Main Street Capital CORPMAIN
Main Street Capital CORP Debt Disclosure
DEBT
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) | ||||||||||||||||||||
| (dollars 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.
Summary of Main Street’s debt as of December 31, 2023 is as follows:
| Outstanding Balance | Unamortized Debt Issuance (Costs)/Premiums (1) | Recorded Value | Estimated Fair Value (2) | ||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Corporate Facility | $ | 200,000 | $ | — | $ | 200,000 | $ | 200,000 | |||||||||||||||
| SPV Facility | 160,000 | — | 160,000 | 160,000 | |||||||||||||||||||
July 2026 Notes | 500,000 | (1,338) | 498,662 | 458,105 | |||||||||||||||||||
May 2024 Notes | 450,000 | 182 | 450,182 | 447,246 | |||||||||||||||||||
| SBIC Debentures | 350,000 | (5,465) | 344,535 | 288,468 | |||||||||||||||||||
December 2025 Notes | 150,000 | (1,035) | 148,965 | 151,155 | |||||||||||||||||||
| Total Debt | $ | 1,810,000 | $ | (7,656) | $ | 1,802,344 | $ | 1,704,974 | |||||||||||||||
___________________________
(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, May 2024 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.
Summarized interest expense for the years ended December 31, 2024, 2023 and 2022 is as follows:
| Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| (dollars in thousands) | |||||||||||||||||
| Corporate Facility | $ | 27,108 | $ | 26,605 | $ | 18,820 | |||||||||||
| SPV Facility | 12,734 | 14,491 | 1,375 | ||||||||||||||
July 2026 Notes | 15,526 | 15,526 | 15,526 | ||||||||||||||
June 2027 Notes | 13,361 | — | — | ||||||||||||||
March 2029 Notes | 24,269 | — | — | ||||||||||||||
| SBIC Debentures | 10,690 | 11,394 | 11,337 | ||||||||||||||
December 2025 Notes | 12,123 | 11,704 | 174 | ||||||||||||||
May 2024 Notes | 7,618 | 22,855 | 22,855 | ||||||||||||||
December 2022 Notes | — | — | 8,189 | ||||||||||||||
| Total Interest Expense | $ | 123,429 | $ | 102,575 | $ | 78,276 | |||||||||||
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:
| Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| (dollars in millions) | |||||||||||||||||
| Weighted-average borrowings outstanding | $ | 2,105.6 | $ | 1,949.0 | $ | 1,900.5 | |||||||||||
| Weighted-average effective interest rate | 5.9 | % | 5.3 | % | 4.1 | % | |||||||||||
Corporate Facility
Main Street maintains the Corporate Facility to provide additional liquidity to support its investment and operational activities. In June 2024, Main Street entered into an amendment to the Corporate Facility to, among other things: (i) increase the revolving commitments from $995.0 million to $1.11 billion, (ii) increase the accordion feature providing Main Street with the right to request increases in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments from up to a total of $1.4 billion to up to a total of $1.665 billion, and (iii) extend the revolving period and the final maturity date through June 2028 and June 2029, respectively, on $1.035 billion of revolving commitments, and August 2026 and August 2027, respectively, on $0.075 billion of revolving commitments.
As of December 31, 2024, borrowings under the Corporate Facility bore interest, subject to Main Street’s election and resetting on a monthly basis on the first of each month, on a per annum basis at a rate equal to the applicable SOFR rate plus an applicable credit spread adjustment of 0.10% plus (i) 1.875% (or the applicable Prime rate plus 0.875%) as long as Main Street meets certain agreed upon excess collateral and maximum leverage requirements or (ii) 2.0% (or the applicable Prime Rate plus 1.0%) otherwise. Main Street pays unused commitment fees of 0.25% per annum on the unused lender commitments under the Corporate Facility. The Corporate Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership or assets of the Funds and the External Investment Manager. In connection with the Corporate Facility, MSCC has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.
