Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
At March 31, 2023, Main Street had the following outstanding commitments (in thousands):
Investments with equity capital commitments that have not yet funded: Amount
Brightwood Capital Fund Investments
Brightwood Capital Fund V, LP $ 3,000 
Brightwood Capital Fund III, LP 300 
Freeport Fund Investments
Freeport First Lien Loan Fund III LP 6,733 
Freeport Financial SBIC Fund LP 3,841 
Harris Preston Fund Investments
HPEP 4, L.P. 7,668 
HPEP 3, L.P. 1,555 
HPEP 423 COR, LP 600 
2717 MH, L.P. 52 
MS Private Loan Fund I, LP 750 
UnionRock Energy Fund II, LP 2,124 
     Total Equity Commitments (1)(2) $ 26,623 
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
Dalton US Inc. $ 16,865 
Xenon Arc, Inc. 11,340 
MS Private Loan Fund I, LP 10,000 
JTI Electrical & Mechanical, LLC 8,421 
PTL US Bidco, Inc 8,110 
SI East, LLC 7,500 
NinjaTrader, LLC 7,472 
Archer Systems, LLC 7,115 
Veregy Consolidated, Inc. 5,875 
Robbins Bros. Jewelry, Inc. 4,500 
South Coast Terminals Holdings, LLC 4,465 
Winter Services LLC 4,444 
Channel Partners Intermediateco, LLC 4,346 
Direct Marketing Solutions, Inc. 4,250 
Bettercloud, Inc. 4,189 
Microbe Formulas, LLC 3,601 
Watterson Brands, LLC 3,453 
Classic H&G Holdco, LLC 3,440 
Paragon Healthcare, Inc. 3,245 
VVS Holdco, LLC 3,200 
SPAU Holdings, LLC 3,194 
MetalForming AcquireCo, LLC 2,795 
Batjer TopCo, LLC 2,700 
Infolinks Media Buyco, LLC 2,520 
IG Parent Corporation 2,500 
Nebraska Vet AcquireCo, LLC 2,500 
CaseWorthy, Inc. 2,459 
West Star Aviation Acquisition, LLC 2,411 
Centre Technologies Holdings, LLC 2,400 
GRT Rubber Technologies LLC 2,385 
ArborWorks, LLC 2,339 
NWN Corporation 2,335 
Bluestem Brands, Inc. 2,154 
MB2 Dental Solutions, LLC 2,023 
PPL RVs, Inc. 2,000 
The Affiliati Network, LLC 2,000 
Cody Pools, Inc. 1,896 
Elgin AcquireCo, LLC 1,877 
Mako Steel, LP 1,826 
Johnson Downie Opco, LLC 1,800 
Career Team Holdings, LLC 1,800 
Engineering Research & Consulting, LLC 1,638 
MonitorUS Holding, LLC 1,634 
Trantech Radiator Topco, LLC 1,600 
Colonial Electric Company LLC 1,600 
Chamberlin Holding LLC 1,600 
Roof Opco, LLC 1,556 
Burning Glass Intermediate Holding Company, Inc. 1,549 
Pearl Meyer Topco LLC 1,500 
AVEX Aviation Holdings, LLC 1,474 
ATS Operating, LLC 1,440 
RTIC Subsidiary Holdings, LLC 1,370 
American Health Staffing Group, Inc. 1,333 
Evergreen North America Acquisitions, LLC 1,313 
Project Eagle Holdings, LLC 1,250 
Gamber-Johnson Holdings, LLC 1,200 
GS HVAM Intermediate, LLC 1,136 
AB Centers Acquisition Corporation 1,112 
KMS, LLC 1,086 
Wahoo Fitness Acquisition L.L.C. 1,000 
Eastern Wholesale Fence LLC 967 
RA Outdoors LLC 894 
Orttech Holdings, LLC 800 
Mystic Logistics Holdings, LLC 800 
Project BarFly, LLC 760 
DTE Enterprises, LLC 750 
Jensen Jewelers of Idaho, LLC 500 
Jackmont Hospitality, Inc. 400 
Clad-Rex Steel, LLC 400 
Wall Street Prep, Inc. 400 
Gulf Publishing Holdings, LLC 400 
Flame King Holdings, LLC 400 
Adams Publishing Group, LLC 394 
Invincible Boat Company, LLC. 353 
ASC Interests, LLC 300 
AAC Holdings, Inc. 240 
Acousti Engineering Company of Florida 53 
Acumera, Inc. 15 
Interface Security Systems, L.L.C
      Total Loan Commitments 228,660 
      Total Commitments $ 255,283 
(1)This table excludes commitments related to six additional Other Portfolio investments for which the investment period has expired and 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 three additional Other Portfolio investments for which the investment period has expired and 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 March 31, 2023.
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 try 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 legal proceedings will have a material adverse effect on Main Street’s financial condition or results of operations in any future reporting period.