investment origination fees, OID and market discount or premium, if any, are capitalized, and we accrete or amortize such amounts into interest income. We record prepayment penalties on debt investments as fee income when earned. Interest and dividend income is recorded on the accrual basis to the extent that we expect to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt investment. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company. Debt investments or preferred equity investments (for which we are accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or may be applied to the investment principal balance based on management's judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management's judgment, payments are likely to remain current. See "Critical Accounting Policies and Use of Estimates – Revenue Recognition."

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the cost basis of the investment, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

*Expenses*: All investment professionals of the Investment Advisor and/or its affiliates, when and to the extent engaged in providing investment advisory and management services to us, and the compensation and routine overhead expenses allocable to personnel who provide these services to us, are provided and paid for by the Investment Advisor and not by us. We bear all other out-of-pocket costs and expenses of our operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculating our net asset value (including the cost and expenses of any independent valuation firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses incurred by the Investment Advisor under the Investment Advisory Agreement or payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, including "dead deal" costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest payable on debt, if any, incurred to finance our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•offerings of our common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment advisory fees and management fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees and expenses, if any, payable under the Administration Agreement (including payments under the Administration Agreement between us and the Investment Advisor based upon our allocable portion of the Investment Advisor's overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our officers, including our chief compliance officer, our chief financial officer, and their respective staffs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent, dividend agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all costs of registration and listing our shares on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Independent Directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing and filing reports or other documents required by the SEC or other regulators including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of any reports, proxy statements or other notices to stockholders, including printing and mailing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•proxy voting expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses reasonably incurred by us or the Investment Advisor in connection with administering our business.

**Portfolio Composition, Investment Activity and Yield** 

During the nine months ended September 30, 2025 and 2024, we invested $284.5 million and $274.2 million, respectively, in debt and equity investments including twelve and eleven new portfolio companies, respectively. During the nine months ended September 30, 2025 and 2024, we received proceeds from sales or repayments, including principal, return of capital dividends and net realized gains (losses), of $203.3 million and $154.1 million, respectively, including an exit of five portfolio companies and six portfolio companies, respectively. The following table summarizes purchases of investments and sales and repayments of investments by type for the nine months ended September 30, 2025 and 2024 (dollars in millions).

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchases of Investments** | **Purchases of Investments** | **Purchases of Investments** | **Purchases of Investments** | **Sales and Repayments of Investments** | **Sales and Repayments of Investments** | **Sales and Repayments of Investments** | **Sales and Repayments of Investments** |
|  | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| First Lien Debt<sup>(1)</sup> | $256.2 | 90.1% | $212.5 | 77.5% | $137.5 | 67.6% | $90.3 | 58.6% |
| Second Lien Debt | 13.6 | 4.8 | 33.3 | 12.1 |  |  | 36.5 | 23.7 |
| Subordinated Debt |  |  | 12.5 | 4.6 | 37.2 | 18.3 | 2.9 | 1.9 |
| Equity | 14.6 | 5.1 | 15.9 | 5.8 | 18.2 | 9.0 | 24.4 | 15.8 |
| Warrants | 0.1 |  |  |  | 10.4 | 5.1 |  |  |
| Total | $284.5 | 100.0% | $274.2 | 100.0% | $203.3 | 100.0% | $154.1 | 100.0% |

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(1) For the nine months ended September 30, 2025 and 2024, first lien debt includes unitranche securities, which account for 49.8% and 32.3% of purchases, respectively. For the nine months ended September 30, 2025 and 2024, first lien debt includes unitranche securities, which account for 2.6% and 6.3% of repayments, respectively.

As of September 30, 2025, the fair value of our investment portfolio totaled $1.2 billion and consisted of 92 active portfolio companies and six portfolio companies that have sold their underlying operations. As of September 30, 2025, 50 portfolio companies' debt investments bore interest at a variable rate, which represented $755.3 million, or 72.0%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed-rate investments. Overall, the portfolio had net unrealized appreciation of $23.4 million as of September 30, 2025. As of September 30, 2025, our average active portfolio company investment at amortized cost was $12.6 million, which excludes investments in six portfolio companies that have sold their underlying operations.

As of December 31, 2024, the fair value of our investment portfolio totaled $1.1 billion and consisted of 87 active portfolio companies and four portfolio companies that have sold their underlying operations. As of December 31, 2024, 50 portfolio companies' debt investments bore interest at a variable rate, which represented $704.0 million, or 74.5%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed-rate investments. Overall, the portfolio had net unrealized appreciation of $15.3 million as of December 31, 2024. As of December 31, 2024, our average active portfolio company investment at amortized cost was $12.4 million, which excludes investments in four portfolio companies that have sold their underlying operations.

The weighted average yield on debt investments as of September 30, 2025 and December 31, 2024 was 13.0% and 13.3%, respectively. The weighted average yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries' fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost including the accretion of OID and debt investment origination fees, but excluding investments on non-accrual status.

The following table shows the portfolio composition by investment type at fair value and cost and as a percentage of total investments (dollars in millions):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Cost** | **Cost** | **Cost** | **Cost** |
|  | **September 30,** | **September 30,** | **December 31,** | **December 31,** | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| First Lien Debt<sup>(1)</sup> | $859.3 | 72.1% | $718.2 | 65.8% | $856.3 | 73.2% | $729.1 | 67.8% |
| Second Lien Debt | 82.3 | 6.9 | 83.5 | 7.7 | 112.5 | 9.6 | 116.2 | 10.8 |
| Subordinated Debt | 107.7 | 9.0 | 142.8 | 13.1 | 107.4 | 9.2 | 142.1 | 13.2 |
| Equity | 143.1 | 12.0 | 138.4 | 12.7 | 92.4 | 7.9 | 84.8 | 7.9 |
| Warrants | 0.3 |  | 7.6 | 0.7 | 0.8 | 0.1 | 3.0 | 0.3 |
| Total | $1192.7 | 100.0% | $1090.5 | 100.0% | $1169.4 | 100.0% | $1075.2 | 100.0% |

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(1) Includes unitranche investments, which account for 46.7% and 47.7% of our portfolio on a fair value and cost basis as of September 30, 2025, respectively. Includes unitranche investments, which account for 39.9% and 40.4% of our portfolio on a fair value and cost basis as of December 31, 2024, respectively.

The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments (dollars in millions). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Cost** | **Cost** | **Cost** | **Cost** |
|  | **September 30,** | **September 30,** | **December 31,** | **December 31,** | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| United States |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Midwest | $139.4 | 11.7% | $120.5 | 11.1% | $92.1 | 7.9% | $73.6 | 6.8% |
| &nbsp;&nbsp;Southeast | 334.4 | 28.0 | 339.7 | 31.2 | 334.4 | 28.6 | 337.8 | 31.4 |
| &nbsp;&nbsp;Northeast | 239.3 | 20.1 | 211.8 | 19.4 | 237.9 | 20.3 | 202.2 | 18.8 |
| &nbsp;&nbsp;West | 201.2 | 16.9 | 194.6 | 17.8 | 219.6 | 18.8 | 232.3 | 21.6 |
| &nbsp;&nbsp;Southwest | 249.8 | 20.9 | 211.4 | 19.4 | 257.1 | 22.0 | 216.8 | 20.2 |
| Canada | 28.6 | 2.4 | 12.5 | 1.1 | 28.3 | 2.4 | 12.5 | 1.2 |
| Total | $1192.7 | 100.0% | $1090.5 | 100.0% | $1169.4 | 100.0% | $1075.2 | 100.0% |