As of December 31, 2024, the interest rate for borrowings on the Corporate Facility was 6.5%. The average interest rate for borrowings under the Corporate Facility was 7.1% and 7.0% for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, Main Street was in compliance with all financial covenants of the Corporate Facility.
SPV Facility
Main Street, through MSCC Funding I, LLC (“MSCC Funding”), a wholly-owned Structured Subsidiary that primarily holds debt investments, maintains the SPV Facility to finance its investment and operational activities. In September 2024, Main Street entered into an amendment to the SPV Facility to, among other things: (i) increase the total commitments from $430.0 million to $600.0 million, (ii) increase the accordion feature providing MSCC Funding with the right to request increases in commitments under the facility, subject to the satisfaction of various conditions, from new and existing lenders on the same terms and conditions as the existing commitments to up to a total of $800.0 million, (iii) extend the revolving period from November 2025 to September 2027, (iv) extend the final maturity date from November 2027 to September 2029 and (v) decrease the interest rate to one-month term SOFR plus an applicable margin of (a) 2.35% during the revolving period (from 2.50% plus a 0.10% credit spread adjustment, or 2.60% in total), (b) 2.475% for the first year following the end of the revolving period (from 2.625%) and (c) 2.60% for the second year following the end of the revolving period (from 2.75%).
As of December 31, 2024, the SPV Facility included total commitments of $600.0 million from a diversified group of six lenders. Advances under the SPV Facility bear interest at a per annum rate equal to the one-month term SOFR in effect, plus an applicable margin of 2.35% during the revolving period and 2.475% and 2.60% during the first and second years thereafter, respectively. MSCC Funding pays a commitment fee of 0.50% per annum on the unused lender commitments up to 35% of the total lender commitments and 0.75% per annum on the unused lender commitments greater than 35% of the total lender commitments. The SPV Facility is secured by a collateral loan on the assets of MSCC Funding and its subsidiaries. In connection with the SPV Facility, MSCC Funding has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.
As of December 31, 2024, the interest rate for borrowings on the SPV Facility was 6.9%. The average interest rate for borrowings under the SPV Facility was 7.7% and 7.6% for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, MSCC Funding was in compliance with all financial covenants of the SPV Facility.
MSCC Funding’s balance sheets as of December 31, 2024 and 2023 are as follows:
Balance Sheets
(dollars in thousands)
December 31, 2024 | December 31, 2023 | ||||||||||
| ASSETS | |||||||||||
| Investments at fair value: | |||||||||||
Non-Control Investments (cost: $351,053 and $315,373 as of December 31, 2024 and 2023, respectively) | $ | 350,892 | $ | 317,392 | |||||||
| Cash and cash equivalents | 11,212 | 12,817 | |||||||||
| Interest and dividend receivable and other assets | 4,124 | 2,956 | |||||||||
Deferred financing costs (net of accumulated amortization of $1,859 and $783 as of December 31, 2024 and 2023, respectively) | 6,512 | 3,829 | |||||||||
| Total assets | $ | 372,740 | $ | 336,994 | |||||||
| LIABILITIES | |||||||||||
| SPV Facility | $ | 176,000 | $ | 160,000 | |||||||
| Accounts payable and other liabilities to affiliates | 65 | 7,170 | |||||||||
| Interest payable | 1,229 | 1,135 | |||||||||
| Total liabilities | 177,294 | 168,305 | |||||||||
| NET ASSETS | |||||||||||
| Contributed capital | 138,088 | 138,163 | |||||||||
| Total undistributed earnings | 57,358 | 30,526 | |||||||||
| Total net assets | 195,446 | 168,689 | |||||||||
| Total liabilities and net assets | $ | 372,740 | $ | 336,994 | |||||||
MSCC Funding’s statements of operations for the years ended December 31, 2024 and 2023 and the period from November 22, 2022 to December 31, 2022 are as follows:
Statements of Operations
(dollars in thousands)
| Year Ended December 31, | Period from November 22, 2022 to December 31, | |||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Interest, fee and dividend income: | ||||||||||||||||||||
| Non‑Control/Non‑Affiliate investments | $ | 43,477 | $ | 40,152 | $ | 3,454 | ||||||||||||||
| Total investment income | 43,477 | 40,152 | 3,454 | |||||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Interest | (12,734) | (14,491) | (1,414) | |||||||||||||||||
