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Published: 2025-05-08 00:00:00 ET

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10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

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

For the transition period from to

Commission file number 814-00861

Fidus Investment Corporation

(Exact Name of Registrant as Specified in its Charter)


Maryland	27-5017321
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

1603 Orrington Avenue, Suite 1005 Evanston, Illinois	60201
(Address of Principal Executive Offices)	(Zip Code)

(847) 859-3940

(Registrant’s telephone number, including area code)

________________

n/a

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

_______________

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	FDUS	The NASDAQ Global Select Market

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

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

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

     Large accelerated filer ☐

     Accelerated filer
☑

     Non-accelerated filer
☐

     Smaller reporting company ☐

     Emerging growth company ☐

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

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

As of May 6, 2025, the Registrant had outstanding 35,011,880 shares of common stock, $0.001 par value.

FIDUS INVESTMENT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q


	PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements.
	Consolidated Statements of Assets and Liabilities — March 31, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations — three months ended March 31, 2025 (unaudited) and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets — three months ended March 31, 2025 (unaudited) and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows — three months ended March 31, 2025 (unaudited) and 2024 (unaudited)	6
	Consolidated Schedules of Investments — March 31, 2025 (unaudited) and December 31, 2024	7
	Notes to Consolidated Financial Statements (unaudited)	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	60
Item 4.	Controls and Procedures	61
	PART II — OTHER INFORMATION
Item 1.	Legal Proceedings.	61
Item 1A.	Risk Factors.	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	62
Item 3.	Defaults Upon Senior Securities.	62
Item 4.	Mine Safety Disclosures.	62
Item 5.	Other Information.	62
Item 6.	Exhibits.	63
Signatures		65

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)


	March 31,
	2025			December 31,
	(unaudited)			2024
ASSETS
Investments, at fair value:
Control investments (cost: $6,832 and $6,832, respectively)	$	—		$	—
Affiliate investments (cost: $52,611 and $56,679, respectively)		91,066			102,024
Non-control/non-affiliate investments (cost: $1,089,409 and $1,011,646, respectively)		1,063,342			988,482
Total investments, at fair value (cost: $1,148,852 and $1,075,157, respectively)		1,154,408			1,090,506
Cash and cash equivalents		67,478			57,159
Interest receivable		18,404			15,119
Proceeds receivable from stock offering		701			—
Prepaid expenses and other assets		991			1,328
Total assets	$	1,241,982		$	1,164,112
LIABILITIES
SBA debentures, net of deferred financing costs (Note 6)	$	175,870		$	168,899
Notes, net of deferred financing costs (Note 6)		345,557			248,362
Borrowings under Credit Facility, net of deferred financing costs (Note 6)		(948	)		43,954
Secured borrowings		13,601			13,674
Accrued interest and fees payable		3,573			5,784
Base management fee payable, net of base management fee waiver – due to affiliate		4,863			4,805
Income incentive fee payable – due to affiliate		4,594			4,477
Capital gains incentive fee payable – due to affiliate		14,990			14,703
Administration fee payable and other – due to affiliate		295			919
Taxes payable		325			1,850
Accounts payable and other liabilities		1,332			1,019
Total liabilities	$	564,052		$	508,446
Commitments and contingencies (Note 7)
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 34,970,709 and 33,914,652 shares issued and
outstanding at March 31, 2025 and December 31, 2024, respectively)	$	35		$	34
Additional paid-in capital		588,519			567,159
Total distributable earnings		89,376			88,473
Total net assets		677,930			655,666
Total liabilities and net assets	$	1,241,982		$	1,164,112
Net asset value per common share	$	19.39		$	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
	March 31,
	2025			2024
Investment Income:
Interest income
Control investments	$	—		$	—
Affiliate investments		1,094			869
Non-control/non-affiliate investments		29,225			27,269
Total interest income		30,319			28,138
Payment-in-kind interest income
Control investments		—			—
Affiliate investments		—			—
Non-control/non-affiliate investments		2,248			2,049
Total payment-in-kind interest income		2,248			2,049
Dividend income
Control investments		—			—
Affiliate investments		886			348
Non-control/non-affiliate investments		345			49
Total dividend income		1,231			397
Fee income
Control investments		—			—
Affiliate investments		8			5
Non-control/non-affiliate investments		2,119			2,354
Total fee income		2,127			2,359
Interest on idle funds		571			1,708
Total investment income		36,496			34,651
Expenses:
Interest and financing expenses		6,773			6,012
Base management fee		4,922			4,432
Incentive fee - income		4,594			4,467
Incentive fee (reversal) - capital gains		287			499
Administrative service expenses		602			537
Professional fees		948			937
Other general and administrative expenses		206			229
Total expenses before base management fee waiver		18,332			17,113
Base management fee waiver		(59	)		(69	)
Total expenses, net of base management fee waiver		18,273			17,044
Net investment income before income taxes		18,223			17,607
Income tax provision (benefit)		1			(20	)
Net investment income		18,222			17,627
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		—			—
Affiliate investments		10,066			—
Non-control/non-affiliate investments		3,264			1,743
Total net realized gain (loss) on investments		13,330			1,743
Income tax (provision) benefit from realized gains on investments		(1,850	)		56
Net change in unrealized appreciation (depreciation):
Control investments		—			—
Affiliate investments		(6,890	)		(3,236	)
Non-control/non-affiliate investments		(2,903	)		4,454
Total net change in unrealized appreciation (depreciation) on investments		(9,793	)		1,218
Net gain (loss) on investments		1,687			3,017
Realized losses on extinguishment of debt		(251	)		(521	)
Net increase (decrease) in net assets resulting from operations	$	19,658		$	20,123
Per common share data:
Net investment income per share-basic and diluted	$	0.53		$	0.57
Net increase in net assets resulting from operations per share — basic and diluted	$	0.58		$	0.65
Dividends declared per share	$	0.54		$	0.65
Weighted average number of shares outstanding — basic and diluted		34,077,720			30,776,758

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Changes in Net Assets (unaudited)

(in thousands, except shares)


	Common Stock					Additional		Total
	Number of		Par			paid-in		distributable			Total net
	shares		value			capital		earnings			assets
Balances at December 31, 2023		30,438,979	$	31		$	504,087	$	85,356		$	589,474
Public offering of common stock, net of expenses		987,170		1			19,169		—			19,170
Net investment income		—		—			—		17,627			17,627
Net realized gain (loss) on investments, net of taxes		—		—			—		1,799			1,799
Net unrealized appreciation (depreciation) on investments		—		—			—		1,218			1,218
Realized losses on extinguishment of debt		—		—			—		(521	)		(521	)
Dividends declared		—		—			—		(20,427	)		(20,427	)
Balances at March 31, 2024		31,426,149	$	32		$	523,256	$	85,052		$	608,340
Balances at December 31, 2024		33,914,652	$	34		$	567,159	$	88,473		$	655,666
Public offering of common stock, net of expenses		1,019,812		1			20,660		—			20,661
Shares issued under dividend reinvestment plan		36,245		—	*		700		—			700
Net investment income		—		—			—		18,222			18,222
Net realized gain (loss) on investments, net of taxes		—		—			—		11,480			11,480
Net unrealized appreciation (depreciation) on investments		—		—			—		(9,793	)		(9,793	)
Realized losses on extinguishment of debt		—		—			—		(251	)		(251	)
Dividends declared		—		—			—		(18,755	)		(18,755	)
Balances at March 31, 2025		34,970,709	$	35		$	588,519	$	89,376		$	677,930
*amount is greater than zero but less than one

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Cash Flows (unaudited)

(in thousands)


	Three Months Ended March 31,
	2025			2024
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	19,658		$	20,123
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Net change in unrealized (appreciation) depreciation on investments		9,793			(1,218	)
Net realized (gain) loss on investments		(13,330	)		(1,743	)
Interest and dividend income paid-in-kind		(2,239	)		(2,049	)
Accretion of original issue discount		(43	)		(116	)
Accretion of loan origination fees		(548	)		(556	)
Purchase of investments		(115,555	)		(145,861	)
Proceeds from sales and repayments of investments		57,343			60,247
Proceeds from loan origination fees		677			1,131
Realized losses on extinguishment of debt		251			521
Amortization of deferred financing costs		590			535
Amortization of deferred equity financing costs		62			11
Changes in operating assets and liabilities:
Interest receivable		(3,285	)		(3,743	)
Prepaid expenses and other assets		222			219
Accrued interest and fees payable		(2,211	)		(2,387	)
Base management fee payable, net of base management fee waiver – due to affiliate		58			213
Income incentive fee payable – due to affiliate		117			(103	)
Capital gains incentive fee (reversal) – due to (from) affiliate		287			(3,038	)
Administration fee payable and other – due to (from) affiliate		(624	)		9
Taxes payable		(1,525	)		(950	)
Accounts payable and other liabilities		108			932
Net cash provided by (used for) operating activities		(50,194	)		(77,823	)
Cash Flows from Financing Activities:
Proceeds from common stock offerings, net of expenses		20,661			19,170
Proceeds received from SBA debentures		19,500			—
Repayments of SBA debentures		(12,500	)		(35,000	)
Proceeds received from issuance of Notes		100,000			—
Proceeds received from (repayments of) borrowings under Credit Facility, net		(45,000	)		22,500
Proceeds received from (repayments of) Secured Borrowings, net		(73	)		(254	)
Payment of deferred financing costs		(3,320	)		(175	)
Dividends paid to stockholders, including expenses		(18,755	)		(20,427	)
Net cash provided by (used for) financing activities		60,513			(14,186	)
Net increase (decrease) in cash and cash equivalents		10,319			(92,009	)
Cash and cash equivalents:
Beginning of period		57,159			119,131
End of period	$	67,478		$	27,122
Supplemental information and non-cash activities:
Cash payments for interest	$	8,394		$	7,864
Cash payments for taxes, net of tax refunds received	$	3,376		$	874

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 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

Control Investments (t)
US GreenFiber, LLC (n)	Building Products Manufacturing
Second Lien Debt (j)(y)			0.00%/0.00%	7/3/2014	8/30/2024	$	5,226	$	5,223	$	—
Common Equity (2,522 units) (h)(j)				7/3/2014					585		—
Common Equity (425,508 units) (j)				8/30/2019					1		—
Common Equity (1,022,813 units) (h)(j)				7/1/2020					1,023		—
									6,832		—		0	%

Total Control Investments								$	6,832	$	—		0	%

Affiliate Investments (l)
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	Building Products Manufacturing
Subordinated Debt (j)			11.00%/0.00%	12/31/2021	12/31/2027	$	9,602	$	9,602	$	9,602
Common Equity (5,690 units) (h)(j)				12/31/2021					5,690		6,003
Common Equity (7,113 units) (h)(j)				12/31/2021					7,113		7,504
Common Equity (2,012 units) (h)(j)				12/31/2021					—		—
									22,405		23,109		3	%
CP Communications, LLC	Business Services
First Lien Debt (am)		(S + 8.50%) / (4.00%)	12.81%/0.00%	12/4/2024	12/4/2029		6,350		6,306		6,306
Holdco Note (j)			8.00%/8.00%	12/4/2024	6/4/2030		—		—		—
Preferred Equity (62 units)				12/4/2024					500		500
									6,806		6,806		1	%
Medsurant Holdings, LLC (n)	Healthcare Services
Preferred Equity (84,997 units) (h)(j)				4/12/2011					—		84
Warrant (252,588 units) (h)(j)(m)				4/12/2011					—		287
									—		371		0	%
Pfanstiehl, Inc.	Healthcare Products
Common Equity (2,550 units) (j)				3/29/2013					255		42,088		6	%

Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Aerospace & Defense Manufacturing
First Lien Debt (j)(ag)		(S + 6.00%) / (1.00%)	10.56%/0.00%	2/12/2021	2/11/2026		15,000		14,979		14,308
Common Equity (12,035 units) (j)				8/25/2021					1,204		—
Common Equity (38,493 units) (j)				12/16/2022					2,609		—
Common Equity (6,783 units) (j)				7/10/2023					686		—
Common Equity (4,663 units) (j)				9/16/2022					472		—
Common Equity (21,689 units) (j)				5/22/2024					2,195		225
									22,145		14,533		2	%
Steward Holding LLC (dba Steward Advanced Materials)	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units) (j)				11/12/2015					1,000		4,159		1	%

Total Affiliate Investments								$	52,611	$	91,066		13	%

Non-control/Non-affiliate Investments
2KDirect, Inc. (dba iPromote)	Information Technology Services
First Lien Debt (k)(at)		(S + 8.00%) / (0.50%)	12.46%/0.00%	6/25/2021	6/25/2026	$	6,958	$	6,937	$	6,958
First Lien Debt (j)(aa)		(S + 8.00%) / (0.50%)	8.71%/0.00%	7/30/2021	6/25/2026		2,068		2,068		2,068
Common Equity (1,000,000 units)				6/25/2021					1,000		—
									10,005		9,026		1	%
301 Edison Holdings Inc. (dba LGG Industrial)	Specialty Distribution
First Lien Debt (j)			11.75%/1.50%	11/14/2023	11/13/2028		11,641		11,523		11,641
Preferred Equity (518,135 units) (j)				11/14/2023					1,000		1,000
									12,523		12,641		2	%
Acendre Midco, Inc.	Information Technology Services
First Lien Debt (j)			0.00%/0.00%	10/6/2021	3/31/2026		5,690		5,683		5,690
First Lien Debt (j)			0.00%/0.00%	10/6/2021	3/31/2026		12,931		12,908		12,931
Revolving Loan (j)			12.50%/1.25%	10/6/2021	3/31/2026		1,000		1,000		1,000
Common Equity (500,000 shares) (j)				10/6/2021					371		323
Warrant (150,000 shares) (j)(m)				10/6/2021					129		—
Preferred Equity (77,016 shares) (j)				9/26/2022					88		148
									20,179		20,092		3	%
Ad Info Parent, Inc. (dba MediaRadar)	Information Technology Services
First Lien Debt (j)		(S + 6.25%) / (1.00%)	10.55%/0.00%	11/1/2023	9/16/2029		12,344		12,290		12,344
Revolving Loan ($1,117 unfunded commitment) (i)(j)		(S + 6.25%) / (1.00%)	10.55%/0.00%	11/1/2023	9/16/2029		325		319		325
Preferred Equity (1,250,000 units) (j)				11/1/2023					1,250		927
									13,859		13,596		2	%
Aldinger Company	Business Services
Common Equity (12,504 units)				6/30/2023					254		1,690
Preferred Equity (12,861 units)				6/30/2023					1,286		1,621
									1,540		3,311		1	%
Allredi, LLC (fka Marco Group International OpCo, LLC)	Industrial Cleaning & Coatings
Second Lien Debt (j)			0.00%/17.00%	3/2/2020	9/30/2027		15,538		15,504		13,518
Common Equity (570,636 units) (h)(j)				7/21/2017					637		—
Common Equity (39,443 units) (h)(j)				11/24/2021					22		—
Common Equity (524,624units) (h)(j)				8/3/2023					45		27
									16,208		13,545		2	%
American AllWaste LLC (dba WasteWater Transport Services)	Environmental Industries
First Lien Debt (j)(p)		(S + 6.75%) / (1.00%)	11.31%/0.00%	6/28/2021	3/31/2028		22,218		22,182		22,218
First Lien Debt (j)(o)		(S + 6.75%) / (1.00%)	8.81%/0.00%	6/28/2021	3/31/2028		330		330		330
First Lien Debt (j)			15.25%/0.00%	3/28/2024	3/31/2028		5,864		5,864		5,864
Preferred Equity (500 units) (h)(j)				5/31/2018					500		—
Preferred Equity (207 units) (h)(j)				8/6/2019					250		—
Preferred Equity (141 units) (h)(j)				11/2/2020					171		—
Preferred Equity (74 units) (h)(j)				12/29/2021					97		—
Preferred Equity (52 units) (h)(j)				11/27/2024					52		—
Preferred Equity (312 units) (h)(j)				12/30/2024					312		—
Common Equity (1,405 units) (h)(j)				12/30/2024					—		—
									29,758		28,412		4	%
AmeriWater, LLC	Component Manufacturing
First Lien Debt (af)		(S + 6.25%) / (1.00%)	10.55%/0.00%	7/8/2022	7/8/2027		7,226		7,204		7,226
Subordinated Debt (j)			7.00%/7.00%	7/8/2022	1/8/2028		2,424		2,419		2,424
Common Equity (1,000 units) (h)(j)				7/8/2022					1,000		1,768
									10,623		11,418		2	%
AMOpportunities, Inc.	Information Technology Services
First Lien Debt				3/12/2025	3/12/2029		10,000		9,947		9,947


Preferred Equity (740,741 shares)				3/17/2025			741		741
							10,688		10,688	2	%
AOM Intermediate Holdco, LLC (dba AllOver Media)	Information Technology Services
Common Equity (1,232 units) (h)(j)				2/1/2022			1,372		1,517	0	%

APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.)	Building Products Manufacturing
First Lien Debt (ai)		(S + 7.25%) / (2.00%)	11.56%/0.00%	11/8/2022	11/8/2027	18,200	18,134		17,501
Common Equity (1,200 units) (h)(j)				11/8/2022			1,200		678
							19,334		18,179	3	%
Auto CRM LLC (dba Dealer Holdings)	Information Technology Services
Subordinated Debt			0.00%/14.50%	10/1/2021	12/31/2028	813	811		813
Subordinated Debt			0.00%/14.50%	12/30/2024	12/31/2028	1,786	1,786		1,786
Common Equity (500 units) (j)				10/1/2021			500		160
							3,097		2,759	0	%
Axis Medical Technologies LLC (dba MoveMedical)	Information Technology Services
First Lien Debt (j)		(S + 6.50%) / (2.00%)	10.81%/0.00%	10/24/2024	10/24/2029	13,600	13,538		13,538
Revolving Loan ($800 unfunded commitment) (j)(x)		(S + 6.50%) / (2.00%)	10.81%/0.00%	10/24/2024	10/24/2029	—	(4	)	—
Preferred Equity (1,200,000 units) (j)				10/25/2024			1,148		1,148
							14,682		14,686	2	%
Bad Boy Mowers JV Acquisition, LLC	Consumer Products
Subordinated Debt (k)			9.00%/4.50%	11/9/2023	11/9/2030	13,849	13,784		13,849
Preferred Equity (13,000 units) (j)				11/9/2023			1,300		1,457
							15,084		15,306	2	%
Barefoot Mosquito and Pest Control, LLC	Consumer Services
First Lien Debt (k)(s)		(S + 6.00%) / (2.00%)	10.31%/0.00%	11/27/2024	12/22/2029	31,800	31,779		31,779
Common Equity (4,948 units) (h)(j)				12/22/2023			6		—
Preferred Equity (18,415 units) (h)(j)				12/22/2023			1,842		1,985
							33,627		33,764	5	%
BCM One Group Holdings, Inc.	Information Technology Services
Subordinated Debt (j)			11.75%/0.00%	11/17/2021	11/17/2028	17,667	17,568		17,667	3	%

Bedford Precision Parts LLC	Specialty Distribution
Common Equity (500,000 units) (h)(j)				3/12/2019			470		431	0	%

Brightmore Brands LLC	Retail
First Lien Debt (j)(al)		(S + 5.38%) / (1.50%)	9.69%/0.00%	9/13/2022	9/9/2029	24,000	23,692		24,000
Common Equity (1,000 units) (j)				9/13/2022			1,000		1,961
Common Equity (371 units) (j)				9/9/2024			713		772
							25,405		26,733	4	%
Cardback Intermediate, LLC (dba Chargeback Gurus)	Information Technology Services
First Lien Debt (j)(ah)		(S + 6.50%) / (0.75%)	11.07%/0.00%	8/10/2021	8/10/2026	8,892	8,871		8,892
Common Equity (495 shares) (j)				8/10/2021			125		197
Preferred Equity (495 shares) (j)				8/10/2021			125		331
							9,121		9,420	1	%
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC)	Information Technology Services
First Lien Debt (j)		(S + 7.75%) / (1.00%)	12.31%/0.80%	4/1/2022	4/1/2027	10,570	10,551		10,570
Preferred Equity (500,000 units) (h)(j)				8/21/2023			500		51
							11,051		10,621	2	%
CIH Intermediate, LLC	Business Services
Common Equity (563 shares) (j)				3/3/2022			400		1,494
Preferred Equity (563 shares) (j)				3/3/2022			118		1,014
							518		2,508	0	%
CRS Solutions Holdings, LLC (dba CRS Texas)	Business Services
Common Equity (574,929 units) (h)(j)				6/28/2022			272		—	0	%

CTM Group, Inc. (dba Venuplus, Inc.)	Business Services
First Lien Debt		(S + 4.75%) / (1.00%)	9.21%/2.75%	2/28/2023	11/30/2026	8,034	7,963		8,034
Subordinated Debt			7.75%/6.50%	2/28/2023	11/30/2027	2,287	2,273		2,070
Common Equity (400,000 units)				2/28/2023			400		—
							10,636		10,104	1	%
Customer Expressions Corp (dba Case IQ)	Information Technology Services
First Lien Debt (j)(bc)		(S + 5.00%) / (1.00%)	9.45%/0.50%	1/6/2025	4/15/2029	15,044	14,938		14,938
Common Equity (502,894 units) (j)				1/6/2025			771		771
							15,709		15,709	2	%
Dataguise, Inc.	Information Technology Services
Subordinated Debt (j)			11.00%/2.00%	12/30/2022	11/23/2027	20,198	20,171		20,198
Common Equity (909 shares) (j)				12/31/2020			1,500		1,293
							21,671		21,491	3	%
Dealerbuilt Acquisition, LLC	Information Technology Services
First Lien Debt (ac)		(S + 5.75%) / (4.00%)	10.06%/1.00%	7/21/2023	7/21/2026	13,530	13,488		13,530
Subordinated Debt (j)			7.50%/7.50%	7/21/2023	1/21/2027	11,821	11,779		11,821
Common Equity (1,000 Units) (h)(j)				7/21/2023			—		—
Preferred Equity (1,000 Units) (h)(j)				7/21/2023			1,000		1,001
							26,267		26,352	4	%
Detechtion Holdings, LLC	Information Technology Services
First Lien Debt (k)		(S + 5.75%) / (2.25%)	10.06%/2.00%	6/21/2023	6/21/2028	23,722	23,633		23,722
Revolving Loan ($1,000 unfunded commitment) (j)(w)		(S + 7.75%) / (2.25%)	12.06%/0.00%	7/12/2024	6/21/2028	—	(4	)	—
Subordinated Debt (j)			0.00%/14.00%	6/21/2023	6/21/2028	2,564	2,557		2,564
Common Equity (601,532 units) (h)(j)				6/21/2023			602		628
							26,788		26,914	4	%
Diversified Search LLC	Business Services
First Lien Debt (j)(r)		(S + 7.50%) / (1.00%)	12.06%/0.00%	2/7/2019	12/23/2026	24,155	24,135		24,047
Common Equity (573 units) (h)(j)				2/7/2019			552		155
							24,687		24,202	4	%
Donovan Food Brokerage, LLC	Business Services
First Lien Debt (ae)		(S + 6.25%) / (2.00%)	10.58%/0.00%	2/23/2024	2/23/2029	17,108	17,047		17,108
Common Equity (598,832 units) (j)				2/23/2024			599		1,288
							17,646		18,396	3	%
Elements Brands, LLC	Consumer Products
First Lien Debt (j)			12.25%/0.00%	12/31/2020	6/30/2025	2,025	2,025		2,025
Revolving Loan (j)			12.25%/0.00%	12/31/2020	6/30/2025	1,500	1,500		1,500
							3,525		3,525	1	%
Enterprise Asset Management FM Purchaser, Inc. (dba MCIM)	Information Technology Services
First Lien Debt (j)		(S + 5.75%) / (2.00%)	10.06%/2.00%	5/20/2024	5/20/2029	17,300	17,230		17,300
Common Equity (551,470 units) (j)				5/20/2024			749		929
							17,979		18,229	3	%
Estex Manufacturing Company, LLC	Component Manufacturing
First Lien Debt (j)(az)		(S + 5.00%) / (2.00%)	9.32%/0.00%	10/1/2024	10/1/2029	5,531	5,477		5,477
Common Equity (75,000 units) (j)				10/1/2024			750		750
							6,227		6,227	1	%
Fishbowl Solutions, LLC	Information Technology Services
First Lien Debt		(S + 7.75%) / (1.00%)		3/25/2022	3/25/2027	18,568	18,502		18,568
First Lien Debt (j)		(S + 7.75%) / (1.00%)	12.31%/0.00%	12/27/2024	3/25/2027	9,870	9,870		9,870


