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3333 FOMANHATTAN FIDUS INVESTMENT CORPORATION Investor Presentation NASDAQ : Common Stock - FDUS
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Capital. Partnership. Expertise. www.fdus.com 2 Disclosure Fidus Investment Corporation (“Fidus”) cautions that statements in this presentation that are forward- looking, and provide other than historical information, involve risks and uncertainties that may impact our future results of operations. The forward-looking statements in this presentation are based on current conditions and include statements regarding our goals, beliefs, strategies and future operating results and cash flows, including but not limited to the equivalent annual yield represented by our dividends declared, the tax attributes of dividends and the amount of leverage available to us. Although our management believes that the expectations reflected in any forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: our continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which our portfolio companies operate; changes in laws and regulations that may adversely impact our operations or the operations of one or more of our portfolio companies; the operating and financial performance of our portfolio companies; retention of key investment personnel; competitive factors; and such other factors described under the caption “Risk Factors” and described in the sections regarding forward looking statements included in our filings with the Securities and Exchange Commission (www.sec.gov). We undertake no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations. This presentation is neither an offer to sell nor a solicitation of an offer to buy Fidus securities. An offering is made only by an applicable prospectus. This presentation must be read in conjunction with a prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of such a prospectus must be made available to you in connection with any offering.
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Capital. Partnership. Expertise. www.fdus.com 3 Table of Contents I. Overview II. Investment Strategy & Performance III. Portfolio & Financial Review IV. Conclusion V. Appendices i. Investment Portfolio as of June 30, 2026 ii. Balance Sheet iii. Income Statement iv. Reconciliation of Adjustment Net Investment Income v. Corporate Information
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Capital. Partnership. Expertise. www.fdus.com 4 I. Overview
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Capital. Partnership. Expertise. www.fdus.com 5 Fidus Investment Corporation History • May 2007 – Closed initial fund and licensed as Small Business Investment Company (“SBIC”) • June 2011 – Launched Initial Public Offering as externally managed Business Development Company (“BDC”) • Today - Diversified investment portfolio totaling $1.4 billion in 100 companies (June 30, 2026) Long term focus on delivering stable dividends, preserving capital and growing net asset value for our shareholders Strategy • Provide customized debt and equity financing solutions primarily to lower middle market companies based in the U.S. • Well-established direct origination network • Deep industry sector experience • Disciplined investment and asset management process Key Investment Highlights • Lower middle market offers significant opportunity for attractive risk-adjusted returns • SBIC licenses provide access to low cost, fixed rate unsecured debt financing • Seasoned management team with a proven track record of preserving capital, growing NAV and generating cumulative adjusted NII in excess of cumulative dividends • Consistently deliver higher ROE vs. BDC peers Target Company Characteristics • Niche market leaders with defensible market positions • Diversified customer and supplier bases • Strong free cash flows or asset support • Significant enterprise value / equity cushions • Strong management teams with meaningful equity ownership or incentives
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Capital. Partnership. Expertise. www.fdus.com 6 II. Investment Strategy & Performance
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Capital. Partnership. Expertise. www.fdus.com 7 Proven Investment Strategy • Provide custom-tailored debt and equity financing solutions for lower middle market companies – Finance event-driven transactions such as leveraged buyouts, refinancings, recapitalizations, acquisitions and growth capital – Opportunistic investments in special situations with high downside protection or asset support – Partnership approach with long-term investment perspective • Disciplined investment and asset management process – Highly selective, “PE style” underwriting methodology – Focus on industries and sponsors we know well – Manage the credit documentation process to ensure structural protections – Proactive risk management • Target investments between $5 - $35 million per portfolio company – First lien / unitranche debt – Second lien and subordinated debt – Equity, including preferred, common and/or warrants Emphasis on Capital Preservation with Upside Potential
