FIDUS INVESTMENT Corp Commitments Disclosure
Note 7. Commitments and Contingencies
Commitments: The Company had outstanding commitments to portfolio companies to fund various undrawn revolving loans, other debt investments and capital commitments totaling $37,181 and $12,363 as of December 31, 2025 and 2024, respectively. Such outstanding commitments are summarized in the following table:
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December 31, 2025 |
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December 31, 2024 |
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Total |
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Unfunded |
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Total |
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|
Unfunded |
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Portfolio Company - Investment |
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Commitment |
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|
Commitment |
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|
Commitment |
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|
Commitment |
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Acendre Midco, Inc. - Revolving Loan |
|
$ |
1,000 |
|
|
$ |
— |
|
|
$ |
1,000 |
|
|
$ |
— |
|
|
Ad Info Parent, Inc. (dba MediaRadar) - Revolving Loan |
|
|
1,442 |
|
|
|
1,195 |
|
|
|
1,442 |
|
|
|
865 |
|
|
Air Burners, Inc. - Common Equity |
|
|
1,000 |
|
|
|
200 |
|
|
|
— |
|
|
|
— |
|
|
Axis Medical Technologies LLC (dba MoveMedical) - Revolving Loan |
|
|
800 |
|
|
|
800 |
|
|
|
800 |
|
|
|
800 |
|
|
Bobcat of Connecticut, LLC - Common Equity |
|
|
250 |
|
|
|
250 |
|
|
|
— |
|
|
|
— |
|
|
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan |
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
1,000 |
|
|
Detechtion Holdings, LLC - First Lien Debt |
|
|
1,250 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Detechtion Holdings, LLC - Revolving Loan |
|
|
1,000 |
|
|
|
1,000 |
|
|
|
1,000 |
|
|
|
1,000 |
|
|
Elements Brands, LLC - Revolving Loan |
|
|
— |
|
|
|
— |
|
|
|
1,500 |
|
|
|
— |
|
|
Enterprise Asset Management FM Purchaser, Inc. (dba MCIM) - First Lien Debt |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
— |
|
|
|
— |
|
|
Fraser Steel LLC - Revolving Loan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Fishbowl Solutions, LLC - Revolving Loan |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
2,223 |
|
|
GMP HVAC, LLC (dba McGee Heating & Air, LLC) - Revolving Loan |
|
|
— |
|
|
|
— |
|
|
|
1,500 |
|
|
|
1,500 |
|
|
KG Lawn Care, Inc. (dba King Green) - First Lien Debt |
|
|
2,500 |
|
|
|
2,500 |
|
|
|
— |
|
|
|
— |
|
|
Laboratory Testing, LLC - Revolving Loan |
|
|
4,000 |
|
|
|
3,427 |
|
|
|
— |
|
|
|
— |
|
|
Mayesh Wholesale Florist, LLC - First Lien Debt |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
— |
|
|
|
— |
|
|
NWS Technologies, LLC - First Lien Debt |
|
|
1,900 |
|
|
|
1,140 |
|
|
|
— |
|
|
|
— |
|
|
PayEntry Financial Services, Inc. (dba Payentry) - Second Lien (DDTL B) |
|
|
1,563 |
|
|
|
1,563 |
|
|
|
— |
|
|
|
— |
|
|
PayEntry Financial Services, Inc. (dba Payentry) - Second Lien (DDTL B) |
|
|
1,563 |
|
|
|
1,563 |
|
|
|
— |
|
|
|
— |
|
|
PIPCO, LLC - Revolving Loan |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
— |
|
|
|
— |
|
|
Pronto Plumbing & Drain, Inc. - Revolving Loan |
|
|
500 |
|
|
|
500 |
|
|
|
— |
|
|
|
— |
|
|
Tedia Company, LLC - Revolving Loan |
|
|
2,250 |
|
|
|
1,750 |
|
|
|
2,250 |
|
|
|
2,250 |
|
|
Thrust Flight LLC - First Lien Debt |
|
|
1,818 |
|
|
|
1,818 |
|
|
|
2,625 |
|
|
|
2,625 |
|
|
True Environmental Inc. - First Lien Debt |
|
|
3,375 |
|
|
|
3,375 |
|
|
|
— |
|
|
|
— |
|
|
VMS MSO, LLC (dba Vytal Health Partners) - Revolving Loan |
|
|
1,500 |
|
|
|
1,500 |
|
|
|
— |
|
|
|
— |
|
|
W50 Holdings, LLC - Preferred Equity |
|
|
1,000 |
|
|
|
100 |
|
|
|
1,000 |
|
|
|
100 |
|
|
Waterworks Solutions Acquisition, Inc. (dba CITCO Water) - First Lien Debt |
|
|
3,500 |
|
|
|
3,500 |
|
|
|
— |
|
|
|
— |
|
|
Total |
|
$ |
43,211 |
|
|
$ |
37,181 |
|
|
$ |
17,117 |
|
|
$ |
12,363 |
|
|
Additional detail for each of the commitments above is provided in the Company’s consolidated schedules of investments. As of December 31, 2025 and 2024, the Company had sufficient liquidity coverage to satisfy these unfunded commitments. Cash and cash equivalents were $69,995 and $57,159 and available borrowings under the SPV Credit Facility and the Revolving Credit Facility were $141,150 and $95,000 as of December 31, 2025 and 2024, respectively.
The commitments are generally subject to the borrowers meeting certain criteria such as compliance with financial and non-financial covenants, which may limit such borrower's ability to draw on a revolving loan or delayed draw loan. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.
Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide indemnifications under certain circumstances. In addition, in connection with the disposition of an investment in a portfolio company, the Company may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of a business. The Company may also be required to indemnify the purchasers of such investment to the extent that any such representations are inaccurate. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects the risk of future obligation under these indemnifications to be remote.
Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While the outcome of any such legal proceedings cannot be predicted with certainty, the Company does not believe any such legal proceedings will have a material adverse effect on the Company’s consolidated financial statements.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 2, 2023 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.