Table of Contents

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
(State or other jurisdiction of
incorporation or organization)

41-2230745
(I.R.S. Employer
Identification No.)

1300 Post Oak Boulevard, 8th Floor
Houston, TX
(Address of principal executive offices)

77056
(Zip Code)

(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
Registered

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
Emerging growth company

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

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

The number of shares outstanding of the issuer’s common stock as of May 5, 2022 was 72,979,061.


Table of Contents

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

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

Consolidated Statements of Changes in Net Assets (unaudited)—Three months ended March 31, 2022 and 2021

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

Consolidated Schedule of Investments—December 31, 2021

26

Notes to Consolidated Financial Statements (unaudited)

48

Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Three months ended March 31, 2022 and 2021

84

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

93

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

111

Item 4.

Controls and Procedures

111

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

111

Item 1A.

Risk Factors

111

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

112

Item 6.

Exhibits

113

Signatures

114


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

(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


Table of Contents

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
OUTSTANDING—BASIC AND DILUTED

 

71,708,326

 

68,126,576

The accompanying notes are an integral part of these consolidated financial statements

2


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(Unaudited)

Total

Common Stock

Additional

Undistributed

Number of

Par

PaidIn

(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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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