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Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/20222025-09-300001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Investment date 3/25/2022 Maturity 3/25/20272024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment Date 12/30/2024 Maturity Date 12/31/20282025-01-012025-09-300001513363fdus:LevelEducationGroupLlcMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Subordinated Debt Rate Cash 0.00% Rate PIK 10.00% Investment date 11/22/2024 Maturity 5/22/20262024-01-012024-12-310001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMember2022-08-170001513363Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Common Equity (400,000 units) Investment date 2/28/20232025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 11.01% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282025-01-012025-09-300001513363fdus:UnitrancheInvestmentsMember2024-01-012024-12-310001513363fdus:InvestmentAdvisoryAgreementMember2025-01-012025-09-300001513363fdus:FivePointThreeFourOnePercentInterestRateOneMember2024-12-310001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services Revolving Loan ($500 unfunded commitment) Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.29% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302025-01-012025-09-300001513363Non-control/Non-affiliate Investments Onsight Industries, LLC Component Manufacturing Common Equity (380,000 units) Investment date 1/7/20252025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-09-300001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AdInfoParentIncMember2025-09-300001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandTwentySixMember2024-12-310001513363fdus:FraserSteelLLCRevolvingLoanMember2025-09-300001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail First Lien Debt Variable Index Spread (S + 5.38%) Variable Index Floor (1.50%) Rate Cash 9.97% Rate PIK 0.00% Investment date 9/13/2022 Maturity Date 9/9/20292024-01-012024-12-310001513363us-gaap:AdditionalPaidInCapitalMember2024-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (0.50%) Rate Cash 12.60% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/20262024-01-012024-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AldingerCompanyMember2025-09-300001513363fdus:UnitedStatesNortheastMember2025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001513363us-gaap:CommonStockMember2022-11-100001513363fdus:ControlInvestmentsMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300001513363fdus:O2023ASpecialSecondDividendsMember2023-08-012023-08-010001513363Non-control/Non-affiliate Investments Virginia Tile Company, LLC Specialty Distribution Common Equity ( units) Investment date 12/19/20142024-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:PayEntryFinancialServicesIncMember2025-09-300001513363Non-control/Non-affiliate Investments UBEO, LLC Business Services Common Equity (705,000 units) Investment date 4/3/20182024-12-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-07-012024-09-300001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (1.50%) Rate Cash 9.84% Rate PIK 0.50% Investment date 3/1/2023 Maturity 3/1/20282024-12-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Component Manufacturing Second Lien Debt Variable Index Spread (S + 0.00%) Variable Index Floor (2.50%) Rate Cash 4.46% Rate PIK 9.75% Investment date 4/13/2022 Maturity 6/30/20262024-12-310001513363fdus:O2025Q3RegularDividendsMember2025-08-040001513363Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products Revolving Loan Rate Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/20252024-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.25%) Variable Index Floor 2.00% Rate Cash 11.54% Rate PIK 0.00% Investment Date 11/8/2022 Maturity Date 11/8/20272025-09-300001513363fdus:PrimeAeGroupIncMemberfdus:BusinessServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.25%) Variable Index Floor 2.00% Rate Cash 11.84% Rate PIK 0.00% Investment Date 11/8/2022 Maturity Date 11/8/20272024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Member2025-07-012025-09-300001513363us-gaap:WarrantMember2025-09-300001513363fdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMemberfdus:AutoCrmLlcMember2024-12-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:NwsTechnologiesLlcMember2025-09-300001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/20202024-01-012024-12-310001513363Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class F Units) (710 units) Investment date 12/10/20202024-01-012024-12-310001513363us-gaap:SubordinatedDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/20212025-01-012025-09-300001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AutoCrmLlcMember2024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/20192025-01-012025-09-300001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/20222025-01-012025-09-300001513363fdus:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:AmericanAllwasteLlcMember2025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/20202024-01-012024-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Preferred Equity (367 units) Investment date 9/20/20242024-01-012024-12-310001513363us-gaap:CommonStockMemberfdus:RaymondJamesAndAssociatesIncAndRobertWBairdAndCoMember2025-04-012025-06-300001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/20212025-09-300001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (2.00%) Rate Cash 9.54% Rate PIK 0.00% Investment date 4/15/2025 Maturity 4/15/20302025-01-012025-09-300001513363fdus:FourPointEightSevenNinePercentInterestRateMember2025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (52 units) Investment Date 11/27/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 17.00% Investment date 3/2/2020 Maturity 9/2/20262024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 8.51% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282025-09-300001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FishbowlSolutionsLlcMember2025-09-300001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Common Equity (1,000 Units) Investment date 7/21/20232025-09-300001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (371 units) Investment date 9/9/20242024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2024-12-310001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/20192024-12-310001513363fdus:O2023ASupplementalSecondDividendsMember2023-08-012023-08-010001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/20222025-09-300001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Member2025-09-300001513363fdus:WhiteLabelCommunicationLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services First Lien Debt Variable Index Spread (S+ 6.50%) Variable Index Floor (2.50%) Rate Cash 11.09% Rate PIK 0.00% Investment date 5/1/2024 Maturity 3/7/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380 units) Investment date 7/26/20212024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services Common Equity (551,470 units) Investment date 5/20/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments Aldinger Company Business Services Common Equity (12,504 units) Investment date 6/30/20232024-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/20222024-01-012024-12-310001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing Common Equity (75,000 units) Investment date 10/1/20242024-12-310001513363fdus:SecuredBorrowingsMember2024-07-012024-09-300001513363fdus:AdministrationAgreementMember2024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:EnterpriseAssetManagementFMPurchaserIncMember2025-09-300001513363country:CA2025-01-012025-09-300001513363fdus:InfoTechOperatingLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Second Lien Debt Rate Cash 12.75% Rate PIK 0.00% Investment date 3/4/2024 Maturity 8/4/20302024-12-310001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:SecondLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Revolving Loan ($2,000 unfunded commitment) Rate Cash 13.00% Rate PIK 0.00% Investment date 2/5/2025 Maturity 2/5/20302025-01-012025-09-300001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-04-012024-06-300001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:SuitedConnectorLlcMember2024-12-310001513363Non-control/Non-affiliate Investments SES Investors, LLC (dba SES Foam) Building Products Manufacturing Common Equity (6,000 units) Investment date 9/8/20162024-01-012024-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (0.50%) Rate Cash 8.69% Rate PIK 0.00% Investment date 7/30/2021 Maturity 6/25/20262025-01-012025-09-300001513363Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 shares) Investment date 2/17/20222024-01-012024-12-310001513363Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/20222025-01-012025-09-300001513363fdus:FivePointSevenThreeFivePercentInterestRateMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services First Lien Debt Rate Cash 12.50% Rate PIK 1.25% Investment date 10/6/2021 Maturity 3/31/2026 Principal Amount 12,9312025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2024-12-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:UsgAsHoldingsLlcMember2024-12-310001513363fdus:O2025Q4DividendsMemberus-gaap:SubsequentEventMember2025-11-032025-11-030001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:QedTechnologiesInternationalIncMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (1.00%) Rate Cash 10.73% Rate PIK 0.00% Investment date 8/31/2023 Maturity 8/3/20272024-01-012024-12-310001513363fdus:AxisMedicalTechnologiesLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueOptionPricingMemberfdus:MeasurementInputVolatilityOfCreditMemberfdus:SecondLienDebtMember2024-12-310001513363us-gaap:FairValueInputsLevel3Member2025-01-012025-09-300001513363fdus:AerospaceAndDefenseManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:SpectraAAndDAcquisitionIncMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMember2025-09-300001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:JumoHealthIncMember2024-12-310001513363us-gaap:RevolvingCreditFacilityMember2025-01-012025-09-300001513363fdus:HealthcareServicesMemberfdus:MedsurantHoldingsLlcMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/20202025-01-012025-09-300001513363fdus:VirtexEnterprisesLpMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Common Equity (536 units) Investment date 10/11/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (2.25%) Rate Cash 12.34% Rate PIK 0.00% Investment date 7/12/2024 Maturity 6/21/20282024-01-012024-12-310001513363fdus:SognoToscanoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2025-09-300001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/20212024-12-310001513363fdus:AffiliateInvestmentsMemberfdus:ApplegateGreenfiberIntermediateIncMember2025-01-012025-09-300001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2025-09-300001513363Non-control/Non-affiliate Investments Quest Software US Holdings Inc. Information Technology Services Second Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (0.50%) Rate Cash/PIK 12.90%/0.00% Investment date 3/1/2022 Maturity 2/1/20302024-01-012024-12-310001513363us-gaap:CommonStockMember2024-01-012024-03-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/20232025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueOptionPricingMemberfdus:MeasurementInputVolatilityOfCreditMembersrt:MaximumMemberfdus:SecondLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/20212025-09-300001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services First Lien Debt Cash 12.50% Rate PIK 0.00% Investment date 3/12/2025 Maturity 3/12/20292025-01-012025-09-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.29% Rate PIK 0.00% Investment date 1/4/2024 Maturity 1/4/20292025-01-012025-09-300001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (601 shares) Investment date 2/1/20242024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:SecondLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution Preferred Equity (500,000 units) Investment date 3/18/20252025-09-300001513363fdus:FivePointEightSixOnePercentInterestRateTwoMember2025-09-300001513363fdus:FourPointEightSevenNinePercentInterestRateMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services Common Equity (Units N/A) Investment date 5/22/20252025-09-300001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/20172025-01-012025-09-300001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail First Lien Debt Variable Index Spread (S + 5.38%) Variable Index Floor (1.50%) Rate Cash 9.67% Rate PIK 0.00% Investment date 9/13/2022 Maturity Date 9/9/20292025-09-300001513363Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (3,645,752 units) Investment date 9/18/20232025-01-012025-09-300001513363fdus:ThreeZeroOneEdisonHoldingsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMember2025-09-300001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000 units) Investment date 7/21/20212024-12-310001513363fdus:LevelEducationGroupLlcMemberfdus:BusinessServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/20192025-01-012025-09-300001513363fdus:AdInfoParentIncDbaMediaradarRevolvingLoanMember2025-09-300001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/20232025-01-012025-09-300001513363fdus:O2023ASupplementalThirdDividendsMember2023-10-302023-10-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MinimumMemberfdus:FirstLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (1.00%) Rate Cash 9.05% Rate PIK 0.00% Investment date 11/27/2024 Maturity 11/27/20292025-01-012025-09-300001513363fdus:FirstLienDebtMember2025-09-300001513363fdus:TransportationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:R1HoldingsLLCDbaRoadOneIntermodaLogisticsMember2024-12-310001513363us-gaap:CommonStockMember2024-04-012024-06-300001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 9.28% Rate PIK 0.00% Investment date 10/1/2024 Maturity 10/1/20292025-01-012025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:AutoCrmLlcMember2025-09-300001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/20192024-01-012024-12-310001513363Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (3,645,752 units) Investment date 9/18/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments Quantum IR Technologies, LLC Information Technology Services Common Equity (12,183 shares) Investment date 3/19/20242024-01-012024-12-310001513363fdus:AdministrationAgreementMember2025-01-012025-09-300001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services First Lien Debt Cash 12.50% Rate PIK 0.00% Investment date 3/12/2025 Maturity 3/12/20292025-09-300001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services First Lien Debt Variable Index Spread (S +4.75%) Variable Index Floor (1.00%) Rate Cash 9.40% Rate PIK 2.75% Investment date 2/28/2023 Maturity 11/30/20262024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-09-300001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (637 units) Investment date 8/7/20232025-01-012025-09-300001513363fdus:DealerbuiltAcquisitionLlcMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMember2024-12-310001513363fdus:InformationTechnologyServicesMemberfdus:NonControlOrNonAffiliateInvestmentsMemberfdus:AxisMedicalTechnologiesLLCDbaMoveMedicalRevolvingLoanMember2024-12-310001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Preferred Equity (1,200,000 units) Investment Date 10/25/20242024-01-012024-12-310001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 8.82% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282024-12-310001513363Non-control/Non-affiliate Investments United Biologics, LLC Healthcare Services Warrant (57,469 units) Investment date 3/5/20122025-09-300001513363Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/20152025-01-012025-09-300001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Industry Utilities: Services Common Equity (Units N/A) Investment date 2/21/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (169 units) Investment date 6/26/20232024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (52 units) Investment Date 11/27/20242024-01-012024-12-310001513363fdus:O2025Q2RegularDividendsMember2025-05-050001513363Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/20172024-01-012024-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (0.50%) Rate Cash 12.444% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/20262025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services First Lien Debt Variable Index Spread (S+7.75%) Variable Index Floor (2.00%) Rate Cash 12.05% Rate PIK 0.50% Investment date 9/20/2024 Maturity 9/20/20282025-09-300001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:MicronicsFiltrationHoldingsIncDbaMicronicsEngineeredFiltrationGroupIncMember2024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (169 units) Investment date 6/26/20232025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMembersrt:MaximumMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 15.00% Investment date 3/2/2020 Maturity 9/30/20272025-09-300001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AldingerCompanyMember2024-12-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Subordinated Debt Rate Cash 7.75% Rate PIK 6.50% Investment date 2/28/2023 Maturity 11/30/20272025-09-300001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services First Lien Debt Variable Index Spread (S+ 6.50%) Variable Index Floor (2.50%) Rate Cash 11.09% Rate PIK 0.00% Investment date 5/1/2024 Maturity 3/7/20292024-12-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (4,490 units) Investment date 9/21/20212025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Warrant (275,000 shares) Investment date 10/6/20212025-01-012025-09-300001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/20142024-01-012024-12-310001513363fdus:HubAcquisitionSubLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:PromotionalProductsMember2024-12-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:ServicePowerIncMember2025-09-300001513363fdus:SeniorSecuredRevolvingCreditFacilityMember2024-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateTwoMember2024-12-310001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/20212024-01-012024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (21,689 units) Investment date 5/22/20242025-09-300001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution Preferred Equity (500,000 units) Investment date 3/18/20252025-01-012025-09-300001513363fdus:January2026NotesMemberus-gaap:SubsequentEventMember2025-11-032025-11-030001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputAssetCoverageMemberfdus:FirstLienDebtMembersrt:MaximumMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363us-gaap:WarrantMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMemberfdus:FirstLienDebtMembersrt:MaximumMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 11.75% Rate PIK 0.00% Investment date 11/17/2021 Maturity 11/17/20282025-01-012025-09-300001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (188 units) Investment date 7/2/20252025-01-012025-09-300001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/20212025-09-300001513363Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Preferred Equity (Units N/A) Investment date 12/10/20202024-01-012024-12-310001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/20232025-01-012025-09-300001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:QuantumIRTechnologiesLLCMember2024-12-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Subordinated Debt Rate Cash 8.75% Rate PIK 5.00% Investment date 12/30/2022 Maturity 6/30/20292024-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (2.00%) Rate Cash 9.54% Rate PIK 0.00% Investment date 4/15/2025 Maturity 4/15/20302025-09-300001513363fdus:UnitedStatesSoutheastMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (5,837 units) Investment date 3/23/20162025-01-012025-09-300001513363us-gaap:SeniorNotesMember2025-01-012025-09-300001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:GMPHVACLLCMember2024-12-310001513363us-gaap:InvestmentAffiliatedIssuerMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Common Equity (12,500 units) Investment date 3/4/20242025-09-300001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (5,837 units) Investment date 3/23/20162024-01-012024-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (1,000 units) Investment date 9/13/20222025-09-300001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001513363Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (1.50%) Rate Cash 13.05% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/20262025-01-012025-09-300001513363fdus:HaematologicTechnologiesIncMemberfdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363fdus:O2024ARegularFirstDividendsMember2024-04-292024-04-290001513363fdus:GmpHvacLlcDbaMcgeeHeatingAirLlcRevolvingLoanMember2024-12-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (108 shares) Investment date 6/7/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (1.00%) Rate Cash 11.43% Rate PIK 0.00% Investment date 2/10/2021 Maturity 10/29/20252025-01-012025-09-300001513363Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services Common Equity (1,232 units) Investment Date 2/1/20222025-09-300001513363Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/20162025-01-012025-09-300001513363fdus:O2023ARegularDividendsMember2023-02-150001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/20212025-01-012025-09-300001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:InformaticsHoldingsIncDbaWaspBarcodeTechnologiesRevolvingLoanMember2025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/20212024-12-310001513363fdus:O2025Q2RegularDividendsMember2025-05-052025-05-050001513363Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/20152025-09-300001513363fdus:ConsumerServicesMemberfdus:BarefootMosquitoAndPestControlLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investmnts Suited Connector LLC Information Technology Services Common Equity (97,808 units) Investment date 12/1/20212025-09-300001513363fdus:FivePointFourthreeNinePercentInterestRateMember2025-01-012025-09-300001513363us-gaap:CommonStockMember2024-07-012024-09-300001513363Affiliate Investments CP Communications, LLC Business Services Preferred Equity (62 Units) Investment date 12/4/20242025-01-012025-09-300001513363fdus:IndustrialCleaningAndCoatingsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AllrediLlcMember2025-09-300001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services Preferred Equity (1,000,000 units) Investment date 3/7/20242025-01-012025-09-300001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/20112025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SuitedConnectorLlcMemberfdus:InformationTechnologyServicesMember2025-09-300001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InductiveHealthInformaticsLLCMember2024-12-310001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (1.00%) Rate Cash 12.09% Rate PIK 0.00% Investment date 2/7/2019 Maturity 9/30/20252024-01-012024-12-310001513363fdus:AMOpportunitiesIncMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/20212024-12-310001513363Non-control/Non-affiliate Investments Virginia Tile Company, LLC Specialty Distribution Common Equity ( Units N/A) Investment date 12/19/20142025-01-012025-09-300001513363fdus:NetbaseSolutionsIncMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateTwoMember2025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/20222025-01-012025-09-300001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Common