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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 June 30, 2017 |
||
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, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ý | Accelerated filer o | Non-accelerated filer o (do not check if smaller reporting company) |
Smaller reporting company o Emerging growth company o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 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 August 3, 2017 was 56,810,793.
MAIN STREET CAPITAL CORPORATION
Consolidated Balance Sheets
(dollars in thousands, except shares and per share amounts)
|
June 30, 2017 |
December 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
|
(Unaudited) |
|
|||||
ASSETS |
|||||||
|
|||||||
Portfolio investments at fair value: |
|||||||
Control investments (cost: $497,623 and $439,674 as of June 30, 2017 and December 31, 2016, respectively) |
$ | 671,713 | $ | 594,282 | |||
Affiliate investments (cost: $415,997 and $394,699 as of June 30, 2017 and December 31, 2016, respectively) |
368,488 | 375,948 | |||||
Non-Control/Non-Affiliate investments (cost: $1,058,628 and $1,037,510 as of June 30, 2017 and December 31, 2016, respectively) |
1,036,745 | 1,026,676 | |||||
| | | | | | | |
Total investments (cost: $1,972,248 and $1,871,883 as of June 30, 2017 and December 31, 2016, respectively) |
2,076,946 | 1,996,906 | |||||
|
|||||||
Cash and cash equivalents |
21,799 | 24,480 | |||||
Interest receivable and other assets |
34,897 | 35,133 | |||||
Receivable for securities sold |
23,851 | 1,990 | |||||
Deferred financing costs (net of accumulated amortization of $5,094 and $4,598 as of June 30, 2017 and December 31, 2016, respectively) |
4,222 | 4,718 | |||||
Deferred tax asset, net |
3,003 | 9,125 | |||||
| | | | | | | |
Total assets |
$ | 2,164,718 | $ | 2,072,352 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
LIABILITIES |
|||||||
Credit facility |
$ |
303,000 |
$ |
343,000 |
|||
SBIC debentures (par: $261,200 and $240,000 as of June 30, 2017 and December 31, 2016, respectively) |
255,663 | 235,686 | |||||
4.50% Notes (par: $175,000 as of both June 30, 2017 and December 31, 2016) |
173,254 | 172,893 | |||||
6.125% Notes (par: $90,655 as of both June 30, 2017 and December 31, 2016) |
88,905 | 88,752 | |||||
Accounts payable and other liabilities |
10,821 | 14,205 | |||||
Payable for securities purchased |
36,032 | 2,184 | |||||
Interest payable |
3,814 | 4,103 | |||||
Dividend payable |
10,484 | 10,048 | |||||
| | | | | | | |
Total liabilities |
881,973 | 870,871 | |||||
|
|||||||
Commitments and contingencies (Note M) |
|||||||
NET ASSETS |
|||||||
|
|||||||
Common stock, $0.01 par value per share (150,000,000 shares authorized; 56,672,496 and 54,312,444 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively) |
567 | 543 | |||||
Additional paid-in capital |
1,228,185 | 1,143,883 | |||||
Accumulated net investment income, net of cumulative dividends of $576,222 and $521,297 as of June 30, 2017 and December 31, 2016, respectively |
22,751 | 19,033 | |||||
Accumulated net realized gain from investments (accumulated net realized gain from investments of $86,943 before cumulative dividends of $129,701 as of June 30, 2017 and accumulated net realized gain from investments of $48,394 before cumulative dividends of $107,281 as of December 31, 2016) |
(42,758 | ) | (58,887 | ) | |||
Net unrealized appreciation, net of income taxes |
74,000 | 96,909 | |||||
| | | | | | | |
Total net assets |
1,282,745 | 1,201,481 | |||||
| | | | | | | |
Total liabilities and net assets |
$ | 2,164,718 | $ | 2,072,352 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
NET ASSET VALUE PER SHARE |
$ | 22.62 | $ | 22.10 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements
1
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(dollars in thousands, except shares and per share amounts)
(Unaudited)
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2017 | 2016 | 2017 | 2016 | |||||||||
INVESTMENT INCOME: |
|||||||||||||
Interest, fee and dividend income: |
|||||||||||||
Control investments |
$ | 14,590 | $ | 12,957 | $ | 27,576 | $ | 25,572 | |||||
Affiliate investments |
9,568 | 8,952 | 19,468 | 17,476 | |||||||||
Non-Control/Non-Affiliate investments |
26,113 | 20,956 | 51,116 | 41,693 | |||||||||
| | | | | | | | | | | | | |
Interest, fee and dividend income |
50,271 | 42,865 | 98,160 | 84,741 | |||||||||
Interest, fee and dividend income from marketable securities and idle funds investments |
| 37 | | 168 | |||||||||
| | | | | | | | | | | | | |
Total investment income |
50,271 | 42,902 | 98,160 | 84,909 | |||||||||
EXPENSES: |
|||||||||||||
Interest |
(8,793 | ) | (8,255 | ) | (17,400 | ) | (16,437 | ) | |||||
Compensation |
(4,555 | ) | (3,952 | ) | (8,985 | ) | (7,772 | ) | |||||
General and administrative |
(3,060 | ) | (2,157 | ) | (6,000 | ) | (4,562 | ) | |||||
Share-based compensation |
(2,798 | ) | (2,251 | ) | (5,067 | ) | (3,840 | ) | |||||
Expenses allocated to the External Investment Manager |
