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TABLE OF CONTENTS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One) | ||
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the quarterly period ended September 30, 2014 |
||
OR |
||
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the transition period from: to |
Commission File Number: 001-33723
Main Street Capital Corporation
(Exact name of registrant as specified in its charter)
Maryland (State or other jurisdiction of incorporation or organization) |
41-2230745 (I.R.S. Employer Identification No.) |
|
1300 Post Oak Boulevard, Suite 800 Houston, TX (Address of principal executive offices) |
77056 (Zip Code) |
(713) 350-6000
(Registrant's telephone number including area code)
n/a
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ý | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
The number of shares outstanding of the issuer's common stock as of November 6, 2014 was 44,944,926.
MAIN STREET CAPITAL CORPORATION
Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
|
September 30, 2014 |
December 31, 2013 |
|||||
---|---|---|---|---|---|---|---|
|
(Unaudited) |
|
|||||
ASSETS |
|||||||
Portfolio investments at fair value: |
|||||||
Control investments (cost: $299,621 and $277,411 as of September 30, 2014 and December 31, 2013, respectively) |
$ | 413,587 | $ | 356,973 | |||
Affiliate investments (cost: $244,223 and $242,592 as of September 30, 2014 and December 31, 2013, respectively) |
259,795 | 268,113 | |||||
Non-Control/Non-Affiliate investments (cost: $804,031 and $643,068 as of September 30, 2014 and December 31, 2013, respectively) |
814,652 | 661,102 | |||||
| | | | | | | |
Total portfolio investments (cost: $1,347,875 and $1,163,071 as of September 30, 2014 and December 31, 2013, respectively) |
1,488,034 | 1,286,188 | |||||
Marketable securities and idle funds investments (cost: $9,871 and $14,885 as of September 30, 2014 and December 31, 2013, respectively) |
9,207 | 13,301 | |||||
| | | | | | | |
Total investments (cost: $1,357,746 and $1,177,956 as of September 30, 2014 and December 31, 2013, respectively) |
1,497,241 | 1,299,489 | |||||
Cash and cash equivalents |
24,324 |
34,701 |
|||||
Interest receivable and other assets |
21,076 | 16,054 | |||||
Receivable for securities sold |
26,075 | | |||||
Deferred financing costs (net of accumulated amortization of $5,906 and $4,722 as of September 30, 2014 and December 31, 2013, respectively) |
10,627 | 9,931 | |||||
| | | | | | | |
Total assets |
$ | 1,579,343 | $ | 1,360,175 | |||
| | | | | | | |
| | | | | | | |
LIABILITIES |
|||||||
Credit facility |
$ |
287,000 |
$ |
237,000 |
|||
SBIC debentures (par: $225,000 as of September 30, 2014 and $200,200 as of December 31, 2013, par of $75,200 is recorded at a fair value of $72,829 and $62,050 as of September 30, 2014 and December 31, 2013, respectively) |
222,629 | 187,050 | |||||
6.125% Notes |
90,882 | 90,882 | |||||
Payable for securities purchased |
498 | 27,088 | |||||
Deferred tax liability, net |
12,583 | 5,940 | |||||
Dividend payable |
7,640 | 6,577 | |||||
Accounts payable and other liabilities |
8,220 | 10,549 | |||||
Interest payable |
2,385 | 2,556 | |||||
| | | | | | | |
Total liabilities |
631,837 | 567,642 | |||||
Commitments and contingencies (Note M) |
|||||||
NET ASSETS |
|||||||
Common stock, $0.01 par value per share (150,000,000 shares authorized; 44,945,194 and 39,852,604 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively) |
449 |
398 |
|||||
Additional paid-in capital |
847,796 | 694,981 | |||||
Accumulated net investment income, net of cumulative dividends of $262,238 and $199,140 as of September 30, 2014 and December 31, 2013, respectively |
28,886 | 22,778 | |||||
Accumulated net realized gain from investments (accumulated net realized gain from investments of $27,904 before cumulative dividends of $56,998 as of September 30, 2014 and accumulated net realized gain from investments of $17,115 before cumulative dividends of $43,449 as of December 31, 2013) |
(29,094 | ) | (26,334 | ) | |||
Net unrealized appreciation, net of income taxes |
99,469 | 100,710 | |||||
| | | | | | | |
Total net assets |
947,506 | 792,533 | |||||
| | | | | | | |
Total liabilities and net assets |
$ | 1,579,343 | $ | 1,360,175 | |||
| | | | | | | |
| | | | | | | |
NET ASSET VALUE PER SHARE |
$ | 21.08 | $ | 19.89 | |||
| | | | | | | |
| | | | | | | |
The accompanying notes are an integral part of these financial statements
1
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2014 | 2013 | 2014 | 2013 | |||||||||
INVESTMENT INCOME: |
|||||||||||||
Interest, fee and dividend income: |
|||||||||||||
Control investments |
$ | 9,705 | $ | 8,840 | $ | 29,547 | $ | 23,543 | |||||
Affiliate investments |
6,687 | 6,453 | 18,412 | 17,514 | |||||||||
Non-Control/Non-Affiliate investments |
19,839 | 13,974 | 53,488 | 40,974 | |||||||||
| | | | | | | | | | | | | |
Interest, fee and dividend income |
36,231 | 29,267 | 101,447 | 82,031 | |||||||||
Interest, fee and dividend income from marketable securities and idle funds |
120 | 392 | 557 | 1,073 | |||||||||
| | | | | | | | | | | | | |
Total investment income |
36,351 | 29,659 | 102,004 | 83,104 | |||||||||
EXPENSES: |
|||||||||||||
Interest |
(5,954 | ) | (5,922 | ) | (16,713 | ) | (15,346 | ) | |||||
Compensation |
(3,047 | ) | (2,575 | ) | (9,115 | ) | (5,148 | ) | |||||
General and administrative |
(1,871 | ) | (1,533 | ) | (5,279 | ) | (3,471 | ) | |||||
