<SEC-DOCUMENT>0001193125-21-145448.txt : 20210607
<SEC-HEADER>0001193125-21-145448.hdr.sgml : 20210607
<ACCEPTANCE-DATETIME>20210430170155
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-145448
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIDUS INVESTMENT Corp
		CENTRAL INDEX KEY:			0001513363
		IRS NUMBER:				275017321
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1603 ORRINGTON AVENUE
		STREET 2:		SUITE 820
		CITY:			EVANSTON
		STATE:			IL
		ZIP:			60201
		BUSINESS PHONE:		847-859-3940

	MAIL ADDRESS:	
		STREET 1:		1603 ORRINGTON AVENUE
		STREET 2:		SUITE 820
		CITY:			EVANSTON
		STATE:			IL
		ZIP:			60201
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HTML><HEAD>
<TITLE>CORRESP</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Letterhead of Eversheds Sutherland (US) LLP] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">April 30, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christina DiAngelo Fettig, Senior Staff Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-4720 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fidus Investment Corporation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-253525)</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the Fiscal Year Ended December&nbsp;31, 2020 (File <FONT STYLE="white-space:nowrap">No.&nbsp;814-00861)</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Fettig: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Fidus Investment Corporation (the &#147;<B><I>Company</I></B>&#148;), set forth below are the Company&#146;s responses to the
accounting comments received during a telephone call on March&nbsp;25, 2021 with the staff of the Division of Investment Management (the &#147;<B><I>Staff</I></B>&#148;) of the U.S. Securities and Exchange Commission (the
&#147;<B><I>SEC</I></B>&#148;) relating to the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-253525)</FONT> (the &#147;<B><I>Registration
Statement</I></B>&#148;), and the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2020 (File <FONT STYLE="white-space:nowrap">No.&nbsp;814-00861)</FONT> (the
&#147;<B><I>Annual Report</I></B>&#148;), both of which were filed with the SEC on February&nbsp;25, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Staff&#146;s comments are
set forth below in italics and are followed by the Company&#146;s responses. Where revisions to the Registration Statement are referenced in the Company&#146;s responses set forth below, such revisions are included in Amendment No.&nbsp;1 to the
Registration Statement (the &#147;<B><I>Amended Registration Statement</I></B>&#148;). Where revisions to the Annual Report are referenced in the Company&#146;s responses set forth below, such revisions will be included in the Company&#146;s
subsequent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2021 (the &#147;<B><I>Subsequent Annual Report</I></B>&#148;) as well as the Company&#146;s Annual Reports on Forms <FONT
STYLE="white-space:nowrap">10-K</FONT> going forward (collectively with the Subsequent Annual Report, the &#147;<B><I>Subsequent Annual Reports</I></B>&#148;). Capitalized terms used in this letter but not otherwise defined herein have the meanings
specified in the Registration Statement and the Annual Report. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Accounting Comments &#150; Registration Statement </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>General Comments </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: When future initial registration statement filings are made, please file an
accompanying cover letter as correspondence that includes the Company&#146;s contact information.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company acknowledges the Staff&#146;s comment and confirms to the Staff that it will file a cover
letter as correspondence with future initial registration statement filings. </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: If the Company&#146;s Quarterly Report on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the period ended March</I><I></I><I>&nbsp;31, 2021 (the &#147;</I><B><I>March</I></B><B><I></I></B><B><I>&nbsp;31, 2021 <FONT STYLE="white-space:nowrap">10-Q</FONT></I></B><I>&#148;) is filed prior to
the effectiveness of the Registration Statement, please update the Amended Registration Statement to include data as of March</I><I></I><I>&nbsp;31, 2021, as applicable. </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company acknowledges the Staff&#146;s comment and confirms to the Staff that it will update the
Amended Registration Statement to include data as of the period ended March&nbsp;31, 2021 if the March&nbsp;31, 2021 <FONT STYLE="white-space:nowrap">10-Q</FONT> is on file prior the effectiveness of the Registration Statement. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Please include an updated consent from the Company&#146;s independent
registered public accounting firm with the Amended Registration Statement. </I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I>
The Company acknowledges the Staff&#146;s comment and confirms to the Staff that it will include an updated consent from the Company&#146;s independent registered public accounting firm, RSM US LLP, in the Amended Registration Statement. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: &#147;RSM US LLP&#148; is referenced in &#147;Part C &#150; Other
Information&#148; of the Registration Statement, but the consent filed as Exhibit(n)(1) to the Registration Statement does not specify this heading in the list of headings under which the firm is referenced. In the updated consent that is filed with
