Quarterly report [Sections 13 or 15(d)]

DEBT (Tables)

v3.25.3
DEBT (Tables)
 9 Months Ended
Sep. 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 September 30, 2025 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance Costs (1)
 Recorded Value
Estimated
Fair Value (2)
(in thousands)
Corporate Facility $ 135,000  $ —  $ 135,000  $ 135,000 
SPV Facility 76,000  —  76,000  76,000 
July 2026 Notes
 500,000  (417) 499,583  493,740 
June 2027 Notes
 400,000  (503) 399,497  409,236 
August 2028 Notes
 350,000  (2,152) 347,848  351,565 
March 2029 Notes
 350,000  (2,459) 347,541  367,059 
SBIC debentures 350,000  (5,701) 344,299  306,310 
Total Debt $ 2,161,000  $ (11,232) $ 2,149,768  $ 2,138,910 
___________________________
(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, August 2028 Notes, March 2029 Notes and SBIC debentures 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 (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 September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(dollars in millions)
Weighted-average borrowings outstanding $ 2,242.1  $ 2,194.5  $ 2,208.9  $ 2,046.6 
Weighted-average effective interest rate 5.8  % 6.1  % 5.8  % 5.8  %
Schedule of Interest Expense
Summarized interest expense for the three and nine months ended September 30, 2025 and 2024 is as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(in thousands)
Corporate Facility $ 4,107  $ 8,551  $ 14,431  $ 20,071 
SPV Facility 3,033  3,941  10,621  8,715 
July 2026 Notes
 3,882  3,882  11,645  11,645 
June 2027 Notes
 6,572  5,316  19,715  6,790 
August 2028 Notes
 2,452  —  2,452  — 
March 2029 Notes
 6,261  6,261  18,783  18,008 
SBIC debentures 3,166  2,492  9,452  7,472 
December 2025 Notes
 2,999  3,031  9,060  9,092 
May 2024 Notes
 —  —  —  7,618 
Total Interest Expense $ 32,472  $ 33,474  $ 96,159  $ 89,411 
Schedule of Condensed Balance Sheet and Statement of Operations of MSCC Funding
MSCC Funding’s balance sheets as of September 30, 2025 and December 31, 2024 are as follows:
Balance Sheets
(in thousands)
September 30, 2025 December 31, 2024
(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $13,483 as of September 30, 2025)
 $ 13,483  $ — 
Non-Control investments (cost: $324,606 and $351,053 as of September 30, 2025 and December 31, 2024, respectively)
 324,381  350,892 
Total investments (cost: $338,089 and $351,053 as of September 30, 2025 and December 31, 2024, respectively)
 337,864  350,892 
Cash and cash equivalents 6,493  11,212 
Interest and dividend receivable and other assets 2,904  4,124 
Deferred financing costs (net of accumulated amortization of $7,460 and $1,859 as of September 30, 2025 and December 31, 2024, respectively)
 7,460  6,512 
Total assets $ 354,721  $ 372,740 
LIABILITIES
SPV Facility $ 76,000  $ 176,000 
Accounts payable and other liabilities to affiliates —  65 
Interest payable 635  1,229 
Total liabilities 76,635  177,294 
NET ASSETS
Contributed capital 203,939  138,088 
Total undistributed earnings 74,147  57,358 
Total net assets 278,086  195,446 
Total liabilities and net assets $ 354,721  $ 372,740 
MSCC Funding’s statements of operations for the three and nine months ended September 30, 2025 and 2024 are as follows:
Statements of Operations
(in thousands)
(Unaudited)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments $ 125  $ —  $ 125  $ — 
Non‑Control/Non‑Affiliate investments 10,029  11,179  31,117  32,365 
Total investment income 10,154  11,179  31,242  32,365 
EXPENSES:
Interest (3,033) (3,941) (10,621) (8,715)
Management fee to MSCC (459) (418) (1,203) (1,218)
General and administrative (11) (20) (127) (56)
Total expenses (3,503) (4,379) (11,951) (9,989)
NET INVESTMENT INCOME 6,651  6,800  19,291  22,376 
NET REALIZED GAIN (LOSS):
Control investments (2,481) —  (2,481) — 
Total net realized loss (2,481) —  (2,481) — 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments 3,605  —  3,605  — 
Non‑Control/Non‑Affiliate investments (1,379) (2,403) (3,669) (3,649)
Total net unrealized appreciation (depreciation) 2,226  (2,403) (64) (3,649)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 6,396  $ 4,397  $ 16,746  $ 18,727