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Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor 2.00% Rate Cash 10.99% Rate PIK 0.00% Investment Date 11/8/2022 Maturity Date 11/8/20272026-03-310001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112026-01-012026-03-310001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services Common Equity (3,500 units) Investment date 11/27/20242025-12-310001513363us-gaap:InvestmentAffiliatedIssuerMember2025-01-012025-03-310001513363Non-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 13,0552026-03-310001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment Date 11/9/20232026-03-310001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor 0.75% Rate Cash 8.94% Rate PIK 0.00% Investment Date 12/12/2025 Maturity Date 11/9/20292026-03-310001513363Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/20172025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandAndThirtyMember2025-10-030001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt ($1,023 unfunded commitment) Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.15% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2026-03-310001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2026-01-012026-03-310001513363fdus:FraserSteelLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DetechtionHoldingsLLCMember2025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputProbabilityMemberfdus:ValuationTechniqueProbabilityWeightedExpectedReturnMembersrt:MinimumMember2025-12-310001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandAndThirtyMember2025-03-192025-03-190001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InductiveHealthInformaticsLLCMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MinimumMemberfdus:FirstLienDebtMember2025-12-310001513363us-gaap:MoneyMarketFundsMember2026-03-310001513363Non-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 8.90% Rate PIK 0.00% Investment date 6/30/2025 Maturity 6/30/20302026-03-310001513363fdus:AerospaceAndDefenseManufacturingMemberfdus:SpectraAAndDAcquisitionIncMemberus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Business Services Common Equity (679,301 units) Investment date 2/23/20242025-12-310001513363Affiliate InvesAffiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011tments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112026-03-310001513363fdus:UnitrancheInvestmentsMember2025-01-012025-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (568,182 shares) Investment date 6/10/20252025-12-310001513363Non-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 11/17/20282026-03-310001513363Non-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 06/30/20302026-03-310001513363fdus:FivePointEightSixOnePercentInterestRateMember2025-12-310001513363Non-control/Non-affiliate Investments UBEO, LLC. Business Services Common Equity (705,000 units) Investment date 4/3/20182025-12-310001513363fdus:UnitedStatesMidwestMember2025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (21,689 units) Investment date 5/22/20242025-12-310001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services Common Equity (Units N/A) Investment date 5/22/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing Common Equity (75,000 units) Investment date 10/1/20242025-01-012025-12-310001513363us-gaap:EquitySecuritiesMember2026-03-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) 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(dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (0.50%) Rate Cash 8.38% Rate PIK 0.00% Investment date 7/30/2021 Maturity 9/30/20272025-01-012025-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (524,624 units) Investment date 8/3/20252026-03-3100015133632025-01-012025-12-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor 1.00% Rate Cash 9.92% Rate PIK 0.00% Investment Date 7/8/2022 Maturity Date 7/8/20272026-01-012026-03-310001513363us-gaap:InvestmentAffiliatedIssuerMember2026-01-012026-03-310001513363fdus:FumexLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:IndustrialProductServicesMember2025-12-310001513363fdus:FraserSteelLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (746,893 shares) Investment date 6/12/20252025-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/20212026-01-012026-03-310001513363Non-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 8.38% Rate PIK 0.00% Investment date 7/30/2021 Maturity 9/30/20272026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt ($2,000 unfunded commitment) Variable Index Spread (S + 6.00%) / (2.00%) Variable Index Floor 9.96%/0.00% Investment date 3/18/2025 Maturity 3/18/20302025-12-310001513363Non-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 3/15/20282026-01-012026-03-310001513363fdus:E-PlanSoftBuyerLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:NwsTechnologiesLlcMember2025-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/20222025-01-012025-12-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:WhiteLabelCommunicationLLCMember2026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (52 units) Investment Date 11/27/20242026-03-310001513363Non-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 10.49% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292025-12-310001513363fdus:TwoPointOneSevenTwoPercentInterestRateMember2026-03-310001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/20202026-01-012026-03-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (169 units) Investment date 6/26/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Information Technology Services Second Lien Debt Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/2031 One2026-03-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Subordinated Debt Rate Cash 10.00% Rate PIK 5.00% Investment date 11/11/2025 Maturity 3/9/20302025-12-310001513363Non-control/Non-affiliate Investments VMS MSO, LLC (dba Vytal Health Partners) Healthcare Services First Lien Debt Rate Cash 13.75% Rate PIK 0.00% Investment date 12/18/2025 Maturity 12/18/20302025-12-310001513363fdus:WorldToursLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services Preferred Equity (1,00,000 units) Investment date 11/13/20242026-01-012026-03-310001513363fdus:TediaCompanyLlcRevolvingLoanMember2025-12-310001513363fdus:HealthcareServicesMemberfdus:JumoHealthIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001513363us-gaap:FairValueInputsLevel3Member2025-12-310001513363country:CA2026-01-012026-03-310001513363Non-control/Non-affiliate Investments GPS Insight, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 5.58%) Variable Index Floor (1.00%) Rate Cash 9.25% Rate PIK 0.00% Investment date 10/17/2025 Maturity 5/18/20282026-01-012026-03-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc.Healthcare Products Subordinated Debt Variable Index Floor 11.50%/0.00% Investment date 3/19/2021 Maturity 4/7/20282025-01-012025-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S + 7.50%) / (0.50%) Variable Index Floor 11.32%/0.00% Investment date 4/5/2021 Maturity 4/5/20262025-01-012025-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Information Technology Services First Lien Debt Variable Index Spread (S+6.75%) Variable Index Floor (2.00%) Rate Cash 10.42% Rate PIK 0.00% Investment date 1/12/2026 Maturity 9/20/20282026-01-012026-03-310001513363fdus:KGLawnCareIncDbaKingGreenMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/20212026-01-012026-03-310001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 7.00%) / (2.50%) Variable Index Floor 10.66%/0.00% Investment date 5/1/2024 Maturity 3/7/20292026-03-310001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/20232025-01-012025-12-310001513363fdus:OnsightIndustriesLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/20212025-01-012025-12-310001513363Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S + 8.50%) / (1.50%) Variable Index Floor 12.42%/0.00% Investment date 9/29/2022 Maturity 9/28/20262026-01-012026-03-310001513363fdus:AdInfoParentIncDbaMediaradarRevolvingLoanMember2026-03-310001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Preferred Equity (500,000 units) Investment date 8/21/20232025-12-310001513363fdus:UnitedStatesMidwestMember2026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/20192026-03-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/20212026-01-012026-03-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.71% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292025-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IsiPsgHoldingsLlcMember2025-12-310001513363Communications, LLC Business Services Preferred Equity (62 Units) Investment date 12/31/20242025-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Information Technology Services First Lien Debt Variable Index Spread (S+6.75%) Variable Index Floor (2.00%) Rate Cash 10.42% Rate PIK 0.00% Investment date 1/12/2026 Maturity 9/20/20282026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:FirstLienDebtMemberfdus:MayeshWholesaleFloristLLCMember2025-12-310001513363Non-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 3/15/20282026-03-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/20222025-01-012025-12-310001513363Non-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 9/28/20312025-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (568,182 shares) Investment date 6/10/20252026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:SecondLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (524,624 units) Investment date 8/3/20252025-01-012025-12-310001513363fdus:AffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,366 units) Investment date 12/8/20232026-01-012026-03-310001513363Non-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 10.99% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302025-01-012025-12-310001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (518,135 units) Investment date 11/14/20232026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2025-12-310001513363Non-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 10.49% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292026-03-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Common Equity (113,166 shares) Investment date 6/12/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services Subordinated Debt Rate Cash 11.50% Rate PIK 2.75% Investment date 2/28/2023 Maturity 11/30/20272025-01-012025-12-310001513363Non-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 11.66% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/20272026-03-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (373,447 shares) Investment date 6/12/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (108 shares) Investment date 6/7/20242026-01-012026-03-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/20222025-01-012025-12-310001513363Affiliate Investments Suited Connector LLC Information Technology Services Common Equity (15,000,000 units) Investment Date 3/31/20162026-01-012026-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:W50HoldingsLLCMember2026-03-310001513363Non-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 10.99% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302025-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/20212026-01-012026-03-310001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (518,135 units) Investment date 11/14/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/20232025-12-310001513363Non-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 10.66% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302026-03-310001513363Non-control/Non-affiliate Investments VMS MSO, LLC (dba Vytal Health Partners) Healthcare Services Revolving Loan ($1,500 unfunded commitment) Rate Cash 13.75% Rate PIK 0.00% Investment date 12/18/2025 Maturity 12/18/20302025-12-310001513363fdus:UnitedStatesMidwestMember2025-01-012025-12-310001513363fdus:TediaCompanyLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMember2025-12-310001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Utilities: Services Common Equity (Units N/A) Investment date 2/21/20232026-03-310001513363fdus:TrueEnvironmentalIncFirstLienDebtMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2024-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Preferred Equity (3,619 units) Investment date 4/15/20252025-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateOneMember2025-12-310001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001513363Affiliate Investments PIPCO, LLC Utilities: Services First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 12/11//2025 Maturity 12/11/20302025-01-012025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMemberfdus:LifespanBiosciencesIncMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MinimumMemberfdus:SecondLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (568,182 shares) Investment date 6/10/20252025-01-012025-12-310001513363fdus:BusinessServicesMemberfdus:CihIntermediateLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Non-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 12.13% Rate PIK 0.00% Investment date 6/25/2021 Maturity 9/30/20272025-01-012025-12-310001513363Non-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 11/30/20272026-03-310001513363fdus:SuitedConnectorLlcMemberfdus:AffiliateInvestmentsMember2026-03-310001513363Affiliate Investments PIPCO, LLC Utilities: Services First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 12/11//2025 Maturity 12/11/20302026-01-012026-03-310001513363fdus:BusinessServicesMemberfdus:TrueEnvironmentalIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMember2025-12-310001513363us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IsiPsgHoldingsLlcMember2026-03-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.00%) Rate Cash 10.16% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282026-01-012026-03-310001513363fdus:BusinessServicesMemberfdus:CtmGroupIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (20,137 units) Investment Date 12/22/20232026-03-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail First Lien Debt Variable Index Spread (S + 5.38%) Variable Index Floor (1.50%) Rate Cash 9.38% Rate PIK 0.00% Investment date 9/13/2022 Maturity Date 9/9/20292025-12-310001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services Preferred Equity (1,000,000 units) Investment date 3/7/20242026-01-012026-03-310001513363Non-control/Non-affiliate Investments KG Lawn Care, Inc. (dba King Green) Consumer Services First Lien Debt Variable Index Spread (S + 5.50%) / (2.00%) Variable Index Floor 9.17%/0.00% Investment date 1/23/2026 Maturity 11/26/20302026-03-310001513363fdus:FourPointEightSevenNinePercentInterestRateOneMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/20182025-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/20212025-01-012025-12-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (133 units) Investment date 7/2/20252025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/20212026-03-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail First Lien Debt Variable Index Spread (S + 5.38%) Variable Index Floor (1.50%) Rate Cash 9.04% Rate PIK 0.00% Investment date 9/13/2022 Maturity Date 9/9/20292026-03-310001513363fdus:FourPointNineSevenThreePercentInterestRateThreeMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001513363fdus:ComponentManufacturingMemberfdus:QedTechnologiesInternationalIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Non-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 10.66% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302026-03-310001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Preferred Equity (Units N/A) ($100 unfunded commitment) Investment date 3/21/20242025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:PayEntryFinancialServicesIncMember2026-03-310001513363fdus:UnitedStatesWestMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Onsight Industries, LLC Component Manufacturing Common Equity (380,000 units) Investment date 1/7/20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.00%) Rate Cash 10.37% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282025-01-012025-12-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt ($511 unfunded commitment) Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.15% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302026-01-012026-03-310001513363fdus:WaterworksSolutionsAcquisitionIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2026-03-310001513363Non-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 11/17/20282025-12-310001513363Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/20162025-12-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor 1.00% Rate Cash 9.92% Rate PIK 0.00% Investment Date 7/8/2022 Maturity Date 7/8/20272025-01-012025-12-310001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2020-12-230001513363fdus:UtilitiesServicesMemberfdus:GMPHVACLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Preferred Equity (1,359 shares) Investment date 8/16/20242026-01-012026-03-310001513363Communications, LLC Business Services Preferred Equity (62 Units) Investment date 12/31/20242026-01-012026-03-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Common Equity (113,166 shares) Investment date 6/12/20252026-03-310001513363fdus:O2024ARegularDividendsMember2024-02-132024-02-130001513363fdus:FivePointZeroEightTwoPercentInterestRateTwoMember2026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/20212025-12-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.71% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-12-310001513363fdus:TwoPointThreeSevenSevenPercentInterestRateMember2026-01-012026-03-310001513363Non-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 8.82% Rate PIK 0.50% Investment date 1/6/2025 Maturity 4/15/20292025-01-012025-12-310001513363Non-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 13,0552026-01-012026-03-310001513363Non-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 9.24% Rate PIK 0.00% Investment date 3/1/2023 Maturity 3/1/20282025-01-012025-12-310001513363fdus:ThreeZeroOneEdisonHoldingsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2025-12-310001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2025-12-310001513363Non-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 6/1/20282025-01-012025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:SpecialtyDistributionMemberfdus:MayeshWholesaleFloristLLCMember2026-03-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/20222026-03-310001513363Non-control/Non-affiliate Investments Air Burners, Inc. Utility Equipment Manufacturing Common Equity (817 units) ($200 unfunded commitment) Investment date 11/24/20252026-01-012026-03-3100015133632025-03-310001513363fdus:November2026NotesMember2025-01-012025-03-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 9.47%/0.00% Investment date 4/1/2021 Maturity 9/30/20302025-12-310001513363Non-control/Non-affiliate Investments Virginia Tile Company, LLC Specialty Distribution Common Equity (Units N/A) Investment date 12/19/20142026-01-012026-03-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292026-01-012026-03-310001513363Non-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 3/31/20262025-01-012025-12-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 0.00%) Variable Index Floor (2.50%) Rate Cash 3.82% Rate PIK 9.75% Investment date 4/13/2022 Maturity 9/30/20272025-12-310001513363fdus:ApmIntermediateHoldingsLlcMemberfdus:BuildingProductsManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:AmeriwaterLlcMember2025-12-310001513363us-gaap:AdditionalPaidInCapitalMember2026-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/20192026-01-012026-03-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (713 units) Investment date 7/1/20252025-01-012025-12-310001513363fdus:O2025Q2RegularDividendsMember2025-05-050001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Information Technology Services Second Lien Debt ($3,126 unfunded commitment) Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312026-03-310001513363fdus:FourPointNineSevenThreePercentInterestRateMember2026-01-012026-03-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/20222025-12-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (5,474 units) Investment Date 12/22/20232025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:WhiteLabelCommunicationLLCMember2025-12-310001513363fdus:EstexManufacturingCompanyLlcMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-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 10.49% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-03-310001513363Non-control/Non-affiliate Investments United Biologics, LLC. Healthcare Services Warrant (57,469 units) Investment date 3/5/20122026-03-310001513363fdus:FivePointFourThreeNinePercentInterestRateTwoMember2026-03-310001513363fdus:O2025Q2SupplementalDividendsMember2025-05-052025-05-050001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Common Equity (1,050,000 units) Investment date 9/9/20242025-01-012025-12-310001513363Non-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 1/21/20272025-12-310001513363Non-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 11.67% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272026-03-310001513363fdus:AerospaceAndDefenseManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:SpectraAAndDAcquisitionIncMember2025-12-310001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2021-10-082021-10-080001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor 0.75% Rate Cash 8.94% Rate PIK 0.00% Investment Date 12/12/2025 Maturity Date 11/9/20292025-01-012025-12-310001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2025-01-012025-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/20212025-01-012025-12-310001513363fdus:O2025Q4DividendsMember2025-01-012025-12-310001513363fdus:UtilityEquipmentManufacturingMemberfdus:AirBurnersIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363fdus:O2025Q1RegularSecondDividendsMember2025-02-182025-02-180001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Preferred Equity (1,359 shares) Investment date 8/16/20242026-03-310001513363fdus:FourPointSevenFourPercentInterestRateMemberfdus:SmallBusinessAdministrationDebenturesMember2026-03-310001513363Non-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 6/21/20282026-01-012026-03-310001513363fdus:EstexManufacturingCompanyLlcMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (312 units) Investment Date 12/30/20242025-01-012025-12-310001513363Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services Common Equity (1,232 units) Investment Date 2/1/20222025-12-310001513363Non-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 9.99% Rate PIK 0.00% Investment Date 11/27/2024 Maturity Date 12/22/20292025-12-310001513363Non-control/Non-affiliate Investments GPS Insight, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 5.58%) Variable Index Floor (1.00%) Rate Cash 9.25% Rate PIK 0.00% Investment date 10/17/2025 Maturity 5/18/20282026-03-310001513363us-gaap:InvestmentAffiliatedIssuerMember2025-12-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (4,490 units) Investment date 9/21/20212025-12-310001513363Non-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 6/21/20282025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments KG Lawn Care, Inc. (dba King Green) Consumer Services First Lien Debt ($2,500 unfunded commitment) Variable Index Spread (S + 5.50%) / (2.00%) Variable Index Floor 9.34%/0.00% Investment date 11/26/2025 Maturity 11/26/20302025-12-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001513363Non-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 9.70% Rate PIK 0.00% Investment date 2/23/2024 Maturity 2/23/20292026-03-310001513363fdus:BusinessServicesMemberfdus:DiversifiedSearchLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Information Technology Services Second Lien Debt ($3,126 unfunded commitment) Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312026-01-012026-03-310001513363fdus:UsGreenfiberLlcMemberfdus:ControlInvestmentsMember2026-03-310001513363fdus:O2025Q4SupplementalDividendsMember2025-11-032025-11-030001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112026-03-310001513363fdus:O2025Q2RegularDividendsMember2025-05-052025-05-050001513363fdus:O2024ADividendsMember2024-01-012024-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/20212025-01-012025-12-310001513363Affiliate Investments CP Communications, LLC Business Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (4.00%) Rate Cash 12.50% Rate PIK 0.00% Investment date 12/4/2024 Maturity 12/4/20292025-12-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation Services Common Equity (280,000 units) Investment date 12/30/20222025-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/20222026-01-012026-03-3100015133632024-12-310001513363fdus:VirtexEnterprisesLpMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Preferred Equity (1,200,000 units) Investment Date 10/25/20242026-03-310001513363fdus:AffiliateInvestmentsMemberfdus:ApplegateGreenfiberIntermediateIncMember2024-12-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation Services Common Equity (280,000 units) Investment date 12/30/20222026-01-012026-03-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.46% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:LifespanBiosciencesIncMemberfdus:HealthcareProductsMember2026-03-310001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandAndThirtyMember2026-01-012026-03-310001513363Non-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 6/21/20282026-03-310001513363Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Rate Cash 10.