Share-based compensation |
(1,208 | ) | (2,152 | ) | (3,034 | ) | (3,357 | ) | |||||
Expenses charged to the External Investment Manager |
616 | | 1,343 | | |||||||||
Expenses reimbursed to affiliated Internal Investment Manager |
| | | (3,189 | ) | ||||||||
| | | | | | | | | | | | | |
Total expenses |
(11,464 | ) | (12,182 | ) | (32,798 | ) | (30,511 | ) | |||||
| | | | | | | | | | | | | |
NET INVESTMENT INCOME |
24,887 | 17,477 | 69,206 | 52,593 | |||||||||
NET REALIZED GAIN (LOSS): |
|||||||||||||
Control investments |
| (2,635 | ) | | (2,635 | ) | |||||||
Affiliate investments |
14,737 | 780 | 8,159 | 780 | |||||||||
Non-Control/Non-Affiliate investments |
962 | (1,164 | ) | 2,634 | (1,024 | ) | |||||||
Marketable securities and idle funds investments |
11 | 22 | (4 | ) | 285 | ||||||||
SBIC debentures |
| (4,775 | ) | | (4,775 | ) | |||||||
| | | | | | | | | | | | | |
Total net realized gain (loss) |
15,710 | (7,772 | ) | 10,789 | (7,369 | ) | |||||||
| | | | | | | | | | | | | |
NET REALIZED INCOME |
40,597 | 9,705 | 79,995 | 45,224 | |||||||||
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |
|||||||||||||
Portfolio investments |
(6,891 | ) | 14,475 | 17,018 | 30,889 | ||||||||
Marketable securities and idle funds investments |
(426 | ) | (490 | ) | 920 | (1,300 | ) | ||||||
SBIC debentures |
(8,749 | ) | 4,839 | (10,778 | ) | 4,183 | |||||||
| | | | | | | | | | | | | |
Total net change in unrealized appreciation (depreciation) |
(16,066 | ) | 18,824 | 7,160 | 33,772 | ||||||||
| | | | | | | | | | | | | |
INCOME TAXES: |
|||||||||||||
Federal and state income, excise, and other taxes |
(960 | ) | (371 | ) | (1,758 | ) | (1,793 | ) | |||||
Deferred taxes |
(2,002 | ) | (104 | ) | (6,643 | ) | (1,515 | ) | |||||
| | | | | | | | | | | | | |
Income tax provision |
(2,962 | ) | (475 | ) | (8,401 | ) | (3,308 | ) | |||||
| | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 21,569 | $ | 28,054 | $ | 78,754 | $ | 75,688 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
NET INVESTMENT INCOME PER SHAREBASIC AND DILUTED |
$ | 0.55 | $ | 0.47 | $ | 1.61 | $ | 1.48 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
NET REALIZED INCOME PER SHAREBASIC AND DILUTED |
$ | 0.90 | $ | 0.26 | $ | 1.86 | $ | 1.27 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHAREBASIC AND DILUTED |
$ | 0.48 | $ | 0.76 | $ | 1.83 | $ | 2.13 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
DIVIDENDS PAID PER SHARE: |
|||||||||||||
Regular monthly dividends |
$ | 0.495 | $ | 0.465 | $ | 1.485 | $ | 1.380 | |||||
Supplemental dividends |
| 0.200 | 0.275 | 0.550 | |||||||||
| | | | | | | | | | | | | |
Total dividends |
$ | 0.495 | $ | 0.665 | $ | 1.760 | $ | 1.930 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
WEIGHTED AVERAGE SHARES OUTSTANDINGBASIC AND DILUTED |
44,910,756 | 37,144,693 | 43,027,105 | 35,558,266 |
The accompanying notes are an integral part of these financial statements
2
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)
|
Common Stock | |
|
Accumulated Net Realized Gain From Investments, Net of Dividends |
Net Unrealized Appreciation from Investments, Net of Income Taxes |
|
||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
Accumulated Net Investment Income, Net of Dividends |
|
|||||||||||||||||||
|
Number of Shares |
Par Value |
Additional Paid-In Capital |
Total Net Asset Value |
||||||||||||||||||
Balances at December 31, 2012 |
34,589,484 | $ | 346 | $ | 544,136 | $ | 35,869 | $ | (19,155 | ) | $ | 81,780 | $ | 642,976 | ||||||||
Public offering of common stock, net of offering costs |
4,600,000 |
46 |
131,407 |
|
|
|
131,453 |
|||||||||||||||
Share-based compensation |
| | 3,357 | | | | 3,357 | |||||||||||||||
Purchase of vested stock for employee payroll tax withholding |
(62,025 | ) | (1 | ) | (1,764 | ) | | | | (1,765 | ) | |||||||||||
Dividend reinvestment |
278,166 | 3 | 8,727 | | | | 8,730 | |||||||||||||||
Issuance of restricted stock |
274,895 | 3 | (3 | ) | | | | | ||||||||||||||
Consolidation of Internal Investment Manager |
| | 2,037 | | | | 2,037 | |||||||||||||||
Issuances of common stock |
18,125 | | 578 | | | | 578 | |||||||||||||||
Other |
| | 69 | | | | 69 | |||||||||||||||
Dividends to stockholders |
| | | (65,748 | ) | (3,199 | ) | | (68,947 | ) | ||||||||||||
Net increase resulting from operations |
| | | 43,043 | 2,181 | 30,464 | 75,688 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Balances at September 30, 2013 |
39,698,645 | $ | 397 | $ | 688,544 | $ | 13,164 | $ | (20,173 | ) | $ | 112,244 | $ | 794,176 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Balances at December 31, 2013 |
39,852,604 | $ | 398 | $ | 694,981 | $ | 22,778 | $ | (26,334 | ) | $ | 100,710 | $ | 792,533 | ||||||||
Public offering of common stock, net of offering costs |
4,600,000 |
46 |
139,651 |
|
|
|
139,697 |
|||||||||||||||
Share-based compensation |
| | 3,034 | | | | 3,034 | |||||||||||||||
Purchase of vested stock for employee payroll tax withholding |
(46,507 | ) | | (1,481 | ) | | | | (1,481 | ) | ||||||||||||
Dividend reinvestment |
333,657 | 3 | 10,842 | | | | 10,845 | |||||||||||||||
Amortization of directors' deferred compensation |
| | 229 | | | | 229 | |||||||||||||||
Issuance of restricted stock |
241,578 | 2 | (2 | ) | | | | | ||||||||||||||
Tax benefit related to vesting of restricted shares |
| 542 | | | | 542 | ||||||||||||||||
Forfeited shares of terminated employees |
(36,138 | ) | | | | | | | ||||||||||||||
