What happened?
Ahead of the company's fourth-quarter earnings report, a number of Main Street Capital's (NYSE:MAIN) portfolio companies have been in the news -- both good stories and bad.

Of particular interest are a new non-accrual investment, a portfolio company that will have its day in bankruptcy court, and some new information about a recent investment by Main Street Capital.

Does it matter?
Main Street Capital makes debt and equity investments in hundreds of companies, so the performance of any one company is relatively moot. That said, it's important to keep tabs on its portfolio companies, particularly as BDCs report a rising number of underperforming investments.

At least one investment will likely go on non-accrual this quarter. A small loan equal to about 0.3% of net asset value to Targus Group International is under stress. Saratoga Investment (NYSE:SAR), a competing BDC, put its loan to Targus on non-accrual after the company skipped an interest payment.

Saratoga Investment's latest earnings report was for the period ended Nov. 30, 2015. Naturally, one would expect Main Street to put its Targus investment on non-accrual for the quarter ended Dec. 31, 2015.

Relativity Media LLC, an investment that has been marked down to a fraction of its original cost, was expected to have its day in bankruptcy court in January. Like Targus, it is small -- valued at 0.3% of Main Street's net asset value. Relativity apparently received an investment from another company in January. (Piecing together private company events and timelines is difficult, to say the least.)

Lest you think the news is all negative, it isn't. Barfly Ventures, a recent addition to the Main Street portfolio, has plans to double its number of locations in 2016, helped by a Main Street Capital investment. This company is currently valued at about 0.4% of Main Street Capital's net asset value, and has the potential to roughly double in size if it draws down on a revolver. Main Street Capital reported owning warrants in the company, which give it a chance to grab a slice of the upside if its expansion plans go well. 

Finally, Main Street also announced that it monetized an investment in Southern RV, cashing in on an equity investment that appreciated 8.5 times in value since it was added to the portfolio in 2013. It's an impressive haul that was undoubtedly helped by low oil prices, which have been a boon for recreational vehicle sales. However, low oil prices won't be so friendly to the 9.1% of Main Street Capital's portfolio that was invested in energy-related businesses as of its September quarterly filing.