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/20272025-01-012025-12-310001513363Non-control/Non-affiliate Investments MRC Drake Buyer LLC Component Manufacturing First Lien Debt Variable Index Spread (S+6.50%) Variable Index Floor (2.00%) Rate Cash 10.17% Rate PIK 0.00% Investment date 3/13/2026 Maturity 3/13/20312026-03-310001513363Non-control/Non-affiliate Investments Virginia Tile Company, LLC Specialty Distribution Common Equity (Units N/A) Investment date 12/19/20142025-12-310001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services Preferred Equity (68,361 units) Investment date 1/3/20242025-01-012025-12-310001513363Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S + 8.50%) / (1.50%) Variable Index Floor 12.75%/0.00% Investment date 9/29/2022 Maturity 9/28/20262025-01-012025-12-310001513363us-gaap:SubordinatedDebtMember2025-12-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-03-310001513363Non-control/Non-affiliate Investments Gap Intelligence Acquisition, LLC (dba OpenBrand) Information Technology Services First Lien Debt Variable Index Rate Cash 12.00% Rate PIK 0.00% Investment date 1/28/2026 Maturity 1/28/20312026-03-310001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services Preferred Equity (1,000,000 units) Investment date 3/7/20242025-12-310001513363Non-control/Non-affiliate Investments Sales Rabbit, Inc. Information Technology Services First Lien Debt Cash 11.00% Rate PIK 2.00% Investment date 12/23/2025 Maturity 12/23/20302025-01-012025-12-310001513363Affiliate Investments PIPCO, LLC Utilities: Services Common Equity (750 units) Investment date 12/11//20252026-03-310001513363Non-control/Non-affiliate Investments Gap Intelligence Acquisition, LLC (dba OpenBrand) Information Technology Services First Lien Debt Variable Index Rate Cash 12.00% Rate PIK 0.00% Investment date 1/28/2026 Maturity 1/28/20312026-01-012026-03-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/20212026-03-310001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112025-12-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (133 units) Investment date 7/2/20252026-01-012026-03-310001513363fdus:O2026Q2RegularDividendsMemberus-gaap:SubsequentEventMember2026-05-040001513363fdus:ThrustFlightLlcFirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/20192026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001513363Non-control/Non-affiliate Investments Onsight Industries, LLC Component Manufacturing Common Equity (380,000 units) Investment date 1/7/20252026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMember2026-03-310001513363Non-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 9.49% Rate PIK 3.00% Investment date 10/11/2019 Maturity 6/30/20262025-12-310001513363us-gaap:CommonStockMember2025-01-012025-03-310001513363fdus:O2026Q2SupplementalDividendsMemberus-gaap:SubsequentEventMember2026-05-040001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:LaboratoryTestingLLCMember2025-12-310001513363Non-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 10.66% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302026-01-012026-03-310001513363fdus:AffiliateInvestmentsMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Subordinated Debt Rate Cash 10.00% Rate PIK 5.00% Investment date 11/11/2025 Maturity 3/9/20302025-01-012025-12-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (108 shares) Investment date 6/7/20242026-03-310001513363Non-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 11.46% Rate PIK 0.00% Investment date 10/16/2024 Maturity 10/16/20292025-01-012025-12-310001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2021-10-080001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/20212026-03-310001513363Non-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 3/31/20302025-12-310001513363Non-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 11.66% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMember2026-03-310001513363Non-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 8.91% Rate PIK 0.00% Investment date 3/1/2023 Maturity 3/1/20282026-03-310001513363Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/20162026-03-310001513363us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueOptionPricingMembersrt:MinimumMemberfdus:MeasurementInputVolatilityOfCreditMemberfdus:SecondLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (373,447 shares) Investment date 6/12/20252025-01-012025-12-310001513363fdus:UnitedStatesWestMember2025-01-012025-12-310001513363Non-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 13,0552025-12-310001513363fdus:DetechtionHoldingsLLCFirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments United Biologics, LLC. Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/20122025-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Information Technology Services Preferred Equity (367 units) Investment date 9/20/20242026-01-012026-03-310001513363us-gaap:CommonStockMember2023-08-110001513363Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/20132026-03-310001513363fdus:SpecialPurposeVehicleCreditFacilityMember2025-12-310001513363Non-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 9.75% Rate PIK 1.00% Investment date 7/21/2023 Maturity 7/21/20262025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:SecondLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380 units) Investment date 7/26/20212025-01-012025-12-310001513363Non-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 10.99% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302025-01-012025-12-310001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2025-12-310001513363fdus:O2026Q1SupplementalDividendsMember2026-02-172026-02-170001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/20202025-01-012025-12-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380 units) Investment date 7/26/20212026-03-310001513363Non-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 11.97% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272025-12-310001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services Common Equity (3,500 units) Investment date 11/27/20242025-01-012025-12-310001513363fdus:ConsumerProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BadBoyMowersJVAcquisitionLLCMember2025-12-310001513363Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S + 8.50%) / (1.50%) Variable Index Floor 12.42%/0.00% Investment date 9/29/2022 Maturity 9/28/20262026-03-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/20222026-01-012026-03-310001513363Non-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 11.17% Rate PIK 0.00% Investment date 6/10/2019 Maturity 12/23/20262025-12-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution Preferred Equity (500,000 units) Investment date 3/18/20252026-03-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:QedTechnologiesInternationalIncMember2025-12-310001513363Affiliate Investments PIPCO, LLC Utilities: Services Revolving Loan ($3,000 unfunded commitment) Variable Index Spread (S+6.25%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 12/11//2025 Maturity 12/11/20302025-01-012025-12-310001513363fdus:ControlInvestmentsMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Subordinated Debt Rate Cash 10.00% Rate PIK 5.00% Investment date 12/11/2025 Maturity 3/9/20302026-01-012026-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/20142026-01-012026-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/20192025-01-012025-12-310001513363fdus:WhiteLabelCommunicationLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2026-03-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Preferred Equity (601 shares) Investment date 2/1/20242025-12-310001513363fdus:TransportationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:R1HoldingsLLCDbaRoadOneIntermodaLogisticsMember2026-03-310001513363Affiliate Investments PIPCO, LLC Utilities: Services Revolving Loan ($3,000 unfunded commitment) Variable Index Spread (S+6.25%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 12/11//2025 Maturity 12/11/20302026-03-310001513363Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/20132025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-03-310001513363fdus:FidusInvestmentAdvisorsLlcMember2026-01-012026-03-310001513363fdus:MayeshWholesaleFloristLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2025-12-310001513363fdus:SecondLienDebtMember2026-01-012026-03-310001513363Affiliate 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 9.93% Rate PIK 0.00% Investment date 2/12/2021 Maturity 8/11/20272025-01-012025-12-310001513363Non-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 10.49% Rate PIK 0.00% Investment date 11/13/2024 Maturity 11/13/20292025-01-012025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 unit) Investment date 6/20/20232025-01-012025-12-310001513363fdus:O2026Q1RegularDividendsMember2026-02-170001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Revolving Loan ($3,427 unfunded commitment) Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 8.91%/0.00% Investment date 4/15/2025 Maturity 4/15/20302026-03-310001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (0.75%) Rate Cash 8.45% Rate PIK 0.00% Investment date 10/3/2025 Maturity 10/3/20302026-01-012026-03-310001513363Non-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 9.67% Rate PIK 0.00% Investment date 2/23/2024 Maturity 2/23/20292025-12-310001513363fdus:AffiliateInvestmentsMemberfdus:ApplegateGreenfiberIntermediateIncMember2025-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Preferred Equity (1,250,000 units) Investment date 11/1/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/20212026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001513363us-gaap:SubordinatedDebtMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2025-12-310001513363Affiliate Investments PIPCO, LLC Utilities: Services Common Equity (750 units) Investment date 12/11//20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Common Equity (500,000 shares) Investment date 10/6/20212025-12-310001513363Non-control/Non-affiliate Investments Customer Expressions Corp (dba Case IQ) Information Technology Services Common Equity (502,894 units) Investment date 1/6/20252026-01-012026-03-310001513363fdus:SecuredBorrowingsMember2025-03-310001513363Non-control/Non-affiliate Investments Gap Intelligence Acquisition, LLC (dba OpenBrand) Information Technology Services Common Equity (951 units) Investment date 1/28/20262026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BrightmoreBrandsLLCMemberfdus:RetailSectorsMember2025-12-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:GMPHVACLLCMember2025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AxisMedicalTechnologiesLLCDbaMoveMedicalRevolvingLoanMember2026-01-012026-03-310001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:VirtexEnterprisesLpMember2026-03-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/20212026-01-012026-03-310001513363fdus:CPCommunicationsLLCMemberfdus:BusinessServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2026-03-310001513363Non-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 12.00% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272025-01-012025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BrightmoreBrandsLLCMemberfdus:FirstLienDebtMemberfdus:RetailSectorsMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2025-01-012025-03-310001513363Non-control/Non-affiliate Investments MRC Drake Buyer LLC Component Manufacturing Common Equity (750,000 units) Investment date 3/13/20262026-03-310001513363fdus:SecuredBorrowingsMember2026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-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 3/31/20262026-03-310001513363Non-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 3/31/20302025-01-012025-12-310001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (0.75%) Rate Cash 8.42% Rate PIK 0.00% Investment date 10/3/2025 Maturity 10/3/20302025-01-012025-12-310001513363fdus:SecondLienDebtMember2025-01-012025-12-310001513363fdus:SognoToscanoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2025-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/20212026-01-012026-03-310001513363fdus:OnePointThreeNineEightPercentInterestRateMember2026-01-012026-03-310001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMember2019-04-240001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:SecondLienDebtMember2025-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:DonovanFoodBrokerageLLCMember2025-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/20172026-03-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DetechtionHoldingsLLCMember2026-03-310001513363fdus:GPSInsightIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputProbabilityMemberfdus:ValuationTechniqueProbabilityWeightedExpectedReturnMember2025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/20232026-03-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/20232026-03-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FishbowlSolutionsLlcMember2025-12-310001513363Non-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 11.97% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/20272025-01-012025-12-310001513363fdus:InformationTechnologyServicesMemberfdus:CardbackIntermediateLLCMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001513363fdus:UnitedStatesWestMember2025-12-310001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing Common Equity (75,000 units) Investment date 10/1/20242026-01-012026-03-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Revolving Loan ($1,750 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.00% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:AutoCrmLlcMember2026-03-310001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:SuitedConnectorLlcMember2025-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Preferred Equity (3,619 units) Investment date 4/15/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments Onsight Industries, LLC Component Manufacturing Common Equity (380,000 units) Investment date 1/7/20252025-12-310001513363fdus:GPSInsightIncMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (637 units) Investment date 8/7/20232025-12-310001513363Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/20172026-03-310001513363fdus:FivePointFourThreeNinePercentInterestRateTwoMember2026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueOptionPricingMemberfdus:MeasurementInputVolatilityOfCreditMemberfdus:SecondLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Air Burners, Inc. Utility Equipment Manufacturing First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 8.74% Rate PIK 0.00% Investment date 12/08/2025 Maturity 11/24/20302026-01-012026-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:LevelEducationGroupLLCDbaCE4LessMember2025-12-310001513363fdus:SognoToscanoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:SpecialtyDistributionMember2025-12-310001513363fdus:TwoKDirectIncMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (20,137 units) Investment Date 12/22/20232025-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (371 units) Investment date 9/9/20242026-03-310001513363fdus:FivePointZeroEightTwoPercentInterestRateMember2025-12-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution Preferred Equity (500,000 units) Investment date 3/18/20252025-01-012025-12-310001513363Non-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 9/28/2031 One2025-01-012025-12-310001513363us-gaap:AdditionalPaidInCapitalMember2025-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Revolving Loan ($1,750 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 11.67% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272026-01-012026-03-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:AirBurnersIncMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001513363Non-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 10.68% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282025-01-012025-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (1,000 units) Investment date 9/13/20222026-01-012026-03-310001513363fdus:SecuredBorrowingsMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2024-12-310001513363Non-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 10.10% Rate PIK 0.00% Investment date 8/31/2023 Maturity 8/3/20272026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FishbowlSolutionsLlcMember2026-03-310001513363fdus:OnsightIndustriesLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (5,149 units) Investment date 9/18/20232026-03-310001513363us-gaap:SubordinatedDebtMember2026-01-012026-03-310001513363Non-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 11/30/20272026-01-012026-03-310001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services Preferred Equity (68,361 units) Investment date 1/3/20242025-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 00.00% Rate PIK 14.50% Investment Date 10/1/2021 Maturity Date 12/31/20282025-01-012025-12-310001513363Non-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 6/30/20282026-01-012026-03-310001513363fdus:PayEntryFinancialServicesIncMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363fdus:FourPointSevenThreePercentInterestRateMemberfdus:SmallBusinessAdministrationDebenturesMember2026-03-310001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/20202025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/20222026-01-012026-03-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (601,532 units) Investment date 6/21/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Common Equity (12,500 units) Investment date 3/4/20242025-12-310001513363srt:MinimumMember2026-01-012026-03-310001513363fdus:PayEntryFinancialServicesIncMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services Common Equity (551,470 units) Investment date 5/20/20242026-03-310001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/20112026-01-012026-03-310001513363fdus:SmallBusinessAdministrationDebenturesMember2025-01-012025-03-310001513363fdus:FivePointZeroEightTwoPercentInterestRateThreeMember2026-03-310001513363fdus:O2026Q1DividendsMember2026-03-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/20232025-12-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Subordinated Debt Variable Index Spread (S + 4.00%) Variable Index Floor (2.50%) Rate Cash 9.77% Rate PIK 0.00% Investment date 9/20/2023 Maturity 3/31/20272026-01-012026-03-310001513363Non-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 11.97% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/20272025-12-310001513363fdus:FirstLienDebtMember2026-03-310001513363fdus:UnitedStatesNortheastMember2026-01-012026-03-310001513363fdus:ProntoPlumbingAndDrainIncRevolvingLoanMember2026-03-310001513363Non-control/Non-affiliate Investments Sogno Toscano LLC Specialty Distribution Preferred Equity (6 units) Investment date 7/2/20252025-01-012025-12-310001513363Non-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 8.70% Rate PIK 0.00% Investment date 7/2/2025 Maturity 1/2/20292026-03-310001513363Non-control/Non-affiliate Investments SES Investors, LLC (dba SES Foam) Building Products Manufacturing Common Equity (6,000 units) Investment date 9/8/20162026-03-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/20232025-01-012025-12-310001513363fdus:BobcatConnecticutLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services First Lien Debt Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 9.24%/0.00% Investment date 4/15/2025 Maturity 4/15/20302025-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (601 shares) Investment date 2/1/20242026-01-012026-03-310001513363fdus:FourPointNineSevenThreePercentInterestRateThreeMember2025-12-310001513363us-gaap:FairValueInputsLevel1Member2025-12-310001513363fdus:ConsumerServicesMemberfdus:BarefootMosquitoAndPestControlLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 17.00% Investment date 3/2/2020 Maturity 9/2/20262025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 unit) Investment date 6/20/20232025-12-310001513363fdus:GreenCubesTechnologyLlcMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 10.57% Rate PIK 0.75% Investment date 2/28/2023 Maturity 11/30/20262025-01-012025-12-310001513363srt:MinimumMember2025-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/20212025-12-310001513363us-gaap:RevolvingCreditFacilityMember2025-01-012025-03-310001513363fdus:ComponentManufacturingMemberfdus:GlobalPlasmaSolutionsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363fdus:AerospaceAndDefenseManufacturingMemberfdus:SpectraAAndDAcquisitionIncMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001513363fdus:ComponentManufacturingMemberfdus:GlobalPlasmaSolutionsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:PayEntryFinancialServicesIncMember2025-12-310001513363fdus:MDMEHoldingCorpMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMember2025-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Warrant (275,000 shares) Investment date 10/6/20212026-03-310001513363us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberfdus:CreditAndSecurityAgreementMemberfdus:WesternAllianceTrustCompanyMembersrt:MinimumMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-12-220001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/20232025-12-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Subordinated Debt Rate Cash 10.00% Rate PIK 5.00% Investment Date 12/19/2025 Maturity Date 2/8/20282025-01-012025-12-310001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2026-01-012026-03-310001513363Non-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 8.87% Rate PIK 0.00% Investment date 10/1/2024 Maturity 10/1/20292025-01-012025-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/20212025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor 0.75% Rate Cash 8.94% Rate PIK 0.00% Investment Date 12/12/2025 Maturity Date 11/9/20292026-01-012026-03-310001513363fdus:SbaDebenturesMember2026-03-310001513363fdus:PIPCOLimitedLiabilityCompanyMemberfdus:AffiliateInvestmentsMember2025-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/20222026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 3/31/20182025-01-012025-12-310001513363Affiliate Investments CP Communications, LLC Business Services Preferred Equity (62 Units) Investment date 12/31/20242025-12-310001513363Non-control/Non-affiliate Investments E-PlanSoft Buyer, LLC (dba e-PlanSoft) Information Technology Services Preferred Equity (1,500 units) Investment date 06/27/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 0.00%) Variable Index Floor (2.50%) Rate Cash 3.77% Rate PIK 9.75% Investment date 4/13/2022 Maturity 9/30/20272026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMembersrt:MaximumMember2026-03-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/20212025-01-012025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Common Equity (1,405 units) Investment Date 12/30/20242026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2025-11-032025-11-030001513363fdus:UsGreenfiberLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberfdus:BuildingProductsManufacturingMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMember2025-12-310001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2025-01-012025-12-310001513363Non-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 11.71% Rate PIK 0.50% Investment date 12/16/2025 Maturity 9/20/20282025-12-310001513363fdus:NotesPayableMember2025-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:CPCommunicationsLLCMember2026-03-310001513363Non-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 8/4/20302026-03-310001513363Non-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 11/13/20282026-01-012026-03-310001513363Non-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 9.49% Rate PIK 0.00% Investment date 3/27/2025 Maturity 1/7/20302025-01-012025-12-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Common Equity (536 units) Investment date 10/11/20232025-01-012025-12-310001513363fdus:InfoTechOperatingLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (1,705 shares) Investment date 9/21/20182026-01-012026-03-310001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services Common Equity (Units N/A) Investment date 5/22/20252026-03-310001513363Non-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 8/4/20302026-01-012026-03-310001513363fdus:WorldToursLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363fdus:FirstLienDebtMember2025-01-012025-12-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (373,447 shares) Investment date 6/12/20252025-12-310001513363Non-control/Non-affiliate Investments MRC Drake Buyer LLC Component Manufacturing First Lien Debt Variable Index Spread (S+6.50%) Variable Index Floor (2.00%) Rate Cash 10.17% Rate PIK 0.00% Investment date 3/13/2026 Maturity 3/13/20312026-01-012026-03-310001513363fdus:TwoPointOneSevenTwoPercentInterestRateMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/20192025-12-310001513363Non-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 06/30/20302025-12-310001513363fdus:TrueEnvironmentalIncMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation Services Common Equity (280,000 units) Investment date 12/30/20222025-01-012025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BrightmoreBrandsLLCMemberfdus:RetailSectorsMember2026-03-310001513363Non-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 1/21/20272026-01-012026-03-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/20222025-12-310001513363fdus:O2024ARegularThirdDividendsMember2024-10-282024-10-280001513363fdus:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AmericanAllwasteLlcMemberfdus:FirstLienDebtMember2025-12-310001513363Affiliate 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 12/31/20272026-03-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/20212026-03-310001513363Non-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 8.85% Rate PIK 0.50% Investment date 1/6/2025 Maturity 4/15/20292026-03-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Common Equity (1,359 shares) Investment date 8/16/20242025-01-012025-12-310001513363Non-control/Non-affiliate Investments Gap Intelligence Acquisition, LLC (dba OpenBrand) Information Technology Services Common Equity (951 units) Investment date 1/28/20262026-01-012026-03-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (5,149 units) Investment date 