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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 March 31, 2016 |
||
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, 8th floor 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 May 5, 2016 was 51,221,175.
MAIN STREET CAPITAL CORPORATION
Consolidated Balance Sheets
(dollars in thousands, except shares and per share amounts)
|
March 31, 2016 |
December 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
|
(Unaudited) |
|
|||||
ASSETS |
|||||||
Portfolio investments at fair value: |
|||||||
Control investments (cost: $361,823 and $387,727 as of March 31,2016 and December 31, 2015, respectively) |
$ | 520,099 | $ | 555,011 | |||
Affiliate investments (cost: $376,375 and $333,728 as of March 31, 2016 and December 31, 2015, respectively) |
389,310 | 350,519 | |||||
Non-Control/Non-Affiliate investments (cost: $974,053 and $945,187 as of March 31, 2016 and December 31, 2015, respectively) |
908,662 | 894,466 | |||||
| | | | | | | |
Total portfolio investments (cost: $1,712,251 and $1,666,642 as of March 31, 2016 and December 31, 2015, respectively) |
1,818,071 | 1,799,996 | |||||
Marketable securities and idle funds investments (cost: $1,778 and $5,407 as of March 31, 2016 and December 31, 2015, respectively) |
1,519 | 3,693 | |||||
| | | | | | | |
Total investments (cost: $1,714,029 and $1,672,049 as of March 31, 2016 and December 31, 2015, respectively) |
1,819,590 | 1,803,689 | |||||
Cash and cash equivalents |
17,223 | 20,331 | |||||
Interest receivable and other assets |
31,786 | 27,737 | |||||
Receivable for securities sold |
11,458 | 9,901 | |||||
Deferred financing costs (net of accumulated amortization of $9,608 and $8,965 as of March 31, 2016 and December 31, 2015, respectively) |
12,651 | 13,267 | |||||
Deferred tax asset, net |
8,442 | 4,003 | |||||
| | | | | | | |
Total assets |
$ | 1,901,150 | $ | 1,878,928 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
LIABILITIES |
|||||||
Credit facility |
$ | 306,000 | $ | 291,000 | |||
SBIC debentures (par: $225,000 as of March 31, 2016 and December,31, 2015, par of $75,200 is recorded at a fair value of $74,006 and $73,860 as of March 31, 2016 and December 31, 2015, respectively) |
223,806 | 223,660 | |||||
4.50% Notes |
175,000 | 175,000 | |||||
6.125% Notes |
90,655 | 90,738 | |||||
Dividend payable |
9,113 | 9,074 | |||||
Interest payable |
5,185 | 3,959 | |||||
Accounts payable and other liabilities |
5,847 | 12,292 | |||||
Payable for securities purchased |
8,546 | 2,311 | |||||
| | | | | | | |
Total liabilities |
824,152 | 808,034 | |||||
Commitments and contingencies (Note M) |
|||||||
NET ASSETS |
|||||||
Common stock, $0.01 par value per share (150,000,000 shares authorized; 50,767,218 and 50,413,744 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively) |
508 | 504 | |||||
Additional paid-in capital |
1,026,233 | 1,011,467 | |||||
Accumulated net investment income, net of cumulative dividends of $444,631 and $417,347 as of March 31, 2016 and December 31, 2015, respectively |
7,061 | 7,181 | |||||
Accumulated net realized gain from investments (accumulated net realized gain from investments of $32,608 before cumulative dividends of $68,658 as of March 31, 2016 and accumulated net realized gain from investments of $19,005 before cumulative dividends of $68,658 as of December 31, 2015) |
(36,050 | ) | (49,653 | ) | |||
Net unrealized appreciation, net of income taxes |
79,246 | 101,395 | |||||
| | | | | | | |
Total net assets |
1,076,998 | 1,070,894 | |||||
| | | | | | | |
Total liabilities and net assets |
$ | 1,901,150 | $ | 1,878,928 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
NET ASSET VALUE PER SHARE |
$ | 21.18 | $ | 21.24 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
The accompanying notes are an integral part of these financial statements
1
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(dollars in thousands, except shares and per share amounts)
(Unaudited)
|
Three Months Ended March 31, |
||||||
---|---|---|---|---|---|---|---|
|
2016 | 2015 | |||||
INVESTMENT INCOME: |
|||||||
Interest, fee and dividend income: |
|||||||
Control investments |
$ | 12,615 | $ | 11,335 | |||
Affiliate investments |
8,523 | 6,049 | |||||
Non-Control/Non-Affiliate investments |
20,737 | 19,421 | |||||
| | | | | | | |
Interest, fee and dividend income |
41,875 | 36,805 | |||||
Interest, fee and dividend income from marketable securities and idle funds investments |
131 | 374 | |||||
| | | | | | | |
Total investment income |
42,006 | 37,179 | |||||
EXPENSES: |
|||||||
Interest |
(8,182 | ) | (7,796 | ) | |||
Compensation |
(3,820 | ) | (3,494 | ) | |||
General and administrative |
(2,405 | ) | (1,962 | ) | |||
Share-based compensation |
(1,589 | ) | (1,263 | ) | |||
Expenses allocated to the External Investment Manager |
1,154 | 827 | |||||
| | | | | | | |
Total expenses |
(14,842 | ) | (13,688 | ) | |||