the Amended Registration Statement, please consider including the &#147;Part C &#150; Other Information&#148; in the list of headings, or please consider revising the consent such that RSM US LLP does not specify each heading and generally consents
to all references to its firm in the Registration Statement. </I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company
acknowledges the Staff&#146;s comment and confirms to the Staff that the updated consent filed with the Amended Registration Statement will specify the &#147;Part C &#150; Other Information&#148; heading in its list of headings to which RSM US LLP
consents to the reference to its firm. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: On the cover of the Registration Statement, please check the following two
boxes, if applicable: &#147;Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto&#148; and &#147;A.2 Qualified (qualified to register securities pursuant to General Instruction
A.2 of this Form).&#148;</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company acknowledges the Staff&#146;s comment and
confirms to the Staff that it has checked both boxes in the Amended Registration Statement, as the Company is a seasoned issuer. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: The Registration Statement and the Annual Report state that the Company is <FONT
STYLE="white-space:nowrap">non-diversified.</FONT> Please confirm whether the Company is <FONT STYLE="white-space:nowrap">non-diversified</FONT> and, if so, explain how the Company qualifies as
<FONT STYLE="white-space:nowrap">non-diversified.</FONT> Please consider modifying the disclosure in the Amended Registration Statement and Subsequent Annual Reports, as necessary.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company acknowledges the Staff&#146;s comment and recognizes that, as of December&nbsp;31, 2020, the
Company&#146;s portfolio would meet the definition of &#147;diversified&#148; under Section&nbsp;5 of the Investment Company Act of 1940, as amended. Nevertheless, the Company maintains an investment policy that allows it to operate <FONT
STYLE="white-space:nowrap">as&nbsp;non-diversified,&nbsp;which</FONT> also affords it the flexibility to operate as diversified. In addition, the Company has updated the cover page and page 1 of the Amended Registration Statement to provide
additional disclosure regarding the Company&#146;s ability to operate as a diversified <FONT STYLE="white-space:nowrap">or&nbsp;non-diversified&nbsp;company,</FONT> notwithstanding that it is
<FONT STYLE="white-space:nowrap">a&nbsp;non-diversified&nbsp;company.</FONT> The Company confirms to the Staff that it will similarly update the disclosure in Subsequent Annual Reports to include this additional disclosure. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Prospectus Summary </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to the third paragraph of page 1 of the Registration Statement,
wherever a weighted average yield on debt investments is disclosed that excludes investments on <FONT STYLE="white-space:nowrap">non-accrual</FONT> status, please update the disclosure to also include a yield on the entire portfolio. Please reflect
this updated disclosure in the Company&#146;s subsequent Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> as applicable, and Subsequent Annual Reports.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company respectfully advises the Staff on a supplemental basis that the weighted average yield on the
entire portfolio is not materially different than the weighted average yield on its debt investments excluding those investments on non-accrual status. Going forward, if the difference between the weighted average yield on the entire portfolio and
weighted average yield on its debt investments excluding those investments on non-accrual status becomes material, the Company will adjust its disclosure accordingly. In addition, the Company has revised the disclosure on page 1 of the Amended
Registration Statement to include the Company&#146;s total return based on its net asset value and its total return based on its market value. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>The Offering </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to the &#147;Taxation&#148; section on page 4 of the Registration
Statement, the disclosure indicates that the Company will not pay U.S. federal income taxes at the corporate level. The Staff notes that the Company has Taxable Subsidiaries that may be subject to excise tax. Please consider modifying the disclosure
in this paragraph to reference the Taxable Subsidiaries and the potential payment of excise tax. </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company has revised pages 4 and 40, of the Amended Registration Statement to reflect the Staff&#146;s
comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Fees and Expenses </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: With respect to the Fees and Expenses table on page 7 of the Registration
Statement, the incentive fee is presented as net of the income incentive fee waiver. Please consider whether the incentive fee should be presented as gross, rather than net, of the income incentive fee waiver.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company has revised page 7 of the Amended Registration Statement to reflect the Staff&#146;s comment.