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The following table shows the detailed industry composition of our portfolio at fair value and cost as a percentage of total investments:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Cost** | **Cost** |
|  | **September 30,** | **December 31,** | **September 30,** | **December 31,** |
| **Name** | **2025** | **2024** | **2025** | **2024** |
| Information Technology Services | 34.4% | 34.0% | 36.4% | 37.8% |
| Business Services | 14.2 | 12.6 | 13.9 | 12.4 |
| Healthcare Products | 7.4 | 8.1 | 4.2 | 4.6 |
| Component Manufacturing | 6.0 | 7.7 | 6.5 | 7.4 |
| Utilities: Services | 4.9 | 4.9 | 4.8 | 4.7 |
| Specialty Distribution | 4.7 | 2.8 | 4.8 | 2.8 |
| Retail | 4.3 | 4.7 | 4.2 | 4.5 |
| Healthcare Services | 4.3 | 4.7 | 4.6 | 4.0 |
| Building Products Manufacturing | 3.8 | 3.9 | 4.2 | 4.5 |
| Consumer Services | 3.4 | 3.3 | 3.5 | 3.3 |
| Environmental Industries | 2.6 | 2.6 | 2.5 | 2.8 |
| Promotional Products | 2.2 | 2.4 | 2.1 | 2.3 |
| Transportation Services | 1.9 | 2.0 | 1.8 | 2.0 |
| Aerospace & Defense Manufacturing | 1.9 | 1.8 | 2.1 | 2.2 |
| Consumer Products | 1.3 | 1.7 | 1.4 | 1.8 |
| Industrial Cleaning & Coatings | 1.3 | 1.2 | 1.5 | 1.3 |
| Oil & Gas Services | 0.8 | 0.9 | 0.9 | 0.9 |
| Industrial Product Services | 0.6 | 0.7 | 0.6 | 0.7 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

**Portfolio Asset Quality**

In addition to various risk management and monitoring tools, the Investment Advisor uses an internally developed investment rating system to characterize and monitor the credit profile and our expected level of returns on each investment in our portfolio. We use a five-level numeric rating scale. The following is a description of the conditions associated with each investment rating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 1 is used for investments that involve the least amount of risk in our portfolio. The portfolio company is performing above expectations, the debt investment is expected to be paid in the near term and the trends and risk factors are favorable, and may include an expected capital gain on the equity investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 2 is used for investments that involve a level of risk similar to the risk at the time of origination. The portfolio company is performing substantially within our expectations and the risk factors are neutral or favorable. Each new portfolio investment enters our portfolio with Investment Rating 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 3 is used for investments performing below expectations and indicates the investment's risk has increased somewhat since origination. The portfolio company requires closer monitoring, but we expect a full return of principal and collection of all interest and/or dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 4 is used for investments performing materially below expectations and the risk has increased materially since origination. The investment has the potential for some loss of investment return, but we expect no loss of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 5 is used for investments performing substantially below our expectations and the risks have increased substantially since origination. We expect some loss of principal.

------

We also have observed, and continue to observe, commodity inflation, elements of financial market instability (including elevated interest rates), supply chain disruptions, changes to U.S. tariff and trade policies and uncertainty relating to such changes, labor and resource shortages, an uncertain economic outlook for the United States (which may include a recession), and elements of geopolitical instability (including the ongoing war in Ukraine and U.S. and China relations and ongoing conflicts in the Middle East). In the event that the U.S. economy enters into a protracted recession, it is possible that the results of certain U.S. middle market companies could experience deterioration. We are closely monitoring the effect of such market volatility may have on our portfolio companies and our investment activities. We also are maintaining close communications with our portfolio companies and have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.

The following table shows the distribution of our investments on the 1 to 5 investment rating scale at fair value and cost as of September 30, 2025 and December 31, 2024 (dollars in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Cost** | **Cost** | **Cost** | **Cost** |
|  | **September 30,** | **September 30,** | **December 31,** | **December 31,** | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
| **Investment Rating** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| 1 | $104.5 | 8.8% | $100.0 | 9.2% | $41.7 | 3.6% | $27.2 | 2.5% |
| 2 | 988.9 | 82.8 | 895.9 | 82.1 | 977.2 | 83.5 | 886.7 | 82.6 |
| 3 | 96.0 | 8.1 | 83.7 | 7.7 | 103.1 | 8.8 | 99.4 | 9.2 |
| 4 | 3.3 | 0.3 | 10.5 | 1.0 | 32.4 | 2.8 | 34.6 | 3.2 |
| 5 |  |  | 0.4 |  | 15.0 | 1.3 | 27.3 | 2.5 |
| Total | $1192.7 | 100.0% | $1090.5 | 100.0% | $1169.4 | 100.0% | $1075.2 | 100.0% |

---

Based on our investment rating system, the weighted average rating of our portfolio as of September 30, 2025 and December 31, 2024 was 2.0 and 2.0, respectively, on a fair value basis and 2.1 and 2.2, respectively, on a cost basis.

*Non-Accrual*

As of September 30, 2025 and December 31, 2024, we had debt investments in three and four portfolio companies on non-accrual status (dollars in millions), respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair** |  | **Fair** |  |
| **Portfolio Company** | **Value** | **Cost** | **Value** | **Cost** |
| Quantum IR Technologies, LLC | $—<br><sup>(1)</sup> | $—<br><sup>(1)</sup> | $— | $12.0 |
| US GreenFiber, LLC |  | 5.2 |  | 5.2 |
| Suited Connector LLC | 1.8 | 15.9 | 5.5 | 15.9 |
| Virtex Enterprises, LP | 1.6 | 11.2 | 4.8 | 11.3 |
| Total | $3.4 | $32.3 | $10.3 | $44.4 |

---

(1) The Company exited its debt investment in such portfolio company and did not hold such investment as of September 30, 2025.

**Discussion and Analysis of Results of Operations** 

***Comparison of three and nine months ended September 30, 2025 and 2024***

*Investment Income*

Below is a summary of the changes in total investment income for the three months ended September 30, 2025 as compared to the same period in 2024 (dollars in millions, percent change calculated based on underlying dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |  |  |
|  | **2025** | **2024** | **$ Change** | **% Change** <sup>(1)(2)</sup> |
| Interest income | $30.8 | $31.9 | $(1.1) | (3.3%) |
| Payment-in-kind interest income | 3.2 | 1.8 | 1.4 | 72.1% |
| Dividend income | 1.0 | 1.4 | (0.4) | (28.5%) |
| Fee income | 1.3 | 2.7 | (1.4) | (50.9%) |
| Interest on idle funds and other income | 1.0 | 0.6 | 0.4 | 57.8% |
| Total investment income | $37.3 | $38.4 | $(1.1) | (2.9%) |

---

(1) NM = Not meaningful

(2) Percent change calculated based on underlying dollar amounts in thousands as presented on the consolidated statements of operations.

For the three months ended September 30, 2025, total investment income was $37.3 million, a decrease of $1.1 million or (2.9%), from $38.4 million of total investment income for the three months ended September 30, 2024. As reflected in the table above, the decrease is primarily attributable to the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.3 million increase in total interest income (which includes a $1.4 million increase in payment-in-kind ("PIK") interest income) resulting from an increase in average debt investment balances, partially offset by a decrease in weighted average yield on debt investment balances outstanding during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.4 million decrease in dividend income due to a decrease in distributions received from equity investments, during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$1.4 million decrease in fee income resulting from a decrease in prepayment, origination, and amendment fees during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.4 million increase in interest on idle funds and other income due to an increase in average cash balances outstanding during 2025 as compared to the same period in 2024.

Below is a summary of the changes in total investment income for the nine months ended September 30, 2025 as compared to the same period in 2024 (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  |  |
|  | **2025** | **2024** | **$ Change** | **% Change** <sup>(1)(2)</sup> |
| Interest income | $93.3 | $91.5 | $1.8 | 2.0% |
| Payment-in-kind interest income | 7.9 | 5.7 | 2.2 | 37.2% |
| Dividend income | 2.9 | 2.1 | 0.8 | 33.3% |
| Fee income | 7.3 | 6.6 | 0.7 | 11.5% |
| Interest on idle funds and other income | 2.3 | 2.8 | (0.5) | (15.8%) |
| Total investment income | $113.7 | $108.7 | $5.0 | 4.6% |

---

(1) NM = Not meaningful

(2) Percent change calculated based on underlying dollar amounts in thousands as presented on the consolidated statements of operations.

