UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One) | |
⌧ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2022 | |
OR | |
◻ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from: to | |
Commission File Number: 001-33723
Main Street Capital Corporation
(Exact name of registrant as specified in its charter)
Maryland | 41-2230745 |
1300 Post Oak Boulevard, 8th Floor | 77056 |
(713) 350-6000
(Registrant’s telephone number including area code)
n/a
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
| Trading Symbol |
| Name of Each Exchange on Which |
Common Stock, par value $0.01 per share | | MAIN | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ◻ No ◻
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ⌧ | Accelerated filer ◻ | Non-accelerated filer ◻ | Smaller reporting company ◻ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ◻ No ⌧
The number of shares outstanding of the issuer’s common stock as of May 5, 2022 was 72,979,061.
| PART I | |
| FINANCIAL INFORMATION | |
| ||
| Consolidated Balance Sheets—March 31, 2022 (unaudited) and December 31, 2021 | 1 |
| Consolidated Statements of Operations (unaudited)—Three months ended March 31, 2022 and 2021 | 2 |
| 3 | |
| Consolidated Statements of Cash Flows (unaudited)—Three months ended March 31, 2022 and 2021 | 4 |
| Consolidated Schedule of Investments (unaudited)—March 31, 2022 | 5 |
| 26 | |
| 48 | |
| 84 | |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 93 | |
111 | ||
111 | ||
| PART II | |
| OTHER INFORMATION | |
111 | ||
111 | ||
112 | ||
113 | ||
| 114 |
MAIN STREET CAPITAL CORPORATION
(in thousands, except shares and per share amounts)
| | March 31, | | December 31, | ||
|
| 2022 |
| 2021 | ||
| | (Unaudited) | | | | |
ASSETS |
| |
|
| |
|
Investments at fair value: |
| |
|
| |
|
Control investments (cost: $1,099,019 and $1,107,597 as of March 31, 2022 and December 31, 2021, respectively) | | $ | 1,486,663 | | $ | 1,489,257 |
Affiliate investments (cost: $583,428 and $578,539 as of March 31, 2022 and December 31, 2021, respectively) | |
| 559,439 | |
| 549,214 |
Non‑Control/Non‑Affiliate investments (cost: $1,690,120 and $1,573,110 as of March 31, 2022 and December 31, 2021, respectively) | |
| 1,644,636 | |
| 1,523,360 |
Total investments (cost: $3,372,567 and $3,259,246 as of March 31, 2022 and December 31, 2021, respectively) | |
| 3,690,738 | |
| 3,561,831 |
Cash and cash equivalents | |
| 17,952 | |
| 32,629 |
Interest receivable and other assets | |
| 68,320 | |
| 56,488 |
Receivable for securities sold | |
| — | |
| 35,125 |
Deferred financing costs (net of accumulated amortization of $9,705 and $9,462 as of March 31, 2022 and December 31, 2021, respectively) | |
| 3,973 | |
| 4,217 |
Total assets | | $ | 3,780,983 | | $ | 3,690,290 |
LIABILITIES | |
| | |
| |
Credit facility | | $ | 338,000 | | $ | 320,000 |
3.00% Notes due 2026 (par: $500,000 as of both March 31, 2022 and December 31, 2021) | |
| 497,741 | |
| 497,609 |
5.20% Notes due 2024 (par: $450,000 as of both March 31, 2022 and December 31, 2021) | |
| 451,136 | |
| 451,272 |
SBIC debentures (par: $350,000 as of both March 31, 2022 and December 31, 2021) | |
| 343,027 | |
| 342,731 |
4.50% Notes due 2022 (par: $185,000 as of both March 31, 2022 and December 31, 2021) | |
| 184,595 | |
| 184,444 |
Accounts payable and other liabilities | |
| 26,655 | |
| 40,469 |
Payable for securities purchased | |
| — | |
| 5,111 |
Interest payable | |
| 17,145 | |
| 14,926 |
Dividend payable | |
| 15,519 | |
| 15,159 |
Deferred tax liability, net | |
| 33,511 | |
| 29,723 |
Total liabilities | |
| 1,907,329 | |
| 1,901,444 |
Commitments and contingencies (Note K) | |
| | |
| |
NET ASSETS | |
| | |
| |
Common stock, $0.01 par value per share (150,000,000 shares authorized; 72,252,180 and 70,700,885 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively) | |
| 723 | |
| 707 |
Additional paid‑in capital | |
| 1,807,739 | |
| 1,736,346 |
Total undistributed earnings | |
| 65,192 | |
| 51,793 |
Total net assets | |
| 1,873,654 | |
| 1,788,846 |
Total liabilities and net assets | | $ | 3,780,983 | | $ | 3,690,290 |
NET ASSET VALUE PER SHARE | | $ | 25.89 | | $ | 25.29 |
The accompanying notes are an integral part of these consolidated financial statements
1
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
| | Three Months Ended | | ||||
|
| March 31, |
| ||||
|
| 2022 |
| 2021 | | ||
INVESTMENT INCOME: |
| |
|
| |
|
|
Interest, fee and dividend income: |
| |
|
| |
|
|
Control investments | | $ | 32,577 | | $ | 24,025 | |
Affiliate investments | |
| 13,917 | |
| 11,505 | |
Non‑Control/Non‑Affiliate investments | |
| 32,901 | |
| 27,277 | |
Total investment income | |
| 79,395 | |
| 62,807 | |
EXPENSES: | |
| | |
| | |
Interest | |
| (16,687) | |
| (13,804) | |
Compensation | |
| (7,269) | |
| (6,318) | |
General and administrative | |
| (3,226) | |
| (2,975) | |
Share‑based compensation | |
| (2,818) | |
| (2,333) | |
Expenses allocated to the External Investment Manager | |
| 2,817 | |
| 2,380 | |
Total expenses | |
| (27,183) | |
| (23,050) | |
NET INVESTMENT INCOME | |
| 52,212 | |
| 39,757 | |
NET REALIZED GAIN (LOSS): | |
| | |
| | |
Control investments | |
| - | |
| (10,925) | |
Affiliate investments | |
| 692 | |
| (4,803) | |
Non‑Control/Non‑Affiliate investments | |
| 2,644 | |
| (2) | |
Total net realized gain (loss) | |
| 3,336 | |
| (15,730) | |
NET UNREALIZED APPRECIATION (DEPRECIATION): | |
| | |
| | |
Control investments | |
| 8,279 | |
| 14,261 | |
Affiliate investments | |
| 3,041 | |
| 6,417 | |
Non‑Control/Non‑Affiliate investments | |
| 3,432 | |
| 13,323 | |
Total net unrealized appreciation (depreciation) | |
| 14,752 | |
| 34,001 | |
INCOME TAXES: | |
| | |
| | |
Federal and state income, excise and other taxes | |
| (1,309) | |
| (634) | |
Deferred taxes | |
| (3,788) | |
| (48) | |
Income tax benefit (provision) | |
| (5,097) | |
| (682) | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 65,203 | | $ | 57,346 | |
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED | | $ | 0.73 | | $ | 0.58 | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED | | $ | 0.91 | | $ | 0.84 | |
WEIGHTED AVERAGE SHARES | |
| 71,708,326 | |
| 68,126,576 | |
The accompanying notes are an integral part of these consolidated financial statements
2
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)
| | | | | | | | | | Total | | | | |
| | Common Stock | | Additional | | Undistributed | | | | |||||
| | Number of | | Par | | Paid‑In | | (Overdistributed) | | Total Net | ||||
|
| Shares |
| Value |
| Capital |
| Earnings |
| Asset Value | ||||
Balances at December 31, 2020 |
| 67,762,032 | | $ | 677 | | $ | 1,615,940 | | $ | (101,850) | | $ | 1,514,767 |
Public offering of common stock, net of offering costs | | 117,388 | |
| 2 | |
| 3,626 | |
| — | |
| 3,628 |
Share‑based compensation | | — | |
| — | |
| 2,333 | |
| — | |
| 2,333 |
Purchase of vested stock for employee payroll tax withholding | | (180) | |
| — | |
| (7) | |
| — | |
| (7) |
Dividend reinvestment | | 106,651 | |
| 1 | |
| 3,698 | |
| — | |
| 3,699 |
Amortization of directors’ deferred compensation | | — | |
| — | |
| 195 | |
| — | |
| 195 |
Issuance of restricted stock | | 15,007 | |
| — | |
| — | |
| — | |
| — |
Dividends to stockholders | | — | |
| — | |
| 96 | |
| (41,893) | |
| (41,797) |
Net increase (decrease) resulting from operations | | — | |
| — | |
| — | |
| 57,346 | |
| 57,346 |
Balances at March 31, 2021 | | 68,000,898 | | $ | 680 | | $ | 1,625,881 | | $ | (86,397) | | $ | 1,540,164 |
| | | | | | | | | | | | | | |
Balances at December 31, 2021 | | 70,737,021 | | $ | 707 | | $ | 1,736,346 | | $ | 51,793 | | $ | 1,788,846 |
Public offering of common stock, net of offering costs | | 1,502,430 | |
| 15 | |
| 63,507 | |
| — | |
| 63,522 |
Share‑based compensation | | — | |
| — | |
| 2,818 | |
| — | |
| 2,818 |
Dividend reinvestment | | 114,043 | |
| 1 | |
| 4,812 | |
| — | |
| 4,813 |
Amortization of directors’ deferred compensation | | — | |
| — | |
| 147 | |
| — | |
| 147 |
Issuance of restricted stock, net of forfeited shares | | 16,913 | |
| — | |
| — | |
| — | |
| — |
Dividends to stockholders | | — | |
| — | |
| 109 | |
| (51,804) | |
| (51,695) |
Net increase (decrease) resulting from operations | | — | |
| — | |
| — | |
| 65,203 | |
| 65,203 |
Balances at March 31, 2022 | | 72,370,407 | | $ | 723 | | $ | 1,807,739 | | $ | 65,192 | | $ | 1,873,654 |
The accompanying notes are an integral part of these consolidated financial statements
3
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2022 |
| 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | |
Net increase (decrease) in net assets resulting from operations | | $ | 65,203 | | $ | 57,346 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | |
Investments in portfolio companies | | | (315,369) | | | (208,186) |
Proceeds from sales and repayments of debt investments in portfolio companies | | | 218,781 | | | 121,027 |
Proceeds from sales and return of capital of equity investments in portfolio companies | | | 19,963 | | | 13,920 |
Net unrealized (appreciation) depreciation | | | (14,752) | | | (34,001) |
Net realized (gain) loss | | | (3,336) | | | 15,730 |
Accretion of unearned income | | | (2,834) | | | (2,468) |
Payment-in-kind interest | | | (937) | | | (2,389) |
Cumulative dividends | | | (887) | | | (425) |
Share-based compensation expense | | | 2,818 | | | 2,333 |
Amortization of deferred financing costs | | | 686 | | | 740 |
Deferred tax (benefit) provision | | | 3,788 | | | 48 |
Changes in other assets and liabilities: | | | | | | |
Interest receivable and other assets | | | (11,731) | | | 4,096 |
Interest payable | | | 2,219 | | | 6,610 |
Accounts payable and other liabilities | | | (13,667) | | | (504) |
Deferred fees and other | | | 378 | | | 1,172 |
Net cash used in operating activities | | | (49,677) | | | (24,951) |
| | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | |
Proceeds from public offering of common stock, net of offering costs | | | 63,522 | | | 3,628 |
Proceeds from public offering of 3.00% Notes due 2026 | | | - | | | 300,000 |
Dividends paid | | | (46,522) | | | (38,045) |
Proceeds from issuance of SBIC debentures | | | - | | | 20,200 |
Repayments of SBIC debentures | | | - | | | (40,000) |
Proceeds from credit facility | | | 185,000 | | | 125,000 |
Repayments on credit facility | | | (167,000) | | | (307,000) |
Debt issuance premiums (costs), net | | | - | | | (5,743) |
Purchases of vested stock for employee payroll tax withholding | | | - | | | (7) |
Net cash provided by financing activities | | | 35,000 | | | 58,033 |
| | | | | | |
Net increase (decrease) in cash and cash equivalents | | | (14,677) | | | 33,082 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | | | 32,629 | | | 31,919 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | 17,952 | | $ | 65,001 |
| | | | | | |
Supplemental cash flow disclosures: | | | | | | |
Interest paid | | $ | 13,751 | | $ | 6,424 |
Taxes paid | | $ | 2,874 | | $ | (487) |
Non-cash financing activities: | | | | | | |
Value of shares issued pursuant to the DRIP | | $ | 4,813 | | $ | 3,699 |
The accompanying notes are an integral part of these consolidated financial statements
4
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | |
Control Investments (5) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Analytical Systems Keco Holdings, LLC | | Manufacturer of Liquid and Gas Analyzers | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/16/2019 | | 12.00% (L+10.00%, Floor 2.00%) | 8/16/2024 | $ | 4,875 | $ | 4,689 | $ | 4,689 |
| | | Preferred Member Units | | 8/16/2019 | 3,200 | | | | | | 3,200 | | - |
| | | Preferred Member Units | | 5/20/2021 | 2,427 | | | | | | 2,426 | | 4,318 |
| | | Warrants | (27) | 8/16/2019 | 420 | | 8/16/2029 | | | | 316 | | - |
| | | | | | | | | | | | 10,631 | | 9,007 |
ASC Interests, LLC | | Recreational and Educational Shooting Facility | | | | | | | | | | | | |
| | | Secured Debt | | 12/31/2019 | | 13.00% | 7/31/2022 | | 170 | | 170 | | 170 |
| | | Secured Debt | | 8/1/2013 | | 13.00% | 7/31/2022 | | 1,650 | | 1,642 | | 1,642 |
| | | Member Units | | 8/1/2013 | 1,500 | | | | | | 1,500 | | 800 |
| | | | | | | | | | | | 3,312 | | 2,612 |
ATS Workholding, LLC | (10) | Manufacturer of Machine Cutting Tools and Accessories | | | | | | | | | | | | |
| | | Secured Debt | (14) | 11/16/2017 | | 5.00% | 8/16/2023 | | 4,794 | | 4,635 | | 3,005 |
| | | Preferred Member Units | | 11/16/2017 | 3,725,862 | | | | | | 3,726 | | - |
| | | | | | | | | | | | 8,361 | | 3,005 |
Barfly Ventures, LLC | (10) | Casual Restaurant Group | | | | | | | | | | | | |
| | | Secured Debt | | 10/15/2020 | | 7.00% | 10/31/2024 | | 711 | | 711 | | 711 |
| | | Member Units | | 10/26/2020 | 37 | | | | | | 1,584 | | 2,050 |
| | | | | | | | | | | | 2,295 | | 2,761 |
Batjer TopCo, LLC | | HVAC Mechanical Contractor | | | | | | | | | | | | |
| | | Secured Debt | | 3/7/2022 | | 11.00% | 3/31/2027 | | 11,025 | | 10,917 | | 10,917 |
| | | Preferred Stock | | 3/7/2022 | 4,073 | | | | | | 4,073 | | 4,073 |
| | | | | | | | | | | | 14,990 | | 14,990 |
Bolder Panther Group, LLC | | Consumer Goods and Fuel Retailer | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/31/2020 | | 10.50% (L+9.00%, Floor 1.50%) | 12/31/2025 | | 49,194 | | 48,901 | | 49,194 |
| | | Class B Preferred Member Units | (8) | 12/31/2020 | 140,000 | 8.00% | | | | | 14,000 | | 25,930 |
| | | | | | | | | | | | 62,901 | | 75,124 |
Brewer Crane Holdings, LLC | | Provider of Crane Rental and Operating Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/9/2018 | | 11.00% (L+10.00%, Floor 1.00%) | 1/9/2023 | | 7,936 | | 7,919 | | 7,919 |
| | | Preferred Member Units | (8) | 1/9/2018 | 2,950 | | | | | | 4,279 | | 7,780 |
| | | | | | | | | | | | 12,198 | | 15,699 |
Bridge Capital Solutions Corporation | | Financial Services and Cash Flow Solutions Provider | | | | | | | | | | | | |
| | | Secured Debt | | 7/25/2016 | | 13.00% | 12/11/2024 | | 8,813 | | 8,813 | | 8,813 |
| | | Secured Debt | (30) | 7/25/2016 | | 13.00% | 12/11/2024 | | 1,000 | | 1,000 | | 1,000 |
| | | Preferred Member Units | (8) (30) | 7/25/2016 | 17,742 | | | | | | 1,000 | | 1,000 |
| | | Warrants | (27) | 7/25/2016 | 82 | | 7/25/2026 | | | | 2,132 | | 4,260 |
| | | | | | | | | | | | 12,945 | | 15,073 |
Café Brazil, LLC | | Casual Restaurant Group | | | | | | | | | | | | |
| | | Member Units | (8) | 6/9/2006 | 1,233 | | | | | | 1,742 | | 2,630 |
| | | | | | | | | | | | | | |
California Splendor Holdings LLC | | Processor of Frozen Fruits | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/30/2018 | | 11.00% (L+10.00%, Floor 1.00%) | 3/30/2023 | | 28,000 | | 27,932 | | 27,932 |
| | | Preferred Member Units | (8) (19) | 7/31/2019 | 6,725 | 15.00% PIK | | | | | 9,867 | | 9,867 |
| | | Preferred Member Units | (8) | 3/30/2018 | 6,157 | | | | | | 10,775 | | 17,265 |
| | | | | | | | | | | | 48,574 | | 55,064 |
CBT Nuggets, LLC | | Produces and Sells IT Training Certification Videos | | | | | | | | | | | | |