1,628 | 1,361 | 3,152 | 2,515 | |||||||||
| | | | | | | | | | | | | |
Total expenses |
(17,578 | ) | (15,254 | ) | (34,300 | ) | (30,096 | ) | |||||
| | | | | | | | | | | | | |
NET INVESTMENT INCOME |
32,693 | 27,648 | 63,860 | 54,813 | |||||||||
NET REALIZED GAIN (LOSS): |
|||||||||||||
Control investments |
3,789 | | 3,108 | 14,358 | |||||||||
Affiliate investments |
(115 | ) | 28,707 | 22,816 | 28,707 | ||||||||
Non-Control/Non-Affiliate investments |
7,307 | (13,237 | ) | 12,625 | (12,419 | ) | |||||||
Marketable securities and idle funds investments |
| (13 | ) | | (1,586 | ) | |||||||
SBIC debentures |
| | (5,217 | ) | | ||||||||
| | | | | | | | | | | | | |
Total net realized gain |
10,981 | 15,457 | 33,332 | 29,060 | |||||||||
| | | | | | | | | | | | | |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |
|||||||||||||
Portfolio investments |
1,365 | (10,585 | ) | (20,726 | ) | (38,114 | ) | ||||||
Marketable securities and idle funds investments |
| 37 | | 1,494 | |||||||||
SBIC debentures |
(36 | ) | 127 | 5,629 | (19 | ) | |||||||
| | | | | | | | | | | | | |
Total net change in unrealized appreciation (depreciation) |
1,329 | (10,421 | ) | (15,097 | ) | (36,639 | ) | ||||||
| | | | | | | | | | | | | |
INCOME TAXES: |
|||||||||||||
Federal and state income, excise and other taxes |
(438 | ) | (1,098 | ) | (1,690 | ) | (1,468 | ) | |||||
Deferred taxes |
(1,736 | ) | (675 | ) | (6,122 | ) | 1,958 | ||||||
| | | | | | | | | | | | | |
Income tax benefit (provision) |
(2,174 | ) | (1,773 | ) | (7,812 | ) | 490 | ||||||
| | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 42,829 | $ | 30,911 | $ | 74,283 | $ | 47,724 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
NET INVESTMENT INCOME PER SHAREBASIC AND DILUTED |
$ | 0.58 | $ | 0.54 | $ | 1.15 | $ | 1.07 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHAREBASIC AND DILUTED |
$ | 0.76 | $ | 0.60 | $ | 1.33 | $ | 0.94 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
DIVIDENDS PAID PER SHARE: |
|||||||||||||
Regular monthly dividends |
$ | 0.555 | $ | 0.540 | $ | 1.110 | $ | 1.080 | |||||
Supplemental dividends |
0.275 | 0.275 | 0.275 | 0.275 | |||||||||
| | | | | | | | | | | | | |
Total dividends |
$ | 0.830 | $ | 0.815 | $ | 1.385 | $ | 1.355 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
WEIGHTED AVERAGE SHARES OUTSTANDINGBASIC AND DILUTED |
56,166,782 | 51,441,371 | 55,648,854 | 50,995,575 |
The accompanying notes are an integral part of these consolidated 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, 2015 |
50,413,744 | $ | 504 | $ | 1,011,467 | $ | 7,181 | $ | (49,653 | ) | $ | 101,395 | $ | 1,070,894 | ||||||||
Public offering of common stock, net of offering costs |
1,225,757 |
12 |
38,642 |
|
|
|
38,654 |
|||||||||||||||
Share-based compensation |
| | 3,840 | | | | 3,840 | |||||||||||||||
Purchase of vested stock for employee payroll tax withholding |
(80,750 | ) | (1 | ) | (2,592 | ) | | | | (2,593 | ) | |||||||||||
Dividend reinvestment |
255,391 | 3 | 7,811 | | | | 7,814 | |||||||||||||||
Amortization of directors' deferred compensation |
| | 301 | | | | 301 | |||||||||||||||
Issuance of restricted stock, net of forfeited shares |
260,668 | 3 | (3 | ) | | | | | ||||||||||||||
Dividends to stockholders |
| | | (39,883 | ) | (29,445 | ) | | (69,328 | ) | ||||||||||||
Cumulative-effect to retained earnings for excess tax benefit |
| | | | | 1,806 | 1,806 | |||||||||||||||
Net increase (decrease) resulting from operations |
| | | 54,813 | 29,060 | (36,149 | ) | 47,724 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Balances at June 30, 2016 |
52,074,810 | $ | 521 | $ | 1,059,466 | $ | 22,111 | $ | (50,038 | ) | $ | 67,052 | $ | 1,099,112 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Balances at December 31, 2016 |
54,354,857 | $ | 543 | $ | 1,143,883 | $ | 19,033 | $ | (58,887 | ) | $ | 96,909 | $ | 1,201,481 | ||||||||
Public offering of common stock, net of offering costs |
2,104,424 |
22 |
78,412 |
|
|
|
78,434 |
|||||||||||||||
Share-based compensation |
| | 5,067 | | | | 5,067 | |||||||||||||||
Purchase of vested stock for employee payroll tax withholding |
(113,371 | ) | (1 | ) | (4,346 | ) | | | | (4,347 | ) | |||||||||||
Investment through issuance of unregistered shares |
11,464 | | 442 | | | | 442 | |||||||||||||||
Dividend reinvestment |
115,807 | 1 | 4,403 | | | | 4,404 | |||||||||||||||
Amortization of directors' deferred compensation |
| | 326 | | | | 326 | |||||||||||||||
Issuance of restricted stock, net of forfeited shares |
225,152 | 2 | (2 | ) | | | | | ||||||||||||||
Dividends to stockholders |
| | | (54,925 | ) | (22,420 | ) | | (77,345 | ) | ||||||||||||
Net increase (decrease) resulting from operations |
| | | 58,643 | 38,549 | (22,909 | ) | 74,283 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Balances at June 30, 2017 |
56,698,333 | $ | 567 | $ | 1,228,185 | $ | 22,751 | $ | (42,758 | ) | $ | 74,000 | $ | 1,282,745 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements
3
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Cash Flows