For the nine months ended September 30, 2025, total investment income was $113.7 million, an increase of $5.0 million or 4.6%, from the $108.7 million of total investment income for the nine months ended September 30, 2024. As reflected in the table above, the increase is primarily attributable to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$4.0 million increase in total interest income (which includes a $2.2 million increase in PIK interest income) resulting from an increase in average debt investment balances, partially offset by a decrease in weighted average yield on debt investment balances outstanding during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.8 million increase in dividend income due to an increase in distributions received from equity investments, during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.7 million increase in fee income resulting from an increase in prepayment and origination fees, partially offset by a decrease in amendment fees during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.5 million decrease in interest on idle funds and other income due to a decrease in average cash balances outstanding during 2025 as compared to the same period in 2024.

*Expenses*

Below is a summary of the changes in total expenses, including income tax provision, for the three months ended September 30, 2025 as compared to the same period in 2024 (dollars in millions, percent change calculated based on underlying dollar amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |  |  |
|  | **2025** | **2024** | **$ Change** | **% Change** <sup>(1)(2)</sup> |
| Interest and financing expenses | $7.6 | $6.0 | $1.6 | 26.9% |
| Base management fee | 5.3 | 4.9 | 0.4 | 8.4% |
| Incentive fee - income | 4.3 | 5.1 | (0.8) | (13.6%) |
| Incentive fee (reversal) - capital gains | 0.4 | (1.0) | 1.4 | 135.9% |
| Administrative service expenses | 0.7 | 0.7 |  | NM |
| Professional fees | 0.7 | 0.5 | 0.2 | 25.7% |
| Other general and administrative expenses | 0.5 | 0.3 | 0.2 | 85.7% |
| Total expenses, before base management fee waiver | 19.5 | 16.5 | 3.0 | 18.7% |
| Base management fee waiver |  | (0.1) | 0.1 | 10.9% |
| Total expenses, before income tax provision | 19.5 | 16.4 | 3.1 | 18.8% |
| Income tax provision (benefit) | 0.4 | 0.6 | (0.2) | (29.8%) |
| Total expenses, including income tax provision | $19.9 | $17.0 | $2.9 | 17.2% |

---

------

(1) NM = Not meaningful

(2) Percent change calculated based on underlying dollar amounts in thousands as presented on the consolidated statements of operations.

For the three months ended September 30, 2025, total expenses, including the base management fee waiver and income tax provision, were $19.9 million, an increase of $2.9 million or 17.2%, from the $17.0 million of total expenses, including the base management fee waiver and income tax provision, for the three months ended September 30, 2024. As reflected in the table above, changes across the periods were primarily attributable to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$1.6 million increase in interest and financing expenses due to an increase in the weighted average interest rate of our debt outstanding and an increase in weighted average borrowings outstanding during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.5 million net increase in the base management fee, including the base management fee waiver, due to higher average total assets during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.8 million decrease in the income incentive fee due to a decrease in pre-incentive fee net investment income during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.2 million increase in professional fees due to increased legal fees during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$1.4 million increase in the accrued capital gains incentive fee due to a net $6.7 million increase in net gain on investments and realized losses on extinguishment of debt during 2025 as compared to the same period in 2024.

Below is a summary of the changes in total expenses, including income tax provision, for the nine months ended September 30, 2025 as compared to the same period in 2024 (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  |  |
|  | **2025** | **2024** | **$ Change** | **% Change** <sup>(1)(2)</sup> |
| Interest and financing expenses | $22.1 | $18.1 | $4.0 | 22.6% |
| Base management fee | 15.3 | 14.0 | 1.3 | 9.3% |
| Incentive fee - income | 13.8 | 14.1 | (0.3) | (1.8%) |
| Incentive fee - capital gains | 2.0 | 0.9 | 1.1 | 109.3% |
| Administrative service expenses | 2.1 | 1.9 | 0.2 | 9.0% |
| Professional fees | 3.0 | 2.4 | 0.6 | 19.8% |
| Other general and administrative expenses | 0.9 | 0.8 | 0.1 | 20.5% |
| Total expenses, before base management fee waiver | 59.2 | 52.2 | 7.0 | 13.4% |
| Base management fee waiver | (0.2) | (0.2) |  | NM |
| Total expenses, before income tax provision | 59.0 | 52.0 | 7.0 | 13.5% |
| Income tax provision (benefit) | 0.5 | 0.7 | (0.2) | (31.4%) |
| Total expenses, including income tax provision | $59.5 | $52.7 | $6.8 | 12.9% |

---

(1) NM = Not meaningful

(2) Percent change calculated based on underlying dollar amounts in thousands as presented on the consolidated statements of operations.

For the nine months ended September 30, 2025, total expenses, including the base management fee waiver and income tax provision, were $59.5 million, an increase of $6.8 million or 12.9%, from the $52.7 million of total expenses, including the base management fee waiver and income tax provision, for the nine months ended September 30, 2024. As reflected in the table above, changes across periods were primarily attributable to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$4.0 million increase in interest and financing expenses due to an increase in the weighted average interest rate of our debt outstanding and an increase in weighted average borrowings outstanding during 2025 as compared to 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$1.3 million net increase in base management fee, including the base management fee waiver, due to higher average total assets during 2025 as compared to 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.3 million net decrease in the income incentive fee due to a decrease in pre-incentive fee net investment income during 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.6 million increase in professional fees due to increased proxy solicitation and legal fees during 2025 as compared to 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$1.1 million increase in the accrued capital gains incentive fee due to a net $5.2 million increase in net gain on investments and realized losses on extinguishment of debt during 2025 as compared to the same period in 2024.

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*Net Investment Income*

Net investment income decreased by $4.0 million, or (18.9%), to $17.4 million during the three months ended September 30, 2025 as compared to the same period in 2024, as a result of the $1.1 million decrease in total investment income, and the $2.9 million increase in total expenses, including the base management fee waiver and income tax provision.

Net investment income decreased by $1.8 million, or (3.2%), to $54.2 million during the nine months ended September 30, 2025 as compared to the same period in 2024, as a result of the $5.0 million increase in total investment income, partially offset by the $6.8 million increase in total expenses, including the base management fee waiver and income tax provision.

*Net Gain (Loss) on Investments*

For the three and nine months ended September 30, 2025, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $(0.9) million and $4.8 million, respectively. Income tax (provision) benefit from realized gains on investments was $(0.4) million and $(2.3) million for the three and nine months ended September 30, 2025, respectively. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Realized gains (losses) for the three and nine months ended September 30, 2025 are summarized below (dollars in millions):

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| | | | |
|:---|:---|:---|:---|
|  |  | **Period Ended September 30, 2025** | **Period Ended September 30, 2025** |
|  |  | **Three** | **Nine** |
| **Portfolio Company** | **Realization Event** <sup>(1)</sup> | **Months** | **Months** |
| Healthfuse, LLC | Exit of portfolio company |  | $3.2 |
| Medsurant Holdings, LLC | Sale of portfolio company | 1.0 | 11.0 |
| Rhino Assembly Company, LLC | Escrow distribution |  | 0.1 |
| Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) | Exit of portfolio company |  | 6.1 |
| OnePath Systems, LLC | Sale of portfolio company |  | 0.2 |
| USG AS Holdings, LLC | Sale of portfolio company |  | 0.5 |
| Quantum IR Technologies, LLC | Exit of portfolio company |  | (14.4) |
| PowerGrid Services Acquisition, LLC | Sale of portfolio company | 0.9 | 0.9 |
| Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) | Sale of portfolio company | (0.5) | (0.5) |
| Quest Software US Holdings Inc. | Exchange of debt investment | (2.5) | (2.5) |
| Power Grid Components, Inc. | Escrow distribution | 0.2 | 0.2 |
| Net realized gain (loss) on investments |  | (0.9) | 4.8 |
| Income tax (provision) benefit from realized gains on investments |  | (0.4) | (2.3) |
| Net realized gain (loss), net of income tax provision, on investments |  | $(1.3) | $2.5 |

---

(1) As it relates to realization events, we define an 'exit' of a portfolio company as situations where we have completely exited our position in all of the portfolio company's securities and no longer carry the portfolio company on our schedule of investments. We define a 'sale' of a portfolio company, distinguished from an exit, as situations where the underlying operations of a portfolio company have been sold, but where we retain a residual ownership interest in the legacy entity (we generally distinguish these residual portfolio company investments from 'active' portfolio company investments).