Equity (536 units) Investment date 10/11/20232025-09-300001513363fdus:FishbowlSolutionsLLCRevolvingLoanMember2025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DetechtionHoldingsLLCMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (2.25%) Rate Cash 12.34% Rate PIK 0.00% Investment date 7/12/2024 Maturity 6/21/20282024-12-310001513363fdus:FourPointFiveThreeThreePercentInterestRateMember2025-09-300001513363fdus:SecuredBorrowingsMember2024-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/20222025-01-012025-09-300001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/20222024-12-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Common Equity (1,000 Units) Investment date 7/21/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Subordinated Debt Rate Cash 7.75% Rate PIK 7.75% Investment date 3/4/2022 Maturity 9/4/20272024-01-012024-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (5,149 units) Investment date 9/18/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/20222024-01-012024-12-310001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2025-09-3000015133632024-01-012024-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (601 shares) Investment date 2/1/20242025-09-300001513363Affiliate Investments CP Communications, LLC Business Services Holdco Note Rate Cash 8.00% Rate PIK 8.00% Investment date 12/4/2024 Maturity 6/4/20302024-01-012024-12-310001513363v2025-09-300001513363Non-control/Non-affiliate Investments SES Investors, LLC (dba SES Foam) Building Products Manufacturing Common Equity (6,000 units) Investment date 9/8/20162025-09-300001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandAndThirtyMember2025-01-012025-06-300001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (371 units) Investment date 9/9/20242024-12-310001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2025-01-012025-09-300001513363fdus:BobcatConnecticutLLCMemberus-gaap:SubsequentEventMembersrt:MaximumMember2025-10-010001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BrightmoreBrandsLLCMemberfdus:RetailSectorsMember2025-09-300001513363fdus:WorldToursLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Industry Utilities: Services Common Equity (Units N/A) Investment date 2/21/20232024-12-310001513363us-gaap:CommonStockMemberfdus:AtTheMarketOfferingProgramMember2025-09-012025-09-300001513363fdus:SecondLienDebtMember2025-09-300001513363fdus:FirstLienDebtOneMemberfdus:InformationTechnologyServicesMemberfdus:NonControlOrNonAffiliateInvestmentsMemberfdus:TwoKDirectIncMember2024-12-310001513363fdus:TediaCompanyLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2025-09-300001513363fdus:O2025Q2SupplementalDividendsMember2025-05-052025-05-0500015133632025-01-012025-09-300001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Subordinated Debt Rate Cash 7.50% Rate PIK 7.50% Investment date 7/21/2023 Maturity 1/21/20272024-12-310001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Investment date 3/25/2022 Maturity 3/25/20272024-01-012024-12-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (1.00%) Rate Cash 9.55% Rate PIK 0.00% Investment date 6/30/2025 Maturity 6/30/20302025-09-300001513363fdus:TwoKDirectIncMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Subordinated Debt Rate Cash 11.50% Rate PIK 0.00% Investment date 3/19/2021 Maturity 4/7/20282024-01-012024-12-310001513363fdus:InvestmentAdvisoryAgreementMember2025-07-012025-09-300001513363fdus:ThreePointTwoZeroNinePercentInterestRateMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 9.55% Rate PIK 0.00% Investment date 10/1/2024 Maturity 10/1/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Common Equity (280,000 units) Investment date 12/30/20222025-09-300001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (1.50%) Rate Cash 9.54% Rate PIK 0.00% Investment date 5/30/2025 Maturity 3/1/20282025-01-012025-09-300001513363us-gaap:CommonStockMember2025-01-012025-03-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/20212024-01-012024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (312 units) Investment Date 11/30/20242024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/20222024-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Second Lien Debt Rate Cash 0.00% Rate PIK 0.00% Investment date 7/3/2014 Maturity 8/30/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Component Manufacturing Subordinated Debt Variable Index Spread (S + 4.00%) Variable Index Floor (2.50%) Rate Cash 8.23% Rate PIK 0.00% Investment date 9/20/2023 Maturity 3/31/20272025-01-012025-09-3000015133632024-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services First Lien Debt Variable Index Spread (S+7.75%) Variable Index Floor (2.00%) Rate Cash 12.44% Rate PIK 0.50% Investment date 9/20/2024 Maturity 9/20/20282024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-09-300001513363Non-control/Non-affiliate Investments Quest Software US Holdings Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 1.00%) Variable Index Floor (0.50%) Rate Cash 15.31% Rate PIK 6.75% Investment date 8/11/2025 Maturity 2/1/20302025-01-012025-09-300001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2025-05-210001513363Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (97,808 units) Investment date 12/1/20212024-01-012024-12-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (2.00%) Rate Cash 9.81% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/20262025-09-300001513363fdus:FivePointThreeFourOnePercentInterestRateMember2025-09-300001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.30% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272025-01-012025-09-300001513363fdus:CardbackIntermediateLLCMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:UsgAsHoldingsLlcMember2025-09-300001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (0.50%) Rate Cash 12.74% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/20262024-12-310001513363Non-control/Non-affiliate Investments Virginia Tile Company, LLC Specialty Distribution Common Equity ( Units N/A) Investment date 12/19/20142025-09-300001513363Non-control/Non-affiliate Investments Aldinger Company Business Services Common Equity (12,504 units) Investment date 6/30/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Subordinated Debt Rate Cash 0.00% Rate PIK 10.00% Investment date 11/22/2024 Maturity 5/22/20262024-12-310001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/20232025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:SecondLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/20222024-12-310001513363fdus:WesternAllianceTrustCompanyMemberfdus:CreditAndSecurityAgreementMemberus-gaap:SubsequentEventMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-10-160001513363fdus:FivePointZeroEightTwoPercentInterestRateMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services Preferred Equity (68,361 units) Investment date 1/3/20242025-01-012025-09-300001513363fdus:FivePointZeroEightTwoPercentInterestRateThreeMember2024-12-310001513363us-gaap:CommonStockMember2024-09-300001513363fdus:O2023ASupplementalDividendsMember2023-02-150001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformaticsHoldingsIncMember2025-09-300001513363Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services Common Equity (1,232 units) Investment Date 2/1/20222025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (5,149 units) Investment date 9/18/20232025-09-300001513363Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (1.50%) Rate Cash 13.35% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/20262024-01-012024-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Healthcare Services Common Equity (3,881 units) Investment date 4/15/20252025-09-300001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.31% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272025-09-300001513363fdus:UnitedStatesNortheastMember2024-12-310001513363fdus:FivePointFourthreeNinePercentInterestRateMember2024-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (0.75%) Rate Cash 11.35% Rate PIK 0.00% Investment date 8/10/2021 Maturity 8/10/20262024-12-310001513363fdus:O2023ASpecialFirstDividendsMember2023-05-022023-05-020001513363fdus:UnitedStatesSoutheastMember2025-09-300001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (1,000 units) Investment date 9/13/20222024-01-012024-12-310001513363fdus:March2030NotesMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,394 units) Investment date 12/8/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (1.00%) Rate Cash 10.40% Rate PIK 0.00% Investment date 8/31/2023 Maturity 8/3/20272025-01-012025-09-300001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310001513363Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/20172025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001513363fdus:FivePointZeroEightTwoPercentInterestRateOneMember2025-01-012025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/20232025-09-300001513363fdus:AdministrationAgreementMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Common Equity (500,000 units) Investment date 2/5/20252025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-09-300001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Subordinated Debt Rate Cash 11.50% Rate PIK 0.00% Investment date 3/19/2021 Maturity 4/7/20282025-09-300001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/20192024-01-012024-12-310001513363fdus:SecondLienDebtMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 11.02% Rate PIK 0.00% Investment Date 11/27/2024 Maturity Date 12/22/20292024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor(1.00%) Rate Cash 10.26% Rate PIK 0.00% Investment date 9/10/2025 Maturity 2/11/20262025-09-300001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services Common Equity (400,000 units) Investment date 2/28/20232024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-12-310001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing First Lien Debt Rate Cash 15.00% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/20272025-09-300001513363Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt Variable Index Spread (P+4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/20252024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 11.32% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282024-12-310001513363fdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/20222024-01-012024-12-310001513363us-gaap:SubordinatedDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 15.00% Investment date 3/2/2020 Maturity 9/30/20272025-01-012025-09-300001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (2.00%) Rate Cash 9.80% Rate PIK 0.00% Investment date 8/16/2024 Maturity 8/16/20292025-01-012025-09-300001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (637 units) Investment date 8/7/20232025-09-300001513363Non-control/Non-affiliate Investments E-PlanSoft Buyer, LLC (dba e-PlanSoft) Information Technology Services Preferred Equity (1,500 units) Investment date 06/27/20252025-01-012025-09-300001513363fdus:TwoPointOneSevenTwoPercentInterestRateMember2024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (52 units) Investment Date 11/27/20242024-12-310001513363fdus:OnepathSystemsLlcMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Revolving Loan ($2,250 unfunded commitment) Variable Index Spread (S + 8.75%) Variable Index Floor (1.00%) Rate Cash 13.60% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272024-01-012024-12-310001513363fdus:TransportationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:R1HoldingsLLCDbaRoadOneIntermodaLogisticsMember2025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 5/31/20182024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Rate Cash 15.25% Rate PIK 0.00% Investment date 3/28/2024 Maturity 3/31/20282024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112024-01-012024-12-310001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/20222024-12-310001513363fdus:FivePointFourThreeNinePercentInterestRateOneMember2024-12-3100015133632025-06-300001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/20192025-09-300001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Common Equity (1,361 units) Investment date 9/20/20242025-01-012025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/20212025-01-012025-09-300001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (1.00%) Rate Cash 9.05% Rate PIK 0.00% Investment date 11/27/2024 Maturity 11/27/20292025-09-300001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (188 units) Investment date 7/2/20252025-09-300001513363fdus:EstexManufacturingCompanyLlcMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363fdus:O2025Q3RegularDividendsMember2025-08-042025-08-040001513363us-gaap:AdditionalPaidInCapitalMember2024-03-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services First Lien Debt Variable Index Spread (S+7.75%) Variable Index Floor (2.00%) Rate Cash 12.05% Rate PIK 0.50% Investment date 9/20/2024 Maturity 9/20/20282025-01-012025-09-300001513363fdus:AffiliateInvestmentMembersrt:MinimumMember2025-01-012025-09-300001513363fdus:O2024ASupplementalThirdDividendsMember2024-10-280001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Subordinated Debt Rate Cash 11.50% Rate PIK 0.00% Investment date 3/22/2024 Maturity 3/24/20312025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-09-300001513363fdus:WonderwareHoldingsLlcDbaCoreBusinessTechnologiesMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/20132024-12-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.00% Investment date 6/21/2023 Maturity 6/21/20282024-01-012024-12-310001513363fdus:OnsightIndustriesLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363fdus:O2024ASupplementalFirstDividendsMember2024-04-290001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt ($2,625 unfunded commitment) Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 10.36% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (97,808 units) Investment date 12/1/20212024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/20212024-01-012024-12-310001513363us-gaap:SeniorNotesMember2024-09-300001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/20232025-09-300001513363fdus:SecuredBorrowingsMember2025-09-300001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Common Equity (280,000 units) Investment date 12/30/20222024-12-310001513363Affiliate Investments Pfanstiehl Inc Healthcare Products Common Equity (2,550 units) Investment date 3/29/20132024-01-012024-12-310001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMember2024-07-250001513363fdus:AffiliateInvestmentsMemberfdus:CPCommunicationsLLCMember2024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MinimumMemberus-gaap:SubordinatedDebtMember2024-12-310001513363fdus:UnitedStatesSoutheastMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/20222025-09-300001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:JumoHealthIncMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (133 units) Investment date 7/2/20252025-01-012025-09-300001513363us-gaap:SeniorNotesMember2024-07-012024-09-300001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (1.50%) Rate Cash 9.54% Rate PIK 0.00% Investment date 5/30/2025 Maturity 3/1/20282025-09-300001513363Non-control/Non-affiliate Investments Quantum IR Technologies, LLC Information Technology Services First Lien Debt Rate Cash 14.00% Rate PIK 0.00% Investment date 3/19/2024 Maturity 12/20/20262024-01-012024-12-310001513363fdus:WesternAllianceTrustCompanyMemberfdus:CreditAndSecurityAgreementMemberus-gaap:SubsequentEventMembersrt:MaximumMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-10-162025-10-160001513363Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (2.00%) Rate Cash 12.13% Rate PIK 0.00% Investment date 10/16/2024 Maturity 10/16/20292024-12-310001513363Non-control/Non-affiliate Investments Sogno Toscano LLC Specialty Distribution Preferred Equity (6 units) Investment date 7/2/20252025-01-012025-09-300001513363fdus:FivePointSevenThreeFivePercentInterestRateMember2024-12-310001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services Revolving Loan ($3,000 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.31% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/20202024-12-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (4,422 units) Investment Date 12/22/20232024-12-310001513363us-gaap:RevolvingCreditFacilityMember2024-09-300001513363fdus:November2026NotesMember2021-10-082021-10-080001513363fdus:UnitedBiologicsLlcMemberfdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +8.25%) Variable Index Floor (2.25%) Rate Cash 12.54% Rate PIK 0.00% Investment date 7/12/2024 Maturity 6/21/20282025-01-012025-09-300001513363Non-control/Non-affiliate Investments UBEO, LLC Business Services Common Equity (705,000 units) Investment date 4/3/20182024-01-012024-12-310001513363fdus:O2025Q1DividendsMember2025-01-012025-03-310001513363us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-3100015133632024-03-310001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2021-10-082021-10-080001513363fdus:InvestmentAdvisoryAgreementMembersrt:MaximumMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services Revolving Loan ($2,223 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.62% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272024-12-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Subordinated Debt Cash 7.00% Rate PIK 7.00% Investment date 7/8/2022 Maturity 1/8/20282024-12-310001513363fdus:AerospaceAndDefenseManufacturingMemberfdus:SpectraAAndDAcquisitionIncMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001513363fdus:BarefootMosquitoAndPestControlLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363fdus:FishbowlSolutionsLlcMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing Common Equity (515,625 units) Investment date 1/22/20212025-01-012025-09-300001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services Common Equity (Units N/A) Investment date 5/22/20252025-01-012025-09-300001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/20192024-12-310001513363fdus:FivePointEightSixOnePercentInterestRateTwoMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments ServicePower, Inc. Information Technology Services First Lien Debt Cash 10.50% Rate PIK 5.50% Investment date 3/15/2024 Maturity 3/15/20282025-01-012025-09-300001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Subordinated Debt Rate Cash 10.00% Rate PIK 1.00% Investment date 3/3/2022 Maturity 3/3/20282024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services First Lien Debt Rate Cash 12.00% Rate PIK 0.00% Investment date 1/3/2024 Maturity 1/3/20282024-01-012024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/20222024-01-012024-12-310001513363Non-control/Non-affiliate Investments Customer Expressions Corp (dba Case IQ) Information Technology Services Common Equity (502,894 units) Investment date 1/6/20252025-01-012025-09-300001513363us-gaap:CommonStockMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberfdus:SecondLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (0.50%) Rate Cash 8.99% Rate PIK 0.00% Investment date 7/30/2021 Maturity 6/25/20262024-01-012024-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (601 shares) Investment date 2/1/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/20192025-09-300001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/20202025-09-300001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing First Lien Debt Rate Cash 13.00% Rate PIK 0.00% Investment date 2/5/2025 Maturity 2/5/20302025-01-012025-09-300001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Business Services Preferred Equity (10,000 units) Investment date 3/28/20252025-09-300001513363fdus:TransportationServicesMemberfdus:WorldwideExpressOperationsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363fdus:AffiliateInvestmentMembersrt:MaximumMember2025-01-012025-09-300001513363fdus:BuildingProductsManufacturingMemberfdus:ApplegateGreenfiberIntermediateIncMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services Revolving Loan ($2,223 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.62% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272024-01-012024-12-310001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.29% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302025-01-012025-09-300001513363Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/20182024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 8.51% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282025-01-012025-09-300001513363fdus:FivePointThreeFourOnePercentInterestRateTwoMember2024-12-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (637 units) Investment date 8/7/20232024-01-012024-12-310001513363fdus:AffiliateInvestmentsMember2024-12-310001513363country:CA2025-09-300001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt ($2,000 unfunded commitment) Variable Index Spread (S + 6.25%) Variable Index Floor (2.00%) Rate Cash 10.55% Rate PIK 0.00% Investment date 3/18/2025 Maturity 3/18/20302025-09-300001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Common Equity (500,000 shares) Investment date 10/6/20212025-01-012025-09-300001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment Date 12/30/2024 Maturity Date 12/31/20282024-01-012024-12-310001513363fdus:UnitedStatesMidwestMember2024-12-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services First Lien Debt ($3,000 unfunded commitment) Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 10.04% Rate PIK 2.00% Investment date 5/20/2024 Maturity 5/20/20292025-09-300001513363fdus:UnitedStatesNortheastMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/20222024-01-012024-12-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMembersrt:MaximumMember2025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMemberfdus:LifespanBiosciencesIncMember2024-12-310001513363us-gaap:CommonStockMemberfdus:RaymondJamesAndAssociatesIncAndRobertWBairdAndCoMember2024-07-012024-09-300001513363fdus:FourPointSevenFourPercentInterestRateMember2025-09-300001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment Date 11/9/20232025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:ServicePowerIncMember2025-01-012025-09-300001513363fdus:FourPointEightSevenNinePercentInterestRateOneMember2025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueOptionPricingMembersrt:MinimumMemberfdus:MeasurementInputVolatilityOfCreditMemberfdus:SecondLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt ($1,125 unfunded commitment) Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.80% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (601,532 units) Investment date 6/21/20232024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2025-09-300001513363Non-control/Non-affiliate Investments ServicePower, Inc. Information Technology Services First Lien Debt Cash 10.50% Rate PIK 5.50% Investment date 3/15/2024 Maturity 3/15/20282025-09-300001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SuitedConnectorLlcMember2024-12-310001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Business Services Common Equity (598,832 units) Investment date 2/23/20242024-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/20212025-01-012025-09-300001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IsiPsgHoldingsLlcMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/20212025-09-300001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/20192024-01-012024-12-310001513363Non-control/Non-affiliate Investments Aldinger Company Business Services Preferred Equity (12,861 units) Investment