Quarterly report [Sections 13 or 15(d)]

DEBT (Tables)

v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt and Average Amount of Total Borrowings Outstanding and Weighted-Overall Average Effective Interest Rate
Summary of Main Street’s debt as of June 30, 2025 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
 Recorded Value
Estimated Fair
Value (2)
(in thousands)
Corporate Facility $ 301,000  $ —  $ 301,000  $ 301,000 
SPV Facility 176,000  —  176,000  176,000 
July 2026 Notes
 500,000  (548) 499,452  490,030 
June 2027 Notes
 400,000  (575) 399,425  409,448 
March 2029 Notes
 350,000  (2,639) 347,361  364,606 
SBIC debentures 350,000  (5,995) 344,005  300,329 
December 2025 Notes
 150,000  (259) 149,741  150,329 
Total Debt $ 2,227,000  $ (10,016) $ 2,216,984  $ 2,191,742 
___________________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the July 2026 Notes, June 2027 Notes, March 2029 Notes, SBIC debentures and December 2025 Notes are reflected as contra-liabilities on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt is shown as if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
Summary of Main Street’s debt as of December 31, 2024 is as follows:
Outstanding
Balance		 Unamortized Debt
Issuance
(Costs)/Premiums (1)		 Recorded Value Estimated Fair
Value (2)
(in thousands)
Corporate Facility $ 208,000  $ —  $ 208,000  $ 208,000 
SPV Facility 176,000  —  176,000  176,000 
July 2026 Notes
 500,000  (812) 499,188  482,180 
June 2027 Notes
 400,000  (718) 399,282  407,388 
March 2029 Notes
 350,000  (2,998) 347,002  364,959 
SBIC debentures 350,000  (6,583) 343,417  298,250 
December 2025 Notes
 150,000  (518) 149,482  149,940 
Total Debt $ 2,134,000  $ (11,629) $ 2,122,371  $ 2,086,717 
___________________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the July 2026 Notes, June 2027 Notes, March 2029 Notes, SBIC debentures and December 2025 Notes are reflected as contra-liabilities on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt is shown as if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
A summary of Main Street’s average amount of total borrowings outstanding and overall weighted-average effective interest rate including amortization of debt issuance costs, original issuance discounts and premiums and fees on unused lender commitments are as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
(dollars in millions)
Weighted-average borrowings outstanding $ 2,233.1  $ 2,019.4  $ 2,192.0  $ 2,000.9 
Weighted-average effective interest rate 5.8  % 5.8  % 5.8  % 5.6  %
Schedule of Interest Expense
Summarized interest expense for the three and six months ended June 30, 2025 and 2024 is as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
(in thousands)
Corporate Facility $ 5,867  $ 7,240  $ 10,324  $ 11,522 
SPV Facility 3,771  3,096  7,587  4,774 
July 2026 Notes
 3,882  3,882  7,763  7,763 
June 2027 Notes
 6,572  1,473  13,144  1,473 
March 2029 Notes
 6,261  6,261  12,522  11,747 
SBIC debentures 3,135  2,273  6,286  4,979 
December 2025 Notes
 3,031  3,031  6,061  6,061 
May 2024 Notes
 —  1,905  —  7,618 
Total Interest Expense $ 32,519  $ 29,161  $ 63,687  $ 55,937 
Schedule of Condensed Balance Sheet and Statement of Operations of MSCC Funding
MSCC Funding’s balance sheets as of June 30, 2025 and December 31, 2024 are as follows:
Balance Sheets
(in thousands)
June 30, 2025 December 31, 2024
(Unaudited)
ASSETS
Investments at fair value:
Non-Control investments (cost: $351,592 and $351,053 as of June 30, 2025 and December 31, 2024, respectively)
 $ 349,140  $ 350,892 
Cash and cash equivalents 7,785  11,212 
Interest and dividend receivable and other assets 3,581  4,124 
Deferred financing costs (net of accumulated amortization of $2,565 and $1,859 as of June 30, 2025 and December 31, 2024, respectively)
 7,833  6,512 
Total assets $ 368,339  $ 372,740 
LIABILITIES
SPV Facility $ 176,000  $ 176,000 
Accounts payable and other liabilities to affiliates —  65 
Interest payable 1,096  1,229 
Total liabilities 177,096  177,294 
NET ASSETS
Contributed capital 123,490  138,088 
Total undistributed earnings 67,753  57,358 
Total net assets 191,243  195,446 
Total liabilities and net assets $ 368,339  $ 372,740 
MSCC Funding’s statements of operations for the three and six months ended June 30, 2025 and 2024 are as follows:
Statements of Operations
(in thousands)
(Unaudited)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
INVESTMENT INCOME:
Interest, fee and dividend income:
Non‑Control/Non‑Affiliate investments $ 10,491  $ 10,118  $ 21,089  $ 21,185 
Total investment income 10,491  10,118  21,089  21,185 
EXPENSES:
Interest (3,771) (3,096) (7,587) (4,774)
Management fee to MSCC (453) (395) (743) (800)
General and administrative (6) (18) (75) (36)
Total expenses (4,230) (3,509) (8,405) (5,610)
NET INVESTMENT INCOME 6,261  6,609  12,684  15,575 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Non‑Control/Non‑Affiliate investments (2,353) (769) (2,290) (1,246)
Total net unrealized depreciation (2,353) (769) (2,290) (1,246)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 3,908  $ 5,840  $ 10,394  $ 14,329