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to footnote 9 on page 8 of the Registration Statement, the Staff
notes that &#147;Other expenses&#148; do not include the taxes listed in the Statement of Operations in the Annual Report. The Fees and Expenses table should include all expenses, including any taxes from such Statement of Operations. </I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company has revised the &#147;Other expenses&#148; line item of the Fees and
Expenses table on page 7 of the Amended Registration Statement as well as footnote 9 on page 8 of the Amended Registration Statement to reflect the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: On a supplemental basis, please confirm that the &#147;Example&#148; table on
page 9 of the Registration Statement will be updated in subsequent prospectus supplement filings to include the effective transaction expenses. </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company respectfully advises the Staff on a supplemental basis that it will update the
&#147;Example&#148; table on page 9 of the Amended Registration Statement to include the effective transaction expenses in subsequent prospectus supplement filings. </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: In the &#147;Example&#148; table on page 9 of the Registration Statement,
using an expense ratio of 12.53%, the Staff calculated $121, $335, $519, and $869 for 1 year, 3 years, 5 years and 10 years, respectively, for the first line item in that table. Please consider revising such line item to reflect these values.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company respectfully advises the Staff on a supplemental basis that the
amounts in the first line item of the &#147;Example&#148; table have been updated to account for the change made to the Fees and Expenses table in response to Comment 10 and to clarify the calculation used to reach such amounts. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: On a supplemental basis, please provide the Staff with the expense ratio that
was used to reach the values provided in the second line item of the &#147;Example&#148; table on page 9 of the Registration Statement. </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company respectfully advises the Staff on a supplemental basis that an expense ratio of 12.53% had
been used to reach the values provided in the second line item of the &#147;Example&#148; table on page 9 of the Registration Statement, and an expense ratio of 12.75% was used to reach the values provided in the second line item of the
&#147;Example&#148; table on page 9 of the Amended Registration Statement. The Company respectfully advises the Staff on a supplemental basis that the amounts in the second line item of the &#147;Example&#148; table have been updated to account for
the change made to the Fees and Expenses table in response to Comment 10 and to clarify the calculation used to reach such amounts. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: On a supplemental basis, please confirm that the Fees and Expenses table in
the Company&#146;s filings going forward (e.g., Subsequent Annual Reports, prospectus supplements, and any other applicable filings) will be updated to reflect the Staff&#146;s comments on the Fees and Expenses table in the Registration Statement,
as applicable. </I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company respectfully advises the Staff on a supplemental
basis that it will update the Fees and Expenses table in the Company&#146;s filings going forward (<I>e.g.</I>, Subsequent Annual Reports, prospectus supplements, and any other applicable filings) to reflect the Staff&#146;s comments on the Fees and
Expenses table in the Registration Statement, as applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Senior Securities </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: If the Company&#146;s March</I><I></I><I>&nbsp;31, 2021 <FONT
STYLE="white-space:nowrap">10-Q</FONT> is filed prior to the effectiveness of the Registration Statement, please confirm to the Staff whether an updated Senior Securities table will be included in the Registration Statement or the
March</I><I></I><I>&nbsp;31, 2021 <FONT STYLE="white-space:nowrap">10-Q</FONT> to include such quarterly data as of March</I><I></I><I>&nbsp;31, 2021. Please see Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Item 4.3, Instruction 1.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company respectfully advises the Staff on a supplemental basis that the
updated Senior Securities table will be included in the Amended Registration Statement if the March&nbsp;31, 2021 <FONT STYLE="white-space:nowrap">10-Q</FONT> is filed prior to the effectiveness of the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Portfolio Companies </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: On page 24 of the Registration Statement, please update the &#147;Portfolio
Companies&#148; section to include the list of portfolio companies, rather than incorporating by reference to the Annual Report. The Staff notes that in the Schedule of Investments in the Annual report, the address and the percentage of class