Date 6/30/20232024-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/20212024-01-012024-12-310001513363fdus:E-PlanSoftBuyerLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2024-07-012024-09-300001513363fdus:FraserSteelLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Common Equity (280,000 units) Investment date 12/30/20222025-01-012025-09-300001513363fdus:BuildingProductsManufacturingMemberfdus:ApplegateGreenfiberIntermediateIncMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001513363fdus:TrueEnvironmentalIncFirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Second Lien Debt Rate Cash 12.75% Rate PIK 0.00% Investment date 3/4/2024 Maturity 8/4/20302025-01-012025-09-300001513363fdus:SmallBusinessAdministrationDebenturesMember2024-12-310001513363us-gaap:CommonStockMemberfdus:RaymondJamesAndAssociatesIncAndRobertWBairdAndCoMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 11.75% Rate PIK 0.00% Investment date 11/17/2021 Maturity 11/17/20282024-01-012024-12-310001513363us-gaap:CommonStockMember2024-06-300001513363Non-control/Non-affiliate Investments Winona Foods, Inc. Specialty Distribution First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor (6.00%) Rate Cash 17.00% Rate PIK 0.00% Investment date 12/13/2023 Maturity 6/13/20272024-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 8.48% Rate PIK 0.00% Investment date 6/30/2021 Maturity 4/5/20262024-01-012024-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 8.15% Rate PIK 0.00% Investment date 6/30/2021 Maturity 4/5/20262025-09-300001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt ($2,250 unfunded commitment) Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.80% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302025-01-012025-09-300001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/20222025-01-012025-09-300001513363fdus:GoldmanSachsFinancialSquareTreasuryObligationInstitutionCusipMember2025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:CardbackIntermediateLLCMember2024-12-310001513363Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/20192024-01-012024-12-310001513363Non-control/Non-affiliate Investmnts Suited Connector LLC Information Technology Services Common Equity (97,808 units) Investment date 12/1/20212025-01-012025-09-300001513363fdus:AcendreMidcoIncRevolvingLoanMember2024-12-310001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2020-12-232020-12-230001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Cash 9.00% Rate PIK 4.50% Investment date 11/9/2023 Maturity 11/9/20302024-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Healthcare Services Preferred Equity (3,619 units) Investment date 4/15/20252025-09-300001513363fdus:UnitedStatesNortheastMember2025-09-300001513363fdus:BusinessServicesMemberfdus:FirstLienDebtMemberfdus:AldingerCompanyMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363fdus:ZonkdLlcMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Second Lien Debt Rate Cash 11.50% Rate PIK 1.25% Investment date 4/25/2023 Maturity 6/30/20282024-12-310001513363fdus:O2023Q1DividendsMember2023-01-012023-03-310001513363fdus:SecondLienDebtMember2024-12-310001513363us-gaap:SubordinatedDebtMember2025-09-300001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/20192024-12-310001513363fdus:TwoThousandTwentySixNotesMember2025-01-012025-09-300001513363fdus:SmallBusinessAdministrationDebenturesMember2025-09-300001513363fdus:FivePointEightSixOnePercentInterestRateMember2024-12-310001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing Common Equity (75,000 units) Investment date 10/1/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/20182025-01-012025-09-300001513363fdus:CustomerExpressionsCorpMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2025-09-300001513363Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (574,929 units) Investment date 6/28/20222024-01-012024-12-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt ($2,625 unfunded commitment) Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 10.36% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292024-12-310001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services Preferred Equity (68,361 units) Investment date 1/3/20242025-09-300001513363Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/20162025-09-300001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing First Lien Debt Rate Cash 15.00% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/20272025-01-012025-09-300001513363fdus:BusinessServicesMemberfdus:DonovanFoodBrokerageLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services Preferred Equity (1,000,000 units) Investment date 3/7/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/20172024-01-012024-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/20212024-01-012024-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/20232024-12-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:OnepathSystemsLlcMember2024-12-310001513363fdus:AffiliateInvestmentsMemberfdus:CPCommunicationsLLCMember2025-09-300001513363fdus:SmallBusinessAdministrationDebenturesMember2024-12-310001513363fdus:NotesPayableMember2025-09-300001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380 units) Investment date 7/26/20212024-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/20212025-01-012025-09-300001513363Non-control/Non-affiliate Investments SES Investors, LLC (dba SES Foam) Building Products Manufacturing Common Equity (6,000 units) Investment date 9/8/20162024-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/20212024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Revolving Loan Variable Index Spread (S + 7.75%) Variable Index Floor (0.50%) Rate Cash 12.60% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/20262024-01-012024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/20212024-12-310001513363Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (2.00%) Rate Cash 11.80% Rate PIK 0.00% Investment date 10/16/2024 Maturity 10/16/20292025-09-300001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Speciality Distribution First Lien Debt Rate Cash 11.75% Rate PIK 1.50% Investment date 11/14/2023 Maturity 11/13/20282024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/20222024-12-310001513363fdus:PugetCollisionLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:RetailSectorsMember2025-09-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Subordinated Debt Rate Cash 0.00% Rate PIK 10.00% Investment date 12/20/2024 Maturity 6/20/20262024-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (1,000 units) Investment date 9/13/20222024-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/20222025-01-012025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:AcendreMidcoIncMember2025-09-300001513363fdus:EnvironmentalIndustriesMemberfdus:FirstLienDebtMemberfdus:AmericanAllwasteLlcMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363fdus:PayEntryFinancialServicesIncDbaPayentry-SecondLienDDTLBOneMember2025-09-300001513363Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Second Lien Debt Rate Cash 0.00% Rate PIK 13.00% Investment date 10/29/2021 Maturity 6/1/20282024-01-012024-12-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Component Manufacturing Second Lien Debt Variable Index Spread (S + 0.00%) Variable Index Floor (2.50%) Rate Cash 4.46% Rate PIK 9.75% Investment date 4/13/2022 Maturity 6/30/20262024-01-012024-12-310001513363fdus:O2023ASpecialThirdDividendsMember2023-10-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Common Equity (310 units) Investment date 1/4/20242024-12-310001513363fdus:November2026NotesMember2025-01-012025-09-300001513363fdus:AtTheMarketOfferingProgramMember2025-09-012025-09-300001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (1.00%) Rate Cash 11.76% Rate PIK 0.00% Investment date 2/7/2019 Maturity 12/23/20262025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001513363fdus:O2023ARegularSecondDividendsMember2023-08-010001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Common Equity (500,000 shares) Investment date 10/6/20212024-01-012024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (21,689 units) Investment date 5/22/20242024-12-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Revolving Loan ($1,500 unfunded commitment) Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.59% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282024-01-012024-12-310001513363fdus:AffiliateInvestmentsMemberfdus:ApplegateGreenfiberIntermediateIncMember2023-12-310001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services Preferred Equity (68,361 units) Investment date 1/3/20242024-01-012024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/20232024-12-3100015133632011-06-202011-06-200001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/20212025-09-300001513363fdus:FumexLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IndustrialProductServicesMember2025-09-300001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Second Lien Debt Cash 11.50% Rate PIK 1.25% Investment date 4/25/2023 Maturity 6/30/20282025-01-012025-09-300001513363fdus:SbaDebenturesMember2024-12-310001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Rate Cash 15.25% Rate PIK 0.00% Investment date 3/28/2024 Maturity 3/31/20282025-09-300001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Business Services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (2.00%) Rate Cash 10.84% Rate PIK 0.00% Investment date 2/23/2024 Maturity 2/23/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 8.15% Rate PIK 0.00% Investment date 6/30/2021 Maturity 4/5/20262025-01-012025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.25%) Rate Cash 10.34% Rate PIK 2.00% Investment date 6/21/2023 Maturity 6/21/20282024-01-012024-12-310001513363fdus:TediaCompanyLlcRevolvingLoanMember2025-09-300001513363v2025-01-012025-09-300001513363fdus:FirstLienDebtMemberfdus:BobcatConnecticutLLCMemberus-gaap:SubsequentEventMember2025-10-010001513363Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/20182024-01-012024-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/20212024-01-012024-12-310001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandAndThirtyMember2025-03-190001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DetechtionHoldingsLLCMember2025-09-300001513363us-gaap:CommonStockMember2025-07-012025-09-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.59% Rate PIK 0.00% Investment date 1/4/2024 Maturity 1/4/20292024-12-310001513363us-gaap:CommonStockMember2025-09-300001513363fdus:TediaCompanyLlcRevolvingLoanMember2024-12-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/20222024-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products First Lien Debt Variable Index Spread (S + 8.75%) Variable Index Floor (1.00%) Rate Cash 13.60% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272024-01-012024-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/20212024-01-012024-12-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (2.00%) Rate Cash 9.81% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/20262025-01-012025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/20192025-09-300001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment Date 10/1/2021 Maturity Date 12/31/20282025-09-300001513363fdus:UtilitiesServicesMemberfdus:NwsTechnologiesLlcMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-3100015133632024-07-012024-09-300001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 unit) Investment date 6/20/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments United Biologics, LLC Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/20122024-12-310001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/20232025-09-300001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (746,893 shares) Investment date 6/12/20252025-09-300001513363fdus:ApmIntermediateHoldingsLlcMemberfdus:BuildingProductsManufacturingMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363us-gaap:SubsequentEventMemberfdus:O2025Q4SupplementalDividendsMember2025-11-030001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services Preferred Equity (1,00,000 units) Investment date 11/13/20242025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputAssetCoverageMembersrt:WeightedAverageMemberfdus:FirstLienDebtMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-03-310001513363Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/20222024-12-310001513363us-gaap:AdditionalPaidInCapitalMember2025-06-300001513363fdus:O2023ASupplementalThirdDividendsMember2023-10-300001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Subordinated Debt Rate Cash 11.00% Rate PIK 0.00% Investment date 12/31/2021 Maturity 12/31/20272025-01-012025-09-300001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (0.50%) Rate Cash 8.69% Rate PIK 0.00% Investment date 7/30/2021 Maturity 6/25/20262025-09-300001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Common Equity (1,050,000 units) Investment date 9/9/20242025-09-300001513363fdus:BusinessServicesMemberfdus:CtmGroupIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt ($3,339 unfunded commitment) Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 10.03% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292025-01-012025-09-300001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (3.00%) Rate Cash 10.11% Rate PIK 3.00% Investment date 10/11/2019 Maturity 6/30/20262024-01-012024-12-310001513363fdus:BusinessServicesMemberfdus:PrimeAeGroupIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363fdus:UnitedStatesWestMember2024-01-012024-12-310001513363us-gaap:CommonStockMember2025-06-300001513363fdus:EnvironmentalIndustriesMemberfdus:AmericanAllwasteLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateFourMember2025-01-012025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor(1.00%) Rate Cash 10.26% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/20262025-01-012025-09-300001513363fdus:FivePointFourThreeNinePercentInterestRateTwoMember2024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:RhinoAssemblyCompanyLlcMember2024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Warrant (275,000 shares) Investment date 10/6/20212025-09-300001513363Affiliate Investments CP Communications, LLC Business Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (4.00%) Rate Cash 12.79% Rate PIK 0.00% Investment date 12/4/2024 Maturity 12/4/20292025-09-300001513363us-gaap:RevolvingCreditFacilityMember2025-07-012025-09-300001513363Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services Common Equity (1,232 units) Investment Date 2/1/20222024-01-012024-12-310001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMembersrt:MaximumMember2019-04-242019-04-240001513363fdus:O2024ASupplementalSecondDividendsMember2024-07-292024-07-290001513363Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Subordinated Debt Rate Cash 7.75% Rate PIK 6.50% Investment date 2/28/2023 Maturity 11/30/20272025-01-012025-09-300001513363fdus:O2023ASupplementalFirstDividendsMember2023-05-022023-05-020001513363Non-control/Non-affiliate Investments Sogno Toscano LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 9.29% Rate PIK 0.00% Investment date 7/2/2025 Maturity 1/2/20292025-09-300001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services Preferred Equity (1,000,000 units) Investment date 11/13/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services Common Equity (3,500 units) Investment date 11/27/20242024-12-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000 units) Investment date 7/21/20212024-01-012024-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (2.50%) Rate Cash 12.59% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/20282024-12-310001513363Non-control/Non-affiliate Investments ServicePower, Inc. Information Technology Services First Lien Debt Cash 8.25% Rate PIK 0.00% Investment date 6/6/2025 Maturity 3/15/20282025-09-300001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Subordinated Debt Cash 12.50% Rate PIK 0.00% Investment date 3/22/2024 Maturity 3/24/20312024-01-012024-12-310001513363Non-control/Non-affiliate Investments Quantum IR Technologies, LLC Information Technology Services Common Equity (12,183 shares) Investment date 3/19/20242024-12-310001513363Non-control/Non-affiliate Investments E-PlanSoft Buyer, LLC (dba e-PlanSoft) Information Technology Services First Lien Debt Cash 11.00% Rate PIK 2.00% Investment date 06/30/2025 Maturity 06/30/20302025-09-300001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 11.65% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/20262025-09-300001513363Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/20162024-01-012024-12-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/20222025-01-012025-09-300001513363country:CA2024-12-310001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/20232024-01-012024-12-310001513363Affiliate Investments Pfanstiehl Inc Healthcare Products Common Equity (2,550 units) Investment date 3/29/20132024-12-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Component Manufacturing Subordinated Debt Variable Index Spread (S + 4.00%) Variable Index Floor (2.50%) Rate Cash 8.23% Rate PIK 0.00% Investment date 9/20/2023 Maturity 3/31/20272025-09-300001513363us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001513363srt:MinimumMember2024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/20212025-01-012025-09-300001513363Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (1.50%) Rate Cash 13.35% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/20262024-12-310001513363fdus:SecuredBorrowingsMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services First Lien Debt Variable Index Spread (S + 7.25%) Variable Index Floor (1.00%) Rate Cash 12.09% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/20272024-12-310001513363fdus:AppliedDataCorporationMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.31% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/20272025-01-012025-09-300001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Revolving Loan ($800 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 10.79% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292025-09-300001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Subordinated Debt Rate Cash 11.00% Rate PIK 0.00% Investment date 12/31/2021 Maturity 12/31/20272024-12-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Business Services Second Lien Debt Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMember2025-09-300001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Common Equity (1,359 units) Investment date 8/16/20242024-01-012024-12-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMember2025-09-300001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:VirtexEnterprisesLpMember2025-09-300001513363fdus:FourPointFiveThreeThreePercentInterestRateMember2025-01-012025-09-300001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2025-01-012025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AxisMedicalTechnologiesLLCDbaMoveMedicalRevolvingLoanMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.62% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272024-01-012024-12-310001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2024-01-012024-12-310001513363fdus:ProntoPlumbingAndDrainIncMemberfdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363fdus:O2023ARegularFirstDividendsMember2023-05-022023-05-020001513363Non-control/Non-affiliate Investments Customer Expressions Corp (dba Case IQ) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 9.15% Rate PIK 0.50% Investment date 1/6/2025 Maturity 4/15/20292025-09-300001513363fdus:O2025Q1SupplementalSecondDividendsMember2025-02-182025-02-180001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Revolving Loan ($800 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 10.78% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292025-09-300001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Common Equity (500,000 units) Investment date 2/5/20252025-01-012025-09-300001513363Non-control/Non-affiliate Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services Preferred Equity (1,000,000 units) Investment date 3/7/20242024-12-310001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment Date 11/9/20232024-01-012024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:RFFagerCompanyLLCMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:SecondLienDebtMember2025-09-300001513363fdus:SmallBusinessAdministrationDebenturesMember2025-07-012025-09-300001513363fdus:UsGreenfiberLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberfdus:BuildingProductsManufacturingMember2025-09-300001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000 units) Investment date 7/21/20212025-01-012025-09-300001513363fdus:SbaDebenturesMember2025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/20222025-01-012025-09-300001513363fdus:O2025Q2SupplementalDividendsMember2025-05-050001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.25%) Variable Index Floor 2.00% Rate Cash 11.84% Rate PIK 0.00% Investment Date 11/8/2022 Maturity Date 11/8/20272024-12-310001513363fdus:UnitedStatesSouthwestMember2024-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateOneMember2025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Common Equity (1,405 units) Investment Date 12/30/20242024-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (0.75%) Rate Cash 11.35% Rate PIK 0.00% Investment date 8/10/2021 Maturity 8/10/20262024-01-012024-12-310001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.50%) Rate Cash 10.79% Rate PIK 0.00% Investment date 5/1/2024 Maturity 3/7/20292025-09-300001513363Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Second Lien Debt Rate Cash 0.00% Rate PIK 13.00% Investment date 10/29/2021 Maturity 6/1/20282025-09-300001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.00%) Rate Cash 11.02% Rate PIK 0.00% Investment date 11/13/2024 Maturity 11/13/20292024-12-310001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (518,135 units) Investment date 11/14/20232024-12-310001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Common Equity (598,832 units) Investment date 2/23/20242025-01-012025-09-300001513363us-gaap:SeniorNotesMember2025-07-012025-09-300001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (2.00%) Rate Cash 10.11% Rate PIK 0.00% Investment date 8/16/2024 Maturity 8/16/20292024-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/20212024-12-310001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services First Lien Debt Variable Index Spread (S + 8.75%) Variable Index Floor (2.00%) Rate Cash 13.21% Rate PIK 0.00% Investment date 11/25/2019 Maturity 11/22/20252024-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Preferred Equity (367 units) Investment date 9/20/20242024-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/20212024-12-310001513363fdus:LaboratoryTestingLLCRevolvingLoanMember2025-09-300001513363fdus:OnsightIndustriesLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363fdus:FivePointEightSixOnePercentInterestRateOneMember2025-09-300001513363us-gaap:InvestmentAffiliatedIssuerMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MinimumMemberfdus:SecondLienDebtMember2024-12-310001513363Affiliate Investments CP Communications, LLC Business Services Holdco Note Rate Cash 8.00% Rate PIK 8.00% Investment date 12/4/2024 Maturity 6/4/20302024-12-310001513363Non-control/Non-affiliate Investments United Biologics, LLC Healthcare Services Warrant (57,469 units) Investment date 3/5/20122025-01-012025-09-300001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 5/31/20182025-01-012025-09-300001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (371 units) Investment date 9/9/20242025-01-012025-09-300001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AmeriwaterLlcMember2025-09-300001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC ) Utilities: Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (2.00%) Rate Cash 11.04% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282025-01-012025-09-300001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 10.75% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292024-12-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:SecondLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. Business Services First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (1.00%) Rate Cash 9.01% Rate PIK 2.25% Investment date 2/28/2023 Maturity 11/30/20262025-01-012025-09-300001513363Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Rate Cash 10.