| | | | | | | |
NET INVESTMENT INCOME |
27,164 | 23,491 | |||||
NET REALIZED GAIN (LOSS): |
|||||||
Control investments |
14,358 | | |||||
Non-Control/Non-Affiliate investments |
818 | (2,008 | ) | ||||
Marketable securities and idle funds investments |
(1,573 | ) | (112 | ) | |||
| | | | | | | |
Total net realized gain (loss) |
13,603 | (2,120 | ) | ||||
| | | | | | | |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |
|||||||
Portfolio investments |
(27,529 | ) | 14,204 | ||||
Marketable securities and idle funds investments |
1,457 | 251 | |||||
SBIC debentures |
(146 | ) | (693 | ) | |||
| | | | | | | |
Total net change in unrealized appreciation (depreciation) |
(26,218 | ) | 13,762 | ||||
| | | | | | | |
INCOME TAXES: |
|||||||
Federal and state income, excise and other taxes |
(370 | ) | (376 | ) | |||
Deferred taxes |
2,633 | 667 | |||||
| | | | | | | |
Income tax benefit (provision) |
2,263 | 291 | |||||
| | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 16,812 | $ | 35,424 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
NET INVESTMENT INCOME PER SHAREBASIC AND DILUTED |
$ | 0.54 | $ | 0.51 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHAREBASIC AND DILUTED |
$ | 0.33 | $ | 0.77 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
DIVIDENDS PAID PER SHARE: |
|||||||
Regular monthly dividends |
$ | 0.540 | $ | 0.510 | |||
Supplemental dividends |
| | |||||
| | | | | | | |
Total dividends |
$ | 0.540 | $ | 0.510 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
WEIGHTED AVERAGE SHARES OUTSTANDINGBASIC AND DILUTED |
50,549,780 | 46,080,204 |
The accompanying notes are an integral part of these financial statements
2
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Changes in Net Assets
(dollars 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, 2014 |
45,079,150 | $ | 451 | $ | 853,606 | $ | 23,665 | $ | (20,456 | ) | $ | 82,716 | $ | 939,982 | ||||||||
Public offering of common stock, net of offering costs |
4,370,000 |
44 |
127,720 |
|
|
|
127,764 |
|||||||||||||||
Share-based compensation |
| | 1,263 | | | | 1,263 | |||||||||||||||
Purchase of vested stock for employee payroll tax withholding |
(1,802 | ) | | (53 | ) | | | | (53 | ) | ||||||||||||
Dividend reinvestment |
116,330 | 1 | 3,464 | | | | 3,465 | |||||||||||||||
Amortization of directors' deferred compensation |
| | 69 | | | | 69 | |||||||||||||||
Issuance of restricted stock, net of forfeited shares |
683 | | | | | | | |||||||||||||||
Dividends to stockholders |
| | | (24,021 | ) | | | (24,021 | ) | |||||||||||||
Net increase (loss) resulting from operations |
| | | 23,491 | (2,120 | ) | 14,053 | 35,424 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Balances at March 31, 2015 |
49,564,361 | $ | 496 | $ | 986,069 | $ | 23,135 | $ | (22,576 | ) | $ | 96,769 | $ | 1,083,893 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Balances at December 31, 2015 |
50,413,744 | $ | 504 | $ | 1,011,467 | $ | 7,181 | $ | (49,653 | ) | $ | 101,395 | $ | 1,070,894 | ||||||||
Cumulative-effect to retained earnings for excess tax benefit |
|
|
|
|
|
1,806 |
1,806 |
|||||||||||||||
Public offering of common stock, net of offering costs |
321,714 | 3 | 9,778 | | | | 9,781 | |||||||||||||||
Share-based compensation |
| | 1,589 | | | | 1,589 | |||||||||||||||
Dividend reinvestment |
113,631 | 1 | 3,255 | | | | 3,256 | |||||||||||||||
Amortization of directors' deferred compensation |
| | 144 | | | | 144 | |||||||||||||||
Issuance of restricted stock |
900 | | | | | | | |||||||||||||||
Forfeited shares of terminated employees |
(3,989 | ) | | | | | | | ||||||||||||||
Dividends to stockholders |
| | | (27,284 | ) | | | (27,284 | ) | |||||||||||||
Net increase (loss) resulting from operations |
| | | 27,164 | 13,603 | (23,955 | ) | 16,812 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Balances at March 31, 2016 |
50,846,000 | $ | 508 | $ | 1,026,233 | $ | 7,061 | $ | (36,050 | ) | $ | 79,246 | $ | 1,076,998 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements
3
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Cash Flows
(dollars in thousands)
(Unaudited)
|
Three Months Ended March 31, |
||||||
---|---|---|---|---|---|---|---|
|
2016 | 2015 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||
Net increase in net assets resulting from operations |
$ | 16,812 | $ | 35,424 | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
|||||||
Investments in portfolio companies |
(113,945 | ) | (256,046 | ) | |||
Proceeds from sales and repayments of debt investments in portfolio companies |
69,028 | 143,122 | |||||
Proceeds from sales and return of capital of equity investments in portfolio companies |
21,891 | 5,952 | |||||
Investments in marketable securities and idle funds investments |
| (2,047 | ) | ||||
Proceeds from sales and repayments of marketable securities and idle funds investments |
559 | 1,304 | |||||
Net change in net unrealized appreciation (depreciation) |
