Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES

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COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
At June 30, 2024, 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 $ 2,500 
Brightwood Capital Fund III, LP 65 
2,565 
EnCap Equity - Fund XII, LP 5,609 
Harris Preston Fund Investments
HPEP 4, L.P. 7,495 
HPEP 3, L.P. 1,308 
8,803 
MS Private Loan Fund I, LP 750 
MS Private Loan Fund II, LP 8,691 
UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP 5,000 
UnionRock Energy Fund II, LP 527 
5,527 
Total Equity Commitments (1)(2) $ 31,945 
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
ZRG Partners, LLC $ 28,876 
HEADLANDS OP-CO LLC 16,875 
Creative Foam Corporation 15,375 
Computer Data Source, LLC 9,000 
CQ Fluency, LLC 6,750 
Insight Borrower Corporation 6,688 
JDC Power Services, LLC 6,211 
Garyline, LLC 6,000 
California Splendor Holdings LLC 6,000 
Veregy Consolidated, Inc. 5,875 
SI East, LLC 5,250 
Gulf Manufacturing, LLC 5,000 
PTL US Bidco, Inc 4,612 
South Coast Terminals Holdings, LLC 4,465 
BP Loenbro Holdings Inc. 4,346 
Cody Pools, Inc. 4,214 
Bettercloud, Inc. 4,189 
IG Investor, LLC 4,000 
AB Centers Acquisition Corporation 3,910 
AVEX Aviation Holdings, LLC 3,684 
Mako Steel, LP 3,651 
Microbe Formulas, LLC 3,601 
Johnson Downie Opco, LLC 3,600 
Titan Meter Midco Corp. 3,598 
Nello Industries Investco, LLC 3,426 
VVS Holdco LLC 3,200 
Watterson Brands, LLC 3,176 
Coregistics Buyer LLC 3,100 
Power System Solutions 3,085 
MS Private Loan Fund 3,000 
MetalForming AcquireCo, LLC 2,795 
Winter Services LLC 2,667 
IG Parent Corporation (Infogain) 2,500 
NexRev LLC 2,400 
Centre Technologies Holdings, LLC 2,400 
Burning Glass Intermediate Holding Company, Inc. 2,397 
Engineering Research & Consulting, LLC 2,293 
GS HVAM Intermediate, LLC 2,273 
Imaging Business Machines, L.L.C. 2,174 
Sales Performance International, LLC 2,130 
Cybermedia Technologies, LLC 2,000 
The Affiliati Network, LLC 2,000 
PurgeRite, LLC 1,969 
Elgin AcquireCo, LLC 1,877 
Career Team Holdings, LLC 1,800 
NinjaTrader, LLC 1,750 
SPAU Holdings, LLC 1,661 
Batjer TopCo, LLC 1,620 
Trantech Radiator Topco, LLC 1,600 
Chamberlin Holding LLC 1,600 
Pinnacle TopCo, LLC 1,600 
Colonial Electric Company LLC 1,600 
Acumera, Inc. 1,598 
Channel Partners Intermediateco, LLC 1,554 
GULF PACIFIC ACQUISITION, LLC 1,515 
Bond Brand Loyalty ULC 1,427 
Bluestem Brands, Inc. 1,374 
American Health Staffing Group, Inc. 1,333 
Escalent, Inc. 1,326 
Nebraska Vet AcquireCo, LLC 1,250 
CaseWorthy, Inc. 1,230 
Gamber-Johnson Holdings, LLC 1,200 
Clad-Rex Steel, LLC 1,200 
Invincible Boat Company, LLC. 1,080 
ATS Operating, LLC 1,044 
ArborWorks, LLC 868 
Mystic Logistics Holdings, LLC 800 
Orttech Holdings, LLC 800 
Barfly Ventures, LLC 760 
Mini Melts of America, LLC 655 
Analytical Systems Keco Holdings, LLC 580 
Eastern Wholesale Fence LLC 520 
Jensen Jewelers of Idaho, LLC 500 
MS Private Loan Fund II 500 
Island Pump and Tank, LLC 456 
Jackmont Hospitality, Inc. 441 
Gulf Publishing Holdings, LLC 400 
Wall Street Prep, Inc. 400 
Vitesse Systems 386 
ITA Holdings Group, LLC 286 
Roof Opco, LLC 233 
GRT Rubber Technologies LLC 204 
AAC Holdings, Inc. 200 
Obra Capital, Inc. 148 
Inspire Aesthetics Management, LLC 50 
Buca C, LLC 32 
Adams Publishing Group, LLC
Total Loan Commitments $ 256,215 
Total Commitments $ 288,160 
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(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 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 June 30, 2024.
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.