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/20272025-01-012025-09-300001513363Non-control/Non-affiliate Investments ServicePower, Inc. Information Technology Services First Lien Debt Cash 8.25% Rate PIK 0.00% Investment date 6/6/2025 Maturity 3/15/20282025-01-012025-09-300001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor 1.00% Rate Cash 10.58% Rate PIK 0.00% Investment Date 7/8/2022 Maturity Date 7/8/20272024-12-310001513363fdus:AffiliateInvestmentsMemberfdus:ApplegateGreenfiberIntermediateIncMember2024-01-012024-12-310001513363fdus:O2024ADividendsMember2024-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/20212025-01-012025-09-300001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Revolving Loan ($1,500 unfunded commitment) Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.59% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282024-12-310001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Revolving Loan ($800 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 10.79% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292025-01-012025-09-300001513363fdus:O2025Q1SupplementalSecondDividendsMember2025-02-180001513363us-gaap:SubsequentEventMemberfdus:AldingerCompanyMember2025-10-202025-10-200001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/20192025-01-012025-09-300001513363Non-control/Non-affiliate Investments Onsight Industries, LLC Component Manufacturing First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (1.50%) Rate Cash 9.79% Rate PIK 0.00% Investment date 3/27/2025 Maturity 1/7/20302025-01-012025-09-300001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2025-07-012025-09-300001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/20222025-09-300001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/20222025-09-300001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Preferred Equity (1,200,000 units) Investment Date 10/25/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 10.75% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products Revolving Loan Rate Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/20252024-01-012024-12-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Subordinated Debt Cash 7.00% Rate PIK 7.00% Investment date 7/8/2022 Maturity 1/8/20282025-09-300001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Business Services Second Lien Debt ($1,563 unfunded commitment) Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312025-01-012025-09-300001513363fdus:SmallBusinessAdministrationDebenturesMember2024-09-300001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/20202024-12-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC First Lien Debt ($1,250 unfunded commitments) Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.25%) Rate Cash 10.04% Rate PIK 2.50% Investment date 6/21/2023 Maturity 6/21/20282025-09-300001513363fdus:FivePointThreeOneZeroPercentInterestRateMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/20222024-01-012024-12-310001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Second Lien Debt Rate Cash 12.75% Rate PIK 0.00% Investment date 3/4/2024 Maturity 8/4/20302025-09-300001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Common Equity (598,832 units) Investment date 2/23/20242025-09-300001513363us-gaap:CommonStockMemberfdus:RaymondJamesAndAssociatesIncAndRobertWBairdAndCoMember2025-07-012025-09-300001513363Money Market Funds Goldman Sachs Financial Square Treasury Obligation Institution2024-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/20142025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/20172025-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Warrant (150,000 shares) Investment date 10/6/20212024-12-310001513363us-gaap:FairValueInputsLevel2Member2024-12-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Industry Information Technology Services First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor (1.00%) Rate Cash 10.36% Rate PIK 0.00% Investment date 10/11/2023 Maturity 10/11/20292024-12-310001513363us-gaap:FairValueInputsLevel1Member2025-09-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Common Equity (310 units) Investment date 1/4/20242025-09-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Common Equity (310 units) Investment date 1/4/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services Subordinated Debt Rate Cash 7.75% Rate PIK 6.50% Investment date 2/28/2023 Maturity 11/30/20272024-01-012024-12-310001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Preferred Equity (500,000 units) Investment date 8/21/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Service Preffered Equity (16,693 Units) Investment Date 12/22/20232024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.00%) Rate Cash 10.79% Rate PIK 0.00% Investment date 11/13/2024 Maturity 11/13/20292025-01-012025-09-300001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMember2020-06-262020-06-260001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 11.32% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282024-01-012024-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/20212024-12-310001513363fdus:O2024ARegularThirdDividendsMember2024-10-282024-10-280001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/20212025-01-012025-09-300001513363fdus:ChoiceTechnologySolutionsLlcDbaChoiceMerchantSolutionsLlcRevolvingLoanMember2024-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Revolving Loan ($865 unfunded commitment) Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 10.75% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292024-01-012024-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateThreeMember2025-09-300001513363fdus:DetechtionHoldingsLlcRevolvingLoanMember2025-09-300001513363us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001513363us-gaap:MoneyMarketFundsMember2024-12-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.00% Investment date 6/21/2023 Maturity 6/21/20282025-09-300001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/20212025-09-300001513363fdus:FivePointThreeFourOnePercentInterestRateOneMember2025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:ChoiceTechnologySolutionsLlcDbaChoiceMerchantSolutionsLlcMember2024-12-310001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 9.28% Rate PIK 0.00% Investment date 10/1/2024 Maturity 10/1/20292025-09-300001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt ($1,259 unfunded commitment) Variable Index Spread (S+7.50%) Variable Index Floor (2.50%) Rate Cash 11.79% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/20282025-01-012025-09-300001513363Non-control/Non-affiliate Investments UBEO, LLC Business Services Common Equity (705,000 units) Investment date 4/3/20182025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/20222024-01-012024-12-310001513363us-gaap:SubsequentEventMemberfdus:O2025Q4RegularDividendsMember2025-11-030001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.31% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272025-01-012025-09-300001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (1.00%) Rate Cash 10.73% Rate PIK 0.00% Investment date 8/31/2023 Maturity 8/3/20272024-12-310001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Subordinated Debt Rate Cash 11.00% Rate PIK 2.00% Investment date 12/30/2022 Maturity 11/23/20272024-01-012024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:AutoCrmLlcMember2025-09-300001513363fdus:O2024ARegularThirdDividendsMember2024-10-280001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2023-12-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Subordinated Debt Cash 7.00% Rate PIK 7.00% Investment date 7/8/2022 Maturity 1/8/20282025-01-012025-09-300001513363fdus:FivePointZeroEightTwoPercentInterestRateMember2024-12-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMember2025-09-300001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InductiveHealthInformaticsLLCMember2025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BrightmoreBrandsLLCMemberfdus:RetailSectorsMember2024-12-310001513363fdus:CPCommunicationsLLCMemberfdus:BusinessServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (3,645,752 units) Investment date 9/18/20232025-09-300001513363Affiliate Investments CP Communications, LLC Business Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (4.00%) Rate Cash 12.96% Rate PIK 0.00% Investment date 12/4/2024 Maturity 12/4/20292024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMembersrt:MaximumMember2024-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/20192025-01-012025-09-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.29% Rate PIK 0.00% Investment date 1/4/2024 Maturity 1/4/20292025-09-300001513363fdus:FivePointFourThreeNinePercentInterestRateOneMember2025-09-300001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2020-12-230001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Common Equity (1,359 shares) Investment date 8/16/20242025-09-300001513363Affiliate Investments CP Communications, LLC Business Services Preferred Equity (62 Units) Investment date 12/4/20242024-01-012024-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IsiPsgHoldingsLlcMember2025-09-300001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/20202025-01-012025-09-300001513363Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity (197,980 units) Investment date 11/13/20202024-01-012024-12-310001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Preferred Equity (Units N/A) ($100 unfunded commitment) Investment date 3/21/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing First Lien Debt Rate Cash 13.00% Rate PIK 0.00% Investment date 2/5/2025 Maturity 2/5/20302025-09-300001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (4,735 units) Investment date 9/18/20232024-01-012024-12-3100015133632025-01-012025-03-310001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Speciality Distribution First Lien Debt Rate Cash 11.75% Rate PIK 1.50% Investment date 11/14/2023 Maturity 11/13/20282024-01-012024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Common Equity (1,405 units) Investment Date 12/30/20242024-01-012024-12-310001513363fdus:O2023ASpecialFirstDividendsMember2023-05-020001513363fdus:O2025Q2DividendsMember2025-01-012025-06-300001513363us-gaap:CommonStockMember2024-02-290001513363fdus:O2023ARegularThirdDividendsMember2023-10-302023-10-300001513363Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (574,929 units) Investment date 6/28/20222024-12-310001513363fdus:AxisMedicalTechnologiesLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2024-12-310001513363Non-control/Non-affiliate Investments Aldinger Company Business Services Common Equity (12,504 units) Investment date 6/30/20232025-09-300001513363fdus:FivePointThreeFourOnePercentInterestRateTwoMember2025-09-300001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 9.00%) Variable Index Floor (1.00%) Rate Cash 14.75% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/20272024-12-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (2.00%) Rate Cash 10.11% Rate PIK 0.00% Investment date 8/16/2024 Maturity 8/16/20292024-01-012024-12-310001513363fdus:BusinessServicesMemberfdus:CihIntermediateLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (0.50%) Rate Cash 12.60% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 One2024-12-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.25%) Rate Cash 10.34% Rate PIK 2.00% Investment date 6/21/2023 Maturity 6/21/20282024-12-310001513363fdus:FirstLienDebtMember2025-01-012025-09-300001513363fdus:January2026NotesMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products First Lien Debt Rate Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/20252024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Common Equity (500,000 shares) Investment date 10/6/20212025-09-300001513363us-gaap:RevolvingCreditFacilityMember2024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:ServicePowerIncMember2025-09-300001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.00%) Rate Cash 11.02% Rate PIK 0.00% Investment date 11/13/2024 Maturity 11/13/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services First Lien Debt Rate Cash 12.50% Rate PIK 1.25% Investment date 10/6/2021 Maturity 3/31/2026 Principal Amount 12,9312025-09-300001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AmeriwaterLlcMember2024-12-310001513363fdus:FirstLienDebtMember2025-09-300001513363Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/20152024-01-012024-12-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt ($3,339 unfunded commitment) Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 10.03% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292025-09-300001513363us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001513363Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/20152024-12-310001513363Non-control/Non-affiliate Investments ServicePower, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 8.00%) Variable Index Floor (3.25%) Rate Cash 12.61% Rate PIK 0.00% Investment date 3/15/2024 Maturity 3/15/20282024-12-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/20222025-09-300001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-12-310001513363fdus:AdministrationAgreementMember2024-07-012024-09-300001513363fdus:O2024Q4DividendsMember2024-10-012024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/20222024-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Subordinated Debt Rate Cash 7.75% Rate PIK 7.75% Investment date 3/4/2022 Maturity 9/4/20272024-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (524,624 units) Investment date 8/3/20232025-09-300001513363fdus:EnvironmentalIndustriesMemberfdus:AmericanAllwasteLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services Common Equity (551,470 units) Investment date 5/20/20242025-09-300001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Second Lien Debt Rate Cash 12.75% Rate PIK 0.00% Investment date 3/4/2024 Maturity 8/4/20302024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Subordinated Debt Rate Cash 7.50% Rate PIK 7.50% Investment date 7/21/2023 Maturity 1/21/20272025-09-300001513363Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing Common Equity (515,625 units) Investment date 1/22/20212024-01-012024-12-310001513363fdus:ThrustFlightLLCMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment Date 10/1/2021 Maturity Date 12/31/20282024-12-310001513363Non-control/Non-affiliate Investments Aldinger Company Business Services Common Equity (12,504 units) Investment date 6/30/20232024-01-012024-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateThreeMember2025-01-012025-09-300001513363fdus:FivePointEightSixOnePercentInterestRateTwoMember2024-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateMember2025-09-300001513363fdus:FourPointSevenFourPercentInterestRateMemberfdus:SmallBusinessAdministrationDebenturesMember2025-09-300001513363Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Debt Rate Cash 10.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/20272024-12-310001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 9.00%) Variable Index Floor (1.00%) Rate Cash 14.75% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/20272024-01-012024-12-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (4.00%) Rate Cash 10.36% Rate PIK 1.00% Investment date 7/21/2023 Maturity 7/21/20262024-12-310001513363us-gaap:SubsequentEventMemberfdus:GPCOperationsLLCMember2025-10-220001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/20202025-01-012025-09-300001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (108 shares) Investment date 6/7/20242025-01-012025-09-300001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2023-12-310001513363Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt Variable Index Spread (P+2.00%) Variable Index Floor (3.25%) Rate Cash 9.25% Rate PIK 2.00% Investment date 11/18/2021 Maturity 11/18/20262025-01-012025-09-300001513363Non-control/Non-affiliate Investments White Label Communication, LLC Industry Information Technology Services First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor (1.00%) Rate Cash 10.36% Rate PIK 0.00% Investment date 10/11/2023 Maturity 10/11/20292024-01-012024-12-310001513363us-gaap:RevolvingCreditFacilityMember2025-09-300001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (1.00%) Rate Cash 12.09% Rate PIK 0.00% Investment date 2/7/2019 Maturity 9/30/20252024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Warrant (150,000 shares) Investment date 10/6/20212024-01-012024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (312 units) Investment Date 12/30/20242024-01-012024-12-310001513363us-gaap:CommonStockMember2024-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (169 units) Investment date 6/26/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Subordinated Debt Rate Cash 10.00% Rate PIK 1.00% Investment date 3/3/2022 Maturity 3/3/20282024-01-012024-12-310001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2024-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/20212025-09-300001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment Date 12/30/2024 Maturity Date 12/31/20282024-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/20142025-01-012025-09-300001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Revolving Loan ($3,427 unfunded commitment) Variable Index Spread (S + 5.25%) Variable Index Floor (2.00%) Rate Cash 9.54% Rate PIK 0.00% Investment date 4/15/2025 Maturity 4/15/20302025-09-300001513363fdus:March2030NotesMemberus-gaap:SubsequentEventMember2025-10-032025-10-030001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Revolving Loan ($1,442 unfunded commitment) Variable Index Spread (S + 5.25%) Variable Index Floor (1.00%) Rate Cash 9.25% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292025-01-012025-09-300001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (0.50%) Rate Cash 8.99% Rate PIK 0.00% Investment date 7/30/2021 Maturity 6/25/20262024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Rate Cash 15.25% Rate PIK 0.00% Investment date 3/28/2024 Maturity 3/31/20282025-01-012025-09-300001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (713 units) Investment date 7/1/20252025-09-300001513363fdus:FidusInvestmentAdvisorsLlcMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services Common Equity (3,500 units) Investment date 11/27/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (518,135 units) Investment date 11/14/20232025-09-300001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/20232025-01-012025-09-300001513363fdus:FivePointZeroEightTwoPercentInterestRateThreeMember2025-09-300001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Common Equity (113,166 shares) Investment date 6/12/20252025-09-300001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AcendreMidcoIncMember2024-12-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-06-300001513363Non-control/Non-affiliate Investments E-PlanSoft Buyer, LLC (dba e-PlanSoft) Information Technology Services Preferred Equity (1,500 units) Investment date 06/27/20252025-09-300001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Healthcare Services Common Equity (3,881 units) Investment date 4/15/20252025-01-012025-09-300001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/20222025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor(1.00%) Rate Cash 10.26% Rate PIK 0.00% Investment date 9/10/2025 Maturity 2/11/20262025-01-012025-09-300001513363fdus:EquityInvestmentMemberus-gaap:FairValueInputsLevel1Member2025-09-300001513363fdus:FirstLienDebtMember2024-12-310001513363fdus:SeniorSecuredRevolvingCreditFacilityMember2025-09-300001513363fdus:FivePointThreeFourOnePercentInterestRateTwoMember2025-01-012025-09-300001513363us-gaap:SeniorNotesMember2024-12-310001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Preferred Equity (500,000 units) Investment date 8/21/20232024-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/20212024-01-012024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/20192024-01-012024-12-310001513363Non-control/Non-affiliate Investments Virginia Tile Company, LLC Specialty Distribution Common Equity ( units) Investment date 12/19/20142024-01-012024-12-310001513363Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Debt Rate Cash 10.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/20272024-01-012024-12-310001513363fdus:WorldToursLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Common Equity (1,361 units) Investment date 9/20/20242024-01-012024-12-310001513363fdus:TwoPointThreeSevenSevenPercentInterestRateMember2024-12-310001513363fdus:O2024ARegularDividendsMember2024-02-132024-02-130001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 10.79% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292025-01-012025-09-300001513363fdus:InvestmentAdvisoryAgreementMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Rate Cash 10.