For the three and nine months ended September 30, 2024, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $(0.4) million and $12.2 million. Income tax (provision) benefit from realized gains on investments was zero and $(1.6) million for the three and nine months ended September 30, 2024, respectively. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Realized gains (losses) for the three and nine months ended September 30, 2024 are summarized below (dollars in millions):

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| | | | |
|:---|:---|:---|:---|
|  |  | **Period Ended September 30, 2024** | **Period Ended September 30, 2024** |
|  |  | **Three** | **Nine** |
| **Portfolio Company** | **Realization Event** | **Months** | **Months** |
| Applied Data Corporation | Exit of portfolio company | &nbsp;&nbsp;&nbsp;&nbsp;$— | $1.6 |
| Power Grid Components, Inc. | Escrow distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 0.2 |
| Comply365, LLC | Exit of portfolio company | (0.2) | (0.1) |
| Frontline Food Services, LLC <br>(f/k/a Accent Food Services, LLC) | Escrow distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 1.3 |
| LifeSpan Biosciences, Inc. | Sale of portfolio company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.4) |
| Virginia Tile Company, LLC | Sale of portfolio company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 1.2 |
| Pool & Electrical Products, LLC | Exit of portfolio company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 8.9 |
| Rhino Assembly Company, LLC | Sale of portfolio company | 0.2 | (0.1) |
| Magenta Buyer LLC (dba Trellix) | Exit of portfolio company | (5.4) | (5.4) |
| Gurobi Optimization, LLC | Exit of portfolio company | 5.0 | 5.0 |
| Net realized gain (loss) on investments |  | (0.4) | 12.2 |
| Income tax (provision) benefit from realized gains on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.6) |
| Net realized gain (loss), net of income tax provision, on investments |  | $(0.4) | $10.6 |

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(1) As it relates to realization events, we define an 'exit' of a portfolio company as situations where we have completely exited our position in all of the portfolio company's securities and no longer carry the portfolio company on our schedule of investments. We define a 'sale' of a portfolio company, distinguished from

------

an exit, as situations where the underlying operations of a portfolio company have been sold, but where we retain a residual ownership interest in the legacy entity (we generally distinguish these residual portfolio company investments from 'active' portfolio company investments).

During the three and nine months ended September 30, 2025 and 2024, we recorded a net change in unrealized appreciation (depreciation) on investments attributable to the following (dollars in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Unrealized Appreciation (Depreciation)** | **2025** | **2024** | **2025** | **2024** |
| Exit, sale or restructuring of investments | $3.6 | $(1.5) | $(0.6) | $(8.8) |
| Fair value adjustments to debt investments | (1.4) | (6.7) | 1.6 | (5.5) |
| Fair value adjustments to equity investments | 1.2 | 3.6 | 7.0 | 8.9 |
| Net change in unrealized appreciation (depreciation) | $3.4 | $(4.6) | $8.0 | $(5.4) |

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*Net Increase in Net Assets Resulting From Operations*

Net increase (decrease) in net assets resulting from operations during the three months ended September 30, 2025 and 2024 was $19.1 million and $16.5 million, respectively, as a result of the events described above.

Net increase (decrease) in net assets resulting from operations during the nine months ended September 30, 2025 and 2024 was $64.1 million and $60.7 million, respectively, as a result of the events described above.

***Liquidity and Capital Resources*** 

As of September 30, 2025, we had $62.3 million in cash and cash equivalents and our net assets totaled $711.0 million. We believe that our current cash and cash equivalents on hand, our credit facility, our continued access to SBA-guaranteed debentures, and our anticipated cash flows from investments will provide adequate capital resources with which to operate and finance our investment business and make distributions to our stockholders for at least the next 12 months. We intend to generate additional cash primarily from the future offerings of debt and equity securities (including the ATM Program) and future borrowings, as well as cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be investments in portfolio companies and cash distributions to our stockholders. During the nine months ended September 30, 2025, we repaid $28.5 million of SBA debentures relating to Fund III that would have matured during the period March 1, 2032 through September 1, 2033. Our remaining outstanding SBA debentures begin to mature in 2029 and subsequent years through 2036, which will require repayment on or before the respective maturity dates. In light of current market conditions, we will continually evaluate our overall liquidity position and take proactive steps to maintain that position based on the current circumstances. This "Financial Liquidity and Capital Resources" section should be read in conjunction with the notes of our consolidated financial statements.

*Cash Flows* 

For the nine months ended September 30, 2025, we experienced a net increase in cash and cash equivalents in the amount of $5.2 million. During that period, we made payments of $42.2 million of cash for operating activities, which included the funding of $284.5 million of investments that was partially offset by proceeds received from sales and repayments of investments of $203.3 million. During the same period, we received gross proceeds from the issuance of the March 2030 Notes of $100.0 million, received proceeds from the issuances of SBA debentures of $44.5 million, redeemed $25.0 million of the aggregate principal amount on our January 2026 Notes, repaid SBA debentures of $28.5 million relating to Fund III, repaid $30.0 million of our Revolving Credit Facility, received net proceeds from the ATM Program of approximately $47.8 million, received repayments of $0.8 million on our secured borrowings, paid cash dividends to stockholders of $56.5 million, and made payment of deferred financing costs related to our debt financings of $4.1 million.

*Capital Resources* 

We anticipate that we will continue to fund our investment activities on a long-term basis through a combination of additional debt and equity capital.

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*SBA Debentures*

Each of Fund III and Fund IV is licensed to operate as an SBIC, and has the ability to issue debentures guaranteed by the SBA at favorable interest rates. Under the SBA regulations, an SBIC can have outstanding at any time debentures guaranteed by the SBA in an amount up to twice its regulatory capital. The SBA regulations currently limit the amount that is available to be borrowed by any SBIC and guaranteed by the SBA to 300.0% of an SBIC's regulatory capital or $175.0 million, whichever is less. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million. The SBA may limit the amount that may be drawn each year under the SBA debenture commitments, and each issuance of leverage is conditioned on such SBIC Fund's full compliance, as determined by the SBA, with the terms and conditions under SBA regulations. SBA debentures have fixed interest rates that approximate prevailing 10-year Treasury Note rates plus a spread and have a maturity of ten years with interest payable semi-annually. The principal amount of the SBA debentures is not required to be paid before maturity but may be pre-paid at any time. On September 30, 2024, Fund IV received a license to operate as a SBIC. As of September 30, 2025, Fund III and Fund IV had $146.5 million and $44.5 million outstanding SBA debentures, respectively. Subject to SBA regulatory requirements and approval of SBA debenture commitments, we may access up to $130.5 million of additional SBA debentures under the SBIC debenture program. For more information on the SBA debentures, please refer to Note 6 to our consolidated financial statements.

*Revolving Credit Facility*

On June 16, 2014, we entered into a senior secured revolving credit agreement (the senior secured revolving credit facility thereunder, the "Revolving Credit Facility") with ING Capital LLC ("ING"), as the administrative agent, collateral agent, and lender. The Revolving Credit Facility is secured by certain portfolio investments held by us, but portfolio investments held by the SBIC Funds are not collateral for the Revolving Credit Facility. On April 24, 2019, we entered into an Amended & Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the "Revolving Credit Agreement") among us, as borrower, the lenders party thereto, and ING, as administrative agent. On June 26, 2020, we entered into an amendment to the Revolving Credit Agreement that, among other changes, modified certain financial covenants. On August 17, 2022, the Company entered into a second amendment to the Revolving Credit Agreement ("Second Amendment"). The Second Amendment, among other things: (i) changed the underlying benchmark used to compute interest under the Revolving Credit Agreement to SOFR from LIBOR; (ii) reduced the applicable margin from 3.00% to 2.675% on SOFR loans prior to satisfying certain step-down conditions, and from 2.675% to 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans; (iii) provided for a loan commitment availability period ending on August 17, 2026; (iv) extended the maturity date to August 17, 2027 from April 24, 2023; and (v) amended certain financial covenants, including (a) amending the asset coverage ratio to no less than 1.50 to 1.00 from no less than 2.00 to 1.00 (on a regulatory basis); and (b) requiring the Company to maintain a senior asset coverage ratio of no less than 2.00 to 1.00. On July 25, 2024, the Company entered into an incremental commitment agreement that increased the total commitment under the Revolving Credit Facility from $100.0 million to $140.0 million.

