Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
At September 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 7,172 
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 
MS Private Loan Fund II, LP 6,526 
UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP 8,949 
UnionRock Energy Fund II, LP 1,376 
     Total Equity Commitments (1)(2) $ 41,325 
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
MS Private Loan Fund II, LP $ 39,000 
Dalton US Inc. 15,259 
MS Private Loan Fund I, LP 10,000 
Power System Solutions 9,255 
Xenon Arc, Inc. 8,568 
AB Centers Acquisition Corporation 7,457 
NWN Corporation 7,298 
Channel Partners Intermediateco, LLC 7,250 
Archer Systems, LLC 7,115 
JTI Electrical & Mechanical, LLC 6,737 
Insight Borrower Corporation 6,688 
Veregy Consolidated, Inc. 5,875 
SI East, LLC 5,625 
PTL US Bidco, Inc 5,566 
Richardson Sales Solutions 4,500 
South Coast Terminals Holdings, LLC 4,465 
Paragon Healthcare, Inc. 4,327 
Cody Pools, Inc. 4,214 
Bettercloud, Inc. 4,189 
IG Investor, LLC 4,000 
NexRev LLC 4,000 
Microbe Formulas, LLC 3,601 
Eastern Wholesale Fence LLC 3,495 
Classic H&G Holdco, LLC 3,440 
VVS Holdco, LLC 3,200 
Watterson Brands, LLC 3,175 
Mako Steel, LP 2,921 
Metalforming Holdings, LLC 2,795 
Career Team Holdings, LLC 2,700 
Engineering Research & Consulting, LLC 2,621 
IG Parent Corporation 2,500 
Nebraska Vet AcquireCo, LLC 2,500 
Superior Rigging & Erecting Co. 2,500 
CaseWorthy, Inc. 2,459 
Centre Technologies Holdings, LLC 2,400 
Winter Services LLC 2,222 
AVEX Aviation Holdings, LLC 2,210 
Hawk Ridge Systems, LLC 2,201 
ITA Holdings Group, LLC 2,174 
Batjer TopCo, LLC 2,070 
Cybermedia Technologies, LLC 2,000 
Elgin AcquireCo, LLC 1,877 
Burning Glass Intermediate Holding Company, Inc. 1,859 
Johnson Downie Opco, LLC 1,800 
NinjaTrader, LLC 1,750 
GRT Rubber Technologies LLC 1,648 
RTIC Subsidiary Holdings, LLC 1,644 
Trantech Radiator Topco, LLC 1,600 
Chamberlin Holding LLC 1,600 
Acumera, Inc. 1,598 
Pearl Meyer Topco LLC 1,500 
Bond Brand Loyalty ULC 1,427 
American Health Staffing Group, Inc. 1,333 
Escalent, Inc. 1,326 
Evergreen North America Acquisitions, LLC 1,313 
Project Eagle Holdings, LLC 1,250 
West Star Aviation Acquisition, LLC 1,205 
Gamber-Johnson Holdings, LLC 1,200 
ATS Operating, LLC 1,080 
Bluestem Brands, Inc. 1,043 
Infolinks Media Buyco, LLC 1,012 
Imaging Business Machines, L.L.C. 988 
Orttech Holdings, LLC 800 
Mystic Logistics Holdings, LLC 800 
Roof Opco, LLC 778 
Adams Publishing Group, LLC 776 
RA Outdoors LLC 773 
Invincible Boat Company, LLC. 768 
Project BarFly, LLC 760 
SPAU Holdings, LLC 703 
Analytical Systems Keco Holdings, LLC 640 
Jensen Jewelers of Idaho, LLC 500 
Clad-Rex Steel, LLC 400 
Wall Street Prep, Inc. 400 
Gulf Publishing Holdings, LLC 400 
GS HVAM Intermediate, LLC 318 
Inspire Aesthetics Management, LLC 219 
AAC Holdings, Inc. 200 
Acousti Engineering Company of Florida 53 
Jackmont Hospitality, Inc. 33 
SIB Holdings, LLC 22 
Interface Security Systems, L.L.C
      Total Loan Commitments 284,020 
      Total Commitments $ 325,345 
(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 September 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.