| Management Fee to MSCC | (1,648) | (1,603) | (89) | |||||||||||||||||
| General and administrative | (121) | (130) | (25) | |||||||||||||||||
| Total expenses | (14,503) | (16,224) | (1,528) | |||||||||||||||||
| NET INVESTMENT INCOME | 28,974 | 23,928 | 1,926 | |||||||||||||||||
| NET UNREALIZED APPRECIATION (DEPRECIATION): | ||||||||||||||||||||
| Non‑Control/Non‑Affiliate investments | (2,181) | 264 | 4,408 | |||||||||||||||||
| Total net unrealized appreciation (depreciation) | (2,181) | 264 | 4,408 | |||||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 26,793 | $ | 24,192 | $ | 6,334 | ||||||||||||||
July 2026 Notes
In January 2021, Main Street issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”) at an issue price of 99.004%. Subsequently, in October 2021, Main Street issued an additional $200.0 million in aggregate principal amount of the July 2026 Notes at an issue price of 101.741%. The July 2026 Notes issued in October 2021 have identical terms as, and are a part of a single series with, the July 2026 Notes issued in January 2021. The July 2026 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The July 2026 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The July 2026 Notes bear interest at a rate of 3.00% per year payable semiannually on January 14 and July 14 of each year.
As of December 31, 2024, Main Street was in compliance with all covenants and other requirements of the July 2026 Notes.
June 2027 Notes
In June 2024, Main Street issued $300.0 million in aggregate principal amount of 6.50% unsecured notes due June 4, 2027 (the “June 2027 Notes”) at an issue price of 99.793%. Subsequently, in September 2024, Main Street issued an additional $100.0 million in aggregate principal amount of the June 2027 Notes at a public offering price of 102.134% resulting in a yield-to-maturity of 5.617% on such issuance. The $400.0 million of outstanding June 2027 Notes bear interest at 6.50% per year with a yield-to-maturity of 6.34%. The June 2027 Notes issued in September 2024 have identical terms as, and are a part of a single series with, the June 2027 Notes issued in June 2024. The June 2027 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The June 2027 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The June 2027 Notes bear interest at a rate of 6.50% per year payable semiannually on June 4 and December 4 of each year.
As of December 31, 2024, Main Street was in compliance with all covenants and other requirements of the June 2027 Notes.
March 2029 Notes
In January 2024, Main Street issued $350.0 million in aggregate principal amount of 6.95% unsecured notes due March 1, 2029 (the “March 2029 Notes”) at an issue price of 99.865%. The March 2029 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The March 2029 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The March 2029 Notes bear interest at a rate of 6.95% per year payable semiannually on March 1 and September 1 of each year.
As of December 31, 2024, Main Street was in compliance with all covenants and other requirements of the March 2029 Notes.
SBIC Debentures
Under existing SBIC regulations, SBA-approved SBICs under common control have the ability to issue debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. In March 2024, Main Street repaid $63.8 million of SBIC debentures that had reached maturity, which reduced the total outstanding SBIC debentures to $286.2 million. Subsequently, in September 2024, Main Street borrowed an additional $63.8 million of SBIC debentures, which increased the total outstanding SBIC debentures to $350.0 million. Main Street’s SBIC debentures payable, under existing SBA-approved commitments, were $350.0 million as of both December 31, 2024 and 2023. SBIC debentures provide for interest to be paid semiannually, with principal due at the applicable 10-year maturity date of each debenture. Main Street expects to maintain SBIC debentures under the SBIC program in the future, subject to periodic repayments and borrowings, in an amount up to the regulatory maximum amount for affiliated SBIC funds. The weighted-average annual interest rate on the SBIC debentures was 3.3% and 3.0% as of December 31, 2024 and 2023, respectively. The first principal maturity due under the existing SBIC debentures is in 2027, and the weighted-average remaining duration as of December 31, 2024 was 5.6 years. In accordance with SBIC regulations, the Funds are precluded from incurring additional non-SBIC debt without the prior approval of the SBA.