9/18/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (20,137 units) Investment Date 12/22/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments Air Burners, Inc. Utility Equipment Manufacturing First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 8.74% Rate PIK 0.00% Investment date 12/08/2025 Maturity 11/24/20302026-03-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DealerbuiltAcquisitionLlcMember2026-03-310001513363Non-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 8.38% Rate PIK 0.00% Investment date 7/30/2021 Maturity 9/30/20272026-03-310001513363fdus:UnitedStatesSoutheastMember2025-01-012025-12-310001513363fdus:UnitedStatesWestMember2026-03-310001513363us-gaap:AdditionalPaidInCapitalMember2025-03-310001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing First Lien Debt Spread (S + 6.00%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 2/5/2025 Maturity 2/5/20302025-12-310001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2026-01-012026-03-310001513363fdus:DealerbuiltAcquisitionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Gap Intelligence Acquisition, LLC (dba OpenBrand) Information Technology Services Preferred Equity (951 units) Investment date 1/28/20262026-03-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services Common Equity (400,000 units) Investment date 2/28/20232026-01-012026-03-310001513363fdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (574,929 units) Investment date 6/28/20222026-03-310001513363Non-control/Non-affiliate Investments Bobcat of Connecticut, LLC Specialty Distribution Common Equity (1,000,000 LP units) ($250 unfunded commitment) Investment date 10/1/20252025-12-310001513363fdus:PIPCOLLC-RevolvingLoanMember2025-12-310001513363Non-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 11.66% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272026-01-012026-03-310001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/20202025-01-012025-12-310001513363fdus:AcendreMidcoIncRevolvingLoanMember2025-12-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,366 units) Investment date 12/8/20232026-03-310001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 7.00%) / (2.50%) Variable Index Floor 10.66%/0.00% Investment date 5/1/2024 Maturity 3/7/20292026-01-012026-03-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 00.00% Rate PIK 14.50% Investment Date 10/1/2021 Maturity Date 12/31/20282026-01-012026-03-310001513363Non-control/Non-affiliate Investments Virginia Tile Company, LLC Specialty Distribution Common Equity (Units N/A) Investment date 12/19/20142026-03-310001513363Non-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 3/24/20312026-01-012026-03-310001513363Non-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 8.75% Rate PIK 2.00% Investment date 11/18/2021 Maturity 11/18/20262025-01-012025-12-310001513363us-gaap:CommonStockMember2026-01-012026-03-310001513363Affiliate 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 9.93% Rate PIK 0.00% Investment date 2/12/2021 Maturity 8/11/20272026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-03-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Revolving Loan ($3,427 unfunded commitment) Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 8.91%/0.00% Investment date 4/15/2025 Maturity 4/15/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Common Equity (1,000 Units) Investment date 7/21/20232026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/20192026-03-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services Common Equity (551,470 units) Investment date 5/20/20242025-01-012025-12-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:AmeriwaterLlcMember2026-03-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (373,447 shares) Investment date 6/12/20252026-03-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/20222026-01-012026-03-310001513363fdus:ThreePointTwoZeroNinePercentInterestRateMember2026-01-012026-03-310001513363fdus:FivePointFourThreeNinePercentInterestRateOneMember2026-01-012026-03-310001513363Affiliate Investments PIPCO, LLC Utilities: Services First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 12/11//2025 Maturity 12/11/20302026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputProbabilityMemberfdus:ValuationTechniqueProbabilityWeightedExpectedReturnMember2026-03-310001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/20222025-01-012025-12-310001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2026-01-012026-03-310001513363us-gaap:SubordinatedDebtMember2026-03-310001513363us-gaap:FairValueInputsLevel1Member2026-03-310001513363fdus:VirtexEnterprisesLpMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/20152026-03-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt ($511 unfunded commitment) Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.15% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:InformaticsHoldingsIncDbaWaspBarcodeTechnologiesRevolvingLoanMember2025-12-310001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/20192026-01-012026-03-310001513363fdus:SuitedConnectorLlcMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001513363fdus:O2025ADividendsMember2025-01-012025-12-310001513363fdus:ControlInvestmentsMember2026-03-310001513363fdus:NonControlOrNonAffiliateInvestmentsMember2026-01-012026-03-310001513363fdus:VirtexEnterprisesLpMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001513363fdus:AffiliateInvestmentMembersrt:MaximumMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Warrant (275,000 shares) Investment date 10/6/20212026-01-012026-03-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (2 unit) Investment date 6/20/20232026-03-310001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (0.75%) Rate Cash 8.45% Rate PIK 0.00% Investment date 10/3/2025 Maturity 10/3/20302026-03-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/20202026-01-012026-03-310001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2026-03-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (371 units) Investment date 9/9/20242025-01-012025-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IsiPsgHoldingsLlcMemberfdus:FirstLienDebtMember2026-03-310001513363Non-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 12.24% Rate PIK 0.00% Investment date 7/12/2024 Maturity 6/21/20282025-12-310001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2025-12-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.00%) Rate Cash 10.37% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282025-12-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AdInfoParentIncMember2025-12-310001513363Non-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 8.75% Rate PIK 0.00% Investment date 11/27/2024 Maturity 11/27/20292025-01-012025-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/20212025-01-012025-12-310001513363Non-control/Non-affiliate Investments UBEO, LLC. Business Services Common Equity (705,000 units) Investment date 4/3/20182026-01-012026-03-310001513363fdus:FivePointSevenThreeFivePercentInterestRateMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/20192026-01-012026-03-310001513363fdus:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AmericanAllwasteLlcMember2025-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateFourMember2026-03-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/20212025-01-012025-12-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:EnterpriseAssetManagementFMPurchaserIncMember2026-03-310001513363Non-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 10.49% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292026-01-012026-03-310001513363Non-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 + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.74% Rate PIK 2.00% Investment date 5/20/2024 Maturity 5/20/20292025-01-012025-12-310001513363fdus:SecuredBorrowingsMember2025-01-012025-03-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-03-310001513363Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/20152025-01-012025-12-310001513363Non-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 8.91% Rate PIK 0.00% Investment date 5/30/2025 Maturity 3/1/20282026-03-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 0.00%) Variable Index Floor (2.50%) Rate Cash 3.82% Rate PIK 9.75% Investment date 4/13/2022 Maturity 9/30/20272025-01-012025-12-310001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:JumoHealthIncMember2026-03-310001513363Non-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 9.46% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302025-12-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Common Equity (1,000 Units) Investment date 7/21/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Preferred Equity (Units N/A) ($100 unfunded commitment) Investment date 3/21/20242025-01-012025-12-310001513363Non-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 12.13% Rate PIK 0.00% Investment date 6/25/2021 Maturity 9/30/20272026-01-012026-03-310001513363us-gaap:SeniorNotesMember2025-03-310001513363Non-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 9.16% Rate PIK 3.00% Investment date 10/11/2019 Maturity 6/30/20262026-01-012026-03-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail First Lien Debt Variable Index Spread (S + 5.38%) Variable Index Floor (1.50%) Rate Cash 9.38% Rate PIK 0.00% Investment date 9/13/2022 Maturity Date 9/9/20292025-01-012025-12-310001513363fdus:O2024ARegularFirstDividendsMember2024-04-292024-04-290001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 3/31/20182025-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateThreeMember2025-12-310001513363fdus:FumexLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Preferred Equity (1,359 shares) Investment date 8/16/20242025-12-310001513363fdus:TransportationServicesMemberfdus:WorldwideExpressOperationsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Common Equity (310 units) Investment date 1/4/20242025-01-012025-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services First Lien Debt Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 8.91%/0.00% Investment date 4/15/2025 Maturity 4/15/20302026-03-310001513363Non-control/Non-affiliate Investments Waterworks Solutions Acquisition, Inc. (dba CITCO Water) Specialty Distribution First Lien Debt ($3,500 unfunded commitment) Variable Index Spread (S + 4.75%) Variable Index Floor (2.00%) Rate Cash 8.44% Rate PIK 0.00% Investment date 12/26/2025 Maturity 12/26/20302025-01-012025-12-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 10.55% Rate PIK 0.75% Investment date 1/28/2026 Maturity 11/30/20262026-01-012026-03-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Common Equity (1,000 Units) Investment date 7/21/20232025-01-012025-12-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AmeriwaterLlcMember2026-03-310001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing First Lien Debt Spread (S + 6.00%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 2/5/2025 Maturity 2/5/20302025-01-012025-12-310001513363fdus:LaboratoryTestingLLCRevolvingLoanMember2025-12-310001513363fdus:LaboratoryTestingLLCRevolvingLoanMember2026-03-310001513363Non-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 9.17% Rate PIK 0.00% Investment date 3/27/2025 Maturity 1/7/20302026-01-012026-03-310001513363country:CA2026-03-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.15% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302026-03-310001513363fdus:O2024ASupplementalFirstDividendsMember2024-04-292024-04-290001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/20222026-03-310001513363us-gaap:WarrantMember2025-12-310001513363fdus:AffiliateInvestmentsMemberfdus:CPCommunicationsLLCMember2026-01-012026-03-310001513363fdus:Twenty-OneAndTwenty-OnePortfolioCompanyInvestmentsMember2026-03-310001513363fdus:FivePointZeroEightTwoPercentInterestRateOneMember2026-01-012026-03-310001513363Non-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 11.97% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272025-01-012025-12-310001513363Non-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 3/31/20282025-01-012025-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/20212025-12-310001513363fdus:HubAcquisitionSubLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:PromotionalProductsMember2025-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Common Equity (500,000 shares) Investment date 10/6/20212026-01-012026-03-310001513363fdus:SmallBusinessAdministrationDebenturesMember2026-03-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,366 units) Investment date 12/8/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/20182026-01-012026-03-310001513363Affiliate InvesAffiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011tments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112025-12-310001513363Non-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 10.16% Rate PIK 0.00% Investment date 11/13/2024 Maturity 11/13/20292026-01-012026-03-310001513363fdus:FourPointNineSevenThreePercentInterestRateOneMember2026-03-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 00.00% Rate PIK 14.50% Investment Date 10/1/2021 Maturity Date 12/31/20282025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:AdInfoParentIncMember2026-03-310001513363fdus:TediaCompanyLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMember2026-03-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (568,182 shares) Investment date 6/10/20252026-03-310001513363fdus:WorldToursLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Affiliate 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 9.93% Rate PIK 0.00% Investment date 2/12/2021 Maturity 8/11/20272026-03-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 10.55% Rate PIK 0.75% Investment date 1/28/2026 Maturity 11/30/20262026-03-310001513363Non-control/Non-affiliate Investments Air Burners, Inc. Utility Equipment Manufacturing First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 8.74% Rate PIK 0.00% Investment date 12/08/2025 Maturity 11/24/20302025-01-012025-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (371 units) Investment date 9/9/20242025-12-310001513363us-gaap:CommonStockMember2025-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/20212025-12-310001513363fdus:MDMEHoldingCorpMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:HealthcareProductsMember2026-03-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (20,137 units) Investment Date 12/22/20232026-01-012026-03-310001513363fdus:FivePointThreeOneZeroPercentInterestRateMember2025-12-310001513363Non-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 9.24% Rate PIK 0.00% Investment date 5/30/2025 Maturity 3/1/20282025-12-310001513363fdus:FourPointNineSevenThreePercentInterestRateOneMember2025-12-310001513363Non-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 11.46% Rate PIK 0.00% Investment date 10/16/2024 Maturity 10/16/20292025-12-310001513363us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2026-03-310001513363Non-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 3/31/20282026-01-012026-03-310001513363Non-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 4.84% Rate PIK 6.75% Investment date 8/11/2025 Maturity 2/1/20302025-12-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (169 units) Investment date 6/26/20232026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMember2025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/20222025-12-310001513363Non-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 9.95% Rate PIK 0.00% Investment date 12/30/2022 Maturity 12/30/20282025-12-310001513363Non-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 06/30/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services Preferred Equity (1,000,000 units) Investment date 3/7/20242026-03-310001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Common Equity (310 units) Investment date 1/4/20242026-01-012026-03-310001513363fdus:ThrustFlightLLCMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:QedTechnologiesInternationalIncMember2026-03-310001513363Non-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 11.71% Rate PIK 0.50% Investment date 9/20/2024 Maturity 9/20/20282025-01-012025-12-310001513363fdus:O2025Q1SupplementalSecondDividendsMember2025-02-180001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services Common Equity (397,026 units) Investment date 5/12/20252026-03-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (1,705 shares) Investment date 9/21/20182026-03-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 10.57% Rate PIK 0.75% Investment date 2/28/2023 Maturity 11/30/20262025-12-310001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2026-03-310001513363fdus:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AmericanAllwasteLlcMember2026-03-310001513363Non-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 8.75% Rate PIK 2.00% Investment date 11/18/2021 Maturity 11/18/20262026-01-012026-03-310001513363fdus:MayeshWholesaleFloristLLCFirstLienDebtMember2025-12-310001513363Non-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 8.18% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282025-12-310001513363fdus:VirtexEnterprisesLpMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MaximumMemberfdus:SecondLienDebtMember2025-12-310001513363fdus:UnitedBiologicsLlcMemberfdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-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 9.17% Rate PIK 0.00% Investment date 3/27/2025 Maturity 1/7/20302026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Common Equity (1,405 units) Investment Date 12/30/20242025-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateTwoMember2025-12-310001513363fdus:ControlInvestmentsMember2025-01-012025-12-310001513363Non-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 11.71% Rate PIK 0.50% Investment date 12/16/2025 Maturity 9/20/20282025-01-012025-12-310001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandTwentySixMember2025-12-310001513363fdus:AffiliateInvestmentsMember2025-12-310001513363fdus:O2024ARegularSecondDividendsMember2024-07-292024-07-290001513363Non-control/Non-affiliate Investments SES Investors, LLC (dba SES Foam) Building Products Manufacturing Common Equity (6,000 units) Investment date 9/8/20162026-01-012026-03-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/20212025-01-012025-12-310001513363us-gaap:InvestmentAffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 6.00%) / (2.00%) Variable Index Floor 9.96%/0.00% Investment date 3/18/2025 Maturity 3/18/20302025-12-310001513363Affiliate Investments CP Communications, LLC Business Services Preferred Equity (62 Units) Investment date 12/31/20242026-03-310001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services Common Equity (3,500 units) Investment date 11/27/20242026-01-012026-03-310001513363fdus:GapIntelligenceAcquisitionLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Subordinated Debt Rate Cash 10.00% Rate PIK 5.00% Investment Date 12/19/2025 Maturity Date 2/8/20282026-01-012026-03-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/20222025-01-012025-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateThreeMember2026-01-012026-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/20202025-01-012025-12-310001513363fdus:InformaticsHoldingsIncDbaWaspBarcodeTechnologiesRevolvingLoanMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363fdus:W50HoldingsLlcPreferredEquityMember2026-03-310001513363Non-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 9/4/20272025-12-310001513363Non-control/Non-affiliate Investments United Biologics, LLC. Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/20122025-01-012025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 3/31/20182026-01-012026-03-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:NwsTechnologiesLlcMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Common Equity (500,000 units) Investment date 2/5/20252026-01-012026-03-310001513363Non-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 9/4/20272026-01-012026-03-310001513363fdus:FivePointZeroEightTwoPercentInterestRateMember2026-01-012026-03-310001513363Non-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 8.91% Rate PIK 0.00% Investment date 5/30/2025 Maturity 3/1/20282026-01-012026-03-310001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing Common Equity (75,000 units) Investment date 10/1/20242026-03-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.15% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/20222025-01-012025-12-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Information Technology Services Second Lien Debt Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312026-01-012026-03-310001513363fdus:CustomerExpressionsCorpMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:CommonAndPreferredEquityUnitsMember2025-12-310001513363fdus:PayEntryFinancialServicesIncDbaPayentry-SecondLienDDTLBMember2026-03-310001513363Affiliate Investments PIPCO, LLC Utilities: Services Revolving Loan ($3,000 unfunded commitment) Variable Index Spread (S+6.25%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 12/11//2025 Maturity 12/11/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services First Lien Debt Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 9.24%/0.00% Investment date 4/15/2025 Maturity 4/15/20302025-01-012025-12-310001513363fdus:FourPointNineSevenThreePercentInterestRateThreeMember2026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001513363Non-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 8/4/20302025-01-012025-12-310001513363fdus:FourPointNineSevenThreePercentInterestRateTwoMember2026-03-310001513363Non-control/Non-affiliate Investments E-PlanSoft Buyer, LLC (dba e-PlanSoft) Information Technology Services Preferred Equity (1,500 units) Investment date 06/27/20252026-03-310001513363Non-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 8.85% Rate PIK 0.50% Investment date 1/6/2025 Maturity 4/15/20292026-01-012026-03-310001513363fdus:CardbackIntermediateLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363us-gaap:SeniorNotesMember2026-03-310001513363fdus:SognoToscanoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:FirstLienDebtMember2026-03-310001513363fdus:LevelEducationGroupLlcMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363us-gaap:EquitySecuritiesMember2025-01-012025-12-310001513363fdus:SPVCreditFacilityBorrowingsMember2026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/20202026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:SecondLienDebtMember2026-03-310001513363Non-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 11.71% Rate PIK 0.50% Investment date 9/20/2024 Maturity 9/20/20282025-12-310001513363fdus:FourPointNineSevenThreePercentInterestRateFourMember2026-03-310001513363fdus:FivePointThreeFourOnePercentInterestRateTwoMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-3100015133632026-03-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MinimumMemberfdus:FirstLienDebtMember2026-03-310001513363Non-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 3/31/20262025-12-310001513363Affiliate 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 12/31/20272026-01-012026-03-310001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) / (2.50%) Variable Index Floor 10.49%/0.00% Investment date 5/1/2024 Maturity 3/7/20292025-01-012025-12-310001513363fdus:BarefootMosquitoAndPestControlLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/20202025-12-310001513363Non-control/Non-affiliate Investments UBEO, LLC. Business Services Common Equity (705,000 units) Investment date 4/3/20182025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputProbabilityMemberfdus:ValuationTechniqueProbabilityWeightedExpectedReturnMembersrt:MaximumMember2026-03-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (169 units) Investment date 6/26/20232025-12-310001513363Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 2/10/2021 Maturity 5/14/20282026-03-310001513363Non-control/Non-affiliate Investments Air Burners, Inc. Utility Equipment Manufacturing First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 8.74% Rate PIK 0.00% Investment date 12/08/2025 Maturity 11/24/20302025-12-310001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2024-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor 1.00% Rate Cash 9.92% Rate PIK 0.00% Investment Date 7/8/2022 Maturity Date 7/8/20272026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AxisMedicalTechnologiesLLCDbaMoveMedicalRevolvingLoanMember2025-01-012025-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateMember2026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMembersrt:MaximumMember2025-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Preferred Equity (367 units) Investment date 9/20/20242025-01-012025-12-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:JumoHealthIncMember2026-03-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (713 units) Investment date 7/1/20252025-12-310001513363Non-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 10.99% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302025-12-310001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Preferred Equity (Units N/A) ($100 unfunded commitment) Investment date 3/21/20242026-03-310001513363us-gaap:WarrantMember2026-03-310001513363fdus:SmallBusinessAdministrationDebenturesMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-12-310001513363Non-control/Non-affiliate Investments United Biologics, LLC. Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/20122026-03-310001513363Non-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 6/30/20292026-01-012026-03-310001513363fdus:ThreeZeroOneEdisonHoldingsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2026-03-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:CardbackIntermediateLLCMember2025-12-310001513363fdus:IndustrialCleaningAndCoatingsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AllrediLlcMember2025-12-310001513363srt:MaximumMember2026-01-012026-03-310001513363Non-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 3/15/20282025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (312 units) Investment Date 12/30/20242025-12-310001513363Non-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 9.75% Rate PIK 1.00% Investment date 7/21/2023 Maturity 7/21/20262025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (52 units) Investment Date 11/27/20242025-12-310001513363fdus:BedfordPrecisionPartsLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2025-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/20232026-03-310001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:SecondLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Warrant (275,000 shares) Investment date 10/6/20212025-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (0.75%) Rate Cash 9.20% Rate PIK 0.00% Investment date 12/16/2025 Maturity 12/16/20302025-12-310001513363Non-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 11.97% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272025-12-310001513363fdus:FivePointSevenThreeFivePercentInterestRateMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputAssetCoverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMembersrt:MinimumMember2025-12-310001513363fdus:CreditAndSecurityAgreementMemberfdus:WesternAllianceTrustCompanyMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-12-220001513363Non-control/Non-affiliate Investments E-PlanSoft Buyer, LLC (dba e-PlanSoft) Information Technology Services Preferred Equity (1,500 units) Investment date 06/27/20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (371 units) Investment date 9/9/20242026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:SecondLienDebtMember2026-03-310001513363fdus:CustomerExpressionsCorpMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (4,490 units) Investment date 9/21/20212025-01-012025-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (1,705 shares) Investment date 9/21/20182025-01-012025-12-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (746,893 shares) Investment date 6/12/20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Common Equity (3,881 units) Investment date 4/15/20252025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputProbabilityMembersrt:WeightedAverageMemberfdus:ValuationTechniqueProbabilityWeightedExpectedReturnMember2025-12-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (601,532 units) Investment date 6/21/20232026-03-310001513363Non-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 12.24% Rate PIK 0.00% Investment date 7/12/2024 Maturity 6/21/20282025-01-012025-12-310001513363Non-control/Non-affiliate Investments KG Lawn Care, Inc. (dba King Green) Consumer Services Common Equity (62 Units) Investment date 11/26/20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt ($355 unfunded commitment) Variable Index Spread (S+7.50%) Variable Index Floor (2.50%) Rate Cash 11.16% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/20282026-03-310001513363fdus:ProntoPlumbingAndDrainIncRevolvingLoanMember2025-12-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution Preferred Equity (500,000 units) Investment date 3/18/20252025-12-310001513363Affiliate Investments CP Communications, LLC Business Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (4.00%) Rate Cash 12.50% Rate PIK 0.00% Investment date 12/4/2024 Maturity 12/4/20292025-01-012025-12-310001513363Affiliate Investments Suited Connector LLC Information Technology Services Preferred Equity (12,000,000 units) Investment Date 3/31/20162026-03-310001513363Non-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 12.13% Rate PIK 0.00% Investment date 6/25/2021 Maturity 9/30/20272025-12-310001513363fdus:UnitedStatesSoutheastMember2026-01-012026-03-310001513363Non-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 3/15/20282026-01-012026-03-310001513363fdus:CustomerExpressionsCorpMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2025-12-310001513363Non-control/Non-affiliate Investments MRC Drake Buyer LLC Component Manufacturing Common Equity (750,000 units) Investment date 3/13/20262026-01-012026-03-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 17.00% Investment date 3/2/2020 Maturity 9/2/20262025-01-012025-12-310001513363Non-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 1/21/20272026-03-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000 units) Investment date 7/21/20212026-03-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/20212025-12-310001513363fdus:InvestmentAdvisoryAgreementMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 00.00% Rate PIK 14.50% Investment Date 12/30/2024 Maturity Date 12/31/20282025-01-012025-12-310001513363Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/20152025-12-310001513363fdus:FivePointThreeOneZeroPercentInterestRateMember2026-01-012026-03-310001513363fdus:PugetCollisionLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:RetailSectorsMember2026-03-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services First Lien Debt ($1,500 unfunded commitment) Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.41% Rate PIK 2.00% Investment date 5/20/2024 Maturity 5/20/20292026-01-012026-03-310001513363fdus:AffiliateInvestmentsMemberfdus:CPCommunicationsLLCMember2026-03-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Information Technology Services Common Equity (1,361 units) Investment date 9/20/20242026-03-310001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Utilities: Services Common Equity (Units N/A) Investment date 2/21/20232026-01-012026-03-310001513363Affiliate 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 9.93% Rate PIK 0.00% Investment date 2/12/2021 Maturity 8/11/20272025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:AMOpportunitiesIncMember2026-03-310001513363Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Information Technology Services Common Equity (3,645,752 units) Investment date 9/18/20232026-03-310001513363fdus:TediaCompanyLlcRevolvingLoanMember2026-03-310001513363Non-control/Non-affiliate Investments VMS MSO, LLC (dba Vytal Health Partners) Healthcare Services First Lien Debt Rate Cash 13.75% Rate PIK 0.00% Investment date 12/18/2025 Maturity 12/18/20302026-03-310001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandAndThirtyMember2025-10-032025-10-030001513363fdus:MayeshWholesaleFloristLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2026-03-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (713 units) Investment date 7/1/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services Common Equity (551,470 units) Investment date 5/20/20242026-01-012026-03-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.40% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292026-01-012026-03-310001513363fdus:HaematologicTechnologiesIncMemberfdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363us-gaap:CommonStockMemberfdus:RaymondJamesAndAssociatesIncAndRobertWBairdAndCoMember2025-01-012025-03-310001513363us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001513363Non-control/Non-affiliate Investments W50 Holdings, LLC Business Services Preferred Equity (Units N/A) ($100 unfunded commitment) Investment date 3/21/20242026-01-012026-03-310001513363Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/20132026-01-012026-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:W50HoldingsLLCMember2025-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Revolving Loan ($1,195 unfunded commitment) Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292026-01-012026-03-310001513363fdus:BobcatOfConnecticutLLC-CommonEquityMember2026-03-310001513363fdus:O2024ASupplementalSecondDividendsMember2024-07-290001513363Non-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 9.49% Rate PIK 3.00% Investment date 10/11/2019 Maturity 6/30/20262025-01-012025-12-310001513363Non-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 9.99% Rate PIK 0.00% Investment Date 11/27/2024 Maturity Date 12/22/20292026-03-310001513363fdus:AdInfoParentIncDbaMediaradarRevolvingLoanMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Preferred Equity (3,619 units) Investment date 4/15/20252026-03-310001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (518,135 units) Investment date 11/14/20232025-12-310001513363fdus:CustomerExpressionsCorpMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:CommonAndPreferredEquityUnitsMember2026-03-310001513363fdus:CreditAndSecurityAgreementMemberfdus:WesternAllianceTrustCompanyMemberfdus:SpecialPurposeVehicleCreditFacilityMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S + 8.50%) / (1.50%) Variable Index Floor 12.75%/0.00% Investment date 9/29/2022 Maturity 9/28/20262025-12-310001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMember2024-07-250001513363fdus:SecondLienDebtMember2025-12-310001513363fdus:AMOpportunitiesIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2025-12-310001513363fdus:O2024ADividendsMember2024-12-310001513363fdus:O2026Q1DividendsMember2026-01-012026-03-310001513363fdus:ComponentManufacturingMemberfdus:OnsightIndustriesLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363fdus:KGLawnCareIncDbaKingGreenMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (637 units) Investment date 8/7/20232026-01-012026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:TwoKDirectIncMember2026-03-310001513363fdus:WesternAllianceTrustCompanyMemberfdus:CreditAndSecurityAgreementMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-10-160001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Common Equity (12,500 units) Investment date 3/4/20242026-03-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Business Services Second Lien Debt ($3,125 unfunded commitment) Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312025-12-310001513363Non-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 4.67% Rate PIK 6.75% Investment date 8/11/2025 Maturity 2/1/20302026-01-012026-03-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:NwsTechnologiesLlcMember2026-03-310001513363Non-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 10.10% Rate PIK 0.00% Investment date 8/31/2023 Maturity 8/3/20272026-01-012026-03-310001513363fdus:SmallBusinessAdministrationDebenturesMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/20172026-01-012026-03-310001513363fdus:FourPointNineSevenThreePercentInterestRateMember2025-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:DonovanFoodBrokerageLLCMember2026-03-310001513363fdus:FumexLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:IndustrialProductServicesMember2026-03-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/20232025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/20212026-01-012026-03-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/20212026-03-310001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing First Lien Debt Spread (S + 6.00%) Variable Index Floor (2.00%) Rate Cash 9.66% Rate PIK 0.00% Investment date 11/5/2025 Maturity 2/5/20302026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001513363us-gaap:WarrantMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (118 units) Investment date 7/2/20252025-12-310001513363fdus:WaterworksSolutionsAcquisitionIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Revolving Loan ($1,195 unfunded commitment) Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292025-01-012025-12-310001513363Affiliate Investments Suited Connector LLC Information Technology Services Preferred Equity (12,000,000 units) Investment Date 3/31/20162026-01-012026-03-310001513363Non-control/Non-affiliate Investments Sales Rabbit, Inc. Information Technology Services First Lien Debt Cash 11.00% Rate PIK 2.00% Investment date 12/23/2025 Maturity 12/23/20302026-03-310001513363fdus:FivePointFourthreeNinePercentInterestRateMember2025-12-310001513363fdus:O2024ARegularDividendsMember2024-02-130001513363fdus:UnitedStatesSoutheastMember2025-12-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services Common Equity (312,500 units) Investment date 5/12/20252025-12-310001513363fdus:HubAcquisitionSubLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:PromotionalProductsMember2026-03-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (601,532 units) Investment date 6/21/20232025-12-310001513363fdus:O2024ASupplementalThirdDividendsMember2024-10-282024-10-280001513363us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (108 shares) Investment date 6/7/20242025-12-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Business Services Preferred Equity (10,000 units) Investment date 3/28/20252025-12-310001513363Non-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 11/17/20282025-01-012025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (52 units) Investment Date 11/27/20242026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001513363fdus:AerospaceAndDefenseManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:AmeriwaterLlcMember2026-03-310001513363fdus:PIPCOLimitedLiabilityCompanyMemberfdus:AffiliateInvestmentsMember2026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:AcendreMidcoIncMember2025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/20192025-12-310001513363fdus:UnitedStatesNortheastMember2026-03-310001513363Non-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 10.66% Rate PIK 0.00% Investment date 5/22/2025 Maturity 5/22/20302026-01-012026-03-310001513363fdus:FivePointZeroEightTwoPercentInterestRateTwoMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt ($2,000 unfunded commitment) Variable Index Spread (S + 6.00%) / (2.00%) Variable Index Floor 9.96%/0.00% Investment date 3/18/2025 Maturity 3/18/20302025-01-012025-12-310001513363fdus:PfanstiehlIncMemberfdus:AffiliateInvestmentsMember2026-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/20192026-03-310001513363fdus:O2025Q4SupplementalDividendsMember2025-11-030001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (713 units) Investment date 7/1/20252026-03-310001513363fdus:O2025Q3RegularDividendsMember2025-08-040001513363Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services Common Equity (1,232 units) Investment Date 2/1/20222025-01-012025-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/20212025-01-012025-12-310001513363fdus:UtilitiesServicesMemberfdus:PIPCOLimitedLiabilityCompanyMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services Common Equity (Units N/A) Investment date 5/22/20252025-12-310001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2020-12-232020-12-230001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Common Equity (536 units) Investment date 10/11/20232026-01-012026-03-310001513363Non-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 9.46% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302025-12-310001513363fdus:ApmIntermediateHoldingsLlcMemberfdus:BuildingProductsManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/20212026-03-310001513363fdus:O2025Q3SupplementalDividendsMember2025-08-042025-08-040001513363Non-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 11.66% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/20272026-01-012026-03-310001513363us-gaap:WarrantMember2026-03-310001513363Non-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 8.91% Rate PIK 0.00% Investment date 3/1/2023 Maturity 3/1/20282026-01-012026-03-310001513363fdus:BobcatOfConnecticutLLC-CommonEquityMember2025-12-310001513363fdus:FraserSteelLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (133 units) Investment date 7/2/20252025-01-012025-12-310001513363fdus:FourPointNineSevenThreePercentInterestRateTwoMember2025-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateMember2026-03-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (4,490 units) Investment date 9/21/20212026-01-012026-03-310001513363us-gaap:SeniorNotesMember2026-01-012026-03-310001513363Non-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 11.67% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272026-01-012026-03-310001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services Preferred Equity (801,414 shares) Investment date 3/17/20252025-12-310001513363fdus:WaterworksSolutionsAcquisitionIncDbaCITCOWater-FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Common Equity (1,050,000 units) Investment date 9/9/20242026-01-012026-03-310001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMembersrt:MinimumMemberfdus:SeniorSecuredRevolvingCreditAgreementMember2019-04-242019-04-240001513363fdus:ThreePointTwoZeroNinePercentInterestRateMember2025-12-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Revolving Loan ($1,750 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.00% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272025-01-012025-12-310001513363Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Component Manufacturing First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (2.00%) Rate Cash 11.15% Rate PIK 0.00% Investment date 10/16/2024 Maturity 10/16/20292026-03-310001513363fdus:FourPointNineSevenThreePercentInterestRateMember2026-03-310001513363fdus:CardbackIntermediateLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Revolving Loan ($3,427 unfunded commitment) Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 9.24%/0.00% Investment date 4/15/2025 Maturity 4/15/20302025-12-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/20212025-01-012025-12-310001513363fdus:FourPointEightSevenNinePercentInterestRateOneMember2025-12-310001513363Non-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 9.74% Rate PIK 2.50% Investment date 6/21/2023 Maturity 6/21/20282025-01-012025-12-310001513363us-gaap:FairValueInputsLevel2Member2026-03-310001513363fdus:TwoPointThreeSevenSevenPercentInterestRateMember2025-12-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services Common Equity (400,000 units) Investment date 2/28/20232026-03-310001513363fdus:NonControlOrNonAffiliateInvestmentsMember2025-01-012025-03-310001513363fdus:FivePointThreeFourOnePercentInterestRateMember2026-03-310001513363Non-control/Non-affiliate Investments Bobcat of Connecticut, LLC Specialty Distribution Common Equity (1,000,000 LP units) ($250 unfunded commitment) Investment date 10/1/20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292025-12-310001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Preferred Equity (1,200,000 units) Investment Date 10/25/20242025-12-310001513363fdus:WaterworksSolutionsAcquisitionIncDbaCITCOWater-FirstLienDebtMember2025-12-310001513363us-gaap:SubordinatedDebtMember2025-12-310001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2025-12-310001513363Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Information Technology Services Common Equity (3,645,752 units) Investment date 9/18/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (118 units) Investment date 7/2/20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Services First Lien Debt Variable Index Spread (S + 5.25%) Variable Index Floor 0.75% Rate Cash 8.94% Rate PIK 0.00% Investment Date 12/12/2025 Maturity Date 11/9/20292025-12-310001513363fdus:UnitedStatesMidwestMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (1,370 units) Investment Date 12/18/20262026-01-012026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:AirBurnersIncMember2026-03-310001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services Preferred Equity (1,000,000 units) Investment date 3/7/20242025-01-012025-12-310001513363fdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/20192025-01-012025-12-310001513363fdus:NWSTechnologiesLLCFirstLienDebtMember2026-03-310001513363fdus:O2025Q2SupplementalDividendsMember2025-05-050001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S + 7.50%) / (0.50%) Variable Index Floor 7.85%/0.00% Investment date 6/30/2021 Maturity 4/5/20262026-03-310001513363Non-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 3/31/20282026-03-310001513363Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/20202026-03-310001513363Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (601,532 units) Investment date 6/21/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Preferred Equity (1,250,000 units) Investment date 11/1/20232025-12-310001513363Non-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 10.49% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292026-03-310001513363Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 8.72% Rate PIK 0.00% Investment date 2/10/2021 Maturity 5/14/20282025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2025-03-310001513363Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/20172026-01-012026-03-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/20232026-03-310001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail First Lien Debt Variable Index Spread (S + 4.75%) Variable Index Floor (0.75%) Rate Cash 8.42% Rate PIK 0.00% Investment date 10/3/2025 Maturity 10/3/20302025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:InformaticsHoldingsIncDbaWaspBarcodeTechnologiesRevolvingLoanMember2026-03-310001513363fdus:AxisMedicalTechnologiesLLCDbaMoveMedicalRevolvingLoanMember2026-03-310001513363Non-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 1/21/20272025-01-012025-12-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Information Technology Services Second Lien Debt Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312026-03-310001513363Non-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 11.17% Rate PIK 0.00% Investment date 6/10/2019 Maturity 12/23/20262025-01-012025-12-310001513363Non-control/Non-affiliate Investments Pronto Plumbing & Drain, Inc. Utilities: Services Common Equity (Units N/A) Investment date 5/22/20252025-01-012025-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateOneMember2026-03-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/20222026-01-012026-03-310001513363Non-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 9.16% Rate PIK 3.00% Investment date 10/11/2019 Maturity 6/30/20262026-03-310001513363Non-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 11.66% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272026-03-310001513363fdus:BusinessServicesMemberfdus:ThrustFlightLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Common Equity (536 units) Investment date 10/11/20232026-03-310001513363fdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (601 shares) Investment date 2/1/20242026-03-310001513363fdus:FourPointFiveThreeThreePercentInterestRateMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Common Equity (1,359 shares) Investment date 8/16/20242026-03-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/20212025-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/20212026-03-310001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Business Services Common Equity (679,301 units) Investment date 2/23/20242026-01-012026-03-310001513363fdus:FivePointFourThreeNinePercentInterestRateTwoMember2025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (312 units) Investment Date 12/30/20242026-01-012026-03-310001513363Non-control/Non-affiliate Investments Sogno Toscano LLC Specialty Distribution Preferred Equity (6 units) Investment date 7/2/20252026-03-310001513363fdus:BuildingProductsManufacturingMemberfdus:ApplegateGreenfiberIntermediateIncMemberus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/20202026-03-310001513363fdus:DetechtionHoldingsLLCFirstLienDebtMember2026-03-310001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandAndThirtyMember2025-03-190001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputAssetCoverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMembersrt:MaximumMember2025-12-310001513363fdus:OnePointThreeNineEightPercentInterestRateMember2026-03-310001513363Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/20182025-01-012025-12-310001513363fdus:FishbowlSolutionsLLCRevolvingLoanMember2026-03-310001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Common Equity (500,000 units) Investment date 2/5/20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/20232025-12-310001513363fdus:TransportationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:R1HoldingsLLCDbaRoadOneIntermodaLogisticsMember2025-12-310001513363Non-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 8.82% Rate PIK 0.50% Investment date 1/6/2025 Maturity 4/15/20292025-12-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/20212026-03-310001513363fdus:SixPointSevenFivePercentNotesDueTwoThousandTwentySixMember2026-03-310001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2025-12-310001513363us-gaap:CommonStockMember2026-03-020001513363fdus:FourPointNineSevenThreePercentInterestRateFourMember2026-01-012026-03-310001513363fdus:UtilitiesServicesMemberfdus:GMPHVACLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/20212025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (21,689 units) Investment date 5/22/20242025-01-012025-12-310001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001513363Non-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 9.24% Rate PIK 0.00% Investment date 5/30/2025 Maturity 3/1/20282025-01-012025-12-310001513363fdus:FivePointFourthreeNinePercentInterestRateMember2026-01-012026-03-310001513363fdus:AffiliateInvestmentsMember2025-01-012025-12-310001513363fdus:Twenty-OneAndTwenty-OnePortfolioCompanyInvestmentsMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputProbabilityMembersrt:WeightedAverageMemberfdus:ValuationTechniqueProbabilityWeightedExpectedReturnMember2026-03-310001513363fdus:HealthcareServicesMemberfdus:MedsurantHoldingsLlcMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001513363us-gaap:AdditionalPaidInCapitalMember2024-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:EnterpriseAssetManagementFMPurchaserIncMember2025-12-310001513363us-gaap:MoneyMarketFundsMember2025-12-310001513363Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Rate Cash 10.