5
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Member Units | (8) | 6/1/2006 | 416 | | | | | | 1,300 | | 48,880 |
| | | | | | | | | | | | | | |
Centre Technologies Holdings, LLC | | Provider of IT Hardware Services and Software Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/4/2019 | | 12.00% (L+10.00%, Floor 2.00%) | 1/4/2024 | | 9,183 | | 9,145 | | 8,638 |
| | | Preferred Member Units | | 1/4/2019 | 12,696 | | | | | | 5,840 | | 5,840 |
| | | | | | | | | | | | 14,985 | | 14,478 |
Chamberlin Holding LLC | | Roofing and Waterproofing Specialty Contractor | | | | | | | | | | | | |
| | | Secured Debt | (9) | 2/26/2018 | | 9.00% (L+8.00%, Floor 1.00%) | 2/26/2023 | | 17,681 | | 17,621 | | 17,681 |
| | | Member Units | (8) | 2/26/2018 | 4,347 | | | | | | 11,440 | | 24,140 |
| | | Member Units | (8) (30) | 11/2/2018 | 1,047,146 | | | | | | 1,322 | | 1,540 |
| | | | | | | | | | | | 30,383 | | 43,361 |
Charps, LLC | | Pipeline Maintenance and Construction | | | | | | | | | | | | |
| | | Unsecured Debt | | 8/26/2020 | | 10.00% | 1/31/2026 | | 5,694 | | 4,617 | | 5,694 |
| | | Preferred Member Units | (8) | 2/3/2017 | 1,829 | | | | | | 1,963 | | 14,090 |
| | | | | | | | | | | | 6,580 | | 19,784 |
Clad-Rex Steel, LLC | | Specialty Manufacturer of Vinyl-Clad Metal | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/20/2016 | | 10.50% (L+9.50%, Floor 1.00%) | 1/15/2024 | | 10,480 | | 10,411 | | 10,411 |
| | | Secured Debt | | 12/20/2016 | | 10.00% | 12/20/2036 | | 1,073 | | 1,063 | | 1,063 |
| | | Member Units | (8) | 12/20/2016 | 717 | | | | | | 7,280 | | 10,250 |
| | | Member Units | (30) | 12/20/2016 | 800 | | | | | | 210 | | 610 |
| | | | | | | | | | | | 18,964 | | 22,334 |
CMS Minerals Investments | | Oil & Gas Exploration & Production | | | | | | | | | | | | |
| | | Member Units | (8) (30) | 4/1/2016 | 100 | | | | | | 1,729 | | 2,057 |
| | | | | | | | | | | | | | |
Cody Pools, Inc. | | Designer of Residential and Commercial Pools | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/6/2020 | | 12.25% (L+10.50%, Floor 1.75%) | 12/17/2026 | | 42,494 | | 42,139 | | 42,482 |
| | | Preferred Member Units | (8) (30) | 3/6/2020 | 587 | | | | | | 8,317 | | 47,640 |
| | | | | | | | | | | | 50,456 | | 90,122 |
Colonial Electric Company LLC | | Provider of Electrical Contracting Services | | | | | | | | | | | | |
| | | Secured Debt | | 3/31/2021 | | 12.00% | 3/31/2026 | | 24,255 | | 24,051 | | 24,051 |
| | | Preferred Member Units | (8) | 3/31/2021 | 17,280 | | | | | | 7,680 | | 9,130 |
| | | | | | | | | | | | 31,731 | | 33,181 |
CompareNetworks Topco, LLC | | Internet Publishing and Web Search Portals | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/29/2019 | | 10.00% (L+9.00%, Floor 1.00%) | 1/29/2024 | | 5,797 | | 5,779 | | 5,797 |
| | | Preferred Member Units | (8) | 1/29/2019 | 1,975 | | | | | | 1,975 | | 13,610 |
| | | | | | | | | | | | 7,754 | | 19,407 |
Copper Trail Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (CTMH, LP) | (31) | 7/17/2017 | 38.8% | | | | | | 710 | | 710 |
| | | | | | | | | | | | | | |
Datacom, LLC | | Technology and Telecommunications Provider | | | | | | | | | | | | |
| | | Secured Debt | | 3/31/2021 | | 7.50% | 12/31/2025 | | 8,825 | | 8,271 | | 7,643 |
| | | Preferred Member Units | (8) | 3/31/2021 | 9,000 | | | | | | 2,610 | | 2,670 |
| | | | | | | | | | | | 10,881 | | 10,313 |
6
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Digital Products Holdings LLC | | Designer and Distributor of Consumer Electronics | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/1/2018 | | 11.00% (L+10.00%, Floor 1.00%) | 4/1/2023 | | 16,523 | | 16,483 | | 16,483 |
| | | Preferred Member Units | (8) | 4/1/2018 | 3,857 | | | | | | 9,501 | | 9,835 |
| | | | | | | | | | | | 25,984 | | 26,318 |
Direct Marketing Solutions, Inc. | | Provider of Omni-Channel Direct Marketing Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 2/13/2018 | | 12.00% (L+11.00%, Floor 1.00%) | 2/13/2024 | | 23,756 | | 23,619 | | 23,737 |
| | | Preferred Stock | (8) | 2/13/2018 | 8,400 | | | | | | 8,400 | | 22,450 |
| | | | | | | | | | | | 32,019 | | 46,187 |
Gamber-Johnson Holdings, LLC | | Manufacturer of Ruggedized Computer Mounting Systems | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/24/2016 | | 10.50% (L+8.50%, Floor 2.00%) | 1/1/2025 | | 21,598 | | 21,540 | | 21,598 |
| | | Member Units | (8) | 6/24/2016 | 9,042 | | | | | | 17,692 | | 45,120 |
| | | | | | | | | | | | 39,232 | | 66,718 |
Garreco, LLC | | Manufacturer and Supplier of Dental Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/15/2013 | | 9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%) | 7/31/2022 | | 4,196 | | 4,196 | | 4,196 |
| | | Member Units | (8) | 7/15/2013 | 1,200 | | | | | | 1,200 | | 2,340 |
| | | | | | | | | | | | 5,396 | | 6,536 |
GRT Rubber Technologies LLC | | Manufacturer of Engineered Rubber Products | | | | | | | | | | | | |
| | | Secured Debt | | 12/19/2014 | | 8.23% (L+8.00%) | 10/29/2026 | | 38,885 | | 38,683 | | 38,885 |
| | | Member Units | (8) | 12/19/2014 | 5,879 | | | | | | 13,065 | | 46,190 |
| | | | | | | | | | | | 51,748 | | 85,075 |
Gulf Manufacturing, LLC | | Manufacturer of Specialty Fabricated Industrial Piping Products | | | | | | | | | | | | |
| | | Member Units | (8) | 8/31/2007 | 438 | | | | | | 2,980 | | 5,290 |
| | | | | | | | | | | | | | |
Gulf Publishing Holdings, LLC | | Energy Industry Focused Media and Publishing | | | | | | | | | | | | |
| | | Secured Debt | (9) (17) (19) | 9/29/2017 | | 10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%) | 9/30/2020 | | 257 | | 257 | | 257 |
| | | Secured Debt | (17) (19) | 4/29/2016 | | 12.50% (6.25% Cash, 6.25% PIK) | 4/29/2021 | | 13,565 | | 13,565 | | 8,000 |
| | | Member Units | | 4/29/2016 | 3,681 | | | | | | 3,680 | | - |
| | | | | | | | | | | | 17,502 | | 8,257 |
Harris Preston Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (2717 MH, L.P.) | (31) | 10/1/2017 | 49.3% | | | | | | 2,860 | | 4,317 |
| | | LP Interests (2717 HPP-MS, L.P.) | (31) | 3/11/2022 | 49.3% | | | | | | 244 | | 244 |
| | | | | | | | | | | | 3,104 | | 4,561 |
Harrison Hydra-Gen, Ltd. | | Manufacturer of Hydraulic Generators | | | | | | | | | | | | |
| | | Common Stock | | 6/4/2010 | 107,456 | | | | | | 718 | | 3,530 |
| | | | | | | | | | | | | | |
Jensen Jewelers of Idaho, LLC | | Retail Jewelry Store | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/14/2006 | | 10.00% (Prime+6.75%, Floor 2.00%) | 11/14/2023 | | 2,450 | | 2,439 | | 2,450 |
| | | Member Units | (8) | 11/14/2006 | 627 | | | | | | 811 | | 15,120 |
| | | | | | | | | | | | 3,250 | | 17,570 |
Johnson Downie Opco, LLC | | Executive Search Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/10/2021 | | 13.00% (L+11.50%, Floor 1.50%) | 12/10/2026 | | 11,475 | | 11,350 | | 11,350 |
7
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Preferred Equity | (8) | 12/10/2021 | 3,150 | | | | | | 3,150 | | 3,150 |
| | | | | | | | | | | | 14,500 | | 14,500 |
JorVet Holdings, LLC | | Supplier and Distributor of Veterinary Equipment and Supplies | | | | | | | | | | | | |
| | | Secured Debt | | 3/28/2022 | | 12.00% | 3/28/2027 | | 25,650 | | 25,394 | | 25,394 |
| | | Common Stock | | 3/28/2022 | 107,406 | | | | | | 10,741 | | 10,741 |
| | | | | | | | | | | | 36,135 | | 36,135 |
KBK Industries, LLC | | Manufacturer of Specialty Oilfield and Industrial Products | | | | | | | | | | | | |
| | | Member Units | (8) | 1/23/2006 | 325 | | | | | | 783 | | 13,930 |
| | | | | | | | | | | | | | |
Kickhaefer Manufacturing Company, LLC | | Precision Metal Parts Manufacturing | | | | | | | | | | | | |
| | | Secured Debt | | 10/31/2018 | | 11.50% | 10/31/2023 | | 20,415 | | 20,336 | | 20,336 |
| | | Secured Debt | | 10/31/2018 | | 9.00% | 10/31/2048 | | 3,906 | | 3,868 | | 3,868 |
| | | Member Units | | 10/31/2018 | 581 | | | | | | 12,240 | | 12,240 |
| | | Member Units | (8) (30) | 10/31/2018 | 800 | | | | | | 992 | | 2,460 |
| | | | | | | | | | | | 37,436 | | 38,904 |
Market Force Information, LLC | | Provider of Customer Experience Management Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/28/2017 | | 12.00% (L+11.00%, Floor 1.00%) | 7/28/2023 | | 3,400 | | 3,400 | | 3,400 |
| | | Secured Debt | (14) (19) | 7/28/2017 | | 12.00% PIK | 7/28/2023 | | 26,079 | | 25,952 | | 8,936 |
| | | Member Units | | 7/28/2017 | 743,921 | | | | | | 16,642 | | - |
| | | | | | | | | | | | 45,994 | | 12,336 |
MH Corbin Holding LLC | | Manufacturer and Distributor of Traffic Safety Products | | | | | | | | | | | | |
| | | Secured Debt | | 8/31/2015 | | 13.00% | 3/31/2022 | | 8,170 | | 8,170 | | 4,368 |
| | | Preferred Member Units | | 3/15/2019 | 66,000 | | | | | | 4,400 | | - |
| | | Preferred Member Units | | 9/1/2015 | 4,000 | | | | | | 6,000 | | - |
| | | | | | | | | | | | 18,570 | | 4,368 |
MS Private Loan Fund I, LP | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests | (8) (31) | 1/26/2021 | 12.1% | | | | | | 7,500 | | 7,581 |
| | | | | | | | | | | | | | |
MSC Adviser I, LLC | (16) | Third Party Investment Advisory Services | | | | | | | | | | | | |
| | | Member Units | (8) | 11/22/2013 | | | | | | | 29,500 | | 132,920 |
| | | | | | | | | | | | | | |
Mystic Logistics Holdings, LLC | | Logistics and Distribution Services Provider for Large Volume Mailers | | | | | | | | | | | | |
| | | Secured Debt | | 8/18/2014 | | 10.00% | 1/31/2024 | | 6,098 | | 6,098 | | 6,098 |
| | | Common Stock | (8) | 8/18/2014 | 5,873 | | | | | | 2,720 | | 11,060 |
| | | | | | | | | | | | 8,818 | | 17,158 |
NAPCO Precast, LLC | | Precast Concrete Manufacturing | | | | | | | | | | | | |
| | | Member Units | (8) | 1/31/2008 | 2,955 | | | | | | 2,975 | | 13,370 |
| | | | | | | | | | | | | | |
Nebraska Vet AcquireCo, LLC | | Mixed-Animal Veterinary and Animal Health Product Provider | | | | | | | | | | | | |
| | | Secured Debt | | 12/31/2020 | | 12.00% | 12/31/2025 | | 10,500 | | 10,418 | | 10,418 |
| | | Secured Debt | | 12/31/2020 | | 12.00% | 12/31/2025 | | 6,284 | | 6,237 | | 6,237 |
| | | Preferred Member Units | | 12/31/2020 | 6,987 | | | | | | 6,987 | | 7,700 |
| | | | | | | | | | | | 23,642 | | 24,355 |
NexRev LLC | | Provider of Energy Efficiency Products & Services | | | | | | | | | | | | |
| | | Secured Debt | | 2/28/2018 | | 11.00% | 2/28/2025 | | 15,999 | | 15,966 | | 13,837 |
| | | Preferred Member Units | (8) | 2/28/2018 | 86,400,000 | | | | | | 6,880 | | 2,690 |
| | | | | | | | | | | | 22,846 | | 16,527 |
NRP Jones, LLC | | Manufacturer of Hoses, Fittings and Assemblies | | | | | | | | | | | | |
| | | Secured Debt | | 12/21/2017 | | 12.00% | 3/20/2023 | | 2,080 | | 2,080 | | 2,080 |
8
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Member Units | (8) | 12/22/2011 | 65,962 | | | | | | 3,717 | | 6,290 |
| | | | | | | | | | | | 5,797 | | 8,370 |
NuStep, LLC | | Designer, Manufacturer and Distributor of Fitness Equipment | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/31/2017 | | 7.50% (L+6.50%, Floor 1.00%) | 1/31/2025 | | 2,920 | | 2,920 | | 2,920 |
| | | Secured Debt | | 1/31/2017 | | 12.00% | 1/31/2025 | | 17,240 | | 17,237 | | 17,240 |
| | | Preferred Member Units | | 1/31/2017 | 406 | | | | | | 10,200 | | 13,500 |
| | | | | | | | | | | | 30,357 | | 33,660 |
OMi Topco, LLC | | Manufacturer of Overhead Cranes | | | | | | | | | | | | |
| | | Secured Debt | | 8/31/2021 | | 12.00% | 8/31/2026 | | 17,500 | | 17,345 | | 17,500 |
| | | Preferred Member Units | (8) | 4/1/2008 | 900 | | | | | | 1,080 | | 20,210 |
| | | | | | | | | | | | 18,425 | | 37,710 |
Orttech Holdings, LLC | | Distributor of Industrial Clutches, Brakes and Other Components | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/30/2021 | | 12.00% (L+11.00%, Floor 1.00%) | 7/31/2026 | | 24,375 | | 24,163 | | 24,163 |
| | | Preferred Stock | (8) (30) | 7/30/2021 | 10,000 | | | | | | 10,000 | | 10,000 |
| | | | | | | | | | | | 34,163 | | 34,163 |
Pearl Meyer Topco LLC | | Provider of Executive Compensation Consulting Services | | | | | | | | | | | | |
| | | Secured Debt | | 4/27/2020 | | 12.00% | 4/27/2025 | | 34,174 | | 33,955 | | 34,174 |
| | | Member Units | (8) | 4/27/2020 | 13,800 | | | | | | 13,000 | | 35,050 |
| | | | | | | | | | | | 46,955 | | 69,224 |
PPL RVs, Inc. | | Recreational Vehicle Dealer | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/31/2019 | | 7.50% (L+7.00%, Floor 0.50%) | 11/15/2022 | | 2,000 | | 1,983 | | 1,983 |
| | | Secured Debt | (9) | 11/15/2016 | | 7.50% (L+7.00%, Floor 0.50%) | 11/15/2022 | | 11,655 | | 11,655 | | 11,655 |
| | | Common Stock | (8) | 6/10/2010 | 2,000 | | | | | | 2,150 | | 14,920 |
| | | | | | | | | | | | 15,788 | | 28,558 |
Principle Environmental, LLC | | Noise Abatement Service Provider | | | | | | | | | | | | |
| | | Secured Debt | | 2/1/2011 | | 13.00% | 11/15/2026 | | 973 | | 968 | | 968 |
| | | Secured Debt | | 7/1/2011 | | 13.00% | 11/15/2026 | | 5,924 | | 5,814 | | 5,814 |
| | | Preferred Member Units | (8) | 2/1/2011 | 21,806 | | | | | | 5,709 | | 11,160 |
| | | Common Stock | | 1/27/2021 | 1,037 | | | | | | 1,200 | | 710 |
| | | | | | | | | | | | 13,691 | | 18,652 |
Quality Lease Service, LLC | | Provider of Rigsite Accommodation Unit Rentals and Related Services | | | | | | | | | | | | |
| | | Member Units | | 6/8/2015 | 1,000 | | | | | | 8,563 | | 1,470 |
| | | | | | | | | | | | | | |
River Aggregates, LLC | | Processor of Construction Aggregates | | | | | | | | | | | | |
| | | Member Units | (8) (30) | 12/20/2013 | 1,500 | | | | | | 369 | | 3,280 |
| | | | | | | | | | | | | | |
Robbins Bros. Jewelry, Inc. | | Bridal Jewelry Retailer | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/15/2021 | | 12.00% (L+11.00%, Floor 1.00%) | 12/15/2026 | | 36,360 | | 35,977 | | 35,977 |
| | | Preferred Equity | | 12/15/2021 | 11,070 | | | | | | 11,070 | | 11,070 |
| | | | | | | | | | | | 47,047 | | 47,047 |
Tedder Industries, LLC | | Manufacturer of Firearm Holsters and Accessories | | | | | | | | | | | | |
| | | Secured Debt | | 8/31/2018 | | 12.00% | 8/31/2022 | | 16,800 | | 16,763 | | 16,763 |
| | | Preferred Member Units | | 8/31/2018 | 505 | | | | | | 8,579 | | 8,579 |
| | | | | | | | | | | | 25,342 | | 25,342 |
Televerde, LLC | | Provider of Telemarketing and Data Services | | | | | | | | | | | | |
| | | Member Units | | 1/6/2011 | 460 | | | | | | 1,290 | | 5,472 |
| | | Preferred Stock | | 1/26/2022 | 248 | | | | | | 718 | | 1,794 |
| | | | | | | | | | | | 2,008 | | 7,266 |
9
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Trantech Radiator Topco, LLC | | Transformer Cooling Products and Services | | | | | | | | | | | | |
| | | Secured Debt | | 5/31/2019 | | 12.00% | 5/31/2024 | | 8,320 | | 8,271 | | 8,313 |
| | | Common Stock | (8) | 5/31/2019 | 615 | | | | | | 4,655 | | 8,660 |
| | | | | | | | | | | | 12,926 | | 16,973 |
Vision Interests, Inc. | | Manufacturer / Installer of Commercial Signage | | | | | | | | | | | | |
| | | Series A Preferred Stock | | 12/23/2011 | 3,000,000 | | | | | | 3,000 | | 3,000 |