Dividends to stockholders |
| | | (63,098 | ) | (13,549 | ) | | (76,647 | ) | ||||||||||||
Net increase (loss) resulting from operations |
| | | 69,206 | 10,789 | (1,241 | ) | 78,754 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Balances at September 30, 2014 |
44,945,194 | $ | 449 | $ | 847,796 | $ | 28,886 | $ | (29,094 | ) | $ | 99,469 | $ | 947,506 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements
3
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
|
Nine Months Ended September 30, |
||||||
---|---|---|---|---|---|---|---|
|
2014 | 2013 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||
Net increase in net assets resulting from operations |
$ | 78,754 | $ | 75,688 | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
|||||||
Investments in portfolio companies |
(637,843 | ) | (533,435 | ) | |||
Proceeds from sales and repayments of debt investments in portfolio companies |
396,557 | 325,150 | |||||
Proceeds from sales of equity investments in portfolio companies |
26,117 | 1,336 | |||||
Investments in marketable securities and idle funds investments |
(17,704 | ) | (53,102 | ) | |||
Proceeds from sales and repayments of marketable securities and idle funds investments |
22,747 | 44,395 | |||||
Net change in unrealized appreciation |
(7,160 | ) | (33,772 | ) | |||
Net realized (gain) loss |
(10,789 | ) | 7,369 | ||||
Accretion of unearned income |
(8,167 | ) | (7,721 | ) | |||
Payment-in-kind interest |
(3,947 | ) | (3,517 | ) | |||
Cumulative dividends |
(1,422 | ) | (1,000 | ) | |||
Share-based compensation expense |
3,034 | 3,357 | |||||
Amortization of deferred financing costs |
1,184 | 1,167 | |||||
Deferred taxes |
6,643 | 1,515 | |||||
Changes in other assets and liabilities: |
|||||||
Interest receivable and other assets |
(4,480 | ) | 1,009 | ||||
Interest payable |
(171 | ) | (1,345 | ) | |||
Payable to affiliated Internal Investment Manager |
| (3,960 | ) | ||||
Accounts payable and other liabilities |
(1,584 | ) | 1,376 | ||||
Deferred fees and other |
1,457 | 2,558 | |||||
| | | | | | | |
Net cash used in operating activities |
(156,774 | ) | (172,932 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||
Proceeds from public offering of common stock, net of offering costs |
139,697 | 131,453 | |||||
Proceeds from public offering of 6.125% Notes |
| 92,000 | |||||
Repurchases of 6.125% Notes |
| (1,108 | ) | ||||
Dividends paid to stockholders |
(64,739 | ) | (59,052 | ) | |||
Proceeds from issuance of SBIC debentures |
24,800 | | |||||
Repayments of SBIC debentures |
| (63,800 | ) | ||||
Proceeds from credit facility |
353,000 | 360,000 | |||||
Repayments on credit facility |
(303,000 | ) | (326,000 | ) | |||
Payment of deferred loan costs and SBIC debenture fees |
(1,880 | ) | (5,317 | ) | |||
Purchase of vested stock for employee payroll tax withholding |
(1,481 | ) | (1,765 | ) | |||
Other |
| 578 | |||||
| | | | | | | |
Net cash provided by financing activities |
146,397 | 126,989 | |||||
| | | | | | | |
Net decrease in cash and cash equivalents |
(10,377 | ) | (45,943 | ) | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
34,701 | 63,517 | |||||
| | | | | | | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ | 24,324 | $ | 17,574 | |||
| | | | | | | |
| | | | | | | |
Supplemental cash flow disclosures: |
|||||||
Interest paid |
$ | 15,701 | $ | 15,558 | |||
Taxes paid |
$ | 3,656 | $ | 4,803 | |||
Non-cash financing activities: |
|||||||
Shares issued pursuant to the DRIP |
$ | 10,845 | $ | 8,730 |
The accompanying notes are an integral part of these financial statements
4
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Control Investments(5) |
|
|
||||||||||||
ASC Interests, LLC |
Recreational and Educational Shooting Facility |
|
||||||||||||
|
11% Secured Debt (MaturityJuly 31, 2018) |
3,225 | 3,172 | 3,225 | ||||||||||
|
Member Units (1,500 units) |
1,500 | 1,660 | |||||||||||
| | | | | | | | | | | | | | |
|
4,672 | 4,885 | ||||||||||||
Bond-Coat, Inc. |
Casing and Tubing Coating Services |
|
||||||||||||
|
12% Secured Debt (MaturityDecember 28, 2017) |
13,570 | 13,438 | 13,570 | ||||||||||
|
Common Stock (57,508 shares) |
6,350 | 11,210 | |||||||||||
| | | | | | | | | | | | | | |
|
19,788 | 24,780 | ||||||||||||
Café Brazil, LLC |
Casual Restaurant Group |
|
||||||||||||
|
Member Units (1,233 units)(8) |
1,742 | 6,980 | |||||||||||
California Healthcare Medical Billing, Inc. |
Outsourced Billing and Revenue Cycle Management |
|
||||||||||||
|
9% Secured Debt (MaturityOctober 17, 2016) |
8,703 | 8,551 | 8,703 | ||||||||||
|
Warrants (466,947 equivalent shares) |
1,193 | 3,480 | |||||||||||
|
Common Stock (207,789 shares) |
1,177 | 1,460 | |||||||||||
| | | | | | | | | | | | | | |
|
10,921 | 13,643 | ||||||||||||
CBT Nuggets, LLC |
Produces and Sells IT Training Certification Videos |
|
||||||||||||
|
Member Units (416 units)(8) |
1,300 | 25,150 | |||||||||||
Ceres Management, LLC (Lambs Tire & Automotive) |
Aftermarket Automotive Services Chain |
|
||||||||||||
|
14% Secured Debt (MaturityMay 31, 2018) |
4,000 | 4,000 | 4,000 | ||||||||||
|
Class B Member Units (12% cumulative)(8) |
3,926 | 3,926 | |||||||||||
|
Member Units (5,460 units) |
5,273 | 1,520 | |||||||||||
|
9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (MaturityOctober 1, 2025) |
980 | 980 | 980 | ||||||||||
|
Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8) |
625 | 1,240 | |||||||||||
| | | | | | | | | | | | | | |
|
14,804 | 11,666 | ||||||||||||