Revolving Loan ($1,500 unfunded commitment) (i)(j)		(S + 7.75%) / (1.00%)	12.31%/0.00%	12/27/2024	3/25/2027	1,500	1,500		1,500
							29,872		29,938	4	%
Fraser Steel LLC	Component Manufacturing
First Lien Debt			13.00%/0.00%	2/5/2025	2/5/2030	14,000	13,926		13,926
Revolving Loan ($2,000 unfunded commitment) (j)(i)			13.00%/0.00%	2/5/2025	2/5/2030	—	(10	)	—
Preferred Equity (140,000 units) (h)(j)				2/5/2025			140		140
Common Equity (500,000 units) (h)(j)				2/5/2025			500		500
							14,556		14,566	2	%
Fumex, LLC	Industrial Product Services
First Lien Debt (j)(ar)		(S + 4.75%) / (1.00%)	9.08%/0.00%	11/27/2024	11/27/2029	7,000	6,951		6,951
Common Equity (3,500 units) (h)(j)				11/27/2024			350		350
							7,301		7,301	1	%
Global Plasma Solutions, Inc.	Component Manufacturing
Common Equity (601 shares) (j)				2/1/2024			162		266
Common Equity (1,705 shares) (j)				9/21/2018			188		423
							350		689	0	%
GMP HVAC, LLC (dba McGee Heating & Air, LLC)	Utilities: Services
First Lien Debt (j)(bb)		(S + 7.00%) / (2.00%)	11.79%/0.00%	12/8/2023	12/8/2028	24,346	24,220		24,346
Preferred Equity (1,394 units) (h)(j)				12/8/2023			1,406		1,587
							25,626		25,933	4	%
GP&C Operations, LLC (dba Garlock Printing and Converting)	Component Manufacturing
Common Equity (515,625 units) (h)(j)				1/22/2021			516		962	0	%

Green Cubes Technology, LLC (dba Green Cubes)	Information Technology Services
First Lien Debt (j)(ax)		(S + 7.50%) / (2.00%)	11.80%/0.00%	10/16/2024	10/16/2029	22,500	22,248		22,248	3	%

Haematologic Technologies, Inc.	Healthcare Services
First Lien Debt		(S + 5.25%) / (3.00%)	9.83%/3.00%	10/11/2019	6/30/2026	6,460	6,460		6,460
Common Equity (630 units) (h)(j)				10/11/2019			630		—
Common Equity (169 units) (h)(j)				6/26/2023			168		231
							7,258		6,691	1	%
Hallmark Health Care Solutions, Inc.	Healthcare Services
Common Equity (3,645,752 units) (j)				9/18/2023			3,646		3,432	1	%

Hub Acquisition Sub, LLC (dba Hub Pen)	Promotional products
Second Lien Debt (j)			11.50%/1.25%	4/25/2023	6/30/2028	24,882	24,655		24,882
Common Equity (5,837 units) (j)				3/23/2016			—		1,307
Common Equity (637 units) (j)				8/7/2023			24		143
Preferred Equity (868 units) (j)				10/16/2020			154		340
							24,833		26,672	4	%
IBH Holdings, LLC (fka Inflexxion, Inc.)	Business Services
Common Equity (150,000 units) (j)				6/20/2018			—		—	0	%

InductiveHealth Informatics, LLC	Healthcare Services
First Lien Debt (j)		(S + 7.75%) / (2.00%)	12.06%/0.50%	9/20/2024	9/20/2028	20,054	19,858		20,054
Preferred Equity (367 units) (j)				9/20/2024			367		382
Common Equity (1,361 units) (j)				9/20/2024			—		—
							20,225		20,436	3	%
Info Tech Operating, LLC (dba infotech)	Information Technology Services
First Lien Debt (bd)		(S + 4.88%) / (2.00%)	12.16%/0.00%	3/31/2025	3/31/2030	13,500	13,399		13,399	2	%

Informatics Holdings, Inc. (dba Wasp Barcode Technologies)	Information Technology Services
First Lien Debt (j)(v)		(S + 6.50%) / (2.50%)	10.81%/0.00%	5/1/2024	3/7/2029	9,000	8,986		9,000
Preferred Equity (1,000,000 units) (j)				3/7/2024			1,000		1,166
							9,986		10,166	1	%
ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.)	Business Services
First Lien Debt (j)(aj)		(S + 7.50%) / (0.50%)	11.95%/0.00%	4/5/2021	4/5/2026	10,649	10,628		10,649
First Lien Debt (j)(an)		(S + 7.50%) / (0.50%)	8.45%/0.00%	6/30/2021	4/5/2026	11,203	11,203		11,203
Common Equity (256,964 units) (h)(j)				4/5/2021			500		314
							22,331		22,166	3	%
Janus Health Technologies, Inc.	Information Technology Services
First Lien Debt			13.00%/0.00%	1/3/2024	1/3/2028	5,000	4,984		5,000
First Lien Debt (j)			13.00%/0.00%	1/3/2024	1/3/2028	2,500	2,499		2,500
Preferred Equity (68,361 units)				1/3/2024			1,500		764
							8,983		8,264	1	%
Jumo Health, Inc.	Healthcare Services
First Lien Debt (j)(aw)		(S + 5.25%) / (2.00%)	9.56%/0.00%	8/16/2024	8/16/2029	5,985	5,923		5,985
Common Equity (1,359 shares) (j)				8/16/2024			—		145
Preferred Equity (1,359 shares) (j)				8/16/2024			750		788
							6,673		6,918	1	%
The Kyjen Company, LLC (dba Outward Hound)	Consumer Products
Common Equity (855 shares) (j)				12/8/2017			933		16	0	%

Level Education Group, LLC (dba CE4Less)	Business Services
First Lien Debt (ak)		(S + 5.75%) / (2.00%)	10.32%/0.00%	4/1/2021	4/1/2026	2,212	2,204		2,212
Common Equity (1,000,000 units) (j)				4/1/2021			1,000		2,004
							3,204		4,216	1	%
LifeSpan Biosciences, Inc.	Healthcare Products
Subordinated Debt (j)			11.50%/0.00%	3/19/2021	4/7/2028	16,000	15,974		16,000
Common Equity (108 shares) (j)				6/7/2024			595		504
							16,569		16,504	2	%
Mayesh Wholesale Florist, LLC	Specialty Distribution
First Lien Debt ($2,000 unfunded commitment)(j)(be)(i)		(S + 6.25%) / (2.00%)	13.55%/0.00%	3/18/2025	3/18/2030	10,500	10,378		10,378
Preferred Equity (500,000 units) (h)(j)				3/18/2025			500		500
							10,878		10,878	2	%
MBS Opco, LLC (dba Marketron)	Information Technology Services
First Lien Debt (j)		(S + 8.50%) / (1.50%)	13.07%/0.00%	9/29/2022	9/28/2026	27,000	26,950		27,000	4	%

MDME Holding Corp.	Healthcare Products
First Lien Debt		(S + 6.25%) / (1.00%)	10.70%/0.00%	8/31/2023	8/3/2027	11,774	11,717		11,333
Common Equity (4,735 units) (j)				9/18/2023			—		—
Preferred Equity (12,500 units) (j)				9/18/2023			1,250		316
							12,967		11,649	2	%
Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.)	Component Manufacturing
First Lien Debt (k)(as)		(S + 5.25%) / (0.50%)	9.82%/0.00%	2/17/2022	2/17/2027	30,000	29,509		30,625
Common Equity (14,400 units) (j)				2/17/2022			1,440		7,606
							30,949		38,231	6	%
Netbase Solutions, Inc. (dba Netbase Quid)	Information Technology Services
First Lien Debt (k)(ap)		(P + 1.50%) / (3.25%)	9.00%/2.50%	11/18/2021	11/18/2026	16,049	16,027		16,049	2	%

NWS Technologies, LLC	Utilities: Services
First Lien Debt (u)		(S + 8.00%) / (2.50%)	12.31%/0.00%	6/20/2023	6/16/2028	17,000	16,836		17,000
Common Equity (1 unit) (h)(j)				6/20/2023			1,110		916
Preferred Equity (0.375 units) (h)(j)				6/20/2023			370		415


							18,316		18,331	3	%
OnePath Systems, LLC	Information Technology Services
Common Equity (732,542 shares) (j)				9/30/2022			500		790	0	%
							500		790
Onsight Industries, LLC	Component Manufacturing
First Lien Debt (j)(bf)		(S + 5.50%) / (1.50%)	9.79%/0.00%	3/27/2025	1/7/2030	9,120	9,090		9,090
Common Equity (380,000 units) (h)(j)				1/7/2025			380		380
							9,470		9,470	1	%
Palmetto Moon, LLC	Retail
Common Equity (499 units) (j)				11/3/2016			265		1,432	0	%

PayEntry Financial Services, Inc. (dba Payentry)	Business Services
Second Lien Debt (k)				3/28/2025	9/28/2031	5,552	5,496		5,496
Second Lien Debt ($2,988 unfunded commitment)(k)(bg)				3/28/2025	9/28/2031	—	—		—
Second Lien Debt ($2,988 unfunded commitment)(k)(bg)				3/28/2025	9/28/2031	—	—		—
Preferred Equity (7,500 units)				3/28/2025			750		750
							6,246		6,246	1	%
Pinnergy, Ltd.	Oil & Gas Services
Subordinated Debt (j)			10.00%/0.00%	6/30/2022	6/30/2027	10,200	10,166		10,200	2	%

PowerGrid Services Acquisition, LLC	Utilities: Services
Common Equity (5,461 units) (h)(j)				9/21/2021			494		1,369	0	%