As of December 31, 2024, the SBIC debentures consisted of (i) $175.0 million par value of SBIC debentures outstanding issued by MSMF, with a recorded value of $170.3 million that was net of unamortized debt issuance costs of $4.7 million, and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of $173.1 million that was net of unamortized debt issuance costs of $1.9 million.
The maturity dates and fixed interest rates for Main Street’s SBIC debentures as of December 31, 2024 and 2023 are summarized as follows:
| Maturity Date | Fixed Interest Rate | Principal Balance | ||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| 3/1/2024 | 3.95% | $ | — | $ | 39,000,000 | |||||||||||||||
| 3/1/2024 | 3.55% | — | 24,800,000 | |||||||||||||||||
| 3/1/2027 | 3.52% | 40,400,000 | 40,400,000 | |||||||||||||||||
| 9/1/2027 | 3.19% | 34,600,000 | 34,600,000 | |||||||||||||||||
| 3/1/2028 | 3.41% | 43,000,000 | 43,000,000 | |||||||||||||||||
| 9/1/2028 | 3.55% | 32,000,000 | 32,000,000 | |||||||||||||||||
| 3/1/2030 | 2.35% | 15,000,000 | 15,000,000 | |||||||||||||||||
| 9/1/2030 | 1.13% | 10,000,000 | 10,000,000 | |||||||||||||||||
| 9/1/2030 | 1.31% | 10,000,000 | 10,000,000 | |||||||||||||||||
| 3/1/2031 | 1.94% | 25,200,000 | 25,200,000 | |||||||||||||||||
| 9/1/2031 | 1.58% | 60,000,000 | 60,000,000 | |||||||||||||||||
| 9/1/2033 | 5.74% | 16,000,000 | 16,000,000 | |||||||||||||||||
| 3/1/2035 | 5.34% | 63,800,000 | — | |||||||||||||||||
| Ending Balance | $ | 350,000,000 | $ | 350,000,000 | ||||||||||||||||
December 2025 Notes
In December 2022, Main Street issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Series A Notes”) at par. In February 2023, Main Street issued an additional $50.0 million in aggregate principal amount of 7.53% Series B unsecured notes due December 23, 2025 (the “December 2025 Series B Notes” and, together with the December 2025 Series A Notes, the “December 2025 Notes”) at par. The December 2025 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The December 2025 Notes may be redeemed in whole or in part at any time at Main Street’s option at par plus accrued interest to the prepayment date, subject to certain make-whole provisions. The December 2025 Series A Notes and the December 2025 Series B Notes bear interest at a rate of 7.84% and 7.53% per year, respectively, payable semiannually on June 23 and December 23 of each year. In addition, Main Street is obligated to offer to repay the December 2025 Notes at par plus accrued and unpaid interest if certain change in control events occur. The December 2025 Notes will bear interest at an increased rate from the date that (i) the December 2025 Notes receive a below investment grade rating by a rating agency if there is one or two rating agencies providing ratings of the December 2025 Notes, or two-thirds of the rating agencies if there are three rating agencies who are rating the notes (a “Below Investment Grade Event”), or (ii) the ratio of the Company’s consolidated secured indebtedness (other than indebtedness of the Funds or any Structured Subsidiaries) to the value of its consolidated total assets is greater than 0.35 to 1.00 (a “Secured Debt Ratio Event”), to and until the date on which the Below Investment Grade Event and the Secured Debt Ratio Event are no longer continuing. The governing agreement for the December 2025 Notes contains customary terms and conditions for senior unsecured notes issued in a private placement, as well as customary events of default with customary cure and notice periods.