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/20272025-09-300001513363fdus:TrueEnvironmentalIncMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Component Manufacturing Subordinated Debt Variable Index Spread (S + 4.00%) Variable Index Floor (2.50%) Rate Cash 10.46% Rate PIK 0.00% Investment date 9/20/2023 Maturity 12/31/20252024-01-012024-12-310001513363us-gaap:SeniorNotesMember2025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/20192024-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Preferred Equity (1,250,000 units) Investment date 11/1/20232025-09-300001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor 2.00% Rate Cash 10.29% Rate PIK 0.00% Investment Date 11/27/2024 Maturity Date 12/22/20292025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputAssetCoverageMemberfdus:FirstLienDebtMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363Non-control/Non-affiliate Investments Sogno Toscano LLC Specialty Distribution Preferred Equity (6 units) Investment date 7/2/20252025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 11.01% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282025-09-300001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-07-012025-09-300001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DiversifiedSearchLlcMember2025-09-300001513363fdus:DetechtionHoldingsLlcRevolvingLoanMember2024-12-310001513363fdus:O2023ASpecialDividendsMember2023-02-150001513363us-gaap:AdditionalPaidInCapitalMember2024-12-310001513363fdus:BpThriftBuyerLlcMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMemberfdus:RetailSectorsMember2024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (0.50%) Rate Cash 12.60% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 One2024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateOneMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/20192024-01-012024-12-310001513363fdus:FivePointEightSixOnePercentInterestRateOneMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Revolving Loan ($1000 Unfunded Commitment Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 11.09% Rate PIK 0.00% Investment date 4/1/2022 Maturity Date 4/1/20272024-12-310001513363us-gaap:CommonStockMember2023-12-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (4,422 units) Investment Date 12/22/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/20192025-09-300001513363fdus:FivePointThreeFourOnePercentInterestRateThreeMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Revolving Loan ($800 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 11.13% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292024-01-012024-12-310001513363fdus:BobcatConnecticutLLCMemberus-gaap:SubsequentEventMemberfdus:CommonEquityMember2025-10-010001513363Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (1.00%) Rate Cash 11.73% Rate PIK 0.00% Investment date 2/10/2021 Maturity 3/31/20252024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 5/31/20182025-09-300001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:SecondLienDebtMember2024-12-310001513363fdus:FivePointEightSixOnePercentInterestRateThreeMember2025-09-300001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (524,624 units) Investment date 8/3/20232024-12-310001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/20232024-01-012024-12-310001513363fdus:O2023ARegularDividendsMember2023-02-152023-02-150001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Preferred Equity (1,200,000 units) Investment Date 10/25/20242025-09-300001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Common Equity (1,000 Units) Investment date 7/21/20232024-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/20212025-09-300001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/20212024-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Preferred Equity (367 units) Investment date 9/20/20242025-01-012025-09-300001513363fdus:ThrustFlightLlcFirstLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (133 units) Investment date 7/2/20252025-09-300001513363fdus:O2024ASupplementalThirdDividendsMember2024-10-282024-10-280001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services Common Equity (400,000 units) Investment date 2/28/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/20212025-01-012025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (601,532 units) Investment date 6/21/20232025-09-300001513363Non-control/Non-affiliate Investments Sogno Toscano LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 9.29% Rate PIK 0.00% Investment date 7/2/2025 Maturity 1/2/20292025-01-012025-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Revolving Loan Variable Index Spread (S + 7.75%) Variable Index Floor (0.50%) Rate Cash 12.60% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/20262024-12-310001513363us-gaap:WarrantMember2024-12-310001513363us-gaap:CommonStockMember2024-01-012024-09-300001513363fdus:O2024ARegularSecondDividendsMember2024-07-290001513363fdus:EstexManufacturingCompanyLlcMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/20192025-01-012025-09-300001513363fdus:O2023ARegularFirstDividendsMember2023-05-020001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/20232024-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IsiPsgHoldingsLlcMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor 1.00% Rate Cash 10.25% Rate PIK 0.00% Investment Date 7/8/2022 Maturity Date 7/8/20272025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300001513363fdus:SmallBusinessAdministrationDebenturesMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/20202024-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/20192025-09-300001513363us-gaap:FairValueInputsLevel1Member2024-12-310001513363Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 11.75% Rate PIK 0.00% Investment date 11/17/2021 Maturity 11/17/20282024-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (0.50%) Rate Cash 12.74% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/20262024-01-012024-12-310001513363fdus:AmeriwaterLlcMemberus-gaap:SubsequentEventMember2025-10-240001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Business Services Second Lien Debt ($1,563 unfunded commitment) Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312025-09-300001513363Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt Variable Index Spread (P+4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/20252024-01-012024-12-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (4.00%) Rate Cash 10.05% Rate PIK 1.00% Investment date 7/21/2023 Maturity 7/21/20262025-09-300001513363Non-control/Non-affiliate Investments United Biologics, LLC Healthcare Services Warrant (57,469 units) Investment date 3/5/20122024-01-012024-12-310001513363fdus:SmallBusinessAdministrationDebenturesMember2024-01-012024-09-300001513363fdus:FivePointFourThreeNinePercentInterestRateTwoMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC ) Utilities: Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (2.00%) Rate Cash 11.04% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282025-09-300001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/20222025-01-012025-09-300001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (1.00%) Rate Cash 10.40% Rate PIK 0.00% Investment date 8/31/2023 Maturity 8/3/20272025-09-300001513363us-gaap:EquitySecuritiesMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (1.00%) Rate Cash 9.55% Rate PIK 0.00% Investment date 6/30/2025 Maturity 6/30/20302025-01-012025-09-300001513363Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class A Units) (10,915 units) Investment date 8/11/20172024-12-310001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.59% Rate PIK 0.00% Investment date 1/4/2024 Maturity 1/4/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 10.84% Rate PIK 0.00% Investment date 12/30/2022 Maturity 12/30/20282024-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (0.50%) Rate Cash 12.444% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/20262025-09-300001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Subordinated Debt Rate Cash 11.50% Rate PIK 0.00% Investment date 3/22/2024 Maturity 3/24/20312025-09-300001513363fdus:UnitedStatesMidwestMember2025-09-300001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (1.00%) Rate Cash 9.62% Rate PIK 0.00% Investment date 11/27/2024 Maturity 11/27/20292024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor(1.00%) Rate Cash 10.57% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/20262024-01-012024-12-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (3.00%) Rate Cash 10.11% Rate PIK 3.00% Investment date 10/11/2019 Maturity 6/30/20262024-12-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (746,893 shares) Investment date 6/12/20252025-01-012025-09-300001513363Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (1.50%) Rate Cash 13.05% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/20262025-09-300001513363fdus:ThreePointTwoZeroNinePercentInterestRateMember2025-09-300001513363fdus:W50HoldingsLlcPreferredEquityMember2025-09-300001513363us-gaap:CommonStockMemberfdus:RaymondJamesAndAssociatesIncAndRobertWBairdAndCoMember2024-01-012024-03-310001513363Non-control/Non-affiliate Investments Quest Software US Holdings Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 1.00%) Variable Index Floor (0.50%) Rate Cash 15.31% Rate PIK 6.75% Investment date 8/11/2025 Maturity 2/1/20302025-09-300001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-09-300001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Subordinated Debt Rate Cash 11.00% Rate PIK 2.00% Investment date 12/30/2022 Maturity 11/23/20272024-12-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (108 shares) Investment date 6/7/20242025-09-300001513363Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity (197,980 units) Investment date 11/13/20202024-12-310001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.29% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/20222025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Common Equity (1,405 units) Investment Date 12/30/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Common Equity (400,000 units) Investment date 2/28/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (1.00%) Rate Cash 11.43% Rate PIK 0.00% Investment date 2/10/2021 Maturity 10/29/20252025-09-3000015133632024-01-012024-03-310001513363fdus:UtilitiesServicesMemberfdus:GMPHVACLLCDbaMcGeeHeatingAndAirLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandTwentySixMember2025-09-300001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Preferred Equity (1,359 units) Investment date 8/16/20242024-12-310001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (1.50%) Rate Cash 9.84% Rate PIK 0.50% Investment date 3/1/2023 Maturity 3/1/20282024-01-012024-12-310001513363Non-control/Non-affiliate Investments Aldinger Company Business Services Preferred Equity (12,861 units) Investment Date 6/30/20232025-09-300001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Preferred Equity (1,359 shares) Investment date 8/16/20242025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Transportation services Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 12/21/2022 Maturity 5/31/20252024-01-012024-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:W50HoldingsLLCMember2025-09-300001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services Preferred Equity (801,414 shares) Investment date 3/17/20252025-09-300001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Revolving Loan ($3,427 unfunded commitment) Variable Index Spread (S + 5.25%) Variable Index Floor (2.00%) Rate Cash 9.54% Rate PIK 0.00% Investment date 4/15/2025 Maturity 4/15/20302025-01-012025-09-300001513363fdus:SmallBusinessAdministrationDebenturesMember2024-07-012024-09-300001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Common Equity (1,050,000 units) Investment date 9/9/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Revolving Loan Rate Cash 12.50% Rate PIK 1.25% Investment date 10/6/2021 Maturity 3/31/20262025-09-300001513363fdus:March2030NotesMemberus-gaap:SubsequentEventMember2025-10-030001513363us-gaap:EquitySecuritiesMember2024-12-310001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing Common Equity (75,000 units) Investment date 10/1/20242025-01-012025-09-300001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:UsGreenfiberLlcMember2025-09-300001513363fdus:SmallBusinessAdministrationDebenturesMember2025-01-012025-09-300001513363fdus:FivePointZeroEightTwoPercentInterestRateFourMember2024-12-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor 2.00% Rate Cash 7.54% Rate PIK 0.00% Investment Date 7/14/2025 Maturity Date 12/22/20292025-09-300001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Subordinated Debt Rate Cash 9.00% Rate PIK 4.50% Investment Date 11/9/2023 Maturity Date 11/9/20302025-09-300001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 10.62% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/20262024-01-012024-12-310001513363Non-control/Non-affiliate Investments Aldinger Company Business Services Preferred Equity (12,861 units) Investment Date 6/30/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Utilities: Services Common Equity ( Units N/A) Investment date 2/21/20232025-09-300001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Subordinated Debt Rate Cash 11.00% Rate PIK 0.00% Investment date 12/31/2021 Maturity 12/31/20272025-09-300001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Subordinated Debt Cash 7.00% Rate PIK 7.00% Investment date 7/8/2022 Maturity 1/8/20282024-01-012024-12-310001513363Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (3,645,752 units) Investment date 9/18/20232024-12-310001513363fdus:FivePointFourThreeNinePercentInterestRateOneMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380 units) Investment date 7/26/20212025-01-012025-09-300001513363us-gaap:CommonStockMember2025-01-012025-09-300001513363fdus:BusinessServicesMemberfdus:CihIntermediateLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363fdus:UsGreenfiberLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberfdus:BuildingProductsManufacturingMember2024-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:LevelEducationGroupLlcMember2024-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (1.00%) Rate Cash 9.25% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292025-01-012025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363us-gaap:InvestmentAffiliatedIssuerMember2024-07-012024-09-300001513363fdus:O2023ADividendsMember2023-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/20212024-12-310001513363fdus:O2025Q1RegularSecondDividendsMember2025-02-180001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (4,490 units) Investment date 9/21/20212025-09-300001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments United Biologics, LLC Healthcare Services Warrant (57,469 units) Investment date 3/5/20122024-12-310001513363fdus:ConsumerProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BadBoyMowersJVAcquisitionLLCMember2024-12-310001513363fdus:UnitedStatesMidwestMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 8.48% Rate PIK 0.00% Investment date 6/30/2021 Maturity 4/5/20262024-12-310001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 9.32% Rate PIK 0.00% Investment date 10/1/2024 Maturity 10/1/20292025-09-300001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Service Preffered Equity (16,693 Units) Investment Date 12/22/20232024-12-310001513363fdus:AffiliateInvestmentsMember2025-09-300001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/20212025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 8.82% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282024-01-012024-12-310001513363Affiliate Investments CP Communications, LLC Business Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (4.00%) Rate Cash 12.79% Rate PIK 0.00% Investment date 12/4/2024 Maturity 12/4/20292025-01-012025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:DealerbuiltAcquisitionLlcMember2025-09-300001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 10.84% Rate PIK 0.00% Investment date 12/30/2022 Maturity 12/30/20282024-01-012024-12-310001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Business Services Second Lien Debt Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312025-09-300001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Common Equity (536 units) Investment date 10/11/20232024-12-310001513363us-gaap:SubordinatedDebtMember2024-01-012024-12-310001513363fdus:AdministrationAgreementMember2025-07-012025-09-300001513363Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing First Lien Debt Variable Index Spread (S+5.25%) Variable Index Floor (0.50%) Rate Cash 10.10% Rate PIK 0.00% Investment date 2/17/2022 Maturity 2/17/20272024-01-012024-12-310001513363fdus:ThreeZeroOneEdisonHoldingsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2024-12-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (108 shares) Investment date 6/7/20242024-12-310001513363us-gaap:CommonStockMember2025-04-012025-06-300001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services Common Equity (551,470 units) Investment date 5/20/20242025-01-012025-09-300001513363fdus:FirstLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment Date 12/30/2024 Maturity Date 12/31/20282025-09-300001513363fdus:FivePointThreeFourOnePercentInterestRateThreeMember2024-12-310001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2021-10-080001513363fdus:TwoPointThreeSevenSevenPercentInterestRateMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMembersrt:MinimumMember2025-09-300001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Common Equity (12,500 units) Investment date 3/4/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Transportation services Second Lien Debt Rate Cash 13.00% Rate PIK 0.00% Investment date 12/21/2022 Maturity 7/31/20262025-09-300001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Preferred Equity (Units N/A) ($100 unfunded commitment) Investment date 3/21/20242024-01-012024-12-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-03-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Subordinated Debt Rate Cash 11.50% Rate PIK 0.00% Investment date 3/19/2021 Maturity 4/7/20282025-01-012025-09-300001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Subordinated Debt Rate Cash 7.25% Rate PIK 7.25% Investment date 3/4/2022 Maturity 9/4/20272025-09-300001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/20232024-12-310001513363fdus:NotesPayableMember2024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:FirstLienDebtMemberfdus:MayeshWholesaleFloristLLCMember2025-09-300001513363us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Common Equity (1,361 units) Investment date 9/20/20242025-09-300001513363Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/20132025-09-300001513363fdus:UnitedStatesSouthwestMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (1.00%) Rate Cash 9.25% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292025-09-300001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/20202024-01-012024-12-310001513363us-gaap:SeniorNotesMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (20,137 units) Investment Date 12/22/20232025-01-012025-09-300001513363fdus:BusinessServicesMemberfdus:FirstLienDebtOneMemberfdus:IsiPsgHoldingsLlcMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/20232025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MinimumMemberfdus:SecondLienDebtMember2025-09-300001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112025-09-300001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Subordinated Debt Rate Cash 8.75% Rate PIK 5.00% Investment date 12/30/2022 Maturity 6/30/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (52 units) Investment Date 11/27/20242025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-04-012025-06-300001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.30% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272025-09-300001513363Non-control/Non-affiliate Investments Aldinger Company Business Services Preferred Equity (12,861 units) Investment Date 6/30/20232025-01-012025-09-300001513363fdus:BusinessServicesMemberfdus:TrueEnvironmentalIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363fdus:ThreePointTwoZeroNinePercentInterestRateMember2024-12-310001513363fdus:FivePointThreeOneZeroPercentInterestRateMember2025-09-300001513363Affiliate Investments CP Communications, LLC Business Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (4.00%) Rate Cash 12.96% Rate PIK 0.00% Investment date 12/4/2024 Maturity 12/4/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (518,135 units) Investment date 11/14/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Preferred Equity (1,359 shares) Investment date 8/16/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Subordinated Debt Rate Cash 11.50% Rate PIK 0.00% Investment date 3/19/2021 Maturity 4/7/20282024-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 unit) Investment date 6/20/20232025-09-300001513363us-gaap:RevolvingCreditFacilityMember2024-07-012024-09-300001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001513363fdus:AldingerCompanyMemberus-gaap:SubsequentEventMember2025-10-200001513363Non-control/Non-affiliate Investments E-PlanSoft Buyer, LLC (dba e-PlanSoft) Information Technology Services First Lien Debt Cash 11.00% Rate PIK 2.00% Investment date 06/30/2025 Maturity 06/30/20302025-01-012025-09-300001513363fdus:WonderwareHoldingsLlcDbaCoreBusinessTechnologiesMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2025-09-300001513363fdus:AdministrationAgreementMember2025-09-300001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMember2022-08-172022-08-170001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/20202025-09-300001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformaticsHoldingsIncMember2024-12-310001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2025-09-300001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services Revolving Loan ($3,000 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.31% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272025-01-012025-09-300001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2024-12-310001513363Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt Variable Index Spread (P+2.00%) Variable Index Floor (3.25%) Rate Cash 9.25% Rate PIK 2.00% Investment date 11/18/2021 Maturity 11/18/20262025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMemberfdus:LifespanBiosciencesIncMember2025-09-300001513363fdus:FourPointFiveThreeThreePercentInterestRateMember2024-12-310001513363fdus:O2025Q1RegularSecondDividendsMember2025-02-182025-02-180001513363fdus:ComponentManufacturingMemberfdus:MicronicsFiltrationHoldingsIncDbaMicronicsEngineeredFiltrationGroupIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/20192024-12-310001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (1.50%) Rate Cash 9.54% Rate PIK 0.00% Investment date 3/1/2023 Maturity 3/1/20282025-09-300001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2025-09-300001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/20202024-01-012024-12-310001513363fdus:O2023ADividendsMember2023-01-012023-12-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (4.00%) Rate Cash 10.05% Rate PIK 1.00% Investment date 7/21/2023 Maturity 7/21/20262025-01-012025-09-300001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2025-05-212025-05-210001513363fdus:OnePointThreeNineEightPercentInterestRateMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001513363us-gaap:FairValueInputsLevel2Member2025-09-300001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/20212024-01-012024-12-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/20232025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MaximumMemberfdus:SecondLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Common Equity (500,000 shares) Investment date 10/6/20212024-12-310001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.00%) Rate Cash 10.79% Rate PIK 0.00% Investment date 11/13/2024 Maturity 11/13/20292025-09-300001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/20222024-12-310001513363us-gaap:AdditionalPaidInCapitalMember2024-06-300001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (1.00%) Rate Cash 11.76% Rate PIK 0.00% Investment date 2/7/2019 Maturity 12/23/20262025-01-012025-09-300001513363fdus:January2026NotesMember2020-12-232020-12-230001513363us-gaap:MoneyMarketFundsMember2025-09-300001513363Non-control/Non-affiliate Investments Info Tech Operating, LLC (dba infotech) Information Technology Services First Lien Debt Variable Index Spread (S + 4.88%) Variable Index Floor (2.00%) Rate Cash 8.85% Rate PIK 0.00% Investment date 3/31/2025 Maturity 3/31/20302025-09-300001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:SuitedConnectorLlcMember2025-09-300001513363fdus:AdInfoParentIncDbaMediaradarRevolvingLoanMember2024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (21,689 units) Investment date 5/22/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (5,837 units) Investment date 