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Capital. Partnership. Expertise. www.fdus.com 8 Lower Middle Market Focus • Large, fragmented market – More than 100,000 companies in the lower middle market – Target firms with annual revenues between $10 and $150 million • Consistent long-term need for investment capital – Lower middle market predominantly comprised of private companies – Limited access to the broader capital markets • Underserved by traditional capital providers – Great Recession led to the exit of many traditional financing sources – Recent COVID-19 crisis has exacerbated the problem • Opportunity for attractive risk-adjusted returns – Lower leverage and higher pricing – Structural protections and covenants that allow for proactive risk management • Ability to co-invest in equity securities alongside deal partners or management teams • Fidus professionals have been active in the lower middle market for > two decades Fidus Is Well Positioned in the attractive Lower Middle Market
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Capital. Partnership. Expertise. www.fdus.com 9 Investment Criteria Target established, profitable companies with the following characteristics: • Niche market leaders with defensible market positions − Products or services of enduring value and/or sustainable competitive advantages • Diversified customer and supplier bases • Proven business models with strong free cash flows or asset support − Annual EBITDA of $5 to $30 million • Significant margin of safety / meaningful enterprise value cushion − Robust assessment of relative value using public and private data sources − Significant equity cushions and multiple refinancing / exit options • Experienced and successful management teams with meaningful ownership stakes • Well-defined value creation strategies: − Growth: Business plans with growth potential supported by underlying industry themes − Consolidation: Numerous acquisition or sale opportunities, often with high synergy capture rate − Operational: Under-developed companies with clearly stated improvement areas − Opportunistic: Strong intrinsic value and asset support; adversely impacted by isolated events, industry cycles, or temporary stress
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Capital. Partnership. Expertise. www.fdus.com 10 Platform Overview • Unique platform with direct origination capabilities across multiple channels Leading private equity firms Independent deal sponsors “The Lower Middle Market Ecosystem” • Emphasis on repeat clients and high quality partners building real relationships 2+ transactions completed with 34 firms • Three regional offices allow for nationwide deal sourcing and strong local presence Evanston New York Charlotte Proprietary Direct Origination Platform Extensive, diverse relationships across the lower middle market drive attractive deal flow and present significant growth opportunities Committed Private Equity Funds Independent Sponsors Other Lower Middle Market Participants Intermediaries and Advisors Broad Origination Network
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Capital. Partnership. Expertise. www.fdus.com 11 • Rigorous analysis → deep, data-intensive review of investment target and industry fundamentals • Focus on minimizing risk of capital loss without forgoing opportunity for capital appreciation Investment Origination Direct sourcing across multiple channels Weekly meetings to review opportunities, assess deal dynamics, and allocate resources Preliminary Due Diligence Review Initial meetings with sponsor & management team Review of historical financial & operational information Financial modeling Initial Screening with Investment Committee Assess investment suitability, credit quality, pricing / structure, and key areas of due diligence Issue Term Sheet Comprehensive Due Diligence & Underwriting Detailed evaluation of operations, competitive positioning, financial performance, management team, and growth strategy Industry research & outlook Site visits & tours 3rd party diligence reviews Formal Investment Committee Review & Approval Legal Documentation & Closing Disciplined Investment Process • Consistent deal flow producing approximately 650 opportunities per year (1) • Acute focus on identifying cycle-tested businesses with robust free cash flow • Rigorous review to identify the most attractive opportunities results in an average screening rate of just 6.8% (1) Tight funnel results in an average close rate of just 2.7% of opportunities sourced(1) • Detailed approach to diligence • Assess exit strategies & understand and prepare for possible outcomes • Protect the downside through analysis of the company’s underlying value and assets (1) Based on five- year averages (2021- 2025).
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Capital. Partnership. Expertise. www.fdus.com 12 • Proactive portfolio monitoring ‒ Monthly financial review and quarterly covenant compliance ‒ Active dialogue with management teams and sponsors ‒ Board observation rights in large majority of investments ‒ Quarterly portfolio reviews with Investment Committee ‒ Objective risk rating system ‒ Structural protections provide the ability to impact outcomes • Culture of capital preservation ‒ Regular / ad hoc reporting to the Investment Committee ‒ Anticipation of negative credit events ‒ Multiple layers of review (internal & external) ‒ Robust internal compliance controls • Independent oversight of fair value process ‒ Multiple 3rd party valuation firms Proactive Risk Management