26,218 | (13,762 | ) | ||||
Net realized (gain) loss |
(13,603 | ) | 2,120 | ||||
Accretion of unearned income |
(1,921 | ) | (2,018 | ) | |||
Payment-in-kind interest |
(1,303 | ) | (806 | ) | |||
Cumulative dividends |
(321 | ) | (376 | ) | |||
Share-based compensation expense |
1,589 | 1,263 | |||||
Amortization of deferred financing costs |
644 | 629 | |||||
Deferred tax (benefit) provision |
(2,633 | ) | (291 | ) | |||
Changes in other assets and liabilities: |
|||||||
Interest receivable and other assets |
(2,390 | ) | (746 | ) | |||
Interest payable |
1,226 | 761 | |||||
Accounts payable and other liabilities |
(6,269 | ) | (7,729 | ) | |||
Deferred fees and other |
632 | 627 | |||||
| | | | | | | |
Net cash used in operating activities |
(3,786 | ) | (92,619 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||
Proceeds from public offering of common stock, net of offering costs |
9,781 | 127,764 | |||||
Dividends paid |
(23,990 | ) | (19,545 | ) | |||
Proceeds from credit facility |
70,000 | 156,000 | |||||
Repayments on credit facility |
(55,000 | ) | (210,000 | ) | |||
Other |
(113 | ) | (17 | ) | |||
| | | | | | | |
Net cash provided by financing activities |
678 | 54,202 | |||||
| | | | | | | |
Net decrease in cash and cash equivalents |
(3,108 | ) | (38,417 | ) | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
20,331 | 60,432 | |||||
| | | | | | | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ | 17,223 | $ | 22,015 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Supplemental cash flow disclosures: |
|||||||
Interest paid |
$ | 6,282 | $ | 6,406 | |||
Taxes paid |
$ | 1,172 | $ | 1,934 | |||
Non-cash financing activities: |
|||||||
Shares issued pursuant to the DRIP |
$ | 3,256 | $ | 3,465 |
The accompanying notes are an integral part of these financial statements
4
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Control Investments(5) |
|
|
||||||||||||
|
||||||||||||||
Access Media Holdings, LLC(10) |
Private Cable Operator |
|
||||||||||||
|
5.00% Current / 5.00% PIK Secured Debt (MaturityJuly 22, 2020) |
$ | 21,825 | $ | 21,825 | $ | 20,651 | |||||||
|
Preferred Member Units (5,265,000 units; 12% cumulative) |
5,159 | 2,130 | |||||||||||
|
Member Units (45 units) |
1 | | |||||||||||
| | | | | | | | | | | | | | |
|
26,985 | 22,781 | ||||||||||||
|
||||||||||||||
AmeriTech College, LLC |
For-Profit Nursing and Healthcare College |
|||||||||||||
|
10% Secured Debt (MaturityMay 15, 2016) |
514 | 514 | 514 | ||||||||||
|
10% Secured Debt (MaturityNovember 30, 2019) |
489 | 489 | 489 | ||||||||||
|
10% Secured Debt (MaturityJanuary 31, 2020) |
3,025 | 3,025 | 3,025 | ||||||||||
|
Preferred Member Units (294 units; 5%)(8) |
2,291 | 2,291 | |||||||||||
| | | | | | | | | | | | | | |
|
6,319 | 6,319 | ||||||||||||
|
||||||||||||||
ASC Interests, LLC |
Recreational and Educational Shooting Facility |
|
||||||||||||
|
11% Secured Debt (MaturityJuly 31, 2018) |
2,250 | 2,225 | 2,250 | ||||||||||
|
Member Units (1,500 units)(8) |
1,500 | 2,560 | |||||||||||
| | | | | | | | | | | | | | |
|
3,725 | 4,810 | ||||||||||||
|
||||||||||||||
Bond-Coat, Inc. |
Casing and Tubing Coating Services |
|
||||||||||||
|
12% Secured Debt (MaturityDecember 28, 2017) |
11,596 | 11,530 | 11,596 | ||||||||||
|
Common Stock (57,508 shares) |
6,350 | 7,490 | |||||||||||
| | | | | | | | | | | | | | |
|
17,880 | 19,086 | ||||||||||||
|
||||||||||||||
Café Brazil, LLC |
Casual Restaurant Group |
|||||||||||||
|
Member Units (1,233 units)(8) |
1,742 | 6,570 | |||||||||||
|
||||||||||||||
CBT Nuggets, LLC |
Produces and Sells IT Training Certification Videos |
|
||||||||||||
|
Member Units (416 units)(8) |
1,300 | 45,750 | |||||||||||
|
||||||||||||||
CMS Minerals LLC |
Oil & Gas Exploration & Production |
|
||||||||||||
|
Preferred Member Units (458 units)(8) |
2,530 | 5,750 | |||||||||||
|
5
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Datacom, LLC |
Technology and Telecommunications Provider |
|
||||||||||||
|
5.25% Current / 5.25% PIK Secured Debt (MaturityMay 31, 2019) |
11,256 | 11,178 | 10,810 | ||||||||||
|
Class A Preferred Member Units (15% cumulative)(8) |
1,181 | 1,224 | |||||||||||
|
Class B Preferred Member Units (6,453 units) |
6,030 | 4,602 | |||||||||||
| | | | | | | | | | | | | | |
|
18,389 | 16,636 | ||||||||||||
|
||||||||||||||
Garreco, LLC |
Manufacturer and Supplier of Dental Products |
|||||||||||||
|
14% Secured Debt (MaturityJanuary 12, 2018) |
5,800 | 5,745 | 5,745 | ||||||||||
|
Member Units (1,200 units) |
1,200 | 1,090 | |||||||||||
| | | | | | | | | | | | | | |
|
6,945 | 6,835 | ||||||||||||
|
||||||||||||||
GRT Rubber Technologies LLC |
Manufacturer of Engineered Rubber Products |
|||||||||||||
|
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (MaturityDecember 19, 2019)(9) |
13,903 | 13,793 | 13,903 | ||||||||||
|
Member Units (5,879 units) |
13,065 | 18,030 | |||||||||||
| | | | | | | | | | | | | | |
