v3.26.1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt and Average Amount of Total Borrowings Outstanding and Weighted-Overall Average Effective Interest Rate
A summary of Main Street’s debt as of June 30, 2026 is as follows:
Outstanding
Balance
Net Unamortized Debt
Issuance Premiums
(Costs/Discounts) (1)
Recorded Value
Estimated
Fair Value (2)
(in thousands)
Corporate Facility$26,000 $— $26,000 $26,000 
SPV Facility215,000 — 215,000 215,000 
March 2029 Notes
550,000 612 550,612 565,818 
July 2026 Notes
500,000 (22)499,978 499,520 
June 2027 Notes
400,000 (287)399,713 404,180 
August 2028 Notes
350,000 (1,622)348,378 348,219 
SBIC debentures350,000 (4,819)345,181 308,392 
April 2031 Notes
150,000 (1,009)148,991 152,028 
Total Debt$2,541,000 $(7,147)$2,533,853 $2,519,157 
___________________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets. The net unamortized debt issuance costs/discounts related to the July 2026 Notes, June 2027 Notes, August 2028 Notes, SBIC debentures and April 2031 Notes are reflected as contra-liabilities on the Consolidated Balance Sheets, while the net unamortized debt issuance premium related to the March 2029 Notes is reflected as an addition to the carrying value on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt is shown as if Main Street had adopted the fair value option under ASC 825, Financial Instruments (“ASC 825”). See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
A summary of Main Street’s debt as of December 31, 2025 is as follows:
Outstanding
Balance		Net Unamortized
Debt Issuance
Costs/Discounts (1)		Recorded ValueEstimated
Fair Value (2)
(in thousands)
Corporate Facility$432,000 $— $432,000 $432,000 
SPV Facility86,000 — 86,000 86,000 
July 2026 Notes
500,000 (285)499,715 496,150 
June 2027 Notes
400,000 (431)399,569 408,764 
August 2028 Notes
350,000 (2,004)347,996 352,293 
March 2029 Notes
350,000 (2,279)347,721 365,649 
SBIC debentures350,000 (5,407)344,593 310,930 
Total Debt$2,468,000 $(10,406)$2,457,594 $2,451,786 
___________________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the net unamortized debt issuance costs/discounts related to the July 2026 Notes, June 2027 Notes, August 2028 Notes, March 2029 Notes and SBIC debentures are reflected as contra-liabilities on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt is shown as if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
A summary of Main Street’s weighted-average amount of total debt outstanding and overall weighted-average effective interest rate including amortization of debt issuance costs, original issuance discounts and premiums and fees on unused lender commitments for the three and six months ended June 30, 2026 and 2025 is as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(dollars in millions)
Weighted-average debt outstanding$2,593.9 $2,233.1 $2,540.0 $2,192.0 
Weighted-average effective interest rate5.6 %5.8 %5.6 %5.8 %
Schedule of Interest Expense
A summary of Main Street’s interest expense for the three and six months ended June 30, 2026 and 2025 is as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in thousands)
Corporate Facility$2,073 $5,867 $7,966 $10,324 
SPV Facility4,180 3,771 7,603 7,587 
March 2029 Notes
9,475 6,261 15,736 12,522 
July 2026 Notes
3,882 3,882 7,763 7,763 
June 2027 Notes
6,572 6,572 13,144 13,144 
August 2028 Notes
4,916 — 9,832 — 
SBIC debentures3,128 3,135 6,225 6,286 
December 2025 Notes
— 3,031 — 6,061 
April 2031 Notes2,411 — 2,411 — 
Total Interest Expense$36,637 $32,519 $70,680 $63,687 
Schedule of Condensed Balance Sheet and Statement of Operations of MSCC Funding
MSCC Funding’s balance sheets as of June 30, 2026 and December 31, 2025 are as follows:
Balance Sheets
(in thousands)
June 30, 2026December 31, 2025
(Unaudited)
ASSETS
Investments at fair value (cost: $518,699 and $348,954, respectively)
$509,358 $344,093 
Cash and cash equivalents24,509 6,375 
Interest and dividend receivable and other assets3,209 2,149 
Deferred financing costs (net of accumulated amortization of $4,056 and $3,314, respectively)
6,342 7,084 
Total assets$543,418 $359,701 
LIABILITIES
SPV Facility$215,000 $86,000 
Accounts payable and other liabilities to affiliates— 42 
Interest payable1,189 695 
Total liabilities216,189 86,737 
NET ASSETS
Contributed capital246,142 197,064 
Total undistributed earnings81,087 75,900 
Total net assets327,229 272,964 
Total liabilities and net assets$543,418 $359,701 
MSCC Funding’s statements of operations for the three and six months ended June 30, 2026 and 2025 are as follows:
Statements of Operations
(in thousands)
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
INVESTMENT INCOME:
Interest, dividend and fee income$13,819 $10,491 $25,187 $21,089 
EXPENSES:
Interest(4,180)(3,771)(7,603)(7,587)
Management fee to MSCC(651)(453)(1,151)(743)
General and administrative(24)(6)(42)(75)
Total expenses(4,855)(4,230)(8,796)(8,405)
NET INVESTMENT INCOME8,964 6,261 16,391 12,684 
Total net realized loss(6,725)— (6,725)— 
Total net unrealized appreciation (depreciation)6,796 (2,353)(4,479)(2,290)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$9,035 $3,908 $5,187 $10,394