v3.26.3
DEBT (Tables)
 9 Months Ended
Sep. 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 September 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$495,000 $— $495,000 $495,000 
SPV Facility300,500 — 300,500 300,500 
March 2029 Notes
550,000 555 550,555 556,265 
June 2027 Notes
400,000 (215)399,785 402,780 
August 2028 Notes
350,000 (1,431)348,569 346,273 
SBIC debentures350,000 (4,524)345,476 306,346 
April 2031 Notes
150,000 (957)149,043 144,806 
Total debt$2,595,500 $(6,572)$2,588,928 $2,551,970 
___________________________
(1)The unamortized deferred financing 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 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 deferred financing 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 nine months ended September 30, 2026 and 2025 is as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
(dollars in millions)
Weighted-average debt outstanding$2,562.9 $2,242.1 $2,548.6 $2,208.9 
Weighted-average effective interest rate6.1 %5.8 %5.7 %5.8 %
Schedule of Interest Expense
A summary of Main Street’s interest expense for the three and nine months ended September 30, 2026 and 2025 is as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
(in thousands)
Corporate Facility$6,795 $4,107 $14,761 $14,431 
SPV Facility4,724 3,033 12,327 10,621 
March 2029 Notes
9,499 6,261 25,235 18,783 
June 2027 Notes
6,571 6,572 19,715 19,715 
August 2028 Notes
4,916 2,452 14,748 2,452 
SBIC debentures3,159 3,166 9,384 9,452 
April 2031 Notes2,652 — 5,063 — 
July 2026 Notes
605 3,882 8,368 11,645 
December 2025 Notes
— 2,999 — 9,060 
Total interest expense$38,921 $32,472 $109,601 $96,159 
Schedule of Condensed Balance Sheet and Statement of Operations of MSCC Funding
MSCC Funding’s balance sheets as of September 30, 2026 and December 31, 2025 are as follows:
Balance Sheets
(in thousands)
September 30, 2026December 31, 2025
(Unaudited)
ASSETS
Investments at fair value (cost: $536,968 and $348,954, respectively)
$528,368 $344,093 
Cash and cash equivalents9,181 6,375 
Interest and dividend receivable and other assets3,177 2,149 
Deferred financing costs (net of accumulated amortization of $4,432 and $3,314, respectively)
5,966 7,084 
Total assets$546,692 $359,701 
LIABILITIES
SPV Facility$300,500 $86,000 
Accounts payable and other liabilities to affiliates— 42 
Interest payable1,513 695 
Total liabilities302,013 86,737 
NET ASSETS
Contributed capital153,709 197,064 
Total undistributed earnings90,970 75,900 
Total net assets244,679 272,964 
Total liabilities and net assets$546,692 $359,701 
MSCC Funding’s statements of operations for the three and nine months ended September 30, 2026 and 2025 are as follows:
Statements of Operations
(in thousands)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
INVESTMENT INCOME:
Interest, dividend and fee income$14,587 $10,154 $39,774 $31,242 
EXPENSES:
Interest(4,724)(3,033)(12,327)(10,621)
Management fee to MSCC(697)(459)(1,848)(1,203)
General and administrative(24)(11)(66)(127)
Total expenses(5,445)(3,503)(14,241)(11,951)
NET INVESTMENT INCOME9,142 6,651 25,533 19,291 
Total net realized loss— (2,481)(6,725)(2,481)
Total net unrealized appreciation (depreciation)741 2,226 (3,738)(64)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$9,883 $6,396 $15,070 $16,746