As of December 31, 2024, Main Street was in compliance with all covenants and other requirements of the December 2025 Notes.
May 2024 Notes
In May 2024, Main Street repaid the $450.0 million principal amount of the issued and outstanding 5.20% unsecured notes (the “May 2024 Notes”) at maturity at par value plus the accrued and unpaid interest. The outstanding aggregate principal amount of the May 2024 Notes was $450.0 million as of December 31, 2023.
December 2022 Notes
In December 2022, Main Street repaid the $185.0 million principal amount of the issued and outstanding 4.50% unsecured notes (the “December 2022 Notes”) at maturity at par value plus the accrued and unpaid interest.
Contractual Payment Obligations
A summary of Main Street’s contractual payment obligations for the repayment of outstanding indebtedness as of December 31, 2024 is as follows:
| 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
| Corporate Facility | $ | — | $ | — | $ | 14,100 | $ | — | $ | 193,900 | $ | — | $ | 208,000 | |||||||||||||||||||||||||||
| SPV Facility | — | — | — | — | 176,000 | — | 176,000 | ||||||||||||||||||||||||||||||||||
July 2026 Notes | — | 500,000 | — | — | — | — | 500,000 | ||||||||||||||||||||||||||||||||||
June 2027 Notes | — | — | 400,000 | — | — | — | 400,000 | ||||||||||||||||||||||||||||||||||
| March 2029 Notes | — | — | — | — | 350,000 | — | 350,000 | ||||||||||||||||||||||||||||||||||
| SBIC debentures | — | — | 75,000 | 75,000 | — | 200,000 | 350,000 | ||||||||||||||||||||||||||||||||||
December 2025 Notes | 150,000 | — | — | — | — | — | 150,000 | ||||||||||||||||||||||||||||||||||
| Total | $ | 150,000 | $ | 500,000 | $ | 489,100 | $ | 75,000 | $ | 719,900 | $ | 200,000 | $ | 2,134,000 | |||||||||||||||||||||||||||
Senior Securities
Information about Main Street’s senior securities is shown in the following table as of December 31 for the years indicated in the table, unless otherwise noted.
| Total Amount Outstanding Exclusive of Treasury Securities (1) | Asset Coverage per Unit (2) | Involuntary Liquidating Preference per Unit (3) | Average Market Value per Unit (4) | ||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| SBIC Debentures | |||||||||||||||||||||||
| 2015 | $ | 225,000 | $ | 2,368 | — | N/A | |||||||||||||||||
| 2016 | 240,000 | 2,415 | — | N/A | |||||||||||||||||||
| 2017 | 295,800 | 2,687 | — | N/A | |||||||||||||||||||
| 2018 | 345,800 | 2,455 | — | N/A | |||||||||||||||||||
| 2019 | 311,800 | 2,363 | — | N/A | |||||||||||||||||||
| 2020 | 309,800 | 2,244 | — | N/A | |||||||||||||||||||
| 2021 | 350,000 | 1,985 | — | N/A | |||||||||||||||||||
| 2022 | 350,000 | 2,044 | — | N/A | |||||||||||||||||||
| 2023 | 350,000 | 2,364 | — | N/A | |||||||||||||||||||
| 2024 | 350,000 | 2,306 | — | N/A | |||||||||||||||||||
| Corporate Facility | |||||||||||||||||||||||
| 2015 | $ | 291,000 | $ | 2,368 | — | N/A | |||||||||||||||||
| 2016 | 343,000 | 2,415 | — | N/A | |||||||||||||||||||
| 2017 | 64,000 | 2,687 | — | N/A | |||||||||||||||||||
| 2018 | 301,000 | 2,455 | — | N/A | |||||||||||||||||||
| 2019 | 300,000 | 2,363 | — | N/A | |||||||||||||||||||
| 2020 | 269,000 | 2,244 | — | N/A | |||||||||||||||||||
| 2021 | 320,000 | 1,985 | — | N/A | |||||||||||||||||||