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/20272026-01-012026-03-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/20222026-01-012026-03-310001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/20192025-01-012025-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/20212025-12-310001513363fdus:HaematologicTechnologiesIncMemberfdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-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 8.87% Rate PIK 0.00% Investment date 10/1/2024 Maturity 10/1/20292025-12-310001513363fdus:TwoPointOneSevenTwoPercentInterestRateMember2025-12-310001513363fdus:CPCommunicationsLLCMemberfdus:BusinessServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001513363us-gaap:SubordinatedDebtMember2025-01-012025-12-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (746,893 shares) Investment date 6/12/20252026-03-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc.Healthcare Products Subordinated Debt Variable Index Floor 11.50%/0.00% Investment date 3/19/2021 Maturity 4/7/20282026-03-310001513363fdus:InvestmentAdvisoryAgreementMember2025-01-012025-03-310001513363us-gaap:WarrantMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberfdus:SecondLienDebtMember2026-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/20142025-01-012025-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (524,624 units) Investment date 8/3/20252025-12-310001513363Non-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 6/30/20282026-03-310001513363fdus:O2025Q1RegularSecondDividendsMember2025-02-180001513363fdus:InvestmentAdvisoryAgreementMember2025-12-310001513363fdus:GreenCubesTechnologyLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMember2026-03-310001513363fdus:AffiliateInvestmentsMemberfdus:CPCommunicationsLLCMember2024-12-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Common Equity (1,359 shares) Investment date 8/16/20242025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001513363fdus:WaterworksSolutionsAcquisitionIncMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2026-01-012026-03-310001513363fdus:ThreePointTwoZeroNinePercentInterestRateMember2026-03-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/20232025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services Common Equity (400,000 units) Investment date 2/28/20232025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001513363Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Rate Cash 10.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/20272025-12-310001513363fdus:FivePointEightSixOnePercentInterestRateMember2026-03-310001513363fdus:SmallBusinessAdministrationDebenturesMember2025-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateThreeMember2026-03-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/20212026-03-310001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2026-03-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/20192025-12-310001513363fdus:FraserSteelLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/20192026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (312 units) Investment Date 12/30/20242026-03-310001513363fdus:FivePointZeroEightTwoPercentInterestRateTwoMember2025-12-3100015133632026-05-050001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Common Equity (1,000 Units) Investment date 7/21/20232025-12-310001513363Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 8.72% Rate PIK 0.00% Investment date 2/10/2021 Maturity 5/14/20282025-01-012025-12-310001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:VMSMSOLLCDbaVytalHealthPartnersMember2026-03-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Information Technology Services Preferred Equity (10,000 units) Investment date 3/28/20252026-01-012026-03-310001513363fdus:UsGreenfiberLlcMemberfdus:ControlInvestmentsMember2025-01-012025-12-310001513363Non-control/Non-affiliate Investments Bobcat of Connecticut, LLC Specialty Distribution Common Equity (5,000,000 LP units) ($250 unfunded commitment) Investment date 10/1/20252026-03-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services First Lien Debt Variable Index Spread (S + 5.50%) / (2.00%) Variable Index Floor 9.46%/0.00% Investment date 8/16/2024 Maturity 8/16/20292025-01-012025-12-310001513363fdus:ProntoPlumbingAndDrainIncMemberfdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Non-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 12.00% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272025-12-310001513363fdus:UsGreenfiberLlcMemberfdus:ControlInvestmentsMember2026-01-012026-03-310001513363fdus:NWSTechnologiesLLCFirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Warrant (275,000 shares) Investment date 10/6/20212025-01-012025-12-310001513363Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/20192026-01-012026-03-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/20222025-01-012025-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services First Lien Debt Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 8.91%/0.00% Investment date 4/15/2025 Maturity 4/15/20302026-01-012026-03-310001513363fdus:ComponentManufacturingMemberfdus:CleanovaTopcoLimitedMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/20112025-12-310001513363us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001513363fdus:SpecialPurposeVehicleCreditFacilityMember2026-03-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000 units) Investment date 7/21/20212025-12-310001513363fdus:SuitedConnectorLlcMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001513363Non-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 9.99% Rate PIK 0.00% Investment Date 11/27/2024 Maturity Date 12/22/20292026-01-012026-03-310001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:JumoHealthIncMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments KG Lawn Care, Inc. (dba King Green) Consumer Services First Lien Debt ($2,500 unfunded commitment) Variable Index Spread (S + 5.50%) / (2.00%) Variable Index Floor 9.34%/0.00% Investment date 11/26/2025 Maturity 11/26/20302025-01-012025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:ServicePowerIncMember2025-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DiversifiedSearchLlcMember2026-03-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/20222025-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Common Equity (1,361 units) Investment date 9/20/20242025-01-012025-12-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/20222025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:RFFagerCompanyLLCMember2026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DetechtionHoldingsLLCMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S + 7.50%) / (0.50%) Variable Index Floor 11.35%/0.00% Investment date 4/5/2021 Maturity 4/5/20262026-03-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 9.16%/0.00% Investment date 4/1/2021 Maturity 9/30/20302026-03-310001513363fdus:FirstLienDebtMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments SES Investors, LLC (dba SES Foam) Building Products Manufacturing Common Equity (6,000 units) Investment date 9/8/20162025-12-310001513363fdus:ControlInvestmentsMember2025-12-310001513363Non-control/Non-affiliate Investments Bobcat of Connecticut, LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.74% Rate PIK 0.00% Investment date 10/1/2025 Maturity Date 10/1/20302025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/20232025-12-310001513363Non-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 10.68% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282025-12-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IsiPsgHoldingsLlcMemberfdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services First Lien Debt Variable Index Spread (S + 5.50%) / (2.00%) Variable Index Floor 9.15%/0.00% Investment date 8/16/2024 Maturity 8/16/20292026-03-310001513363Non-control/Non-affiliate Investments E-PlanSoft Buyer, LLC (dba e-PlanSoft) Information Technology Services Preferred Equity (1,500 units) Investment date 06/27/20252025-12-310001513363fdus:OnePointThreeNineEightPercentInterestRateMember2025-12-310001513363Non-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 9.46% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302025-01-012025-12-310001513363fdus:UnitedStatesSouthwestMember2025-12-310001513363fdus:O2024ASupplementalFirstDividendsMember2024-04-290001513363Non-control/Non-affiliate Investmnts Suited Connector LLC Information Technology Services Common Equity (97,808 units) Investment date 12/1/20212025-12-310001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:VirtexEnterprisesLpMember2025-12-310001513363fdus:SecondLienDebtMember2026-03-310001513363fdus:FivePointThreeOneZeroPercentInterestRateMember2026-03-310001513363Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (518,135 units) Investment date 11/14/20232026-03-310001513363fdus:AffiliateInvestmentMembersrt:MinimumMember2026-01-012026-03-310001513363fdus:W50HoldingsLlcPreferredEquityMember2025-12-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/20222025-12-310001513363fdus:UnitrancheInvestmentsMember2026-01-012026-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:LevelEducationGroupLLCDbaCE4LessMember2026-03-310001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Utilities: Services Common Equity (Units N/A) Investment date 2/21/20232025-12-310001513363us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberfdus:CreditAndSecurityAgreementMemberfdus:WesternAllianceTrustCompanyMembersrt:MaximumMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-12-220001513363fdus:SuitedConnectorLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:ServicePowerIncMember2025-01-012025-12-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (5,474 units) Investment Date 12/22/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (0.75%) Rate Cash 9.15% Rate PIK 0.00% Investment date 12/16/2025 Maturity 12/16/20302026-03-310001513363Non-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 7.24% Rate PIK 0.00% Investment Date 7/14/2025 Maturity Date 12/22/20292025-01-012025-12-310001513363fdus:FivePointEightSixOnePercentInterestRateMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Business Services Common Equity (679,301 units) Investment date 2/23/20242026-03-310001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Common Equity (310 units) Investment date 1/4/20242026-03-310001513363Non-control/Non-affiliate Investments Waterworks Solutions Acquisition, Inc. (dba CITCO Water) Specialty Distribution First Lien Debt ($2,450 unfunded commitment) Variable Index Spread (S + 4.75%) Variable Index Floor (2.00%) Rate Cash 8.41% Rate PIK 0.00% Investment date 12/26/2025 Maturity 12/26/20302026-01-012026-03-310001513363fdus:FivePointFourthreeNinePercentInterestRateMember2026-03-310001513363Non-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 8.44% Rate PIK 0.00% Investment date 11/27/2024 Maturity 11/27/20292026-03-310001513363Non-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 3/31/20262026-01-012026-03-310001513363fdus:ProntoPlumbingAndDrainIncMemberfdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363fdus:PIPCOLimitedLiabilityCompanyMemberfdus:AffiliateInvestmentsMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/20222025-12-310001513363fdus:PIPCOLLC-RevolvingLoanMember2026-03-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor 1.00% Rate Cash 9.92% Rate PIK 0.00% Investment Date 7/8/2022 Maturity Date 7/8/20272025-12-310001513363fdus:AdministrationAgreementMember2025-01-012025-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DonovanFoodBrokerageLLCMember2025-12-3100015133632025-01-012025-03-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor 2.00% Rate Cash 10.99% Rate PIK 0.00% Investment Date 11/8/2022 Maturity Date 11/8/20272026-01-012026-03-310001513363fdus:WesternAllianceTrustCompanyMemberfdus:CreditAndSecurityAgreementMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-12-310001513363Non-control/Non-affiliate Investments Bobcat of Connecticut, LLC Specialty Distribution Common Equity (5,000,000 LP units) ($250 unfunded commitment) Investment date 10/1/20252026-01-012026-03-310001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services First Lien Debt Cash 12.50% Rate PIK 0.00% Investment date 3/12/2025 Maturity 3/12/20292026-01-012026-03-310001513363Non-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 3/31/20262026-01-012026-03-310001513363Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/20162026-01-012026-03-310001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment Date 11/9/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/20192025-12-310001513363fdus:SPVCreditFacilityMember2026-03-310001513363Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services Common Equity (1,232 units) Investment Date 2/1/20222026-03-310001513363Non-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 8.56% Rate PIK 0.00% Investment date 3/31/2025 Maturity 3/31/20302026-03-310001513363us-gaap:SubsequentEventMemberfdus:PureCarsTechnologiesLLCMember2026-04-080001513363fdus:SuitedConnectorLlcMemberfdus:AffiliateInvestmentsMember2026-01-012026-03-310001513363fdus:UnitedStatesSouthwestMember2026-03-310001513363Non-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 3/15/20282025-12-310001513363fdus:InformaticsHoldingsIncDbaWaspBarcodeTechnologiesRevolvingLoanMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Preferred Equity (1,200,000 units) Investment Date 10/25/20242026-01-012026-03-310001513363fdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AmeriwaterLlcMember2025-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/20232026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueOptionPricingMemberfdus:MeasurementInputVolatilityOfCreditMembersrt:MaximumMemberfdus:SecondLienDebtMember2025-12-310001513363fdus:AirBurnersInc-CommonEquityMember2026-03-310001513363Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Component Manufacturing First Lien Debt Variable Index Spread (S + 7.50%) Variable Index Floor (2.00%) Rate Cash 11.15% Rate PIK 0.00% Investment date 10/16/2024 Maturity 10/16/20292026-01-012026-03-310001513363fdus:CustomerExpressionsCorpMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363fdus:O2024ASupplementalSecondDividendsMember2024-07-292024-07-290001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services First Lien Debt Cash 12.50% Rate PIK 0.00% Investment date 3/12/2025 Maturity 3/12/20292025-12-310001513363fdus:FourPointFiveFivePercentInterestRateMemberfdus:SmallBusinessAdministrationDebenturesMember2026-03-310001513363Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/20182026-03-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (133 units) Investment date 7/2/20252026-03-310001513363fdus:SpectraAAndDAcquisitionIncMemberfdus:AffiliateInvestmentsMember2024-12-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 6.00%) / (2.00%) Variable Index Floor 9.65%/0.00% Investment date 3/18/2025 Maturity 3/18/20302026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputAssetCoverageMembersrt:WeightedAverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMember2025-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateTwoMember2026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Common Equity (3,881 units) Investment date 4/15/20252025-01-012025-12-310001513363Non-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 8.75% Rate PIK 0.00% Investment date 11/27/2024 Maturity 11/27/20292025-12-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (5,837 units) Investment date 3/23/20162025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:TwoKDirectIncMember2025-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 00.00% Rate PIK 14.50% Investment Date 12/30/2024 Maturity Date 12/31/20282026-03-310001513363Communications, LLC Business Services Preferred Equity (62 Units) Investment date 12/31/20242025-01-012025-12-310001513363Non-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 6/30/20292025-01-012025-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 00.00% Rate PIK 14.50% Investment Date 12/30/2024 Maturity Date 12/31/20282025-12-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Subordinated Debt Rate Cash 10.00% Rate PIK 5.00% Investment Date 12/19/2025 Maturity Date 2/8/20282026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Revolving Loan ($1,195 unfunded commitment) Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292026-03-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 17.00% Investment date 3/2/2020 Maturity 9/2/20262026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2025-12-310001513363Non-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 12.13% Rate PIK 0.00% Investment date 6/25/2021 Maturity 9/30/20272026-03-310001513363fdus:TransportationServicesMemberfdus:WorldwideExpressOperationsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-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 10.16% Rate PIK 0.00% Investment date 11/13/2024 Maturity 11/13/20292026-03-310001513363Non-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 3/31/20262025-01-012025-12-310001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services Preferred Equity (801,414 shares) Investment date 3/17/20252025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberfdus:SecondLienDebtMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2025-03-310001513363fdus:FumexLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:IndustrialProductServicesMember2026-03-310001513363fdus:TwoPointThreeSevenSevenPercentInterestRateMember2026-03-310001513363fdus:SpecialPurposeVehicleCreditFacilityMember2026-01-012026-03-310001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/20112026-03-310001513363us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001513363Non-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 11.91% Rate PIK 0.00% Investment date 7/12/2024 Maturity 6/21/20282026-01-012026-03-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/20212025-12-310001513363fdus:AdministrationAgreementMember2025-12-310001513363Non-control/Non-affiliate Investments Air Burners, Inc. Utility Equipment Manufacturing Common Equity (817 units) ($200 unfunded commitment) Investment date 11/24/20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292025-01-012025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt ($1,140 unfunded commitment) Variable Index Spread (S+7.50%) Variable Index Floor (2.50%) Rate Cash 11.49% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/20282025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/20222025-01-012025-12-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (2.00%) Rate Cash 10.16% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/20282026-03-310001513363fdus:EstexManufacturingCompanyLlcMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services First Lien Debt Variable Index Spread (S + 5.50%) / (2.00%) Variable Index Floor 9.15%/0.00% Investment date 8/16/2024 Maturity 8/16/20292026-01-012026-03-310001513363us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberfdus:CreditAndSecurityAgreementMemberfdus:WesternAllianceTrustCompanyMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-12-220001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/20212026-01-012026-03-310001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Common Equity (500,000 units) Investment date 2/5/20252026-03-310001513363Non-control/Non-affiliate Investments GPS Insight, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 5.58%) Variable Index Floor (1.00%) Rate Cash 9.57% Rate PIK 0.00% Investment date 10/17/2025 Maturity 5/18/20282025-01-012025-12-310001513363Non-control/Non-affiliate Investments Donovan Food Brokerage, LLC Business Services Common Equity (679,301 units) Investment date 2/23/20242025-01-012025-12-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services First Lien Debt ($1,500 unfunded commitment) Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.41% Rate PIK 2.00% Investment date 5/20/2024 Maturity 5/20/20292026-03-310001513363fdus:OnsightIndustriesLLCMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-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 8.75% Rate PIK 2.00% Investment date 11/18/2021 Maturity 11/18/20262025-12-310001513363Non-control/Non-affiliate Investments KG Lawn Care, Inc. (dba King Green) Consumer Services Common Equity (62 Units) Investment date 11/26/20252026-03-310001513363fdus:EnterpriseAssetManagementFmPurchaserIncDbaMcim-FirstLienDebtMember2026-03-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AutoCrmLlcMember2025-12-310001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 11.89% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/20272025-12-310001513363fdus:FourPointFiveEightNinePercentInterestRateMemberus-gaap:SubsequentEventMemberfdus:SmallBusinessAdministrationDebenturesMember2026-04-280001513363us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001513363Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Rate Cash 10.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/20272026-03-310001513363Non-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 9.40% Rate PIK 1.00% Investment date 7/21/2023 Maturity 7/21/20262026-01-012026-03-310001513363us-gaap:EquitySecuritiesMember2026-01-012026-03-310001513363Affiliate Investments Suited Connector LLC Information Technology Services Common Equity (15,000,000 units) Investment Date 3/31/20162026-03-310001513363fdus:SecondLienDebtMember2026-03-310001513363Non-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 4.84% Rate PIK 6.75% Investment date 8/11/2025 Maturity 2/1/20302025-01-012025-12-310001513363fdus:PIPCOLimitedLiabilityCompanyMemberfdus:AffiliateInvestmentsMember2025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:SecondLienDebtMember2025-12-310001513363fdus:PayEntryFinancialServicesIncDbaPayentry-SecondLienDDTLBOneMember2025-12-310001513363Affiliate Investments PIPCO, LLC Utilities: Services Revolving Loan ($3,000 unfunded commitment) Variable Index Spread (S+6.25%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 12/11//2025 Maturity 12/11/20302025-12-310001513363Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services Common Equity (1,232 units) Investment Date 2/1/20222026-01-012026-03-310001513363Non-control/Non-affiliate Investments VMS MSO, LLC (dba Vytal Health Partners) Healthcare Services Revolving Loan ($1,500 unfunded commitment) Rate Cash 13.75% Rate PIK 0.00% Investment date 12/18/2025 Maturity 12/18/20302025-01-012025-12-310001513363us-gaap:SubsequentEventMemberfdus:O2026Q2DividendsMember2026-05-042026-05-040001513363Non-control/Non-affiliate Investments Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) / (2.50%) Variable Index Floor 10.49%/0.00% Investment date 5/1/2024 Maturity 3/7/20292025-12-310001513363fdus:SmallBusinessAdministrationDebenturesMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail First Lien Debt Variable Index Spread (S + 5.38%) Variable Index Floor (1.50%) Rate Cash 9.04% Rate PIK 0.00% Investment date 9/13/2022 Maturity Date 9/9/20292026-01-012026-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/20202025-12-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.40% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292026-03-310001513363Non-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 7.24% Rate PIK 0.00% Investment Date 7/14/2025 Maturity Date 12/22/20292026-03-310001513363us-gaap:FairValueInputsLevel3Member2026-03-310001513363fdus:CreditAndSecurityAgreementMemberfdus:WesternAllianceTrustCompanyMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-12-222025-12-220001513363Non-control/Non-affiliate Investments Sogno Toscano LLC Specialty Distribution Preferred Equity (6 units) Investment date 7/2/20252026-01-012026-03-310001513363Non-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 3/31/20262026-03-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (1,000 units) Investment date 9/13/20222026-03-310001513363Non-control/Non-affiliate Investments Waterworks Solutions Acquisition, Inc. (dba CITCO Water) Specialty Distribution First Lien Debt ($3,500 unfunded commitment) Variable Index Spread (S + 4.75%) Variable Index Floor (2.00%) Rate Cash 8.44% Rate PIK 0.00% Investment date 12/26/2025 Maturity 12/26/20302025-12-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.46% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302025-01-012025-12-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/20212025-12-310001513363us-gaap:RevolvingCreditFacilityMember2025-03-310001513363Non-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 10.49% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292026-01-012026-03-310001513363Non-control/Non-affiliate Investments Estex Manufacturing Company, LLC Component Manufacturing Common Equity (75,000 units) Investment date 10/1/20242025-12-310001513363Communications, LLC Business Services Preferred Equity (62 Units) Investment date 12/31/20242026-03-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (524,624 units) Investment date 8/3/20252026-01-012026-03-310001513363fdus:WesternAllianceTrustCompanyMemberfdus:CreditAndSecurityAgreementMemberfdus:SpecialPurposeVehicleCreditFacilityMember2026-03-310001513363fdus:ComponentManufacturingMemberfdus:QedTechnologiesInternationalIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services Common Equity (400,000 units) Investment date 2/28/20232025-12-310001513363Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (2.