3/23/20162024-12-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001513363Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/20182025-09-3000015133632025-04-012025-06-300001513363fdus:O2024ARegularDividendsMember2024-02-130001513363fdus:O2024ASupplementalDividendsMember2024-02-130001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 10.62% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/20262024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:RFFagerCompanyLLCMember2024-12-310001513363fdus:FishbowlSolutionsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services Common Equity (551,470 units) Investment date 5/20/20242024-12-310001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services Preferred Equity (1,000,000 units) Investment date 11/13/20242024-12-310001513363Non-control/Non-affiliate Investments Quantum IR Technologies, LLC Information Technology Services First Lien Debt Rate Cash 14.00% Rate PIK 0.00% Investment date 3/19/2024 Maturity 12/20/20262024-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Second Lien Debt Rate Cash 0.00% Rate PIK 0.00% Investment date 7/3/2014 Maturity 8/30/20242024-12-310001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Business Services Common Equity (598,832 units) Investment date 2/23/20242024-01-012024-12-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000 units) Investment date 7/21/20212025-09-300001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Preferred Equity (140,000 units) Rate Cash 13.00% Rate PIK 0.00% Investment date 2/5/2025 Maturity 2/5/20302025-09-300001513363us-gaap:CommonStockMemberfdus:RaymondJamesAndAssociatesIncAndRobertWBairdAndCoMember2024-01-012024-09-300001513363fdus:WorldToursLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/20232024-01-012024-12-310001513363fdus:March2030NotesMember2025-03-192025-03-190001513363Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class F Units) (710 units) Investment date 12/10/20202024-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/20212025-01-012025-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (268,182 shares) Investment date 6/10/20252025-01-012025-09-300001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (3.00%) Rate Cash 9.79% Rate PIK 3.00% Investment date 10/11/2019 Maturity 6/30/20262025-01-012025-09-300001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Revolving Loan ($2,250 unfunded commitment) Variable Index Spread (S + 8.75%) Variable Index Floor (1.00%) Rate Cash 13.60% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272024-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 unit) Investment date 6/20/20232024-12-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Second Lien Debt Cash 11.50% Rate PIK 1.25% Investment date 4/25/2023 Maturity 6/30/20282025-09-300001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Revolving Loan ($800 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 11.13% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292024-12-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC ) Utilities: Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.59% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282024-12-310001513363fdus:ComponentManufacturingMemberfdus:MicronicsFiltrationHoldingsIncDbaMicronicsEngineeredFiltrationGroupIncMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/20212025-01-012025-09-300001513363fdus:DetechtionHoldingsLLCMemberfdus:NonControlOrNonAffiliateInvestmentsMember2023-01-012023-12-310001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Cash 9.00% Rate PIK 4.50% Investment date 11/9/2023 Maturity 11/9/20302024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (1,705 shares) Investment date 9/21/20182024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:DealerbuiltAcquisitionLlcMember2024-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt ($1,259 unfunded commitment) Variable Index Spread (S+7.50%) Variable Index Floor (2.50%) Rate Cash 11.79% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/20282025-09-300001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Revolving Loan ($2,000 unfunded commitment) Rate Cash 13.00% Rate PIK 0.00% Investment date 2/5/2025 Maturity 2/5/20302025-09-300001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.25%) Variable Index Floor 2.00% Rate Cash 11.54% Rate PIK 0.00% Investment Date 11/8/2022 Maturity Date 11/8/20272025-01-012025-09-300001513363Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/20222025-09-300001513363us-gaap:CommonStockMemberfdus:RaymondJamesAndAssociatesIncAndRobertWBairdAndCoMember2024-04-012024-06-300001513363fdus:BusinessServicesMemberfdus:IsiPsgHoldingsLlcMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-09-300001513363us-gaap:InvestmentAffiliatedIssuerMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing Common Equity (515,625 units) Investment date 1/22/20212024-12-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Common Equity (1,359 units) Investment date 8/16/20242024-12-310001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services First Lien Debt Variable Index Spread (S + 8.75%) Variable Index Floor (2.00%) Rate Cash 13.21% Rate PIK 0.00% Investment date 11/25/2019 Maturity 11/22/20252024-01-012024-12-310001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Common Equity (12,500 units) Investment date 3/4/20242024-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateOneMember2024-12-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueOptionPricingMemberfdus:MeasurementInputVolatilityOfCreditMemberfdus:SecondLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/20222025-09-300001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Subordinated Debt Rate Cash 7.50% Rate PIK 7.50% Investment date 7/21/2023 Maturity 1/21/20272025-01-012025-09-3000015133632024-04-012024-06-300001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001513363fdus:EquityInvestmentMember2024-12-310001513363fdus:SmallBusinessAdministrationDebenturesMember2025-09-300001513363fdus:O2023ASpecialDividendsMember2023-02-152023-02-150001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/20212024-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 11.65% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/20262025-01-012025-09-300001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Business Services First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor (2.00%) Rate Cash 10.29% Rate PIK 0.00% Investment date 2/23/2024 Maturity 2/23/20292025-01-012025-09-300001513363fdus:SognoToscanoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:FirstLienDebtMember2025-09-300001513363us-gaap:WarrantMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments Onsight Industries, LLC Component Manufacturing First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (1.50%) Rate Cash 9.79% Rate PIK 0.00% Investment date 3/27/2025 Maturity 1/7/20302025-09-300001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:DonovanFoodBrokerageLLCMember2025-09-300001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Revolving Loan ($2,250 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.30% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272025-09-300001513363fdus:SecondLienDebtMember2024-01-012024-12-310001513363us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001513363fdus:ThrustFlightLlcFirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Common Equity (1,050,000 units) Investment date 9/9/20242024-12-310001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Preferred Equity (500,000 units) Investment date 8/21/20232025-09-300001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Preferred Equity (1,359 units) Investment date 8/16/20242024-01-012024-12-310001513363fdus:AffiliateInvestmentsMember2023-12-310001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/20232024-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 11.98% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/20262024-01-012024-12-310001513363fdus:UtilitiesServicesMemberfdus:NwsTechnologiesLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363fdus:TwoThousandTwentySixNotesMember2025-07-012025-09-300001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Component Manufacturing Subordinated Debt Variable Index Spread (S + 4.00%) Variable Index Floor (2.50%) Rate Cash 10.46% Rate PIK 0.00% Investment date 9/20/2023 Maturity 12/31/20252024-12-310001513363srt:MaximumMember2025-01-012025-09-300001513363us-gaap:WarrantMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Winona Foods, Inc. Specialty Distribution First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor (6.00%) Rate Cash 17.00% Rate PIK 0.00% Investment date 12/13/2023 Maturity 6/13/20272024-01-012024-12-310001513363fdus:ProntoPlumbingAndDrainIncRevolvingLoanMember2025-09-300001513363us-gaap:CommonStockMember2025-03-310001513363fdus:O2023Q4DividendsMember2023-10-012023-12-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,394 units) Investment date 12/8/20232025-09-300001513363fdus:VirtexEnterprisesLpMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Common Equity (536 units) Investment date 10/11/20232024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMember2025-09-300001513363fdus:O2025Q3SupplementalDividendsMember2025-08-040001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Subordinated Debt Rate Cash 7.25% Rate PIK 7.25% Investment date 3/4/2022 Maturity 9/4/20272025-01-012025-09-300001513363fdus:EquityInvestmentMember2025-09-300001513363fdus:AffiliateInvestmentsMember2024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (1.00%) Rate Cash 9.62% Rate PIK 0.00% Investment date 11/27/2024 Maturity 11/27/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.00% Investment date 6/21/2023 Maturity 6/21/20282024-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/20142024-12-310001513363fdus:O2024ASupplementalSecondDividendsMember2024-07-290001513363fdus:HealthcareServicesMemberfdus:MedsurantHoldingsLlcMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001513363us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Revolving Loan Rate Cash 12.50% Rate PIK 1.25% Investment date 10/6/2021 Maturity 3/31/20262025-01-012025-09-300001513363fdus:SixteenAndTwenty-OnePortfolioCompanyInvestmentsMember2024-12-310001513363us-gaap:SubordinatedDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services First Lien Debt Rate Cash 12.00% Rate PIK 0.00% Investment date 1/3/2024 Maturity 1/3/20282024-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Revolving Loan ($1,442 unfunded commitment) Variable Index Spread (S + 5.25%) Variable Index Floor (1.00%) Rate Cash 9.25% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292025-09-300001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.50%) Rate Cash 10.79% Rate PIK 0.00% Investment date 5/1/2024 Maturity 3/7/20292025-01-012025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001513363fdus:UsGreenfiberLlcMemberfdus:ControlInvestmentsMember2025-09-300001513363fdus:OnePointThreeNineEightPercentInterestRateMember2025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2025-01-012025-09-300001513363Affiliate Investments CP Communications, LLC Business Services Preferred Equity (62 Units) Investment date 12/4/20242025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300001513363Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Second Lien Debt Rate Cash 0.00% Rate PIK 13.00% Investment date 10/29/2021 Maturity 6/1/20282024-12-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Second Lien Debt Rate Cash 11.50% Rate PIK 1.25% Investment date 4/25/2023 Maturity 6/30/20282024-01-012024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:AdInfoParentIncMember2024-12-310001513363fdus:AxisMedicalTechnologiesLLCDbaMoveMedicalRevolvingLoanMember2024-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (1,000 units) Investment date 9/13/20222025-01-012025-09-300001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Revolving Loan ($2,250 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.30% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272025-01-012025-09-300001513363srt:MinimumMember2025-09-300001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:GMPHVACLLCMember2025-09-300001513363Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (574,929 units) Investment date 6/28/20222025-09-300001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services Preferred Equity (801,414 shares) Investment date 3/17/20252025-01-012025-09-300001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:JanusHealthTechnologiesIncMember2024-12-310001513363fdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMemberfdus:TwoKDirectIncMember2024-12-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 10.56% Rate PIK 0.00% Investment date 12/30/2022 Maturity 12/30/20282025-09-300001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMember2020-06-260001513363fdus:SecuredBorrowingsMember2025-07-012025-09-300001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services Preferred Equity (68,361 units) Investment date 1/3/20242024-12-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (2.00%) Rate Cash 11.80% Rate PIK 0.00% Investment date 10/16/2024 Maturity 10/16/20292025-01-012025-09-300001513363fdus:MDMEHoldingCorpMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMember2024-12-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC First Lien Debt ($1,250 unfunded commitments) Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.25%) Rate Cash 10.04% Rate PIK 2.50% Investment date 6/21/2023 Maturity 6/21/20282025-01-012025-09-300001513363fdus:FourPointSevenThreePercentInterestRateMemberus-gaap:SubsequentEventMemberfdus:SmallBusinessAdministrationDebenturesMember2025-10-210001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Common Equity (280,000 units) Investment date 12/30/20222024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:SecondLienDebtMember2025-09-300001513363us-gaap:EquitySecuritiesMember2025-01-012025-09-300001513363fdus:O2023ARegularThirdDividendsMember2023-10-300001513363Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (1.00%) Rate Cash 11.73% Rate PIK 0.00% Investment date 2/10/2021 Maturity 3/31/20252024-01-012024-12-310001513363fdus:ThrustFlightLLCMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363fdus:SecondLienDebtMember2025-09-300001513363fdus:FourPointEightSevenNinePercentInterestRateOneMember2025-09-300001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (5,474 units) Investment Date 12/22/20232025-01-012025-09-300001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DonovanFoodBrokerageLLCMember2025-09-300001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (2.00%) Rate Cash 9.80% Rate PIK 0.00% Investment date 8/16/2024 Maturity 8/16/20292025-09-300001513363fdus:MayeshWholesaleFloristLLCFirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/20222024-01-012024-12-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:CleanovaTopcoLimitedMember2025-09-300001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (4.00%) Rate Cash 10.36% Rate PIK 1.00% Investment date 7/21/2023 Maturity 7/21/20262024-01-012024-12-310001513363fdus:ConsumerProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BadBoyMowersJVAcquisitionLLCMember2025-09-300001513363fdus:FirstLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Utilities: Services Common Equity ( Units N/A) Investment date 2/21/20232025-01-012025-09-300001513363fdus:SuitedConnectorLlcMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 11.02% Rate PIK 0.00% Investment Date 11/27/2024 Maturity Date 12/22/20292024-01-012024-12-310001513363fdus:UnitedStatesMidwestMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 10.79% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292025-09-300001513363fdus:O2024ASupplementalDividendsMember2024-02-132024-02-130001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/20232024-12-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 10.34% Rate PIK 2.00% Investment date 5/20/2024 Maturity 5/20/20292024-12-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Common Equity (1,050,000 units) Investment date 9/9/20242025-01-012025-09-300001513363fdus:O2024ADividendsMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Second Lien Debt Rate Cash 0.00% Rate PIK 13.00% Investment date 10/29/2021 Maturity 6/1/20282025-01-012025-09-300001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Utilities: Services First Lien Debt Variable Index Spread ( S + 8.50%) Variable Index Floor (2.50%) Rate Cash 13.24% Rate PIK 0.00% Investment date 2/23/2023 Maturity 2/23/20282024-01-012024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:RestaurantsMemberfdus:BurgerfiInternationalLlcMemberfdus:CommonAndPreferredEquityUnitsMember2025-09-300001513363fdus:AcendreMidcoIncRevolvingLoanMember2025-09-300001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (524,624 units) Investment date 8/3/20232024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (518,135 units) Investment date 11/14/20232025-01-012025-09-300001513363fdus:UnitedStatesSouthwestMember2025-09-300001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (373,447 shares) Investment date 6/12/20252025-09-300001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (0.50%) Rate Cash 12.60% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/20262024-12-310001513363Non-control/Non-affiliate Investments Customer Expressions Corp (dba Case IQ) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 9.15% Rate PIK 0.50% Investment date 1/6/2025 Maturity 4/15/20292025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputAssetCoverageMembersrt:MinimumMemberfdus:FirstLienDebtMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:LevelEducationGroupLlcMember2025-09-300001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail First Lien Debt Variable Index Spread (S + 5.38%) Variable Index Floor (1.50%) Rate Cash 9.67% Rate PIK 0.00% Investment date 9/13/2022 Maturity Date 9/9/20292025-01-012025-09-300001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services Preferred Equity (1,00,000 units) Investment date 11/13/20242025-01-012025-09-300001513363fdus:SecuredBorrowingsMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Common Equity (1,361 units) Investment date 9/20/20242024-12-310001513363fdus:CPCommunicationsLLCMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments ServicePower, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 8.00%) Variable Index Floor (3.25%) Rate Cash 12.61% Rate PIK 0.00% Investment date 3/15/2024 Maturity 3/15/20282024-01-012024-12-310001513363fdus:FivePointEightSixOnePercentInterestRateThreeMember2024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services First Lien Debt Rate Cash 12.50% Rate PIK 1.25% Investment date 10/6/2021 Maturity 3/31/20262025-09-300001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMembersrt:MinimumMemberfdus:SeniorSecuredRevolvingCreditAgreementMember2019-04-242019-04-240001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Preferred Equity (1,200,000 units) Investment Date 10/25/20242024-12-310001513363fdus:UnitedStatesWestMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,394 units) Investment date 12/8/20232024-12-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Component Manufacturing Second Lien Debt Variable Index Spread (S + 0.00%) Variable Index Floor (2.50%) Rate Cash 4.23% Rate PIK 9.75% Investment date 4/13/2022 Maturity 9/30/20272025-09-300001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment Date 10/1/2021 Maturity Date 12/31/20282025-01-012025-09-300001513363us-gaap:CommonStockMember2023-08-110001513363Non-control/Non-affiliate Investments Onsight Industries, LLC Component Manufacturing Common Equity (380,000 units) Investment date 1/7/20252025-09-300001513363fdus:SixteenAndTwenty-OnePortfolioCompanyInvestmentsMember2025-09-300001513363fdus:TediaCompanyLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMember2024-12-310001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Speciality Distribution First Lien Debt Rate Cash 11.75% Rate PIK 1.50% Investment date 11/14/2023 Maturity 11/13/20282025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FishbowlSolutionsLlcMember2024-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (4,735 units) Investment date 9/18/20232024-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateTwoMember2025-01-012025-09-300001513363fdus:FivePointFourThreeNinePercentInterestRateTwoMember2025-09-300001513363fdus:WesternAllianceTrustCompanyMemberfdus:CreditAndSecurityAgreementMembersrt:MinimumMemberus-gaap:SubsequentEventMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-10-162025-10-160001513363us-gaap:FairValueInputsLevel3Member2024-12-310001513363fdus:CreditAndSecurityAgreementMemberfdus:WesternAllianceTrustCompanyMemberus-gaap:SubsequentEventMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-10-162025-10-160001513363fdus:AffiliateInvestmentsMemberfdus:ApplegateGreenfiberIntermediateIncMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2023-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Healthcare Services Preferred Equity (3,619 units) Investment date 4/15/20252025-01-012025-09-300001513363fdus:O2024Q1DividendsMember2024-01-012024-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Second Lien Debt Rate Cash 0.00% Rate PIK 0.00% Investment date 7/3/2014 Maturity 8/30/20242025-09-300001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services First Lien Debt Variable Index Spread (S + 7.25%) Variable Index Floor (1.00%) Rate Cash 12.09% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/20272024-01-012024-12-310001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2023-12-310001513363fdus:O2024ASupplementalFirstDividendsMember2024-04-292024-04-290001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (2.50%) Rate Cash 12.59% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/20282024-01-012024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:DataguiseIncMember2024-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor(1.00%) Rate Cash 10.57% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/20262024-12-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DetechtionHoldingsLLCMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Quest Software US Holdings Inc. Information Technology Services Second Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (0.50%) Rate Cash/PIK 12.90%/0.00% Investment date 3/1/2022 Maturity 2/1/20302024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:PugetCollisionLLCMemberfdus:RetailSectorsMember2025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.00% Investment date 6/21/2023 Maturity 6/21/20282025-01-012025-09-300001513363fdus:VirtexEnterprisesLpMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Preferred Equity (500,000 units) Investment date 8/21/20232024-01-012024-12-310001513363fdus:O2025Q2DividendsMember2025-06-300001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:WhiteLabelCommunicationLLCMember2025-09-300001513363fdus:FivePointFourthreeNinePercentInterestRateMember2025-09-300001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Preferred Equity (Units N/A) ($100 unfunded commitment) Investment date 3/21/20242024-12-310001513363Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 11.75% Rate PIK 0.00% Investment date 11/17/2021 Maturity 11/17/20282025-09-300001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment Date 11/9/20232024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001513363fdus:MayeshWholesaleFloristLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2025-09-300001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/20112024-12-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:NwsTechnologiesLlcMember2024-12-310001513363fdus:TwoPointThreeSevenSevenPercentInterestRateMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (5,461 