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Capital. Partnership. Expertise. www.fdus.com 13 • Fidus’ senior investment professionals have an average of >27 years of relevant experience • Founding members have worked together for the majority of the last 27+ years • 33 professionals across three offices (Charlotte, Evanston, and New York) Investment and Origination Team • Chief Financial Officer – Shelby E. Sherard • Chief Operating & Legal Officer – John Herring • Investor Relations – Richey Reneberg • 8 other financial team members • 1 office manager Corporate /Legal/ Finance/IR • Robinson, Bradshaw & Hinson, P.A. • Eversheds Sutherland LLP (BDC) • Winston & Strawn LLP (SBA) Legal • Investor Relations • Information Technology 3rd Party * Denotes a team member that is also employed by Fidus Partners, LLC, an M&A advisory services firm and an affiliate of Fidus I nvestment Advisors, LLC, the external manager of FDUS. Executive Management Experienced Team Relevant Experience Professional Title Industry Expertise Fidus Industry Edward H. Ross CEO & IC Member A&D, Transp. & Logistics 21 years 35 years Thomas C. Lauer MD & IC Member Healthcare, IT & Software 17 years 35 years Robert G. Lesley, Jr. MD & IC Member Business Services, Distribution 13 years 31 years W. Andrew Worth MD & IC Member A&D, Manufacturing 18 years 29 years Michael J. Miller* MD & Head of BD Generalist 16 years 37 years John H. Grigg * MD & IC Member Food, Industrial 21 years 36 years John J. Ross II * MD & IC Member Business Services 22 years 31 years William S. Brown Managing Director Business Services, Industrial 18 years 20 years Matthew R. Culbertson Managing Director Consumer, IT & Software 19 years 20 years Brien Davis Managing Director Business Services, Consumer, Manufacturing 2 years 28 years J. Connor Hoesley Managing Director Industrial, Distribution 18 years 18 years Craig J. Petrusha Managing Director Business Services, Logistics, IT & Software 13 years 25 years Maxwell Vander Wyst Principal Generalist 9 years 12 years Hannah Nichols Principal Generalist 9 years 9 years 10 junior investment professionals
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Capital. Partnership. Expertise. www.fdus.com 14 Long-term focus on maintaining dividend coverage and preserving capital • Cumulative adjusted net investment income exceeds cumulative regular dividends Forty special or supplemental dividends declared since IPO (aggregate of $4.41 per share) Undistributed spillover income of $1.00 per share as of June 30, 2026 • Current LTM total dividend yield of 11.6% as of June 30, 2026 (1) Dividend and Distributions ($ per share) (1) Based on LTM total dividends of $2.21 per share (including supplemental and special cash dividends) and $19.07 closing price on June 30, 2026. Performance Track Record Capital Preservation ($ per share) • NAV consistently above initial IPO level for 60 consecutive quarters Timing of equity gains are difficult to predict but provide long-term NAV support Cumulative realized net capital gains of $167.0 million • Adjusted NAV per share at June 30, 2026 = $19.46 (34.6% premium to IPO level of $14.46)
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Capital. Partnership. Expertise. www.fdus.com 15 BDC Industry Performance • Historical annual median GAAP ROE of 12.5% since initial IPO • One of the top five BDCs among 32 BDCs monitored by Raymond James (data through Q1’26) FDUS has generated excellent results compared to other industry participants
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Capital. Partnership. Expertise. www.fdus.com 16 III. Portfolio & Financial Review
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Capital. Partnership. Expertise. www.fdus.com 17 Measured Annual Portfolio Growth (1) Portfolio count excludes residual investments in portfolio companies that have sold their underlying operations
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Capital. Partnership. Expertise. www.fdus.com 18 Diversified Portfolio(1) (1) Pie charts represent Fidus Investment Corporation’s portfolio at cost as of June 30, 2026. (2) Weighted average yield calculated based on effective interest rates for all debt investments at cost at end of period, including accretion of original issue discount and loan origination fees but excluding investments on non- accrual and investments recorded as a secured borrowing, if any. (3) Excludes eight inactive portfolio companies that have sold their underlying operations. (4) Represents the fair value weighted average of total net debt through Fidus’ debt investments to total EBITDA (excluding equit y-only and ARR portfolio company investments). (5) Represents the fair value weighted average interest coverage (excluding equity -only and ARR portfolio company investments). 87.1% secured debt investmentsWeighted Average Total Net Leverage (4) 4.1x Weighted Average Interest Coverage (5) 2.6x ($ in Millions) Invested Portfolio Investments at Fair Value $1,432.9 Weighted Average Debt Yield (2) 12.5% Investments on Non-Accrual at Cost 0.8% Investments on Non-Accrual at Fair Value 0.0% Fair Value to Cost Ratio 102.0% Portfolio Companies Number of Active Portfolio Companies (3) 100