(dollars in thousands)
(Unaudited)
|
Six Months Ended June 30, |
||||||
---|---|---|---|---|---|---|---|
|
2017 | 2016 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||
Net increase in net assets resulting from operations |
$ | 74,283 | $ | 47,724 | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |
|||||||
Investments in portfolio companies |
(471,548 | ) | (303,049 | ) | |||
Proceeds from sales and repayments of debt investments in portfolio companies |
380,005 | 167,809 | |||||
Proceeds from sales and return of capital of equity investments in portfolio companies |
54,352 | 48,952 | |||||
Proceeds from sales and repayments of marketable securities and idle funds investments |
| 2,129 | |||||
Net change in net unrealized depreciation |
15,097 | 36,639 | |||||
Net realized gain |
(33,332 | ) | (29,060 | ) | |||
Accretion of unearned income |
(9,091 | ) | (4,189 | ) | |||
Payment-in-kind interest |
(3,125 | ) | (3,042 | ) | |||
Cumulative dividends |
(1,789 | ) | (638 | ) | |||
Share-based compensation expense |
5,067 | 3,840 | |||||
Amortization of deferred financing costs |
1,324 | 1,288 | |||||
Deferred tax (benefit) provision |
6,122 | (1,958 | ) | ||||
Changes in other assets and liabilities: |
|||||||
Interest receivable and other assets |
420 | (1,825 | ) | ||||
Interest payable |
(289 | ) | 1,432 | ||||
Accounts payable and other liabilities |
(3,058 | ) | (2,774 | ) | |||
Deferred fees and other |
1,224 | 1,362 | |||||
| | | | | | | |
Net cash provided by (used in) operating activities |
15,662 | (35,360 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||
Proceeds from public offering of common stock, net of offering costs |
78,434 | 38,654 | |||||
Dividends paid |
(72,505 | ) | (61,225 | ) | |||
Proceeds from issuance of SBIC debentures |
46,400 | | |||||
Repayments of SBIC debentures |
(25,200 | ) | | ||||
Proceeds from credit facility |
251,000 | 203,000 | |||||
Repayments on credit facility |
(291,000 | ) | (144,000 | ) | |||
Payment of deferred loan costs and SBIC debenture fees |
(1,125 | ) | (30 | ) | |||
Purchases of vested stock for employee payroll tax withholding |
(4,347 | ) | (2,593 | ) | |||
Other |
| (83 | ) | ||||
| | | | | | | |
Net cash provided by (used in) financing activities |
(18,343 | ) | 33,723 | ||||
| | | | | | | |
Net decrease in cash and cash equivalents |
(2,681 | ) | (1,637 | ) | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
24,480 | 20,331 | |||||
| | | | | | | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ | 21,799 | $ | 18,694 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Supplemental cash flow disclosures: |
|||||||
Interest paid |
$ | 16,304 | $ | 13,646 | |||
Taxes paid |
$ | 2,785 | $ | 1,575 | |||
Non-cash financing activities: |
|||||||
Shares issued pursuant to the DRIP |
$ | 4,404 | $ | 7,814 |
The accompanying notes are an integral part of these consolidated financial statements
4
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
June 30, 2017
(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% Current / 5% PIK Secured Debt (MaturityJuly 22, 2020) |
$ | 23,234 | $ | 23,234 | $ | 19,450 | |||||||
|
Preferred Member Units (7,339,500 units; 12% cumulative) |
7,233 | 270 | |||||||||||
|
Member Units (45 units) |
1 | | |||||||||||
| | | | | | | | | | | | | | |
|
30,468 | 19,720 | ||||||||||||
|
||||||||||||||
Ameritech College Operations, LLC |
For-Profit Nursing and Healthcare College |
|||||||||||||
|
13% Secured Debt (MaturityNovember 30, 2019) |
1,004 | 1,004 | 1,004 | ||||||||||
|
13% Secured Debt (MaturityJanuary 31, 2020) |
3,025 | 3,025 | 3,025 | ||||||||||
|
Preferred Member Units (2,936 units) |
6,191 | 2,910 | |||||||||||
| | | | | | | | | | | | | | |
|
10,220 | 6,939 | ||||||||||||
|
||||||||||||||
ASC Interests, LLC |
Recreational and Educational Shooting Facility |
|||||||||||||
|
11% Secured Debt (MaturityJuly 31, 2018) |
2,000 | 1,989 | 2,000 | ||||||||||
|
Member Units (1,500 units)(8) |
1,500 | 2,320 | |||||||||||
| | | | | | | | | | | | | | |
|
3,489 | 4,320 | ||||||||||||
|
||||||||||||||
Bond-Coat, Inc. |
Casing and Tubing Coating Services |
|||||||||||||
|
12% Secured Debt (MaturityDecember 28, 2017) |
11,596 | 11,576 | 11,596 | ||||||||||
|
Common Stock (57,508 shares) |
6,350 | 7,830 | |||||||||||
| | | | | | | | | | | | | | |
|
17,926 | 19,426 | ||||||||||||
|
||||||||||||||
Café Brazil, LLC |
Casual Restaurant Group |
|||||||||||||
|
Member Units (1,233 units)(8) |
1,742 | 5,390 | |||||||||||
|
||||||||||||||
CBT Nuggets, LLC |
Produces and Sells IT Training Certification Videos |
|||||||||||||
|
Member Units (416 units)(8) |
1,300 | 65,910 | |||||||||||
|
||||||||||||||
Charps, LLC |
Pipeline Maintenance and Construction |
|||||||||||||
|
12% Secured Debt (MaturityFebruary 3, 2022) |
18,400 | 18,209 | 18,209 | ||||||||||
|
Preferred Member Units (1,600 units) |
400 | 400 | |||||||||||
| | | | | | | | | | | | | | |
|
18,609 | 18,609 | ||||||||||||
|
5
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Clad-Rex Steel, LLC |