| | | | | | | | | | | | | | |
VVS Holdco LLC | | Omnichannel Retailer of Animal Health Products | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 12/1/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 12/1/2026 | | 800 | | 770 | | 770 |
| | | Secured Debt | (30) | 12/1/2021 | | 11.50% | 12/1/2026 | | 30,400 | | 30,115 | | 30,115 |
| | | Preferred Equity | (8) (30) | 12/1/2021 | 11,840 | | | | | | 11,840 | | 11,840 |
| | | | | | | | | | | | 42,725 | | 42,725 |
Ziegler’s NYPD, LLC | | Casual Restaurant Group | | | | | | | | | | | | |
| | | Secured Debt | | 6/1/2015 | | 12.00% | 10/1/2022 | | 625 | | 625 | | 625 |
| | | Secured Debt | | 10/1/2008 | | 6.50% | 10/1/2022 | | 1,000 | | 1,000 | | 1,000 |
| | | Secured Debt | | 10/1/2008 | | 14.00% | 10/1/2022 | | 2,750 | | 2,750 | | 2,750 |
| | | Preferred Member Units | | 6/30/2015 | 10,072 | | | | | | 2,834 | | 2,130 |
| | | Warrants | (27) | 7/1/2015 | 587 | | 10/1/2025 | | | | 600 | | - |
| | | | | | | | | | | | 7,809 | | 6,505 |
Subtotal Control Investments (79.3% of net assets at fair value) | | | | | | | | | | | $ | 1,099,019 | $ | 1,486,663 |
| | | | | | | | | | | | | | |
10
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | |
Affiliate Investments (6) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
AAC Holdings, Inc. | (11) | Substance Abuse Treatment Service Provider | | | | | | | | | | | | |
| | | Secured Debt | (19) | 12/11/2020 | | 18.00% (10.00% Cash, 8.00% PIK) | 6/25/2025 | $ | 10,408 | $ | 10,231 | $ | 10,044 |
| | | Common Stock | | 12/11/2020 | 593,928 | | | | | | 3,148 | | 2,079 |
| | | Warrants | (27) | 12/11/2020 | 554,353 | | 12/11/2025 | | | | - | | 1,940 |
| | | | | | | | | | | | 13,379 | | 14,063 |
AFG Capital Group, LLC | | Provider of Rent-to-Own Financing Solutions and Services | | | | | | | | | | | | |
| | | Secured Debt | | 4/25/2019 | | 10.00% | 5/25/2022 | | 58 | | 58 | | 58 |
| | | Preferred Member Units | (8) | 11/7/2014 | 186 | | | | | | 1,200 | | 8,350 |
| | | | | | | | | | | | 1,258 | | 8,408 |
ATX Networks Corp. | (11) | Provider of Radio Frequency Management Equipment | | | | | | | | | | | | |
| | | Secured Debt | (9) | 9/1/2021 | | 8.50% (L+7.50%, Floor 1.00%) | 9/1/2026 | | 7,667 | | 7,092 | | 7,322 |
| | | Unsecured Debt | (19) | 9/1/2021 | | 10.00% PIK | 9/1/2028 | | 3,144 | | 2,040 | | 2,122 |
| | | Common Stock | | 9/1/2021 | 583 | | | | | | - | | - |
| | | | | | | | | | | | 9,132 | | 9,444 |
BBB Tank Services, LLC | | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | | | | | | | | | | | | |
| | | Unsecured Debt | (9) (17) | 4/8/2016 | | 12.00% (L+11.00%, Floor 1.00%) | 4/8/2021 | | 4,800 | | 4,800 | | 2,298 |
| | | Preferred Stock (non-voting) | (8) (19) | 12/17/2018 | | 15.00% PIK | | | | | 162 | | - |
| | | Member Units | | 4/8/2016 | 800,000 | | | | | | 800 | | - |
| | | | | | | | | | | | 5,762 | | 2,298 |
Boccella Precast Products LLC | | Manufacturer of Precast Hollow Core Concrete | | | | | | | | | | | | |
| | | Secured Debt | | 9/23/2021 | | 10.00% | 2/28/2027 | | 320 | | 320 | | 320 |
| | | Member Units | | 6/30/2017 | 2,160,000 | | | | | | 2,256 | | 4,830 |
| | | | | | | | | | | | 2,576 | | 5,150 |
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Brightwood Capital Fund V, LP) | (31) | 7/12/2021 | 15.8% | | | | | | 1,500 | | 1,639 |
| | | | | | | | | | | | | | |
Buca C, LLC | | Casual Restaurant Group | | | | | | | | | | | | |
| | | Secured Debt | (9) (17) | 6/30/2015 | | 12.25% (L+11.25%, Floor 1.00%) | 6/30/2020 | | 19,491 | | 19,491 | | 14,370 |
| | | Preferred Member Units | (19) | 6/30/2015 | 6 | 6.00% PIK | | | | | 4,770 | | - |
| | | | | | | | | | | | 24,261 | | 14,370 |
Career Team Holdings, LLC | | Provider of Workforce Training and Career Development Services | | | | | | | | | | | | |
| | | Secured Debt | | 12/17/2021 | | 12.50% | 12/17/2026 | | 20,250 | | 20,060 | | 20,060 |
| | | Common Stock | | 12/17/2021 | 450,000 | | | | | | 4,499 | | 4,499 |
| | | | | | | | | | | | 24,559 | | 24,559 |
Chandler Signs Holdings, LLC | (10) | Sign Manufacturer | | | | | | | | | | | | |
| | | Class A Units | | 1/4/2016 | 1,500,000 | | | | | | 1,500 | | 620 |
| | | | | | | | | | | | | | |
Classic H&G Holdings, LLC | | Provider of Engineered Packaging Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/12/2020 | | 7.00% (L+6.00%, Floor 1.00%) | 3/12/2025 | | 7,600 | | 7,600 | | 7,600 |
11
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Secured Debt | | 3/12/2020 | | 8.00% | 3/12/2025 | | 19,274 | | 19,150 | | 19,274 |
| | | Preferred Member Units | (8) | 3/12/2020 | 154 | | | | | | 5,760 | | 16,280 |
| | | | | | | | | | | | 32,510 | | 43,154 |
Congruent Credit Opportunities Funds | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Congruent Credit Opportunities Fund | (8) (31) | 2/4/2015 | 17.4% | | | | | | 9,150 | | 8,853 |
| | | | | | | | | | | | | | |
DMA Industries, LLC | | Distributor of aftermarket ride control products | | | | | | | | | | | | |
| | | Secured Debt | | 11/19/2021 | | 12.00% | 11/19/2026 | | 21,200 | | 21,004 | | 21,004 |
| | | Preferred Equity | | 11/19/2021 | 5,944 | | | | | | 5,944 | | 5,944 |
| | | | | | | | | | | | 26,948 | | 26,948 |
Dos Rios Partners | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Dos Rios Partners, LP) | (31) | 4/25/2013 | 20.2% | | | | | | 6,605 | | 10,419 |
| | | LP Interests (Dos Rios Partners - A, LP) | (31) | 4/25/2013 | 6.4% | | | | | | 2,097 | | 3,308 |
| | | | | | | | | | | | 8,702 | | 13,727 |
Dos Rios Stone Products LLC | (10) | Limestone and Sandstone Dimension Cut Stone Mining Quarries | | | | | | | | | | | | |
| | | Class A Preferred Units | (30) | 6/27/2016 | 2,000,000 | | | | | | 2,000 | | 350 |
| | | | | | | | | | | | | | |
EIG Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (EIG Global Private Debt Fund-A, L.P.) | (8) (31) | 11/6/2015 | 11.1% | | | | | | 546 | | 499 |
| | | | | | | | | | | | | | |
Flame King Holdings, LLC | | Propane Tank and Accessories Distributor | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/29/2021 | | 7.50% (L+6.50%, Floor 1.00%) | 10/31/2026 | | 7,600 | | 7,528 | | 7,528 |
| | | Secured Debt | (9) | 10/29/2021 | | 12.00% (L+11.00%, Floor 1.00%) | 10/31/2026 | | 21,200 | | 21,006 | | 21,006 |
| | | Preferred Equity | (8) | 10/29/2021 | 9,360 | | | | | | 10,400 | | 10,400 |
| | | | | | | | | | | | 38,934 | | 38,934 |
Freeport Financial Funds | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Freeport Financial SBIC Fund LP) | (31) | 3/23/2015 | 9.3% | | | | | | 4,481 | | 4,585 |
| | | LP Interests (Freeport First Lien Loan Fund III LP) | (8) (31) | 7/31/2015 | 6.0% | | | | | | 7,629 | | 7,231 |
| | | | | | | | | | | | 12,110 | | 11,816 |
GFG Group, LLC. | | Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers | | | | | | | | | | | | |
| | | Secured Debt | | 3/31/2021 | | 12.00% | 3/31/2026 | | 12,545 | | 12,442 | | 12,545 |
| | | Preferred Member Units | (8) | 3/31/2021 | 226 | | | | | | 4,899 | | 6,989 |
| | | | | | | | | | | | 17,341 | | 19,534 |
Harris Preston Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (HPEP 3, L.P.) | (8) (31) | 8/9/2017 | 8.2% | | | | | | 3,445 | | 4,684 |
| | | | | | | | | | | | | | |
Hawk Ridge Systems, LLC | | Value-Added Reseller of Engineering Design and Manufacturing Solutions | | | | | | | | | | | | |
12
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Secured Debt | (9) | 12/2/2016 | | 7.00% (L+6.00%, Floor 1.00%) | 1/15/2026 | | 2,585 | | 2,585 | | 2,585 |
| | | Secured Debt | | 12/2/2016 | | 8.00% | 1/15/2026 | | 34,800 | | 34,680 | | 34,800 |
| | | Preferred Member Units | (8) | 12/2/2016 | 226 | | | | | | 2,850 | | 16,570 |
| | | Preferred Member Units | (30) | 12/2/2016 | 226 | | | | | | 150 | | 870 |
| | | | | | | | | | | | 40,265 | | 54,825 |
Houston Plating and Coatings, LLC | | Provider of Plating and Industrial Coating Services | | | | | | | | | | | | |
| | | Unsecured Convertible Debt | | 5/1/2017 | | 8.00% | 5/1/2022 | | 3,000 | | 3,000 | | 2,870 |
| | | Member Units | (8) | 1/8/2003 | 322,297 | | | | | | 2,352 | | 2,969 |
| | | | | | | | | | | | 5,352 | | 5,839 |
I-45 SLF LLC | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | Member Units (Fully diluted 20.0%; 24.40% profits | (8) | 10/20/2015 | | | | | | | 19,000 | | 14,439 |
| | | | | | | | | | | | | | |
Iron-Main Investments, LLC | | Consumer Reporting Agency Providing Employment Background Checks and Drug Testing | | | | | | | | | | | | |
| | | Secured Debt | | 8/2/2021 | | 12.50% | 11/15/2026 | | 4,600 | | 4,559 | | 4,559 |
| | | Secured Debt | | 9/1/2021 | | 12.50% | 11/15/2026 | | 3,200 | | 3,171 | | 3,171 |
| | | Secured Debt | | 11/15/2021 | | 12.50% | 11/15/2026 | | 28,944 | | 28,759 | | 28,759 |
| | | Common Stock | | 8/3/2021 | 179,778 | | | | | | 1,798 | | 1,798 |
| | | | | | | | | | | | 38,287 | | 38,287 |
L.F. Manufacturing Holdings, LLC | (10) | Manufacturer of Fiberglass Products | | | | | | | | | | | | |
| | | Preferred Member Units (non-voting) | (8) (19) | 1/1/2019 | | 14.00% PIK | | | | | 111 | | 111 |
| | | Member Units | (8) | 12/23/2013 | 2,179,001 | | | | | | 2,019 | | 2,560 |
| | | | | | | | | | | | 2,130 | | 2,671 |
OnAsset Intelligence, Inc. | | Provider of Transportation Monitoring / Tracking Products and Services | | | | | | | | | | | | |
| | | Secured Debt | (19) | 5/20/2014 | | 12.00% PIK | 12/31/2022 | | 964 | | 964 | | 964 |
| | | Secured Debt | (19) | 3/21/2014 | | 12.00% PIK | 12/31/2022 | | 983 | | 983 | | 983 |
| | | Secured Debt | (19) | 5/10/2013 | | 12.00% PIK | 12/31/2022 | | 2,116 | | 2,116 | | 2,116 |
| | | Secured Debt | (19) | 4/18/2011 | | 12.00% PIK | 12/31/2022 | | 4,415 | | 4,415 | | 4,415 |
| | | Unsecured Debt | (19) | 6/5/2017 | | 10.00% PIK | 12/31/2022 | | 197 | | 197 | | 197 |
| | | Preferred Stock | (19) | 4/18/2011 | 912 | 7.00% PIK | | | | | 1,981 | | - |
| | | Common Stock | | 4/15/2021 | 635 | | | | | | 830 | | - |
| | | Warrants | (27) | 4/18/2011 | 4,699 | | 5/10/2023 | | | | 1,089 | | - |
| | | | | | | | | | | | 12,575 | | 8,675 |
Oneliance, LLC | | Construction Cleaning Company | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/6/2021 | | 12.00% (L+11.00%, Floor 1.00%) | 8/6/2026 | | 5,600 | | 5,550 | | 5,550 |
| | | Preferred Stock | | 8/6/2021 | 1,056 | | | | | | 1,056 | | 1,056 |
| | | | | | | | | | | | 6,606 | | 6,606 |
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) | | Provider of Rigsite Accommodation Unit Rentals and Related Services | | | | | | | | | | | | |
| | | Secured Debt | (14) (17) | 6/30/2015 | | 12.00% | 1/8/2018 | | 30,369 | | 29,865 | | - |
| | | Preferred Member Units | | 1/8/2013 | 250 | | | | | | 2,500 | | - |
| | | | | | | | | | | | 32,365 | | - |
SI East, LLC | | Rigid Industrial Packaging Manufacturing | | | | | | | | | | | | |
| | | Secured Debt | | 8/31/2018 | | 10.25% | 8/31/2023 | | 65,543 | | 65,448 | | 65,543 |
| | | Preferred Member Units | (8) | 8/31/2018 | 157 | | | | | | 1,218 | | 12,529 |
| | | | | | | | | | | | 66,666 | | 78,072 |
Slick Innovations, LLC | | Text Message Marketing Platform | | | | | | | | | | | | |
| | | Secured Debt | | 9/13/2018 | | 13.00% | 9/13/2023 | | 5,120 | | 5,061 | | 5,120 |
| | | Common Stock | | 9/13/2018 | 70,000 | | | | | | 700 | | 1,510 |
| | | Warrants | (27) | 9/13/2018 | 18,084 | | 9/13/2028 | | | | 181 | | 400 |
| | | | | | | | | | | | 5,942 | | 7,030 |
13
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sonic Systems International, LLC | (10) | Nuclear Power Staffing Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/20/2021 | | 8.50% (L+7.50%, Floor 1.00%) | 8/20/2026 | | 11,982 | | 11,769 | | 11,769 |
| | | Common Stock | | 8/20/2021 | 7,866 | | | | | | 1,070 | | 1,010 |
| | | | | | | | | | | | 12,839 | | 12,779 |
Superior Rigging & Erecting Co. | | Provider of Steel Erecting, Crane Rental & Rigging Services | | | | | | | | | | | | |
| | | Secured Debt | | 8/31/2020 | | 12.00% | 8/31/2025 | | 21,500 | | 21,344 | | 21,344 |
| | | Preferred Member Units | | 8/31/2020 | 1,571 | | | | | | 4,500 | | 4,500 |
| | | | | | | | | | | | 25,844 | | 25,844 |
The Affiliati Network, LLC | | Performance Marketing Solutions | | | | | | | | | | | | |
| | | Secured Debt | | 8/9/2021 | | 7.00% | 8/9/2026 | | 1,080 | | 1,063 | | 1,063 |
| | | Secured Debt | | 8/9/2021 | | 11.83% | 8/9/2026 | | 12,961 | | 12,841 | | 12,841 |
| | | Preferred Stock | (8) | 8/9/2021 | 1,280,000 | | | | | | 6,400 | | 6,990 |
| | | | | | | | | | | | 20,304 | | 20,894 |
UnionRock Energy Fund II, LP | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests | (8) (31) | 6/15/2020 | 11.1% | | | | | | 1,243 | | 1,653 |
| | | | | | | | | | | | | | |
UniTek Global Services, Inc. | (11) | Provider of Outsourced Infrastructure Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (19) | 10/15/2018 | | 8.50% (6.50% cash, 2.00% PIK) (2.00% PIK, L+5.50% Floor 1.00%) | 8/20/2024 | | 399 | | 398 | | 373 |
| | | Secured Debt | (9) (19) | 8/27/2018 | | 8.50% (6.50% cash, 2.00% PIK) (2.00% PIK, L+5.50% Floor 1.00%) | 8/20/2024 | | 1,996 | | 1,985 | | 1,864 |
| | | Secured Convertible Debt | (19) | 1/1/2021 | | 15.00% PIK | 2/20/2025 | | 1,290 | | 1,290 | | 2,388 |
| | | Preferred Stock | (8) (19) | 8/29/2019 | 1,133,102 | 20.00% PIK | | | | | 1,844 | | 2,833 |
| | | Preferred Stock | (19) | 8/21/2018 | 1,521,122 | 20.00% PIK | | | | | 2,188 | | 1,835 |
| | | Preferred Stock | (19) | 6/30/2017 | 2,281,682 | 19.00% PIK | | | | | 3,667 | | - |
| | | Preferred Stock | (19) | 1/15/2015 | 4,336,866 | 13.50% PIK | | | | | 7,924 | | - |
| | | Common Stock | | 4/1/2020 | 945,507 | | | | | | - | | - |
| | | | | | | | | | | | 19,296 | | 9,293 |
Universal Wellhead Services Holdings, LLC | (10) | Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry | | | | | | | | | | | | |
| | | Preferred Member Units | (19) (30) | 12/7/2016 | 716,949 | 14.00% PIK | | | | | 1,032 | | - |
| | | Member Units | (30) | 12/7/2016 | 4,000,000 | | | | | | 4,000 | | - |
| | | | | | | | | | | | 5,032 | | - |
Volusion, LLC | | Provider of Online Software-as-a-Service eCommerce Solutions | | | | | | | | | | | | |
| | | Secured Debt | (17) | 1/26/2015 | | 11.50% | 1/26/2020 | | 17,084 | | 17,084 | | 17,084 |
| | | Unsecured Convertible Debt | | 5/16/2018 | | 8.00% | 11/16/2023 | | 409 | | 409 | | 409 |
| | | Preferred Member Units | | 1/26/2015 | 4,876,670 | | | | | | 14,000 | | 5,989 |
| | | Warrants | (27) | 1/26/2015 | 1,831,355 | | 1/26/2025 | | | | 2,576 | | - |
| | | | | | | | | | | | 34,069 | | 23,482 |
Subtotal Affiliate Investments (29.9% of net assets at fair value) | | | | | | | | | | | $ | 583,428 | $ | 559,439 |
14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | |
Non-Control/Non-Affiliate Investments (7) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Acousti Engineering Company of Florida | (10) | Interior Subcontractor Providing Acoustical Walls and Ceilings | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/2/2020 | | 10.00% (L+8.50%, Floor 1.50%) | 11/2/2025 | $ | 11,115 | $ | 11,018 | $ | 11,115 |