Prime AE Group, Inc.	Business Services
First Lien Debt (j)(ab)		(S + 8.75%) / (2.00%)	13.19%/0.00%	11/25/2019	11/22/2025	5,500	5,491		5,500
Preferred Equity (900,000 shares) (j)				11/25/2019			900		339
							6,391		5,839	1	%
Puget Collision, LLC	Retail
First Lien Debt (j)(av)		(S + 7.00%) / (2.00%)	11.31%/0.00%	1/4/2024	1/4/2029	22,232	22,030		22,232
Subordinated Debt (h)(j)			0.00%/10.00%	11/22/2024	5/22/2026	62	62		58
Subordinated Debt (h)(j)			0.00%/10.00%	12/20/2024	6/20/2026	38	38		36
Common Equity (310 units) (h)(j)				1/4/2024			810		1,051
							22,940		23,377	3	%
QED Technologies International, Inc.	Component Manufacturing
First Lien Debt (q)		(S + 5.25%) / (1.50%)	9.56%/0.50%	3/1/2023	3/1/2028	15,551	15,475		15,551
Common Equity (140 shares) (j)				2/28/2023			1,402		4,084
							16,877		19,635	3	%
Quantum IR Technologies, LLC	Information Technology Services
First Lien Debt (j)(y)			14.00%/0.00%	3/19/2024	12/20/2026	12,000	11,964		—
Common Equity (12,183 shares) (j)				3/19/2024			2,400		—
							14,364		—	0	%
Quest Software US Holdings Inc.	Information Technology Services
Second Lien Debt (j)		(S + 7.50%) / (0.50%)	11.94%/0.00%	3/1/2022	2/1/2030	20,000	19,561		9,722	1	%

R1 Holdings, LLC (dba RoadOne IntermodaLogistics)	Transportation services
First Lien Debt (j)		(S + 6.25%) / (1.00%)	10.49%/0.00%	12/30/2022	12/30/2028	6,263	6,104		6,263
Subordinated Debt (j)			8.75%/5.00%	12/30/2022	6/30/2029	1,494	1,463		1,448
Common Equity (280,000 units) (j)				12/30/2022			279		156
							7,846		7,867	1	%
R.F. Fager Company LLC	Specialty Distribution
Second Lien Debt (j)			12.75%/0.00%	3/4/2024	8/4/2030	14,000	13,934		14,000
Common Equity (12,500 units) (h)(j)				3/4/2024			1,208		1,384
							15,142		15,384	2	%
ServicePower, Inc.	Information Technology Services
First Lien Debt (k)		(S + 8.00%) / (3.25%)	12.31%/0.00%	3/15/2024	3/15/2028	21,000	20,769		21,000	3	%

SES Investors, LLC (dba SES Foam) (n)	Building Products Manufacturing
Common Equity (6,000 units) (h)(j)				9/8/2016			—		—	0	%

Suited Connector LLC	Information Technology Services
Second Lien Debt (j)(y)			0.00%/13.00%	10/29/2021	6/1/2028	16,000	15,933		4,525
Common Equity (97,808 units) (h)(j)				12/1/2021			857		—
							16,790		4,525	1	%
Tedia Company, LLC	Healthcare Products
First Lien Debt (j)		(S + 7.75%) / (1.00%)	12.32%/0.00%	3/4/2022	3/4/2027	14,100	14,066		14,100
Revolving Loan ($2,250 unfunded commitment) (i)(j)		(S + 7.75%) / (1.00%)	12.32%/0.00%	3/4/2022	3/4/2027	—	(9	)	—
Subordinated Debt (j)			7.25%/7.25%	3/4/2022	9/4/2027	3,144	3,138		3,585
Preferred Equity (1,000 units) (h)(j)				3/4/2022			1,000		822
							18,195		18,507	3	%
Thrust Flight LLC	Business Services
First Lien Debt ($1,033 unfunded commitment)(i)(j)(au)		(S + 5.75%) / (2.00%)	10.06%/0.00%	9/9/2024	9/9/2029	11,393	11,307		11,393
Common Equity (1,050,000 units) (h)(j)				9/9/2024			1,050		1,115
							12,357		12,508	2	%
Tiger Calcium Services Inc. (aq)	Transportation services
Second Lien Debt (j) (ao)			12.50%/0.00%	12/21/2022	7/31/2026	12,500	12,492		12,500	2	%

UBEO, LLC	Business Services
Common Equity (705,000 units) (h)(j)				4/3/2018			655		2,337	0	%

United Biologics, LLC	Healthcare Services
Preferred Equity (98,377 units) (h)(j)				4/1/2012			891		—
Warrant (57,469 units) (j)(m)				3/5/2012			565		—
							1,456		—	0	%
USG AS Holdings, LLC	Utilities: Services
First Lien Debt (j)		(S + 8.00%) / (2.50%)	12.46%/0.00%	2/23/2023	2/23/2028	10,000	9,942		10,000
Common Equity (Units N/A) (j)				2/21/2023			387		2,475
							10,329		12,475	2	%
Virginia Tile Company, LLC (n)	Specialty Distribution
Common Equity (Units N/A) (j)				12/19/2014			—		5	0	%

Virtex Enterprises, LP	Component Manufacturing
Second Lien Debt (y)		(S + 0.00%) / (2.50%)	4.42%/9.75%	4/13/2022	6/30/2026	11,002	10,906		4,151
Subordinated Debt (y)		(S + 4.00%) / (2.50%)	10.42%/0.00%	9/20/2023	12/31/2025	350	349		311
							11,255		4,462	1	%
W50 Holdings, LLC	Business Services
Subordinated Debt (j)			12.50%/0.00%	3/22/2024	3/24/2031	12,500	12,367		12,500
Preferred Equity (Units N/A) ($100 unfunded commitment) (j)				3/21/2024			900		817
							13,267		13,317	2	%
White Label Communication, LLC	Information Technology Services
First Lien Debt (j)		(S + 6.00%) / (1.00%)	10.32%/0.00%	10/11/2023	10/11/2029	17,281	17,207		17,281
Common Equity (536 units) (h)(j)				10/11/2023			—		4
Preferred Equity (5,000 units) (h)(j)				10/11/2023			500		556
							17,707		17,841	3	%
Winona Foods, Inc.	Specialty Distribution
First Lien Debt (j)		(S + 6.00%) / (6.00%)	17.00%/0.00%	12/13/2023	6/13/2027	2,007	1,988		2,067	0	%



Wonderware Holdings, LLC (dba CORE Business Technologies)	Information Technology Services
First Lien Debt (k)(z)		(S + 7.00%) / (1.00%)	11.58%/0.00%	2/10/2021	5/31/2025	8,316		8,316		8,316	1	%

World Tours LLC	Consumer Services
First Lien Debt (ay)		(S + 6.50%) / (2.00%)	10.81%/0.00%	11/13/2024	11/13/2029	6,000		5,958		5,958
Preferred Equity (1,000,000 units) (h)(j)				11/13/2024				1,000		1,000
								6,958		6,958	1	%
Worldwide Express Operations, LLC	Transportation services
Common Equity (795,000 units) (j)				7/21/2021				795		900
Common Equity (752,380 units) (h)(j)				7/26/2021				225		695
								1,020		1,595	0	%
Zonkd, LLC	Component Manufacturing
First Lien Debt (j)			15.00%/0.00%	3/18/2022	3/18/2027	2,800		2,709		2,800
Common Equity (4,987 units) (h)(j)				3/18/2022				169		674
								2,878		3,474	1	%

Total Non-control/Non-affiliate Investments							$	1,089,409	$	1,063,342	157	%

Total Investments							$	1,148,852	$	1,154,408	170	%

Money market funds (included in cash and cash equivalents)
Goldman Sachs Financial Square Treasury Obligation Institution CUSIP (38141W323) (ad)			4.22%/0.00%				$	62,616	$	62,616	9	%
Total money market funds							$	62,616	$	62,616	9	%
Total Investments and Money Market Funds							$	1,211,468	$	1,217,024	179	%

(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 March 31, 2025, the Company held restricted securities with an aggregate fair value of $1,154,408, or 170% 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 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 March 31, 2025.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of March 31, 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 March 31, 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 Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

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

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

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

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

(o) The 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 3.26% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 2.38% 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 2.92% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 1.01% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 2.13% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 1.21% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(w) The disclosed commitment represents the unfunded amount as of March 31, 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 March 31, 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 March 31, 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 4.01% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 U.S. generally accepted accounting principles (“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 5.25% 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.

(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 2.82% and PIK interest amount of 1.26% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 1.49% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 3.84% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 3.23% 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.

(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 4.04% 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 3.00% 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.

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

(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 March 31, 2025, total non-qualifying assets at fair value represented 1.01% 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 0.00% 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 2.62% 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.

(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 3.01% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 2.51% 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 4.22% 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.

(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 0.66% 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 1.06% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 2.17% 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 2.39% 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.

(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 0.48% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 2.47% and PIK interest amount of 0.75% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 3.00% 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.

(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 3.00% 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.

(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 2.53% 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) The disclosed commitment represents the unfunded amount as of March 31, 2025. The Company is earning 0.60% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

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

Control Investments (t)
US GreenFiber, LLC (n)	Building Products Manufacturing
Second Lien Debt (j)(y)			0.00%/0.00%	7/3/2014	8/30/2024	$	5,226	$	5,223	$	—
Common Equity (2,522 units) (h)(j)				7/3/2014					585		—
Common Equity (425,508 units) (j)				8/30/2019					1		—
Common Equity (1,022,813 units) (h)(j)				7/1/2020					1,023		—
									6,832		—		0	%

Total Control Investments								$	6,832	$	—		0	%

Affiliate Investments (l)
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	Building Products Manufacturing
Subordinated Debt (j)			11.00%/0.00%	12/31/2021	12/31/2027	$	9,602	$	9,602	$	9,602
Common Equity (5,690 units) (h)(j)				12/31/2021					5,690		6,571
Common Equity (7,113 units) (h)(j)				12/31/2021					7,113		8,214
Common Equity (2,012 units) (h)(j)				12/31/2021					-		-
									22,405		24,387		4	%
CP Communications, LLC	Business Services
First Lien Debt (am)		(S + 8.50%) / (4.00%)	12.96%/0.00%	12/4/2024	12/4/2029		6,350		6,304		6,304
Holdco Note (j)			8.00%/8.00%	12/4/2024	6/4/2030		1,509		1,502		1,502
Preferred Equity (62 units)				12/4/2024					500		500
									8,306		8,306		1	%
Medsurant Holdings, LLC	Healthcare Services
Preferred Equity (84,997 units) (h)(j)				4/12/2011					314		2,231
Warrant (252,588 units) (h)(j)(m)				4/12/2011					2,257		7,632
									2,571		9,863		1	%
Pfanstiehl, Inc.	Healthcare Products
Common Equity (2,550 units) (j)				3/29/2013					255		39,923		6	%

Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Aerospace & Defense Manufacturing
First Lien Debt (j)(ag)		(S + 6.00%) / (1.00%)	10.57%/0.00%	2/12/2021	2/11/2026		15,000		14,976		14,186
Common Equity (12,035 units) (j)				8/25/2021					1,204		—
Common Equity (38,493 units) (j)				12/16/2022					2,609		—
Common Equity (6,783 units) (j)				7/10/2023					686		—
Common Equity (4,663 units) (j)				9/16/2022					472		—
Common Equity (21,689 units) (j)				5/22/2024					2,195		735
									22,142		14,921		2	%
Steward Holding LLC (dba Steward Advanced Materials)	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units) (j)				11/12/2015					1,000		4,624		1	%