|
26,858 | 31,933 | ||||||||||||
|
||||||||||||||
Gulf Manufacturing, LLC |
Manufacturer of Specialty Fabricated Industrial Piping Products |
|
||||||||||||
|
9% PIK Secured Debt (Ashland Capital IX, LLC) (MaturityJune 30, 2017) |
777 | 777 | 777 | ||||||||||
|
Member Units (438 units)(8) |
2,980 | 10,960 | |||||||||||
| | | | | | | | | | | | | | |
|
3,757 | 11,737 | ||||||||||||
|
||||||||||||||
Harrison Hydra-Gen, Ltd. |
Manufacturer of Hydraulic Generators |
|||||||||||||
|
Common Stock (107,456 shares) |
718 | 2,700 | |||||||||||
|
||||||||||||||
Hawthorne Customs and Dispatch Services, LLC |
Facilitator of Import Logistics, Brokerage, and Warehousing |
|
||||||||||||
|
Member Units (500 units)(8) |
589 | 280 | |||||||||||
|
Member Units (Wallisville Real Estate, LLC) (588,210 units)(8) |
1,215 | 2,220 | |||||||||||
| | | | | | | | | | | | | | |
|
1,804 | 2,500 | ||||||||||||
|
6
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
HW Temps LLC |
Temporary Staffing Solutions |
|||||||||||||
|
LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity July 2, 2020)(9) |
9,976 | 9,888 | 9,888 | ||||||||||
|
Preferred Member Units (3,200 units)(8) |
3,942 | 4,950 | |||||||||||
| | | | | | | | | | | | | | |
|
13,830 | 14,838 | ||||||||||||
|
||||||||||||||
Hydratec, Inc. |
Designer and Installer of Micro-Irrigation Systems |
|
||||||||||||
|
Common Stock (7,095 shares)(8) |
7,095 | 15,410 | |||||||||||
|
||||||||||||||
IDX Broker, LLC |
Provider of Marketing and CRM Tools for the Real Estate Industry |
|||||||||||||
|
12.5% Secured Debt (MaturityNovember 15, 2018) |
11,350 | 11,286 | 11,350 | ||||||||||
|
Member Units (5,400 units) |
5,606 | 6,440 | |||||||||||
| | | | | | | | | | | | | | |
|
16,892 | 17,790 | ||||||||||||
|
||||||||||||||
Indianapolis Aviation Partners, LLC |
Fixed Base Operator |
|||||||||||||
|
15% Secured Debt (MaturityJuly 15, 2016) |
3,100 | 3,100 | 3,100 | ||||||||||
|
Warrants (1,046 equivalent units) |
1,129 | 2,540 | |||||||||||
| | | | | | | | | | | | | | |
|
4,229 | 5,640 | ||||||||||||
|
||||||||||||||
Jensen Jewelers of Idaho, LLC |
Retail Jewelry Store |
|||||||||||||
|
Prime Plus 6.75% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (MaturityNovember 14, 2016)(9) |
4,405 | 4,386 | 4,405 | ||||||||||
|
Member Units (627 units)(8) |
811 | 5,200 | |||||||||||
| | | | | | | | | | | | | | |
|
5,197 | 9,605 | ||||||||||||
|
||||||||||||||
Lamb's Venture, LLC |
Aftermarket Automotive Services Chain |
|||||||||||||
|
11% Secured Debt (MaturityMay 31, 2018) |
7,849 | 7,849 | 7,849 | ||||||||||
|
Preferred Equity (non-voting) |
328 | 328 | |||||||||||
|
Member Units (742 units) |
5,273 | 5,160 | |||||||||||
|
9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (MaturityOctober 1, 2025) |
906 | 906 | 906 | ||||||||||
|
Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8) |
625 | 1,240 | |||||||||||
| | | | | | | | | | | | | | |
|
14,981 | 15,483 | ||||||||||||
|
7
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Lighting Unlimited, LLC |
Commercial and Residential Lighting Products and Design Services |
|||||||||||||
|
8% Secured Debt (MaturityAugust 22, 2016) |
1,514 | 1,514 | 1,514 | ||||||||||
|
Preferred Equity (non-voting) |
434 | 430 | |||||||||||
|
Warrants (71 equivalent units) |
54 | 30 | |||||||||||
|
Member Units (700 units) |
100 | 260 | |||||||||||
| | | | | | | | | | | | | | |
|
2,102 | 2,234 | ||||||||||||
|
||||||||||||||
Marine Shelters Holdings, LLC (LoneStar Marine Shelters) |
Fabricator of Marine and Industrial Shelters |
|||||||||||||
|
12% PIK Secured Debt (MaturityDecember 28, 2017) |
9,330 | 9,252 | 8,910 | ||||||||||
|
Preferred Member Units (3,810 units) |
5,352 | 3,801 | |||||||||||
| | | | | | | | | | | | | | |
|
14,604 | 12,711 | ||||||||||||
|
||||||||||||||
MH Corbin Holding LLC |
Manufacturer and distributor of traffic safety products |
|||||||||||||
|
10% Secured Debt (MaturityAugust 31, 2020) |
13,825 | 13,701 | 13,701 | ||||||||||
|
Preferred Member Units (4,000 shares) |
6,000 | 6,000 | |||||||||||
| | | | | | | | | | | | | | |
|
19,701 | 19,701 | ||||||||||||
|
||||||||||||||
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) |
1,244 | 2,420 | |||||||||||
|
9.5% Secured Debt (MidColumbia Real Estate, LLC) (MaturityMay 13, 2025) |
870 | 870 | 870 | ||||||||||
|
Member Units (MidColumbia Real Estate, LLC) (250 units)(8) |
250 | 550 | |||||||||||
| | | | | | | | | | | | | | |
|
8,014 | 9,490 | ||||||||||||
|
||||||||||||||
MSC Adviser I, LLC(16) |
Third Party Investment Advisory Services |
|||||||||||||
|
Member Units (Fully diluted 100.0%)(8) |
| 27,792 | |||||||||||
|
||||||||||||||
Mystic Logistics Holdings, LLC |
Logistics and Distribution Services Provider for Large Volume Mailers |
|||||||||||||
|
12% Secured Debt (MaturityAugust 15, 2019) |
9,448 | 9,292 | 9,448 | ||||||||||
|
Common Stock (5,873 shares)(8) |
2,720 | 5,390 | |||||||||||
| | | | | | | | | | | | | | |
|