We pay a commitment fee that varies depending on the size of the unused portion of the Revolving Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Revolving Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Revolving Credit Facility between the total commitments and the 35% minimum utilization. The Revolving Credit Facility is secured by a first priority security interest in all of our assets, excluding the assets of our SBIC subsidiaries.

Amounts available to borrow under the Revolving Credit Facility are subject to a minimum borrowing/collateral base that applies an advance rate to certain investments held by us, excluding investments held by the SBIC Funds. We are subject to limitations with respect to the investments securing the Revolving Credit Facility, including, but not limited to, restrictions on sector concentrations, loan size, payment frequency and status and collateral interests, as well as restrictions on portfolio company leverage, which may also affect the borrowing base and therefore amounts available to borrow.

We have made customary representations and warranties and we are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Credit Facility. As of September 30, 2025, we were in compliance in all material respects with the terms of the Revolving Credit Agreement and we had $15.0 million in outstanding borrowings under the Revolving Credit Facility.

Subsequent to the fiscal quarter ended September 30, 2025, we terminated in full the Revolving Credit Agreement. See "Recent Developments" for more information.

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*Notes*

On December 23, 2020, we closed the offering of $125.0 million in aggregate principal amount of our 4.75% notes due 2026 (the "January 2026 Notes"). The total net proceeds to us from the January 2026 Notes, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $0.4 million, were $122.1 million. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before October 31, 2025 (the date falling three months prior to maturity) and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. We do not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system. On May 21, 2025, we redeemed $25.0 million of the $125.0 million aggregate principal amount on the January 2026 Notes, resulting in a realized loss on extinguishment of debt of approximately $0.1 million. As of September 30, 2025, the outstanding principal balance of the January 2026 Notes was $100.0 million.

On October 8, 2021, we closed the offering of $125.0 million in aggregate principal amount of our 3.50% notes due 2026 (the "November 2026 Notes"). The total net proceeds to us from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $0.3 million, were $122.2 million. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before August 15, 2026 (the date falling three months prior to maturity) and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. We do not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. As of September 30, 2025, the outstanding principal balance of the November 2026 Notes was $125.0 million.

On March 19, 2025, we closed the offering of $100.0 million in aggregate principal amount of our 6.75% notes due 2030 (the "March 2030 Notes" and together with the January 2026 Notes and the November 2026 Notes, the "Notes"). The total net proceeds to us from the March 2030 Notes, based on a public offering price of 99.29954% of par, after deducting underwriting discounts of $2.0 million and offering expenses of $0.4 million, were approximately $96.9 million. The March 2030 Notes will mature on March 19, 2030 and bear interest at a rate of 6.75%. The March 2030 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before September 19, 2029 (the date falling six months prior to maturity) and at par thereafter. Interest on the March 2030 Notes is payable on March 19 and September 19 of each year, beginning September 19, 2025. We do not intend to list the March 2030 Notes on any securities exchange or automated dealer quotation system. As of September 30, 2025, the outstanding principal balance of the March 2030 Notes was $100.0 million.

Each of the Notes are unsecured obligations and rank pari passu with our existing and future unsecured indebtedness; effectively subordinated to all of our existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities we may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities, including the Revolving Credit Facility.

*Secured Borrowing*

As of September 30, 2025, the carrying value of secured borrowings totaled $12.8 million and the fair value of the associated loans included in investments was $12.7 million. As of December 31, 2024, the carrying value of secured borrowings totaled $13.7 million and the fair value of the associated loans included in investments was $13.5 million. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a "participating interest" as defined in ASC 860 (see Note 2. Significant Accounting Policies - Partial loan and equity sales for more information). As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 8.242% and 8.568% as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025, the weighted average stated interest rates for our SBA debentures and the Notes were 4.139% and 4.885%, respectively. As of September 30, 2025, we had $125.0 million of unutilized commitment under our Revolving Credit Facility, and we were subject to a 1.092% fee on such amount. As of September 30, 2025, the weighted average stated interest rate on total debt outstanding was 4.857%.

As a BDC, we are generally required to meet an asset coverage ratio of at least 150.0% (defined as the ratio which the value of our consolidated total assets, less all consolidated liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness), which includes borrowings and any preferred stock we may issue in the future. This requirement limits the amount that we may borrow. On April 29, 2019, our Board, including a majority of the non-interested directors, approved a minimum asset coverage ratio of 150% under Sections 18(a)(1) and 18(a)(2) of the 1940 Act, effective as of April 29, 2020. We also have received exemptive relief from the U.S. Securities and Exchange Commission (the "SEC") to allow us to exclude the senior securities issued by the SBIC Funds and any future SBIC subsidiary from the definition of

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senior securities in the 150% asset coverage requirement applicable to the Company under the 1940 Act, which, in turn, will enable us to fund more investments with debt capital.

As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value per share of our common stock if the Board, including the independent directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders approve such sale. On June 11, 2025, our stockholders approved a proposal to authorize us to sell or otherwise issue common stock at a price below net asset value per share for a period of one year ending on the earlier of June 11, 2026 or the date of our 2026 Annual Meeting of Stockholders. Our stockholders specified that the cumulative number of shares sold pursuant to such authority during such period may not exceed 25.0% of our then outstanding common stock immediately prior to each such sale.

*Equity ATM Program*

On November 10, 2022, the Company established the at-the-market program (the "ATM Program"), pursuant to which the Company may offer and sell, from time to time through Raymond James & Associates, Inc. and B. Riley Securities, Inc., each as sales agents, shares of the Company's common stock having an aggregate offering price of up to $50.0 million. On August 11, 2023, the Company increased the maximum amount of shares to be sold through the ATM Program to $150.0 million from $50.0 million. On February 29, 2024, the Company increased the maximum amount of shares to be sold through the ATM Program to $300.0 million from $150.0 million. Through September 30, 2025, the Company has sold 11,693,846 shares of common stock under the ATM Program at a weighted-average price of $19.97, raising $233.5 million of gross proceeds. Net proceeds were $230.3 million after commissions to the sales agents on sales sold. As of September 30, 2025, the Company has $66.5 million available under the ATM Program.

*Stock Repurchase Program*

We have an open market stock repurchase program (the "Stock Repurchase Program") under which we may acquire up to $5.0 million of our outstanding common stock. Under the Stock Repurchase Program, we may, but are not obligated to, repurchase outstanding common stock in the open market from time to time provided that we comply with the prohibitions under our insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by our management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. Most recently, subsequent to fiscal quarter ended September 30, 2025, on November 3, 2025, the Board extended the Stock Repurchase Program through December 31, 2026, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require us to repurchase any specific number of shares and we cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. We did not make any repurchases of common stock during the three and nine months ended September 30, 2025 and 2024. Refer to Note 8 to our consolidated financial statements for additional information concerning stock repurchases.

**Critical Accounting Policies and Use of Estimates**

The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the financial statements. We have identified investment valuation, revenue recognition and transfers of financial assets as our most critical accounting policies and estimates. We continuously evaluate our policies and estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies relating to investment valuations and transfers of financial assets are set forth below. See Note 2. Significant Accounting Policies to our consolidated financial statements for more information regarding our critical accounting policies relating to revenue recognition.

***Valuation of Portfolio Investments***

As a BDC, we report our assets and liabilities at fair value at all times consistent with GAAP and the 1940 Act. Accordingly, we are required to periodically determine the fair value of all of our portfolio investments.