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 2/10/2021 Maturity 5/14/20282026-01-012026-03-310001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2025-05-210001513363fdus:FourPointEightSevenNinePercentInterestRateMember2026-03-310001513363fdus:InfoTechOperatingLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution Preferred Equity (500,000 units) Investment date 3/18/20252026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2024-12-310001513363us-gaap:SeniorNotesMember2025-12-310001513363Non-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 9.00% Rate PIK 0.00% Investment date 7/2/2025 Maturity 1/2/20292025-12-310001513363fdus:AtTheMarketOfferingProgramMember2011-06-012026-03-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMembersrt:MaximumMember2025-12-310001513363fdus:BusinessServicesMemberfdus:DiversifiedSearchLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-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 9.21% Rate PIK 0.00% Investment date 6/30/2025 Maturity 6/30/20302025-01-012025-12-310001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services Preferred Equity (801,414 shares) Investment date 3/17/20252026-03-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:NwsTechnologiesLlcMemberfdus:FirstLienDebtMember2025-12-310001513363fdus:AffiliateInvestmentsMemberfdus:ApplegateGreenfiberIntermediateIncMember2025-01-012025-12-310001513363Non-control/Non-affiliate Investments Onsight Industries, LLC Component Manufacturing Common Equity (380,000 units) Investment date 1/7/20252026-03-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 10.45% Rate PIK 0.00% Investment date 12/30/2022 Maturity 12/30/20282026-01-012026-03-310001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/20192026-01-012026-03-310001513363us-gaap:CommonStockMember2025-03-310001513363Non-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 3/24/20312025-12-310001513363fdus:EnterpriseAssetManagementFmPurchaserIncDbaMcim-FirstLienDebtMember2025-12-310001513363fdus:WhiteLabelCommunicationLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2025-12-310001513363Non-control/Non-affiliate Investments Fumex, LLC Industrial Product Services Common Equity (3,500 units) Investment date 11/27/20242026-03-310001513363Non-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 6/30/20292025-12-310001513363fdus:IndustrialCleaningAndCoatingsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:AllrediLlcMember2026-03-310001513363us-gaap:CarryingReportedAmountFairValueDisclosureMemberfdus:SuitedConnectorLlcMember2026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Common Equity (1,405 units) Investment Date 12/30/20242026-03-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt ($1,818 unfunded commitment) Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.71% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292025-12-310001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing First Lien Debt Spread (S + 6.00%) Variable Index Floor (2.00%) Rate Cash 9.66% Rate PIK 0.00% Investment date 11/5/2025 Maturity 2/5/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 3/31/20182026-03-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/20232025-01-012025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363us-gaap:EquitySecuritiesMember2025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/20202026-03-310001513363Non-control/Non-affiliate Investments USG AS Holdings, LLC Utilities: Services Common Equity (Units N/A) Investment date 2/21/20232025-01-012025-12-310001513363fdus:FourPointNineSevenThreePercentInterestRateFourMember2025-12-310001513363Non-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 9.46% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302025-01-012025-12-310001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/20192025-01-012025-12-310001513363us-gaap:CommonStockMemberfdus:AtTheMarketOfferingProgramMember2011-06-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2025-12-310001513363Non-control/Non-affiliate Investments Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services Common Equity (551,470 units) Investment date 5/20/20242025-12-310001513363fdus:AffiliateInvestmentsMember2026-03-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (5,474 units) Investment Date 12/22/20232026-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:LaboratoryTestingLLCMember2026-03-310001513363Non-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 11/13/20282025-12-310001513363Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/20222026-01-012026-03-310001513363Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/20212025-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateOneMember2025-12-310001513363Non-control/Non-affiliate Investments United Biologics, LLC. Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/20122026-01-012026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/20212026-01-012026-03-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor 2.00% Rate Cash 10.99% Rate PIK 0.00% Investment Date 11/8/2022 Maturity Date 11/8/20272025-01-012025-12-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:SecondLienDebtMember2025-12-310001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMembersrt:MaximumMember2019-04-242019-04-240001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Information Technology Services Preferred Equity (10,000 units) Investment date 3/28/20252026-03-310001513363us-gaap:CommonStockMember2024-02-290001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (5,837 units) Investment date 3/23/20162026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001513363fdus:AdministrationAgreementMember2026-03-310001513363Non-control/Non-affiliate Investments Sogno Toscano LLC Specialty Distribution Preferred Equity (6 units) Investment date 7/2/20252025-12-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt ($500 unfunded commitment) Variable Index Spread (S + 6.00%) / (2.00%) Variable Index Floor 9.65%/0.00% Investment date 3/18/2025 Maturity 3/18/20302026-03-310001513363Non-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 3/15/20282025-01-012025-12-310001513363Non-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 9/28/20312025-01-012025-12-310001513363fdus:UnitedStatesNortheastMember2025-01-012025-12-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt ($500 unfunded commitment) Variable Index Spread (S + 6.00%) / (2.00%) Variable Index Floor 9.65%/0.00% Investment date 3/18/2025 Maturity 3/18/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Subordinated Debt Variable Index Spread (S + 4.00%) Variable Index Floor (2.50%) Rate Cash 9.82% Rate PIK 0.00% Investment date 9/20/2023 Maturity 3/31/20272025-12-310001513363Non-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 3/31/20282025-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (1,000 units) Investment date 9/13/20222025-12-310001513363fdus:UnitedBiologicsLlcMemberfdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/20192025-12-310001513363fdus:ComponentManufacturingMemberfdus:CleanovaTopcoLimitedMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-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 + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.74% Rate PIK 2.00% Investment date 5/20/2024 Maturity 5/20/20292025-12-310001513363fdus:TrueEnvironmentalIncMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-3100015133632026-01-012026-03-310001513363Non-control/Non-affiliate Investments Puget Collision, LLC Retail Common Equity (310 units) Investment date 1/4/20242025-12-310001513363Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/20232026-03-310001513363Non-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 8.56% Rate PIK 0.00% Investment date 3/31/2025 Maturity 3/31/20302026-01-012026-03-310001513363Non-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 10/1/20292025-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Preferred Equity (1,250,000 units) Investment date 11/1/20232026-03-310001513363fdus:UsGreenfiberLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberfdus:BuildingProductsManufacturingMember2025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:DealerbuiltAcquisitionLlcMember2025-12-310001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/20112025-01-012025-12-310001513363fdus:FishbowlSolutionsLLCRevolvingLoanMember2025-12-310001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services First Lien Debt Cash 12.50% Rate PIK 0.00% Investment date 3/12/2025 Maturity 3/12/20292026-03-310001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Preferred Equity (500,000 units) Investment date 8/21/20232025-01-012025-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateOneMember2026-01-012026-03-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (21,689 units) Investment date 5/22/20242026-03-310001513363Non-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 8.75% Rate PIK 2.00% Investment date 11/18/2021 Maturity 11/18/20262026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2026-03-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt ($1,818 unfunded commitment) Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.71% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292025-01-012025-12-310001513363fdus:BusinessServicesMemberfdus:CihIntermediateLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363fdus:O2024ASupplementalDividendsMember2024-02-130001513363Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/20222025-12-310001513363fdus:FivePointSevenThreeFivePercentInterestRateMember2026-03-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Revolving Loan ($3,427 unfunded commitment) Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 9.24%/0.00% Investment date 4/15/2025 Maturity 4/15/20302025-01-012025-12-310001513363fdus:AffiliateInvestmentsMemberfdus:MedsurantHoldingsLlcMember2025-01-012025-12-310001513363Non-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 11.91% Rate PIK 0.00% Investment date 7/12/2024 Maturity 6/21/20282026-03-310001513363fdus:FourPointFiveThreeThreePercentInterestRateMember2026-03-310001513363fdus:PugetCollisionLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:RetailSectorsMember2025-12-310001513363Non-control/Non-affiliate Investments Bobcat of Connecticut, LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.74% Rate PIK 0.00% Investment date 10/1/2025 Maturity Date 10/1/20302025-01-012025-12-310001513363Non-control/Non-affiliate Investments VMS MSO, LLC (dba Vytal Health Partners) Healthcare Services First Lien Debt Rate Cash 13.75% Rate PIK 0.00% Investment date 12/18/2025 Maturity 12/18/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments KG Lawn Care, Inc. (dba King Green) Consumer Services First Lien Debt Variable Index Spread (S + 5.50%) / (2.00%) Variable Index Floor 9.17%/0.00% Investment date 1/23/2026 Maturity 11/26/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (0.75%) Rate Cash 9.15% Rate PIK 0.00% Investment date 12/16/2025 Maturity 12/16/20302026-01-012026-03-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:SecondLienDebtMember2025-12-310001513363fdus:EquityInvestmentMember2025-12-310001513363Non-control/Non-affiliate Investments Gap Intelligence Acquisition, LLC (dba OpenBrand) Information Technology Services Preferred Equity (951 units) Investment date 1/28/20262026-01-012026-03-310001513363Non-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 9/4/20272025-01-012025-12-310001513363fdus: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 10.49% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292025-01-012025-12-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:PowergridServicesAcquisitionLlcMember2025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (2 unit) Investment date 6/20/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (169 units) Investment date 6/26/20232025-01-012025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt ($355 unfunded commitment) Variable Index Spread (S+7.50%) Variable Index Floor (2.50%) Rate Cash 11.16% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/20282026-01-012026-03-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InductiveHealthInformaticsLLCMember2026-03-310001513363fdus:AxisMedicalTechnologiesLLCDbaMoveMedicalRevolvingLoanMember2025-12-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/20222026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMembersrt:MaximumMember2026-03-310001513363Non-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 9/28/2031 One2025-12-310001513363Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,366 units) Investment date 12/8/20232025-12-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services First Lien Debt ($1,818 unfunded commitment) Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.40% Rate PIK 0.00% Investment date 9/9/2024 Maturity 9/9/20292026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment Date 11/9/20232025-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Revolving Loan ($1,195 unfunded commitment) Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/20232026-01-012026-03-310001513363us-gaap:SeniorNotesMember2025-01-012025-03-310001513363fdus:FivePointFourThreeNinePercentInterestRateOneMember2025-12-310001513363Non-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 3/15/20282026-03-310001513363fdus:UtilitiesServicesMemberfdus:PowergridServicesAcquisitionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (118 units) Investment date 7/2/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/20192026-01-012026-03-310001513363Non-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 9.40% Rate PIK 1.00% Investment date 7/21/2023 Maturity 7/21/20262026-03-310001513363Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/20152026-01-012026-03-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-01-012026-03-310001513363fdus:SognoToscanoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMember2026-03-310001513363fdus:FourPointEightSevenNinePercentInterestRateMember2025-12-310001513363fdus:O2024Q4DividendsMember2024-01-012024-12-310001513363fdus:FivePointThreeFourOnePercentInterestRateMember2025-12-310001513363country:CA2025-01-012025-12-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services First Lien Debt ($1,023 unfunded commitment) Variable Index Spread (S + 5.50%) Variable Index Floor (2.00%) Rate Cash 9.15% Rate PIK 0.00% Investment date 5/12/2025 Maturity 5/12/20302026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001513363Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/20222026-03-310001513363Non-control/Non-affiliate Investments Sales Rabbit, Inc. Information Technology Services First Lien Debt Cash 11.00% Rate PIK 2.00% Investment date 12/23/2025 Maturity 12/23/20302025-12-310001513363fdus:SbaDebenturesMember2025-12-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (118 units) Investment date 7/2/20252026-03-310001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services Preferred Equity (1,00,000 units) Investment date 11/13/20242025-12-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Subordinated Debt Variable Index Spread (S + 4.00%) Variable Index Floor (2.50%) Rate Cash 9.82% Rate PIK 0.00% Investment date 9/20/2023 Maturity 3/31/20272025-01-012025-12-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 00.00% Rate PIK 14.50% Investment Date 12/30/2024 Maturity Date 12/31/20282026-01-012026-03-310001513363fdus:StewardHoldingLlcMemberfdus:AffiliateInvestmentsMember2025-01-012025-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S + 7.50%) / (0.50%) Variable Index Floor 11.32%/0.00% Investment date 4/5/2021 Maturity 4/5/20262025-12-310001513363fdus:ThrustFlightLLCMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-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 8.18% Rate PIK 0.00% Investment date 6/28/2021 Maturity 3/31/20282025-01-012025-12-310001513363fdus:UnitedStatesSouthwestMember2025-01-012025-12-310001513363Non-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 06/30/20302025-01-012025-12-310001513363fdus:BarefootMosquitoAndPestControlLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363fdus:ThreePointFiveZeroPercentNotesDueTwoThousandTwentySixMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments United Biologics, LLC. Healthcare Services Warrant (57,469 units) Investment date 3/5/20122025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:FirstLienDebtMemberfdus:ServicePowerIncMember2026-03-310001513363Non-control/Non-affiliate Investments VMS MSO, LLC (dba Vytal Health Partners) Healthcare Services Revolving Loan ($1,500 unfunded commitment) Rate Cash 13.75% Rate PIK 0.00% Investment date 12/18/2025 Maturity 12/18/20302026-01-012026-03-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DetechtionHoldingsLLCMember2025-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Preferred Equity (367 units) Investment date 9/20/20242025-12-310001513363fdus:AxisMedicalTechnologiesLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberfdus:FirstLienDebtMember2026-03-310001513363fdus:O2025Q4RegularDividendsMember2025-11-032025-11-030001513363fdus:AirBurnersInc-CommonEquityMember2025-12-310001513363fdus:BobcatConnecticutLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:SpecialtyDistributionMember2026-03-310001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Preferred Equity (3,619 units) Investment date 4/15/20252025-01-012025-12-310001513363fdus:EstexManufacturingCompanyLlcMemberfdus:ComponentManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363fdus:BuildingProductsManufacturingMemberfdus:ApplegateGreenfiberIntermediateIncMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/20202026-01-012026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001513363Non-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 13,0552025-01-012025-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/20212026-01-012026-03-310001513363fdus:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:AmericanAllwasteLlcMember2026-03-310001513363Non-control/Non-affiliate Investments Sales Rabbit, Inc. Information Technology Services First Lien Debt Cash 11.00% Rate PIK 2.00% Investment date 12/23/2025 Maturity 12/23/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/20212026-01-012026-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DiversifiedSearchLlcMember2025-12-310001513363Non-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 11.66% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272026-01-012026-03-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Common Equity (500,000 shares) Investment date 10/6/20212025-01-012025-12-310001513363Non-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 6/30/20282025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueOptionPricingMemberfdus:MeasurementInputVolatilityOfCreditMemberfdus:SecondLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 6.00%) / (2.00%) Variable Index Floor 9.96%/0.00% Investment date 3/18/2025 Maturity 3/18/20302025-01-012025-12-310001513363fdus:GoldmanSachsFinancialSquareTreasuryObligationInstitutionCusipMember2025-12-310001513363fdus:FivePointZeroEightTwoPercentInterestRateOneMember2026-03-310001513363fdus:PayEntryFinancialServicesIncDbaPayentry-SecondLienDDTLBOneMember2026-03-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (0.75%) Rate Cash 9.20% Rate PIK 0.00% Investment date 12/16/2025 Maturity 12/16/20302025-01-012025-12-310001513363Non-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 9.67% Rate PIK 0.00% Investment date 2/23/2024 Maturity 2/23/20292025-01-012025-12-310001513363fdus:LevelEducationGroupLlcMemberfdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMember2025-12-310001513363Non-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 8.90% Rate PIK 0.00% Investment date 6/30/2025 Maturity 6/30/20302026-01-012026-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/20142025-12-310001513363fdus:KGLawnCareIncDbaKingGreen-FirstLienDebtMember2025-12-310001513363fdus:TwoKDirectIncMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/20212026-03-310001513363fdus:BusinessServicesMemberfdus:ThrustFlightLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Affiliate Investments PIPCO, LLC Utilities: Services Common Equity (750 units) Investment date 12/11//20252025-12-310001513363Non-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 9.70% Rate PIK 0.00% Investment date 2/23/2024 Maturity 2/23/20292026-01-012026-03-310001513363fdus:O2024ARegularFirstDividendsMember2024-04-290001513363fdus:UtilitiesServicesMemberfdus:PIPCOLimitedLiabilityCompanyMemberus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001513363fdus:UnitedStatesSouthwestMember2026-01-012026-03-310001513363fdus:O2024ARegularThirdDividendsMember2024-10-280001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000 units) Investment date 7/21/20212026-01-012026-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:CPCommunicationsLLCMember2025-12-310001513363fdus:UnitedStatesSoutheastMember2026-03-310001513363Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/20192026-03-310001513363fdus:PayEntryFinancialServicesIncDbaPayentry-SecondLienDDTLBMember2025-12-310001513363Non-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 8.67% Rate PIK 0.00% Investment date 10/1/2024 Maturity 10/1/20292026-01-012026-03-310001513363fdus:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:DonovanFoodBrokerageLLCMember2026-03-310001513363Non-control/Non-affiliate Investments Mayesh Wholesale Florist, LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 6.00%) / (2.00%) Variable Index Floor 9.65%/0.00% Investment date 3/18/2025 Maturity 3/18/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 00.00% Rate PIK 14.50% Investment Date 10/1/2021 Maturity Date 12/31/20282026-03-310001513363fdus:VMSMSOLLCDbaVytalHealthPartnersRevolvingLoanMember2025-12-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/20222026-01-012026-03-310001513363Non-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 6/30/20292026-03-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Common Equity (1,050,000 units) Investment date 9/9/20242025-12-310001513363Affiliate 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 12/31/20272025-01-012025-12-310001513363fdus:NetbaseSolutionsIncMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Business Services Second Lien Debt ($3,125 unfunded commitment) Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/20312025-01-012025-12-310001513363Non-control/Non-affiliate Investments United Biologics, LLC. Healthcare Services Warrant (57,469 units) Investment date 3/5/20122026-01-012026-03-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor 2.00% Rate Cash 10.99% Rate PIK 0.00% Investment Date 11/8/2022 Maturity Date 11/8/20272025-12-310001513363fdus:SPVCreditFacilityMember2025-12-310001513363fdus:SecondLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Common Equity (1,050,000 units) Investment date 9/9/20242026-03-310001513363Non-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 8/4/20302025-12-310001513363fdus:VMSMSOLLCDbaVytalHealthPartnersRevolvingLoanMember2026-03-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services Common Equity (397,026 units) Investment date 5/12/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments Fraser Steel LLC Component Manufacturing Common Equity (500,000 units) Investment date 2/5/20252025-12-310001513363Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (4,490 units) Investment date 9/21/20212026-03-310001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Preferred Equity (500,000 units) Investment date 8/21/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (574,929 units) Investment date 6/28/20222026-01-012026-03-310001513363Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/20172025-01-012025-12-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (108 shares) Investment date 6/7/20242025-01-012025-12-310001513363fdus:O2024ASupplementalDividendsMember2024-02-132024-02-130001513363Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/20162025-01-012025-12-310001513363srt:MinimumMember2026-03-310001513363Non-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 3/31/20262025-12-310001513363Non-control/Non-affiliate Investments Virginia Tile Company, LLC Specialty Distribution Common Equity (Units N/A) Investment date 12/19/20142025-01-012025-12-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000 units) Investment date 7/21/20212025-01-012025-12-310001513363fdus:O2025Q4RegularDividendsMember2025-11-030001513363Non-control/Non-affiliate Investments Customer Expressions Corp (dba Case IQ) Information Technology Services Common Equity (502,894 units) Investment date 1/6/20252025-12-310001513363Non-control/Non-affiliate Investments VMS MSO, LLC (dba Vytal Health Partners) Healthcare Services Revolving Loan ($1,500 unfunded commitment) Rate Cash 13.75% Rate PIK 0.00% Investment date 12/18/2025 Maturity 12/18/20302026-03-310001513363Non-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 3/24/20312026-03-310001513363fdus:FivePointZeroEightTwoPercentInterestRateFourMember2026-01-012026-03-310001513363Non-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 3/15/20282025-01-012025-12-310001513363Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/20222026-03-310001513363Non-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 11.46% Rate PIK 0.00% Investment date 6/10/2019 Maturity 12/23/20262026-01-012026-03-310001513363Non-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 9.00% Rate PIK 0.00% Investment date 7/2/2025 Maturity 1/2/20292025-01-012025-12-310001513363fdus:FourPointEightSevenNinePercentInterestRateMember2026-01-012026-03-310001513363fdus:TrueEnvironmentalIncFirstLienDebtMember2025-12-310001513363us-gaap:CommonStockMember2026-03-310001513363us-gaap:CommonStockMember2022-11-100001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:AcendreMidcoIncMember2026-03-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S + 7.50%) / (0.50%) Variable Index Floor 7.82%/0.00% Investment date 6/30/2021 Maturity 4/5/20262025-12-310001513363Non-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 11/17/20282026-01-012026-03-310001513363fdus:DealerbuiltAcquisitionLlcMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments KG Lawn Care, Inc. (dba King Green) Consumer Services Common Equity (62 Units) Investment date 11/26/20252025-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Information Technology Services Common Equity (1,361 units) Investment date 9/20/20242026-01-012026-03-310001513363Non-control/Non-affiliate Investments True Environmental Inc. Business Services Common Equity (312,500 units) Investment date 5/12/20252025-01-012025-12-310001513363Affiliate Investments PIPCO, LLC Utilities: Services First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (2.00%) Rate Cash 9.99% Rate