12,012 | 14,838 | ||||||||||||
|
8
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars 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 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (MaturityFebruary 1, 2019)(9) |
3,069 | 3,039 | 3,069 | ||||||||||
|
18% Secured Debt (MaturityFebruary 1, 2019) |
4,471 | 4,427 | 4,471 | ||||||||||
|
Member Units (2,955 units)(8) |
2,975 | 9,060 | |||||||||||
| | | | | | | | | | | | | | |
|
10,441 | 16,600 | ||||||||||||
|
||||||||||||||
NRI Clinical Research, LLC |
Clinical Research Service Provider |
|||||||||||||
|
14% Secured Debt (MaturitySeptember 8, 2017) |
4,510 | 4,443 | 4,443 | ||||||||||
|
Warrants (251,723 equivalent units) |
252 | 380 | |||||||||||
|
Member Units (1,454,167 units) |
765 | 1,422 | |||||||||||
| | | | | | | | | | | | | | |
|
5,460 | 6,245 | ||||||||||||
|
||||||||||||||
NRP Jones, LLC |
Manufacturer of Hoses, Fittings and Assemblies |
|||||||||||||
|
6% Current / 6% PIK Secured Debt (MaturityDecember 22, 2016) |
13,293 | 13,082 | 13,082 | ||||||||||
|
Warrants (14,331 equivalent units) |
817 | 150 | |||||||||||
|
Member Units (50,877 units) |
2,900 | 490 | |||||||||||
| | | | | | | | | | | | | | |
|
16,799 | 13,722 | ||||||||||||
|
||||||||||||||
OMi Holdings, Inc. |
Manufacturer of Overhead Cranes |
|||||||||||||
|
Common Stock (1,500 shares) |
1,080 | 14,570 | |||||||||||
|
||||||||||||||
Pegasus Research Group, LLC (Televerde) |
Provider of Telemarketing and Data Services |
|||||||||||||
|
Member Units (460 units)(8) |
1,290 | 8,030 | |||||||||||
|
||||||||||||||
PPL RVs, Inc. |
Recreational Vehicle Dealer |
|||||||||||||
|
11.1% Secured Debt (MaturityJuly 1, 2016) |
9,710 | 9,710 | 9,710 | ||||||||||
|
Common Stock (1,962 shares) |
2,150 | 10,060 | |||||||||||
| | | | | | | | | | | | | | |
|
11,860 | 19,770 | ||||||||||||
|
||||||||||||||
Principle Environmental, LLC |
Noise Abatement Service Provider |
|||||||||||||
|
12% Secured Debt (MaturityApril 30, 2017) |
4,060 | 4,060 | 4,060 | ||||||||||
|
12% Current / 2% PIK Secured Debt (MaturityApril 30, 2017) |
3,327 | 3,327 | 3,327 | ||||||||||
|
Preferred Member Units (19,631 units)(8) |
4,663 | 4,600 | |||||||||||
|
Warrants (1,036 equivalent units) |
1,200 | 120 | |||||||||||
| | | | | | | | | | | | | | |
|
13,250 | 12,107 | ||||||||||||
|
9
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Quality Lease Service, LLC |
Provider of Rigsite Accommodation Unit Rentals and Related Services |
|||||||||||||
|
8% PIK Secured Debt (MaturityJune 8, 2020) |
6,664 | 6,664 | 6,664 | ||||||||||
|
Member Units (1,000 units) |
568 | 2,638 | |||||||||||
| | | | | | | | | | | | | | |
|
7,232 | 9,302 | ||||||||||||
|
||||||||||||||
River Aggregates, LLC |
Processor of Construction Aggregates |
|||||||||||||
|
Zero Coupon Secured Debt (MaturityJune 30, 2018) |
750 | 573 | 573 | ||||||||||
|
Member Units (1,150 units)(8) |
1,150 | 4,090 | |||||||||||
|
Member Units (RA Properties, LLC) (1,500 units) |
369 | 2,440 | |||||||||||
| | | | | | | | | | | | | | |
|
2,092 | 7,103 | ||||||||||||
|
||||||||||||||
SoftTouch Medical Holdings LLC |
Home Provider of Pediatric Durable Medical Equipment |
|||||||||||||
|
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (MaturityOctober 31, 2019)(9) |
8,075 | 8,014 | 8,075 | ||||||||||
|
Member Units (4,450 units)(8) |
4,930 | 7,480 | |||||||||||
| | | | | | | | | | | | | | |
|
12,944 | 15,555 | ||||||||||||
|
||||||||||||||
The MPI Group, LLC |
Manufacturer of Custom Hollow Metal Doors, Frames and Accessories |
|||||||||||||
|
9% Secured Debt (MaturityOctober 2, 2018) |
2,924 | 2,921 | 2,921 | ||||||||||
|
Series A Preferred Units (2,500 units; 10% Cumulative) |
2,500 | 690 | |||||||||||
|
Warrants (1,424 equivalent units) |
1,096 | | |||||||||||
|
Member Units (MPI Real Estate Holdings, LLC) (100% Fully diluted)(8) |
2,300 | 2,300 | |||||||||||
| | | | | | | | | | | | | | |
|
8,817 | 5,911 | ||||||||||||
|
||||||||||||||
Travis Acquisition LLC |
Manufacturer of Aluminum Trailers |
|||||||||||||
|
12% Secured Debt (MaturityAugust 30, 2018) |
3,398 | 3,360 | 3,398 | ||||||||||
|
Member Units (7,282 units) |
7,100 | 17,320 | |||||||||||
| | | | | | | | | | | | | | |
|
10,460 | 20,718 | ||||||||||||
|
||||||||||||||
Uvalco Supply, LLC |
Farm and Ranch Supply Store |
|||||||||||||
|
9% Secured Debt (MaturityJanuary 1, 2019) |
1,207 | 1,207 | 1,207 | ||||||||||
|
Member Units (2,011 units)(8) |
3,843 | 5,710 | |||||||||||
| | | | | | | | | | | | | | |
|
5,050 | 6,917 | ||||||||||||
|
10
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Vision Interests, Inc. |
Manufacturer / Installer of Commercial Signage |
|||||||||||||
|
13% Secured Debt (MaturityDecember 23, 2016) |
3,071 | 3,057 | 3,057 | ||||||||||
|
Series A Preferred Stock (3,000,000 shares) |
3,000 | 3,550 | |||||||||||
|
Common Stock (1,126,242 shares) |
3,706 | 211 | |||||||||||
| | | | | | | | | | | | | | |
|
9,763 | 6,818 | ||||||||||||
|
||||||||||||||