Specialty Manufacturer of Vinyl-Clad Metal |
|||||||||||||
|
LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.55%, Secured Debt (MaturityDecember 20, 2021)(9) |
14,080 | 13,949 | 13,949 | ||||||||||
|
Member Units (717 units)(8) |
7,280 | 7,830 | |||||||||||
|
10% Secured Debt (Clad-Rex Steel RE Investor, LLC) (MaturityDecember 20, 2036) |
1,193 | 1,181 | 1,181 | ||||||||||
|
Member Units (Clad-Rex Steel RE Investor, LLC) (800 units) |
210 | 210 | |||||||||||
| | | | | | | | | | | | | | |
|
22,620 | 23,170 | ||||||||||||
|
||||||||||||||
CMS Minerals Investments |
Oil & Gas Exploration & Production |
|||||||||||||
|
Member Units (CMS Minerals II, LLC) (100 units)(8) |
3,641 | 2,628 | |||||||||||
|
||||||||||||||
Datacom, LLC |
Technology and Telecommunications Provider |
|||||||||||||
|
8% Secured Debt (MaturityMay 30, 2018) |
1,080 | 1,080 | 1,080 | ||||||||||
|
5.25% Current / 5.25% PIK Secured Debt (MaturityMay 30, 2019) |
12,024 | 11,974 | 11,653 | ||||||||||
|
Class A Preferred Member Units (15% cumulative) |
1,181 | 1,472 | |||||||||||
|
Class B Preferred Member Units (6,453 units) |
6,030 | 211 | |||||||||||
| | | | | | | | | | | | | | |
|
20,265 | 14,416 | ||||||||||||
|
||||||||||||||
Gamber-Johnson Holdings, LLC |
Manufacturer of Ruggedized Computer Mounting Systems |
|||||||||||||
|
LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.05%, Secured Debt (MaturityJune 24, 2021)(9) |
23,880 | 23,668 | 23,880 | ||||||||||
|
Member Units (8,619 units)(8) |
14,844 | 22,080 | |||||||||||
| | | | | | | | | | | | | | |
|
38,512 | 45,960 | ||||||||||||
|
||||||||||||||
Garreco, LLC |
Manufacturer and Supplier of Dental Products |
|||||||||||||
|
LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.15%, Secured Debt (MaturityMarch 31, 2020)(9) |
5,844 | 5,794 | 5,794 | ||||||||||
|
Member Units (1,200 units) |
1,200 | 1,830 | |||||||||||
| | | | | | | | | | | | | | |
|
6,994 | 7,624 | ||||||||||||
|
||||||||||||||
GRT Rubber Technologies LLC |
Manufacturer of Engineered Rubber Products |
|||||||||||||
|
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.05%, Secured Debt (MaturityDecember 19, 2019)(9) |
12,409 | 12,340 | 12,409 | ||||||||||
|
Member Units (5,879 units)(8) |
13,065 | 20,680 | |||||||||||
| | | | | | | | | | | | | | |
|
25,405 | 33,089 | ||||||||||||
|
6
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gulf Manufacturing, LLC |
Manufacturer of Specialty Fabricated Industrial Piping Products |
|||||||||||||
|
9% PIK Secured Debt (Ashland Capital IX, LLC) (MaturityJune 30, 2017)(17) |
777 | 777 | 777 | ||||||||||
|
Member Units (438 units)(8) |
2,980 | 10,470 | |||||||||||
| | | | | | | | | | | | | | |
|
3,757 | 11,247 | ||||||||||||
|
||||||||||||||
Gulf Publishing Holdings, LLC |
Energy Industry Focused Media and Publishing |
|||||||||||||
|
12.5% Secured Debt (MaturityApril 29, 2021) |
12,800 | 12,692 | 12,692 | ||||||||||
|
Member Units (3,681 units) |
3,681 | 4,330 | |||||||||||
| | | | | | | | | | | | | | |
|
16,373 | 17,022 | ||||||||||||
|
||||||||||||||
Harborside Holdings, LLC |
Real Estate Holding Company |
|||||||||||||
|
Member units (100 units) |
6,206 | 9,400 | |||||||||||
|
||||||||||||||
Harrison Hydra-Gen, Ltd. |
Manufacturer of Hydraulic Generators |
|||||||||||||
|
Common Stock (107,456 shares) |
718 | 2,800 | |||||||||||
|
||||||||||||||
Hawthorne Customs and Dispatch Services, LLC |
Facilitator of Import Logistics, Brokerage, and Warehousing |
|||||||||||||
|
Member Units (500 units) |
589 | 280 | |||||||||||
|
Member Units (Wallisville Real Estate, LLC) (588,210 units)(8) |
1,215 | 2,040 | |||||||||||
| | | | | | | | | | | | | | |
|
1,804 | 2,320 | ||||||||||||
|
||||||||||||||
HW Temps LLC |
Temporary Staffing Solutions |
|||||||||||||
|
LIBOR Plus 13.00% (Floor 1.00%), Current Coupon 14.05%, Secured Debt (Maturity July 2, 2020)(9) |
9,976 | 9,909 | 9,909 | ||||||||||
|
Preferred Member Units (3,200 units) |
3,942 | 3,940 | |||||||||||
| | | | | | | | | | | | | | |
|
13,851 | 13,849 | ||||||||||||
|
||||||||||||||
Hydratec, Inc. |
Designer and Installer of Micro-Irrigation Systems |
|||||||||||||
|
Common Stock (7,095 shares)(8) |
7,095 | 15,640 | |||||||||||
|
||||||||||||||
IDX Broker, LLC |
Provider of Marketing and CRM Tools for the Real Estate Industry |
|||||||||||||
|
11.5% Secured Debt (MaturityNovember 15, 2018) |
10,350 | 10,317 | 10,350 | ||||||||||
|
Member Units (5,400 units)(8) |
5,606 | 8,630 | |||||||||||
| | | | | | | | | | | | | | |
|
15,923 | 18,980 | ||||||||||||
|
7
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jensen Jewelers of Idaho, LLC |
Retail Jewelry Store |
|||||||||||||
|
Prime Plus 6.75% (Floor 2.00%), Current Coupon 10.75%, Secured Debt (MaturityNovember 14, 2019)(9) |
3,755 | 3,707 | 3,755 | ||||||||||
|
Member Units (627 units)(8) |
811 | 4,460 | |||||||||||
| | | | | | | | | | | | | | |
|
4,518 | 8,215 | ||||||||||||
|
||||||||||||||
KBK Industries, LLC |
Manufacturer of Specialty Oilfield and Industrial Products |
|||||||||||||
|
10% Secured Debt (MaturitySeptember 28, 2017) |
