Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
At June 30, 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. 7,204 
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 Investments
UnionRock Energy Fund III, LP 9,850 
UnionRock Energy Fund II, LP 1,907 
     Total Equity Commitments (1)(2) $ 35,792 
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. $ 16,463 
MS Private Loan Fund I, LP 10,000 
Xenon Arc, Inc. 9,408 
Power System Solutions 9,255 
JTI Electrical & Mechanical, LLC 8,421 
AB Centers Acquisition Corporation 8,103 
SI East, LLC 7,500 
PTL US Bidco, Inc 7,156 
Archer Systems, LLC 7,115 
Veregy Consolidated, Inc. 5,875 
Robbins Bros. Jewelry, Inc. 4,500 
South Coast Terminals Holdings, LLC 4,465 
NWN Corporation 4,379 
Direct Marketing Solutions, Inc. 4,250 
Cody Pools, Inc. 4,214 
Bettercloud, Inc. 4,189 
Paragon Healthcare, Inc. 4,110 
IG Investor, LLC 4,000 
NexRev LLC 4,000 
Watterson Brands, LLC 3,917 
Microbe Formulas, LLC 3,601 
Classic H&G Holdco, LLC 3,440 
VVS Holdco, LLC 3,200 
Imaging Business Machines, L.L.C. 2,965 
MetalForming AcquireCo, LLC 2,795 
Batjer TopCo, LLC 2,700 
IG Parent Corporation 2,500 
Nebraska Vet AcquireCo, LLC 2,500 
Superior Rigging & Erecting Co. 2,500 
CaseWorthy, Inc. 2,459 
West Star Aviation Acquisition, LLC 2,411 
Centre Technologies Holdings, LLC 2,400 
Channel Partners Intermediateco, LLC 2,275 
GS HVAM Intermediate, LLC 2,273 
SPAU Holdings, LLC 2,235 
Winter Services LLC 2,222 
AVEX Aviation Holdings, LLC 2,210 
ITA Holdings Group, LLC 2,174 
ArborWorks, LLC 2,128 
GRT Rubber Technologies LLC 2,050 
Bluestem Brands, Inc. 2,019 
Cybermedia Technologies, LLC 2,000 
Engineering Research & Consulting, LLC 1,965 
Acumera, Inc. 1,885 
Elgin AcquireCo, LLC 1,877 
Johnson Downie Opco, LLC 1,800 
NinjaTrader, LLC 1,750 
RTIC Subsidiary Holdings, LLC 1,644 
MonitorUS Holding, LLC 1,623 
Trantech Radiator Topco, 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 
Bond Brand Loyalty ULC 1,427 
Career Team Holdings, LLC 1,350 
American Health Staffing Group, Inc. 1,333 
Escalent, Inc. 1,326 
Evergreen North America Acquisitions, LLC 1,313 
Mako Steel, LP 1,278 
RA Outdoors LLC 1,278 
Project Eagle Holdings, LLC 1,250 
Gamber-Johnson Holdings, LLC 1,200 
Eastern Wholesale Fence LLC 1,115 
ATS Operating, LLC 1,080 
Infolinks Media Buyco, LLC 1,008 
Orttech Holdings, LLC 800 
Mystic Logistics Holdings, LLC 800 
Adams Publishing Group, LLC 788 
Project BarFly, LLC 760 
Inspire Aesthetics Management, LLC 555 
Jensen Jewelers of Idaho, LLC 500 
Invincible Boat Company, LLC. 457 
Clad-Rex Steel, LLC 400 
Wall Street Prep, Inc. 400 
Gulf Publishing Holdings, LLC 400 
Hawk Ridge Systems, LLC 334 
ASC Interests, LLC 300 
Jackmont Hospitality, Inc. 237 
AAC Holdings, Inc. 200 
SIB Holdings, LLC 160 
Acousti Engineering Company of Florida 53 
Interface Security Systems, L.L.C
      Total Loan Commitments 248,577 
      Total Commitments $ 284,369 
(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 June 30, 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.