Ziegler's NYPD, LLC |
Casual Restaurant Group |
|||||||||||||
|
6.5% Secured Debt (MaturityOctober 1, 2019) |
1,000 | 992 | 992 | ||||||||||
|
12% Secured Debt (MaturityOctober 1, 2019) |
500 | 500 | 500 | ||||||||||
|
14% Secured Debt (MaturityOctober 1, 2019) |
2,750 | 2,750 | 2,750 | ||||||||||
|
Warrants (587 equivalent units) |
600 | 150 | |||||||||||
|
Preferred Member Units (10,072 units) |
2,834 | 3,400 | |||||||||||
| | | | | | | | | | | | | | |
|
7,676 | 7,792 | ||||||||||||
| | | | | | | | | | | | | | |
Subtotal Control Investments (28.6% of total investments at fair value) |
$ | 361,823 | $ | 520,099 | ||||||||||
| | | | | | | | | | | | | | |
11
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Affiliate Investments(6) |
|
|
||||||||||||
|
||||||||||||||
AFG Capital Group, LLC |
Provider of Rent-to-Own Financing Solutions and Services |
|||||||||||||
|
11% Secured Debt (MaturityNovember 7, 2019) |
$ | 12,960 | $ | 12,629 | $ | 12,808 | |||||||
|
Warrants (42 equivalent units) |
259 | 530 | |||||||||||
|
Member Units (186 units) |
1,200 | 2,180 | |||||||||||
| | | | | | | | | | | | | | |
|
14,088 | 15,518 | ||||||||||||
|
||||||||||||||
Barfly Ventures, LLC(10) |
Casual Restaurant Group |
|||||||||||||
|
12% Secured Debt (MaturityAugust 31, 2020) |
4,121 | 4,045 | 3,952 | ||||||||||
|
Options (2 equivalent units) |
397 | 470 | |||||||||||
|
Warrant (1 equivalent unit) |
473 | 240 | |||||||||||
| | | | | | | | | | | | | | |
|
4,915 | 4,662 | ||||||||||||
|
||||||||||||||
Boss Industries, LLC |
Manufacturer and Distributor of Air, Power and Other Industrial Equipment |
|||||||||||||
|
Preferred Member Units (2,242 units)(8) |
2,290 | 2,450 | |||||||||||
|
||||||||||||||
Bridge Capital Solutions Corporation |
Financial Services and Cash Flow Solutions Provider |
|||||||||||||
|
13% Secured Debt (MaturityApril 18, 2017) |
7,000 | 6,910 | 7,000 | ||||||||||
|
Warrants (22 equivalent shares) |
200 | 1,380 | |||||||||||
| | | | | | | | | | | | | | |
|
7,110 | 8,380 | ||||||||||||
|
||||||||||||||
Buca C, LLC |
Casual Restaurant Group |
|||||||||||||
|
LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (MaturityJune 30, 2020)(9) |
25,530 | 25,309 | 25,530 | ||||||||||
|
Preferred Member Units (6 units; 6% cumulative)(8) |
3,766 | 5,770 | |||||||||||
| | | | | | | | | | | | | | |
|
29,075 | 31,300 | ||||||||||||
|
||||||||||||||
CAI Software LLC |
Provider of Specialized Enterprise Resource Planning Software |
|||||||||||||
|
12% Secured Debt (MaturityOctober 10, 2019) |
4,340 | 4,307 | 4,340 | ||||||||||
|
Member Units (65,356 units)(8) |
654 | 1,300 | |||||||||||
| | | | | | | | | | | | | | |
|
4,961 | 5,640 | ||||||||||||
|
||||||||||||||
CapFusion, LLC |
Business Lender |
|||||||||||||
|
13% Secured Debt (MaturityMarch 25, 2021) |
9,600 | 8,302 | 8,302 | ||||||||||
|
Warrants (1,600 equivalent units) |
1,200 | 1,200 | |||||||||||
| | | | | | | | | | | | | | |
|
9,502 | 9,502 | ||||||||||||
|
12
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Chandler Signs Holdings, LLC(10) |
Sign Manufacturer |
|||||||||||||
|
12% Secured Debt (MaturityJuly 4, 2021) |
4,500 | 4,456 | 4,456 | ||||||||||
|
Class A Units (1,500,000 units) |
1,500 | 1,500 | |||||||||||
| | | | | | | | | | | | | | |
|
5,956 | 5,956 | ||||||||||||
|
||||||||||||||
Condit Exhibits, LLC |
Tradeshow Exhibits / Custom Displays Provider |
|||||||||||||
|
Member Units (3,936 units)(8) |
100 | 1,010 | |||||||||||
|
||||||||||||||
Congruent Credit Opportunities Funds(12)(13) |
Investment Partnership |
|||||||||||||
|
LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)(8) |
5,778 | 1,649 | |||||||||||
|
LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8) |
12,020 | 11,903 | |||||||||||
| | | | | | | | | | | | | | |
|
17,798 | 13,552 | ||||||||||||
|
||||||||||||||
Daseke, Inc. |
Specialty Transportation Provider |
|||||||||||||
|
12% Current / 2.5% PIK Secured Debt (MaturityJuly 31, 2018) |
21,388 | 21,156 | 21,388 | ||||||||||
|
Common Stock (19,467 shares) |
5,213 | 22,660 | |||||||||||
| | | | | | | | | | | | | | |
|
26,369 | 44,048 | ||||||||||||
|
||||||||||||||
Dos Rios Partners(12)(13) |
Investment Partnership |
|||||||||||||
|
LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%) |
4,174 | 2,582 | |||||||||||
|
LP Interests (Dos Rios PartnersA, LP) (Fully diluted 6.4%) |
1,325 | 988 | |||||||||||
| | | | | | | | | | | | | | |
|
5,499 | 3,570 | ||||||||||||
|
||||||||||||||
East Teak Fine Hardwoods, Inc. |
Distributor of Hardwood Products |
|||||||||||||
|
Common Stock (6,250 shares)(8) |
480 | 860 | |||||||||||
|
||||||||||||||
East West Copolymer & Rubber, LLC |
Manufacturer of Synthetic Rubbers |
|||||||||||||
|
12% Secured Debt (MaturityOctober 17, 2019) |
9,600 | 9,470 | 9,470 | ||||||||||
|
Warrants (2,510,790 equivalent units) |
50 | 50 | |||||||||||
| | | | | | | | | | | | | | |
|
9,520 | 9,520 | ||||||||||||
|
||||||||||||||
EIG Traverse Co-Investment, L.P.(12)(13) |