940 | 940 | 940 | ||||||||||
|
12.5% Secured Debt (MaturitySeptember 28, 2017) |
5,900 | 5,896 | 5,900 | ||||||||||
|
Member Units (325 units) |
783 | 3,990 | |||||||||||
| | | | | | | | | | | | | | |
|
7,619 | 10,830 | ||||||||||||
|
||||||||||||||
Lamb Ventures, LLC |
Aftermarket Automotive Services Chain |
|||||||||||||
|
LIBOR Plus 5.75%, Current Coupon 6.83%, Secured Debt (Maturity May 30, 2018) |
190 | 190 | 190 | ||||||||||
|
11% Secured Debt (MaturityMay 31, 2018) |
7,579 | 7,579 | 7,579 | ||||||||||
|
Preferred Equity (non-voting) |
400 | 400 | |||||||||||
|
Member Units (742 units)(8) |
5,273 | 6,330 | |||||||||||
|
9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (MaturityMarch 31, 2027) |
432 | 428 | 432 | ||||||||||
|
Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8) |
625 | 590 | |||||||||||
| | | | | | | | | | | | | | |
|
14,495 | 15,521 | ||||||||||||
|
||||||||||||||
Marine Shelters Holdings, LLC |
Fabricator of Marine and Industrial Shelters |
|||||||||||||
|
12% PIK Secured Debt (MaturityDecember 28, 2017)(14) |
3,131 | 3,078 | | ||||||||||
|
Preferred Member Units (3,810 units) |
5,352 | | |||||||||||
| | | | | | | | | | | | | | |
|
8,430 | | ||||||||||||
|
||||||||||||||
MH Corbin Holding LLC |
Manufacturer and Distributor of Traffic Safety Products |
|||||||||||||
|
10% Secured Debt (MaturityAugust 31, 2020) |
12,950 | 12,862 | 12,862 | ||||||||||
|
Preferred Member Units (4,000 shares) |
6,000 | 6,000 | |||||||||||
| | | | | | | | | | | | | | |
|
18,862 | 18,862 | ||||||||||||
|
8
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 (3,554 units) |
1,810 | 980 | |||||||||||
|
9.5% Secured Debt (Mid-Columbia Real Estate, LLC) (MaturityMay 13, 2025) |
814 | 814 | 814 | ||||||||||
|
Member Units (Mid-Columbia Real Estate, LLC) (500 units)(8) |
790 | 1,290 | |||||||||||
| | | | | | | | | | | | | | |
|
9,064 | 8,734 | ||||||||||||
|
||||||||||||||
MSC Adviser I, LLC(16) |
Third Party Investment Advisory Services |
|||||||||||||
|
Member Units (Fully diluted 100.0%)(8) |
| 37,104 | |||||||||||
|
||||||||||||||
Mystic Logistics Holdings, LLC |
Logistics and Distribution Services Provider for Large Volume Mailers |
|||||||||||||
|
12% Secured Debt (MaturityAugust 15, 2019) |
8,032 | 7,938 | 8,032 | ||||||||||
|
Common Stock (5,873 shares) |
2,720 | 6,590 | |||||||||||
| | | | | | | | | | | | | | |
|
10,658 | 14,622 | ||||||||||||
|
||||||||||||||
NAPCO Precast, LLC |
Precast Concrete Manufacturing |
|||||||||||||
|
LIBOR Plus 8.50%, Current Coupon 9.70%, Secured Debt (MaturityMay 31, 2019) |
10,475 | 10,438 | 10,438 | ||||||||||
|
Member Units (2,955 units)(8) |
2,975 | 11,100 | |||||||||||
| | | | | | | | | | | | | | |
|
13,413 | 21,538 | ||||||||||||
|
||||||||||||||
NRI Clinical Research, LLC |
Clinical Research Service Provider |
|||||||||||||
|
LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (MaturitySeptember 8, 2017)(9) |
400 | 400 | 400 | ||||||||||
|
14% Secured Debt (MaturitySeptember 8, 2017) |
4,205 | 4,194 | 4,205 | ||||||||||
|
Warrants (251,723 equivalent units; ExpirationSeptember 8, 2021; Strike price$0.01 per unit) |
252 | 680 | |||||||||||
|
Member Units (500,000 units) |
765 | 2,461 | |||||||||||
| | | | | | | | | | | | | | |
|
5,611 | 7,746 | ||||||||||||
|
||||||||||||||
NRP Jones, LLC |
Manufacturer of Hoses, Fittings and Assemblies |
|||||||||||||
|
8% Current / 4% PIK Secured Debt (MaturityDecember 22, 2016)(17) |
14,197 | 14,197 | 14,197 | ||||||||||
|
Warrants (14,331 equivalent units; ExpirationDecember 22, 2022; Strike price$0.01 per unit) |
817 | 130 | |||||||||||
|
Member Units (50,877 units) |
2,900 | 410 | |||||||||||
| | | | | | | | | | | | | | |
|
17,914 | 14,737 | ||||||||||||
|
9
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
NuStep, LLC |
Designer, Manufacturer and Distributor of Fitness Equipment |
|||||||||||||
|
12% Secured Debt (MaturityJanuary 31, 2022) |
20,600 | 20,402 | 20,402 | ||||||||||
|
Preferred Member Units (406 units) |
10,200 | 10,200 | |||||||||||
| | | | | | | | | | | | | | |
|
30,602 | 30,602 | ||||||||||||
|
||||||||||||||
OMi Holdings, Inc. |
Manufacturer of Overhead Cranes |
|||||||||||||
|
Common Stock (1,500 shares)(8) |
1,080 | 12,740 | |||||||||||
|
||||||||||||||
Pegasus Research Group, LLC |
Provider of Telemarketing and Data Services |
|||||||||||||
|
Member Units (460 units) |
1,290 | 8,230 | |||||||||||
|
||||||||||||||
PPL RVs, Inc. |
Recreational Vehicle Dealer |
|||||||||||||
|
LIBOR Plus 7.00% (Floor 0.50%), Current Coupon 8.15%, Secured Debt (MaturityNovember 15, 2021)(9) |
18,000 | 17,841 | 18,000 | ||||||||||
|
Common Stock (1,962 shares)(8) |
2,150 | 11,780 | |||||||||||
| | | | | | | | | | | | | | |
|
19,991 | 29,780 | ||||||||||||
|
||||||||||||||
Principle Environmental, LLC |
Noise Abatement Service Provider |
|||||||||||||
|
12% Secured Debt (MaturityApril 30, 2017)(17) |
4,060 | 4,060 | 4,060 | ||||||||||
|
12% Current / 2% PIK Secured Debt (MaturityApril 30, 2017)(17) |
3,412 | 3,412 | 3,412 | ||||||||||
|
Preferred Member Units (19,631 units) |