ownership are not denoted for each portfolio company. Please see Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Item 8.6.</I> <I>In addition, on a supplemental basis, please explain why Pinnergy, Ltd. is not categorized as a Control Investment
given that the Company owns more than 25% of this portfolio company.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The
Company has revised page 24 of the Amended Registration Statement to reflect the Staff&#146;s comment. In addition, the Company respectfully advises the Staff on a supplemental basis that, pursuant to the 1940 Act, a company must own more than 25%
of the company&#146;s voting securities in order to be deemed to control such company. The Company owns less than 25% of the voting securities of Pinnergy, Ltd.; therefore, the Company does not control such portfolio company, and as a result, it is
categorized as an Affiliate Investment and not a Control Investment. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Incorporation of Certain Information by Reference </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: On page 81 of the Registration Statement, please remove references to the
Small Business Credit Availability Act, as such legislation is now in effect.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I>
The Company has revised pages 6 and 83 of the Amended Registration Statement to reflect the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: If any additional information is on file prior to the filing of the Amended
Registration Statement, please update the &#147;Incorporation of Certain Information by Reference&#148; section on page 81 of the Registration Statement to incorporate such information by reference, as necessary.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>:</I> The Company acknowledges the Staff&#146;s comment and confirms to the Staff that to the extent any
additional information is on file prior to the filing of the Amended Registration Statement, the Company will update the &#147;Incorporation of Certain Information by Reference&#148; section to incorporate such information by reference, as
necessary. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Accounting Comments &#150; Annual Report </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>General Comments </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Given that the Company is a seasoned issuer, please explain why not all of the
disclosure requirements for seasoned issuers (e.g., Senior Securities table, Fees and Expenses table, and Price Range of Common Stock and Distributions table) are not each included in the Annual Report. The Staff notes that the Price Range of Common
Stock and Distributions table starting on page 14 of the Registration Statement is not included in the Annual Report. Please include such table in Subsequent Annual Reports, or alternatively, please explain on a supplemental basis why such table is
not required to be included in Subsequent Annual Reports. Please see Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Item 24, Instruction 4(h).</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company respectfully advises the Staff on a supplemental basis that<I> </I>the Senior Securities
table and the Fees and Expenses table are included in the Annual Report and will continue to be included in Subsequent Annual Reports, and that the Price Range of Common Stock and Distributions table is included in the Company&#146;s most recent
Definitive Proxy Statement on Schedule 14A and will continue to be included in the Company&#146;s subsequent Definitive Proxy Statement on Schedule 14A filings. The Company also confirms to the Staff that it will include the Price Range of Common
Stock and Distributions Table (Form N-2, Item 8.5) in Subsequent Annual Reports. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Because the Registration Statement will forward-incorporate the Subsequent
Annual Reports by reference, please confirm to the Staff that the Company will file with the Subsequent Annual Report the required consent from its independent registered public accounting firm that consents to the incorporation by reference of the
auditor&#146;s reports into the Registration Statement.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company
acknowledges the Staff&#146;s comment and confirms to the Staff that it will file such consent with the Subsequent Annual Report. </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">21.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Pursuant to Item 4 of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> the
Registration Statement is required to include financial highlights covering the last ten fiscal years or the life of the registrant, if shorter, and the latest five years must be audited. How does the Company intend to comply with this requirement
moving forward?</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company has revised page 17 of the Amended Registration
Statement to forward-incorporate by reference the &#147;Financial Highlights&#148; section of the Company&#146;s most recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K.</FONT> The Company respectfully advises the Staff on a