| | | Secured Debt | (9) | 5/26/2021 | | 14.00% (L+12.50%, Floor 1.50%) | 11/2/2025 | | 839 | | 831 | | 839 |
| | | | | | | | | | | | 11,849 | | 11,954 |
Adams Publishing Group, LLC | (10) | Local Newspaper Operator | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/11/2022 | | 8.50% (L+7.50%, Floor 1.00%) | 3/11/2027 | | 25,618 | | 25,550 | | 25,550 |
| | | | | | | | | | | | | | |
ADS Tactical, Inc. | (11) | Value-Added Logistics and Supply Chain Provider to the Defense Industry | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/29/2021 | | 6.75% (L+5.75%, Floor 1.00%) | 3/19/2026 | | 21,861 | | 21,488 | | 20,969 |
| | | | | | | | | | | | | | |
American Health Staffing Group, Inc. | (10) | Healthcare Temporary Staffing | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/19/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 11/19/2026 | | 6,667 | | 6,593 | | 6,593 |
| | | | | | | | | | | | | | |
American Nuts, LLC | (10) | Roaster, Mixer and Packager of Bulk Nuts and Seeds | | | | | | | | | | | | |
| | | Secured Debt | (9) (39) | 3/11/2022 | | 7.75% (SOFR+6.75%, Floor 1.00%) | 4/10/2026 | | 19,756 | | 19,411 | | 19,411 |
| | | Secured Debt | (9) (39) | 3/11/2022 | | 9.75% (SOFR+8.75%, Floor 1.00%) | 4/10/2026 | | 19,756 | | 19,411 | | 19,411 |
| | | | | | | | | | | | 38,822 | | 38,822 |
American Teleconferencing Services, Ltd. | (11) | Provider of Audio Conferencing and Video Collaboration Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) (14) | 9/17/2021 | | 7.50% (L+6.50%, Floor 1.00%) | 6/30/2022 | | 2,980 | | 2,980 | | 164 |
| | | Secured Debt | (9) (14) | 5/19/2016 | | 7.50% (L+6.50%, Floor 1.00%) | 6/28/2023 | | 14,370 | | 13,706 | | 790 |
| | | | | | | | | | | | 16,686 | | 954 |
ArborWorks, LLC | (10) | Vegetation Management Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/9/2021 | | 8.00% (L+7.00%, Floor 1.00%) | 11/9/2026 | | 30,178 | | 29,489 | | 29,489 |
| | | Common Equity | | 11/9/2021 | 234 | | | | | | 234 | | 234 |
| | | | | | | | | | | | 29,723 | | 29,723 |
Arrow International, Inc | (10) | Manufacturer and Distributor of Charitable Gaming Supplies | | | | | | | | | | | | |
| | | Secured Debt | (9) (23) | 12/21/2020 | | 9.18% (L+7.93%, Floor 1.25%) | 12/21/2025 | | 22,500 | | 22,313 | | 22,500 |
| | | | | | | | | | | | | | |
ATS Operating, LLC | (10) | For-Profit Thrift Retailer | | | | | | | | | | | | |
| | | Secured Debt | (9) (39) | 1/18/2022 | | 7.50%(SOFR+6.50%, Floor 1.00%) | 1/18/2027 | | 720 | | 720 | | 720 |
| | | Secured Debt | (9) (39) | 1/18/2022 | | 6.50%(SOFR+5.50%, Floor 1.00%) | 1/18/2027 | | 6,660 | | 6,660 | | 6,660 |
| | | Secured Debt | (9) (39) | 1/18/2022 | | 8.50%(SOFR+7.50%, Floor 1.00%) | 1/18/2027 | | 6,660 | | 6,660 | | 6,660 |
| | | Common Stock | | 1/18/2022 | 720,000 | | | | | | 720 | | 720 |
| | | | | | | | | | | | 14,760 | | 14,760 |
AVEX Aviation Holdings, LLC | (10) | Specialty Aircraft Dealer | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/15/2021 | | 8.00% (L+7.00%, Floor 1.00%) | 12/15/2026 | | 13,289 | | 12,991 | | 12,991 |
| | | Common Equity | | 12/15/2021 | 360 | | | | | | 360 | | 360 |
| | | | | | | | | | | | 13,351 | | 13,351 |
BDS Solutions IntermediateCo, LLC | (10) | Outsourced Consumer Services Provider | | | | | | | | | | | | |
15
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Secured Debt | (9) (39) | 2/7/2022 | | 7.50% (SOFR+6.50%, Floor 1.00%) | 2/7/2027 | | 39,886 | | 39,047 | | 39,047 |
| | | | | | | | | | | | | | |
Berry Aviation, Inc. | (10) | Charter Airline Services | | | | | | | | | | | | |
| | | Secured Debt | (19) | 7/6/2018 | | 12.00% (10.50% Cash, 1.50% PIK) | 1/6/2024 | | 193 | | 193 | | 193 |
| | | Preferred Member Units | (8) (19) (30) | 11/12/2019 | 122,416 | 16.00% PIK | | | | | 175 | | 325 |
| | | Preferred Member Units | (8) (19) (30) | 7/6/2018 | 1,548,387 | 8.00% PIK | | | | | 2,066 | | 4,006 |
| | | | | | | | | | | | 2,434 | | 4,524 |
Binswanger Enterprises, LLC | (10) | Glass Repair and Installation Service Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/10/2017 | | 9.50% (L+8.50%, Floor 1.00%) | 3/10/2023 | | 12,001 | | 11,933 | | 12,001 |
| | | Member Units | | 3/10/2017 | 1,050,000 | | | | | | 1,050 | | 730 |
| | | | | | | | | | | | 12,983 | | 12,731 |
Bluestem Brands, Inc. | (11) | Multi-Channel Retailer of General Merchandise | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/28/2020 | | 10.00% (L+8.50%, Floor 1.50%) | 8/28/2025 | | 5,357 | | 5,357 | | 5,337 |
| | | Common Stock | (8) | 10/1/2020 | 723,184 | | | | | | 1 | | 2,775 |
| | | | | | | | | | | | 5,358 | | 8,112 |
Brainworks Software, LLC | (10) | Advertising Sales and Newspaper Circulation Software | | | | | | | | | | | | |
| | | Secured Debt | (9) (14) (17) | 8/12/2014 | | 12.50% (Prime+9.25%, Floor 3.25%) | 7/22/2019 | | 7,817 | | 7,817 | | 4,201 |
| | | | | | | | | | | | | | |
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Brightwood Capital Fund III, LP) | (8) (31) | 7/21/2014 | 1.6% | | | | | | 7,110 | | 4,502 |
| | | LP Interests (Brightwood Capital Fund IV, LP) | (8) (31) | 10/26/2016 | 0.6% | | | | | | 4,350 | | 4,394 |
| | | | | | | | | | | | 11,460 | | 8,896 |
Burning Glass Intermediate Holding Company, Inc. | (10) | Provider of Skills-Based Labor Market Analytics | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/14/2021 | | 6.00% (L+5.00%, Floor 1.00%) | 6/10/2026 | | 465 | | 431 | | 431 |
| | | Secured Debt | (9) | 6/14/2021 | | 6.00% (L+5.00%, Floor 1.00%) | 6/10/2028 | | 20,084 | | 19,767 | | 20,084 |
| | | | | | | | | | | | 20,198 | | 20,515 |
Cadence Aerospace LLC | (10) | Aerostructure Manufacturing | | | | | | | | | | | | |
| | | Secured Debt | (9) (19) (34) | 11/14/2017 | | 9.28% Cash, 0.22% PIK | 11/14/2023 | | 28,553 | | 28,432 | | 28,553 |
| | | | | | | | | | | | | | |
CAI Software LLC | | Provider of Specialized Enterprise Resource Planning Software | | | | | | | | | | | | |
| | | Preferred Equity | | 12/13/2021 | 1,788,527 | | | | | | 1,789 | | 1,789 |
| | | Preferred Equity | | 12/13/2021 | 596,176 | | | | | | - | | - |
| | | | | | | | | | | | 1,789 | | 1,789 |
Camin Cargo Control, Inc. | (11) | Provider of Mission Critical Inspection, Testing and Fuel Treatment Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/14/2021 | | 7.50% (L+6.50%, Floor 1.00%) | 6/4/2026 | | 15,378 | | 15,246 | | 15,301 |
| | | | | | | | | | | | | | |
Cenveo Corporation | (11) | Provider of Digital Marketing Agency Services | | | | | | | | | | | | |
| | | Common Stock | | 9/7/2018 | 322,907 | | | | | | 6,183 | | 3,849 |
| | | | | | | | | | | | | | |
Clarius BIGS, LLC | (10) | Prints & Advertising Film Financing | | | | | | | | | | | | |
| | | Secured Debt | (14) (17) (19) | 9/23/2014 | | 15.00% PIK | 1/5/2015 | | 2,746 | | 2,746 | | 25 |
16
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | |
Computer Data Source, LLC | (10) | Third Party Maintenance Provider to the Data Center Ecosystem | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/6/2021 | | 8.50% (L+7.50%, Floor 1.00%) | 8/6/2026 | | 23,294 | | 22,874 | | 23,165 |
| | | | | | | | | | | | | | |
Construction Supply Investments, LLC | (10) | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | | | | | | | | | | | | |
| | | Member Units | | 12/29/2016 | 861,618 | | | | | | 3,335 | | 15,605 |
| | | | | | | | | | | | | | |
Darr Equipment LP | (10) | Heavy Equipment Dealer | | | | | | | | | | | | |
| | | Secured Debt | | 12/26/2017 | | 11.50% | 6/22/2023 | | 4,681 | | 4,681 | | 4,413 |
| | | Warrants | (29) | 4/15/2014 | 915,734 | | 12/23/2023 | | | | 474 | | 160 |
| | | | | | | | | | | | 5,155 | | 4,573 |
DTE Enterprises, LLC | (10) | Industrial Powertrain Repair and Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/13/2018 | | 9.50% (L+8.00%, Floor 1.50%) | 4/13/2023 | | 9,324 | | 9,272 | | 8,897 |
| | | Class AA Preferred Member Units (non-voting) | (8) (19) | 4/13/2018 | | 10.00% PIK | | | | | 1,077 | | 1,077 |
| | | Class A Preferred Member Units | (19) | 4/13/2018 | 776,316 | 8.00% PIK | | | | | 776 | | 320 |
| | | | | | | | | | | | 11,125 | | 10,294 |
Dynamic Communities, LLC | (10) | Developer of Business Events and Online Community Groups | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/17/2018 | | 9.50% (L+8.50%, Floor 1.00%) | 7/17/2023 | | 5,681 | | 5,645 | | 5,327 |
| | | | | | | | | | | | | | |
Eastern Wholesale Fence LLC | (10) | Manufacturer and Distributor of Residential and Commercial Fencing Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/19/2020 | | 8.00%, (L+7.00%, Floor 1.00%) | 10/30/2025 | | 33,484 | | 32,953 | | 33,484 |
| | | | | | | | | | | | | | |
Emerald Technologies Acquisition Co, Inc. | (11) | Design & Manufacturing | | | | | | | | | | | | |
| | | Secured Debt | (9) (39) | 2/10/2022 | | 7.25% (SOFR+6.25%, Floor 1.00%) | 2/10/2028 | | 9,375 | | 9,190 | | 9,234 |
| | | | | | | | | | | | | | |
EnCap Energy Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (EnCap Energy Capital Fund VIII, L.P.) | (8) (31) | 1/22/2015 | 0.1% | | | | | | 3,745 | | 1,988 |
| | | LP Interests (EnCap Energy Capital Fund VIII Co- | (31) | 1/21/2015 | 0.4% | | | | | | 2,097 | | 947 |
| | | LP Interests (EnCap Energy Capital Fund IX, L.P.) | (8) (31) | 1/22/2015 | 0.1% | | | | | | 3,903 | | 2,155 |
| | | LP Interests (EnCap Energy Capital Fund X, L.P.) | (8) (31) | 3/25/2015 | 0.1% | | | | | | 8,408 | | 8,815 |
| | | LP Interests (EnCap Flatrock Midstream Fund II, L.P.) | (31) | 3/30/2015 | 0.8% | | | | | | 5,358 | | 1,515 |
| | | LP Interests (EnCap Flatrock Midstream Fund III, L.P.) | (8) (31) | 3/27/2015 | 0.2% | | | | | | 6,070 | | 5,037 |
| | | | | | | | | | | | 29,581 | | 20,457 |
17
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPIC Y-Grade Services, LP | (11) | NGL Transportation & Storage | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/22/2018 | | 7.00% (L+6.00%, Floor 1.00%) | 6/30/2027 | | 6,875 | | 6,806 | | 5,815 |
| | | | | | | | | | | | | | |
Event Holdco, LLC | (10) | Event and Learning Management Software for Healthcare Organizations and Systems | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 12/22/2021 | | 8.00% (L+7.00%, Floor 1.00%) | 12/22/2026 | | 46,154 | | 45,700 | | 45,700 |
| | | | | | | | | | | | | | |
Flip Electronics LLC | (10) | Distributor of Hard-to-Find and Obsolete Electronic Components | | | | | | | | | | | | |
| | | Secured Debt | (9) (39) | 1/4/2021 | | 8.50% (SOFR+7.50%, Floor 1.00%) | 1/2/2026 | | 6,185 | | 6,061 | | 6,061 |
| | | | | | | | | | | | | | |
Fortna Acquisition Co., Inc. | (10) | Process, Physical Distribution and Logistics Consulting Services | | | | | | | | | | | | |
| | | Secured Debt | | 7/23/2019 | | 5.21% (L+5.00%) | 4/8/2025 | | 7,542 | | 7,477 | | 7,542 |
| | | | | | | | | | | | | | |
Fuse, LLC | (11) | Cable Networks Operator | | | | | | | | | | | | |
| | | Secured Debt | | 6/30/2019 | | 12.00% | 6/28/2024 | | 1,810 | | 1,810 | | 1,672 |
| | | Common Stock | | 6/30/2019 | 10,429 | | | | | | 256 | | - |
| | | | | | | | | | | | 2,066 | | 1,672 |
GeoStabilization International (GSI) | (11) | Geohazard Engineering Services & Maintenance | | | | | | | | | | | | |
| | | Secured Debt | | 1/2/2019 | | 5.58% (L+5.25%) | 12/19/2025 | | 20,710 | | 20,621 | | 20,606 |
| | | | | | | | | | | | | | |
GoWireless Holdings, Inc. | (11) | Provider of Wireless Telecommunications Carrier Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/10/2018 | | 7.50% (L+6.50%, Floor 1.00%) | 12/22/2024 | | 18,249 | | 18,164 | | 18,249 |
| | | | | | | | | | | | | | |
Grupo Hima San Pablo, Inc. | (11) | Tertiary Care Hospitals | | | | | | | | | | | | |
| | | Secured Debt | (9) (14) (17) | 3/7/2013 | | 9.25% (L+7.00%, Floor 1.50%) | 4/30/2019 | | 4,504 | | 4,504 | | 968 |
| | | Secured Debt | (14) (17) | 3/7/2013 | | 13.75% | 10/15/2018 | | 2,055 | | 2,040 | | 49 |
| | | Secured Debt | (14) (17) | 3/7/2013 | | 12.00% | 12/24/2021 | | 147 | | 147 | | 147 |
| | | | | | | | | | | | 6,691 | | 1,164 |
GS HVAM Intermediate, LLC | (10) | Specialized Food Distributor | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/18/2019 | | 6.75% (L+5.75%, Floor 1.00%) | 10/2/2024 | | 13,187 | | 13,118 | | 13,187 |
| | | | | | | | | | | | | | |
GS Operating, LLC (Gexpro) | (10) | Distributor of Industrial and Specialty Parts | | | | | | | | | | | | |
| | | Secured Debt | (9) (39) | 1/3/2022 | | 6.75% (SOFR+6.00%, Floor 0.75%) | 1/3/2028 | | 30,182 | | 29,359 | | 30,182 |
| | | | | | | | | | | | | | |
HDC/HW Intermediate Holdings | (10) | Managed Services and Hosting Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/21/2018 | | 8.50% (L+7.50%, Floor 1.00%) | 12/21/2023 | | 3,449 | | 3,422 | | 3,063 |
| | | | | | | | | | | | | | |
Heartland Dental, LLC | (10) | Dental Support Organization | | | | | | | | | | | | |
| | | Secured Debt | (9) | 9/9/2020 | | 7.50% (L+6.50%, Floor 1.00%) | 4/30/2025 | | 14,775 | | 14,465 | | 14,775 |
| | | | | | | | | | | | | | |
HOWLCO LLC | (11) (13) (21) | Provider of Accounting and Business Development Software to Real Estate End Markets | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/19/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 10/23/2026 | | 25,482 | | 25,482 | | 25,482 |
18
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | |
Hybrid Promotions, LLC | (10) | Wholesaler of Licensed, Branded and Private Label Apparel | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/30/2021 | | 9.25% (L+8.25%, Floor 1.00%) | 6/30/2026 | | 7,088 | | 6,964 | | 6,930 |
| | | | | | | | | | | | | | |
IG Parent Corporation | (11) | Software Engineering | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/30/2021 | | 6.75% (L+5.75%, Floor 1.00%) | 7/30/2026 | | 10,067 | | 9,905 | | 10,040 |
| | | | | | | | | | | | | | |
Implus Footcare, LLC | (10) | Provider of Footwear and Related Accessories | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/1/2017 | | 8.75% (L+7.75%, Floor 1.00%) | 4/30/2024 | | 18,656 | | 18,449 | | 17,623 |
| | | | | | | | | | | | | | |
Independent Pet Partners Intermediate Holdings, LLC | (10) | Omnichannel Retailer of Specialty Pet Products | | | | | | | | | | | | |
| | | Secured Debt | (9) (19) (35) | 8/20/2020 | | L+6.50% PIK | 12/22/2022 | | 6,442 | | 6,442 | | 6,442 |
| | | Secured Debt | (19) | 12/10/2020 | | 6.00% PIK | 11/20/2023 | | 18,154 | | 17,258 | | 17,258 |
| | | Preferred Stock (non-voting) | (19) | 12/10/2020 | | 6.00% PIK | | | | | 3,235 | | 4,405 |
| | | Preferred Stock (non-voting) | | 12/10/2020 | | | | | | | - | | - |
| | | Member Units | | 11/20/2018 | 1,558,333 | | | | | | 1,558 | | - |
| | | | | | | | | | | | 28,493 | | 28,105 |
Industrial Services Acquisition, LLC | (10) | Industrial Cleaning Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/13/2021 | | 7.75% (L+6.75%, Floor 1.00%) | 8/13/2026 | | 19,848 | | 19,465 | | 19,808 |
| | | Preferred Member Units | (8) (19) (30) | 1/31/2018 | 144 | 10.00% PIK | | | | | 122 | | 166 |
| | | Preferred Member Units | (8) (19) (30) | 5/17/2019 | 80 | 20.00% PIK | | | | | 84 | | 101 |
| | | Member Units | (30) | 6/17/2016 | 900 | | | | | | 900 | | 729 |