Total Affiliate Investments								$	56,679	$	102,024		15	%

Non-control/Non-affiliate Investments
2KDirect, Inc. (dba iPromote)	Information Technology Services
First Lien Debt (k)(at)		(S + 8.00%) / (0.50%)	12.74%/0.00%	6/25/2021	6/25/2026	$	7,076	$	7,051	$	7,076
First Lien Debt (j)(aa)		(S + 8.00%) / (0.50%)	8.99%/0.00%	7/30/2021	6/25/2026		2,141		2,141		2,141
Common Equity (1,000,000 units)				6/25/2021					1,000		—
									10,192		9,217		1	%
301 Edison Holdings Inc. (dba LGG Industrial)	Specialty Distribution
First Lien Debt (j)			11.75%/1.50%	11/14/2023	11/13/2028		11,597		11,471		11,597
Preferred Equity (518,135 units) (j)				11/14/2023					1,000		1,000
									12,471		12,597		2	%
Acendre Midco, Inc.	Information Technology Services
First Lien Debt (j)		(S + 7.75%) / (0.50%)	12.60%/0.00%	10/6/2021	10/6/2026		5,418		5,412		5,418
First Lien Debt (j)		(S + 7.75%) / (0.50%)	12.60%/0.00%	10/6/2021	10/6/2026		12,313		12,289		12,313
Revolving Loan (j)		(S + 7.75%) / (0.50%)	12.60%/0.00%	10/6/2021	10/6/2026		1,000		1,000		1,000
Common Equity (500,000 shares) (j)				10/6/2021					371		365
Warrant (150,000 shares) (j)(m)				10/6/2021					129		1
Preferred Equity (77,016 shares) (j)				9/26/2022					88		143
									19,289		19,240		3	%
Ad Info Parent, Inc. (dba MediaRadar)	Information Technology Services
First Lien Debt (j)		(S + 6.25%) / (1.00%)	10.75%/0.00%	11/1/2023	9/16/2029		12,375		12,319		11,996
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
Preferred Equity (1,250,000 units) (j)				11/1/2023					1,250		735
									14,139		13,308		2	%
Aldinger Company	Business Services
Common Equity (12,504 units)				6/30/2023					254		1,645
Preferred Equity (12,861 units)				6/30/2023					1,286		1,583
									1,540		3,228		0	%
Allredi, LLC (fka Marco Group International OpCo, LLC)	Industrial Cleaning & Coatings
Second Lien Debt (j)			0.00%/17.00%	3/2/2020	9/2/2026		13,702		13,665		12,623
Common Equity (570,636 units) (h)(j)				7/21/2017					637		36
Common Equity (39,443 units) (h)(j)				11/24/2021					22		36
Common Equity (524,624units) (h)(j)				8/3/2023					45		61
									14,369		12,756		2	%


American AllWaste LLC (dba WasteWater Transport Services)	Environmental Industries
First Lien Debt (j)(p)		(S + 6.75%) / (1.00%)	11.32%/0.00%	6/28/2021	3/31/2028	22,218	22,180		22,218
First Lien Debt (j)(o)		(S + 6.75%) / (1.00%)	8.82%/0.00%	6/28/2021	3/31/2028	330	330		328
First Lien Debt (j)			15.25%/0.00%	3/28/2024	3/31/2028	5,864	5,864		5,864
Preferred Equity (500 units) (h)(j)				5/31/2018			500		—
Preferred Equity (207 units) (h)(j)				8/6/2019			250		—
Preferred Equity (141 units) (h)(j)				11/2/2020			171		—
Preferred Equity (74 units) (h)(j)				12/29/2021			97		—
Preferred Equity (52 units) (h)(j)				11/27/2024			52		—
Preferred Equity (312 units) (h)(j)				12/30/2024			312		312
Common Equity (1,405 units) (h)(j)				12/30/2024			—		—
							29,756		28,722	4	%
AmeriWater, LLC	Component Manufacturing
First Lien Debt (af)		(S + 6.25%) / (1.00%)	10.58%/0.00%	7/8/2022	7/8/2027	7,340	7,316		7,340
Subordinated Debt (j)			7.00%/7.00%	7/8/2022	1/8/2028	2,382	2,377		2,382
Common Equity (1,000 units) (h)(j)				7/8/2022			1,000		1,392
							10,693		11,114	2	%
AOM Intermediate Holdco, LLC (dba AllOver Media)	Information Technology Services
Common Equity (1,232 units) (h)(j)				2/1/2022			1,372		1,459	0	%

APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.)	Building Products Manufacturing
First Lien Debt (ai)		(S + 7.25%) / (2.00%)	11.84%/0.00%	11/8/2022	11/8/2027	18,200	18,126		17,808
Common Equity (1,200 units) (h)(j)				11/8/2022			1,200		644
							19,326		18,452	3	%
Auto CRM LLC (dba Dealer Holdings)	Information Technology Services
Subordinated Debt			0.00%/14.50%	10/1/2021	12/31/2028	784	782		783
Subordinated Debt			0.00%/14.50%	12/30/2024	12/31/2028	1,722	1,722		1,722
Common Equity (500 units) (j)				10/1/2021			500		291
							3,004		2,796	0	%
Axis Medical Technologies LLC (dba MoveMedical)	Information Technology Services
First Lien Debt (j)		(S + 6.50%) / (2.00%)	11.13%/0.00%	10/24/2024	10/24/2029	13,600	13,535		13,535
Revolving Loan ($800 unfunded commitment) (j)(x)		(S + 6.50%) / (2.00%)	11.13%/0.00%	10/24/2024	10/24/2029	—	(4	)	—
Preferred Equity (1,200,000 units) (j)				10/25/2024			1,148		1,148
							14,679		14,683	2	%
Bad Boy Mowers JV Acquisition, LLC	Consumer Products
Subordinated Debt (k)			9.00%/4.50%	11/9/2023	11/9/2030	13,695	13,626		13,695
Preferred Equity (13,000 units) (j)				11/9/2023			1,300		1,438
							14,926		15,133	2	%
Barefoot Mosquito and Pest Control, LLC	Consumer Services
First Lien Debt (k)(s)		(S + 6.50%) / (2.00%)	11.02%/0.00%	11/27/2024	12/22/2029	26,800	26,800		26,800
Common Equity (4,422 units) (h)(j)				12/22/2023			—		—
Preferred Equity (16,693 units) (h)(j)				12/22/2023			1,669		1,736
							28,469		28,536	4	%
BCM One Group Holdings, Inc.	Information Technology Services
Subordinated Debt (j)			11.75%/0.00%	11/17/2021	11/17/2028	17,667	17,562		17,667	3	%

Bedford Precision Parts LLC	Specialty Distribution
Common Equity (500,000 units) (h)(j)				3/12/2019			470		444	0	%

Brightmore Brands LLC	Retail
First Lien Debt (j)(al)		(S + 5.38%) / (1.50%)	9.97%/0.00%	9/13/2022	9/9/2029	24,000	23,675		24,000
Common Equity (1,000 units) (j)				9/13/2022			1,000		1,856
Common Equity (371 units) (j)				9/9/2024			713		732
							25,388		26,588	4	%
Cardback Intermediate, LLC (dba Chargeback Gurus)	Information Technology Services
First Lien Debt (j)(ah)		(S + 6.50%) / (0.75%)	11.35%/0.00%	8/10/2021	8/10/2026	8,927	8,902		8,927
Common Equity (495 shares) (j)				8/10/2021			125		123
Preferred Equity (495 shares) (j)				8/10/2021			125		325
							9,152		9,375	1	%
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC)	Information Technology Services
First Lien Debt (j)		(S + 7.25%) / (1.00%)	12.09%/0.00%	4/1/2022	4/1/2027	10,550	10,529		10,550
Revolving Loan ($1,000 unfunded commitment) (i)(j)		(S + 6.25%) / (1.00%)	11.09%/0.00%	4/1/2022	4/1/2027	—	—		—
Preferred Equity (500,000 units) (h)(j)				8/21/2023			500		148
							11,029		10,698	2	%
CIH Intermediate, LLC	Business Services
Subordinated Debt (k)			10.00%/1.00%	3/3/2022	3/3/2028	12,666	12,594		12,666
Common Equity (563 shares) (j)				3/3/2022			400		1,935
Preferred Equity (563 shares) (j)				3/3/2022			400		995
							13,394		15,596	2	%
CRS Solutions Holdings, LLC (dba CRS Texas)	Business Services
Common Equity (574,929 units) (h)(j)				6/28/2022			272		—	0	%

CTM Group, Inc. (dba Venuplus, Inc.)	Business Services
First Lien Debt		(S + 4.75%) / (1.00%)	9.40%/2.75%	2/28/2023	11/30/2026	7,980	7,898		7,980
Subordinated Debt			7.75%/6.50%	2/28/2023	11/30/2027	2,251	2,235		2,019
Common Equity (400,000 units)				2/28/2023			400		35
							10,533		10,034	2	%
Dataguise, Inc.	Information Technology Services
Subordinated Debt (j)			11.00%/2.00%	12/30/2022	11/23/2027	22,590	22,560		22,590
Common Equity (909 shares) (j)				12/31/2020			1,500		1,276
							24,060		23,866	4	%
Dealerbuilt Acquisition, LLC	Information Technology Services
First Lien Debt (ac)		(S + 5.75%) / (4.00%)	10.36%/1.00%	7/21/2023	7/21/2026	13,455	13,404		13,455


Subordinated Debt (j)			7.50%/7.50%	7/21/2023	1/21/2027	11,603	11,556		11,603
Common Equity (1,000 Units) (h)(j)				7/21/2023			—		—
Preferred Equity (1,000 Units) (h)(j)				7/21/2023			1,000		1,000
							25,960		26,058	4	%
Detechtion Holdings, LLC	Information Technology Services
First Lien Debt (k)		(S + 5.75%) / (2.25%)	10.34%/2.00%	6/21/2023	6/21/2028	23,604	23,508		23,604
Revolving Loan ($1,000 unfunded commitment) (j)(w)		(S + 7.75%) / (2.25%)	12.34%/0.00%	7/12/2024	6/21/2028	—	(4	)	—
Subordinated Debt (j)			0.00%/14.00%	6/21/2023	6/21/2028	2,477	2,469		2,477
Common Equity (601,532 units) (h)(j)				6/21/2023			602		657
							26,575		26,738	4	%
Diversified Search LLC	Business Services
First Lien Debt (j)(r)		(S + 7.50%) / (1.00%)	12.09%/0.00%	2/7/2019	9/30/2025	24,155	24,124		23,612
Common Equity (573 units) (h)(j)				2/7/2019			552		203
							24,676		23,815	4	%
Donovan Food Brokerage, LLC	Business Services
First Lien Debt (ae)		(S + 6.25%) / (2.00%)	10.84%/0.00%	2/23/2024	2/23/2029	17,108	17,043		17,108
Common Equity (598,832 units) (j)				2/23/2024			599		1,125
							17,642		18,233	3	%
Elements Brands, LLC	Consumer Products
First Lien Debt (j)			12.25%/0.00%	12/31/2020	6/30/2025	2,025	2,025		2,025
Revolving Loan (j)			12.25%/0.00%	12/31/2020	6/30/2025	1,500	1,500		1,500
							3,525		3,525	1	%
Enterprise Asset Management FM Purchaser, Inc. (dba MCIM)	Information Technology Services
First Lien Debt (j)		(S + 5.75%) / (2.00%)	10.34%/2.00%	5/20/2024	5/20/2029	17,214	17,140		17,214
Common Equity (551,470 units) (j)				5/20/2024			750		846
							17,890		18,060	3	%
Estex Manufacturing Company, LLC	Component Manufacturing
First Lien Debt (j)(az)		(S + 5.00%) / (2.00%)	9.55%/0.00%	10/1/2024	10/1/2029	5,531	5,474		5,474
Common Equity (75,000 units) (j)				10/1/2024			750		750
							6,224		6,224	1	%
Fishbowl Solutions, LLC	Information Technology Services
First Lien Debt		(S + 7.75%) / (1.00%)		3/25/2022	3/25/2027	18,811	18,738		18,811
First Lien Debt (j)		(S + 7.75%) / (1.00%)	12.62%/0.00%	12/27/2024	3/25/2027	10,001	10,001		10,001
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
							29,516		29,589	5	%
Fumex, LLC	Industrial Product Services
First Lien Debt (j)(ar)		(S + 4.75%) / (1.00%)	9.26%/0.00%	11/27/2024	11/27/2029	7,000	6,949		6,949
Common Equity (3,500 units) (h)(j)				11/27/2024			350		350
							7,299		7,299	1	%
Global Plasma Solutions, Inc.	Component Manufacturing
Common Equity (601 shares) (j)				2/1/2024			162		261
Common Equity (1,705 shares) (j)				9/21/2018			188		371
							350		632	0	%
GMP HVAC, LLC (dba McGee Heating & Air, LLC)	Utilities: Services
First Lien Debt (j)		(S + 7.00%) / (2.00%)	11.59%/0.00%	12/8/2023	12/8/2028	20,596	20,497		20,596
Revolving Loan ($1,500 unfunded commitment) (i)(j)		(S + 7.00%) / (2.00%)	11.59%/0.00%	12/8/2023	12/8/2028	—	(7	)	—
Preferred Equity (1,394 units) (h)(j)				12/8/2023			1,406		1,594
							21,896		22,190	3	%
GP&C Operations, LLC (dba Garlock Printing and Converting)	Component Manufacturing
Common Equity (515,625 units) (h)(j)				1/22/2021			516		913	0	%