supplemental basis that such revision will ensure that Item 4 of Form <FONT STYLE="white-space:nowrap">N-2</FONT> is satisfied. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">22.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: During the last fiscal year, the Company&#146;s filer status changed from
&#147;accelerated filer&#148; to <FONT STYLE="white-space:nowrap">&#147;non-accelerated</FONT> filer.&#148; On a supplemental basis, please provide the Staff with the calculations and measurement dates that the Company used to determine that it was
no longer an accelerated filer.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company respectfully advises the Staff on
a supplemental basis that, as provided in the SEC&#146;s final rule &#147;Accelerated Filer and Large Accelerated Filer Definitions&#148; adopted on March&nbsp;12, 2020 (the &#147;<B><I>Final Rule</I></B>&#148;), business development companies
(&#147;<B><I>BDCs</I></B>&#148;) are excluded from the accelerated and large accelerated filer definitions if the BDC (i)&nbsp;as of its most recently completed second fiscal quarter has a public float of $75&nbsp;million or more, but less than
$700&nbsp;million, and (ii)&nbsp;as of its most recently completed fiscal year end has an investment income of less than $100&nbsp;million, for which a BDC&#146;s revenue serves as the investment income, as defined in Rule <FONT
STYLE="white-space:nowrap">6-07.1</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> The Company confirms to the Staff that it had a public float of $218,493,597 as of June&nbsp;30, 2020, the Company&#146;s most recently completed
second fiscal quarter, and investment income (i.e., the Company&#146;s revenue) of $77,105,586 as of December&nbsp;31, 2019, the Company&#146;s then most recently completed fiscal year end. Therefore, the Company was excluded from the definition of
accelerated filer and large accelerated filer under the Final Rule, and as a result, changed its filer status to <FONT STYLE="white-space:nowrap">&#147;non-accelerated&#148;</FONT> in the Annual Report. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Risk Factors </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">23.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: On page 26 of the Annual Report, please revise the following sentence to
reflect that the Company is currently subject to the 150% asset coverage ratio: &#147;As a result, we will become subject to the 150% asset coverage ratio effective as of April</I><I></I><I>&nbsp;29, 2020.&#148;</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company confirms to the Staff that it will reflect the Staff&#146;s comment in Subsequent Annual
Reports. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation (the
&#147;</B><B><I>MD&amp;A</I></B><B>&#148;) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">24.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to the table at the top of page 61 of the Annual Report, because the
Company invests in unitranche loans, which have a different risk profile than first lien debt, please consider categorizing unitranche loans separately.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company confirms to the Staff that it will reflect the Staff&#146;s comment in Subsequent Annual
Reports. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">25.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Item 303(a)(3) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT>
requires describing &#147;any unusual or infrequent events or transactions or any significant economic changes that materially affected the amount of reported income from continuing operations and, in each case&#148; indicating &#147;the extent to
which the income was so affected.&#148; The Staff notes that according to the table on page 66 of the Annual Report, it appears that a majority of the Company&#146;s losses for the year ended December</I><I></I><I>&nbsp;31, 2020 </I>
</P></TD></TR></TABLE>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
related to the sale of 50% of an equity investment. On a supplemental basis, please explain why narrative disclosure, as required by Item 303(a)(3), was not included in the MD&amp;A to describe
such events. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company acknowledges the Staff&#146;s comment and confirms to the
Staff that going forward, in addition to disclosing in tabular format the significant realized gains/losses incurred during a calendar quarter, it will also include narrative disclosure of the same in Subsequent Annual Reports. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">26.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: In its report on page 80, RSM US LLP identified the transfer of financial
assets as a critical audit matter; however, the transfer of financial assets is not identified as a critical accounting policy on page 71 of the Annual Report. On a supplemental basis, please explain whether the transfer of financial assets is also
considered a critical accounting policy, and if so, please disclose such point in Subsequent Annual Reports.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company respectfully advises the Staff on a supplemental basis that the transfer of financial assets