PIK 0.00% Investment date 12/11//2025 Maturity 12/11/20302025-12-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products First Lien Debt Variable Index Spread (S + 6.25%) / (1.00%) Variable Index Floor 10.07%/0.00% Investment date 8/31/2023 Maturity 8/3/20272025-12-310001513363Non-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 9.41% Rate PIK 2.50% Investment date 6/21/2023 Maturity 6/21/20282026-03-310001513363fdus:O2024ASupplementalThirdDividendsMember2024-10-280001513363us-gaap:CommonStockMember2024-12-310001513363Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (574,929 units) Investment date 6/28/20222025-01-012025-12-310001513363Non-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 10.49% Rate PIK 0.00% Investment Date 10/24/2024 Maturity Date 10/24/20292025-12-310001513363Non-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 9.74% Rate PIK 2.50% Investment date 6/21/2023 Maturity 6/21/20282025-12-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 10.45% Rate PIK 0.00% Investment date 12/30/2022 Maturity 12/30/20282026-03-310001513363Non-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 8.70% Rate PIK 0.00% Investment date 7/2/2025 Maturity 1/2/20292026-01-012026-03-310001513363Non-control/Non-affiliate Investments VMS MSO, LLC (dba Vytal Health Partners) Healthcare Services First Lien Debt Rate Cash 13.75% Rate PIK 0.00% Investment date 12/18/2025 Maturity 12/18/20302025-01-012025-12-310001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMember2026-03-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/20222026-03-310001513363Non-control/Non-affiliate Investments Acendre Midco, Inc. Information Technology Services Common Equity (500,000 shares) Investment date 10/6/20212026-03-310001513363us-gaap:RevolvingCreditFacilityMemberfdus:IngCapitalLimitedLiabilityCompanyMemberfdus:SeniorSecuredRevolvingCreditAgreementMembersrt:MaximumMember2019-04-240001513363fdus:FourPointSevenFivePercentNotesDueTwoThousandTwentySixMember2025-05-212025-05-210001513363us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMembersrt:MinimumMember2025-12-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/20172025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:RFFagerCompanyLLCMember2025-12-310001513363Affiliate Investments PIPCO, LLC Utilities: Services Common Equity (750 units) Investment date 12/11//20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Common Equity (113,166 shares) Investment date 6/12/20252025-01-012025-12-310001513363Non-control/Non-affiliate Investments Brightmore Brands LLC Retail Common Equity (1,000 units) Investment date 9/13/20222025-01-012025-12-310001513363fdus:ConsumerProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BadBoyMowersJVAcquisitionLLCMember2026-03-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (1,370 units) Investment Date 12/18/20262026-03-310001513363Non-control/Non-affiliate Investments GPS Insight, Inc. Information Technology Services First Lien Debt Variable Index Spread (S + 5.58%) Variable Index Floor (1.00%) Rate Cash 9.57% Rate PIK 0.00% Investment date 10/17/2025 Maturity 5/18/20282025-12-310001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:VMSMSOLLCDbaVytalHealthPartnersMember2025-12-310001513363Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment Date 11/9/20232026-01-012026-03-310001513363Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/20132025-12-310001513363Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (574,929 units) Investment date 6/28/20222025-12-310001513363Non-control/Non-affiliate Investments World Tours LLC Consumer Services Preferred Equity (1,00,000 units) Investment date 11/13/20242025-01-012025-12-310001513363fdus:DetechtionHoldingsLlcRevolvingLoanMember2025-12-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:ServicePowerIncMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputAssetCoverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:SubordinatedDebtMember2025-12-310001513363fdus:FourPointNineSevenThreePercentInterestRateOneMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (5,149 units) Investment date 9/18/20232025-12-310001513363fdus:AdministrationAgreementMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/20202025-12-310001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Common Equity (12,500 units) Investment date 3/4/20242025-01-012025-12-310001513363us-gaap:CommonStockMemberfdus:RaymondJamesAndAssociatesIncAndRobertWBairdAndCoMember2026-01-012026-03-310001513363fdus:AffiliateInvestmentsMemberfdus:CPCommunicationsLLCMember2025-01-012025-12-310001513363fdus:O2025Q3SupplementalDividendsMember2025-08-040001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-03-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc.Healthcare Products Subordinated Debt Variable Index Floor 11.50%/0.00% Investment date 3/19/2021 Maturity 4/7/20282025-12-310001513363Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Preferred Equity (500,000 units) Investment date 8/21/20232026-03-310001513363Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/20222025-12-310001513363Non-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 9/4/20272026-03-310001513363fdus:O2026Q1RegularDividendsMember2026-02-172026-02-170001513363Non-control/Non-affiliate Investments White Label Communication, LLC Information Technology Services Common Equity (536 units) Investment date 10/11/20232025-12-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (5,837 units) Investment date 3/23/20162025-01-012025-12-310001513363fdus:FirstLienDebtMember2025-12-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (1,705 shares) Investment date 9/21/20182025-12-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:ServicePowerIncMember2026-01-012026-03-310001513363Non-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 6/1/20282025-12-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Common Equity (113,166 shares) Investment date 6/12/20252025-12-310001513363Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/20192025-01-012025-12-310001513363fdus:ThrustFlightLlcFirstLienDebtMember2025-12-310001513363Non-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 9.49% Rate PIK 0.00% Investment date 3/27/2025 Maturity 1/7/20302025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MaximumMemberfdus:SecondLienDebtMember2026-03-310001513363fdus:UtilityEquipmentManufacturingMemberfdus:AirBurnersIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/20112025-01-012025-12-310001513363fdus:HealthcareServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:JumoHealthIncMember2025-12-310001513363Non-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 4.67% Rate PIK 6.75% Investment date 8/11/2025 Maturity 2/1/20302026-03-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (21,689 units) Investment date 5/22/20242026-01-012026-03-310001513363Non-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 9.99% Rate PIK 0.00% Investment Date 11/27/2024 Maturity Date 12/22/20292025-01-012025-12-310001513363Non-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 11.97% Rate PIK 0.00% Investment date 12/27/2024 Maturity 3/25/20272025-01-012025-12-310001513363Non-control/Non-affiliate Investments Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services Preferred Equity (1,200,000 units) Investment Date 10/25/20242025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputAssetCoverageMemberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberfdus:SecondLienDebtMember2025-12-310001513363fdus:BusinessServicesMemberfdus:TrueEnvironmentalIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363fdus:March2030NotesMember2025-10-032025-10-030001513363Non-control/Non-affiliate Investments UBEO, LLC. Business Services Common Equity (705,000 units) Investment date 4/3/20182026-03-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Common Equity (3,881 units) Investment date 4/15/20252026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2026-03-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/20202026-03-310001513363fdus:WesternAllianceTrustCompanyMemberfdus:CreditAndSecurityAgreementMembersrt:MaximumMemberfdus:SpecialPurposeVehicleCreditFacilityMember2025-12-222025-12-220001513363us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001513363fdus:AxisMedicalTechnologiesLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMember2025-12-310001513363fdus:UtilitiesServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:GMPHVACLLCMember2026-03-310001513363Non-control/Non-affiliate Investments Waterworks Solutions Acquisition, Inc. (dba CITCO Water) Specialty Distribution First Lien Debt ($2,450 unfunded commitment) Variable Index Spread (S + 4.75%) Variable Index Floor (2.00%) Rate Cash 8.41% Rate PIK 0.00% Investment date 12/26/2025 Maturity 12/26/20302026-03-310001513363fdus:WaterworksSolutionsAcquisitionIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMemberfdus:SpecialtyDistributionMember2025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2026-03-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (637 units) Investment date 8/7/20232025-01-012025-12-310001513363fdus:AffiliateInvestmentsMemberfdus:ApplegateGreenfiberIntermediateIncMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services Preferred Equity (801,414 shares) Investment date 3/17/20252026-01-012026-03-310001513363us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:EquityInvestmentMember2025-12-310001513363fdus:FourPointEightSevenNinePercentInterestRateOneMember2026-03-310001513363fdus:AffiliateInvestmentsMemberfdus:CPCommunicationsLLCMember2025-12-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (637 units) Investment date 8/7/20232026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputProbabilityMemberfdus:ValuationTechniqueProbabilityWeightedExpectedReturnMembersrt:MaximumMember2025-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Information Technology Services Preferred Equity (367 units) Investment date 9/20/20242026-03-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Subordinated Debt Rate Cash 10.00% Rate PIK 5.00% Investment Date 12/19/2025 Maturity Date 2/8/20282025-12-310001513363Non-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 11.46% Rate PIK 0.00% Investment date 6/10/2019 Maturity 12/23/20262026-03-310001513363Non-control/Non-affiliate Investments R.F. Fager Company LLC Specialty Distribution Common Equity (12,500 units) Investment date 3/4/20242026-01-012026-03-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products First Lien Debt Variable Index Spread (S + 6.25%) / (1.00%) Variable Index Floor 10.07%/0.00% Investment date 8/31/2023 Maturity 8/3/20272025-01-012025-12-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380 units) Investment date 7/26/20212026-01-012026-03-310001513363fdus:AcendreMidcoIncRevolvingLoanMember2026-03-310001513363fdus:FivePointZeroEightTwoPercentInterestRateFourMember2025-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/20192025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/20222025-01-012025-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S + 7.50%) / (0.50%) Variable Index Floor 7.85%/0.00% Investment date 6/30/2021 Maturity 4/5/20262026-01-012026-03-310001513363fdus:ApmIntermediateHoldingsLlcMemberfdus:BuildingProductsManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/20192025-01-012025-12-310001513363fdus:SmallBusinessAdministrationDebenturesMember2025-12-310001513363fdus:BusinessServicesMemberfdus:CtmGroupIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001513363fdus:O2025ADividendsMember2025-12-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Common Equity (1,405 units) Investment Date 12/30/20242025-01-012025-12-310001513363Non-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 7.24% Rate PIK 0.00% Investment Date 7/14/2025 Maturity Date 12/22/20292026-01-012026-03-310001513363Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (5,474 units) Investment Date 12/22/20232026-01-012026-03-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/20212026-01-012026-03-310001513363Non-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 9.95% Rate PIK 0.00% Investment date 12/30/2022 Maturity 12/30/20282025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MinimumMemberfdus:SecondLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services First Lien Debt Variable Index Spread (S + 5.00%) Variable Index Floor (1.00%) Rate Cash 8.67% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/20292026-03-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Preferred Equity (1,359 shares) Investment date 8/16/20242025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:MeasurementInputProbabilityMemberfdus:ValuationTechniqueProbabilityWeightedExpectedReturnMembersrt:MinimumMember2026-03-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/20222026-01-012026-03-310001513363fdus:NetbaseSolutionsIncMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363Non-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 6/30/20282025-12-310001513363Non-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 3/24/20312025-01-012025-12-310001513363us-gaap:WarrantMember2025-01-012025-12-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services First Lien Debt Variable Index Spread (S + 5.50%) / (2.00%) Variable Index Floor 9.46%/0.00% Investment date 8/16/2024 Maturity 8/16/20292025-12-310001513363Non-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 8.38% Rate PIK 0.00% Investment date 7/30/2021 Maturity 9/30/20272025-12-310001513363Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (3,645,752 units) Investment date 9/18/20232025-01-012025-12-310001513363fdus:FourPointFiveThreeThreePercentInterestRateMember2025-12-310001513363fdus:MayeshWholesaleFloristLLCFirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (52 units) Investment Date 11/27/20242025-01-012025-12-310001513363Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/20142026-03-310001513363Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation Services Common Equity (280,000 units) Investment date 12/30/20222026-03-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 10.52% Rate PIK 0.75% Investment date 2/28/2023 Maturity 11/30/20262026-01-012026-03-310001513363Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (5,149 units) Investment date 9/18/20232025-01-012025-12-310001513363Affiliate 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 12/31/20272025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:SecondLienDebtMember2026-03-310001513363fdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:ServicePowerIncMember2025-12-310001513363Non-control/Non-affiliate Investments Customer Expressions Corp (dba Case IQ) Information Technology Services Common Equity (502,894 units) Investment date 1/6/20252026-03-310001513363fdus:SPVCreditFacilityBorrowingsMember2025-12-310001513363Non-control/Non-affiliate Investments Laboratory Testing, LLC Business Services Common Equity (3,881 units) Investment date 4/15/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments United Biologics, LLC. Healthcare Services Warrant (57,469 units) Investment date 3/5/20122025-01-012025-12-310001513363Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/20212026-03-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 9.16%/0.00% Investment date 4/1/2021 Maturity 9/30/20302026-01-012026-03-310001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services Preferred Equity (68,361 units) Investment date 1/3/20242026-03-310001513363fdus:FivePointThreeFourOnePercentInterestRateThreeMember2026-01-012026-03-310001513363Non-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 11/13/20282025-01-012025-12-310001513363fdus:ApmIntermediateHoldingsLlcMemberfdus:BuildingProductsManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2025-12-310001513363us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310001513363Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (S + 5.25%) / (2.00%) Variable Index Floor 9.47%/0.00% Investment date 4/1/2021 Maturity 9/30/20302025-01-012025-12-310001513363Non-control/Non-affiliate Investments Customer Expressions Corp (dba Case IQ) Information Technology Services Common Equity (502,894 units) Investment date 1/6/20252025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberfdus:MeasurementInputWeightedAverageCostOfCapitalMemberus-gaap:SubordinatedDebtMembersrt:MinimumMember2026-03-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/20222025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfdus:SecondLienDebtMember2025-01-012025-03-310001513363Non-control/Non-affiliate Investments Bobcat of Connecticut, LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.41% Rate PIK 0.00% Investment date 10/1/2025 Maturity Date 10/1/20302026-03-310001513363Non-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 9.41% Rate PIK 2.50% Investment date 6/21/2023 Maturity 6/21/20282026-01-012026-03-310001513363fdus:E-PlanSoftBuyerLLCMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363fdus:ConsumerServicesMemberfdus:BarefootMosquitoAndPestControlLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberfdus:FirstLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments KG Lawn Care, Inc. (dba King Green) Consumer Services Common Equity (62 Units) Investment date 11/26/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (5,837 units) Investment date 3/23/20162026-01-012026-03-310001513363Affiliate Investments CP Communications, LLC Business Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (4.00%) Rate Cash 12.50% Rate PIK 0.00% Investment date 12/4/2024 Maturity 12/4/20292026-01-012026-03-310001513363Non-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 7.24% Rate PIK 0.00% Investment Date 7/14/2025 Maturity Date 12/22/20292025-12-310001513363Non-control/Non-affiliate Investments CTM Group, Inc. (dba Venuplus, Inc.) Business Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 10.52% Rate PIK 0.75% Investment date 2/28/2023 Maturity 11/30/20262026-03-310001513363Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/20222025-01-012025-12-310001513363us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001513363Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/20222026-03-310001513363Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/20232026-03-310001513363Non-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 8.67% Rate PIK 0.00% Investment date 10/1/2024 Maturity 10/1/20292026-03-310001513363fdus:CustomerExpressionsCorpMemberfdus:InformationTechnologyServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Bobcat of Connecticut, LLC Specialty Distribution First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 9.41% Rate PIK 0.00% Investment date 10/1/2025 Maturity Date 10/1/20302026-01-012026-03-310001513363us-gaap:FairValueInputsLevel2Member2025-12-3100015133632025-12-310001513363fdus:O2024ARegularSecondDividendsMember2024-07-290001513363Non-control/Non-affiliate Investments Janus Health Technologies, Inc. Information Technology Services Preferred Equity (68,361 units) Investment date 1/3/20242026-01-012026-03-310001513363Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc.Healthcare Products Subordinated Debt Variable Index Floor 11.50%/0.00% Investment date 3/19/2021 Maturity 4/7/20282026-01-012026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:InformationTechnologyServicesMemberfdus:CardbackIntermediateLLCMember2026-03-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Business Services Preferred Equity (10,000 units) Investment date 3/28/20252025-01-012025-12-310001513363fdus:InvestmentAdvisoryAgreementMembersrt:MaximumMember2026-01-012026-03-310001513363Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/20212025-01-012025-12-310001513363Non-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 10.49% Rate PIK 0.00% Investment date 11/13/2024 Maturity 11/13/20292025-12-310001513363fdus:NotesPayableMember2026-03-310001513363Non-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 11/13/20282026-03-310001513363Non-control/Non-affiliate Investments Cleanova Topco Limited Component Manufacturing Preferred Equity (746,893 shares) Investment date 6/12/20252026-01-012026-03-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/20172025-01-012025-12-310001513363Non-control/Non-affiliate Investmnts Suited Connector LLC Information Technology Services Common Equity (97,808 units) Investment date 12/1/20212025-01-012025-12-310001513363country:CA2025-12-310001513363Affiliate Investments CP Communications, LLC Business Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (4.00%) Rate Cash 12.50% Rate PIK 0.00% Investment date 12/4/2024 Maturity 12/4/20292026-03-310001513363fdus:GoldmanSachsFinancialSquareTreasuryObligationInstitutionCusipMember2026-03-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 0.00%) Variable Index Floor (2.50%) Rate Cash 3.77% Rate PIK 9.75% Investment date 4/13/2022 Maturity 9/30/20272026-03-310001513363Non-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 9.21% Rate PIK 0.00% Investment date 6/30/2025 Maturity 6/30/20302025-12-310001513363Non-control/Non-affiliate Investments SES Investors, LLC (dba SES Foam) Building Products Manufacturing Common Equity (6,000 units) Investment date 9/8/20162025-01-012025-12-310001513363Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Preferred Equity (1,250,000 units) Investment date 11/1/20232026-01-012026-03-310001513363fdus:UnitedStatesNortheastMember2025-12-310001513363Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt ($1,140 unfunded commitment) Variable Index Spread (S+7.50%) Variable Index Floor (2.50%) Rate Cash 11.49% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/20282025-01-012025-12-310001513363Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S + 7.50%) / (0.50%) Variable Index Floor 7.82%/0.00% Investment date 6/30/2021 Maturity 4/5/20262025-01-012025-12-310001513363Non-control/Non-affiliate Investments PayEntry Financial Services, Inc. (dba Payentry) Information Technology Services Second Lien Debt Cash 10.50% Rate PIK 1.75% Investment date 3/28/2025 Maturity 9/28/2031 One2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380 units) Investment date 7/26/20212025-12-310001513363Non-control/Non-affiliate Investments Inductive Health Informatics, LLC Healthcare Services Common Equity (1,361 units) Investment date 9/20/20242025-12-310001513363us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-03-310001513363fdus:WorldToursLLCMemberfdus:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001513363Non-control/Non-affiliate Investments Air Burners, Inc. Utility Equipment Manufacturing Common Equity (817 units) ($200 unfunded commitment) Investment date 11/24/20252026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:BrightmoreBrandsLLCMemberfdus:FirstLienDebtMemberfdus:RetailSectorsMember2025-12-310001513363Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/20232026-01-012026-03-310001513363us-gaap:InvestmentUnaffiliatedIssuerMemberfdus:SpecialtyDistributionMemberfdus:BobcatConnecticutLLCMember2026-03-310001513363fdus:InvestmentAdvisoryAgreementMember2026-03-310001513363us-gaap:FairValueInputsLevel3Memberfdus:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberfdus:SecondLienDebtMember2026-03-310001513363Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 17.00% Investment date 3/2/2020 Maturity 9/2/20262026-01-012026-03-310001513363Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (3,645,752 units) Investment date 9/18/20232025-12-310001513363Non-control/Non-affiliate Investments Jumo Health, Inc. Healthcare Services Common Equity (1,359 shares) Investment date 8/16/20242026-01-012026-03-310001513363fdus:O2026Q1SupplementalDividendsMember2026-02-170001513363fdus:FivePointThreeFourOnePercentInterestRateThreeMember2025-12-310001513363Non-control/Non-affiliate AMOpportunities, Inc. Information Technology Services First Lien Debt Cash 12.50% Rate PIK 0.00% Investment date 3/12/2025 Maturity 3/12/20292025-01-012025-12-310001513363Non-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 9.24% Rate PIK 0.00% Investment date 3/1/2023 Maturity 3/1/20282025-12-310001513363us-gaap:FairValueInputsLevel3Memberfdus:FirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001513363Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Revolving Loan ($1,750 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 11.67% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/20272026-03-310001513363fdus:DetechtionHoldingsLlcRevolvingLoanMember2026-03-310001513363Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/20212025-01-012025-12-310001513363fdus:SecuredBorrowingsMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Subordinated Debt Variable Index Spread (S + 4.00%) Variable Index Floor (2.50%) Rate Cash 9.77% Rate PIK 0.00% Investment date 9/20/2023 Maturity 3/31/20272026-03-310001513363Non-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 6/21/20282025-01-012025-12-310001513363Non-control/Non-affiliate Investments Thrust Flight LLC Business Services Subordinated Debt Rate Cash 10.00% Rate PIK 5.00% Investment date 12/11/2025 Maturity 3/9/20302026-03-310001513363fdus:O2024Q1DividendsMember2024-01-012024-12-310001513363fdus:FourPointNineSevenThreePercentInterestRateTwoMember2026-01-012026-03-310001513363Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/20222026-03-310001513363Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Preferred Equity (601 shares) Investment date 2/1/20242025-01-012025-12-310001513363Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/20202025-01-012025-12-310001513363Non-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 8.44% Rate PIK 0.00% Investment date 11/27/2024 Maturity 11/27/20292026-01-012026-03-310001513363fdus:O2025Q3RegularDividendsMember2025-08-042025-08-040001513363Non-control/Non-affiliate Investments Air Burners, Inc. Utility Equipment Manufacturing Common Equity (817 units) ($200 unfunded commitment) Investment date 11/24/20252025-12-31fdus: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 March 31, 2026