Green Cubes Technology, LLC (dba Green Cubes)	Information Technology Services
First Lien Debt (j)(ax)		(S + 7.50%) / (2.00%)	12.13%/0.00%	10/16/2024	10/16/2029	22,500	22,235		22,234	3	%

Haematologic Technologies, Inc.	Healthcare Services
First Lien Debt		(S + 5.25%) / (3.00%)	10.11%/3.00%	10/11/2019	6/30/2026	6,422	6,422		6,422
Common Equity (630 units) (h)(j)				10/11/2019			630		—
Common Equity (169 units) (h)(j)				6/26/2023			169		214
							7,221		6,636	1	%
Hallmark Health Care Solutions, Inc.	Healthcare Services
Common Equity (3,645,752 units) (j)				9/18/2023			3,646		3,743	1	%

Healthfuse, LLC	Healthcare Services
Preferred Equity (197,980 units)				11/13/2020			739		4,038	1	%

Hub Acquisition Sub, LLC (dba Hub Pen)	Promotional products
Second Lien Debt (j)			11.50%/1.25%	4/25/2023	6/30/2028	24,804	24,562		24,804
Common Equity (5,837 units) (j)				3/23/2016			—		1,350
Common Equity (637 units) (j)				8/7/2023			24		147
Preferred Equity (868 units) (j)				10/16/2020			154		341
							24,740		26,642	4	%
IBH Holdings, LLC (fka Inflexxion, Inc.)	Business Services
Common Equity (150,000 units) (j)				6/20/2018			—		—	0	%

InductiveHealth Informatics, LLC	Healthcare Services
First Lien Debt (j)		(S + 7.75%) / (2.00%)	12.44%/0.50%	9/20/2024	9/20/2028	20,029	19,819		19,819
Preferred Equity (367 units) (j)				9/20/2024			367		367
Common Equity (1,361 units) (j)				9/20/2024			—		—
							20,186		20,186	3	%
Informatics Holdings, Inc. (dba Wasp Barcode Technologies)	Information Technology Services
First Lien Debt (j)(v)		(S + 6.50%) / (2.50%)	11.09%/0.00%	5/1/2024	3/7/2029	9,000	8,985		9,000
Preferred Equity (1,000,000 units) (j)				3/7/2024			1,000		1,000
							9,985		10,000	2	%


ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.)	Business Services
First Lien Debt (j)(aj)		(S + 7.50%) / (0.50%)	11.98%/0.00%	4/5/2021	4/5/2026	10,649	10,623	10,886
First Lien Debt (j)(an)		(S + 7.50%) / (0.50%)	8.48%/0.00%	6/30/2021	4/5/2026	11,203	11,203	11,036
Common Equity (256,964 units) (h)(j)				4/5/2021			500	488
							22,326	22,410	3	%
Janus Health Technologies, Inc.	Information Technology Services
First Lien Debt			12.00%/0.00%	1/3/2024	1/3/2028	5,000	4,983	5,000
First Lien Debt (j)			12.00%/0.00%	1/3/2024	6/3/2025	2,500	2,497	2,500
Preferred Equity (68,361 units)				1/3/2024			1,500	1,472
							8,980	8,972	1	%
Jumo Health, Inc.	Healthcare Services
First Lien Debt (j)(aw)		(S + 5.50%) / (2.00%)	10.11%/0.00%	8/16/2024	8/16/2029	6,000	5,934	5,934
Common Equity (1,359 shares) (j)				8/16/2024			—	—
Preferred Equity (1,359 shares) (j)				8/16/2024			750	750
							6,684	6,684	1	%
The Kyjen Company, LLC (dba Outward Hound)	Consumer Products
Common Equity (855 shares) (j)				12/8/2017			933	128	0	%

Level Education Group, LLC (dba CE4Less)	Business Services
First Lien Debt (ak)		(S + 5.75%) / (2.00%)	10.62%/0.00%	4/1/2021	4/1/2026	2,315	2,305	2,315
Common Equity (1,000,000 units) (j)				4/1/2021			1,000	1,695
							3,305	4,010	1	%
LifeSpan Biosciences, Inc.	Healthcare Products
Subordinated Debt (j)			11.50%/0.00%	3/19/2021	4/7/2028	16,000	15,972	16,000
Common Equity (108 shares) (j)				6/7/2024			595	518
							16,567	16,518	3	%
MBS Opco, LLC (dba Marketron)	Information Technology Services
First Lien Debt (j)		(S + 8.50%) / (1.50%)	13.35%/0.00%	9/29/2022	9/28/2026	27,000	26,941	27,000	4	%

MDME Holding Corp.	Healthcare Products
First Lien Debt		(S + 6.25%) / (1.00%)	10.73%/0.00%	8/31/2023	8/3/2027	11,774	11,711	11,610
Common Equity (4,735 units) (j)				9/18/2023			—	—
Preferred Equity (12,500 units) (j)				9/18/2023			1,250	527
							12,961	12,137	2	%
Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.)	Component Manufacturing
First Lien Debt (k)(as)		(S + 5.25%) / (0.50%)	10.10%/0.00%	2/17/2022	2/17/2027	30,000	29,445	30,000
Common Equity (14,400 units) (j)				2/17/2022			1,440	6,933
							30,885	36,933	6	%
Netbase Solutions, Inc. (dba Netbase Quid)	Information Technology Services
First Lien Debt (k)(ap)		(P + 4.00%) / (3.25%)	11.50%/0.00%	11/18/2021	11/18/2025	15,869	15,841	15,711	2	%

NWS Technologies, LLC	Utilities: Services
First Lien Debt (u)		(S + 8.00%) / (2.50%)	12.59%/0.00%	6/20/2023	6/16/2028	17,000	16,823	17,000
Common Equity (1 unit) (h)(j)				6/20/2023			1,110	843
Preferred Equity (0.375 units) (h)(j)				6/20/2023			370	409
							18,303	18,252	3	%
OnePath Systems, LLC	Information Technology Services
Common Equity (732,542 shares) (j)				9/30/2022			500	790	0	%
							500	790
Palmetto Moon, LLC	Retail
Common Equity (499 units) (j)				11/3/2016			265	1,274	0	%

Pinnergy, Ltd.	Oil & Gas Services
Subordinated Debt (j)			10.00%/0.00%	6/30/2022	6/30/2027	10,200	10,163	10,200	2	%

PowerGrid Services Acquisition, LLC	Utilities: Services
Common Equity (5,461 units) (h)(j)				9/21/2021			494	1,231	0	%

Prime AE Group, Inc.	Business Services
First Lien Debt (j)(ab)		(S + 8.75%) / (2.00%)	13.21%/0.00%	11/25/2019	11/22/2025	5,500	5,488	5,500
Preferred Equity (900,000 shares) (j)				11/25/2019			900	364
							6,388	5,864	1	%
Puget Collision, LLC	Retail
First Lien Debt (j)(av)		(S + 7.00%) / (2.00%)	11.59%/0.00%	1/4/2024	1/4/2029	22,232	22,016	22,232
Subordinated Debt (h)(j)			0.00%/10.00%	11/22/2024	5/22/2026	60	59	60
Subordinated Debt (h)(j)			0.00%/10.00%	12/20/2024	6/20/2026	37	37	37
Common Equity (310 units) (h)(j)				1/4/2024			810	1,284
							22,922	23,613	4	%
QED Technologies International, Inc.	Component Manufacturing
First Lien Debt (q)		(S + 5.25%) / (1.50%)	9.84%/0.50%	3/1/2023	3/1/2028	15,551	15,468	15,551
Common Equity (140 shares) (j)				2/28/2023			1,402	3,574
							16,870	19,125	3	%
Quantum IR Technologies, LLC	Information Technology Services
First Lien Debt (j)(y)			14.00%/0.00%	3/19/2024	12/20/2026	12,000	11,964	—
Common Equity (12,183 shares) (j)				3/19/2024			2,400	—
							14,364	—	0	%
Quest Software US Holdings Inc.	Information Technology Services
Second Lien Debt (j)		(S + 7.50%) / (0.50%)	12.24%/0.00%	3/1/2022	2/1/2030	20,000	19,540	9,645	1	%

R1 Holdings, LLC (dba RoadOne IntermodaLogistics)	Transportation services
First Lien Debt (j)		(S + 6.25%) / (1.00%)	10.84%/0.00%	12/30/2022	12/30/2028	6,279	6,110	6,303
Subordinated Debt (j)			8.75%/5.00%	12/30/2022	6/30/2029	1,475	1,443	1,475
Common Equity (280,000 units) (j)				12/30/2022			280	238
							7,833	8,016	1	%
R.F. Fager Company LLC	Specialty Distribution
Second Lien Debt (j)			12.75%/0.00%	3/4/2024	8/4/2030	14,000	13,932	14,000
Common Equity (12,500 units) (h)(j)				3/4/2024			1,208	1,343
							15,140	15,343	2	%


Rhino Assembly Company, LLC (n)	Specialty Distribution
Common Equity (Class A Units) (10,915 units) (h)(j)				8/11/2017				—			—
Preferred Equity (Units N/A) (h) (j)				12/10/2020				—			—
Common Equity (Class F Units) (710 units) (h)(j)				12/10/2020				—			—
								—			—	0	%
ServicePower, Inc.	Information Technology Services
First Lien Debt (k)		(S + 8.00%) / (3.25%)	12.61%/0.00%	3/15/2024	3/15/2028	21,000		20,750			21,000	3	%

SES Investors, LLC (dba SES Foam) (n)	Building Products Manufacturing
Common Equity (6,000 units) (h)(j)				9/8/2016				—			—	0	%

