Main Street Capital CORPMAIN

Main Street Capital CORP Commitments Disclosure

10-KFiled Feb 28, 20254 min read
COMMITMENTS AND CONTINGENCIES
As of December 31, 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$1,500 
Brightwood Capital Fund III, LP65 
1,565 
EnCap Equity - Fund XII, LP7,318 
Harris Preston Fund Investments
HPEP 4, L.P.6,618 
HPEP 3, L.P.1,308 
7,926 
MS Private Loan Fund I, LP750 
MS Private Loan Fund II, LP4,966 
UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP5,150 
UnionRock Energy Fund II, LP2,136 
7,286 
Total Equity Commitments (1)(2)$29,811 
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$29,202 
TEC Services, LLC21,167 
Creative Foam Corporation15,375 
GradeEight Corp. (Winzer)13,647 
HEADLANDS OP-CO LLC12,150 
MS Private Loan Fund II, LP10,000 
MS Private Loan Fund I, LP8,400 
Ansira Partners II, LLC8,341 
Computer Data Source, LLC7,500 
JDC Power Services, LLC7,263 
South Coast Terminals Holdings, LLC7,160 
CQ Fluency, LLC6,750 
Insight Borrower Corporation (Industrial Physics)6,688 
Veregy Consolidated, Inc.5,875 
SI East, LLC (Stavig)5,250 
Gulf Manufacturing, LLC5,000 
BP Loenbro Holdings Inc.4,795 
California Splendor Holdings LLC4,472 
Sales Performance International, LLC4,289 
Cody Pools, Inc.4,214 
Bettercloud, Inc.4,189 
NexRev LLC4,000 
AVEX Aviation Holdings, LLC3,684 
Mako Steel, LP3,651 
Microbe Formulas, LLC3,601 
CenterPeak Holdings, LLC (Johnson Downie)3,600 
Titan Meter Midco Corp.3,598 
VVS Holdco LLC3,200 
SPAU Holdings, LLC3,194 
Power System Solutions3,085 
Gamber-Johnson Holdings, LLC2,952 
MetalForming AcquireCo, LLC2,795 
PTL US Bidco, Inc2,703 
ArborWorks, LLC2,688 
Mills Fleet Farm Group, LLC2,652 
IG Parent Corporation (Infogain)2,500 
Nebraska Vet AcquireCo, LLC (NVS)2,500 
Hornblower Sub, LLC2,440 
IG Investor, LLC (Ira Green)2,400 
Centre Technologies Holdings, LLC2,400 
Burning Glass Intermediate Holding Company, Inc.2,397 
Cybermedia Technologies, LLC2,000 
Coregistics Buyer LLC (Belvika)1,908 
Elgin AcquireCo, LLC1,877 
Bluestem Brands, Inc.1,849 
Career Team Holdings, LLC1,800 
NinjaTrader, LLC1,750 
Batjer TopCo, LLC1,620 
Colonial Electric Company LLC1,600 
Pinnacle TopCo, LLC1,600 
Chamberlin Holding LLC1,600 
Trantech Radiator Topco, LLC1,600 
The Affiliati Network, LLC1,600 
ATS Operating, LLC1,440 
Imaging Business Machines, L.L.C.1,384 
American Health Staffing Group, Inc.1,333 
Escalent, Inc.1,326 
Clad-Rex Steel, LLC1,200 
Mini Melts of America, LLC1,149 
Channel Partners Intermediateco, LLC1,139 
Winter Services LLC1,133 
Bond Brand Loyalty ULC856 
ASK (Analytical Systems Keco Holdings, LLC)800 
Mystic Logistics Holdings, LLC800 
Orttech Holdings, LLC800 
Barfly Ventures, LLC760 
Garyline, LLC706 
Jackmont Hospitality, Inc.606 
Eastern Wholesale Fence LLC520 
Jensen Jewelers of Idaho, LLC500 
RA Outdoors (Aspira) LLC464 
Island Pump and Tank, LLC456 
GS HVAM Intermediate, LLC409 
Gulf Publishing Holdings, LLC400 
Wall Street Prep, Inc.400 
GULF PACIFIC ACQUISITION, LLC303 
Roof Opco (Apple Roof), LLC233 
GRT Rubber Technologies LLC204 
ATS Workholding, LLC150 
Obra Capital, Inc.148 
AAC Holdings, Inc.117 
Inspire Aesthetics Management, LLC50 
Invincible Boat Company, LLC.42 
Total Loan Commitments$292,399 
Total Commitments$322,210 
____________________
(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 December 31, 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.
Free Sentinel

Want the next Main Street Capital CORP commitments disclosure the moment it drops?

Set a Sentinel and we'll alert you the moment Main Street Capital CORP's next filing hits EDGAR. No credit card, your email never gets sold.

Track for free

Historical Timeline

Fiscal YearFiled
2024Feb 28, 2025Showing above
2023Feb 23, 2024

About Commitments Disclosures

Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.

Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.

Other Available Disclosures

Fair ValueDebtStock CompensationNew StandardsPay vs Performance