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Capital. Partnership. Expertise. www.fdus.com 19 Debt Portfolio Trends • FDUS typically leads the debt structuring process Focus on maintaining attractive risk-adjusted returns and structural downside protections Emphasis on first lien, senior-secured structures • Continually targeting larger, more stable companies within the lower middle market Weighted average debt leverage has risen accordingly Last dollar of exposure consistently below middle market averages 10% 17% 30% 65% 62% 69% 69% 86% 88% 12.6% 12.0% 12.2% 12.3% 13.8% 14.2% 13.3% 12.6% 12.5% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 0% 20% 40% 60% 80% 100% 2018 2019 2020 2021 2022 2023 2024 2025 Q2'26 FDUS Debt Portfolio (Fair Value) First Lien Debt Second Lien D ebt Subordinated Debt Wtd Avg. Yield $522.5 $632.2 $627.4 $549.8 $740.5 $832.8 $944.5 $1,182.4 $1,285.7 4.2x 4.6x 4.7x 5.0x 5.0x 5.4x 5.5x 5.0x 4.1x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x $- $150.0 $300.0 $450.0 $600.0 $750.0 $900.0 $1,050.0 $1,200.0 $1,350.0 $1,500.0 2018 2019 2020 2021 2022 2023 2024 2025 Q2'26 FDUS Debt Portfolio (Fair Value) FDUS Debt Mult
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Capital. Partnership. Expertise. www.fdus.com 20 Upside Potential from Equity Investments • FDUS equity investment portfolio provides additional potential upside to shareholders through capital gains and dividend income – Maintain equity investments in 82.4% of portfolio companies (avg. ownership 2.1%) – Equity represents 10.3% of portfolio fair value vs. cost of 7.0% – Long-term target of allocating ~10% of invested capital towards equity – Current appreciation over cost of 150% as of June 30, 2026 • Since IPO, FDUS has realized net cumulative capital gains of $327.5 million from equity investments Meaningful Equity Component in FDUS Portfolio based on Fair Value
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Capital. Partnership. Expertise. www.fdus.com 21 Financial Highlights 1 Adjusted net investment income, a non-GAAP measure, is net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. See page 32 for reconciliation of net investment income to adjusted net investment income. 2 Includes supplemental dividend of $0.11 per share 3 Includes supplemental dividend of $0.14 per share 4 Includes supplemental dividend of $0.07 per share 5 Includes supplemental dividend of $0.09 per share 6 Includes supplemental dividend of $0.19 per share 7 SBA debentures are exempt from regulatory leverage ($ in 000s, except per share data) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Income Statement Highlights, per share Adjusted Net Investment Income (1) $0.57 $0.50 $0.52 $0.62 0.50$ Net Investment Income 0.53 0.49 0.53 0.65 0.49 Net Increase in Net Assets 0.72 0.54 0.50 0.52 0.53 Dividends Paid 0.54 (2) 0.57 (3) 0.50 (4) 0.52 (5) 0.62 (6) Wtd. Avg. Shares Outstanding (000s) 35,157 35,722 36,968 37,954 37,954 Portfolio Activity Gross Originations 94,451$ 74,473$ 213,682$ 118,646$ 98,015$ Less Repayments (109,253) (36,714) (84,683) (73,052) (39,173) Net Investment Activity (14,802)$ 37,759$ 128,999$ 45,594$ 58,842$ Balance Sheet Highlights Total Investments, at Fair Value 1,149,304$ 1,192,748$ 1,324,753$ 1,369,257$ 1,432,911$ SBA Debentures 202,000$ 191,000$ 237,500$ 260,500$ 296,000$ Line of Credit Outstanding - 15,000 83,850 85,150 112,650 Secured Borrowings 13,255 12,816 12,000 11,594 11,149 Private Notes 325,000 325,000 325,000 325,000 320,000 Total Debt Outstanding 540,255$ 543,816$ 658,350$ 682,244$ 739,799$ Net Assets 692,297$ 711,034$ 741,899$ 742,047$ 738,478$ NAV per share 19.57$ 19.56$ 19.55$ 19.55$ 19.46$ Total Leverage 0.8x 0.7x 0.9x 0.9x 1.0x Regulatory Leverage (7) 0.5x 0.5x 0.6x 0.6x 0.6x
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Capital. Partnership. Expertise. www.fdus.com 22 Diversified Liability Profile • FDUS maintains an attractive and diversified liability funding structure $225 million Special Purpose Vehicle (“SPV”) floating-rate syndicated credit facility (ING agent) Five year unsecured fixed-rate notes 10-year fixed-rate SBIC debentures • As of June 30, 2026, 84.5%(1) of outstanding liabilities are fixed rate obligations • Current weighted average interest rate of 5.7%(1) (1) Regulatory Leverage excludes SBIC debentures (1) Excludes secured borrowings ($'s in Millions) December 31, 2025 June 30, 2026 Blended Security Available Outstanding % Available Outstanding % Rate Maturity SPV Credit Facility 225.0$ 83.9$ 13% 225.0$ 112.7$ 15% 6.4% 2030 SBIC Debentures 321.5 237.5 37% 314.5 296.0 41% 4.5% 2029 - 2036 Unsecured Notes due November 2026 125.0 125.0 19% - - 0% 0.0% 2026 Unsecured Notes due June 2029 - - 0% 120.0 120.0 16% 6.6% 2029 Unsecured Notes due March 2030 200.0 200.0 31% 200.0 200.0 27% 6.8% 2030 Total(1) 871.5$ 646.4$ 100% 859.5$ 728.7$ 100% 5.7% Summary of Borrowings
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Capital. Partnership. Expertise. www.fdus.com 23 IV. Conclusion