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

For the transition period from to

Commission file number 814-00861

Fidus Investment Corporation

(Exact Name of Registrant as Specified in its Charter)


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

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

(847) 859-3940

(Registrant’s telephone number, including area code)

________________

n/a

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

_______________

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


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

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

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

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

     Large accelerated filer 
☑

     Accelerated filer
☐

     Non-accelerated filer
☐

     Smaller reporting company ☐

     Emerging growth company ☐

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

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

As of May 5, 2026, the Registrant had outstanding 37,954,364 shares of common stock, $0.001 par value.

FIDUS INVESTMENT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q


	PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements.
	Consolidated Statements of Assets and Liabilities — March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations — three months ended March 31, 2026 (unaudited) and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets — three months ended March 31, 2026 (unaudited) and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows — three months ended March 31, 2026 (unaudited) and 2025 (unaudited)	6
	Consolidated Schedules of Investments — March 31, 2026 (unaudited) and December 31, 2025	7
	Notes to Consolidated Financial Statements (unaudited)	24
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	49
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	65
Item 4.	Controls and Procedures	66
	PART II — OTHER INFORMATION
Item 1.	Legal Proceedings.	66
Item 1A.	Risk Factors.	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	66
Item 3.	Defaults Upon Senior Securities.	67
Item 4.	Mine Safety Disclosures.	67
Item 5.	Other Information.	67
Item 6.	Exhibits.	68
Signatures		70

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)


	March 31,
	2026		December 31,
	(unaudited)		2025
ASSETS
Investments, at fair value:
Control investments (cost: $1,610 and $1,610, respectively)	$	—	$	—
Affiliate investments (cost: $77,136 and $75,208, respectively)		122,905		119,015
Non-control/non-affiliate investments (cost: $1,257,389 and $1,222,476, respectively)		1,246,352		1,205,738
Total investments, at fair value (cost: $1,336,135 and $1,299,294, respectively)		1,369,257		1,324,753
Cash and cash equivalents		49,684		69,995
Restricted cash		715		9,611
Interest receivable		23,387		21,414
Prepaid expenses and other assets		1,160		766
Total assets	$	1,444,203	$	1,426,539
LIABILITIES
SBA debentures (net of $7,319 and $6,943, respectively, of unamortized deferred financing costs)	$	253,181	$	230,557
Notes (net of $3,759 and $4,109, respectively, of unamortized deferred financing costs)		321,241		320,891
SPV Credit Facility (net of $3,063 and $3,223, respectively, of unamortized deferred financing costs)		82,087		80,627
Secured borrowings		11,594		12,000
Accrued interest and fees payable		3,294		7,449
Base management fee payable, net of base management fee waiver – due to affiliate		5,862		5,596
Income incentive fee payable – due to affiliate		5,834		4,721
Capital gains incentive fee payable – due to affiliate		15,462		16,414
Administration fee payable and other – due to affiliate		390		988
Taxes payable		1,998		3,568
Accounts payable and other liabilities		1,213		1,829
Total liabilities	$	702,156	$	684,640
Commitments and contingencies (Note 7)
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 37,954,364 and 37,954,364 shares issued and
outstanding at March 31, 2026 and December 31, 2025, respectively)	$	38	$	38
Additional paid-in capital		641,376		641,376
Total distributable earnings		100,633		100,485
Total net assets		742,047		741,899
Total liabilities and net assets	$	1,444,203	$	1,426,539
Net asset value per common share	$	19.55	$	19.55

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Operations (unaudited)

(in thousands, except shares and per share data)


	Three Months Ended
	March 31,
	2026			2025
Investment Income:
Interest income
Control investments	$	—		$	—
Affiliate investments		1,541			1,094
Non-control/non-affiliate investments		32,747			29,225
Total interest income		34,288			30,319
Payment-in-kind interest income
Control investments		—			—
Affiliate investments		—			—
Non-control/non-affiliate investments		3,069			2,248
Total payment-in-kind interest income		3,069			2,248
Dividend income
Control investments		—			—
Affiliate investments		—			886
Non-control/non-affiliate investments		283			345
Total dividend income		283			1,231
Fee income
Control investments		—			—
Affiliate investments		14			8
Non-control/non-affiliate investments		8,929			2,119
Total fee income		8,943			2,127
Interest on idle funds		941			571
Total investment income		47,524			36,496
Expenses:
Interest and financing expenses		9,775			6,773
Base management fee		5,913			4,922
Incentive fee - income		5,834			4,594
Incentive fee (reversal) - capital gains		(952	)		287
Administrative service expenses		771			602
Professional fees		1,305			948
Other general and administrative expenses		265			206
Total expenses before base management fee waiver		22,911			18,332
Base management fee waiver		(51	)		(59	)
Total expenses, net of base management fee waiver		22,860			18,273
Net investment income before income taxes		24,664			18,223
Income tax provision (benefit)		23			1
Net investment income		24,641			18,222
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		(120	)		—
Affiliate investments		—			10,066
Non-control/non-affiliate investments		(12,085	)		3,264
Total net realized gain (loss) on investments		(12,205	)		13,330
Income tax (provision) benefit from realized gains on investments		(98	)		(1,850	)
Net change in unrealized appreciation (depreciation):
Control investments		—			—
Affiliate investments		1,962			(6,890	)
Non-control/non-affiliate investments		5,701			(2,903	)
Total net change in unrealized appreciation (depreciation) on investments		7,663			(9,793	)
Net gain (loss) on investments		(4,640	)		1,687
Realized losses on extinguishment of debt		(117	)		(251	)
Net increase (decrease) in net assets resulting from operations	$	19,884		$	19,658
Per common share data:
Net investment income per share-basic and diluted	$	0.65		$	0.53
Net increase in net assets resulting from operations per share — basic and diluted	$	0.52		$	0.58
Dividends declared per share	$	0.52		$	0.54
Weighted average number of shares outstanding — basic and diluted		37,954,364			34,077,720

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, 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
Balances at December 31, 2025		37,954,364	$	38		$	641,376	$	100,485		$	741,899
Net investment income		—		—			—		24,641			24,641
Net realized gain (loss) on investments, net of taxes		—		—			—		(12,303	)		(12,303	)
Net unrealized appreciation (depreciation) on investments		—		—			—		7,663			7,663
Realized losses on extinguishment of debt		—		—			—		(117	)		(117	)
Dividends declared		—		—			—		(19,736	)		(19,736	)
Balances at March 31, 2026		37,954,364	$	38		$	641,376	$	100,633		$	742,047
*amount is greater than zero but less than one

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Cash Flows (unaudited)

(in thousands)


	Three Months Ended March 31,
	2026			2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	19,884		$	19,658
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		(7,663	)		9,793
Net realized (gain) loss on investments		12,205			(13,330	)
Interest and dividend income paid-in-kind		(3,069	)		(2,239	)
Accretion of original issue discount		(15	)		(43	)
Accretion of loan origination fees		(797	)		(548	)
Purchase of investments		(118,646	)		(115,555	)
Proceeds from sales and repayments of investments		73,052			57,343
Proceeds from loan origination fees		429			677
Realized losses on extinguishment of debt		117			251
Amortization of deferred financing costs		753			590
Amortization of deferred equity financing costs		—			62
Changes in operating assets and liabilities:
Interest receivable		(1,973	)		(3,285	)
Prepaid expenses and other assets		(360	)		222
Accrued interest and fees payable		(4,155	)		(2,211	)
Base management fee payable, net of base management fee waiver – due to affiliate		266			58
Income incentive fee payable – due to affiliate		1,113			117
Capital gains incentive fee (reversal) – due to (from) affiliate		(952	)		287
Administration fee payable and other – due to (from) affiliate		(598	)		(624	)
Taxes payable		(1,570	)		(1,525	)
Accounts payable and other liabilities		(616	)		108
Net cash provided by (used for) operating activities		(32,595	)		(50,194	)
Cash Flows from Financing Activities:
Proceeds from common stock offerings, net of expenses		—			20,661
Proceeds received from SBA debentures		30,000			19,500
Repayments of SBA debentures		(7,000	)		(12,500	)
Proceeds received from issuance of Notes		—			100,000
Proceeds received from (repayments of) Credit Facilities, net		1,300			(45,000	)
Proceeds received from (repayments of) Secured Borrowings, net		(406	)		(73	)
Payment of deferred financing costs		(770	)		(3,320	)
Dividends paid to stockholders, including expenses		(19,736	)		(18,755	)
Net cash provided by (used for) financing activities		3,388			60,513
Net increase (decrease) in cash, cash equivalents and restricted cash		(29,207	)		10,319
Cash, cash equivalents and restricted cash:
Beginning of period		79,606			57,159
End of period	$	50,399		$	67,478
Supplemental cash flow disclosures:
Cash payments for interest	$	13,177		$	8,394
Cash payments for taxes, net of tax refunds received	$	1,691		$	3,376
Non-cash financing activities:
Value of shares issued pursuant to the dividend reinvestment plan	$	—		$	701

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:


	As of
	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	49,684	$	69,995
Restricted cash		715		9,611
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows	$	50,399	$	79,606

See Notes to Consolidated Financial Statements (unaudited).

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

March 31, 2026

(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
Common Equity (2,522 units) (h)				7/3/2014				$	586		$	—
Common Equity (425,508 units)				8/30/2019					1			—
Common Equity (1,022,813 units) (h)				7/1/2020					1,023			—
									1,610			—		0	%

Total Control Investments								$	1,610		$	—		0	%

Affiliate Investments (l)
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	Building Products Manufacturing
Subordinated Debt			11.00%/0.00%	12/31/2021	12/31/2027	$	9,602	$	9,602		$	8,510
Common Equity (5,690 units) (h)				12/31/2021					5,689			7,563
Common Equity (7,113 units) (h)				12/31/2021					7,113			9,897
Common Equity (2,012 units) (h)				12/31/2021					—			—
									22,404			25,970		3	%
CP Communications, LLC	Business Services
First Lien Debt (am)		(S + 8.50%) / (4.00%)	12.50%/0.00%	12/4/2024	12/4/2029		5,782		5,747			5,783
Preferred Equity (62 units)				12/4/2024					500			656
									6,247			6,439		1	%
Medsurant Holdings, LLC (n)	Healthcare Services
Preferred Equity (84,997 units) (h)				4/12/2011					—			35
Warrant (252,588 units) (h)(m)				4/12/2011					—			121
									—			156		0	%
Pfanstiehl, Inc.	Healthcare Products
Common Equity (2,550 units)				3/29/2013					255			41,234		6	%

PIPCO, LLC	Utilities: Services
First Lien Debt		(S + 6.25%) / (2.00%)	9.91%/0.00%	12/11/2025	12/11/2030		8,978		8,929			8,929
Revolving Loan ($3,000 unfunded commitment)(i)		(S + 6.25%) / (2.00%)	9.91%/0.00%	12/11/2025	12/11/2030		—		(14	)		—
Common Equity (750 units)				12/11/2025					750			750
									9,665			9,679		1	%
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Aerospace & Defense Manufacturing
First Lien Debt (ag)		(S + 6.00%) / (1.00%)	9.96%/0.00%	2/12/2021	8/11/2027		28,435		28,383			28,435
Common Equity (12,035 units)				8/25/2021					1,204			—
Common Equity (38,493 units)				12/16/2022					2,609			—
Common Equity (6,783 units)				7/10/2023					686			1,016
Common Equity (4,663 units)				9/16/2022					472			38
Common Equity (21,689 units)				5/22/2024					2,195			3,211
									35,549			32,700		5	%
Steward Holding LLC (dba Steward Advanced Materials)	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units)				11/12/2015					1,000			4,711		1	%

Suited Connector LLC	Information Technology Services
Preferred Equity (12,000,000 units) (h)				3/31/2026					2,016			2,016
Common Equity (15,000,000 units) (h)				3/31/2026					—			—
									2,016			2,016		0	%

Total Affiliate Investments								$	77,136		$	122,905		17	%

Non-control/Non-affiliate Investments
2KDirect, Inc. (dba iPromote)	Information Technology Services
First Lien Debt (at)		(S + 8.00%) / (0.50%)	11.81%/0.00%	6/25/2021	9/30/2027	$	6,573	$	6,566		$	6,573
First Lien Debt (aa)		(S + 8.00%) / (0.50%)	8.06%/0.00%	7/30/2021	9/30/2027		1,771		1,771			1,771
Common Equity (1,000,000 units)				6/25/2021					1,000			—
									9,337			8,344		1	%
301 Edison Holdings Inc. (dba LGG Industrial)	Specialty Distribution
First Lien Debt (j)			11.75%/1.50%	11/14/2023	11/13/2028		11,819		11,733			11,495
Preferred Equity (518,135 units)				11/14/2023					1,000			1,000
									12,733			12,495		2	%
Acendre Midco, Inc.	Information Technology Services
First Lien Debt			12.50%/1.25%	10/6/2021	5/8/2026		5,762		5,762			5,762
First Lien Debt			12.50%/1.25%	10/6/2021	5/8/2026		13,096		13,096			13,096


Revolving Loan (i)			12.50%/1.25%	10/6/2021	5/8/2026	1,013	1,013		1,012
Common Equity (500,000 shares)				10/6/2021			371		—
Warrant (275,000 shares) (m)				10/6/2021			253		—
Preferred Equity (77,016 shares)				9/26/2022			88		17
Preferred Equity (568,182 shares)				6/10/2025			375		1,000
							20,958		20,887	3	%
Ad Info Parent, Inc. (dba MediaRadar)	Information Technology Services
First Lien Debt (j)		(S + 4.75%) / (1.00%)	8.45%/0.00%	11/1/2023	9/16/2029	15,877	15,812		15,877
Revolving Loan ($1,442 unfunded commitment) (i)		(S + 4.75%) / (1.00%)	8.42%/0.00%	11/1/2023	9/16/2029	—	(5	)	—
Preferred Equity (1,250,000 units)				11/1/2023			1,250		1,292
							17,057		17,169	2	%
Air Burners, Inc.	Utility Equipment Manufacturing
First Lien Debt (j)(ah)		(S + 5.00%) / (2.00%)	8.66%/0.00%	12/8/2025	11/24/2030	6,400	6,329		6,329
Common Equity (1,250,000 units) ($200 unfunded commitment)				11/24/2025			800		800
							7,129		7,129	1	%
Allredi, LLC (fka Marco Group International OpCo, LLC)	Industrial Cleaning & Coatings
Second Lien Debt			0.00%/15.00%	3/2/2020	9/30/2027	19,320	18,117		17,771
Common Equity (570,636 units) (h)				7/21/2017			637		—
Common Equity (39,443 units) (h)				11/24/2021			22		—

FIDUS INVESTMENT Corp 10-Q