Fidus Investment (NASDAQ:FDUS) Q4 2021 Earnings Conference Call March 4, 2022 9:00 AM ET Company Participants Ed Ross - Chairman and CEO Shelby Sherard - CFO, Chief Compliance Officer and Secretary Jody Burfening - IR Conference Call Participants Robert Dodd - Raymond James Ryan Lynch - Keefe Bruyette & Woods Bryce Rowe - Hovde Group Sarkis Sherbetchyan - B. Riley Securities Mickey Schleien - Ladenburg Thalmann Operator Good day, and thank you for standing by. Welcome to the Fidus Fourth Quarter 2021 Earnin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 814-00861 FIDUS INVESTMENT CORPORATION (Exact Name of Registrant as Specified in Its Charter) Maryland 27-5017321 (State or ...

Fidus Investment (NASDAQ:FDUS) Q3 2021 Earnings Conference Call November 5, 2021 9:00 AM ET Company Participants Jody Burfening - Investor Relations Ed Ross - Chairman and Chief Executive Officer Shelby Sherard - Chief Financial Officer Conference Call Participants Mickey Schleien - Ladenburg Robert Dodd - Raymond James Ryan Lynch - KBW Sarkis Sherbetchyan - B. Riley Operator Welcome to the Fidus Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 814-00861 Fidus Investment Corporation (Exact Name of Registrant as Specified in its Charter) Maryland 27-50173 ...

I N VE S T ME NT C ORPORATION Investor Presentation NASDAQ: Common Stock – FDUS 6.000% Notes due 2024 – FDUSZ 5.375% Notes due 2024 – FDUSG Disclosure Fidus Investment Corporation ("Fidus") cautions that statements in this presentation that are forward- looking, and provide other than historical information, involve risks and uncertainties that may impact our future results of operations. The forward-looking statements in this presentation are based on current conditions and include statements regarding our ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |-------------------------------------------------------------------------------------------------------------------|------- ...

Financial Data and Key Metrics Changes - The adjusted net investment income (NII) for Q1 2021 was $11.2 million or $0.46 per share, an increase from $0.44 per share in Q4 2020 [10] - The net asset value (NAV) at the end of Q1 2021 was $413 million or $16.90 per share, which is above the NAV prior to the pandemic [13] - Total investment income for Q1 2021 was $23.3 million, a decrease of $0.3 million from Q4 2020 [34] Business Line Data and Key Metrics Changes - The portfolio consisted of 67 active companies, with a fair market value of $711.9 million, down from $742.9 million at year-end 2020 [25][41] - First lien debt investments accounted for 27.5% of the portfolio on a fair value basis, up from 25.2% as of December 31, 2020 [26] - The weighted average effective yield on debt investments was 12.3% as of March 31, 2021 [42] Market Data and Key Metrics Changes - Deal flow activity in Q1 was driven by M&A and refinancing opportunities, with $63.1 million invested in debt and equity securities [14] - The company received proceeds totaling $98.6 million from repayments, indicating strong M&A activity [17] - The weighted average investment rating for the portfolio was two on a fair value basis, indicating a stable investment quality [29] Company Strategy and Development Direction - The company aims to build a well-diversified portfolio of debt and equity investments in lower middle market businesses to generate high levels of recurring income [8] - The focus remains on first lien investments and strong credits, with a disciplined approach to capital preservation and risk-adjusted returns [32][56] - The company is targeting the $5 million to $30 million EBITDA market, maintaining its strategy despite the changing economic environment [89] Management's Comments on Operating Environment and Future Outlook - Management noted that while some portfolio companies are facing supply chain disruptions and higher input costs, they are managing these challenges effectively [28] - The outlook for M&A activity remains robust, with expectations for continued strong deal flow throughout the year [31][56] - Management expressed confidence in the portfolio's ability to grow, anticipating that originations will outpace repayments [56] Other Important Information - The company declared a base quarterly dividend of $0.31 per share and a supplemental cash dividend of $0.07 per share for Q1 2021 [11] - The liquidity position as of March 31, 2021, included cash of $60.2 million and total liquidity of approximately $150.7 million [43] Q&A Session Summary Question: Expectations for fee income levels in Q2 compared to Q1 - Management indicated that fee income in Q1 was higher than normal due to large events, and they expect fees to decrease in Q2 [46][48] Question: Outlook on portfolio growth and competitive environment - Management expects originations to maintain or exceed repayments, with a robust M&A market anticipated [56][58] Question: Use of SBA debentures and new originations - Management is focused on growing SBIC-3 and expects to see more growth in this area over the next 12 to 36 months [62] Question: Impact of government support on portfolio performance - Management acknowledged that government support was helpful but emphasized the importance of investing in businesses with strong fundamentals [88][90] Question: Industry opportunities in the current environment - Management is focused on cash flow and recurring revenue businesses, particularly in healthcare and technology sectors [81][82]