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Capital. Partnership. Expertise. www.fdus.com 24 Why Invest in FDUS? Highly Experienced Team: Disciplined Investment Strategy & Process: • Fidus’ principals average more than 25 years of professional experience. The core investment team has worked together for over 20 years. • Focus on seasoned, smaller and lower middle market companies in underserved capital markets / industries with a history of generating revenue and positive cash flow. • Differentiated investment strategy focused on preservation of capital while generating attractive risk-adjusted returns. • Highly disciplined and comprehensive investment and risk management process. Deal Origination Network in Attractive Lower Middle- Market: • Focused on the lower middle market since its founding over twelve years ago. • Lower middle market offers significant opportunity for attractive risk-adjusted returns. • Well established direct origination network with private equity (“PE”) firms, independent sponsors, intermediaries, and lending partners drives repeat business. • Highly selective deal screening process (5-year average of ~ 600 transactions reviewed annually with an investment close rate less than 3.0%). • Three regional offices (Charlotte, Evanston, and New York) allow for nation-wide deal sourcing, supported by strong regional relationships. Proven Investment Track Record: • Attractive 11.6% dividend yield1 based on total LTM dividends of $2.21 per share (including supplemental and special cash dividends). Spillover income of $1.00 per share as of June 30, 2026. • Average annual GAAP ROE of 12.5%, consistently exceeding average BDC performance (Raymond James2). • Strong balance sheet and liquidity position support portfolio growth. • SBIC debt provides lower cost of debt capital. Dividends & NAV Upside • Primarily current cash income with additional return from origination and structuring fees. • Monetization of mature equity investments a key driver of net investment income growth. • Potential upside through equity distributions and appreciation. (1) Closing price of $19.07 on June 30, 2026 (2) Raymond James Weekly BDC Report, July 20, 2026, page 6
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Capital. Partnership. Expertise. www.fdus.com 25 Appendices
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Capital. Partnership. Expertise. www.fdus.com 26 Investment Portfolio as of June 30, 2026 $ in '000s Portfolio Company Nature of Principal Business Investment Types (1) Cost Fair Value 2KDirect, Inc. (dba iPromote) Information Technology Services FL-Debt, Equity 9,238$ 7,761$ 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution FL-Debt, Equity 12,809 12,623 Acendre Midco, Inc. Information Technology Services FL-Debt, Equity, Warrant 21,022 20,964 Acorn VMS Holdco, LP (dba Oakline Holdings) Information Technology Services FL-Debt 8,316 8,316 Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services FL-Debt 11,155 11,155 Air Burners, Inc. Utility Equipment Manufacturing FL-Debt, Equity 17,022 17,206 Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings FL-Debt, Equity 7,133 7,204 American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries SL-Debt, Equity 19,557 18,701 AmeriWater, LLC Component Manufacturing FL-Debt, Equity 50,045 48,759 AMOpportunities, Inc. Healthcare Services FL-Debt, Equity 7,646 8,856 AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services FL-Debt, Equity 12,346 12,391 APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing Building Products Manufacturing Equity 1,372 1,720 Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) Building Products Manufacturing SUB-Debt, FL-Debt, Equity 21,810 21,519 Auto CRM LLC (dba Dealer Holdings) Information Technology Services SUB-Debt, Equity 22,405 26,173 Axis Medical Technologies LLC (dba MoveMedical) Information Technology Services SUB-Debt, Equity 3,369 3,118 Bad Boy Mowers JV Acquisition, LLC Consumer Products FL-Debt, Equity 14,700 14,907 Barefoot Mosquito and Pest Control, LLC Consumer Services FL-Debt, Equity 11,187 12,597 BCM One Group Holdings, Inc. Information Technology Services FL-Debt, Equity 35,191 29,723 Bedford Precision Parts LLC Specialty Distribution SUB-Debt 17,602 17,668 Bobcat of Connecticut, LLC Specialty Distribution Equity 478 313 BPCP Dcom, Inc. (dba Dumpsters.com, LLC) Business Services FL-Debt, Equity 6,359 6,513 Brightmore Brands LLC Retail FL-Debt, Equity 23,431 23,653 Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services FL-Debt - - Choice Technology Solutions, LLC (dba Choice Merchant Solutions Information Technology Services FL-Debt, Equity 25,020 25,803 CIH Intermediate, LLC Business Services FL-Debt, Equity 14,132 14,664 Cleanova Topco Limited Component Manufacturing FL-Debt 26,992 27,000 CP Communications, LLC Business Services Equity - - CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Equity - - CTM Group, Inc. (dba Venuplus, Inc.) Business Services Equity 1,731 2,027 Customer Expressions Corp (dba Case IQ) Information Technology Services FL-Debt, Equity 6,170 6,354 Dataguise, Inc. Information Technology Services Equity 272 - Dealerbuilt Acquisition, LLC Information Technology Services SUB-Debt, FL-Debt, Equity 11,860 11,343 Detechtion Holdings, LLC Information Technology Services FL-Debt, Equity 15,980 16,114 Diversified Search LLC Business Services Equity 1,500 1,384 Donovan Food Brokerage, LLC Business Services FL-Debt, Equity 25,902 25,789 Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) Information Technology Services SUB-Debt, FL-Debt, Equity 31,616 31,336 E-PlanSoft Buyer, LLC (dba e-PlanSoft) Information Technology Services FL-Debt, Equity 24,702 24,205 Estex Manufacturing Company, LLC Component Manufacturing FL-Debt, Equity 24,900 25,831 Fishbowl Solutions, LLC Information Technology Services FL-Debt, Equity 20,954 21,269 Fraser Steel LLC Component Manufacturing FL-Debt, Equity 9,630 9,228