Investment Partnership |
|||||||||||||
|
LP Interests (Fully diluted 6.6%)(8) |
9,805 | 9,805 | |||||||||||
|
||||||||||||||
Freeport Financial Funds(12)(13) |
Investment Partnership |
|||||||||||||
|
LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)(8) |
5,974 | 5,768 | |||||||||||
|
LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%)(8) |
3,564 | 3,564 | |||||||||||
| | | | | | | | | | | | | | |
|
9,538 | 9,332 | ||||||||||||
|
13
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars 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 |
|||||||||||||
|
10% Secured Debt (MaturityNovember 21, 2016) |
13,046 | 12,936 | 10,969 | ||||||||||
|
Warrants (29,025 equivalent units) |
400 | | |||||||||||
| | | | | | | | | | | | | | |
|
13,336 | 10,969 | ||||||||||||
|
||||||||||||||
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 | 8,934 | 8,640 | ||||||||||
|
Common Stock (7,711,517 shares) |
3,958 | 3,010 | |||||||||||
| | | | | | | | | | | | | | |
|
13,289 | 12,047 | ||||||||||||
|
||||||||||||||
Guerdon Modular Holdings, Inc. |
Multi-Family and Commercial Modular Construction Company |
|||||||||||||
|
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (MaturityAugust 13, 2019)(9) |
960 | 946 | 946 | ||||||||||
|
13% Secured Debt (MaturityAugust 13, 2019) |
10,400 | 10,300 | 10,300 | ||||||||||
|
Common Stock (212,033 shares) |
2,983 | 1,210 | |||||||||||
| | | | | | | | | | | | | | |
|
14,229 | 12,456 | ||||||||||||
|
||||||||||||||
Houston Plating and Coatings, LLC |
Provider of Plating and Industrial Coating Services |
|||||||||||||
|
Member Units (248,082 units)(8) |
996 | 6,080 | |||||||||||
|
||||||||||||||
I-45 SLF LLC(12)(13) |
Investment Partnership |
|||||||||||||
|
Member units (Fully diluted 20.0%; 24.4% profits interest)(8) |
9,200 | 9,036 | |||||||||||
|
||||||||||||||
Indianhead Pipeline Services, LLC |
Provider of Pipeline Support Services |
|||||||||||||
|
12% Secured Debt (MaturityFebruary 6, 2017) |
5,775 | 5,660 | 5,660 | ||||||||||
|
Preferred Member Units (33,819 units; 8% cumulative)(8) |
2,320 | 2,569 | |||||||||||
|
Warrants (31,928 equivalent units) |
459 | | |||||||||||
|
Member Units (14,732 units) |
1 | | |||||||||||
| | | | | | | | | | | | | | |
|
8,440 | 8,229 | ||||||||||||
|
||||||||||||||
KBK Industries, LLC |
Manufacturer of Specialty Oilfield and Industrial Products |
|||||||||||||
|
12.5% Secured Debt (MaturitySeptember 28, 2017) |
5,900 | 5,878 | 5,900 | ||||||||||
|
Member Units (250 units)(8) |
341 | 3,510 | |||||||||||
| | | | | | | | | | | | | | |
|
6,219 | 9,410 | ||||||||||||
|
14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
L.F. Manufacturing Holdings, LLC(10) |
Manufacturer of Fiberglass Products |
|||||||||||||
|
Member Units (2,179,001 units)(8) |
2,019 | 1,670 | |||||||||||
|
||||||||||||||
MPS Denver, LLC |
Specialty Card Printing |
|||||||||||||
|
Member Units (13,800 units) |
1,130 | 840 | |||||||||||
|
||||||||||||||
OnAsset Intelligence, Inc. |
Provider of Transportation Monitoring / Tracking Products and Services |
|||||||||||||
|
12% PIK Secured Debt (MaturityDecember 31, 2015)(17) |
4,129 | 4,129 | 4,129 | ||||||||||
|
Preferred Stock (912 shares; 7% cumulative) |
1,981 | 1,380 | |||||||||||
|
Warrants (5,333 equivalent shares) |
1,919 | | |||||||||||
| | | | | | | | | | | | | | |
|
8,029 | 5,509 | ||||||||||||
|
||||||||||||||
OPI International Ltd.(13) |
Provider of Man Camp and Industrial Storage Services |
|||||||||||||
|
10% Unsecured Debt (MaturityApril 8, 2018) |
473 | 473 | 473 | ||||||||||
|
Common Stock (20,766,317 shares) |
1,371 | 3,200 | |||||||||||
| | | | | | | | | | | | | | |
|
1,844 | 3,673 | ||||||||||||
|
||||||||||||||
PCI Holding Company, Inc. |
Manufacturer of Industrial Gas Generating Systems |
|||||||||||||
|
12% Secured Debt (MaturityMarch 31, 2019) |
13,000 | 12,870 | 12,870 | ||||||||||
|
Preferred Stock (1,500,000 shares; 20% cumulative)(8) |
2,904 | 4,090 | |||||||||||
| | | | | | | | | | | | | | |
|
15,774 | 16,960 | ||||||||||||
|
||||||||||||||
Radial Drilling Services Inc. |
Oil and Gas Lateral Drilling Technology Provider |
|||||||||||||
|
12% Secured Debt (MaturityNovember 22, 2016)(14) |
4,200 | 3,946 | 1,505 | ||||||||||
|
Warrants (316 equivalent shares) |
758 | | |||||||||||
| | | | | | | | | | | | | | |
|
4,704 | 1,505 | ||||||||||||
|
||||||||||||||
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) |
Provider of Rigsite Accommodation Unit Rentals and Related Services |
|||||||||||||
|
12% Secured Debt (MaturityJanuary 8, 2018)(14)(18) |
30,785 | 30,281 | 250 | ||||||||||
|
Preferred Member Units (250 units) |
2,500 | | |||||||||||
| | | | | | | | | | | | | | |
|
32,781 | 250 | ||||||||||||
|
15
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Samba Holdings, Inc. |
Provider of Intelligent Driver Record Monitoring Software and Services |
|||||||||||||
|
12.5% Secured Debt (MaturityNovember 17, 2016) |