Datacom, LLC |
Technology and Telecommunications Provider |
|
||||||||||||
|
8% Secured Debt (MaturityMay 31, 2015) |
450 | 447 | 447 | ||||||||||
|
10.5% Secured Debt (MaturityMay 31, 2019) |
11,205 | 11,099 | 11,099 | ||||||||||
|
Member Units (6,453 units) |
6,030 | 6,030 | |||||||||||
| | | | | | | | | | | | | | |
|
17,576 | 17,576 |
5
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Garreco, LLC |
Manufacturer and Supplier of Dental Products |
|
||||||||||||
|
14% Secured Debt (MaturityJanuary 12, 2018) |
5,400 | 5,315 | 5,315 | ||||||||||
|
Member Units (1,200 units) |
1,200 | 1,200 | |||||||||||
| | | | | | | | | | | | | | |
|
6,515 | 6,515 | ||||||||||||
Gulf Manufacturing, LLC |
Manufacturer of Specialty Fabricated Industrial Piping Products |
|
||||||||||||
|
9% PIK Secured Debt (Ashland Capital IX, LLC) (MaturityJune 30, 2017) |
744 | 744 | 744 | ||||||||||
|
Member Units (438 units)(8) |
2,980 | 16,540 | |||||||||||
| | | | | | | | | | | | | | |
|
3,724 | 17,284 | ||||||||||||
Harrison Hydra-Gen, Ltd. |
Manufacturer of Hydraulic Generators |
|
||||||||||||
|
12% Secured Debt (MaturityJune 4, 2015) |
5,487 | 5,372 | 5,487 | ||||||||||
|
Preferred Stock (8% cumulative)(8) |
1,237 | 1,237 | |||||||||||
|
Common Stock (107,456 shares)(8) |
718 | 1,620 | |||||||||||
| | | | | | | | | | | | | | |
|
7,327 | 8,344 | ||||||||||||
Hawthorne Customs and Dispatch Services, LLC |
Facilitator of Import Logistics, Brokerage, and Warehousing |
|
||||||||||||
|
Member Units (500 units)(8) |
589 | 290 | |||||||||||
|
Member Units (Wallisville Real Estate, LLC) (Fully diluted 59.2%)(8) |
1,215 | 2,050 | |||||||||||
| | | | | | | | | | | | | | |
|
1,804 | 2,340 | ||||||||||||
Hydratec, Inc. |
Designer and Installer of Micro-Irrigation Systems |
|
||||||||||||
|
Common Stock (7,095 shares)(8) |
7,095 | 13,720 | |||||||||||
IDX Broker, LLC |
Provider of Marketing and CRM Tools for the Real Estate Industry |
|
||||||||||||
|
12.5% Secured Debt (MaturityNovember 18, 2018) |
10,571 | 10,479 | 10,479 | ||||||||||
|
Member Units (5,029 units) |
5,029 | 5,450 | |||||||||||
| | | | | | | | | | | | | | |
|
15,508 | 15,929 | ||||||||||||
Impact Telecom, Inc. |
Telecommunications Services Provider |
|
||||||||||||
|
LIBOR Plus 6.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (MaturityMay 31, 2018)(9) |
1,575 | 1,569 | 1,569 | ||||||||||
|
13% Secured Debt (MaturityMay 31, 2018) |
22,500 | 15,342 | 15,342 | ||||||||||
|
Warrants (5,516,667 equivalent shares) |
8,000 | 4,160 | |||||||||||
| | | | | | | | | | | | | | |
|
24,911 | 21,071 |
6
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Indianapolis Aviation Partners, LLC |
Fixed Base Operator |
|
||||||||||||
|
15% Secured Debt (MaturityJanuary 15, 2015) |
3,100 | 3,100 | 3,100 | ||||||||||
|
Warrants (1,046 equivalent units) |
1,129 | 2,541 | |||||||||||
| | | | | | | | | | | | | | |
|
4,229 | 5,641 | ||||||||||||
Jensen Jewelers of Idaho, LLC |
Retail Jewelry Store |
|
||||||||||||
|
Prime Plus 6.75% (Floor 3.25%), Current Coupon 10.00%, Secured Debt (MaturityNovember 14, 2016)(9) |
3,805 | 3,762 | 3,805 | ||||||||||
|
Member Units (627 units)(8) |
811 | 3,300 | |||||||||||
| | | | | | | | | | | | | | |
|
4,573 | 7,105 | ||||||||||||
Lighting Unlimited, LLC |
Commercial and Residential Lighting Products and Design Services |
|
||||||||||||
|
8% Secured Debt (MaturityAugust 22, 2015) |
1,568 | 1,568 | 1,568 | ||||||||||
|
Preferred Equity (non-voting) |
442 | 442 | |||||||||||
|
Warrants (71 equivalent units) |
54 | 40 | |||||||||||
|
Member Units (700 units)(8) |
100 | 360 | |||||||||||
| | | | | | | | | | | | | | |
|
2,164 | 2,410 | ||||||||||||
Marine Shelters Holdings, LLC (LoneStar Marine Shelters) |
Fabricator of Marine and Industrial Shelters |
|
||||||||||||
|
12% Secured Debt (MaturityDecember 28, 2017) |
10,250 | 10,103 | 10,103 | ||||||||||
|
Preferred Member Units (2,669 units) |
3,750 | 3,750 | |||||||||||
| | | | | | | | | | | | | | |
|
13,853 | 13,853 | ||||||||||||
Mid-Columbia Lumber Products, LLC |
Manufacturer of Finger-Jointed Lumber Products |
|
||||||||||||
|
10% Secured Debt (MaturityDecember 18, 2017) |
1,750 | 1,750 | 1,750 | ||||||||||
|
12% Secured Debt (MaturityDecember 18, 2017) |
3,900 | 3,900 | 3,900 | ||||||||||
|
Member Units (2,829 units)(8) |
1,244 | 11,750 | |||||||||||
|
9.5% Secured Debt (Mid-Columbia Real Estate, LLC) (MaturityMay 13, 2025) |
938 | 938 | 938 | ||||||||||
|
Member Units (Mid-Columbia Real Estate, LLC) (250 units)(8) |
250 | 550 | |||||||||||
| | | | | | | | | | | | | | |
|
8,082 | 18,888 | ||||||||||||
MSC Adviser I, LLC |
Third Party Investment Advisory Services |
|
||||||||||||
|
Member Units (Fully diluted 100.0%)(8) |
| 8,549 | |||||||||||
Mystic Logistics, Inc |
Logistics and Distribution Services Provider for Large Volume Mailers |
|
||||||||||||
|
12% First Lien Secured Term Loan (MaturityAugust 15, 2019) |
10,000 | 9,782 | 9,782 | ||||||||||
|
Common Stock (5,873 shares) |
2,720 | 2,720 | |||||||||||
| | | | | | | | | | | | | | |
|
12,502 | 12,502 |
7
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAPCO Precast, LLC |
Precast Concrete Manufacturing |
|
||||||||||||
|
Prime Plus 2% (Floor 7.00%), Current Coupon 9%, Secured Debt (MaturitySeptember 1, 2015)(9) |
625 | 612 | 625 | ||||||||||
|
Prime Plus 2% (Floor 7.00%), Current Coupon 9%, Secured Debt (MaturityFebruary 1, 2016)(9) |
2,923 | 2,913 | 2,923 | ||||||||||
|
18% Secured Debt (MaturityFebruary 1, 2016) |