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Capital. Partnership. Expertise. www.fdus.com 27 Investment Portfolio as of June 30, 2026 $ in '000s Portfolio Company Nature of Principal Business Investment Types (1) Cost Fair Value Fumex, LLC Industrial Product Services FL-Debt, Equity 6,242$ 6,176$ Gap Intelligence Acquisition, LLC (dba OpenBrand) Information Technology Services FL-Debt 35,022 35,062 Global Plasma Solutions, Inc. Component Manufacturing FL-Debt, Equity 13,802 13,873 GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services FL-Debt, Equity 7,314 7,324 GPS Insight, Inc. Information Technology Services FL-Debt, Equity 6,970 6,970 Green Cubes Technology, LLC (dba Green Cubes) Component Manufacturing Equity 350 388 Haematologic Technologies, Inc. Healthcare Services FL-Debt, Equity 30,945 31,713 Hallmark Health Care Solutions, Inc. Information Technology Services FL-Debt 22,996 23,080 Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products FL-Debt 22,317 22,500 IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services FL-Debt, Equity 7,458 6,565 InductiveHealth Informatics, LLC Information Technology Services Equity 3,646 512 Info Tech Operating, LLC (dba infotech) Information Technology Services SL-Debt, Equity 25,397 27,157 Informatics Holdings, Inc. (dba Wasp Barcode Technologies) Information Technology Services Equity - - ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services FL-Debt, Equity 35,884 36,032 Janus Health Technologies, Inc. Information Technology Services FL-Debt 17,895 18,000 Jumo Health, Inc. Healthcare Services FL-Debt, Equity 9,768 9,049 KG Lawn Care, Inc. (dba King Green) Consumer Services FL-Debt, Equity 19,093 18,741 Laboratory Testing, LLC Business Services Equity 1,500 822 Level Education Group, LLC (dba CE4Less) Business Services FL-Debt, Equity 6,246 5,824 LifeSpan Biosciences, Inc. Healthcare Products FL-Debt, Equity 10,566 10,564 Mayesh Wholesale Florist, LLC Specialty Distribution FL-Debt, Equity 10,807 11,267 MBS Opco, LLC (dba Marketron) Information Technology Services FL-Debt, Equity 13,192 15,239 MDME Holding Corp. Healthcare Products SUB-Debt, Equity 16,580 15,461 Medsurant Holdings, LLC Healthcare Services FL-Debt, Equity 12,405 12,717 MRC Drake Buyer LLC Component Manufacturing FL-Debt, Equity 13,463 11,827 National OnDemand, Inc. Telecommunication Services Equity 1,726 1,725 Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services Equity, Warrant - - NWS Technologies, LLC Utilities: Services FL-Debt, Equity 6,335 6,335 OnePath Systems, LLC Information Technology Services FL-Debt 15,206 15,206 Onsight Industries, LLC Component Manufacturing FL-Debt 16,890 15,513 Palmetto Moon, LLC Retail FL-Debt, Equity 21,414 21,341 PayEntry Financial Services, Inc. (dba Payentry) Information Technology Services Equity - - Pfanstiehl, Inc. Healthcare Products FL-Debt, Equity 9,270 9,172 Pinnergy, Ltd. Oil & Gas Services Equity - 1,427 PIPCO, LLC Utilities: Services SL-Debt, Equity 9,524 9,632 PowerGrid Services Acquisition, LLC Utilities: Services Equity 255 41,717 Prime AE Group, Inc. Business Services SUB-Debt 10,035 10,009 Pronto Plumbing & Drain, Inc. Utilities: Services FL-Debt, Equity 9,682 10,100 Puget Collision, LLC Retail Equity 304 62 PureCars Technologies, LLC Information Technology Services Equity 900 303
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Capital. Partnership. Expertise. www.fdus.com 28 Investment Portfolio as of June 30, 2026 (1) The Company's debt securities are classified as either First Lien Debt, Second Lien Debt or Subordinated Debt depending on the level security interest in the assets of the portfolio company as collateral in support of the repayment of such loans provided pursuant to agreements with the portfolio company. Refer to the Company's periodic 10-Q and 10-K filings with the SEC for additional information concerning these classifications. $ in '000s Portfolio Company Nature of Principal Business Investment Types (1) Cost Fair Value QED Technologies International, Inc. Component Manufacturing FL-Debt, Equity 16,157 16,377 Quest Software US Holdings Inc. Information Technology Services FL-Debt, Equity 13,212 13,439 R.F. Fager Company LLC Specialty Distribution FL-Debt, Equity 18,972 21,928 R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services FL-Debt 21,202 21,202 Sales Rabbit, Inc. Information Technology Services FL-Debt 18,303 12,605 ServicePower, Inc. Information Technology Services SL-Debt, Equity 19,184 19,541 SES Investors, LLC (dba SES Foam) Building Products Manufacturing SUB-Debt, FL-Debt, Equity 7,942 7,796 Sogno Toscano LLC Specialty Distribution FL-Debt 26,225 26,480 Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing FL-Debt 30,800 30,961 Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Equity - - Suited Connector LLC Information Technology Services FL-Debt, Equity 16,921 20,400 Tedia Company, LLC Healthcare Products FL-Debt, Equity 35,558 33,002 The Kyjen Company, LLC (dba Outward Hound) Consumer