23,762 | 23,684 | 23,762 | ||||||||||
|
Common Stock (170,963 shares) |
2,087 | 30,220 | |||||||||||
| | | | | | | | | | | | | | |
|
25,771 | 53,982 | ||||||||||||
|
||||||||||||||
Tin Roof Acquisition Company |
Casual Restaurant Group |
|||||||||||||
|
12% Secured Debt (MaturityNovember 13, 2018) |
13,889 | 13,717 | 13,717 | ||||||||||
|
Class C Preferred Stock (Fully diluted 10.0%; 10% cumulative)(8) |
2,539 | 2,539 | |||||||||||
| | | | | | | | | | | | | | |
|
16,256 | 16,256 | ||||||||||||
|
||||||||||||||
UniTek Global Services, Inc.(11) |
Provider of Outsourced Infrastructure Services |
|||||||||||||
|
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (MaturityJanuary 13, 2019)(9) |
2,826 | 2,826 | 2,812 | ||||||||||
|
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50% / 1.00% PIK, Current Coupon Plus PIK 10.50%, Secured Debt (MaturityJanuary 13, 2019)(9) |
1,264 | 1,264 | 1,258 | ||||||||||
|
15% PIK Unsecured Debt (MaturityJuly 13, 2019) |
666 | 666 | 662 | ||||||||||
|
Preferred Stock (4,935,377 shares) |
4,935 | 5,800 | |||||||||||
|
Common Stock (705,054 shares) |
| 1,120 | |||||||||||
| | | | | | | | | | | | | | |
|
9,691 | 11,652 | ||||||||||||
|
||||||||||||||
Universal Wellhead Services Holdings, LLC(10) |
Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry |
|||||||||||||
|
Class A Preferred Units (4,000,000 units; 4.5% cumulative)(8) |
4,000 | 2,020 | |||||||||||
|
||||||||||||||
Volusion, LLC |
Provider of Online Software-as-a-Service eCommerce Solutions |
|||||||||||||
|
10.5% Secured Debt (MaturityJanuary 26, 2020) |
17,500 | 16,261 | 16,261 | ||||||||||
|
Preferred Member Units (4,876,670 units) |
14,000 | 14,000 | |||||||||||
|
Warrants (950,618 equivalent units) |
1,400 | 1,400 | |||||||||||
| | | | | | | | | | | | | | |
|
31,661 | 31,661 | ||||||||||||
| | | | | | | | | | | | | | |
Subtotal Affiliate Investments (21.4% of total investments at fair value) |
$ | 376,375 | $ | 389,310 | ||||||||||
| | | | | | | | | | | | | | |
16
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars 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) |
||||||||||||||
|
||||||||||||||
AccuMED Corp.(10) |
Medical Device Contract Manufacturer |
|
||||||||||||
|
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (MaturityOctober 29, 2020)(9) |
$ | 10,352 | $ | 10,255 | $ | 10,255 | |||||||
|
||||||||||||||
Adams Publishing Group, LLC(10) |
Local Newspaper Operator |
|||||||||||||
|
LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (MaturityNovember 3, 2020)(9) |
9,263 | 9,097 | 9,089 | ||||||||||
|
||||||||||||||
Ahead, LLC(10) |
IT Infrastructure Value Added Reseller |
|||||||||||||
|
LIBOR Plus 6.50%, Current Coupon 7.10%, Secured Debt (MaturityNovember 2, 2020) |
14,813 | 14,398 | 14,442 | ||||||||||
|
||||||||||||||
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) |
10,150 | 10,082 | 9,757 | ||||||||||
|
||||||||||||||
AM General LLC(11) |
Specialty Vehicle Manufacturer |
|||||||||||||
|
LIBOR Plus 9.00% (Floor 1.25%), Current Coupon 10.25%, Secured Debt (MaturityMarch 22, 2018)(9) |
2,175 | 2,145 | 1,620 | ||||||||||
|
||||||||||||||
AM3 Pinnacle Corporation(10) |
Provider of Comprehensive Internet, TV and Voice Services for Multi-Dwelling Unit Properties |
|||||||||||||
|
Common Stock (60,240 shares) |
2,000 | | |||||||||||
|
||||||||||||||
American Seafoods Group, LLC(11) |
Catcher-Processor of Alaskan Pollock |
|||||||||||||
|
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (MaturityAugust 19, 2021)(9) |
9,875 | 9,864 | 9,616 | ||||||||||
|
||||||||||||||
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) |
7,887 | 7,786 | 7,769 | ||||||||||
|
17
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule Of Investments (Continued)
March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Anchor Hocking, LLC(11) |
Household Products Manufacturer |
|||||||||||||
|
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (MaturityJune 4, 2018)(9) |
2,294 | 2,294 | 2,128 | ||||||||||
|
Member Units (440,620 units) |
4,928 | 3,084 | |||||||||||
| | | | | | | | | | | | | | |
|
7,222 | 5,212 | ||||||||||||
|
||||||||||||||
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) |
11,314 | 11,116 | 10,522 | ||||||||||
|
||||||||||||||
Apex Linen Service, Inc. |
Industrial Launderers |
|||||||||||||
|
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (MaturityOctober 30, 2022)(9) |
1,600 | 1,600 | 1,600 | ||||||||||
|
13% Secured Debt (MaturityOctober 30, 2022) |
12,000 | 11,927 | 11,927 | ||||||||||
| | | | | | | | | | | | | | |
|
13,527 | 13,527 | ||||||||||||
|
||||||||||||||
Applied Products, Inc.(10) |
Adhesives Distributor |
|||||||||||||
|
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (MaturitySeptember 30, 2019)(9) |
4,684 | 4,642 | 4,565 | ||||||||||
|
||||||||||||||
Arcus Hunting LLC.(10) |
Manufacturer of Bowhunting and Archery Products and Accessories |
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