4,600 | 6,610 | |||||||||||
|
Warrants (1,018 equivalent units; ExpirationJanuary 31, 2021; Strike price$0.01 per unit) |
1,200 | 340 | |||||||||||
| | | | | | | | | | | | | | |
|
13,272 | 14,422 | ||||||||||||
|
||||||||||||||
Quality Lease Service, LLC |
Provider of Rigsite Accommodation Unit Rentals and Related Services |
|||||||||||||
|
8% PIK Secured Debt (MaturityJune 8, 2020) |
7,341 | 7,341 | 7,341 | ||||||||||
|
Member Units (1,000 units) |
2,318 | 4,387 | |||||||||||
| | | | | | | | | | | | | | |
|
9,659 | 11,728 | ||||||||||||
|
||||||||||||||
River Aggregates, LLC |
Processor of Construction Aggregates |
|||||||||||||
|
Zero Coupon Secured Debt (MaturityJune 30, 2018) |
750 | 666 | 666 | ||||||||||
|
Member Units (1,150 units)(8) |
1,150 | 4,410 | |||||||||||
|
Member Units (RA Properties, LLC) (1,500 units) |
369 | 2,510 | |||||||||||
| | | | | | | | | | | | | | |
|
2,185 | 7,586 | ||||||||||||
|
10
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SoftTouch Medical Holdings LLC |
Provider of In-Home Pediatric Durable Medical Equipment |
|||||||||||||
|
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.05%, Secured Debt (MaturityOctober 31, 2019)(9) |
7,140 | 7,103 | 7,140 | ||||||||||
|
Member Units (4,450 units)(8) |
4,930 | 9,540 | |||||||||||
| | | | | | | | | | | | | | |
|
12,033 | 16,680 | ||||||||||||
|
||||||||||||||
The MPI Group, LLC |
Manufacturer of Custom Hollow Metal Doors, Frames and Accessories |
|||||||||||||
|
9% Secured Debt (MaturityOctober 2, 2018) |
2,924 | 2,923 | 2,620 | ||||||||||
|
Series A Preferred Units (2,500 units; 10% Cumulative) |
2,500 | | |||||||||||
|
Warrants (1,424 equivalent units; ExpirationJuly 1, 2024; Strike price$0.01 per unit) |
1,096 | | |||||||||||
|
Member Units (MPI Real Estate Holdings, LLC) (100 units)(8) |
2,300 | 2,390 | |||||||||||
| | | | | | | | | | | | | | |
|
8,819 | 5,010 | ||||||||||||
|
||||||||||||||
Uvalco Supply, LLC |
Farm and Ranch Supply Store |
|||||||||||||
|
9% Secured Debt (MaturityJanuary 1, 2019) |
636 | 636 | 636 | ||||||||||
|
Member Units (1,867 units)(8) |
3,579 | 4,306 | |||||||||||
| | | | | | | | | | | | | | |
|
4,215 | 4,942 | ||||||||||||
|
||||||||||||||
Vision Interests, Inc. |
Manufacturer / Installer of Commercial Signage |
|||||||||||||
|
13% Secured Debt (MaturityDecember 23, 2018) |
2,814 | 2,790 | 2,790 | ||||||||||
|
Series A Preferred Stock (3,000,000 shares) |
3,000 | 3,000 | |||||||||||
|
Common Stock (1,126,242 shares) |
3,706 | | |||||||||||
| | | | | | | | | | | | | | |
|
9,496 | 5,790 | ||||||||||||
|
||||||||||||||
Ziegler's NYPD, LLC |
Casual Restaurant Group |
|||||||||||||
|
6.5% Secured Debt (MaturityOctober 1, 2019) |
1,000 | 995 | 995 | ||||||||||
|
12% Secured Debt (MaturityOctober 1, 2019) |
300 | 300 | 300 | ||||||||||
|
14% Secured Debt (MaturityOctober 1, 2019) |
2,750 | 2,750 | 2,750 | ||||||||||
|
Warrants (587 equivalent units; ExpirationSeptember 29, 2018; Strike price$0.01 per unit) |
600 | 210 | |||||||||||
|
Preferred Member Units (10,072 units) |
2,834 | 3,580 | |||||||||||
| | | | | | | | | | | | | | |
|
7,479 | 7,835 | ||||||||||||
| | | | | | | | | | | | | | |
Subtotal Control Investments (32.3% of total investments at fair value) |
$ | 497,623 | $ | 671,713 | ||||||||||
| | | | | | | | | | | | | | |
11
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(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 |
|||||||||||||
|
Warrants (42 equivalent units; ExpirationNovember 7, 2024; Strike price$0.01 per unit) |
$ | 259 | $ | 690 | |||||||||
|
Member Units (186 units)(8) |
1,200 | 2,850 | |||||||||||
| | | | | | | | | | | | | | |
|
1,459 | 3,540 | ||||||||||||
|
||||||||||||||
BBB Tank Services, LLC |
Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market |
|||||||||||||
|
LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.55%, Secured Debt (MaturityApril 8, 2021)(9) |
800 | 797 | 797 | ||||||||||
|
15% Secured Debt (MaturityApril 8, 2021) |
4,027 | 3,994 | 3,994 | ||||||||||
|
Member Units (800,000 units) |
800 | 800 | |||||||||||
| | | | | | | | | | | | | | |
|
5,591 | 5,591 | ||||||||||||
|
||||||||||||||
Barfly Ventures, LLC(10) |
Casual Restaurant Group |
|||||||||||||
|
12% Secured Debt (MaturityAugust 31, 2020) |
7,796 | 7,675 | 7,796 | ||||||||||
|
Options (2 equivalent units) |
397 | 590 | |||||||||||
|
Warrant (1 equivalent unit; ExpirationAugust 31, 2025; Strike price$1.00 per unit) |
473 | 330 | |||||||||||
| | | | | | | | | | | | | | |
|
8,545 | 8,716 | ||||||||||||
|
||||||||||||||
Boccella Precast Products LLC |
Manufacturer of Precast Hollow Core Concrete |
|||||||||||||
|
LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.30%, Secured Debt (MaturityJune 30, 2022)(9) |
16,400 | 16,216 | 16,216 | ||||||||||
|
Member Units (2,160,000 units) |
2,160 | 2,160 | |||||||||||
| | | | | | | | | | | | | | |
|
18,376 | 18,376 | ||||||||||||
|
||||||||||||||
Boss Industries, LLC |
Manufacturer and Distributor of Air, Power and Other Industrial Equipment |
|||||||||||||
|
Preferred Member Units (2,242 units)(8) |