Products Equity 1,000 6,083 Thrust Flight LLC Business Services Equity 2,016 1,900 True Environmental Inc. Business Services SUB-Debt, FL-Debt, Equity 19,002 20,496 UBEO, LLC Business Services Equity 933 - United Biologics, LLC Healthcare Services SUB-Debt, FL-Debt, Equity 15,103 14,658 US GreenFiber, LLC Building Products Manufacturing FL-Debt, Equity 22,260 22,187 USG AS Holdings, LLC Utilities: Services Equity 610 2,089 Virginia Tile Company, LLC Specialty Distribution Equity, Warrant 1,455 - Virtex Enterprises, LP Component Manufacturing Equity 1,610 - VMS MSO, LLC (dba Vytal Health Partners) Healthcare Services Equity - - W50 Holdings, LLC Business Services Equity - - Waterworks Solutions Acquisition, Inc. (dba CITCO Water) Specialty Distribution SL-Debt, SUB-Debt 11,200 197 White Label Communication, LLC Information Technology Services FL-Debt 14,549 14,917 Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services SUB-Debt, Equity 12,225 12,340 World Tours LLC Consumer Services FL-Debt, Equity 24,778 24,299 Worldwide Express Operations, LLC Transportation services FL-Debt 26,261 26,422 1,404,431$ 1,432,911$
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Capital. Partnership. Expertise. www.fdus.com 29 Supplemental Disclosure regarding “IT Services” Portfolio Companies ($ in millions; sorted by LTV %) Loan to Debt Equity Total % of Porfolio Fair Value Company Value % Fair Val Cost % of Cost Fair Val Cost % of Cost Fair Val Cost % of Cost Debt Equity Total iPromote 104.7% $7.8 $8.2 95% - $1.0 - $7.8 $9.2 $0.8 0.6% - 0.5% Payentry 42.1% $8.6 $8.5 101% $1.1 $1.0 110% $9.7 $9.5 102% 0.7% 0.7% 0.7% CORE 56.2% $8.3 $8.3 100% - - n/a $8.3 $8.3 100% 0.6% - 0.6% Chargeback Gurus 25.5% $14.1 $14.0 101% $0.5 $0.1 500% $14.6 $14.1 104% 1.1% 0.3% 1.0% Suited Connector n/m - - n/a $1.9 $2.0 95% $1.9 $2.0 95% - 1.3% 0.1% Vendara n/m - - n/a - - n/a - - n/a - - - OnePath n/m - - n/a - - n/a - - n/a - - - Subtotal - Tech Enabled Services 52.3% $38.8 $39.0 99% $3.5 $4.1 85% $42.3 $43.1 98% 3.0% 2.4% 3.0% Netbase Qui d 115.0% $15.5 $16.9 92% - - n/a $15.5 $16.9 92% 1.2% - 1.1% MediaRadar 31.3% $15.8 $15.8 100% $1.4 $1.3 108% $17.2 $17.1 101% 1.2% 1.0% 1.2% OpenBrand 8.0% $6.0 $6.0 100% $1.0 $1.0 100% $7.0 $7.0 100% 0.5% 0.7% 0.5% Subtotal - Information Services 64.2% $37.3 $38.7 96% $2.4 $2.3 104% $39.7 $41.0 97% 2.9% 1.6% 2.8% BCM One 46.6% $17.7 $17.6 101% - - n/a $17.7 $17.6 101% 1.4% - 1.2% Whi te Label 39.3% $23.9 $24.3 98% $0.4 $0.5 80% $24.3 $24.8 98% 1.9% 0.3% 1.7% A llOve r Me dia n/m - - n/a $1.7 $1.4 121% $1.7 $1.4 121% - 1.2% 0.1% Subtotal - Telecom & Media Services 42.4% $41.6 $41.9 99% $2.1 $1.9 111% $43.7 $43.8 100% 3.2% 1.4% 3.0% InductiveHealth 41.3% $35.8 $35.7 100% $0.2 $0.2 100% $36.0 $35.9 100% 2.8% 0.1% 2.5% Hallmark n/m - - n/a $0.5 $3.6 14% $0.5 $3.6 14% - 0.3% 0.0% Janus n/m - - n/a $0.8 $1.5 53% $0.8 $1.5 53% - 0.5% 0.1% Subtotal - Healthcare Technology 41.3% $35.8 $35.7 100% $1.5 $5.3 28% $37.3 $41.0 97% 2.8% 1.0% 2.6% Detechti on 65.2% $31.1 $31.0 100% $0.2 $0.6 33% $31.3 $31.6 99% 2.4% 0.1% 2.2% Wasp Barcode 66.9% $8.8 $8.8 100% $0.3 $1.0 30% $9.1 $9.8 93% 0.7% 0.2% 0.6% GPS Insight 52.7% $23.1 $23.0 100% - - n/a $23.1 $23.0 100% 1.8% - 1.6% MCIM 15.5% $20.3 $20.2 100% $1.0 $0.8 125% $21.3 $21.0 101% 1.6% 0.7% 1.5% Subtotal - Enterprise Asset Mgmt 49.8% $83.3 $83.0 100% $1.5 $2.4 63% $84.8 $85.4 100% 6.5% 1.0% 5.9% Quest Software 59.4% $12.6 $18.3 69% - - n/a $12.6 $18.3 69% 1.0% - 0.9% Dataguise n/m - - n/a $1.4 $1.5 93% $1.4 $1.5 93% - 1.0% 0.1% Subtotal - Cybersecurity 59.4% $12.6 $18.3 69% $1.4 $1.5 93% $14.0 $19.8 71% 1.0% 1.0% 1.0% De ale r Holdings 97.2% $3.1 $3.1 100% - $0.3 - $3.1 $3.4 91% 0.2% - 0.2% Hi re Road 70.1% $19.9 $19.9 100% $1.0 $1.1 91% $20.9 $21.0 100% 1.5% 0.7% 1.5% Marketron 69.8% $27.0 $27.0 100% - - n/a $27.0 $27.0 100% 2.1% - 1.9% Servi cePower 51.8% $31.0 $30.8 101% - - n/a $31.0 $30.8 101% 2.4% - 2.2% De ale rbuilt 39.7% $24.9 $24.9 100% $0.9 $1.0 90% $25.8 $25.9 100% 1.9% 0.6% 1.8% Infotech 32.7% $18.0 $17.9 101% - - n/a $18.0 $17.9 101% 1.4% - 1.3% Case IQ 29.0% $15.3 $15.2 101% $0.8 $0.8 100% $16.1 $16.0 101% 1.2% 0.5% 1.1% E-plansoft 28.4% $8.2 $8.1 101% $1.1 $1.5 73% $9.3 $9.6 97% 0.6% 0.7% 0.6% Fishbowl 20.4% $35.1 $35.0 100% - - n/a $35.1 $35.0 100% 2.7% - 2.4% SalesRabbit 23.9% $26.5 $26.2 101% - - n/a $26.5 $26.2 101% 2.1% - 1.8% MoveMedi cal 14.8% $13.6 $13.6 100% $1.3 $1.1 118% $14.9 $14.7 101% 1.1% 0.9% 1.0% Oakline 29.5% $11.2 $11.2 100% - - n/a $11.2 $11.2 100% 0.9% - 0.8% PureCars 36.5% $21.2 $21.2 100% - - n/a $21.2 $21.2 100% 1.6% - 1.5% Subtotal - Software 39.6% $255.0 $254.1 100% $5.1 $5.8 88% $260.1 $259.9 100% 19.8% 3.5% 18.2% Total "IT Services" 45.2% $504.4 $510.7 99% $17.5 $23.3 75% $521.9 $534.0 98% 39.2% 11.9% 36.3% TOTAL FDUS PORTFOLIO 45.2% $1,285.7 $1,306.0 98% $147.2 $98.4 150% $1,432.9 $1,404.4 102% 100.0% 100.0% 100.0% Note: Subtotal s & Total s for LTV % are based on a wei ghted average of Debt Cost