4,468 | 4,434 | 4,468 | ||||||||||
|
Member Units (2,955 units)(8) |
2,975 | 6,740 | |||||||||||
| | | | | | | | | | | | | | |
|
10,934 | 14,756 | ||||||||||||
NRI Clinical Research, LLC |
Clinical Research Service Provider |
|
||||||||||||
|
14% Secured Debt (MaturitySeptember 8, 2016) |
4,991 | 4,862 | 4,862 | ||||||||||
|
Warrants (251,723 equivalent units) |
252 | 160 | |||||||||||
|
Member Units (671,233 units) |
671 | 722 | |||||||||||
| | | | | | | | | | | | | | |
|
5,785 | 5,744 | ||||||||||||
NRP Jones, LLC |
Manufacturer of Hoses, Fittings and Assemblies |
|
||||||||||||
|
12% Secured Debt (MaturityDecember 22, 2016) |
12,100 | 11,535 | 11,535 | ||||||||||
|
Warrants (14,331 equivalent units) |
817 | 1,020 | |||||||||||
|
Member Units (50,877 units)(8) |
2,900 | 3,390 | |||||||||||
| | | | | | | | | | | | | | |
|
15,252 | 15,945 | ||||||||||||
OMi Holdings, Inc. |
Manufacturer of Overhead Cranes |
|
||||||||||||
|
Common Stock (1,500 shares)(8) |
1,080 | 13,420 | |||||||||||
Pegasus Research Group, LLC (Televerde) |
Provider of Telemarketing and Data Services |
|
||||||||||||
|
Member Units (460 units)(8) |
1,290 | 5,650 | |||||||||||
PPL RVs, Inc. |
Recreational Vehicle Dealer |
|
||||||||||||
|
11.1% Secured Debt (MaturityJune 10, 2015) |
7,860 | 7,843 | 7,860 | ||||||||||
|
Common Stock (1,961 shares) |
2,150 | 8,160 | |||||||||||
| | | | | | | | | | | | | | |
|
9,993 | 16,020 | ||||||||||||
Principle Environmental, LLC |
Noise Abatement Service Provider |
|
||||||||||||
|
12% Secured Debt (MaturityApril 30, 2017) |
4,060 | 3,762 | 4,060 | ||||||||||
|
12% Current / 2% PIK Secured Debt (Maturity - April 30, 2017) |
3,228 | 3,207 | 3,228 | ||||||||||
|
Preferred Member Units (19,631 units) |
4,663 | 11,830 | |||||||||||
|
Warrants (1,036 equivalent units) |
1,200 | 720 | |||||||||||
| | | | | | | | | | | | | | |
|
12,832 | 19,838 |
8
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
River Aggregates, LLC |
Processor of Construction Aggregates |
|
||||||||||||
|
Zero Coupon Secured Debt (MaturityJune 30, 2018) |
750 | 448 | 448 | ||||||||||
|
12% Secured Debt (MaturityJune 30, 2018) |
500 | 500 | 500 | ||||||||||
|
Member Units (1,150 units) |
1,150 | 1,690 | |||||||||||
|
Member Units (RA Properties, LLC) (1,500 units) |
369 | 369 | |||||||||||
| | | | | | | | | | | | | | |
|
2,467 | 3,007 | ||||||||||||
Southern RV, LLC |
Recreational Vehicle Dealer |
|
||||||||||||
|
13% Secured Debt (MaturityAugust 8, 2018) |
11,400 | 11,259 | 11,259 | ||||||||||
|
Member Units (1,680 units)(8) |
1,680 | 4,450 | |||||||||||
|
13% Secured Debt (Southern RV Real Estate, LLC) (MaturityAugust 8, 2018) |
3,250 | 3,210 | 3,210 | ||||||||||
|
Member Units (Southern RV Real Estate, LLC) (480 units) |
480 | 470 | |||||||||||
| | | | | | | | | | | | | | |
|
16,629 | 19,389 | ||||||||||||
The MPI Group, LLC |
Manufacturer of Custom Hollow Metal Doors, Frames and Accessories |
|
||||||||||||
|
4.5% Current / 4.5% PIK Secured Debt (Maturity - July 1, 2019) |
1,079 | 1,079 | 880 | ||||||||||
|
6% Current / 6% PIK Secured Debt (MaturityJuly 1, 2019) |
5,845 | 5,845 | 4,806 | ||||||||||
|
Warrants (1,068 equivalent units) |
1,096 | | |||||||||||
| | | | | | | | | | | | | | |
|
8,020 | 5,686 | ||||||||||||
Travis Acquisition LLC |
Manufacturer of Aluminum Trailers |
|
||||||||||||
|
12% Secured Debt (MaturityAugust 30, 2018) |
4,808 | 4,728 | 4,808 | ||||||||||
|
Member Units (7,282 units) |
7,100 | 12,350 | |||||||||||
| | | | | | | | | | | | | | |
|
11,828 | 17,158 | ||||||||||||
Uvalco Supply, LLC |
Farm and Ranch Supply Store |
|
||||||||||||
|
9% Secured Debt (MaturityJanuary 1, 2019) |
1,896 | 1,896 | 1,896 | ||||||||||
|
Member Units (1,006 units)(8) |
1,113 | 3,420 | |||||||||||
| | | | | | | | | | | | | | |
|
3,009 | 5,316 | ||||||||||||
Vision Interests, Inc. |
Manufacturer / Installer of Commercial Signage |
|
||||||||||||
|
13% Secured Debt (MaturityDecember 23, 2016) |
3,204 | 3,167 | 3,167 | ||||||||||
|
Series A Preferred Stock (3,000,000 shares) |
3,000 | 3,250 | |||||||||||
|
Common Stock (1,126,242 shares) |
3,706 | 100 | |||||||||||
| | | | | | | | | | | | | | |
|
9,873 | 6,517 |
9
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ziegler's NYPD, LLC |
Casual Restaurant Group |
|
||||||||||||
|
Prime Plus 2% (Floor 7.00%), Current Coupon 9%, Secured Debt (MaturityOctober 1, 2018)(9) |
1,500 | 1,490 | 1,490 | ||||||||||
|
9% Current / 9% PIK Secured Debt (MaturityOctober 1, 2018) |
5,449 | 5,449 | 4,820 | ||||||||||
|
Warrants (587 equivalent units) |
600 | | |||||||||||
| | | | | | | | | | | | | | |
|
7,539 | 6,310 | ||||||||||||
| | | | | | | | | | | | | | |
Subtotal Control Investments (27.6% of total investments at fair value) |
299,621 | 413,587 | ||||||||||||
| | | | | | | | | | | | | | |
|
10
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Affiliate Investments(6) |
|
|
||||||||||||
Boss Industries, LLC |
Manufacturer and distributor of air compressors, auxiliary power units, gas booster systems and vapor recovery systems |
|
||||||||||||
|
Preferred Member Units (2,242 units) |
2,000 | 2,000 | |||||||||||
Bridge Capital Solutions Corporation |
Financial Services and Cash Flow Solutions Provider |
|
||||||||||||
|
13% Secured Debt (MaturityApril 17, 2017) |
6,000 | 5,823 | 5,823 | ||||||||||
|
Warrants (19 equivalent shares) |
200 | 630 | |||||||||||
| | | | | | | | | | | | | | |
|
6,023 | 6,453 | ||||||||||||
Brightwood Capital Fund III, LP(12)(13) |