| 2022 | 407,000 | 2,044 | — | N/A | |||||||||||||||||||
| 2023 | 200,000 | 2,364 | — | N/A | |||||||||||||||||||
| 2024 | 208,000 | 2,306 | — | N/A | |||||||||||||||||||
| SPV Facility | |||||||||||||||||||||||
| 2022 | $ | 200,000 | $ | 2,044 | — | N/A | |||||||||||||||||
| 2023 | 160,000 | 2,364 | — | N/A | |||||||||||||||||||
| 2024 | 176,000 | 2,306 | — | N/A | |||||||||||||||||||
April 2023 Notes | |||||||||||||||||||||||
| 2015 | $ | 90,738 | $ | 2,368 | — | $ | 25.40 | ||||||||||||||||
| 2016 | 90,655 | 2,415 | — | 25.76 | |||||||||||||||||||
| 2017 | 90,655 | 2,687 | — | 25.93 | |||||||||||||||||||
December 2019 Notes | |||||||||||||||||||||||
| 2015 | $ | 175,000 | $ | 2,368 | — | N/A | |||||||||||||||||
| 2016 | 175,000 | 2,415 | — | N/A | |||||||||||||||||||
| 2017 | 175,000 | 2,687 | — | N/A | |||||||||||||||||||
| 2018 | 175,000 | 2,455 | — | N/A | |||||||||||||||||||
December 2022 Notes | |||||||||||||||||||||||
| 2017 | $ | 185,000 | $ | 2,687 | — | N/A | |||||||||||||||||
| Total Amount Outstanding Exclusive of Treasury Securities (1) | Asset Coverage per Unit (2) | Involuntary Liquidating Preference per Unit (3) | Average Market Value per Unit (4) | ||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| 2018 | 185,000 | 2,455 | — | N/A | |||||||||||||||||||
| 2019 | 185,000 | 2,363 | — | N/A | |||||||||||||||||||
| 2020 | 185,000 | 2,244 | — | N/A | |||||||||||||||||||
| 2021 | 185,000 | 1,985 | — | N/A | |||||||||||||||||||
May 2024 Notes | |||||||||||||||||||||||
| 2019 | $ | 325,000 | $ | 2,363 | — | N/A | |||||||||||||||||
| 2020 | 450,000 | 2,244 | — | N/A | |||||||||||||||||||
| 2021 | 450,000 | 1,985 | — | N/A | |||||||||||||||||||
| 2022 | 450,000 | 2,044 | — | N/A | |||||||||||||||||||
| 2023 | 450,000 | 2,364 | — | N/A | |||||||||||||||||||
July 2026 Notes | |||||||||||||||||||||||
| 2021 | $ | 500,000 | $ | 1,985 | — | N/A | |||||||||||||||||
| 2022 | 500,000 | 2,044 | — | N/A | |||||||||||||||||||
| 2023 | 500,000 | 2,364 | — | N/A | |||||||||||||||||||
| 2024 | 500,000 | 2,306 | — | N/A | |||||||||||||||||||
December 2025 Notes | |||||||||||||||||||||||
| 2022 | $ | 100,000 | $ | 2,044 | — | N/A | |||||||||||||||||
| 2023 | 150,000 | 2,364 | — | N/A | |||||||||||||||||||
| 2024 | 150,000 | 2,306 | — | N/A | |||||||||||||||||||
March 2029 Notes | |||||||||||||||||||||||
| 2024 | $ | 350,000 | $ | 2,306 | — | N/A | |||||||||||||||||
June 2027 Notes | |||||||||||||||||||||||
| 2024 | $ | 400,000 | $ | 2,306 | — | N/A | |||||||||||||||||
___________________________
(1)Total amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of Main Street’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(3)The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)Average market value per unit for the April 2023 Notes represents the average of the daily closing prices as reported on the NYSE during the period presented. Average market value per unit for all other senior securities included in the table is not applicable because these are not registered for public trading.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Feb 28, 2025 | Showing above |
| 2023 | Feb 23, 2024 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.