is a critical accounting policy of the Company, as disclosed on page 99 of the Annual Report. The Company confirms to the Staff that it will disclose in the Subsequent Annual Report in the &#147;Critical Accounting Policies and Use of
Estimates&#148; section in the MD&amp;A that the transfer of financial assets is a critical accounting policy of the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Consolidated Financial Statements and Supplementary Data </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">27.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: In the &#147;Cash and cash equivalents&#148; line item on page 82 of the
Annual Report, on a supplemental basis, please explain whether the composition of the &#147;Cash and cash equivalents&#148; includes any <FONT STYLE="white-space:nowrap">non-cash</FONT> items. If so, please separately disclose such <FONT
STYLE="white-space:nowrap">non-cash</FONT> items in the Schedule of Investments in the Annual Report.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company respectfully advises the Staff on a supplemental basis that the amount disclosed for the
&#147;Cash and cash equivalents&#148; line item on page 82 of the Annual Report is comprised only of cash. The Company confirms to the Staff that to the extent there are any <FONT STYLE="white-space:nowrap">non-cash</FONT> items in the future, it
will disclose such <FONT STYLE="white-space:nowrap">non-cash</FONT> items separately from the &#147;Cash and cash equivalents&#148; line item. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">28.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to page 90, please confirm that the Company owned no <FONT
STYLE="white-space:nowrap">non-qualifying</FONT> assets as of its fiscal year ended December</I><I></I><I>&nbsp;31, 2020. If the Company does own <FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets, please include such disclosure in the
Company&#146;s Schedule of Investments in Subsequent Annual Reports, pursuant to Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Item 8(6)(c).</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company respectfully advises the Staff on a supplemental basis that it had no <FONT
STYLE="white-space:nowrap">non-qualifying</FONT> assets as of December&nbsp;31, 2020 to disclose in its Schedule of Investments in the Annual Report. The Company confirms to the Staff that to the extent it has
<FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets in the future, the Company will disclose such <FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets in its Schedule of Investments in Subsequent Annual Reports in accordance with <FONT
STYLE="white-space:nowrap">Form&nbsp;N-2,</FONT> Item 8(6)(c). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">29.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to the &#147;Consolidated Schedule of Investments In and Advances To
Affiliates&#148; table on page 103 of the Annual Report, in Subsequent Annual Reports, please disclose two fiscal years in such table (the current fiscal year and the prior fiscal year), consistent with the Schedule of Investments.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company acknowledges the Staff&#146;s comment and confirms to the Staff that
it will reflect its comment in Subsequent Annual Reports. </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">30.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to the &#147;Consolidated Schedule of Investments In and Advances To
Affiliates&#148; table on page 103 of the Annual Report, please explain why such table has not been categorized by (i)</I><I></I><I>&nbsp;investments in majority-owned subsidiaries, (ii)</I><I></I><I>&nbsp;other controlled investments, and
(iii)</I><I></I><I>&nbsp;other affiliates. To the extent there are any majority-owned subsidiaries, please include a separate category in the table for these subsidiaries in Subsequent Annual Reports. If there were no majority-owned subsidiaries to
disclose in this table in the Annual Report, please confirm on a supplemental basis. Please see Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> <FONT STYLE="white-space:nowrap">12-14,</FONT> Footnote 1(a).</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company confirms to the Staff that, to the extent any portfolio companies listed in the
&#147;Consolidated Schedule of Investments In and Advances To Affiliates&#148; table are majority-owned subsidiaries for purposes of Regulation S-X 12-14, Footnote 1(a), the Company will include a footnote to any such portfolio company noting such
majority-owned status in Subsequent Annual Reports. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">31.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: With respect to the following statement on page 106 of the Annual
Report&#151;&#147;The Company believes that the carrying amounts of its other financial instruments such as cash and cash equivalents, interest receivable and accounts payable and other liabilities approximate the fair value of such items due to the
short maturity of such instruments&#148;&#151;on a supplemental basis, please confirm that escrow receivables presented in <FONT STYLE="white-space:nowrap">pre-paid</FONT> expenses and other assets are included in that statement. </I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company respectfully advises the Staff on a supplemental basis that escrow