Table of Contents Title of each classTrading SymbolName of each exchange on which registered Common Stock, par value $0.001 per share FDUS The NASDAQ Global Select Market 6.000% Notes due 2024 FDUSZ The NASDAQ Global Select Market 5.375% Notes due 2024 FDUSG The NASDAQ Global Select Market 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 3 ...

Financial Data and Key Metrics Changes - The net asset value (NAV) at year-end increased by $21.2 million or 5.4% to $410.8 million from $389.6 million at the end of the third quarter [10] - The NAV per share was $16.81, just $0.04 shy of the level at the end of 2019 [10] - Adjusted net investment income (NII) was $10.7 million or $0.44 per share compared to $8.3 million or $0.34 per share for the same period last year [13] - Total investment income was $23.6 million for Q4, a $2.6 million increase from Q3 [22] - Total expenses were $17.6 million for Q4, approximately $3.4 million higher than the prior quarter [22] Business Line Data and Key Metrics Changes - The fair market value of the investment portfolio as of December 31, 2020, was $742.9 million, equal to 108.1% of cost [12] - The portfolio consisted of 66 active companies, with first lien debt accounting for 25.2% of the portfolio on a fair value basis, up from 14.1% at the end of 2019 [12] - The weighted average yield on debt investments was 12.2% as of December 31 [27] Market Data and Key Metrics Changes - The company reported a significant increase in deal activity in the lower middle-market during Q4, with $103.9 million invested in debt and equity securities [15] - M&A activity in the lower middle-market has moderated in the first quarter of 2021, but the company expects decent levels of investments [19] Company Strategy and Development Direction - The company focuses on selectively investing in companies with defensive characteristics, including strong free cash flow and positive long-term outlooks [7] - The strategy includes increasing the mix of first lien debt investments and maintaining a conservative approach to managing the business for long-term capital preservation [12][19] - The company aims to generate attractive risk-adjusted returns while navigating uncertainties in the economic environment [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's resilience and ability to weather economic stress, noting that 94% of the portfolio is now in the low to medium risk range [10] - The outlook for 2021 includes cautious optimism, with expectations for continued deal flow and investment opportunities despite uncertainties [19] Other Important Information - The company declared a base quarterly dividend of $0.31 per share and a supplemental dividend of $0.07 per share for Q1 2021 [14] - The company experienced a loss of $36.1 million on Accent Food Services, which was significantly impacted by the pandemic [11] Q&A Session Summary Question: Inquiry about the new dividend policy - Management indicated that the new dividend policy is a flexible approach suitable for the current uncertain environment and may be considered for permanence in the future [30][31] Question: Changes in first lien debt positions - Management confirmed a strategic shift towards first lien investments over the past two years, driven by a focus on lower middle-market businesses and a cautious approach post-COVID [32][33] Question: Commentary on the investment pipeline and spreads - Management noted that current yields are reasonable and comparable to pre-COVID levels, with a focus on recurring revenue models [35][36] Question: Expectations for investment originations versus repayments - Management anticipates that repayments may exceed originations in the near term but expects to grow the portfolio over the year as the M&A environment remains healthy [57][58]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |-----------------------------------------------------------------------------------------------------|------------------------- ...