2,519 | 3,320 | |||||||||||
|
12
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Bridge Capital Solutions Corporation |
Financial Services and Cash Flow Solutions Provider |
|||||||||||||
|
13% Secured Debt (MaturityJuly 25, 2021) |
7,500 | 5,740 | 5,740 | ||||||||||
|
Warrants (63 equivalent shares; ExpirationApril 18, 2022; Strike price$0.01 per share) |
2,132 | 3,370 | |||||||||||
|
13% Secured Debt (Mercury Service Group, LLC) (MaturityJuly 25, 2021) |
1,000 | 991 | 1,000 | ||||||||||
|
Preferred Member Units (Mercury Service Group, LLC) (17,742 units)(8) |
1,000 | 1,000 | |||||||||||
| | | | | | | | | | | | | | |
|
9,863 | 11,110 | ||||||||||||
|
||||||||||||||
Buca C, LLC |
Casual Restaurant Group |
|||||||||||||
|
LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.33%, Secured Debt (MaturityJune 30, 2020)(9) |
21,204 | 21,068 | 21,068 | ||||||||||
|
Preferred Member Units (6 units; 6% cumulative)(8) |
4,053 | 4,048 | |||||||||||
| | | | | | | | | | | | | | |
|
25,121 | 25,116 | ||||||||||||
|
||||||||||||||
CAI Software LLC |
Provider of Specialized Enterprise Resource Planning Software |
|||||||||||||
|
12% Secured Debt (MaturityOctober 10, 2019) |
3,483 | 3,464 | 3,483 | ||||||||||
|
Member Units (65,356 units)(8) |
654 | 2,820 | |||||||||||
| | | | | | | | | | | | | | |
|
4,118 | 6,303 | ||||||||||||
|
||||||||||||||
CapFusion, LLC(13) |
Non-Bank Lender to Small Businesses |
|||||||||||||
|
13% Secured Debt (MaturityMarch 25, 2021) |
14,400 | 13,304 | 13,304 | ||||||||||
|
Warrants (1,600 equivalent units; ExpirationMarch 24, 2026; Strike price$0.01 per unit) |
1,200 | 1,200 | |||||||||||
| | | | | | | | | | | | | | |
|
14,504 | 14,504 | ||||||||||||
|
||||||||||||||
Chandler Signs Holdings, LLC(10) |
Sign Manufacturer |
|||||||||||||
|
12% Secured Debt (MaturityJuly 4, 2021) |
4,500 | 4,464 | 4,500 | ||||||||||
|
Class A Units (1,500,000 units)(8) |
1,500 | 2,910 | |||||||||||
| | | | | | | | | | | | | | |
|
5,964 | 7,410 | ||||||||||||
|
||||||||||||||
Condit Exhibits, LLC |
Tradeshow Exhibits / Custom Displays Provider |
|||||||||||||
|
Member Units (3,936 units)(8) |
100 | 1,840 | |||||||||||
|
13
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Congruent Credit Opportunities Funds(12)(13) |
Investment Partnership |
|||||||||||||
|
LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%) |
5,730 | 1,377 | |||||||||||
|
LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8) |
17,869 | 18,577 | |||||||||||
| | | | | | | | | | | | | | |
|
23,599 | 19,954 | ||||||||||||
|
||||||||||||||
Dos Rios Partners(12)(13) |
Investment Partnership |
|||||||||||||
|
LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%) |
5,996 | 5,369 | |||||||||||
|
LP Interests (Dos Rios PartnersA, LP) (Fully diluted 6.4%) |
1,904 | 1,573 | |||||||||||
| | | | | | | | | | | | | | |
|
7,900 | 6,942 | ||||||||||||
|
||||||||||||||
Dos Rios Stone Products LLC(10) |
Limestone and Sandstone Dimension Cut Stone Mining Quarries |
|||||||||||||
|
Class A Units (2,000,000 units)(8) |
2,000 | 1,870 | |||||||||||
|
||||||||||||||
East Teak Fine Hardwoods, Inc. |
Distributor of Hardwood Products |
|||||||||||||
|
Common Stock (6,250 shares)(8) |
480 | 630 | |||||||||||
|
||||||||||||||
East West Copolymer & Rubber, LLC |
Manufacturer of Synthetic Rubbers |
|||||||||||||
|
12% Current / 2% PIK Secured Debt (MaturityOctober 17, 2019)(14)(15) |
9,699 | 9,591 | 3,000 | ||||||||||
|
Warrants (2,510,790 equivalent units; ExpirationOctober 15, 2024; Strike price$0.01 per unit) |
50 | | |||||||||||
| | | | | | | | | | | | | | |
|
9,641 | 3,000 | ||||||||||||
|
||||||||||||||
EIG Fund Investments(12)(13) |
Investment Partnership |
|||||||||||||
|
LP Interests (EIG Global Private Debt FundA, L.P.) (Fully diluted 11.1%)(8) |
793 | 694 | |||||||||||
|
LP Interests (EIG Traverse Co-Investment, L.P.) (Fully diluted 22.2%)(8) |
9,805 | 10,409 | |||||||||||
| | | | | | | | | | | | | | |
|
10,598 | 11,103 | ||||||||||||
|
||||||||||||||
Freeport Financial Funds(12)(13) |
Investment Partnership |
|||||||||||||
|
LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)(8) |
5,974 | 5,519 | |||||||||||
|
LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%)(8) |
7,559 | 7,507 | |||||||||||
| | | | | | | | | | | | | | |
|
13,533 | 13,026 | ||||||||||||
|
14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(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 Collection of Healthcare and other Business Receivables |
|||||||||||||
|
10.5% Secured Debt (MaturityJanuary 1, 2019) |
12,720 | 12,720 | 11,770 | ||||||||||
|
Warrants (29,032 equivalent units; ExpirationFebruary 9, 2022; Strike price$0.01 per unit) |
400 | | |||||||||||
| | | | | | | | | | | | | | |
|
13,120 | 11,770 | ||||||||||||
|
||||||||||||||
Glowpoint, Inc. |
Provider of Cloud Managed Video Collaboration Services |
|||||||||||||
|
12% Secured Debt (MaturityOctober 18, 2018) |
9,000 | 8,963 | 2,700 | ||||||||||
|
Common Stock (7,711,517 shares) |
3,958 | 2,170 | |||||||||||
| | | | | | | | | | | | | | |
|
12,921 | 4,870 | ||||||||||||
