| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES As of December 31, 2025, Main Street had the following outstanding commitments (in thousands):
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| Investments with equity capital commitments that have not yet funded: |
|
Amount |
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| Brightwood Capital Fund Investments |
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| Brightwood Capital Fund V, LP |
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$ |
100 |
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| Brightwood Capital Fund III, LP |
|
65 |
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165 |
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| EnCap Equity - Fund XII, LP |
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3,672 |
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| Harris Preston Fund Investments |
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| HPEP 4, L.P. |
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5,742 |
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| HPEP 3, L.P. |
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1,308 |
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| 423 AER II, LP |
|
147 |
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| 2717 HPP-MS, LP |
|
44 |
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7,241 |
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| MS Private Loan Fund II, LP |
|
4,500 |
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| UnionRock Energy Fund Investments |
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| UnionRock Energy Fund III, LP |
|
4,782 |
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| UnionRock Energy Fund II, LP |
|
2,751 |
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7,533 |
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| Total Equity Commitments (1)(2) |
|
$ |
23,111 |
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| Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded: |
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| Royal Cup Inc. |
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$ |
76,143 |
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| Auria Space, LLC |
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72,205 |
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| CRC Evans USA Bidco, Inc. |
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31,328 |
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| Mission Critical Group |
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24,343 |
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| TEC Services, LLC |
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16,167 |
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| Creative Foam Corporation |
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15,375 |
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| ZRG Partners, LLC |
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12,559 |
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| MS Private Loan Fund II, LP |
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10,000 |
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| Core Transformers |
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9,404 |
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| Flame King Holdings, LLC |
|
8,000 |
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| Airo Purchaser, Inc. |
|
7,884 |
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| South Coast Terminals Holdings, LLC |
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7,160 |
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| Richardson Sales Solutions |
|
6,453 |
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| AVEX Aviation Holdings, LLC |
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6,309 |
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| AGS American Glass Services Acquisition, LLC |
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5,360 |
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| BP Loenbro Holdings Inc. |
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5,332 |
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| MCT Purchaserco Holding Inc. |
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5,295 |
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| SI East, LLC |
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5,250 |
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| Garyline, LLC |
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5,082 |
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| GradeEight Corp. |
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5,004 |
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| Gulf Manufacturing, LLC |
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5,000 |
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| Electro Technical Industries, LLC |
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4,588 |
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| Cody Pools, Inc. |
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4,214 |
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| UBM AcquireCo LLC |
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4,000 |
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| Chamberlin Holding LLC |
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4,000 |
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| CGMS Parent LLC |
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4,000 |
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| Microbe Formulas, LLC |
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3,601 |
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| SPAU Holdings, LLC |
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3,194 |
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| MS Private Loan Fund I, LP |
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3,000 |
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| KMS, LLC |
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2,714 |
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| Career Team Holdings, LLC |
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2,700 |
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| Bettercloud, Inc. |
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2,594 |
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| Victory Energy Operations, LLC |
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2,585 |
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| IG Parent Corporation |
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2,500 |
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| Nearshore AcquireCo, LLC |
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2,500 |
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| Centre Technologies Holdings, LLC |
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2,400 |
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| IG Investor, LLC |
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2,400 |
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| CQ Fluency, LLC |
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2,250 |
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| Titan Meter Midco Corp. |
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2,159 |
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| Bluestem Brands, Inc. |
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2,154 |
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| FRG AcquireCo, LLC |
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2,000 |
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| Revenue Recovery Holdings, LLC |
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2,000 |
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| Coregistics Buyer LLC |
|
1,908 |
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| Rug Doctor, LLC. |
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1,904 |
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| CenterPeak Holdings, LLC |
|
1,800 |
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| Pinnacle TopCo, LLC |
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1,600 |
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| Colonial Electric Company LLC |
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1,600 |
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| Trantech Radiator Topco, LLC |
|
1,600 |
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| Winter Services LLC |
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1,556 |
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| Behavior Development Group Holdings |
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1,500 |
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| Escalent, Inc. |
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1,326 |
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| Gamber-Johnson Holdings, LLC |
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1,200 |
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| Clad-Rex Steel, LLC |
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1,200 |
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| B-O-F Corporation |
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1,161 |
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| Insight Borrower Corporation |
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1,132 |
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| Channel Partners Intermediateco, LLC |
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1,036 |
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| American Health Staffing Group, Inc. |
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1,000 |
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| RFG AcquireCo, LLC |
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1,000 |
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| Bond Brand Loyalty ULC |
|
856 |
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| ATS Operating, LLC |
|
540 |
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| AAC Holdings, Inc. |
|
527 |
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| ArborWorks, LLC |
|
510 |
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| Jensen Jewelers of Idaho, LLC |
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500 |
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| RA Outdoors LLC |
|
453 |
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| Roof Opco, LLC |
|
311 |
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| Mini Melts of America, LLC |
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299 |
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| Implus Footcare, LLC |
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176 |
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| Wash & Wax Systems LLC |
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161 |
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| GULF PACIFIC ACQUISITION, LLC |
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151 |
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| Obra Capital, Inc. |
|
148 |
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| Hornblower Sub, LLC |
|
112 |
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| Invincible Boat Company, LLC. |
|
104 |
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| Total Loan Commitments |
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$ |
428,577 |
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| Total Commitments |
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$ |
451,688 |
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____________________
(1)This table excludes commitments related to four additional Other Portfolio investments for which the investment period has expired and the remaining commitments may only be drawn to pay fund expenses. The Company does not expect any material future capital to be called on its commitment to these investments and as a result has excluded those commitments from this table.
(2)This table excludes commitments related to five additional Other Portfolio investments for which the investment period has expired and the remaining commitments may only be drawn to pay fund expenses or for follow-on investments in existing portfolio companies. The Company does not expect any material future capital to be called on its commitment to these investments to pay fund expenses, and based on representations from the fund manager, the Company does not expect any further capital will be called on its commitment for follow-on investments. As a result, the Company has excluded those commitments from this table.
Main Street will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). Main Street follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. The Company had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of December 31, 2025.
Main Street may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on Main Street in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, Main Street does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on Main Street’s financial condition or results of operations in any future reporting period.
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