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Capital. Partnership. Expertise. www.fdus.com 30 Statements of Assets & Liabilities ($ in 000s, except per share data) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Investments, at fair value Control Investments -$ -$ -$ -$ -$ Affiliate Investments 94,492 97,305 119,015 122,905 125,329 Non-control/Non-affiliate Investments 1,054,812 1,095,443 1,205,738 1,246,352 1,307,582 Total Investments 1,149,304$ 1,192,748$ 1,324,753$ 1,369,257$ 1,432,911$ Cash, Cash Equivalents & Restricted Cash 91,207 62,324 79,606 50,399 39,277 Other Assets 16,949 22,676 22,180 24,547 28,933 Total Assets 1,257,460$ 1,277,748$ 1,426,539$ 1,444,203$ 1,501,121$ Long-Term Debt 527,000$ 531,000$ 646,350$ 670,650$ 728,650$ Less: Deferred Financing Costs (11,161) (10,266) (14,275) (14,141) (16,392) Other Liabilities 49,324 45,980 52,565 45,647 50,385 Total Liabilities 565,163 566,714 684,640 702,156 762,643 Net Assets 692,297$ 711,034$ 741,899$ 742,047$ 738,478$ NAV Per Common Share $19.57 $19.56 $19.55 $19.55 $19.46
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Capital. Partnership. Expertise. www.fdus.com 31 Statements of Operations 1 Adjusted net investment income, a non-GAAP measure, is net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. See page 32 for reconciliation of net investment income to adjusted net investment income. 2 Includes supplemental dividend of $0.11 per share 3 Includes supplemental dividend of $0.14 per share 4 Includes supplemental dividend of $0.07 per share 5 Includes supplemental dividend of $0.09 per share 6 Includes supplemental dividend of $0.19 per share ($ in 000s, except per share data) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Total Investment Income $39,970 $37,253 $42,153 $47,524 $43,502 Expenses: Interest Expense $7,769 $7,649 $9,423 $9,775 $10,957 Base Management Fee 5,106 5,253 5,651 5,913 6,230 Incentive Fee - Income 4,854 4,371 4,721 5,834 4,647 Incentive Fee - Capital Gains 1,331 354 (261) (952) 254 G&A Expense 2,273 1,915 1,264 2,341 2,719 Total Expenses, before Base Management Fee Waiver 21,333 19,542 20,798 22,911 24,807 Base Management Fee Waiver (59) (57) (55) (51) (50) Total Expenses, net of Base Management Fee Waiver $21,274 $19,485 $20,743 $22,860 $24,757 Net Investment Income before Taxes $18,696 $17,768 $21,410 $24,664 $18,745 Income Tax Expense (Benefit) 68 399 1,779 23 53 Net Investment Income $18,628 $17,369 $19,631 $24,641 $18,692 Net Gains (Losses) on Investments 6,731 2,073 (1,040) (4,640) 1,465 Realized losses on extinguishment of debt (75) (304) (269) (117) (194) Net Increase (Decrease) in Net Assets $25,284 19,138$ 18,322$ 19,884$ 19,963$ Per Common Share Data: Adjusted Net Investment Income (1) $0.57 $0.50 $0.52 $0.62 $0.50 Net Investment Income $0.53 $0.49 $0.53 $0.65 $0.49 Net Increase (Decrease) in Net Assets $0.72 $0.54 $0.50 $0.52 $0.53 Dividends Paid $0.54 2 $0.57 3 $0.50 4 $0.52 5 $0.62 6 Wtd. Avg. Shares Outstanding (000s) 35,157 35,722 36,968 37,954 37,954
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Capital. Partnership. Expertise. www.fdus.com 32 Reconciliation of Adjusted Net Investment Income The following are reconciliations of net investment income (NII) and NII per share computed in accordance with GAAP to Adjusted NII, a non-GAAP measure, and Adjusted NII per share which exclude capital gains incentive fee expense or (reversal) based on realized and unrealized capital gains and losses: (1) Adjusted net investment income per share amounts are calculated as adjusted net investment income divided by weighted average shares outstanding for the period. Due to rounding, the sum of net investment income per share and capital gains incentive fee expense or (reversal) per share amounts may not equal the adjusted net investment income per share amount presented here. ($ in 000's) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Investment Income 18,628$ 17,369$ 19,631$ 24,641$ 18,692$ Capital Gains Incentive Fee Expense (Reversal) 1,331 354 (261) (952) 254 Adjusted Net Investment Income (1) 19,959$ 17,723$ 19,370$ 23,689$ 18,946$ Per Share Net Investment Income $0.53 $0.49 $0.53 $0.65 0.49$ Capital Gains Incentive Fee Expense (Reversal) 0.04 0.01 (0.01) (0.03) 0.01 Adjusted Net Investment Income (1) $0.57 $0.50 $0.52 $0.62 0.50$
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Capital. Partnership. Expertise. www.fdus.com 33 Corporate Data Executive Officers Investment Committee Corporate Headquarters Research Coverage Edward H. Ross John H. Grigg 1603 Orrington Avenue B. Riley Securities Chairman & CEO Managing Director Suite 1005 Sean-Paul Adams Evanston, IL 60201 Thomas C. Lauer Thomas C. Lauer www.fdus.com Clear Street President President Mickey Schleien, CFA Shelby E. Sherard Robert G. Lesley, Jr. Investor Relations Keefe, Bruyette & Woods, Inc. CFO & CCO Managing Director Edward Ross / Shelby Sherard Paul Johnson, CFA 847-859-3940 Independent Directors Edward H. Ross investorrelations@fdus.com Ladenburg Thalmann Raymond L. Anstiss, Jr. Chairman of Investment Committee Christopher Nolan, CFA Jody Burfening Kelly McNamara Corley John J. Ross, II Alliance Advisors IR Oppenheimer & Co. Inc. Managing Director 212-838-3777 Mitchel Penn, CFA Edward X. Tune jburfening@allianceadvisors.com W. Andrew Worth Raymond James & Associates, Inc. Managing Director Robert J. Dodd, PhD Securities Listing - NASDAQ Michael J. Miller "FDUS" - Common Stock Managing Director Corporate Counsel Eversheds Sutherland (US) LLP Transfer Agent Equiniti Trust Company, LLC CUSIP: 316500107
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Capital. Partnership. Expertise. www.fdus.com