| | | | | | | | | | | | 20,571 | | 20,804 |
Infolinks Media Buyco, LLC | (10) | Exclusive Placement Provider to the Advertising Ecosystem | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/1/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 11/1/2026 | | 8,658 | | 8,477 | | 8,477 |
| | | | | | | | | | | | | | |
Interface Security Systems, L.L.C | (10) | Commercial Security & Alarm Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/9/2021 | | 11.75% (L+10.00%, Floor 1.75%) | 8/7/2023 | | 770 | | 770 | | 770 |
| | | Secured Debt | (9) (14) (19) | 8/7/2019 | | 9.75% (8.75% Cash, 1.00% PIK) (1.00% PIK + L+7.00%, Floor 1.75%) | 8/7/2023 | | 7,313 | | 7,237 | | 3,831 |
| | | Common Stock | | 12/7/2021 | 2,143 | | | | | | - | | - |
| | | | | | | | | | | | 8,007 | | 4,601 |
Intermedia Holdings, Inc. | (11) | Unified Communications as a Service | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/3/2018 | | 7.00% (L+6.00%, Floor 1.00%) | 7/19/2025 | | 20,627 | | 20,563 | | 20,487 |
| | | | | | | | | | | | | | |
Invincible Boat Company, LLC. | (10) | Manufacturer of Sport Fishing Boats | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/28/2019 | | 8.00% (L+6.50%, Floor 1.50%) | 8/28/2025 | | 16,889 | | 16,749 | | 16,889 |
| | | | | | | | | | | | | | |
INW Manufacturing, LLC | (11) | Manufacturer of Nutrition and Wellness Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/19/2021 | | 6.76% (L+5.75%, Floor 0.75%) | 3/25/2027 | | 7,313 | | 7,123 | | 7,166 |
| | | | | | | | | | | | | | |
Isagenix International, LLC | (11) | Direct Marketer of Health & Wellness Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/21/2018 | | 6.75% (L+5.75%, Floor 1.00%) | 6/14/2025 | | 5,054 | | 5,033 | | 3,263 |
| | | | | | | | | | | | | | |
Jackmont Hospitality, Inc. | (10) | Franchisee of Casual Dining Restaurants | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/26/2015 | | 8.50% (L+7.50%, Floor 1.00%) | 11/4/2024 | | 2,095 | | 2,095 | | 2,095 |
| | | Preferred Equity | (8) | 11/8/2021 | 2,826,667 | | | | | | 320 | | 320 |
19
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | 2,415 | | 2,415 |
Joerns Healthcare, LLC | (11) | Manufacturer and Distributor of Health Care Equipment & Supplies | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/21/2019 | | 7.00% (L+6.00%, Floor 1.00%) | 8/21/2024 | | 4,034 | | 3,993 | | 3,329 |
| | | Secured Debt | (19) | 11/15/2021 | | 15.00% PIK | 11/8/2022 | | 1,705 | | 1,705 | | 1,705 |
| | | Common Stock | | 8/21/2019 | 472,579 | | | | | | 4,429 | | - |
| | | | | | | | | | | | 10,127 | | 5,034 |
JTI Electrical & Mechanical, LLC | (10) | Electrical, Mechanical and Automation Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/22/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 12/22/2026 | | 37,658 | | 36,786 | | 36,786 |
| | | Common Equity | | 12/22/2021 | 1,684,211 | | | | | | 1,684 | | 1,684 |
| | | | | | | | | | | | 38,470 | | 38,470 |
Klein Hersh, LLC | (10) | Executive and C-Suite Placement for the Life Sciences and Healthcare Industries | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/13/2020 | | 7.75% (L+7.00%, Floor 0.75%) | 11/13/2025 | | 42,519 | | 41,620 | | 42,478 |
| | | | | | | | | | | | | | |
KMS, LLC | (10) | Wholesaler of Closeout and Value-priced Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/4/2021 | | 8.25% (L+7.25%, Floor 1.00%) | 10/4/2026 | | 7,562 | | 7,405 | | 7,405 |
| | | | | | | | | | | | | | |
Kore Wireless Group Inc. | (11) (13) | Mission Critical Software Platform | | | | | | | | | | | | |
| | | Secured Debt | | 12/31/2018 | | 6.11% (L+5.50%) | 12/20/2024 | | 11,385 | | 11,322 | | 11,342 |
| | | | | | | | | | | | | | |
Laredo Energy, LLC | (10) | Oil & Gas Exploration & Production | | | | | | | | | | | | |
| | | Member Units | | 5/4/2020 | 1,155,952 | | | | | | 11,561 | | 10,099 |
| | | | | | | | | | | | | | |
Lightbox Holdings, L.P. | (11) | Provider of Commercial Real Estate Software | | | | | | | | | | | | |
| | | Secured Debt | | 5/23/2019 | | 5.61% (L+5.00%) | 5/9/2026 | | 14,588 | | 14,432 | | 14,369 |
| | | | | | | | | | | | | | |
LKCM Headwater Investments I, L.P. | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests | (8) (31) | 1/25/2013 | 2.3% | | | | | | 1,746 | | 2,854 |
| | | | | | | | | | | | | | |
LL Management, Inc. | (10) | Medical Transportation Service Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/2/2019 | | 8.25% (L+7.25%, Floor 1.00%) | 9/25/2023 | | 17,424 | | 17,314 | | 17,424 |
| | | | | | | | | | | | | | |
LLFlex, LLC | (10) | Provider of Metal-Based Laminates | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/16/2021 | | 10.00% (L+9.00%, Floor 1.00%) | 8/16/2026 | | 4,466 | | 4,376 | | 4,376 |
| | | | | | | | | | | | | | |
Logix Acquisition Company, LLC | (10) | Competitive Local Exchange Carrier | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/8/2018 | | 6.75% (L+5.75%, Floor 1.00%) | 12/22/2024 | | 25,780 | | 24,642 | | 24,298 |
| | | | | | | | | | | | | | |
Looking Glass Investments, LLC | (12) (13) | Specialty Consumer Finance | | | | | | | | | | | | |
| | | Member Units | | 7/1/2015 | 3 | | | | | | 125 | | 25 |
| | | | | | | | | | | | | | |
Mac Lean-Fogg Company | (10) | Manufacturer and Supplier for Auto and Power Markets | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/22/2019 | | 5.88% (L+5.25%, Floor 0.625%) | 12/22/2025 | | 16,993 | | 16,914 | | 16,993 |
| | | Preferred Stock | (19) | 10/1/2019 | | 13.75% (4.50% Cash, 9.25% PIK) | | | | | 1,940 | | 1,940 |
| | | | | | | | | | | | 18,854 | | 18,933 |
Mako Steel, LP | (10) | Self-Storage Design & Construction | | | | | | | | | | | | |
| | | Secured Debt | (9) (38) | 3/15/2021 | | 8.18% (L+7.25%, Floor 0.75%) | 3/13/2026 | | 1,825 | | 1,775 | | 1,804 |
20
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Secured Debt | (9) | 3/15/2021 | | 8.38 % (L+7.25%, Floor 0.75%) | 3/13/2026 | | 15,542 | | 15,290 | | 15,362 |
| | | | | | | | | | | | 17,065 | | 17,166 |
MB2 Dental Solutions, LLC | (11) | Dental Partnership Organization | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/28/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 1/29/2027 | | 7,956 | | 7,846 | | 7,956 |
| | | Secured Debt | (9) (36) | 1/28/2021 | | 7.10% | 1/29/2027 | | 4,610 | | 4,567 | | 4,610 |
| | | | | | | | | | | | 12,413 | | 12,566 |
Mills Fleet Farm Group, LLC | (10) | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/24/2018 | | 7.25% (L+6.25%, Floor 1.00%) | 10/24/2024 | | 17,781 | | 17,582 | | 17,781 |
| | | | | | | | | | | | | | |
NBG Acquisition Inc | (11) | Wholesaler of Home Décor Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/28/2017 | | 6.99% (L+5.50%, Floor 1.00%) | 4/26/2024 | | 3,932 | | 3,909 | | 2,669 |
| | | | | | | | | | | | | | |
NinjaTrader, LLC | (10) | Operator of Futures Trading Platform | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/18/2019 | | 7.25% (L+6.25%, Floor 1.00%) | 12/18/2024 | | 31,425 | | 30,886 | | 31,373 |
| | | | | | | | | | | | | | |
NNE Partners, LLC | (10) | Oil & Gas Exploration & Production | | | | | | | | | | | | |
| | | Secured Debt | | 3/2/2017 | | 9.42% (L+9.25%) | 12/31/2023 | | 24,781 | | 24,718 | | 23,582 |
| | | | | | | | | | | | | | |
Northstar Group Services, Inc | (11) | Commercial & Industrial Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/1/2021 | | 6.50% (L+5.50%, Floor 1.00%) | 11/12/2026 | | 9,935 | | 9,890 | | 9,898 |
| | | | | | | | | | | | | | |
NTM Acquisition Corp. | (11) | Provider of B2B Travel Information Content | | | | | | | | | | | | |
| | | Secured Debt | (9) (19) | 7/12/2016 | | 8.25% (7.25% Cash, 1.00% PIK) (1.00%PIK + L+6.25%, Floor 1.00%) | 6/7/2024 | | 4,538 | | 4,538 | | 4,380 |
| | | | | | | | | | | | | | |
NWN Corporation | (10) | Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/7/2021 | | 7.50% (L+6.50%, Floor 1.00%) | 5/7/2026 | | 42,972 | | 42,158 | | 41,730 |
| | | | | | | | | | | | | | |
Ospemifene Royalty Sub LLC | (10) | Estrogen-Deficiency Drug Manufacturer and Distributor | | | | | | | | | | | | |
| | | Secured Debt | (14) | 7/8/2013 | | 11.50% | 11/15/2026 | | 4,540 | | 4,540 | | 91 |
| | | | | | | | | | | | | | |
OVG Business Services, LLC | (10) | Venue Management Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/29/2021 | | 7.25% (L+6.25%, Floor 1.00%) | 11/19/2028 | | 14,000 | | 13,866 | | 13,580 |
| | | | | | | | | | | | | | |
Paragon Healthcare, Inc. | (10) | Infusion Therapy Treatment Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (39) | 1/19/2022 | | 6.75% (SOFR+5.75%, Floor 1.00%) | 1/19/2027 | | 18,388 | | 17,632 | | 17,632 |
| | | | | | | | | | | | | | |
Project Eagle Holdings, LLC | (10) | Provider of Secure Business Collaboration Software | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/6/2020 | | 7.76% (L+6.75%, Floor 1.00%) | 7/6/2026 | | 29,663 | | 29,110 | | 29,641 |
| | | | | | | | | | | | | | |
RA Outdoors LLC | (10) | Software Solutions Provider for Outdoor Activity Management | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/8/2021 | | 7.75% (L+6.75%, Floor 1.00%) | 4/8/2026 | | 18,991 | | 18,829 | | 17,812 |
| | | | | | | | | | | | | | |
21
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Research Now Group, Inc. and Survey Sampling International, LLC | (11) | Provider of Outsourced Online Surveying | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/29/2017 | | 6.50% (L+5.50%, Floor 1.00%) | 12/20/2024 | | 20,124 | | 19,817 | | 19,820 |
| | | | | | | | | | | | | | |
RM Bidder, LLC | (10) | Scripted and Unscripted TV and Digital Programming Provider | | | | | | | | | | | | |
| | | Member Units | | 11/12/2015 | 2,779 | | | | | | 46 | | 24 |
| | | Warrants | (26) | 11/12/2015 | 187,161 | | 10/20/2025 | | | | 425 | | - |
| | | | | | | | | | | | 471 | | 24 |
Roof Opco, LLC | (10) | Residential Re-Roofing/Repair | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/27/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 8/27/2026 | | 4,729 | | 4,618 | | 4,618 |
| | | | | | | | | | | | | | |
RTIC Subsidiary Holdings, LLC | (10) | Direct-To-Consumer eCommerce Provider of Outdoor Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 9/1/2020 | | 9.00% (L+7.75%, Floor 1.25%) | 9/1/2025 | | 20,709 | | 20,528 | | 20,709 |
| | | | | | | | | | | | | | |
Rug Doctor, LLC. | (10) | Carpet Cleaning Products and Machinery | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/16/2021 | | 7.25% (L+6.25%, Floor 1.00%) | 11/16/2024 | | 9,105 | | 8,888 | | 8,941 |
| | | | | | | | | | | | | | |
Salient Partners L.P. | (11) | Provider of Asset Management Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/31/2018 | | 7.00% (L+6.00%, Floor 1.00%) | 10/30/2022 | | 6,251 | | 6,248 | | 4,064 |
| | | Secured Debt | (9) | 9/30/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 10/30/2022 | | 1,250 | | 1,250 | | 2,435 |
| | | | | | | | | | | | 7,498 | | 6,499 |
Savers, Inc. | (11) | For-Profit Thrift Retailer | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/14/2021 | | 6.25% (L+5.50%, Floor 0.75%) | 4/26/2028 | | 11,372 | | 11,271 | | 11,315 |
| | | | | | | | | | | | | | |
SIB Holdings, LLC | (10) | Provider of Cost Reduction Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/29/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 10/29/2026 | | 6,282 | | 6,142 | | 6,152 |
| | | Common Equity | | 10/29/2021 | 95,238 | | | | | | 200 | | 200 |
| | | | | | | | | | | | 6,342 | | 6,352 |
South Coast Terminals Holdings, LLC | (10) | Specialty Toll Chemical Manufacturer | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/10/2021 | | 7.25% (L+6.25%, Floor 1.00%) | 12/13/2026 | | 41,567 | | 40,701 | | 40,701 |
| | | Common Equity | | 12/10/2021 | 863,636 | | | | | | 864 | | 864 |
| | | | | | | | | | | | 41,565 | | 41,565 |
Staples Canada ULC | (10) (13) (21) | Office Supplies Retailer | | | | | | | | | | | | |
| | | Secured Debt | (9) (22) | 9/14/2017 | | 8.00% (L+7.00%, Floor 1.00%) | 9/12/2024 | | 15,522 | | 15,457 | | 15,275 |
| | | | | | | | | | | | | | |
Stellant Systems, Inc. | (11) | Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/0/1900 | | 6.51% (L+5.50%, Floor 0.75%) | 10/1/2028 | | 7,681 | | 7,609 | | 7,566 |
| | | | | | | | | | | | | | |
Student Resource Center, LLC | (10) | Higher Education Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/25/2021 | | 9.00% (L+8.00%, Floor 1.00%) | 6/25/2026 | | 10,588 | | 10,394 | | 9,844 |
| | | | | | | | | | | | | | |
Tacala Investment Corp. | (33) | Quick Service Restaurant Group | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/19/2021 | | 4.25% (L+3.50%, Floor 0.75%) | 2/5/2027 | | 1,995 | | 1,995 | | 1,968 |
| | | | | | | | | | | | | | |
22
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Team Public Choices, LLC | (11) | Home-Based Care Employment Service Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/22/2020 | | 6.00% (L+5.00%, Floor 1.00%) | 12/18/2027 | | 15,078 | | 14,762 | | 14,965 |
| | | | | | | | | | | | | | |
Tectonic Financial, LLC | | Financial Services Organization | | | | | | | | | | | | |
| | | Common Stock | (8) | 5/15/2017 | 200,000 | | | | | | 2,000 | | 5,630 |
| | | | | | | | | | | | | | |
Tex Tech Tennis, LLC | (10) | Sporting Goods & Textiles | | | | | | | | | | | | |
| | | Common Stock | (30) | 7/7/2021 | 1,000,000 | | | | | | 1,000 | | 1,130 |
| | | | | | | | | | | | | | |
U.S. TelePacific Corp. | (11) | Provider of Communications and Managed Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (19) (39) | 5/17/2017 | | 9.25% (2.00% Cash, 7.25% PIK) (SOFR+1.00%, Floor 1.00%, 7.25% PIK) | 5/2/2026 | | 17,088 | | 17,004 | | 12,115 |
| | | | | | | | | | | | | | |
USA DeBusk LLC | (10) | Provider of Industrial Cleaning Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/22/2019 | | 6.75% (L+5.75%, Floor 1.00%) | 9/8/2026 | | 37,188 | | 36,460 | | 37,188 |
| | | | | | | | | | | | | | |
Veregy Consolidated, Inc. | (11) | Energy Service Company | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/9/2020 | | 7.00% (L+6.00%, Floor 1.00%) | 11/3/2027 | | 17,820 | | 16,720 | | 16,718 |
| | | | | | | | | | | | | | |
Vida Capital, Inc | (11) | Alternative Asset Manager | | | | | | | | | | | | |
| | | Secured Debt | | 10/10/2019 | | 6.33% (L+6.00%) | 10/1/2026 | | 16,835 | | 16,663 | | 15,502 |
| | | | | | | | | | | | | | |
Vistar Media, Inc. | (10) | Operator of Digital Out-of-Home Advertising Platform | | | | | | | | | | | | |
| | | Preferred Stock | | 4/3/2019 | 70,207 | | | | | | 768 | | 2,349 |
| | | | | | | | | | | | | | |
VORTEQ Coil Finishers, LLC | (10) | Specialty Coating of Aluminum and Light-Gauge Steel | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/30/2021 | | 8.50% (L+7.50%, Floor 1.00%) | 11/30/2026 | | 25,962 | | 25,476 | | 25,476 |
| | | Common Equity | | 11/30/2021 | 1,038,462 | | | | | | 1,038 | | 1,038 |
| | | | | | | | | | | | 26,514 | | 26,514 |
Wahoo Fitness Acquisition L.L.C. | (11) | Fitness Training Equipment Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/17/2021 | | 6.75% (L+5.75%, Floor 1.00%) | 8/12/2028 | | 14,906 | | 14,494 | | 14,608 |