Investment Partnerships |
|
||||||||||||
|
LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 9.14%)(8) |
8,718 | 8,718 | |||||||||||
Condit Exhibits, LLC |
Tradeshow Exhibits / Custom Displays Provider |
|
||||||||||||
|
Member Units (3,936 units)(8) |
100 | 500 | |||||||||||
Congruent Credit Opportunities Funds(12)(13) |
Investment Partnerships |
|
||||||||||||
|
LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)(8) |
22,106 | 22,048 | |||||||||||
|
LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8) |
5,382 | 5,382 | |||||||||||
| | | | | | | | | | | | | | |
|
27,488 | 27,430 | ||||||||||||
Daseke, Inc. |
Specialty Transportation Provider |
|
||||||||||||
|
12% Current / 2.5% PIK Secured Debt (MaturityJuly 31, 2018) |
20,592 | 20,256 | 20,592 | ||||||||||
|
Common Stock (19,467 shares) |
5,213 | 12,610 | |||||||||||
| | | | | | | | | | | | | | |
|
25,469 | 33,202 | ||||||||||||
Dos Rios Partners(12)(13) |
Investment Partnerships |
|
||||||||||||
|
LP Interests (Dos Rios Partners, LP) (Fully diluted 20.24%) |
1,269 | 1,247 | |||||||||||
|
LP Interests (Dos Rios PartnersA, LP) (Fully diluted 6.43%) |
403 | 424 | |||||||||||
| | | | | | | | | | | | | | |
|
1,672 | 1,671 | ||||||||||||
East Teak Fine Hardwoods, Inc. |
Distributor of Hardwood Products |
|
||||||||||||
|
Common Stock (5,000 shares)(8) |
480 | 860 | |||||||||||
Freeport Financial SBIC Fund LP(12)(13) |
Investment Partnership |
|
||||||||||||
|
LP Interests (Fully diluted 9.9%)(8) |
4,213 | 4,213 |
11
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gault Financial, LLC (RMB Capital, LLC) |
Purchases and Manages Liquidation of Distressed Assets |
|
||||||||||||
|
8% Current / 9% PIK Secured Debt (MaturityNovember 21, 2016) |
13,046 | 12,717 | 10,750 | ||||||||||
|
Warrants (29,025 equivalent units) |
400 | | |||||||||||
| | | | | | | | | | | | | | |
|
13,117 | 10,750 | ||||||||||||
Glowpoint, Inc. |
Provider of Cloud Managed Video Collaboration Services |
|
||||||||||||
|
8% Secured Debt (MaturityOctober 18, 2018) |
400 | 397 | 397 | ||||||||||
|
12% Secured Debt (MaturityOctober 18, 2018) |
9,000 | 8,904 | 8,904 | ||||||||||
|
Common Stock (GP Investment Holdings, LLC) (7,711,517 shares) |
3,958 | 10,020 | |||||||||||
| | | | | | | | | | | | | | |
|
13,259 | 19,321 | ||||||||||||
Guerdon Modular Holdings, Inc. |
Multi-Family and Commercial Modular Construction Company |
|
||||||||||||
|
11% Senior Secured Term Loan (MaturityAugust 13, 2019) |
11,200 | 11,038 | 11,038 | ||||||||||
|
Common Stock (213,221 shares) |
2,400 | 2,400 | |||||||||||
| | | | | | | | | | | | | | |
|
13,438 | 13,438 | ||||||||||||
Houston Plating and Coatings, LLC |
Provider of Plating and Industrial Coating Services |
|
||||||||||||
|
Member Units (248,082 units)(8) |
996 | 10,570 | |||||||||||
Indianhead Pipeline Services, LLC |
Provider of Pipeline Support Services |
|
||||||||||||
|
12% Secured Debt (MaturityFebruary 6, 2017) |
7,125 | 6,817 | 6,817 | ||||||||||
|
Preferred Member Units (28,905 units; 8% cumulative)(8) |
1,952 | 1,952 | |||||||||||
|
Warrants (38,193 equivalent units) |
459 | | |||||||||||
|
Member Units (14,732 units) |
1 | | |||||||||||
| | | | | | | | | | | | | | |
|
9,229 | 8,769 | ||||||||||||
irth Solutions, LLC |
Provider of Damage Prevention Information Technology Services |
|
||||||||||||
|
Member Units (128 units)(8) |
624 | 3,870 | |||||||||||
KBK Industries, LLC |
Specialty Manufacturer of Oilfield and Industrial Products |
|
||||||||||||
|
12.5% Secured Debt (MaturitySeptember 28, 2017) |
8,250 | 8,194 | 8,250 | ||||||||||
|
Member Units (250 units)(8) |
341 | 5,920 | |||||||||||
| | | | | | | | | | | | | | |
|
8,535 | 14,170 | ||||||||||||
L.F. Manufacturing Holdings, LLC(10) |
Manufacturer of Fiberglass Products |
|
||||||||||||
|
Member Units (2,000,000 units)(8) |
2,019 | 2,374 | |||||||||||
MPS Denver, LLC |
Specialty Card Printing |
|
||||||||||||
|
Member Units (13,800 units) |
1,130 | 1,130 |
12
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
OnAsset Intelligence, Inc. |
Provider of Transportation Monitoring / Tracking Products and Services |
|
||||||||||||
|
12% PIK Secured Debt (MaturityNovember 30, 2014) |
1,795 | 1,795 | 1,795 | ||||||||||
|
12% PIK Secured Debt (MaturityNovember 30, 2014) |
1,652 | 1,652 | 1,652 | ||||||||||
|
Preferred Stock (912 shares; 7% cumulative)(8) |
1,913 | 2,663 | |||||||||||
|
Warrants (5,333 equivalent shares) |
1,919 | 502 | |||||||||||
| | | | | | | | | | | | | | |
|
7,279 | 6,612 | ||||||||||||
OPI International Ltd.(13) |
Provider of Man Camp and Industrial Storage Services |
|
||||||||||||
|
Common Stock (20,766,317 shares) |
1,371 | 4,971 | |||||||||||
PCI Holding Company, Inc. |
Manufacturer of Industrial Gas Generating Systems |
|
||||||||||||
|
Preferred Stock (1,500,000 shares; 20% cumulative)(8) |
2,147 | 3,970 | |||||||||||
Quality Lease and Rental Holdings, LLC |
Provider of Rigsite Accommodation Unit Rentals and Related Services |
|
||||||||||||
|
8% Secured Revolver (MaturityOctober 1, 2014)(14) |
330 | 330 | 330 | ||||||||||
|
12% Secured Debt (MaturityJanuary 8, 2018)(14) |
36,577 | 36,073 | 12,500 | ||||||||||
|
Preferred Member Units (Rocaciea, LLC) (250 units) |
2,500 | | |||||||||||
| | | | | | | | | | | | | | |
|
38,903 | 12,830 | ||||||||||||
Radial Drilling Services Inc. |
Oil and Gas Technology Provider |
|
||||||||||||
|
12% Secured Debt (MaturityNovember 22, 2016) |
4,200 | 3,748 | 3,748 | ||||||||||
|
Warrants (316 equivalent shares) |