receivables presented in <FONT STYLE="white-space:nowrap">pre-paid</FONT> expenses and other assets are included in the statement referenced in the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">32.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: In the Financial Highlights table on page 117 of the Annual Report, the
&#147;Portfolio turnover rate&#148; line item refers to footnote 3, but footnote 3 describes the total return based on market value. In Subsequent Annual Reports, please correct the portfolio turnover rate footnote to describe such line item.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company acknowledges the Staff&#146;s comment and confirms to the Staff that
it will reflect its comment in Subsequent Annual Reports as well as subsequent Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">33.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: In the Financial Highlights table on page 117 of the Annual Report, the ratio
of expenses to income should include tax expenses and tax provisions; as a general matter, ratios should include all expenses from the Statement of Operations, regardless of geography.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company acknowledges the Staff&#146;s comment and confirms to the Staff that it will reflect its
comment in Subsequent Annual Reports as well as subsequent Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q.</FONT> </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">34.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to Note 12 on page 118 of the Annual Report, please explain why the
tax basis of unrealized appreciation of $55,842 disclosed in the last table on page 119 of the Annual Report does not agree with the tax basis of net unrealized appreciation on investments of $57,044 disclosed in the table at the top of page 120 of
the Annual Report.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company respectfully advises the Staff on a
supplemental basis that the $55,842 in the last table on page 119 of the Annual Report discloses the Company&#146;s unrealized appreciation as it relates to the Company&#146;s distributable earnings as a RIC, and as a result, such amount does not
include the taxation of every entity that is subject to corporate-level U.S. federal income tax and other applicable taxes. The $57,044 disclosed in the table at the top of page 120 of the Annual Report does, however, include such corporate-level
U.S. federal income tax for such entities. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">35.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to the table at the bottom of page 119 of the Annual Report, please
note that the &#147;Unrealized appreciation&#148; line item denotes a footnote 2, but there is no accompanying footnote 2 in that table.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company acknowledges the Staff&#146;s comment and confirms to the Staff that it will either delete
such footnote reference or include the missing footnote to this table, as necessary, in Subsequent Annual Reports. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">36.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><U>Comment</U></I></B><I>: Referring to the table at the bottom of page 119 of the Annual Report, please
explain why the total distributable earnings of $46,985 does not agree with the total distributable earnings of $44,943 disclosed in the balance sheet on page 83 of the Annual Report.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><U>Response</U></I></B><I>: </I>The Company respectfully advises the Staff on a supplemental basis that the reason for such difference of
$2,042 between the $46,985 disclosed in the last table on page 119 of the Annual Report and the $44,943 disclosed in the balance sheet on page 83 of the Annual Report is explained in the second table, including the
<FONT STYLE="white-space:nowrap">lead-in</FONT> to such table, on page 120 of the Annual Report. In sum, the $2,042 is attributed to permanent <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">book-to-tax</FONT></FONT> differences
between the $46,985, which includes the Company&#146;s distributable earnings as a RIC and excludes the taxation of every entity that is subject to corporate-level U.S. federal income tax and other applicable taxes, and the $44,943, which reflects
the consolidated figure presented in conformity with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or additional comments concerning the foregoing, please contact me at (202) 383-0278. </P>
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Payam Siadatpour</P></TD></TR>
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<TD VALIGN="top">Payam Siadatpour</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Edward H. Ross, Chief Executive Officer, Fidus Investment Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Shelby E. Sherard, Chief Financial Officer, Fidus Investment Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Steve B. Boehm, Eversheds Sutherland (US) LLP </P>
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