| | | | | | | | | | | | | | |
Wall Street Prep, Inc. | (10) | Financial Training Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/19/2021 | | 8.00% (L+7.00%, Floor 1.00%) | 7/19/2026 | | 4,345 | | 4,262 | | 4,262 |
| | | Common Stock | | 7/19/2021 | 400,000 | | | | | | 400 | | 400 |
| | | | | | | | | | | | 4,662 | | 4,662 |
Watterson Brands, LLC | (10) | Facility Management Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/17/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 12/17/2026 | | 16,170 | | 15,795 | | 15,795 |
| | | | | | | | | | | | | | |
West Star Aviation Acquisition, LLC | (10) | Aircraft, Aircraft Engine and Engine Parts | | | | | | | | | | | | |
| | | Secured Debt | (9) (39) | 3/1/2022 | | 6.75% (SOFR+6.0%, Floor 0.75%) | 3/1/2028 | | 10,848 | | 10,612 | | 10,612 |
| | | Common Stock | | 3/1/2022 | 1,522,200 | | | | | | 1,541 | | 1,541 |
| | | | | | | | | | | | 12,153 | | 12,153 |
Winter Services LLC | (10) | Provider of Snow Removal and Ice Management Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/19/2021 | | 8.00% (L+7.00%, Floor 1.00%) | 11/19/2026 | | 11,222 | | 10,975 | | 11,016 |
| | | | | | | | | | | | | | |
Xenon Arc, Inc. | (10) | Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/17/2021 | | 6.75% (L+6.00%, Floor 0.75%) | 12/17/2026 | | 38,504 | | 37,387 | | 37,387 |
23
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate (39) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | |
YS Garments, LLC | (11) | Designer and Provider of Branded Activewear | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 8/22/2018 | | 6.51% | 8/9/2024 | | 12,940 | | 12,880 | | 12,811 |
| | | | | | | | | | | | | | |
Zips Car Wash, LLC | (10) | Express Car Wash Operator | | | | | | | | | | | | |
| | | Secured Debt | (9) | 2/11/2022 | | 8.25%(L+7.25%, Floor 1.00%) | 3/1/2024 | | 17,734 | | 17,433 | | 17,433 |
| | | | | | | | | | | | | | |
Subtotal Non-Control/Non-Affiliate Investments (87.8% of net assets at fair value) | | | | | | | | | | | $ | 1,690,120 | $ | 1,644,636 |
Total Portfolio Investments, March 31, 2022 (197.0% of net assets at fair value) | | | | | | | | | | | $ | 3,372,567 | $ | 3,690,738 |
(1) | All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Credit Facility or in support of the SBA-guaranteed debentures issued by the Funds. |
(2) | Debt investments are income producing, unless otherwise noted. Equity and warrants are non-income producing, unless otherwise noted. |
(3) | See Note C and Schedule 12-14 for a summary of geographic location of portfolio companies. |
(4) | Principal is net of repayments. Cost is net of repayments and accumulated unearned income. |
(5) | Control investments are defined by the 1940 Act, as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained. |
(6) | Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments. |
(7) | Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments. |
(8) | Income producing through dividends or distributions. |
(9) | Index based floating interest rate is subject to contractual minimum interest rate. A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR, SOFR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at March 31, 2022. As noted in this schedule, 68% of the loans (based on the par amount) contain LIBOR or SOFR floors which range between 0.50% and 2.00%, with a weighted-average floor of approximately 1.05%. |
(10) | Private Loan portfolio investment. See Note C for a description of Private Loan portfolio investments. |
(11) | Middle Market portfolio investment. See Note C for a description of Middle Market portfolio investments. |
(12) | Other Portfolio investment. See Note C for a description of Other Portfolio investments. |
(13) | Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. |
(14) | Non-accrual and non-income producing investment. |
(15) | All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.” |
(16) | External Investment Manager. Investment is not encumbered as security for the Company's Credit Facility or in support of the SBA-guaranteed debentures issued by the Funds. |
(17) | Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable. |
(18) | Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C for further discussion. |
(19) | PIK interest income and cumulative dividend income represent income not paid currently in cash. |
24
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2022
(dollars in thousands)
(Unaudited)
(20) | All portfolio company headquarters are based in the United States, unless otherwise noted. |
(21) | Portfolio company headquarters are located outside of the United States. |
(22) | In connection with the Company's debt investment in Staples Canada ULC and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company's investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $21.4 million Canadian Dollars and receive $16.9 million U.S. Dollars with a settlement date of September 14, 2022. The unrealized depreciation on the forward foreign currency contract was not significant as of March 31, 2022. |
(23) | The Company has entered into an intercreditor agreement that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of LIBOR plus 7.25% (Floor 1.25%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate. |
(24) | Investment date represents the date of initial investment in the security position. |
(25) | Warrants are presented in equivalent shares with a strike price of $10.92 per share. |
(26) | Warrants are presented in equivalent units with a strike price of $14.28 per unit. |
(27) | Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit. |
(28) | Warrants are presented in equivalent shares with a strike price of $0.001 per share. |
(29) | Warrants are presented in equivalent units with a strike price of $1.50 per unit. |
(30) | Shares/Units represent ownership in an underlying Real Estate or HoldCo entity. |
(31) | Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated. |
(32) | Portfolio company is in a bankruptcy process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. As noted in footnote (14), our debt investment in this portfolio company is on non-accrual status. |
(33) | Short-term portfolio investments. See Note C for a description of short-term portfolio investments. |
(34) | The security has an effective contractual interest rate of 2.00% PIK + L+6.50%, Floor 1.00%, but the issuer may, in its discretion, elect to pay the PIK interest in cash. The rate presented represents the effective current yield based on actual payments received during the period. |
(35) | Delayed draw term loan facility permits the borrower to make an interest rate election on each new tranche of borrowings under the facility. The rate presented represents a weighted-average rate for borrowings under the facility. As of March 31, 2022, borrowings under the loan facility bear interest at L+6.00% or Prime+5.00%. |
(36) | Delayed draw term loan facility permits the borrower to make an interest rate election on each new tranche of borrowings under the facility. The rate presented represents a weighted-average rate for borrowings under the facility. As of March 31, 2022, borrowings under the loan facility bear interest at L+6.00% (Floor 1.00%) or Prime+5.00%. |
(37) | Delayed draw term loan facility permits the borrower to make an interest rate election on each new tranche of borrowings under the facility. The rate presented represents a weighted-average rate for borrowings under the facility. As of March 31, 2022, borrowings under the loan facility bear interest at L+5.50% (Floor 1.00%) or Prime+4.00%. |
(38) | RLOC facility permits the borrower to make an interest rate election on each new tranche of borrowings under the facility. The rate presented represents a weighted-average rate for borrowings under the facility. As of March 31, 2022, borrowings under the loan facility bear interest at L+7.25% (Floor 0.75%). |
(39) | SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2022, the portfolio had Adjustments ranging from 0.10% to 0.26%. |
25
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | | |||||||||||||||
Control Investments (5) | | | | | | | | | | | | | | | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Analytical Systems Keco Holdings, LLC | | Manufacturer of Liquid and Gas Analyzers | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 8/16/2019 | | 12.00% (L+10.00%, Floor 2.00%) | 8/16/2024 | $ | 4,945 | $ | 4,736 | $ | 4,736 | |||||||||||||||
| | | Preferred Member Units | | 8/16/2019 | 3,200 | | | | | | 3,200 | | - | |||||||||||||||
| | | Preferred Member Units | | 5/20/2021 | 2,427 | | | | | | 2,427 | | 4,894 | |||||||||||||||
| | | Warrants | (27) | 8/16/2019 | 420 | | 8/16/2029 | | | | 316 | | - | |||||||||||||||
| | | | | | | | | | | | 10,679 | | 9,630 | |||||||||||||||
ASC Interests, LLC | | Recreational and Educational Shooting Facility | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 12/31/2019 | | 13.00% | 7/31/2022 | | 200 | | 200 | | 200 | |||||||||||||||
| | | Secured Debt | | 8/1/2013 | | 13.00% | 7/31/2022 | | 1,650 | | 1,636 | | 1,636 | |||||||||||||||
| | | Member Units | | 8/1/2013 | 1,500 | | | | | | 1,500 | | 720 | |||||||||||||||
| | | | | | | | | | | | 3,336 | | 2,556 | |||||||||||||||
ATS Workholding, LLC | (10) | Manufacturer of Machine Cutting Tools and Accessories | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (14) | 11/16/2017 | | 5.00% | 8/16/2023 | | 4,794 | | 4,635 | | 3,005 | |||||||||||||||
| | | Preferred Member Units | | 11/16/2017 | 3,725,862 | | | | | | 3,726 | | - | |||||||||||||||
| | | | | | | | | | | | 8,361 | | 3,005 | |||||||||||||||
Barfly Ventures, LLC | (10) | Casual Restaurant Group | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 10/15/2020 | | 7.00% | 10/31/2024 | | 711 | | 711 | | 711 | |||||||||||||||
| | | Member Units | | 10/26/2020 | 37 | | | | | | 1,584 | | 1,930 | |||||||||||||||
| | | | | | | | | | | | 2,295 | | 2,641 | |||||||||||||||
Bolder Panther Group, LLC | | Consumer Goods and Fuel Retailer | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 12/31/2020 | | 10.50% (L+9.00%, Floor 1.50%) | 12/31/2025 | | 39,000 | | 38,687 | | 39,000 | |||||||||||||||
| | | Class A Preferred Member Units | (8) | 12/31/2020 | | 14.00% | | | | | 10,194 | | 10,194 | |||||||||||||||
| | | Class B Preferred Member Units | (8) | 12/31/2020 | 140,000 | 8.00% | | | | | 14,000 | | 23,170 | |||||||||||||||
| | | | | | | | | | | | 62,881 | | 72,364 | |||||||||||||||
Brewer Crane Holdings, LLC | | Provider of Crane Rental and Operating Services | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 1/9/2018 | | 11.00% (L+10.00%, Floor 1.00%) | 1/9/2023 | | 8,060 | | 8,037 | | 8,037 | |||||||||||||||
| | | Preferred Member Units | (8) | 1/9/2018 | 2,950 | | | | | | 4,280 | | 7,710 | |||||||||||||||
| | | | | | | | | | | | 12,317 | | 15,747 | |||||||||||||||
Bridge Capital Solutions Corporation | | Financial Services and Cash Flow Solutions Provider | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 7/25/2016 | | 13.00% | 12/11/2024 | | 8,813 | | 8,813 | | 8,813 | |||||||||||||||
| | | Warrants | (27) | 7/25/2016 | 82 | | 7/25/2026 | | | | 2,132 | | 4,060 | |||||||||||||||
| | | Secured Debt | (30) | 7/25/2016 | | 13.00% | 12/11/2024 | | 1,000 | | 1,000 | | 1,000 | |||||||||||||||
| | | Preferred Member Units | (8) (30) | 7/25/2016 | 17,742 | | | | | | 1,000 | | 1,000 | |||||||||||||||
| | | | | | | | | | | | 12,945 | | 14,873 | |||||||||||||||
Café Brazil, LLC | | Casual Restaurant Group | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | (8) | 6/9/2006 | 1,233 | | | | | | 1,742 | | 2,570 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
California Splendor Holdings LLC | | Processor of Frozen Fruits | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 3/30/2018 | | 11.00% (L+10.00%, Floor 1.00%) | 3/30/2023 | | 28,000 | | 27,915 | | 27,915 | |||||||||||||||
| | | Preferred Member Units | (8) (19) | 7/31/2019 | 6,725 | 15.00% PIK | | | | | 9,510 | | 9,510 | |||||||||||||||
| | | Preferred Member Units | (8) | 3/30/2018 | 6,157 | | | | | | 10,775 | | 13,275 | |||||||||||||||
| | | | | | | | | | | | 48,200 | | 50,700 | |||||||||||||||
CBT Nuggets, LLC | | Produces and Sells IT Training Certification Videos | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | (8) | 6/1/2006 | 416 | | | | | | 1,300 | | 50,620 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
26
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Centre Technologies Holdings, LLC | | Provider of IT Hardware Services and Software Solutions | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 1/4/2019 | | 12.00% (L+10.00%, Floor 2.00%) | 1/4/2024 | | 9,416 | | 9,370 | | 8,864 | |||||||||||||||
| | | Preferred Member Units | | 1/4/2019 | 12,696 | | | | | | 5,840 | | 5,840 | |||||||||||||||
| | | | | | | | | | | | 15,210 | | 14,704 | |||||||||||||||
Chamberlin Holding LLC | | Roofing and Waterproofing Specialty Contractor | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 2/26/2018 | | 9.00% (L+8.00%, Floor 1.00%) | 2/26/2023 | | 17,817 | | 17,738 | | 17,817 | |||||||||||||||
| | | Member Units | (8) | 2/26/2018 | 4,347 | | | | | | 11,440 | | 24,140 | |||||||||||||||
| | | Member Units | (8) (30) | 11/2/2018 | 1,047,146 | | | | | | 1,322 | | 1,540 | |||||||||||||||
| | | | | | | | | | | | 30,500 | | 43,497 | |||||||||||||||
Charps, LLC | | Pipeline Maintenance and Construction | | | | | | | | | | | | | |||||||||||||||
| | | Unsecured Debt | | 8/26/2020 | | 10.00% | 1/31/2024 | | 5,694 | | 4,599 | | 5,694 | |||||||||||||||
| | | Preferred Member Units | (8) | 2/3/2017 | 1,829 | | | | | | 1,963 | | 13,990 | |||||||||||||||
| | | | | | | | | | | | 6,562 | | 19,684 | |||||||||||||||
Clad-Rex Steel, LLC | | Specialty Manufacturer of Vinyl-Clad Metal | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 12/20/2016 | | 10.50% (L+9.50%, Floor 1.00%) | 1/15/2024 | | 10,480 | | 10,401 | | 10,401 | |||||||||||||||
| | | Member Units | (8) | 12/20/2016 | 717 | | | | | | 7,280 | | 10,250 | |||||||||||||||
| | | Secured Debt | | 12/20/2016 | | 10.00% | 12/20/2036 | | 1,081 | | 1,071 | | 1,071 | |||||||||||||||
| | | Member Units | (30) | 12/20/2016 | 800 | | | | | | 210 | | 530 | |||||||||||||||
| | | | | | | | | | | | 18,962 | | 22,252 | |||||||||||||||
CMS Minerals Investments | | Oil & Gas Exploration & Production | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | (8) (30) | 4/1/2016 | 100 | | | | | | 1,838 | | 1,974 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Cody Pools, Inc. | | Designer of Residential and Commercial Pools | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 3/6/2020 | | 12.25% (L+10.50%, Floor 1.75%) | 12/17/2026 | | 42,497 | | 42,117 | | 42,484 | |||||||||||||||
| | | Preferred Member Units | (8) (30) | 3/6/2020 | 587 | | | | | | 8,317 | | 47,640 | |||||||||||||||
| | | | | | | | | | | | 50,434 | | 90,124 | |||||||||||||||