758 | | |||||||||||
| | | | | | | | | | | | | | |
|
4,506 | 3,748 | ||||||||||||
Samba Holdings, Inc. |
Provider of Intelligent Driver Record Monitoring Software and Services |
|
||||||||||||
|
12.5% Secured Debt (MaturityNovember 17, 2016) |
10,418 | 10,327 | 10,418 | ||||||||||
|
Common Stock (158,066 shares) |
1,707 | 4,990 | |||||||||||
| | | | | | | | | | | | | | |
|
12,034 | 15,408 |
13
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Spectrio LLC |
Provider of Audio and Digital Messaging Services |
|
||||||||||||
|
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (MaturityNovember 19, 2018)(9) |
15,302 | 14,975 | 15,302 | ||||||||||
|
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (MaturityNovember 19, 2018)(9) |
2,296 | 2,296 | 2,296 | ||||||||||
|
Warrants (191 equivalent units) |
887 | 4,200 | |||||||||||
| | | | | | | | | | | | | | |
|
18,158 | 21,798 | ||||||||||||
SYNEO, LLC |
Manufacturer of Automation Machines, Specialty Cutting Tools and Punches |
|
||||||||||||
|
12% Secured Debt (MaturityJuly 13, 2016) |
2,800 | 2,770 | 2,770 | ||||||||||
|
Member Units (1,177 units)(8) |
1,097 | 801 | |||||||||||
|
10% Secured Debt (Leadrock Properties, LLC) (MaturityMay 4, 2026) |
1,440 | 1,414 | 1,414 | ||||||||||
| | | | | | | | | | | | | | |
|
5,281 | 4,985 | ||||||||||||
Tin Roof Acquisition Company |
Casual Restaurant Group |
|
||||||||||||
|
12% Secured Debt (MaturityNovember 30, 2018) |
14,100 | 13,849 | 13,849 | ||||||||||
|
Class C Preferred Equity (Fully diluted 10%; 10% cumulative)(8) |
2,185 | 2,185 | |||||||||||
| | | | | | | | | | | | | | |
|
16,034 | 16,034 | ||||||||||||
| | | | | | | | | | | | | | |
Subtotal Affiliate Investments (17.4% of total investments at fair value) |
244,223 | 259,795 | ||||||||||||
| | | | | | | | | | | | | | |
|
14
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Non-Control/Non-Affiliate Investments(7) |
||||||||||||||
Academi Holdings, LLC(11) |
Provider of Training, Security, and Support Services |
|
||||||||||||
|
LIBOR Plus 5.25% (Floor 1%), Current Coupon 6.25%, Secured Debt (MaturityJuly 25, 2019)(9) |
6,000 | 5,943 | 5,970 | ||||||||||
Accuvant Finance, LLC(11) |
Cyber Security Value Added Reseller |
|
||||||||||||
|
LIBOR Plus 4.75% (Floor 1%), Current Coupon 5.75%, Secured Debt (MaturityOctober 22, 2020)(9) |
5,603 | 5,551 | 5,575 | ||||||||||
Allflex Holdings III Inc.(11) |
Manufacturer of Livestock Identification Products |
|
||||||||||||
|
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (MaturityJuly 19, 2021)(9) |
8,000 | 7,956 | 7,972 | ||||||||||
AM3 Pinnacle Corporation(10) |
Provider of Comprehensive Internet, TV and Voice Services for Multi-Dwelling Unit Properties |
|
||||||||||||
|
10% Secured Debt (MaturityOctober 22, 2018) |
22,036 | 21,882 | 21,882 | ||||||||||
|
Common Stock (60,240 shares) |
2,000 | 2,000 | |||||||||||
| | | | | | | | | | | | | | |
|
23,882 | 23,882 | ||||||||||||
AM General LLC(11) |
Specialty Vehicle Manufacturer |
|
||||||||||||
|
LIBOR Plus 9.00% (Floor 1.25%), Current Coupon 10.25%, Secured Debt (MaturityMarch 22, 2018)(9) |
2,625 | 2,566 | 2,441 | ||||||||||
AmeriTech College, LLC |
For-Profit Nursing and Healthcare College |
|
||||||||||||
|
18% Secured Debt (MaturityMarch 9, 2017) |
6,050 | 5,977 | 5,977 | ||||||||||
AMF Bowling Centers, Inc.(11) |
Bowling Alley Operator |
|
||||||||||||
|
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (MaturitySeptember 18, 2021)(9) |
5,000 | 4,926 | 4,997 | ||||||||||
Anchor Hocking, LLC(11) |
Household Products Manufacturer |
|
||||||||||||
|
LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75% / 1.75% PIK, Current Coupon Plus PIK 9.50%, Secured Debt (MaturityMay 21, 2020)(9) |
10,890 | 10,813 | 8,481 | ||||||||||
Ancile Solutions, Inc.(11) |
Provider of eLearning Solutions |
|
||||||||||||
|
LIBOR Plus 5.00% (Floor 1.25%), Current Coupon 6.25%, Secured Debt (MaturityJuly 15, 2018)(9) |
8,450 | 8,408 | 8,450 |
15
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Answers Corporation(11) |
Consumer Internet Search Services Provider |
|
||||||||||||
|
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (MaturityDecember 20, 2018)(9) |
6,256 | 6,202 | 6,334 | ||||||||||
AP Gaming I, LLC(10) |
Developer, Manufacturer, and Operator of Gaming Machines |
|
||||||||||||
|
LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (MaturityDecember 20, 2020)(9) |
6,948 | 6,755 | 7,017 | ||||||||||
Applied Products, Inc.(10) |
Adhesives Distributor |
|
||||||||||||
|
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (MaturitySeptember 30, 2019)(9) |
236 | 225 | 225 | ||||||||||
|
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (MaturitySeptember 30, 2019)(9) |
6,000 | 5,948 | 5,948 | ||||||||||
| | | | | | | | | | | | | | |
|
6,173 | 6,173 | ||||||||||||
Aptean, Inc.(11) |
Enterprise Application Software Provider |
|
||||||||||||
|
LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25%, Secured Debt (MaturityFebruary 26, 2020)(9) |
12,686 | 12,643 | 12,623 | ||||||||||
Artel, LLC(11) |
Land-Based and Commercial Satellite Provider |
|
||||||||||||
|
LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (MaturityNovember 27, 2017)(9) |
4,711 | 4,662 | 4,641 | ||||||||||
Ascend Learning, LLC(11) |
Technology-based Healthcare Learning Solutions |
|
||||||||||||
|
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (MaturityJuly 31, 2019)(9) |
4,479 | 4,460 | 4,503 | ||||||||||
ATS Workholding, Inc.(10) |