|
||||||||||||||
Guerdon Modular Holdings, Inc. |
Multi-Family and Commercial Modular Construction Company |
|||||||||||||
|
13% Secured Debt (MaturityAugust 13, 2019) |
10,708 | 10,612 | 10,612 | ||||||||||
|
Preferred Stock (404,998 shares) |
1,140 | 1,140 | |||||||||||
|
Common Stock (212,033 shares) |
2,983 | 80 | |||||||||||
| | | | | | | | | | | | | | |
|
14,735 | 11,832 | ||||||||||||
|
||||||||||||||
Hawk Ridge Systems, LLC(13) |
Value-Added Reseller of Engineering Design and Manufacturing Solutions |
|||||||||||||
|
10% Secured Debt (MaturityDecember 2, 2021) |
10,000 | 9,909 | 9,909 | ||||||||||
|
Preferred Member Units (226 units)(8) |
2,850 | 2,850 | |||||||||||
|
Preferred Member Units (HRS Services, ULC) (226 units)(8) |
150 | 150 | |||||||||||
| | | | | | | | | | | | | | |
|
12,909 | 12,909 | ||||||||||||
|
||||||||||||||
Houston Plating and Coatings, LLC |
Provider of Plating and Industrial Coating Services |
|||||||||||||
|
8% Unsecured Convertible Debt (MaturityMay 1, 2022) |
3,000 | 3,000 | 3,000 | ||||||||||
|
Member Units (315,756 units) |
2,179 | 4,980 | |||||||||||
| | | | | | | | | | | | | | |
|
5,179 | 7,980 | ||||||||||||
|
||||||||||||||
I-45 SLF LLC(12)(13) |
Investment Partnership |
|||||||||||||
|
Member Units (Fully diluted 20.0%; 24.4% profits interest)(8) |
16,200 | 17,165 | |||||||||||
|
15
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Indianhead Pipeline Services, LLC |
Provider of Pipeline Support Services |
|||||||||||||
|
12% Secured Debt (MaturityFebruary 6, 2018) |
5,192 | 5,192 | 5,192 | ||||||||||
|
Preferred Member Units (33,819 units; 8% cumulative)(8) |
2,537 | 2,875 | |||||||||||
|
Warrants (31,928 equivalent units; ExpirationAugust 6, 2022; Strike price$0.001 per unit) |
459 | | |||||||||||
|
Member Units (14,732 units) |
1 | | |||||||||||
| | | | | | | | | | | | | | |
|
8,189 | 8,067 | ||||||||||||
|
||||||||||||||
L.F. Manufacturing Holdings, LLC(10) |
Manufacturer of Fiberglass Products |
|||||||||||||
|
Member Units (2,179,001 units) |
2,019 | 1,380 | |||||||||||
|
||||||||||||||
Meisler Operating LLC |
Provider of Short-term Trailer and Container Rental |
|||||||||||||
|
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.72%, Secured Debt (MaturityJune 7, 2022)(9) |
16,800 | 16,618 | 16,618 | ||||||||||
|
Member Units (Milton Meisler Holdings LLC) (32,000 units) |
3,200 | 3,200 | |||||||||||
| | | | | | | | | | | | | | |
|
19,818 | 19,818 | ||||||||||||
|
||||||||||||||
OnAsset Intelligence, Inc. |
Provider of Transportation Monitoring / Tracking Products and Services |
|||||||||||||
|
12% PIK Secured Debt (MaturityJune 30, 2021) |
4,796 | 4,796 | 4,796 | ||||||||||
|
10% PIK Unsecured Debt (MaturityJune 30, 2021) |
45 | 45 | 45 | ||||||||||
|
Preferred Stock (912 shares; 7% cumulative) |
1,981 | | |||||||||||
|
Warrants (5,333 equivalent shares; ExpirationApril 18, 2021; Strike price$0.01 per share) |
1,919 | | |||||||||||
| | | | | | | | | | | | | | |
|
8,741 | 4,841 | ||||||||||||
|
||||||||||||||
OPI International Ltd.(13) |
Provider of Man Camp and Industrial Storage Services |
|||||||||||||
|
Common Stock (20,766,317 shares) |
1,371 | | |||||||||||
|
||||||||||||||
PCI Holding Company, Inc. |
Manufacturer of Industrial Gas Generating Systems |
|||||||||||||
|
12% Secured Debt (MaturityMarch 31, 2019) |
13,300 | 13,218 | 13,300 | ||||||||||
|
Preferred Stock (1,740,000 shares) |
1,740 | 2,610 | |||||||||||
|
Preferred Stock (1,500,000 shares; 20% cumulative)(8) |
3,733 | 4,870 | |||||||||||
| | | | | | | | | | | | | | |
|
18,691 | 20,780 | ||||||||||||
|
16
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2017
(dollars in thousands)
(Unaudited)
Portfolio Company(1) |
Business Description |
Type of Investment(2)(3) |
Principal(4) |
Cost(4) |
Fair Value |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) |
Provider of Rigsite Accommodation Unit Rentals and Related Services |
|||||||||||||
|
12% Secured Debt (MaturityJanuary 8, 2018)(14)(15) |
30,785 | 30,281 | 250 | ||||||||||
|
Preferred Member Units (250 units) |
2,500 | | |||||||||||
| | | | | | | | | | | | | | |
|
32,781 | 250 | ||||||||||||
|
||||||||||||||
Tin Roof Acquisition Company |
Casual Restaurant Group |
|||||||||||||
|
12% Secured Debt (MaturityNovember 13, 2018) |
13,175 | 13,081 | 13,081 | ||||||||||
|
Class C Preferred Stock (Fully diluted 10.0%; 10% cumulative)(8) |
2,878 | 2,878 | |||||||||||
| | | | | | | | | | | | | | |
|
15,959 | 15,959 | ||||||||||||
|
||||||||||||||
UniTek Global Services, Inc.(11) |
Provider of Outsourced Infrastructure Services |
|||||||||||||
|
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.65%, Secured Debt (MaturityJanuary 13, 2019)(9) |
8,535 | 8,527 | 8,535 | ||||||||||
|
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.65% / 1.00% PIK, Current Coupon Plus PIK 10.65%, Secured Debt (MaturityJanuary 13, 2019)(9) |
137 | 137 | 137 | ||||||||||
|
15% PIK Unsecured Debt (MaturityJuly 13, 2019) |
802 | 802 | 802 | ||||||||||
|
Preferred Stock (2,596,567 shares; 19% cumulative)(8) |