units) Investment date 9/21/20212024-01-012024-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateMember2025-01-012025-09-300001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor 1.00% Rate Cash 10.25% Rate PIK 0.00% Investment Date 7/8/2022 Maturity Date 7/8/20272025-09-300001513363fdus:MDMEHoldingCorpMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMember2025-09-300001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing Common Equity (75,000 units) Investment date 10/1/20242025-09-300001513363Non-control/Non-affiliate Investments United Biologics, LLC Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/20122025-09-300001513363fdus:DealerbuiltAcquisitionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-09-300001513363fdus:BarefootMosquitoAndPestControlLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363fdus:AerospaceAndDefenseManufacturingMemberfdus:SpectraAAndDAcquisitionIncMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Preferred Equity (1,250,000 units) Investment date 11/1/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services Subordinated Debt Rate Cash 7.75% Rate PIK 6.50% Investment date 2/28/2023 Maturity 11/30/20272024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services First Lien Debt Rate Cash 12.50% Rate PIK 1.25% Investment date 10/6/2021 Maturity 3/31/20262025-01-012025-09-300001513363fdus:InvestmentAdvisoryAgreementMember2025-09-300001513363Non-control/Non-affiliate Investments UBEO, LLC Business Services Common Equity (705,000 units) Investment date 4/3/20182025-01-012025-09-300001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt ($1,125 unfunded commitment) Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.80% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001513363fdus:FirstLienDebtMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. Business Services First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (1.00%) Rate Cash 9.01% Rate PIK 2.25% Investment date 2/28/2023 Maturity 11/30/20262025-09-300001513363fdus:DetechtionHoldingsLLCFirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S+6.50%) Variable Index Floor (0.75%) Rate Cash 11.05% Rate PIK 0.00% Investment date 08/10/2021 Maturity 8/10/20262025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/20212025-09-300001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:QedTechnologiesInternationalIncMember2025-09-300001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 unit) Investment date 6/20/20232025-01-012025-09-300001513363fdus:FivePointSevenThreeFivePercentInterestRateMember2025-09-300001513363Non-control/Non-affiliate Investments United Biologics, LLC Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/20122025-01-012025-09-300001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:W50HoldingsLLCMember2024-12-310001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (1,705 shares) Investment date 9/21/20182024-12-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/20222024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMember2024-12-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services First Lien Debt Variable Index Spread (S +4.75%) Variable Index Floor (1.00%) Rate Cash 9.40% Rate PIK 2.75% Investment date 2/28/2023 Maturity 11/30/20262024-12-310001513363fdus:DiversifiedSearchLlcMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363fdus:HubAcquisitionSubLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:PromotionalProductsMember2025-09-300001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2025-09-300001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services Preferred Equity (1,000,000 units) Investment date 3/7/20242025-09-300001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services Revolving Loan ($500 unfunded commitment) Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.29% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302025-09-3000015133632023-01-012023-12-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services Common Equity (312,500 units) Investment date 5/12/20252025-09-300001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,394 units) Investment date 12/8/20232025-01-012025-09-300001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:LaboratoryTestingLLCMember2025-09-300001513363fdus:GPSInsightIncMemberfdus:FirstLienDebtMemberus-gaap:SubsequentEventMember2025-10-170001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMembersrt:MaximumMember2024-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/20202025-01-012025-09-300001513363fdus:ComponentManufacturingMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMemberfdus:AmeriwaterLlcMember2024-12-310001513363fdus:RestaurantsMemberfdus:BurgerfiInternationalLlcMemberfdus:NonControlOrNonAffiliateInvestmentsMemberfdus:CommonAndPreferredEquityUnitsMember2023-12-310001513363fdus:O2023ASupplementalDividendsMember2023-02-152023-02-150001513363fdus:FivePointThreeFourOnePercentInterestRateMember2024-12-3100015133632024-09-300001513363fdus:AffiliateInvestmentsMemberfdus:CPCommunicationsLLCMember2024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Common Equity (1,405 units) Investment Date 12/30/20242025-09-300001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (524,624 units) Investment date 8/3/20232025-01-012025-09-300001513363Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/20132025-01-012025-09-300001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (5,461 units) Investment date 9/21/20212024-12-310001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services Common Equity (3,500 units) Investment date 11/27/20242025-09-300001513363Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (2.00%) Rate Cash 12.13% Rate PIK 0.00% Investment date 10/16/2024 Maturity 10/16/20292024-01-012024-12-310001513363fdus:BusinessServicesMemberfdus:DiversifiedSearchLlcMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363fdus:FishbowlSolutionsLLCRevolvingLoanMember2024-12-3100015133632023-12-310001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:UsGreenfiberLlcMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2023-12-310001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services Common Equity (3,500 units) Investment date 11/27/20242024-01-012024-12-310001513363us-gaap:WarrantMember2025-09-300001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:TwoKDirectIncMember2025-09-3000015133632025-11-040001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/20112024-01-012024-12-310001513363Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/20172024-12-310001513363fdus:O2023ARegularSecondDividendsMember2023-08-012023-08-010001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 11.13% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292024-12-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (373,447 shares) Investment date 6/12/20252025-01-012025-09-300001513363us-gaap:InvestmentAffiliatedIssuerMember2024-12-310001513363fdus:FivePointEightSixOnePercentInterestRateThreeMember2025-01-012025-09-300001513363fdus:CardbackIntermediateLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-09-300001513363fdus:SecuredBorrowingsMember2024-12-310001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Speciality Distribution First Lien Debt Rate Cash 11.75% Rate PIK 1.50% Investment date 11/14/2023 Maturity 11/13/20282025-01-012025-09-300001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-06-300001513363fdus:TwoKDirectIncMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363fdus:NWSTechnologiesLLCFirstLienDebtMember2025-09-300001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:JumoHealthIncMember2025-09-300001513363fdus:VirtexEnterprisesLpMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/20192024-12-310001513363Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products First Lien Debt Rate Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/20252024-01-012024-12-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor 2.00% Rate Cash 10.29% Rate PIK 0.00% Investment Date 11/27/2024 Maturity Date 12/22/20292025-01-012025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (312 units) Investment Date 12/30/20242024-12-310001513363fdus:ApmIntermediateHoldingsLlcMemberfdus:BuildingProductsManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363fdus:AffiliateInvestmentsMember2025-01-012025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor(1.00%) Rate Cash 10.26% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/20262025-09-300001513363fdus:TransportationServicesMemberfdus:WorldwideExpressOperationsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/20202025-09-300001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Common Equity (1,359 shares) Investment date 8/16/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Subordinated Debt Rate Cash 9.00% Rate PIK 4.50% Investment Date 11/9/2023 Maturity Date 11/9/20302025-01-012025-09-300001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 10.56% Rate PIK 0.00% Investment date 12/30/2022 Maturity 12/30/20282025-01-012025-09-300001513363fdus:O2024ARegularFirstDividendsMember2024-04-290001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/20212024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001513363fdus:PugetCollisionLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:RetailSectorsMember2024-12-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/20222025-01-012025-09-300001513363fdus:EquityInvestmentMemberus-gaap:FairValueInputsLevel1Member2024-12-310001513363fdus:FumexLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IndustrialProductServicesMember2024-12-310001513363fdus:RestaurantsMemberfdus:BurgerfiInternationalLlcMemberfdus:NonControlOrNonAffiliateInvestmentsMemberfdus:CommonAndPreferredEquityUnitsMember2024-12-310001513363fdus:UnitedStatesWestMember2025-09-300001513363fdus:UnitedBiologicsLlcMemberfdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-3100015133632025-03-310001513363us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (268,182 shares) Investment date 6/10/20252025-09-300001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/20212024-01-012024-12-310001513363fdus:O2025Q2DividendsMember2025-04-012025-06-300001513363fdus:AffiliateInvestmentsMemberfdus:CPCommunicationsLLCMember2025-01-012025-09-300001513363fdus:ApmIntermediateHoldingsLlcMemberfdus:BuildingProductsManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363fdus:ComponentManufacturingMemberfdus:GlobalPlasmaSolutionsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S+6.50%) Variable Index Floor (0.75%) Rate Cash 11.05% Rate PIK 0.00% Investment date 08/10/2021 Maturity 8/10/20262025-01-012025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +8.25%) Variable Index Floor (2.25%) Rate Cash 12.54% Rate PIK 0.00% Investment date 7/12/2024 Maturity 6/21/20282025-09-300001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 11.98% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/20262024-12-310001513363fdus:FivePointEightSixOnePercentInterestRateOneMember2024-12-310001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2023-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/20212025-01-012025-09-300001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:QedTechnologiesInternationalIncMember2024-12-310001513363fdus:ApmIntermediateHoldingsLlcMemberfdus:BuildingProductsManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Customer Expressions Corp (dba Case IQ) Information Technology Services Common Equity (502,894 units) Investment date 1/6/20252025-09-300001513363fdus:ControlInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/20212025-09-300001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:VirtexEnterprisesLpMember2024-12-310001513363us-gaap:FairValueInputsLevel3Member2024-07-012024-09-300001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Preferred Equity (140,000 units) Rate Cash 13.00% Rate PIK 0.00% Investment date 2/5/2025 Maturity 2/5/20302025-01-012025-09-300001513363fdus:TwoPointOneSevenTwoPercentInterestRateMember2025-09-300001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services Common Equity (312,500 units) Investment date 5/12/20252025-01-012025-09-300001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Common Equity (113,166 shares) Investment date 6/12/20252025-01-012025-09-300001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC ) Utilities: Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.59% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282024-01-012024-12-310001513363us-gaap:SubsequentEventMemberfdus:GPCOperationsLLCMember2025-10-222025-10-220001513363fdus:CustomerExpressionsCorpMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-09-300001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/20212024-12-310001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Utilities: Services First Lien Debt Variable Index Spread ( S + 8.50%) Variable Index Floor (2.50%) Rate Cash 13.24% Rate PIK 0.00% Investment date 2/23/2023 Maturity 2/23/20282024-12-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor (3.00%) Rate Cash 9.79% Rate PIK 3.00% Investment date 10/11/2019 Maturity 6/30/20262025-09-300001513363fdus:O2023ASupplementalSecondDividendsMember2023-08-010001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services First Lien Debt Rate Cash 12.00% Rate PIK 0.00% Investment date 1/3/2024 Maturity 6/3/20252024-01-012024-12-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (601,532 units) Investment date 6/21/20232024-01-012024-12-310001513363country:CA2024-01-012024-12-310001513363fdus:ComponentManufacturingMemberfdus:QedTechnologiesInternationalIncMemberfdus:FirstLienDebtMemberfdus:NonControlOrNonAffiliateInvestmentsMember2024-12-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-01-012024-03-310001513363fdus:O2023ASupplementalFirstDividendsMember2023-05-020001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/20202024-12-310001513363fdus:InvestmentAdvisoryAgreementMember2024-07-012024-09-300001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment Date 11/9/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services First Lien Debt Rate Cash 12.00% Rate PIK 0.00% Investment date 1/3/2024 Maturity 6/3/20252024-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Preferred Equity (1,250,000 units) Investment date 11/1/20232024-12-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Business Services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (2.00%) Rate Cash 10.84% Rate PIK 0.00% Investment date 2/23/2024 Maturity 2/23/20292024-12-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:SecondLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (713 units) Investment date 7/1/20252025-01-012025-09-300001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment Date 10/1/2021 Maturity Date 12/31/20282024-01-012024-12-310001513363fdus:PayEntryFinancialServicesIncDbaPayentry-SecondLienDDTLBMember2025-09-300001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (20,137 units) Investment Date 12/22/20232025-09-300001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/20192025-01-012025-09-300001513363Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing Common Equity (515,625 units) Investment date 1/22/20212025-09-300001513363us-gaap:AdditionalPaidInCapitalMember2025-03-310001513363Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/20172025-09-300001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Rate Cash 15.25% Rate PIK 0.00% Investment date 3/28/2024 Maturity 3/31/20282024-01-012024-12-310001513363fdus:QuantumIRTechnologiesLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (1,705 shares) Investment date 9/21/20182025-01-012025-09-300001513363us-gaap:AdditionalPaidInCapitalMember2023-12-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:AmeriwaterLlcMember2025-09-300001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/20202025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2024-01-012024-09-300001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Preferred Equity (1,250,000 units) Investment date 11/1/20232024-01-012024-12-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services First Lien Debt ($3,000 unfunded commitment) Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 10.04% Rate PIK 2.00% Investment date 5/20/2024 Maturity 5/20/20292025-01-012025-09-300001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (601,532 units) Investment date 6/21/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services First Lien Debt Variable Index Spread (S + 6.00%) Variable Index Floor 2.00% Rate Cash 7.54% Rate PIK 0.00% Investment Date 7/14/2025 Maturity Date 12/22/20292025-01-012025-09-3000015133632024-06-300001513363fdus:UnitedStatesSouthwestMember2025-01-012025-09-300001513363fdus:PayEntryFinancialServicesIncMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-09-300001513363fdus:OnePointThreeNineEightPercentInterestRateMember2024-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (371 units) Investment date 9/9/20242025-09-300001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:SecondLienDebtMember2024-12-310001513363Non-control/Non-affiliate Investments SES Investors, LLC (dba SES Foam) Building Products Manufacturing Common Equity (6,000 units) Investment date 9/8/20162025-01-012025-09-300001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Subordinated Debt Rate Cash 8.75% Rate PIK 5.00% Investment date 12/30/2022 Maturity 6/30/20292025-01-012025-09-300001513363Control Investments US GreenFiber LLC Building Products Manufacturing Second Lien Debt Rate Cash 0.00% Rate PIK 0.00% Investment date 7/3/2014 Maturity 8/30/20242025-01-012025-09-300001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor 2.00% Rate Cash 11.13% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292024-01-012024-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products First Lien Debt Variable Index Spread (S + 8.75%) Variable Index Floor (1.00%) Rate Cash 13.60% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MaximumMemberfdus:SecondLienDebtMember2024-12-310001513363us-gaap:AdditionalPaidInCapitalMember2025-09-300001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2024-09-300001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (5,474 units) Investment Date 12/22/20232025-09-300001513363Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services Common Equity (1,232 units) Investment Date 2/1/20222024-12-310001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.62% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272024-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/20212025-09-300001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:SecondLienDebtMember2025-09-300001513363fdus:AffiliateInvestmentsMemberfdus:ApplegateGreenfiberIntermediateIncMember2025-09-300001513363us-gaap:InvestmentAffiliatedIssuerMember2025-07-012025-09-300001513363Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Transportation services Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 12/21/2022 Maturity 5/31/20252024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/20112025-01-012025-09-300001513363fdus:GreenCubesTechnologyLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-09-300001513363fdus:UnitrancheInvestmentsMember2025-01-012025-09-300001513363fdus:FourPointSevenFourPercentInterestRateMemberus-gaap:SubsequentEventMemberfdus:SmallBusinessAdministrationDebenturesMember2025-10-140001513363fdus:UsGreenfiberLlcMemberfdus:ControlInvestmentsMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberfdus:ValuationTechniqueEnterpriseValueMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2025-09-300001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 17.00% Investment date 3/2/2020 Maturity 9/2/20262024-01-012024-12-310001513363Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.31% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/20272025-09-300001513363fdus:FivePointZeroEightTwoPercentInterestRateFourMember2025-09-300001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Subordinated Debt Rate Cash 7.50% Rate PIK 7.50% Investment date 7/21/2023 Maturity 1/21/20272024-01-012024-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2024-09-300001513363fdus:O2023Q3DividendsMember2023-07-012023-09-300001513363Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 shares) Investment date 2/17/20222024-12-310001513363fdus:WesternAllianceTrustCompanyMemberfdus:CreditAndSecurityAgreementMemberus-gaap:SubsequentEventMembersrt:MaximumMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-10-1600015133632025-09-300001513363fdus:HaematologicTechnologiesIncMemberfdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing First Lien Debt Variable Index Spread (S+5.25%) Variable Index Floor (0.50%) Rate Cash 10.10% Rate PIK 0.00% Investment date 2/17/2022 Maturity 2/17/20272024-12-310001513363Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Transportation services Second Lien Debt Rate Cash 13.00% Rate PIK 0.00% Investment date 12/21/2022 Maturity 7/31/20262025-01-012025-09-300001513363us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001513363fdus:ElementsBrandsLlcRevolvingLoanMember2024-12-310001513363fdus:WhiteLabelCommunicationLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363fdus:InformationTechnologyServicesMemberfdus:CardbackIntermediateLLCMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (169 units) Investment date 6/26/20232025-01-012025-09-300001513363Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class A Units) (10,915 units) Investment date 8/11/20172024-01-012024-12-310001513363fdus:SuitedConnectorLlcMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-3000015133632025-07-012025-09-300001513363fdus:ZonkdLlcMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services First Lien Debt Variable Index Spread (S+7.75%) Variable Index Floor (2.00%) Rate Cash 12.44% Rate PIK 0.50% Investment date 9/20/2024 Maturity 9/20/20282024-01-012024-12-310001513363fdus:EstexManufacturingCompanyLlcMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Subordinated Debt Cash 12.50% Rate PIK 0.00% Investment date 3/22/2024 Maturity 3/24/20312024-12-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt ($2,000 unfunded commitment) Variable Index Spread (S + 6.25%) Variable Index Floor (2.00%) Rate Cash 10.55% Rate PIK 0.00% Investment date 3/18/2025 Maturity 3/18/20302025-01-012025-09-300001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail First Lien Debt Variable Index Spread (S + 5.38%) Variable Index Floor (1.50%) Rate Cash 9.97% Rate PIK 0.00% Investment date 9/13/2022 Maturity Date 9/9/20292024-12-310001513363fdus:ComponentManufacturingMemberfdus:GlobalPlasmaSolutionsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/20172024-12-310001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2025-09-300001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380 units) Investment date 7/26/20212025-09-300001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (601 shares) Investment date 2/1/20242024-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (1,705 shares) Investment date 9/21/20182025-09-300001513363us-gaap:EquitySecuritiesMember2025-09-300001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Common Equity (310 units) Investment date 1/4/20242025-01-012025-09-30fdus:Investmentxbrli:purefdus:Segmentiso4217:USDxbrli:sharesxbrli:sharesiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2025

