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 | --- | --- | |-------------------------------------------------------------------------------------------------------------------|------- ...

Fidus Investment (NASDAQ:FDUS) Q1 2021 Earnings Conference Call May 7, 2021 9:00 AM ET Company Participants Jody Burfening - IR Ed Ross - Chairman and CEO Shelby Sherard - CFO Conference Call Participants Ryan Lynch - KBW Bryce Rowe - Hovde Matt Tjaden - Raymond James Chris Kotowski - Oppenheimer Sarkis Sherbetchyan - B. Riley Securities Mickey Schleien - Ladenburg Operator Good day and thank you for standing by. Welcome to the Fidus First Quarter 2021 Earnings Conference Call. [Operator Instructions] Pleas ...

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 | --- | --- | |-----------------------------------------------------------------------------------------------------|------------------------- ...