| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES As of September 30, 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 |
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6 |
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106 |
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| EnCap Equity - Fund XII, LP |
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6,092 |
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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 |
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211 |
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| 2717 HPP-MS, LP |
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44 |
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7,305 |
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| MS Private Loan Fund I, LP |
|
750 |
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| MS Private Loan Fund II, LP |
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6,000 |
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| UnionRock Energy Fund Investments |
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| UnionRock Energy Fund III, LP |
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4,782 |
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| UnionRock Energy Fund II, LP |
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2,616 |
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7,398 |
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| Total Equity Commitments (1)(2) |
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$ |
27,651 |
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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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| Mission Critical Group |
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$ |
39,040 |
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| ZRG Partners, LLC |
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17,943 |
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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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| GradeEight Corp. |
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10,033 |
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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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| BP Loenbro Holdings Inc. |
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8,380 |
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| Airo Purchaser, Inc. |
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7,884 |
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| JDC Power Services, LLC |
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7,263 |
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| Richardson Sales Solutions |
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6,713 |
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| MS Private Loan Fund I, LP |
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6,300 |
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| South Coast Terminals Holdings, LLC |
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6,205 |
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| California Splendor Holdings LLC |
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6,000 |
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| SI East, LLC |
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5,250 |
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| AGS American Glass Services Acquisition, LLC |
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5,091 |
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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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| AVEX Aviation Holdings, LLC |
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3,684 |
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| Microbe Formulas, LLC |
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3,601 |
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| Victory Energy Operations, LLC |
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3,446 |
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| Gamber-Johnson Holdings, LLC |
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2,952 |
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| ITA Holdings Group, LLC |
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2,950 |
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| Metalforming Holdings, LLC |
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2,795 |
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| PTL US Bidco, Inc |
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2,703 |
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| Career Team Holdings, LLC |
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2,700 |
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| IG Parent Corporation |
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2,500 |
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| IG Investor, LLC |
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2,400 |
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| Centre Technologies Holdings, LLC |
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2,400 |
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| Insight Borrower Corporation |
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2,367 |
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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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| Batjer TopCo, LLC |
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2,070 |
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| Winter Services LLC |
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2,044 |
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| GS HVAM Intermediate, LLC |
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2,020 |
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| Garyline, LLC |
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2,002 |
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| Revenue Recovery Holdings, LLC |
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2,000 |
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| FRG AcquireCo, LLC |
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2,000 |
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| Coregistics Buyer LLC |
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1,908 |
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| Rug Doctor, LLC. |
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1,904 |
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| ArborWorks, LLC |
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1,828 |
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| CenterPeak Holdings, LLC |
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1,800 |
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| Bluestem Brands, Inc. |
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1,783 |
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| Chamberlin Holding LLC |
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1,600 |
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| Trantech Radiator 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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| Pinnacle TopCo, LLC |
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1,600 |
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| The Affiliati Network, LLC |
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1,440 |
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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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| RFG AcquireCo, LLC |
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1,000 |
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| KMS, LLC |
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1,000 |
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| American Health Staffing Group, Inc. |
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1,000 |
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| RA Outdoors LLC |
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917 |
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| Mini Melts of America, LLC |
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887 |
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| Bond Brand Loyalty ULC |
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856 |
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| Escalent, Inc. |
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822 |
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| Mystic Logistics Holdings, LLC |
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800 |
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| Orttech Holdings, LLC |
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800 |
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| Barfly Ventures, LLC |
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760 |
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| ATS Operating, LLC |
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720 |
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| Hornblower Sub, LLC |
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695 |
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| Burning Glass Intermediate Holding Company, Inc. |
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639 |
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| BDB Holdings, LLC |
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627 |
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| Channel Partners Intermediateco, LLC |
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621 |
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| Invincible Boat Company, LLC. |
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519 |
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| Jensen Jewelers of Idaho, LLC |
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500 |
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| Wash & Wax Systems LLC |
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473 |
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| Roof Opco, LLC |
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233 |
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| GRT Rubber Technologies LLC |
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204 |
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| Implus Footcare, LLC |
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195 |
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| GULF PACIFIC ACQUISITION, LLC |
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151 |
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| Obra Capital, Inc. |
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148 |
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| HDC/HW Intermediate Holdings |
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23 |
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| AAC Holdings, Inc. |
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15 |
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| Total Loan Commitments |
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$ |
270,922 |
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| Total Commitments |
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$ |
298,573 |
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___________________________
(1)This table excludes commitments related to four 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 five 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, 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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