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

FIDUS INVESTMENT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q


	PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements.
	Consolidated Statements of Assets and Liabilities — September 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations — three and nine months ended September 30, 2025 (unaudited) and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets — three and nine months ended September 30, 2025 (unaudited) and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows — nine months ended September 30, 2025 (unaudited) and 2024 (unaudited)	7
	Consolidated Schedules of Investments — September 30, 2025 (unaudited) and December 31, 2024	8
	Notes to Consolidated Financial Statements (unaudited)	21
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	47
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	65
Item 4.	Controls and Procedures	66
	PART II — OTHER INFORMATION
Item 1.	Legal Proceedings.	67
Item 1A.	Risk Factors.	67
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	67
Item 3.	Defaults Upon Senior Securities.	68
Item 4.	Mine Safety Disclosures.	68
Item 5.	Other Information.	68
Item 6.	Exhibits.	69
Signatures		71

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)


	September 30,
	2025		December 31,
	(unaudited)		2024
ASSETS
Investments, at fair value:
Control investments (cost: $6,832 and $6,832, respectively)	$	—	$	—
Affiliate investments (cost: $53,718 and $56,679, respectively)		97,305		102,024
Non-control/non-affiliate investments (cost: $1,108,840 and $1,011,646, respectively)		1,095,443		988,482
Total investments, at fair value (cost: $1,169,390 and $1,075,157, respectively)		1,192,748		1,090,506
Cash and cash equivalents		62,324		57,159
Interest receivable		20,489		15,119
Proceeds receivable from stock offering		681		—
Prepaid expenses and other assets		1,506		1,328
Total assets	$	1,277,748	$	1,164,112
LIABILITIES
SBA debentures (net of $6,028 and $6,101, respectively, of unamortized deferred financing costs)	$	184,972	$	168,899
Notes (net of $3,489 and $1,638, respectively, of unamortized deferred financing costs)		321,511		248,362
Revolving Credit Facility (net of $749 and $1,046, respectively, of unamortized deferred financing costs)		14,251		43,954
Secured borrowings		12,816		13,674
Accrued interest and fees payable		3,703		5,784
Base management fee payable, net of base management fee waiver – due to affiliate		5,195		4,805
Income incentive fee payable – due to affiliate		4,371		4,477
Capital gains incentive fee payable – due to affiliate		16,675		14,703
Administration fee payable and other – due to affiliate		929		919
Taxes payable		746		1,850
Accounts payable and other liabilities		1,545		1,019
Total liabilities	$	566,714	$	508,446
Commitments and contingencies (Note 7)
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 36,347,868 and 33,914,652 shares issued and
outstanding at September 30, 2025 and December 31, 2024, respectively)	$	36	$	34
Additional paid-in capital		616,949		567,159
Total distributable earnings		94,049		88,473
Total net assets		711,034		655,666
Total liabilities and net assets	$	1,277,748	$	1,164,112
Net asset value per common share	$	19.56	$	19.33

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Operations (unaudited)

(in thousands, except shares and per share data)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Investment Income:
Interest income
Control investments	$	—		$	—		$	—		$	—
Affiliate investments		1,090			870			3,258			2,603
Non-control/non-affiliate investments		29,725			30,987			90,087			88,899
Total interest income		30,815			31,857			93,345			91,502
Payment-in-kind interest income
Control investments		—			—			—			—
Affiliate investments		—			—			—			—
Non-control/non-affiliate investments		3,185			1,851			7,884			5,745
Total payment-in-kind interest income		3,185			1,851			7,884			5,745
Dividend income
Control investments		—			—			—			—
Affiliate investments		329			1,328			1,381			1,830
Non-control/non-affiliate investments		660			56			1,470			308
Total dividend income		989			1,384			2,851			2,138
Fee income
Control investments		—			—			—			—
Affiliate investments		8			5			24			15
Non-control/non-affiliate investments		1,314			2,688			7,309			6,559
Total fee income		1,322			2,693			7,333			6,574
Interest on idle funds		942			597			2,306			2,738
Total investment income		37,253			38,382			113,719			108,697
Expenses:
Interest and financing expenses		7,649			6,026			22,191			18,100
Base management fee		5,253			4,848			15,281			13,986
Incentive fee - income		4,371			5,059			13,819			14,072
Incentive fee (reversal) - capital gains		354			(987	)		1,972			942
Administrative service expenses		708			688			2,064			1,894
Professional fees		713			567			2,959			2,469
Other general and administrative expenses		494			266			921			764
Total expenses before base management fee waiver		19,542			16,467			59,207			52,227
Base management fee waiver		(57	)		(64	)		(175	)		(200	)
Total expenses, net of base management fee waiver		19,485			16,403			59,032			52,027
Net investment income before income taxes		17,768			21,979			54,687			56,670
Income tax provision (benefit)		399			568			468			682
Net investment income		17,369			21,411			54,219			55,988
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		—			—			—			—
Affiliate investments		897			—			10,963			—
Non-control/non-affiliate investments		(1,827	)		(366	)		(6,131	)		12,161
Total net realized gain (loss) on investments		(930	)		(366	)		4,832			12,161
Income tax (provision) benefit from realized gains on investments		(421	)		—			(2,350	)		(1,523	)
Net change in unrealized appreciation (depreciation):
Control investments		—			—			—			—
Affiliate investments		1,634			2,075			(1,758	)		417
Non-control/non-affiliate investments		1,790			(6,643	)		9,767			(5,823	)
Total net change in unrealized appreciation (depreciation) on investments		3,424			(4,568	)		8,009			(5,406	)
Net gain (loss) on investments		2,073			(4,934	)		10,491			5,232
Realized losses on extinguishment of debt		(304	)		—			(630	)		(521	)
Net increase (decrease) in net assets resulting from operations	$	19,138		$	16,477		$	64,080		$	60,699
Per common share data:
Net investment income per share-basic and diluted	$	0.49		$	0.64		$	1.55		$	1.74
Net increase in net assets resulting from operations per share — basic and diluted	$	0.54		$	0.49		$	1.83		$	1.89
Dividends declared per share	$	0.57		$	0.57		$	1.65		$	1.81
Weighted average number of shares outstanding — basic and diluted		35,721,635			33,380,480			34,991,361			32,138,865

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
Public offering of common stock, net of expenses		1,691,336		2			33,017		—			33,019
Shares issued under dividend reinvestment plan		43,755		—	*		847		—			847
Net investment income		—		—			—		16,950			16,950
Net realized gain (loss) on investments, net of taxes		—		—			—		9,205			9,205
Net unrealized appreciation (depreciation) on investments		—		—			—		(2,056	)		(2,056	)
Realized losses on extinguishment of debt		—		—			—		—			—
Dividends declared		—		—			—		(19,539	)		(19,539	)
Balances at June 30, 2024		33,161,240	$	34		$	557,120	$	89,612		$	646,766
Public offering of common stock, net of expenses		714,995		—	*		14,080		—			14,080
Shares issued under dividend reinvestment plan		38,417		—	*		748		—			748
Net investment income		—		—			—		21,411			21,411
Net realized gain (loss) on investments, net of taxes		—		—			—		(366	)		(366	)
Net unrealized appreciation (depreciation) on investments		—		—			—		(4,568	)		(4,568	)
Realized losses on extinguishment of debt		—		—			—		—			—
Dividends declared		—		—			—		(19,310	)		(19,310	)
Balances at September 30, 2024		33,914,652	$	34		$	571,948	$	86,779		$	658,761
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
Public offering of common stock, net of expenses		376,625		—	*		7,540		—			7,540
Shares issued under dividend reinvestment plan		32,566		—	*		631		—			631
Net investment income		—		—			—		18,628			18,628
Net realized gain (loss) on investments, net of taxes		—		—			—		(7,647	)		(7,647	)
Net unrealized appreciation (depreciation) on investments		—		—			—		14,378			14,378
Realized losses on extinguishment of debt		—		—			—		(75	)		(75	)
Dividends declared		—		—			—		(19,088	)		(19,088	)
Balances at June 30, 2025		35,379,900	$	35		$	596,690	$	95,572		$	692,297
Public offering of common stock, net of expenses		933,165		1			19,578		—			19,579
Shares issued under dividend reinvestment plan		34,803		—	*		681		—			681
Net investment income		—		—			—		17,369			17,369
Net realized gain (loss) on investments, net of taxes		—		—			—		(1,351	)		(1,351	)
Net unrealized appreciation (depreciation) on investments		—		—			—		3,424			3,424
Realized losses on extinguishment of debt		—		—			—		(304	)		(304	)


Dividends declared	—		—		—		(20,661	)		(20,661	)
Balances at September 30, 2025	36,347,868	$	36	$	616,949	$	94,049		$	711,034
*amount is greater than zero but less than one

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Cash Flows (unaudited)

(in thousands)


	Nine Months Ended September 30,
	2025			2024
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	64,080		$	60,699
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		(8,009	)		5,406
Net realized (gain) loss on investments		(4,832	)		(12,161	)
Interest and dividend income paid-in-kind		(7,884	)		(5,745	)
Accretion of original issue discount		(106	)		(335	)
Accretion of loan origination fees		(2,007	)		(1,801	)
Purchase of investments		(284,480	)		(274,194	)
Proceeds from sales and repayments of investments		203,319			154,109
Proceeds from loan origination fees		1,757			1,952
Realized losses on extinguishment of debt		630			521
Amortization of deferred financing costs		2,024			1,551
Amortization of deferred equity financing costs		78			33
Changes in operating assets and liabilities:
Interest receivable		(5,370	)		(2,352	)
Proceeds receivable from stock offering		(681	)		—
Prepaid expenses and other assets		(308	)		557
Accrued interest and fees payable		(2,081	)		(2,380	)
Base management fee payable, net of base management fee waiver – due to affiliate		390			633
Income incentive fee payable – due to affiliate		(106	)		489
Capital gains incentive fee (reversal) – due to (from) affiliate		1,972			(2,595	)
Administration fee payable and other – due to (from) affiliate		10			(170	)
Taxes payable		(1,104	)		(476	)
Accounts payable and other liabilities		526			449
Net cash provided by (used for) operating activities		(42,182	)		(75,810	)
Cash Flows from Financing Activities:
Proceeds from common stock offerings, net of expenses		47,780			66,269
Proceeds received from SBA debentures		44,500			—
Repayments of SBA debentures		(28,500	)		(35,000	)
Proceeds received from issuance of Notes		100,000			—
Principal payments on Notes		(25,000	)		—
Proceeds received from (repayments of) Revolving Credit Facility, net		(30,000	)		40,000
Proceeds received from (repayments of) Secured Borrowings, net		(858	)		(1,855	)
Payment of deferred financing costs		(4,083	)		(611	)
Dividends paid to stockholders, including expenses		(56,492	)		(57,681	)
Net cash provided by (used for) financing activities		47,347			11,122
Net increase (decrease) in cash and cash equivalents		5,165			(64,688	)
Cash and cash equivalents:
Beginning of period		57,159			119,131
End of period	$	62,324		$	54,443
Supplemental cash flow disclosures:
Cash payments for interest	$	22,248		$	18,929
Cash payments for taxes, net of tax refunds received	$	3,922		$	2,681
Non-cash financing activities:
Value of shares issued pursuant to the dividend reinvestment plan	$	—		$	852

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

September 30, 2025

(in thousands, except shares)


Portfolio Company (a)(b)		Variable Index	Rate (e)	Investment		Principal				Fair		Percent of
Investment Type (c)	Industry	Spread / Floor (d)	Cash/PIK	Date (f)	Maturity	Amount		Cost		Value (g)		Net Assets

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					586		—
Common Equity (425,508 units) (j)				8/30/2019					1		—
Common Equity (1,022,813 units) (h)(j)				7/1/2020					1,022		—
									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	$	9,601	$	9,602
Common Equity (5,690 units) (h)(j)				12/31/2021					5,690		6,548
Common Equity (7,113 units) (h)(j)				12/31/2021					7,113		9,507
Common Equity (2,012 units) (h)(j)				12/31/2021					—		—
									22,404		25,657		4	%
CP Communications, LLC	Business Services
First Lien Debt (am)		(S + 8.50%) / (4.00%)	12.79%/0.00%	12/4/2024	12/4/2029		5,941		5,902		5,941
Preferred Equity (62 units)				12/4/2024					500		489
									6,402		6,430		1	%
Medsurant Holdings, LLC (n)	Healthcare Services
Preferred Equity (84,997 units) (h)(j)				4/12/2011					—		70
Warrant (252,588 units) (h)(j)(m)				4/12/2011					—		238
									—		308		0	%
Pfanstiehl, Inc.	Healthcare Products
Common Equity (2,550 units) (j)				3/29/2013					254		41,922		5	%

Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Aerospace & Defense Manufacturing
First Lien Debt (j)(ag)		(S + 6.00%) / (1.00%)	10.26%/0.00%	2/12/2021	2/11/2026		15,000		14,992		14,901
First Lien Debt (j)		(S + 6.00%) / (1.00%)	10.26%/0.00%	9/10/2025	2/11/2026		1,500		1,500		1,500
Common Equity (12,035 units) (j)				8/25/2021					1,204		—
Common Equity (38,493 units) (j)				12/16/2022

FIDUS INVESTMENT Corp 10-Q