Our investments generally consist of illiquid securities including debt and equity investments in lower middle-market companies. Investments for which market quotations are readily available are valued at such market quotations. Because we expect that there will not be a readily available market for substantially all of the investments in our portfolio, we value substantially all of our portfolio investments at fair value as determined in good faith by our board of directors using a documented valuation policy and consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have

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a readily available market quotation, the fair value of our investments may differ significantly from the values that would have been used had a readily available market quotation existed for such investments, and the difference could be material.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Investment Advisor responsible for the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preliminary valuation conclusions are then documented and discussed with the investment committee of the Investment Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our board of directors engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of our portfolio investments for which market quotations are not readily available. Each portfolio company investment is generally appraised by the valuation firm(s) at least once every calendar year and each new portfolio company investment is appraised at least once in the twelve-month period following the initial investment. In certain instances, we may determine that it is not cost-effective, and as a result it is not in our stockholders' best interest, to request the independent appraisal of certain portfolio company investments. Such instances include, but are not limited to, situations where we determine that the fair value of the portfolio company investment is relatively insignificant to the fair value of the total portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the audit committee of our board of directors reviews the preliminary valuations of the Investment Advisor and of the independent valuation firm(s) and responds and supplements the valuation recommendations to reflect any comments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our board of directors discusses the valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Investment Advisor, the independent valuation firm(s) and the audit committee.

In making the good faith determination of the value of portfolio investments, we start with the cost basis of the security. The transaction price is typically the best estimate of fair value at inception. When evidence supports a subsequent change to the carrying value from the original transaction price, adjustments are made to reflect the expected exit values.

Our Board consulted with the independent third-party valuation firm(s) in arriving at our determination of fair value for 20 and 21 of our portfolio company investments representing 34.1% and 27.5% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the three months ended September 30, 2025 and December 31, 2024, respectively) as of September 30, 2025 and December 31, 2024, respectively.

Consistent with the policies and methodologies adopted by the Board, we perform detailed valuations of our debt and equity investments, including an analysis on the Company's unfunded debt investment commitments, using both the market and income approaches as appropriate. Under the market approach, we typically use the enterprise value methodology to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which we derive a single estimate of enterprise value. Under the income approach, we typically prepare and analyze discounted cash flow models to estimate the present value of future cash flows of either an individual debt investment or of the underlying portfolio company itself.

We evaluate investments in portfolio companies using the most recent portfolio company financial statements and forecasts. We also consult with the portfolio company's senior management to obtain further updates on the portfolio company's performance, including information such as industry trends, new product development and other operational issues.

For our debt investments, the primary valuation technique used to estimate the fair value is the discounted cash flow method. However, if there is deterioration in credit quality or a debt investment is in workout status, we may consider other methods in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. Our discounted cash flow models estimate a range of fair values by applying an appropriate discount rate to the future cash flow streams of our debt investments, based on future interest and principal payments as set forth in the associated debt investment agreements. We prepare a weighted average cost of capital for use in the discounted cash flow model for each investment, based on factors including, but not limited to: current pricing and credit metrics for similar proposed or executed investment transactions of private companies; the portfolio company's historical financial results and outlook; and the portfolio company's current leverage and credit quality as compared to leverage and credit quality as of the date the investment was made. We may also consider the following factors when determining the fair value of debt investments: the portfolio company's ability to make future scheduled payments; prepayment penalties and other fees; estimated remaining life; the nature and realizable value of any collateral securing such debt investment; and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made. We estimate the remaining life of our debt investments to generally be the legal maturity date of the instrument, as we generally intend to hold debt investments to maturity. However, if we have information available to us that the debt investment is expected to be repaid in the near term, we would use an estimated remaining life based on the expected repayment date.

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For our equity investments, including equity securities and warrants, we generally use a market approach, including valuation methodologies consistent with industry practice, to estimate the enterprise value of portfolio companies. Typically, the enterprise value of a private company is based on multiples of EBITDA, net income, revenues, or in limited cases, book value. In estimating the enterprise value of a portfolio company, we analyze various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company's historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

We may also utilize an income approach when estimating the fair value of our equity investments, either as a primary methodology if consistent with industry practice or if the market approach is otherwise not applicable, or as a supporting methodology to corroborate the fair value ranges determined by the market approach. We typically prepare and analyze discounted cash flow models based on projections of the future free cash flows (or earnings) of the portfolio company. We consider various factors, including but not limited to the portfolio company's projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainties with respect to the possible effect of such valuations, and any changes in such valuations, on the consolidated financial statements.

***Transfers of Financial Assets***

*Partial loan and equity sales.* We follow the guidance in ASC 860, *Transfers and Servicing,* when accounting for loan (debt investment) participations, equity assignments and other partial loan sales. Such guidance requires a participation, assignment or other partial loan or equity sale to meet the definition of a "participating interest," as defined in the guidance, in order for sale treatment to be allowed. Participations, assignments or other partial loan or equity sales which do not meet the definition of a participating interest should remain on our consolidated statements of assets and liabilities and the proceeds recorded as a secured borrowing until the definition is met.

**Recently Issued Accounting Standard**

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Improvements to Income Tax Disclosures (Topic 740)," which requires disclosure of additional information pertaining to income taxes. Such changes include disclosing i) a reconciliation of the effective tax rate to statutory rate for federal, state, and foreign income taxes and ii) taxes paid (net of refunds received) should be disaggregated for federal, state and foreign taxes. The guidance is effective for annual reporting periods beginning after December 15, 2024. We are currently evaluating the impact this ASU will have on our consolidated financial position or disclosures, but we do not expect the impact to be material.

**Related Party Transactions**

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have entered into the Investment Advisory Agreement with Fidus Investment Advisors as our investment advisor. Pursuant to the agreement, the Investment Advisor manages our day-to-day operating and investing activities. We pay the Investment Advisor a fee for its services under the Investment Advisory Agreement consisting of two components — a base management fee and an incentive fee. See Note 5. Related Party Transactions to our consolidated financial statements. The Investment Advisor, in consultation with the Board, agreed to voluntarily waive $0.1 million and $0.2 million of the base management fees on any assets accounted for as secured borrowings as defined under GAAP for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fidus Group Holdings, LLC ("Holdings"), a limited liability company organized under the laws of Delaware, is the parent company of Fidus Investment Advisors. Edward H. Ross, our Chairman and Chief Executive Officer, and Thomas C. Lauer, our President, are managers of Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We entered into the Administration Agreement with Fidus Investment Advisors to provide us with the office facilities and administrative services necessary to conduct day-to-day operations. See Note 5. Related Party Transactions to our consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We entered into a license agreement with Fidus Partners, LLC, pursuant to which Fidus Partners, LLC has granted us a non-exclusive, royalty-free license to use the name "Fidus."

In connection with the IPO and our election to be regulated as a BDC, we applied for and received exemptive relief from the SEC on March 27, 2012 to allow us to take certain actions that would otherwise be prohibited by the 1940 Act, as applicable to BDCs. Effective June 30, 2014, pursuant to exemptive relief from the SEC, we are permitted to exclude the senior securities issued

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by the SBIC Funds and any future SBIC subsidiary from the definition of senior securities in the asset coverage requirement applicable to the Company under the 1940 Act.

While we may co-invest with investment entities managed by the Investment Advisor or its affiliates, to the extent permitted by the 1940 Act and the rules and regulations thereunder, the 1940 Act imposes significant limits on co-investment. Our Investment Advisor and its affiliates has received an exemptive order that expands our ability to co-invest in portfolio companies with other funds managed by the Investment Advisor or its affiliates ("Affiliated Funds") in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions (the "Order"). Pursuant to the Order, we are permitted to co-invest with our affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Independent Directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching by us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies. However, neither we nor our affiliates are obligated to invest or co-invest when investment opportunities are referred to us or them.

In addition, we and our Investment Advisor have each adopted a joint code of ethics pursuant to Rule 17j-1 under the 1940 Act that governs the conduct of our and the Investment Advisor's officers, directors and employees. Additionally, the Investment Advisor has adopted a code of ethics pursuant to Rule 204A-1 under the Advisers Act of 1940, as amended, and in accordance with Rule 17j-1(c) under the 1940 Act. We have also adopted a code of business conduct that is applicable to all officers, directors and employees of Fidus and our Investment Advisor. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the Maryland General Corporation Law.

**Recent Developments**

***Portfolio and Investment Activity***

On October 1, 2025, we invested $16.0 million in first lien debt, $1.0 million in common equity, and committed up to an additional $0.3 million in common equity in Bobcat of Connecticut, LLC, a leading regional equipment dealer distributing new/used equipment and selling post-sale parts, service and rental solutions in the Northeast U.S.