Colonial Electric Company LLC | | Provider of Electrical Contracting Services | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 3/31/2021 | | 12.00% | 3/31/2026 | | 24,570 | | 24,351 | | 24,351 | |||||||||||||||
| | | Preferred Member Units | (8) | 3/31/2021 | 17,280 | | | | | | 7,680 | | 9,130 | |||||||||||||||
| | | | | | | | | | | | 32,031 | | 33,481 | |||||||||||||||
CompareNetworks Topco, LLC | | Internet Publishing and Web Search Portals | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 1/29/2019 | | 10.00% (L+9.00%, Floor 1.00%) | 1/29/2024 | | 6,477 | | 6,452 | | 6,477 | |||||||||||||||
| | | Preferred Member Units | (8) | 1/29/2019 | 1,975 | | | | | | 1,975 | | 12,000 | |||||||||||||||
| | | | | | | | | | | | 8,427 | | 18,477 | |||||||||||||||
Copper Trail Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | | |||||||||||||||
| | | LP Interests (CTMH, LP) | (31) | 7/17/2017 | 38.8% | | | | | | 710 | | 710 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Datacom, LLC | | Technology and Telecommunications Provider | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 3/31/2021 | | 5.00% | 12/31/2025 | | 8,892 | | 8,296 | | 7,668 | |||||||||||||||
| | | Preferred Member Units | | 3/31/2021 | 9,000 | | | | | | 2,610 | | 2,610 | |||||||||||||||
| | | | | | | | | | | | 10,906 | | 10,278 | |||||||||||||||
Digital Products Holdings LLC | | Designer and Distributor of Consumer Electronics | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 4/1/2018 | | 11.00% (L+10.00%, Floor 1.00%) | 4/1/2023 | | 16,853 | | 16,801 | | 16,801 | |||||||||||||||
27
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Preferred Member Units | (8) | 4/1/2018 | 3,857 | | | | | | 9,501 | | 9,835 | |||||||||||||||
| | | | | | | | | | | | 26,302 | | 26,636 | |||||||||||||||
Direct Marketing Solutions, Inc. | | Provider of Omni-Channel Direct Marketing Services | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 2/13/2018 | | 12.00% (L+11.00%, Floor 1.00%) | 2/13/2024 | | 24,070 | | 23,911 | | 24,048 | |||||||||||||||
| | | Preferred Stock | (8) | 2/13/2018 | 8,400 | | | | | | 8,400 | | 18,350 | |||||||||||||||
| | | | | | | | | | | | 32,311 | | 42,398 | |||||||||||||||
Gamber-Johnson Holdings, LLC | | Manufacturer of Ruggedized Computer Mounting Systems | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 6/24/2016 | | 9.50% (L+7.50%, Floor 2.00%) | 1/1/2025 | | 21,598 | | 21,535 | | 21,598 | |||||||||||||||
| | | Member Units | (8) | 6/24/2016 | 9,042 | | | | | | 17,692 | | 49,700 | |||||||||||||||
| | | | | | | | | | | | 39,227 | | 71,298 | |||||||||||||||
Garreco, LLC | | Manufacturer and Supplier of Dental Products | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 7/15/2013 | | 9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%) | 7/31/2022 | | 4,196 | | 4,196 | | 4,196 | |||||||||||||||
| | | Member Units | (8) | 7/15/2013 | 1,200 | | | | | | 1,200 | | 2,270 | |||||||||||||||
| | | | | | | | | | | | 5,396 | | 6,466 | |||||||||||||||
GRT Rubber Technologies LLC | | Manufacturer of Engineered Rubber Products | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 12/19/2014 | | 8.10% (L+8.00%) | 10/29/2026 | | 38,885 | | 38,672 | | 38,885 | |||||||||||||||
| | | Member Units | (8) | 12/19/2014 | 5,879 | | | | | | 13,065 | | 46,190 | |||||||||||||||
| | | | | | | | | | | | 51,737 | | 85,075 | |||||||||||||||
Gulf Manufacturing, LLC | | Manufacturer of Specialty Fabricated Industrial Piping Products | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | (8) | 8/31/2007 | 438 | | | | | | 2,980 | | 5,640 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Gulf Publishing Holdings, LLC | | Energy Industry Focused Media and Publishing | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) (17) (19) | 9/29/2017 | | 10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%) | 9/30/2020 | | 257 | | 257 | | 257 | |||||||||||||||
| | | Secured Debt | (17) (19) | 4/29/2016 | | 12.50% (6.25% Cash, 6.25% PIK) | 4/29/2021 | | 13,565 | | 13,565 | | 9,717 | |||||||||||||||
| | | Member Units | | 4/29/2016 | 3,681 | | | | | | 3,681 | | - | |||||||||||||||
| | | | | | | | | | | | 17,503 | | 9,974 | |||||||||||||||
Harris Preston Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | | |||||||||||||||
| | | LP Interests (2717 MH, L.P.) | (31) | 10/1/2017 | 49.3% | | | | | | 2,703 | | 3,971 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Harrison Hydra-Gen, Ltd. | | Manufacturer of Hydraulic Generators | | | | | | | | | | | | | |||||||||||||||
| | | Common Stock | | 6/4/2010 | 107,456 | | | | | | 718 | | 3,530 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Jensen Jewelers of Idaho, LLC | | Retail Jewelry Store | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 11/14/2006 | | 10.00% (Prime+6.75%, Floor 2.00%) | 11/14/2023 | | 2,550 | | 2,536 | | 2,550 | |||||||||||||||
| | | Member Units | (8) | 11/14/2006 | 627 | | | | | | 811 | | 12,420 | |||||||||||||||
| | | | | | | | | | | | 3,347 | | 14,970 | |||||||||||||||
Johnson Downie Opco, LLC | | Executive Search Services | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 12/10/2021 | | 13.00% (L+11.50%, Floor 1.50%) | 12/10/2026 | | 11,475 | | 11,344 | | 11,344 | |||||||||||||||
| | | Preferred Equity | | 12/10/2021 | 3,150 | | | | | | 3,150 | | 3,150 | |||||||||||||||
| | | | | | | | | | | | 14,494 | | 14,494 | |||||||||||||||
KBK Industries, LLC | | Manufacturer of Specialty Oilfield and Industrial Products | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | (8) | 1/23/2006 | 325 | | | | | | 783 | | 13,620 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
28
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Kickhaefer Manufacturing Company, LLC | | Precision Metal Parts Manufacturing | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 10/31/2018 | | 11.50% | 10/31/2023 | | 20,415 | | 20,324 | | 20,324 | |||||||||||||||
| | | Member Units | | 10/31/2018 | 581 | | | | | | 12,240 | | 12,310 | |||||||||||||||
| | | Secured Debt | | 10/31/2018 | | 9.00% | 10/31/2048 | | 3,915 | | 3,876 | | 3,876 | |||||||||||||||
| | | Member Units | (8) (30) | 10/31/2018 | 800 | | | | | | 992 | | 2,460 | |||||||||||||||
| | | | | | | | | | | | 37,432 | | 38,970 | |||||||||||||||
Market Force Information, LLC | | Provider of Customer Experience Management Services | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 7/28/2017 | | 12.00% (L+11.00%, Floor 1.00%) | 7/28/2023 | | 3,400 | | 3,400 | | 3,400 | |||||||||||||||
| | | Secured Debt | (14) (19) | 7/28/2017 | | 12.00% PIK | 7/28/2023 | | 26,079 | | 25,952 | | 8,936 | |||||||||||||||
| | | Member Units | | 7/28/2017 | 743,921 | | | | | | 16,642 | | - | |||||||||||||||
| | | | | | | | | | | | 45,994 | | 12,336 | |||||||||||||||
MH Corbin Holding LLC | | Manufacturer and Distributor of Traffic Safety Products | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 8/31/2015 | | 13.00% | 3/31/2022 | | 8,250 | | 8,241 | | 5,934 | |||||||||||||||
| | | Preferred Member Units | | 3/15/2019 | 66,000 | | | | | | 4,400 | | - | |||||||||||||||
| | | Preferred Member Units | | 9/1/2015 | 4,000 | | | | | | 6,000 | | - | |||||||||||||||
| | | | | | | | | | | | 18,641 | | 5,934 | |||||||||||||||
MS Private Loan Fund I, LP | (12) (13) | Investment Partnership | | | | | | | | | | | | | |||||||||||||||
| | | Unsecured Debt | | 2/11/2021 | | 5.00% | 2/28/2022 | | 63,151 | | 63,151 | | 63,151 | |||||||||||||||
| | | LP Interests | (31) | 1/26/2021 | 12.1% | | | | | | 2,500 | | 2,581 | |||||||||||||||
| | | | | | | | | | | | 65,651 | | 65,732 | |||||||||||||||
MSC Adviser I, LLC | (16) | Third Party Investment Advisory Services | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | (8) | 11/22/2013 | | | | | | | 29,500 | | 140,400 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Mystic Logistics Holdings, LLC | | Logistics and Distribution Services Provider for Large Volume Mailers | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 8/18/2014 | | 12.00% | 1/17/2022 | | 6,378 | | 6,377 | | 6,378 | |||||||||||||||
| | | Common Stock | (8) | 8/18/2014 | 5,873 | | | | | | 2,720 | | 8,840 | |||||||||||||||
| | | | | | | | | | | | 9,097 | | 15,218 | |||||||||||||||
NAPCO Precast, LLC | | Precast Concrete Manufacturing | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | (8) | 1/31/2008 | 2,955 | | | | | | 2,975 | | 13,560 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Nebraska Vet AcquireCo, LLC | | Mixed-Animal Veterinary and Animal Health Product Provider | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 12/31/2020 | | 12.00% | 12/31/2025 | | 10,500 | | 10,412 | | 10,412 | |||||||||||||||
| | | Secured Debt | | 12/31/2020 | | 12.00% | 12/31/2025 | | 4,868 | | 4,829 | | 4,829 | |||||||||||||||
| | | Preferred Member Units | | 12/31/2020 | 6,987 | | | | | | 6,987 | | 7,700 | |||||||||||||||
| | | | | | | | | | | | 22,228 | | 22,941 | |||||||||||||||
NexRev LLC | | Provider of Energy Efficiency Products & Services | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 2/28/2018 | | 11.00% | 2/28/2023 | | 16,217 | | 16,173 | | 14,045 | |||||||||||||||
| | | Preferred Member Units | (8) | 2/28/2018 | 86,400,000 | | | | | | 6,880 | | 2,690 | |||||||||||||||
| | | | | | | | | | | | 23,053 | | 16,735 | |||||||||||||||
NRP Jones, LLC | | Manufacturer of Hoses, Fittings and Assemblies | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 12/21/2017 | | 12.00% | 3/20/2023 | | 2,080 | | 2,080 | | 2,080 | |||||||||||||||
| | | Member Units | (8) | 12/22/2011 | 65,962 | | | | | | 3,717 | | 6,440 | |||||||||||||||
| | | | | | | | | | | | 5,797 | | 8,520 | |||||||||||||||
NuStep, LLC | | Designer, Manufacturer and Distributor of Fitness Equipment | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 1/31/2017 | | 7.50% (L+6.50%, Floor 1.00%) | 1/31/2025 | | 1,720 | | 1,720 | | 1,720 | |||||||||||||||
| | | Secured Debt | | 1/31/2017 | | 11.00% | 1/31/2025 | | 17,240 | | 17,236 | | 17,240 | |||||||||||||||
| | | Preferred Member Units | | 1/31/2017 | 406 | | | | | | 10,200 | | 13,500 | |||||||||||||||
| | | | | | | | | | | | 29,156 | | 32,460 | |||||||||||||||
OMi Topco, LLC | | Manufacturer of Overhead Cranes | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 8/31/2021 | | 12.00% | 8/31/2026 | | 18,000 | | 17,831 | | 18,000 | |||||||||||||||
29
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Preferred Member Units | (8) | 4/1/2008 | 900 | | | | | | 1,080 | | 20,210 | |||||||||||||||
| | | | | | | | | | | | 18,911 | | 38,210 | |||||||||||||||
Orttech Holdings, LLC | | Distributor of Industrial Clutches, Brakes and Other Components | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 7/30/2021 | | 12.00% (L+11.00%, Floor 1.00%) | 7/31/2026 | | 24,375 | | 24,151 | | 24,151 | |||||||||||||||
| | | Preferred Stock | (8) (30) | 7/30/2021 | 10,000 | | | | | | 10,000 | | 10,000 | |||||||||||||||
| | | | | | | | | | | | 34,151 | | 34,151 | |||||||||||||||
Pearl Meyer Topco LLC | | Provider of Executive Compensation Consulting Services | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 4/27/2020 | | 12.00% | 4/27/2025 | | 32,674 | | 32,438 | | 32,674 | |||||||||||||||
| | | Member Units | (8) | 4/27/2020 | 13,800 | | | | | | 13,000 | | 26,970 | |||||||||||||||
| | | | | | | | | | | | 45,438 | | 59,644 | |||||||||||||||
PPL RVs, Inc. | | Recreational Vehicle Dealer | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 10/31/2019 | | 7.50% (L+7.00%, Floor 0.50%) | 11/15/2022 | | 750 | | 726 | | 726 | |||||||||||||||
| | | Secured Debt | (9) | 11/15/2016 | | 7.50% (L+7.00%, Floor 0.50%) | 11/15/2022 | | 11,655 | | 11,655 | | 11,655 | |||||||||||||||
| | | Common Stock | (8) | 6/10/2010 | 2,000 | | | | | | 2,150 | | 14,360 | |||||||||||||||
| | | | | | | | | | | | 14,531 | | 26,741 | |||||||||||||||
Principle Environmental, LLC | | Noise Abatement Service Provider | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 2/1/2011 | | 13.00% | 11/15/2026 | | 1,473 | | 1,465 | | 1,465 | |||||||||||||||
| | | Secured Debt | | 7/1/2011 | | 13.00% | 11/15/2026 | | 5,924 | | 5,808 | | 5,808 | |||||||||||||||
| | | Preferred Member Units | | 2/1/2011 | 21,806 | | | | | | 5,709 | | 11,160 | |||||||||||||||
| | | Common Stock | | 1/27/2021 | 1,037 | | | | | | 1,200 | | 710 | |||||||||||||||
| | | | | | | | | | | | 14,182 | | 19,143 | |||||||||||||||
Quality Lease Service, LLC | | Provider of Rigsite Accommodation Unit Rentals and Related Services | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | | 6/8/2015 | 1,000 | | | | | | 9,213 | | 2,149 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
River Aggregates, LLC | | Processor of Construction Aggregates | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | (8) (30) | 12/20/2013 | 1,500 | | | | | | 369 | | 3,280 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Robbins Bros. Jewelry, Inc. | | Bridal Jewelry Retailer | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9) | 12/15/2021 | | 12.00% (L+11.00%, Floor 1.00%) | 12/15/2026 | | 36,360 | | 35,956 | | 35,956 | |||||||||||||||
| | | Preferred Equity | | 12/15/2021 | 11,070 | | | | | | 11,070 | | 11,070 | |||||||||||||||
| | | | | | | | | | | | 47,026 | | 47,026 | |||||||||||||||
Tedder Industries, LLC | | Manufacturer of Firearm Holsters and Accessories | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 8/31/2018 | | 12.00% | 8/31/2022 | | 16,240 | | 16,181 | | 16,181 | |||||||||||||||
| | | Preferred Member Units | | 8/31/2018 | 505 | | | | | | 8,579 | | 8,579 | |||||||||||||||
| | | | | | | | | | | | 24,760 | | 24,760 | |||||||||||||||
Televerde, LLC | | Provider of Telemarketing and Data Services | | | | | | | | | | | | | |||||||||||||||
| | | Member Units | | 1/6/2011 | 460 | | | | | | 1,290 | | 7,280 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Trantech Radiator Topco, LLC | | Transformer Cooling Products and Services | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 5/31/2019 | | 12.00% | 5/31/2024 | | 8,720 | | 8,663 | | 8,712 | |||||||||||||||
| | | Common Stock | (8) | 5/31/2019 | 615 | | | | | | 4,655 | | 8,660 | |||||||||||||||
| | | | | | | | | | | | 13,318 | | 17,372 | |||||||||||||||
UnionRock Energy Fund II, LP | (12) (13) | Investment Partnership | | | | | | | | | | | | | |||||||||||||||
| | | LP Interests | (8) (31) | 6/15/2020 | 49.6% | | | | | | 3,828 | | 6,122 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
Vision Interests, Inc. | | Manufacturer / Installer of Commercial Signage | | | | | | | | | | | | | |||||||||||||||
| | | Series A Preferred Stock | | 12/23/2011 | 3,000,000 | | | | | | 3,000 | | 3,000 | |||||||||||||||
| | | | | | | | | | | | | | | |||||||||||||||
30
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
VVS Holdco LLC | | Omnichannel Retailer of Animal Health Products | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | (9)(30) | 12/1/2021 | | 7.00% (L+6.00%, Floor 1.00%) | 12/1/2026 | | 1,200 | | 1,170 | | 1,169 | |||||||||||||||
| | | Secured Debt | (30) | 12/1/2021 | | 11.50% | 12/1/2026 | | 30,400 | | 30,100 | | 30,100 | |||||||||||||||
| | | Preferred Equity | (30) | 12/1/2021 | 11,840 | | | | | | 11,840 | | 11,840 | |||||||||||||||