Suited Connector LLC	Information Technology Services
Second Lien Debt (j)(y)			0.00%/13.00%	10/29/2021	6/1/2028	16,000		15,933			5,505
Common Equity (97,808 units) (h)(j)				12/1/2021				857			—
								16,790			5,505	1	%
Tedia Company, LLC	Healthcare Products
First Lien Debt (j)		(S + 8.75%) / (1.00%)	13.60%/0.00%	3/4/2022	3/4/2027	15,600		15,562			15,600
Revolving Loan ($2,250 unfunded commitment) (i)(j)		(S + 8.75%) / (1.00%)	13.60%/0.00%	3/4/2022	3/4/2027	—		(10	)		—
Subordinated Debt (j)			7.75%/7.75%	3/4/2022	9/4/2027	3,088		3,081			3,531
Preferred Equity (1,000 units) (h)(j)				3/4/2022				1,000			995
								19,633			20,126	3	%
Thrust Flight LLC	Business Services
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	9,800		9,710			9,710
Common Equity (1,050,000 units) (h)(j)				9/9/2024				1,050			1,050
								10,760			10,760	2	%
Tiger Calcium Services Inc. (aq)	Transportation services
Second Lien Debt (j) (ao)			12.50%/0.00%	12/21/2022	5/31/2025	12,500		12,489			12,529	2	%

UBEO, LLC	Business Services
Common Equity (705,000 units) (h)(j)				4/3/2018				655			2,214	0	%

United Biologics, LLC	Healthcare Services
Preferred Equity (98,377 units) (h)(j)				4/1/2012				891			—
Warrant (57,469 units) (j)(m)				3/5/2012				565			—
								1,456			—	0	%
USG AS Holdings, LLC	Utilities: Services
First Lien Debt (j)		(S + 8.50%) / (2.50%)	13.24%/0.00%	2/23/2023	2/23/2028	10,000		9,937			10,000
Common Equity (Units N/A) (j)				2/21/2023				387			1,480
								10,324			11,480	2	%
Virginia Tile Company, LLC (n)	Specialty Distribution
Common Equity ( units) (j)				12/19/2014				—			5	0	%

Virtex Enterprises, LP	Component Manufacturing
Second Lien Debt (y)		(S + 0.00%) / (2.50%)	4.46%/9.75%	4/13/2022	6/30/2026	11,002		10,906			4,437
Subordinated Debt (y)		(S + 4.00%) / (2.50%)	10.46%/0.00%	9/20/2023	12/31/2025	354		353			328
								11,259			4,765	1	%
W50 Holdings, LLC	Business Services
Subordinated Debt (j)			12.50%/0.00%	3/22/2024	3/24/2031	12,500		12,361			12,500
Preferred Equity (Units N/A) ($100 unfunded commitment) (j)				3/21/2024				900			804
								13,261			13,304	2	%
White Label Communication, LLC	Information Technology Services
First Lien Debt (j)		(S + 6.00%) / (1.00%)	10.36%/0.00%	10/11/2023	10/11/2029	17,369		17,290			17,369
Common Equity (536 units) (h)(j)				10/11/2023				—			—
Preferred Equity (5,000 units) (h)(j)				10/11/2023				500			545
								17,790			17,914	3	%
Winona Foods, Inc.	Specialty Distribution
First Lien Debt (j)		(S + 6.00%) / (6.00%)	17.00%/0.00%	12/13/2023	6/13/2027	2,032		2,010			2,032	0	%

Wonderware Holdings, LLC (dba CORE Business Technologies)	Information Technology Services
First Lien Debt (k)(z)		(S + 7.00%) / (1.00%)	11.73%/0.00%	2/10/2021	3/31/2025	8,316		8,315			8,316	1	%

World Tours LLC	Consumer Services
First Lien Debt (ay)		(S + 6.50%) / (2.00%)	11.02%/0.00%	11/13/2024	11/13/2029	6,000		5,956			5,956
Preferred Equity (1,000,000 units) (h)(j)				11/13/2024				1,000			1,000
								6,956			6,956	1	%
Worldwide Express Operations, LLC	Transportation services
Common Equity (795,000 units) (j)				7/21/2021				795			847
Common Equity (752,380 units) (h)(j)				7/26/2021				225			658
								1,020			1,505	0	%
Zonkd, LLC	Component Manufacturing
First Lien Debt (j)		(S + 9.00%) / (1.00%)	14.75%/0.00%	3/18/2022	3/18/2027	3,000		2,898			3,000
Common Equity (4,987 units) (h)(j)				3/18/2022				169			951
								3,067			3,951	1	%

Total Non-control/Non-affiliate Investments							$	1,011,646		$	988,482	151	%

Total Investments							$	1,075,157		$	1,090,506	166	%

Money market funds (included in cash and cash equivalents)
Goldman Sachs Financial Square Treasury Obligation Institution CUSIP (38141W323) (ad)			4.40%/0.00%				$	48,715		$	48,715	8	%
Total money market funds							$	48,715		$	48,715	8	%


Total Investments and Money Market Funds									$	1,123,872			$	1,139,221			174	%

(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 December 31, 2024, the Company held restricted securities with an aggregate fair value of $1,090,506, or 166% 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.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2024. 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.

(h) Investment is held by a taxable subsidiary of the Company.

(i) The disclosed commitment represents the unfunded amount as of December 31, 2024. 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.

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

(p) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.49% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 2.98% 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.

(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 1.34% 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.

(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 2.17% 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 1.14% 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, 2024. 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 December 31, 2024. 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 December 31, 2024.

(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 4.28% 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.

(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 2.76% and PIK interest amount of 1.26% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 1.52% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 3.92% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 3.32% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 4.75% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 3.48% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 4.08% 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.

(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 2.85% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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, 2024, total non-qualifying assets at fair value represented 1.08% 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 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.

(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 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.

(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 2.56% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(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 0.69% 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 2.16% 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 2.41% 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.

See Notes to Consolidated Financial Statements.

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, 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 operation 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)

•

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.

•

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.

•

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).

•

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.

•

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.

•

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 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 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 those 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 those 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 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 March 31, 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, the Company’s 2021 through 2023 tax years 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 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 months ended March 31, 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. On October 28, 2024, the Board extended the Stock Repurchase Program through December 31, 2025, 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 months ended March 31, 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. 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.

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 March 31, 2025, the Company had active investments in 92 portfolio companies and residual investments in four portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $1,154,408 and the weighted average yield on the Company’s debt investments was 13.2% as of such date. As of March 31, 2025, the Company held equity investments in 85.4% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 1.9%.

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 March 31, 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 three months ended March 31, 2025 and 2024 totaled $115,555 and $145,861, respectively. Proceeds from sales and repayments, including principal, return of capital distributions and realized gains, of portfolio investments for the three months ended March 31, 2025 and 2024 totaled $57,343 and $60,247, respectively.

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


	Fair Value								Cost
	March 31,				December 31,				March 31,				December 31,
	2025				2024				2025				2024
First Lien Debt(1)	$	800,924	69.4	%	$	718,120	65.8	%	$	810,708	70.6	%	$	729,084	67.8	%
Second Lien Debt		88,794	7.7			83,543	7.7			123,704	10.8			116,250	10.8
Subordinated Debt		126,932	11.0			142,839	13.1			126,307	11.0			142,056	13.2
Equity		137,471	11.9			138,371	12.7			87,439	7.6			84,816	7.9
Warrants		287	-			7,633	0.7			694	-			2,951	0.3
Total	$	1,154,408	100.0	%	$	1,090,506	100.0	%	$	1,148,852	100.0	%	$	1,075,157	100.0	%


(1)	Includes unitranche investments, which account for 44.6% and 44.7% of the Company's portfolio on a fair value and cost basis as of March 31, 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								Cost
	March 31,				December 31,				March 31,				December 31,
	2025				2024				2025				2024
United States
Midwest	$	129,828	11.2	%	$	120,537	11.1	%	$	83,647	7.3	%	$	73,636	6.8	%
Southeast		371,246	32.2			339,683	31.2			370,289	32.2			337,762	31.4
Northeast		203,351	17.6			211,758	19.4			199,608	17.4			202,206	18.8
West		201,819	17.5			194,568	17.8			241,167	21.0			232,262	21.6
Southwest		219,955	19.1			211,431	19.4			225,940	19.7			216,802	20.2
Canada		28,209	2.4			12,529	1.1			28,201	2.4			12,489	1.2
Total	$	1,154,408	100.0	%	$	1,090,506	100.0	%	$	1,148,852	100.0	%	$	1,075,157	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 Geographic Region
	March 31,			December 31,				March 31,			December 31,
	2025			2024				2025			2024
First Lien Debt		118.2	%		109.5	%	United States
Second Lien Debt		13.1			12.7		Midwest		19.1	%		18.4	%
Subordinated Debt		18.7			21.8		Southeast		54.8			51.8
Equity		20.3			21.1		Northeast		30.0			32.3
Warrants		-			1.2		West		29.8			29.7
Total		170.3	%		166.3	%	Southwest		32.4			32.2
							Canada		4.2			1.9
							Total		170.3	%		166.3	%

As of March 31, 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 March 31, 2025 and December 31, 2024, the Company had no investments that exceeded 5% of total assets.

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


	March 31, 2025				December 31, 2024
	Fair				Fair
Portfolio Company	Value		Cost		Value		Cost
Quantum IR Technologies, LLC	$	—	$	11,964	$	—	$	11,964
US GreenFiber, LLC		—		5,223		—		5,223
Suited Connector LLC		4,525		15,933		5,505		15,933
Virtex Enterprises, LP		4,462		11,255		4,765		11,259
Total	$	8,987	$	44,375	$	10,270	$	44,379

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 three months ended March 31, 2025, the ending fair value as of March 31, 2025, and the total investment income earned on such investments during the period.


												Three Months Ended March 31, 2025
Portfolio Company (1)	March 31, 2025 Principal Amount - Debt Investments		December 31, 2024 Fair Value		Gross Additions (2)		Gross Reductions (3)			March 31, 2025 Fair Value		Net Realized Gains (Losses) (4)		Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
US GreenFiber, LLC	$	5,226	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—
Total Control Investments	$	5,226	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	24,387	$	—	$	(1,278	)	$	23,109	$	—	$	(1,278	)	$	264	$	—	$	—	$	—
CP Communications, LLC		6,350		8,306		10		(1,510	)		6,806		—		-			285		—		—		3
Medsurant Holdings, LLC		—		9,863		10,066		(19,558	)		371		10,066		(6,918	)		—		—		538		—
Pfanstiehl, Inc.		—		39,923		2,165		—			42,088		—		2,165			—		—		348		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		14,921		5		(393	)		14,533		—		(394	)		545		—		—		5
Steward Holding LLC (dba Steward Advanced Materials)		—		4,624		—		(465	)		4,159		—		(465	)		—		—		—		—
Total Affiliate Investments	$	30,952	$	102,024	$	12,246	$	(23,204	)	$	91,066	$	10,066	$	(6,890	)	$	1,094	$	—	$	886	$	8

(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
Portfolio Company (1)	December 31, 2024 Principal Amount - Debt Investments		December 31, 2023 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 2024 Fair Value		Net Realized Gains (Losses) (4)		Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
US GreenFiber, LLC	$	5,226	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—
Total Control Investments	$	5,226	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	24,590	$	—	$	(203	)	$	24,387	$	—	$	(202	)	$	1,074	$	—	$	—	$	—
CP Communications, LLC		7,859		—		8,360		(54	)		8,306		—		-			88		9		—		163
Medsurant Holdings, LLC		—		5,930		4,262		(329	)		9,863		—		4,261			—		—		1,328		—
Pfanstiehl, Inc.		—		33,321		6,602		—			39,923		—		6,602			—		—		348		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		15,321		2,217		(2,617	)		14,921		—		(2,617	)		2,371		—		—		20
Steward Holding LLC (dba Steward Advanced Materials)		—		4,714		—		(90	)		4,624		—		(90	)		—		—		154		—
Total Affiliate Investments	$	32,461	$	83,876	$	21,441	$	(3,293	)	$	102,024	$	—	$	7,954		$	3,533	$	9	$	1,830	$	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 March 31, 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 March 31, 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:

•

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;

•

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

•

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.