On October 17, 2025, we invested $23.2 million in first lien debt in GPS Insight, Inc., a provider of fleet management and field service software.

On October 20, 2025, we exited our preferred and common equity investments in Aldinger Company. We received a distribution on our preferred and common equity investments for a realized gain of approximately $2.3 million.

On October 22, 2025, we exited our common equity investment in GP&C Operations, LLC (dba Garlock Printing and Converting). We received a distribution on our common equity investment for a realized gain of approximately $0.6 million.

On October 24, 2025, we exited our subordinated debt investment in AmeriWater, LLC. We received payment in full of $2.5 million on our subordinated debt.

***Issuance of Additional March 2030 Notes***

On October 3, 2025, we issued an additional $100.0 million in aggregate principal amount of the March 2030 Notes (the "New March 2030 Notes"). The New March 2030 Notes are treated as a single series with the March 2030 Notes under the governing indenture and have the same terms as the March 2030 Notes (except the issue date, the offering price and the initial interest payment date). The New March 2030 Notes have the same CUSIP number and are fungible and rank equally with the March 2030 Notes. Upon issuance of the New March 2030 Notes, the outstanding aggregate principal amount of the March 2030 Notes was $200.0 million.

***SBA Debentures***

On October 14, 2025, we issued an additional $3.5 million in SBA debentures, which will bear interest at a fixed interim interest rate of 4.74% until the pooling date in March 2026.

On October 21, 2025, we issued an additional $13.0 million in SBA debentures, which will bear interest at a fixed interim interest rate of 4.73% until the pooling date in March 2026.

***SPV Credit Facility***

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On October 16, 2025, we entered into a credit and security agreement (the "SPV Credit Agreement") relating to a special purpose vehicle credit facility (the "SPV Credit Facility") by and among FIC Funding, LLC (the "SPV"), as borrower, us, as servicer and equityholder, ING as administrative agent (the "Administrative Agent") and lead arranger, Western Alliance Trust Company, N.A., as custodian, collateral agent, and collateral administrator, and the lenders from time to time parties thereto. The SPV Credit Facility provides for $175 million of initial commitments, and has an accordion feature that allows for an increase of the total commitments to up to $250 million, subject to certain conditions (including the consent of the Administrative Agent). The SPV Credit Facility has a reinvestment period until October 16, 2029 and matures on October 16, 2030. The advances under the SPV Credit Facility bear interest, subject to our election, on a per annum basis equal to one-month Term SOFR plus 0.11448% and an applicable margin ranging from 2.500% to 2.675%. The SPV pays a commitment fee that varies depending on the size of the unused portion of the SPV Credit Facility: (1) if the utilized portion of the aggregate commitments as of the close of business on such day is less than 35% of the aggregate commitments (the "Minimum Utilization Amount"), the commitment fee will equal the sum of (a) the then applicable margin multiplied by (i) the Minimum Utilization Amount minus (ii) the aggregate outstanding principal balance of the advances on such day and (b) 0.50% multiplied by 65% of the commitments and (2) if the utilized portion of the aggregate commitments is greater than or equal to the Minimum Utilization Amount, the commitment fee will equal 0.50% multiplied by the unused amount of the commitments.

Borrowing under the SPV Credit Facility is subject to, among other things, a minimum borrowing base. The SPV Credit Facility is secured primarily by a pledge of 100% of the equity interest in the SPV held by us and the SPV's assets, which consist of certain bank loans or securities. The SPV has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

***Termination of Revolving Credit Facility***

On October 16, 2025, we terminated in full (i) the Revolving Credit Agreement and (ii) the amended and restated guarantee, pledge and security agreement, dated as of April 24, 2019 (as amended from time to time, the "Guarantee and Security Agreement"), by and among us, as borrower, the subsidiary guarantors party thereto, ING, as revolving administrative agent, each financing agent and designated indebtedness holder party thereto, and ING, as collateral agent. The Revolving Credit Agreement and the Guarantee and Security Agreement were terminated concurrently with the satisfaction of all of our obligations and liabilities to the lending parties thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the lending parties.

***Distributions***

On November 3, 2025, our Board declared a regular quarterly dividend of $0.43 per share and a supplemental dividend of $0.07 per share payable on December 29, 2025, to stockholders of record as of December 19, 2025.

***Full Redemption of January 2026 Notes***

On November 3, 2025, we fully redeemed the outstanding $100.0 million in aggregate principal amount of the January 2026 Notes for a total redemption price of $101.2 million which equaled 100% of the aggregate principal amount of the January 2026 Notes being redeemed on redemption date, plus accrued and unpaid interest to, but excluding, the redemption date.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are subject to financial market risks, including changes in interest rates. Changes in interest rates affect both our cost of funding and the valuation of our investment portfolio. Uncertainty with respect to interest rates, inflationary pressures, the Russia-Ukraine war and the conflicts in the Middle East, the uncertainty with respect to new tariffs and trade policies and the failure of financial institutions introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs. The prices of securities held by us may decline in response to certain events, including those directly involving the companies in which we invest and conditions affecting the general economy, including: overall market changes, including an increase in market volatility; legislative reform; national or global political, social or economic instability; and interest rate volatility.

------

In the future, our investment income may also be affected by changes in various interest rates, including SOFR and prime rates, to the extent of any debt investments that include floating interest rates. The Federal Reserve reduced its benchmark interest rate by 0.25% in each of September and October of 2025, lowering their benchmark lending rate to the 3.75% to 4.00% range. While the Federal Reserve has indicated potential for additional rate reductions in the fourth quarter of 2025, policymakers continue to emphasize their commitment to monitoring and addressing inflationary pressures. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In a high interest rate environment, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. Conversely, a prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in base rates, such as SOFR are not offset by a corresponding increase in the spread over such base rate that we earn on any portfolio investments, a decrease in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to such base rate. See Risk Factors contained herein under Part II, Item 1A and in our Annual Report on Form 10-K for the year ended December 31, 2024, such as "Changes in interest rates will affect our cost of capital and net investment income" and "Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies."

As of September 30, 2025 and December 31, 2024, the debt investments in 50 and 50 portfolio companies, respectively, bore interest at a variable rate, which represented $755.3 million, or 72.0%, and $704.0 million, or 74.5%, of our portfolio on a fair value basis, respectively, and the remainder of our debt portfolio was comprised entirely of fixed rate investments. Our pooled SBA debentures and our Notes bear interest at fixed rates. As of September 30, 2025, our Revolving Credit Facility bore interest, at our election, at a rate per annum equal to (a) 2.675% on SOFR loans prior to satisfying certain step-down conditions (or 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans). Under the Revolving Credit Agreement, we pay a commitment fee that varies depending on the size of the unused portion of the Revolving Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Revolving Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Revolving Credit Facility between the total commitments and the 35% minimum utilization. As of September 30, 2025, the Revolving Credit Facility was secured by a first priority security interest in all of our assets, excluding the assets of the SBIC Funds.

Because we currently borrow, and plan to borrow in the future, money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

The following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of September 30, 2025 (dollars in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Income** | **Interest Expense** |  |  |
|  | **Increase** | **Increase** | **Net Increase** | **Net Investment** |
| **Basis Point Increase (Decrease)** | **(Decrease)** <sup>(1) (2)</sup> | **(Decrease)** <sup>(4)</sup> | **(Decrease)** | **Income** <sup>(3)</sup> |
| (200) | $(14.7) | $(0.6) | $(14.1) | $(11.3) |
| (150) | (11.3) | (0.4) | (10.9) | (8.7) |
| (100) | (7.6) | (0.3) | (7.3) | (5.8) |
| (50) | (3.8) | (0.2) | (3.6) | (2.9) |
| 50 | 3.8 | 0.1 | 3.7 | 3.0 |
| 100 | 7.7 | 0.3 | 7.4 | 5.9 |
| 150 | 11.5 | 0.3 | 11.2 | 9.0 |
| 200 | 15.4 | 0.5 | 14.9 | 11.9 |
| 250 | 19.2 | 0.7 | 18.5 | 14.8 |
| 300 | 23.1 | 0.8 | 22.3 | 17.8 |

---

(1) Certain of our variable rate debt investments have a prime or SOFR interest rate floor, which lessens the impact of decreases in interest rates.