Manufacturer of Machine Cutting Tools and Accessories |
|
||||||||||||
|
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (MaturityMarch 10, 2019)(9) |
838 | 821 | 821 | ||||||||||
|
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (MaturityMarch 10, 2019)(9) |
5,796 | 5,750 | 5,750 | ||||||||||
| | | | | | | | | | | | | | |
|
6,571 | 6,571 |
16
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beers Enterprises, Inc.(10) |
Provider of Broadcast Video Transport Services |
|
||||||||||||
|
Prime Plus 7.50% (Floor 1.00%), Current Coupon 8.5%, Secured Debt (MaturityMarch 19, 2019)(9) |
1,842 | 1,822 | 1,822 | ||||||||||
|
Prime Plus 7.50% (Floor 1.00%), Current Coupon 8.5%, Secured Debt (MaturityMarch 19, 2019)(9) |
4,421 | 4,385 | 4,385 | ||||||||||
| | | | | | | | | | | | | | |
|
6,207 | 6,207 | ||||||||||||
B. J. Alan Company |
Retailer and Distributor of Consumer Fireworks |
|
||||||||||||
|
12.75% Current / 2.75% PIK Secured Debt (MaturityJune 22, 2017) |
10,634 | 10,576 | 10,576 | ||||||||||
Blackbrush Oil and Gas LP(11) |
Oil & Gas Exploration |
|
||||||||||||
|
LIBOR Plus 6.50%, Secured Debt (MaturityJuly 30, 2021) |
4,000 | 3,970 | 3,950 | ||||||||||
Blackhawk Specialty Tools LLC(11) |
Oilfield Equipment & Services |
|
||||||||||||
|
LIBOR Plus 5.25% (Floor 1.25%), Current Coupon 6.50%, Secured Debt (MaturityAugust 1, 2019)(9) |
6,307 | 6,270 | 6,307 | ||||||||||
Blue Bird Body Company(11) |
School Bus Manufacturer |
|
||||||||||||
|
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (MaturityJune 26, 2020)(9) |
11,500 | 11,335 | 11,356 | ||||||||||
Bluestem Brands, Inc.(11) |
Multi-Channel Retailer of General Merchandise |
|
||||||||||||
|
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (MaturityDecember 6, 2018)(9) |
3,289 | 3,232 | 3,299 | ||||||||||
Brainworks Software, LLC(10) |
Advertising Sales and Production and Newspaper Circulation Software |
|
||||||||||||
|
LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (MaturityJuly 22, 2019)(9) |
6,263 | 6,178 | 6,178 | ||||||||||
Brasa Holdings Inc.(11) |
Upscale Full Service Restaurants |
|
||||||||||||
|
LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00%, Secured Debt (MaturityJanuary 20, 2020)(9) |
2,143 | 2,126 | 2,166 | ||||||||||
Brundage-Bone Concrete Pumping, Inc.(11) |
Construction Services Provider |
|
||||||||||||
|
10.375% Secured Debt (MaturitySeptember 1, 2021) |
2,500 | 2,500 | 2,575 | ||||||||||
Calloway Laboratories, Inc.(10) |
Health Care Testing Facilities |
|
||||||||||||
|
12% PIK Secured Debt (MaturitySeptember 30, 2015)(14) |
7,131 | 7,082 | 2,968 | ||||||||||
|
Warrants (125,000 equivalent shares) |
17 | | |||||||||||
| | | | | | | | | | | | | | |
|
7,099 | 2,968 |
17
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cedar Bay Generation Company LP(11) |
Coal-Fired Cogeneration Plant |
|
||||||||||||
|
LIBOR Plus 5.00% (Floor 1.25%), Current Coupon 6.25%, Secured Debt (MaturityApril 23, 2020)(9) |
7,087 | 7,029 | 7,118 | ||||||||||
Charlotte Russe, Inc(11) |
Fast-Fashion Retailer to Young Women |
|
||||||||||||
|
LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (MaturityMay 22, 2019)(9) |
4,950 | 4,910 | 4,876 | ||||||||||
CHI Overhead Doors, Inc.(11) |
Manufacturer of Overhead Garage Doors |
|
||||||||||||
|
LIBOR Plus 9.50%, (Floor 1.50%), Current Coupon 11.00%, Secured Debt (MaturitySeptember 18, 2019)(9) |
2,500 | 2,466 | 2,494 | ||||||||||
Clarius ASIG, LLC(10) |
Prints & Advertising Film Financing |
|
||||||||||||
|
12% PIK Secured Debt (MaturitySeptember 14, 2014) |
3,813 | 3,707 | 3,680 | ||||||||||
Clarius BIGS, LLC(10) |
Prints & Advertising Film Financing |
|
||||||||||||
|
12% PIK Secured Debt (MaturityJanuary 5, 2015) |
3,307 | 3,200 | 3,200 | ||||||||||
CGSC of Delaware Holdings Corp.(11)(13) |
Insurance Brokerage Firm |
|||||||||||||
|
LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (MaturityOctober 16, 2020)(9) |
2,000 | 1,974 | 1,760 | ||||||||||
Compact Power Equipment, Inc. |
Equipment / Tool Rental |
|||||||||||||
|
6% Current / 6% PIK Secured Debt (MaturityOctober 1, 2017) |
4,100 | 4,084 | 4,100 | ||||||||||
|
Series A Preferred Stock (4,298,435 shares; 8% cumulative)(8) |
1,058 | 2,381 | |||||||||||
| | | | | | | | | | | | | | |
|
5,142 | 6,481 | ||||||||||||
Covenant Surgical Partners, Inc.(11) |
Ambulatory Surgical Centers |
|||||||||||||
|
8.75% Secured Debt (MaturityAugust 1, 2019) |
2,000 | 2,000 | 1,990 | ||||||||||
CST Industries Inc.(11) |
Storage Tank Manufacturer |
|||||||||||||
|
LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (MaturityMay 22, 2017)(9) |
7,418 | 7,351 | 7,418 | ||||||||||
Darr Equipment LP(10) |
Heavy Equipment Dealer |
|||||||||||||
|
11.75% Current / 2% PIK Secured Debt (MaturityApril 15, 2020) |
20,188 | 19,553 | 19,553 | ||||||||||
|
Warrants (915,734 equivalent units) |
474 | 474 | |||||||||||
| | | | | | | | | | | | | | |
|
20,027 | 20,027 |
18
MAIN STREET CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
September 30, 2014
(in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Digity Media LLC(11) |
Radio Station Operator |
|||||||||||||
|
LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (MaturityFebruary 10, 2019)(9) |
7,500 | 7,424 | 7,481 | ||||||||||
Drilling Info, Inc. |
Information Services for the Oil and Gas Industry |
|||||||||||||
|
Common Stock (3,788,865 shares) |
1,335 | 9,920 | |||||||||||
Energy and Exploration Partners, LLC(11) |
Oil & Gas Exploration & Production |
&nb |