•

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

•

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 18 and 21 of our portfolio company investments representing 28.3% and 27.5% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the three months ended March 31, 2025 and December 31, 2024, respectively) as of March 31, 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:


		March 31, 2025
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		800,924	$		800,924
Second Lien Debt			—			—			88,794			88,794
Subordinated Debt			—			—			126,932			126,932
Equity			—			—			137,471			137,471
Warrants			—			—			287			287
Money Market Funds			62,616			—			—			62,616
Total	$		62,616	$		—	$		1,154,408	$		1,217,024


		December 31, 2024
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		718,120	$		718,120
Second Lien Debt			—			—			83,543			83,543
Subordinated Debt			—			—			142,839			142,839
Equity			—			—			138,371			138,371
Warrants			—			—			7,633			7,633
Money Market Funds			48,715			—			—			48,715
Total	$		48,715	$		—	$		1,090,506	$		1,139,221

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 reclassifications occur. There were no transfers among Levels 1, 2, and 3 during the three months ended March 31, 2025 and 2024.

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

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 three months ended March 31, 2025 and 2024:


	First Lien			Second Lien			Subordinated
	Debt			Debt			Debt			Equity			Warrants			Total
Balance, December 31, 2023	$	578,140		$	119,561		$	135,173		$	120,007		$	4,768		$	957,649
Net realized gains (losses) on investments		—			—			—			1,743			—			1,743
Net change in unrealized appreciation (depreciation) on investments		1,116			453			(75	)		(1,456	)		1,184			1,222
Purchase of investments		96,142			28,850			12,500			8,369			—			145,861
Proceeds from sales and repayments of investments		(41,963	)		(14,852	)		(209	)		(3,222	)		(1	)		(60,247	)
Interest and dividend income paid-in-kind		256			691			1,102			—			—			2,049
Proceeds from loan origination fees		(896	)		(79	)		(156	)		—			—			(1,131	)
Accretion of loan origination fees		478			28			50			—			—			556
Accretion of original issue discount		17			97			2			—			—			116
Balance, March 31, 2024	$	633,290		$	134,749		$	148,387		$	125,441		$	5,951		$	1,047,818
Balance, December 31, 2024	$	718,120		$	83,543		$	142,839		$	138,371		$	7,633		$	1,090,506
Net realized gains (losses) on investments		—			—			—			6,131			7,199			13,330
Net change in unrealized appreciation (depreciation) on investments		1,180			(2,203	)		(158	)		(3,523	)		(5,089	)		(9,793	)
Purchase of investments		104,846			6,746			3			3,960			—			115,555
Proceeds from sales and repayments of investments		(23,729	)		-			(16,690	)		(7,468	)		(9,456	)		(57,343	)
Interest and dividend income paid-in-kind		700			715			824			—			—			2,239
Proceeds from loan origination fees		(621	)		(56	)		-			—			—			(677	)
Accretion of loan origination fees		409			27			112			—			—			548
Accretion of original issue discount		19			22			2			—			—			43
Balance, March 31, 2025	$	800,924		$	88,794		$	126,932		$	137,471		$	287		$	1,154,408

Net change in unrealized appreciation/(depreciation) of $(6,416) for the three months ended March 31, 2025 was attributable to Level 3 investments held at March 31, 2025. Net change in unrealized appreciation/(depreciation) of $2,840 for the three months ended March 31, 2024 was attributable to Level 3 investments held at March 31, 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 March 31, 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.


	Fair Value at		Valuation	Unobservable	Range
	March 31, 2025		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	786,829	Discounted cash flow	Weighted average cost of capital	6.9% - 30.0% (13.8%)
		3,525	Enterprise value waterfall	Asset Coverage	1.0x - 1.0x (1.0x)
		10,570	Enterprise value waterfall	Revenue multiples	1.3x - 1.3x (1.3x)

Second Lien Debt		88,794	Discounted cash flow (2)	Weighted average cost of capital	12.6% - 69.5% (19.5%)

Subordinated Debt		126,932	Discounted cash flow	Weighted average cost of capital	10.4% - 20.0% (13.3%)


Equity investments:
Equity		130,969	Enterprise value waterfall	EBITDA multiples	3.5x - 30.0x (10.7x)
		6,502	Enterprise value waterfall	Revenue multiples	0.8x - 9.0x (6.3x)

Warrants		287	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 $9.7 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)


	Fair Value at		Valuation	Unobservable	Range
	December 31, 2024		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	714,595	Discounted cash flow	Weighted average cost of capital	7.8% - 26.2% (14.5%)
		3,525	Enterprise value waterfall	Asset Coverage	1.0x - 1.0x (1.0x)
		-	Enterprise value	EBITDA multiples	4.3x - 4.3x (4.3x)

Second Lien Debt		79,106	Discounted cash flow (2)	Weighted average cost of capital	13.4% - 55.5% (20.7%)
		4,437	Option Pricing	Volatility of credit	85.0% - 85.0% (85.0%)

Subordinated Debt		142,839	Discounted cash flow	Weighted average cost of capital	10.4% - 20.0% (13.2%)


Equity investments:
Equity		132,741	Enterprise value waterfall	EBITDA multiples	3.5x - 30.0x (11.0x)
		5,630	Enterprise value waterfall	Revenue multiples	0.8x - 9.0x (6.6x)

Warrants		7,633	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.

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 Company’s borrowings under the 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 March 31, 2025 and December 31, 2024.

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)


	March 31, 2025(5)				December 31, 2024(5)
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
SBA debentures (2)	$	182,000	$	182,000	$	175,000	$	175,000
Credit Facility borrowings (3)		—		—		45,000		45,000
January 2026 Notes (4)		125,000		121,407		125,000		120,188
November 2026 Notes (4)		125,000		115,897		125,000		114,293
March 2030 Notes (4)		100,000		93,471		—		—
Total	$	532,000	$	512,775	$	470,000	$	454,481

(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 borrowings under the 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 $13,601 and $13,674 of Secured Borrowings as of March 31, 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 March 31, 2025 and December 31, 2024.


	Fair Value
	March 31,		December 31,
Valuation Inputs	2025		2024
Level 1	$	—	$	—
Level 2		—		—
Level 3		512,775		454,481
Total	$	512,775	$	454,481

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 12, 2024, the Board approved the renewal of the Investment Advisory Agreement for the period from June 20, 2024 through June 20, 2025. 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.

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 months ended March 31, 2025 and 2024 was $4,922 and $4,432, respectively. The base management fee waiver for the three months ended March 31, 2025 and 2024 was $59 and $69, respectively. Accordingly, as of March 31, 2025 and December 31, 2024, the base management fee payable (net of the base management fee waiver) was $4,863 and $4,805, respectively.

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

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:

•

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%;

•

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

•

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 months ended March 31, 2025 and 2024 was $4,594 and $4,467, respectively. As of March 31, 2025 and December 31, 2024, the income incentive fee payable was $4,594 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 March 31, 2025 and December 31, 2024, the capital gains incentive fee payable in cash was zero and zero, respectively. The aggregate amount of capital gains incentive fees paid from the IPO through March 31, 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 months ended March 31, 2025 and 2024 was $287 and $499, respectively. As of March 31, 2025 and December 31, 2024, the accrued capital gains incentive fee payable was $14,990 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 12, 2024, the Board approved the renewal of the Administration Agreement for the period from June 20, 2024 through June 20, 2025. 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 months ended March 31, 2025 and 2024 was $602 and $537, respectively. As of March 31, 2025 and December 31, 2024, the accrued administrative service expense payable was $295 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 "Credit Agreement" and the senior secured revolving credit facility, the “Credit Facility”) with ING Capital LLC (“ING”), as the administrative agent, collateral agent, and lender. The 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 Credit Facility. On April 24, 2019, the Company entered into an Amended & Restated Senior Secured Revolving Credit Agreement (the “Amended 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 Amended Credit Agreement that, among other changes, modified certain financial covenants. On August 17, 2022, the Company entered into a second amendment to the Amended Credit Agreement ("Second Amendment"). The Second Amendment, among other things: (i) changed the underlying benchmark used to compute interest under the Amended 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 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 Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Credit Facility between the total commitments and the 35% minimum utilization. The 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 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 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 Credit Facility. As of March 31, 2025 and December 31, 2024, the Company was in compliance in all material respects with the terms of the Credit Agreement.

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 March 31, 2025 and December 31, 2024, approved and unused SBA debenture commitments were $155,500 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.

As of March 31, 2025 and December 31, 2024, the Company’s issued and outstanding SBA debentures mature as follows:

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)


Pooling	Maturity	Fixed		March 31,		December 31,
Date (1)	Date	Interest Rate		2025		2024
9/25/2019	9/1/2029		2.377		7,500		7,500
3/25/2020	3/1/2030		2.172		6,000		6,000
9/22/2021	9/1/2031		1.398		11,500		11,500
3/23/2022	3/1/2032		3.209		43,000		43,500
9/21/2022	9/1/2032		4.533		17,500		17,500
3/22/2023	3/1/2033		5.439		4,000		4,000
3/22/2023	3/1/2033		5.341		3,000		3,000
3/22/2023	3/1/2033		5.341		3,000		3,000
3/22/2023	3/1/2033		5.439		5,000		5,000
3/22/2023	3/1/2033		5.439		5,000		5,000
3/22/2023	3/1/2033		5.341		7,000		7,000
3/22/2023	3/1/2033		5.341		4,000		4,000
9/20/2023	9/1/2033		5.861		8,000		8,000
9/20/2023	9/1/2033		5.861		5,000		12,000
9/20/2023	9/1/2033		5.861		—		5,000
9/20/2023	9/1/2033		5.861		8,000		8,000
9/20/2023	9/1/2033		5.735		3,000		3,000
3/20/2024	3/1/2034		5.082		3,000		3,000
3/20/2024	3/1/2034		5.082		12,000		12,000
3/20/2024	3/1/2034		5.082		2,000		2,000
3/20/2024	3/1/2034		5.082		2,000		2,000
3/20/2024	3/1/2034		5.082		3,000		3,000
3/26/2025	3/1/2035		5.310		19,500		—
Total outstanding SBA debentures				$	182,000	$	175,000


(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.

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 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 estimated offering expenses of $350, were approximately $96,950. 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 Credit Facility.

Secured Borrowing

As of March 31, 2025 and December 31, 2024, the carrying value of secured borrowings totaled $13,601 and $13,674, respectively, and the fair value of the associated loans included in investments was $13,601 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 8.5% and 8.6% as of March 31, 2025, and December 31, 2024, respectively.

Senior Securities

As of March 31, 2025 and December 31, 2024, the aggregate amount outstanding of the senior securities (including secured borrowings) issued by the Company was $363,601 and $308,674, respectively, for which our asset coverage was 286.4% 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 our 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 months ended March 31, 2025 and 2024 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:


	Three Months Ended March 31, 2025
	SBA debentures		Credit Facility		Secured Borrowings		Notes		Total
Stated interest expense	$	1,941	$	1,122	$	317	$	2,803	$	6,183
Amortization of deferred financing costs		195		98		-		297		590
Total interest and financing expenses	$	2,136	$	1,220	$	317	$	3,100	$	6,773
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Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance. All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage. Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request. All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services. Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance. All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage. Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request. All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services. Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice. © Enhanced Investments Inc. All rights reserved, 2023