(2) Interest income calculated assuming three-month SOFR, and prime rate as of September 30, 2025.

(3) Includes the impact of income incentive fee at 20.0% on net increase (decrease) in net interest.

(4) As of September 30, 2025, we had $15.0 million in outstanding borrowings under our Revolving Credit Facility.

**Item 4. Controls and Procedures.**

*Evaluation of Disclosure Controls and Procedures*

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We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act) as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

*Changes in Internal Control over Financial Reporting*

There were no changes in our internal control over financial reporting during the third quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II — OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We are not, and the Investment Advisor is not, currently subject to any material legal proceedings.

**Item 1A. Risk Factors.** 

Other than the risk factor described below, there have been no material changes to the risk factors previously disclosed under "Item 1A. Risk Factors" previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 6, 2025, which are incorporated herein by reference. The risk factors therein could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.

***Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.***

The U.S. government has recently imposed, and may in the future increase, tariffs on specific countries and commodities. In response, certain foreign trading partners, and others in the future, may impose retaliatory tariffs on certain U.S. goods. The foregoing has created significant uncertainty about the future relationship between the United States and certain other countries with respect to trade policies, treaties and new and increased tariffs. These developments, or the continued uncertainty relating to U.S. trade policies, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. The uncertainty relating to U.S. trade policies has increased market volatility. Any of these factors could depress economic activity and restrict certain of our portfolio companies' access to suppliers or customers, and increase costs, decrease margins, and reduce the competitiveness of products and services offered by our portfolio companies. The foregoing may adversely affect the revenues and profitability of such portfolio companies and, in turn, negatively affect our results of operations, which could cause the market value of our shares of common stock to decline.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

*Sales of Unregistered Securities*

None.

*Issuer Purchases of Equity Securities*

We have an open market stock repurchase program (the "Stock Repurchase Program") under which we may acquire up to $5.0 million of our outstanding common stock. Under the Stock Repurchase Program, we may, but are not obligated to, repurchase outstanding common stock in the open market from time to time provided that we comply with the prohibitions under our insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by our

------

management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. Most recently, on November 3, 2025, the Board extended the Stock Repurchase Program through December 31, 2026, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require us to repurchase any specific number of shares and we cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended September 30, 2025, the Company did not repurchase any shares under the Stock Repurchase Program.

**Item 3. Defaults Upon Senior Securities.** 

None.

**Item 4. Mine Safety Disclosures*.*** 

None.

**Item 5. Other Information.**

(a) None.

(b) None.

(c) For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

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**Item 6. Exhibits.**

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| | |
|:---|:---|
| **Number** | **Exhibit** |
| 3.1 | [<u>Articles of Amendment and Restatement of the Registrant (Filed as Exhibit (a)(1) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File No. 333-172550) filed with the U.S. Securities and Exchange Commission on April 29, 2011 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/1513363/000095012311041885/w81466a2exv99wxayx1y.htm) |
| 3.2 | [<u>Bylaws of the Registrant (Filed as Exhibit (b)(1) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File No. 333-172550) filed with the U.S. Securities and Exchange Commission on April 29, 2011 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/1513363/000095012311041885/w81466a2exv99wxbyx1y.htm) |
| 4.1 | [<u>Form of Stock Certificate of the Registrant (Filed as Exhibit (d) to Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File No. 333-172550) filed with the U.S. Securities and Exchange Commission on April 29, 2011 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/1513363/000095012311041885/w81466a2exv99wxdy.htm) |
| 4.2 | [<u>Agreement to Furnish Certain Instruments (Filed as Exhibit (f)(2) to Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File No. 333-172550) filed with the U.S. Securities and Exchange Commission on May 26, 2011 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/1513363/000095012311054001/w81466a3exv99wxfyx2y.htm). |
| 4.3 | [<u>Form of Indenture (Filed as Exhibit (d)(5) to Post-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File No. 333-202531) filed with the U.S. Securities and Exchange Commission on April 29, 2016 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/1513363/000119312516569246/d141023dex99d5.htm) |
| 4.4 | [<u>Fourth Supplemental Indenture dated as of December 23, 2020 between Fidus Investment Corporation and U.S. Bank National Association, as trustee (Filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on December 23, 2020 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/1513363/000119312520325989/d97521dex41.htm) |
| 4.5 | [<u>Form of Global Note with respect to the 4.75% Notes due 2026 (Filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on December 23, 2020 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/1513363/000119312520325989/d97521dex41.htm) |
| 4.6 | [<u>Fifth Supplemental Indenture dated as of October 8, 2021 between Fidus Investment Corporation and U.S. Bank National Association, as trustee (Filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on October 8, 2021 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/0001513363/000119312521295460/d193806dex41.htm) |
| 4.7 | [<u>Form of Global Note with respect to the 3.50% Notes due 2026 (Filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on October 8, 2021 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/0001513363/000119312521295460/d193806dex41.htm) |
| 4.8 | [<u>Sixth Supplemental Indenture, dated as of March 19, 2025, by and between Fidus Investment Corporation and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (Filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on March 19, 2025 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/1513363/000119312525057824/d822632dex42.htm) |
| 4.9 | [<u>Form of Global Note with respect to the 6.750% Notes due 2030 (Filed as Exhibit 4.3 to the Registrant's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on March 19, 2025 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/1513363/000119312525057824/d822632dex42.htm) |
| 10.1 | [<u>Credit and Security Agreement, dated as of October 16, 2025, by and among FIC Funding, LLC, as borrower, and Fidus Investment Corporation, as servicer and equityholder, ING Capital LLC, as administrative agent and as lead arranger, Western Alliance Trust Company, N.A., as custodian, collateral agent, and collateral administrator, and the lenders from time to time parties thereto (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on October 22, 2025 and incorporated herein by reference).</u>](https://www.sec.gov/Archives/edgar/data/1513363/000119312525246762/d15780dex101.htm) |
| 31.1 | [<u>Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*</u>](fdus-ex31_1.htm) |
| 31.2 | [<u>Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*</u>](fdus-ex31_2.htm) |

---

------

---

| | |
|:---|:---|
| 32.1 | [<u>Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*</u>](fdus-ex32_1.htm) |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)\* |

---

\*Filed herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  | **FIDUS INVESTMENT CORPORATION** |
| Date: November 6, 2025 | <u>/s/ EDWARD H. ROSS</u> |
|  | Edward H. Ross |
|  | Chairman and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: November 6, 2025 | <u>/s/ SHELBY E. SHERARD</u> |
|  | Shelby E. Sherard |
|  | Chief Financial Officer <br>(Principal Financial and Accounting Officer) |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**Fidus Investment Corporation Chief Executive Officer Certification**

**Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Edward H. Ross, as Chief Executive Officer of Fidus Investment Corporation, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Fidus Investment Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 6, 2025

<u>/s/ EDWARD H. ROSS</u> 

Edward H. Ross

Chairman and Chief Executive Officer

(Principal Executive Officer)

------

## Exhibit 31.2

**Exhibit 31.2**

**Fidus Investment Corporation Chief Financial Officer Certification**

**Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Shelby E. Sherard, as Chief Financial Officer of Fidus Investment Corporation, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Fidus Investment Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 6, 2025

<u>/s/ SHELBY E. SHERARD</u> 

Shelby E. Sherard

Chief Financial Officer

(Principal Financial and Accounting Officer)

------

## Exhibit 32.1

**Exhibit 32.1**

**Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002**

In connection with the Quarterly Report on Form 10-Q of Fidus Investment Corporation (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Edward H. Ross, Chief Executive Officer of the Company, and I, Shelby E. Sherard, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 6, 2025 | <u>/s/ EDWARD H. ROSS</u> |
|  | Edward H. Ross |
|  | Chairman and Chief Executive Officer |
|  | (Principal Executive Officer) |
|  | <u>/s/ SHELBY E. SHERARD</u> |
|  | Shelby E. Sherard |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

------