| | | | | | | | | | | | 43,110 | | 43,109 | |||||||||||||||
Ziegler’s NYPD, LLC | | Casual Restaurant Group | | | | | | | | | | | | | |||||||||||||||
| | | Secured Debt | | 6/1/2015 | | 12.00% | 10/1/2022 | | 625 | | 625 | | 625 | |||||||||||||||
| | | Secured Debt | | 10/1/2008 | | 6.50% | 10/1/2022 | | 1,000 | | 1,000 | | 1,000 | |||||||||||||||
| | | Secured Debt | | 10/1/2008 | | 14.00% | 10/1/2022 | | 2,750 | | 2,750 | | 2,750 | |||||||||||||||
| | | Preferred Member Units | | 6/30/2015 | 10,072 | | | | | | 2,834 | | 2,130 | |||||||||||||||
| | | Warrants | (27) | 7/1/2015 | 587 | | 10/1/2025 | | | | 600 | | - | |||||||||||||||
| | | | | | | | | | | | 7,809 | | 6,505 | |||||||||||||||
Subtotal Control Investments (83.3% of net assets at fair value) | | | | | | | | | | | $ | 1,107,597 | $ | 1,489,257 | |||||||||||||||
31
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | |
Affiliate Investments (6) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
AAC Holdings, Inc. | (11) | Substance Abuse Treatment Service Provider | | | | | | | | | | | | |
| | | Secured Debt | (19) | 12/11/2020 | | 18.00% (10.00% Cash, 8.00% PIK) | 6/25/2025 | $ | 10,202 | $ | 10,011 | $ | 9,794 |
| | | Common Stock | | 12/11/2020 | 593,928 | | | | | | 3,148 | | 2,079 |
| | | Warrants | (27) | 12/11/2020 | 554,353 | | 12/11/2025 | | | | - | | 1,940 |
| | | | | | | | | | | | 13,159 | | 13,813 |
AFG Capital Group, LLC | | Provider of Rent-to-Own Financing Solutions and Services | | | | | | | | | | | | |
| | | Secured Debt | | 4/25/2019 | | 10.00% | 5/25/2022 | | 144 | | 144 | | 144 |
| | | Preferred Member Units | (8) | 11/7/2014 | 186 | | | | | | 1,200 | | 7,740 |
| | | | | | | | | | | | 1,344 | | 7,884 |
ATX Networks Corp. | (11) | Provider of Radio Frequency Management Equipment | | | | | | | | | | | | |
| | | Secured Debt | (9) | 9/1/2021 | | 8.50% (L+7.50%, Floor 1.00%) | 9/1/2026 | | 7,667 | | 7,092 | | 7,092 |
| | | Unsecured Debt | (19) | 9/1/2021 | | 10.00% PIK | 9/1/2028 | | 3,067 | | 1,963 | | 1,963 |
| | | Common Stock | | 9/1/2021 | 583 | | | | | | - | | - |
| | | | | | | | | | | | 9,055 | | 9,055 |
BBB Tank Services, LLC | | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | | | | | | | | | | | | |
| | | Unsecured Debt | (9) (17) | 4/8/2016 | | 12.00% (L+11.00%, Floor 1.00%) | 4/8/2021 | | 4,800 | | 4,800 | | 2,508 |
| | | Preferred Stock (non-voting) | (8) (19) | 12/17/2018 | | 15.00% PIK | | | | | 162 | | - |
| | | Member Units | | 4/8/2016 | 800,000 | | | | | | 800 | | - |
| | | | | | | | | | | | 5,762 | | 2,508 |
Boccella Precast Products LLC | | Manufacturer of Precast Hollow Core Concrete | | | | | | | | | | | | |
| | | Secured Debt | | 9/23/2021 | | 10.00% | 2/28/2027 | | 320 | | 320 | | 320 |
| | | Member Units | (8) | 6/30/2017 | 2,160,000 | | | | | | 2,256 | | 4,830 |
| | | | | | | | | | | | 2,576 | | 5,150 |
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Brightwood Capital Fund V, LP) | (31) | 7/12/2021 | 15.8% | | | | | | 1,000 | | 1,000 |
| | | | | | | | | | | | | | |
Buca C, LLC | | Casual Restaurant Group | | | | | | | | | | | | |
| | | Secured Debt | (9) (17) | 6/30/2015 | | 10.25% (L+9.25%, Floor 1.00%) | 6/30/2020 | | 19,491 | | 19,491 | | 14,370 |
| | | Preferred Member Units | (19) | 6/30/2015 | 6 | 6.00% PIK | | | | | 4,770 | | - |
| | | | | | | | | | | | 24,261 | | 14,370 |
Career Team Holdings, LLC | | Provider of Workforce Training and Career Development Services | | | | | | | | | | | | |
| | | Secured Debt | | 12/17/2021 | | 12.50% | 12/17/2026 | | 20,250 | | 20,050 | | 20,050 |
| | | Class A Common Units | | 12/17/2021 | 450,000 | | | | | | 4,500 | | 4,500 |
| | | | | | | | | | | | 24,550 | | 24,550 |
Chandler Signs Holdings, LLC | (10) | Sign Manufacturer | | | | | | | | | | | | |
| | | Class A Units | | 1/4/2016 | 1,500,000 | | | | | | 1,500 | | 460 |
| | | | | | | | | | | | | | |
Classic H&G Holdings, LLC | | Provider of Engineered Packaging Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/12/2020 | | 7.00% (L+6.00%, | 3/12/2025 | | 4,000 | | 4,000 | | 4,000 |
32
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Floor 1.00%) | ||||||||||||||
| | | Secured Debt | | 3/12/2020 | | 8.00% | 3/12/2025 | | 19,274 | | 19,139 | | 19,274 |
| | | Preferred Member Units | (8) | 3/12/2020 | 154 | | | | | | 5,760 | | 15,260 |
| | | | | | | | | | | | 28,899 | | 38,534 |
Congruent Credit Opportunities Funds | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Congruent Credit Opportunities Fund | (8) (31) | 2/4/2015 | 17.4% | | | | | | 10,256 | | 9,959 |
| | | | | | | | | | | | | | |
DMA Industries, LLC | | Distributor of aftermarket ride control products | | | | | | | | | | | | |
| | | Secured Debt | | 11/19/2021 | | 12.00% | 11/19/2026 | | 21,200 | | 20,993 | | 20,993 |
| | | Preferred Equity | | 11/19/2021 | 5,944 | | | | | | 5,944 | | 5,944 |
| | | | | | | | | | | | 26,937 | | 26,937 |
Dos Rios Partners | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Dos Rios Partners, LP) | (31) | 4/25/2013 | 20.2% | | | | | | 6,605 | | 10,329 |
| | | LP Interests (Dos Rios Partners - A, LP) | (31) | 4/25/2013 | 6.4% | | | | | | 2,097 | | 3,280 |
| | | | | | | | | | | | 8,702 | | 13,609 |
Dos Rios Stone Products LLC | (10) | Limestone and Sandstone Dimension Cut Stone Mining Quarries | | | | | | | | | | | | |
| | | Class A Preferred Units | (30) | 6/27/2016 | 2,000,000 | | | | | | 2,000 | | 640 |
| | | | | | | | | | | | | | |
EIG Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (EIG Global Private Debt Fund-A, L.P.) | (8) (31) | 11/6/2015 | 5,000,000 | | | | | | 594 | | 547 |
| | | | | | | | | | | | | | |
Flame King Holdings, LLC | | Propane Tank and Accessories Distributor | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/29/2021 | | 7.50% (L+6.50%, Floor 1.00%) | 10/31/2026 | | 6,400 | | 6,324 | | 6,324 |
| | | Secured Debt | (9) | 10/29/2021 | | 12.00% (L+11.00%, Floor 1.00%) | 10/31/2026 | | 21,200 | | 20,996 | | 20,996 |
| | | Preferred Equity | | 10/29/2021 | 9,360 | | | | | | 10,400 | | 10,400 |
| | | | | | | | | | | | 37,720 | | 37,720 |
Freeport Financial Funds | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Freeport Financial SBIC Fund LP) | (31) | 3/23/2015 | 9.3% | | | | | | 5,974 | | 6,078 |
| | | LP Interests (Freeport First Lien Loan Fund III LP) | (8) (31) | 7/31/2015 | 6.0% | | | | | | 7,629 | | 7,231 |
| | | | | | | | | | | | 13,603 | | 13,309 |
GFG Group, LLC. | | Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers | | | | | | | | | | | | |
| | | Secured Debt | | 3/31/2021 | | 12.00% | 3/31/2026 | | 12,545 | | 12,435 | | 12,545 |
| | | Preferred Member Units | (8) | 3/31/2021 | 226 | | | | | | 4,900 | | 6,990 |
| | | | | | | | | | | | 17,335 | | 19,535 |
Harris Preston Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (HPEP 3, L.P.) | (31) | 8/9/2017 | 8.2% | | | | | | 3,193 | | 4,712 |
| | | | | | | | | | | | | | |
Hawk Ridge Systems, LLC | (13) | Value-Added Reseller of | | | | | | | | | | | | |
33
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Engineering Design and Manufacturing Solutions | ||||||||||||||
| | | Secured Debt | (9) | 12/2/2016 | | 7.00% (L+6.00%, Floor 1.00%) | 1/15/2026 | | 2,585 | | 2,585 | | 2,585 |
| | | Secured Debt | | 12/2/2016 | | 8.00% | 1/15/2026 | | 34,800 | | 34,672 | | 34,800 |
| | | Preferred Member Units | (8) | 12/2/2016 | 226 | | | | | | 2,850 | | 14,680 |
| | | Preferred Member Units | (30) | 12/2/2016 | 226 | | | | | | 150 | | 770 |
| | | | | | | | | | | | 40,257 | | 52,835 |
Houston Plating and Coatings, LLC | | Provider of Plating and Industrial Coating Services | | | | | | | | | | | | |
| | | Unsecured Convertible Debt | | 5/1/2017 | | 8.00% | 5/1/2022 | | 3,000 | | 3,000 | | 2,960 |
| | | Member Units | (8) | 1/8/2003 | 322,297 | | | | | | 2,352 | | 3,210 |
| | | | | | | | | | | | 5,352 | | 6,170 |
I-45 SLF LLC | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | Member Units (Fully diluted 20.0%; 24.40% profits | (8) | 10/20/2015 | | | | | | | 19,000 | | 14,387 |
| | | | | | | | | | | | | | |
Iron-Main Investments, LLC | | Consumer Reporting Agency Providing Employment Background Checks and Drug Testing | | | | | | | | | | | | |
| | | Secured Debt | | 8/3/2021 | | 13.00% | 8/1/2026 | | 4,600 | | 4,557 | | 4,557 |
| | | Secured Debt | | 9/1/2021 | | 12.50% | 9/1/2026 | | 3,200 | | 3,170 | | 3,170 |
| | | Secured Debt | | 8/3/2021 | | 12.50% | 11/30/2026 | | 20,000 | | 19,805 | | 19,805 |
| | | Secured Debt | (19) | 8/3/2021 | | 12.50% PIK | 3/31/2022 | | 8,944 | | 8,944 | | 8,944 |
| | | Common Stock | | 8/3/2021 | 179,778 | | | | | | 1,798 | | 1,798 |
| | | | | | | | | | | | 38,274 | | 38,274 |
L.F. Manufacturing Holdings, LLC | (10) | Manufacturer of Fiberglass Products | | | | | | | | | | | | |
| | | Preferred Member Units (non-voting) | (8) (19) | 1/1/2019 | | 14.00% PIK | | | | | 107 | | 107 |
| | | Member Units | | 12/23/2013 | 2,179,001 | | | | | | 2,019 | | 2,557 |
| | | | | | | | | | | | 2,126 | | 2,664 |
OnAsset Intelligence, Inc. | | Provider of Transportation Monitoring / Tracking Products and Services | | | | | | | | | | | | |
| | | Secured Debt | (19) | 5/20/2014 | | 12.00% PIK | 12/31/2022 | | 935 | | 935 | | 935 |
| | | Secured Debt | (19) | 3/21/2014 | | 12.00% PIK | 12/31/2022 | | 954 | | 954 | | 954 |
| | | Secured Debt | (19) | 5/10/2013 | | 12.00% PIK | 12/31/2022 | | 2,055 | | 2,055 | | 2,055 |
| | | Secured Debt | (19) | 4/18/2011 | | 12.00% PIK | 12/31/2022 | | 4,286 | | 4,286 | | 4,286 |
| | | Unsecured Debt | (19) | 6/5/2017 | | 10.00% PIK | 12/31/2022 | | 192 | | 192 | | 192 |
| | | Preferred Stock | (19) | 4/18/2011 | 912 | 7.00% PIK | | | | | 1,981 | | - |
| | | Common Stock | | 4/15/2021 | 635 | | | | | | 830 | | - |
| | | Warrants | (27) | 4/18/2011 | 4,699 | | 5/10/2023 | | | | 1,089 | | - |
| | | | | | | | | | | | 12,322 | | 8,422 |
Oneliance, LLC | | Construction Cleaning Company | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/6/2021 | | 12.00% (L+11.00%, Floor 1.00%) | 8/6/2026 | | 5,600 | | 5,547 | | 5,547 |
| | | Preferred Stock | | 8/6/2021 | 1,056 | | | | | | 1,056 | | 1,056 |
| | | | | | | | | | | | 6,603 | | 6,603 |
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) | | Provider of Rigsite Accommodation Unit Rentals and Related Services | | | | | | | | | | | | |
| | | Secured Debt | (14) (17) | 6/30/2015 | | 12.00% | 1/8/2018 | | 30,369 | | 29,865 | | - |
| | | Preferred Member Units | | 1/8/2013 | 250 | | | | | | 2,500 | | - |
| | | | | | | | | | | | 32,365 | | - |
SI East, LLC | | Rigid Industrial Packaging Manufacturing | | | | | | | | | | | | |
| | | Secured Debt | | 8/31/2018 | | 10.25% | 8/31/2023 | | 65,850 | | 65,738 | | 65,850 |
| | | Preferred Member Units | (8) | 8/31/2018 | 157 | | | | | | 1,218 | | 11,570 |
| | | | | | | | | | | | 66,956 | | 77,420 |
34
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Slick Innovations, LLC | | Text Message Marketing Platform | | | | | | | | | | | | |
| | | Secured Debt | | 9/13/2018 | | 13.00% | 9/13/2023 | | 5,320 | | 5,248 | | 5,320 |
| | | Common Stock | | 9/13/2018 | 70,000 | | | | | | 700 | | 1,510 |
| | | Warrants | (27) | 9/13/2018 | 18,084 | | 9/13/2028 | | | | 181 | | 400 |
| | | | | | | | | | | | 6,129 | | 7,230 |
Sonic Systems International, LLC | (10) | Nuclear Power Staffing Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/20/2021 | | 8.50% (L+7.50%, Floor 1.00%) | 8/20/2026 | | 11,982 | | 11,757 | | 11,757 |
| | | Common Stock | | 8/20/2021 | 7,866 | | | | | | 1,070 | | 1,070 |
| | | | | | | | | | | | 12,827 | | 12,827 |
Superior Rigging & Erecting Co. | | Provider of Steel Erecting, Crane Rental & Rigging Services | | | | | | | | | | | | |
| | | Secured Debt | | 8/31/2020 | | 12.00% | 8/31/2025 | | 21,500 | | 21,332 | | 21,332 |
| | | Preferred Member Units | | 8/31/2020 | 1,571 | | | | | | 4,500 | | 4,500 |
| | | | | | | | | | | | 25,832 | | 25,832 |
The Affiliati Network, LLC | | Performance Marketing Solutions | | | | | | | | | | | | |
| | | Secured Debt | | 8/9/2021 | | 7.00% | 8/9/2026 | | 280 | | 262 | | 262 |
| | | Secured Debt | | 8/9/2021 | | 11.83% | 8/9/2026 | | 12,961 | | 12,834 | | 12,834 |
| | | Preferred Stock | (8) | 8/9/2021 | 1,280,000 | | | | | | 6,400 | | 6,400 |
| | | | | | | | | | | | 19,496 | | 19,496 |
UniTek Global Services, Inc. | (11) | Provider of Outsourced Infrastructure Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (19) | 10/15/2018 | | 8.50% (6.50% cash, 2.00% PIK) (2.00% PIK, L+5.50% Floor 1.00%) | 8/20/2024 | | 397 | | 396 | | 371 |
| | | Secured Debt | (9) (19) | 8/27/2018 | | 8.50% (6.50% cash, 2.00% PIK) (2.00% PIK, L+5.50% Floor 1.00%) | 8/20/2024 | | 1,986 | | 1,974 | | 1,852 |
| | | Secured Convertible Debt | (19) | 1/1/2021 | | 15.00% PIK | 2/20/2025 | | 1,197 | | 1,197 | | 2,375 |
| | | Preferred Stock | (8) (19) | 8/29/2019 | 1,133,102 | 20.00% PIK | | | | | 1,757 | | 2,833 |
| | | Preferred Stock | (19) | 8/21/2018 | 1,521,122 | 20.00% PIK | | | | | 2,188 | | 1,498 |
| | | Preferred Stock | (19) | 1/15/2015 | 4,336,866 | 13.50% PIK | | | | | 7,924 | | - |
| | | Preferred Stock | (19) | 6/30/2017 | 2,281,682 | 19.00% PIK | | | | | 3,667 | | - |
| | | Common Stock | | 4/1/2020 | 945,507 | | | | | | - | | - |
| | | | | | | | | | | | 19,103 | | 8,929 |
Universal Wellhead Services Holdings, LLC | (10) | Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry | | | | | | | | | | | | |
| | | Preferred Member Units | (19) (30) | 12/7/2016 | 716,949 | 14.00% PIK | | | | | 1,032 | | - |
| | | Member Units | (30) | 12/7/2016 | 4,000,000 | | | | | | 4,000 | | - |
| | | | | | | | | | | | 5,032 | | - |
Volusion, LLC | | Provider of Online Software-as-a-Service eCommerce Solutions | | | | | | | | | | | | |
| | | Secured Debt | (17) | 1/26/2015 | | 11.50% | 1/26/2020 | | 17,434 | | 17,434 | | 17,434 |
| | | Unsecured Convertible Debt | | 5/16/2018 | | 8.00% | 11/16/2023 | | 409 | | 409 | | 409 |
| | | Preferred Member Units | | 1/26/2015 | 4,876,670 | | | | | | 14,000 | | 5,990 |
| | | Warrants | (27) | 1/26/2015 | 1,831,355 | | 1/26/2025 | | | | 2,576 | | - |
| | | | | | | | | | | | 34,419 | | 23,833 |
Subtotal Affiliate Investments (30.7% of net assets at fair value) | | | | | | | | | | | $ | 578,539 | $ | 549,214 |
35
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (24) | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | | | |
Non-Control/Non-Affiliate Investments (7) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Acousti Engineering Company of Florida | (10) | Interior Subcontractor Providing Acoustical Walls and Ceilings | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/2/2020 | | 10.00% (L+8.50%, Floor 1.50%) | 11/2/2025 | $ | 12,111 | $ | 12,005 | $ | 12,111 |
| | | Secured Debt | (9) | 5/26/2021 | | 14.00% (L+12.50%, Floor 1.50%) | 11/2/2025 | | 850 | | 841 | | 850 |
| | | | | | | | | | | | 12,846 | | 12,961 |
ADS Tactical, Inc. | (11) | Value-Added Logistics and Supply Chain Provider to the Defense Industry | | | | | | | | | | | | |