株探米国株
英語
エドガーで原本を確認する
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Holdings, LLC, Secured Debt 22023-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2023-09-300001396440main:ClassicHGHoldingsLLCMember2023-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2023-09-300001396440DMA Industries, LLC, Secured Debt2023-09-300001396440DMA Industries, LLC, Preferred Equity2023-09-300001396440main:DMAIndustriesLLCMember2023-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2023-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2023-09-300001396440main:DosRiosPartnersMember2023-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2023-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2023-09-300001396440Flame King Holdings, LLC, Preferred Equity2023-09-300001396440Freeport Financial Funds, LP Interests (Freeport Financial SBIC Fund LP)2023-09-300001396440Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-09-300001396440main:FreeportFinancialFundsMember2023-09-300001396440GFG Group, LLC, Secured Debt2023-09-300001396440GFG Group, LLC, Preferred Member Units2023-09-300001396440main:GFGGroupLLCMember2023-09-300001396440Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2023-09-300001396440Harris Preston Fund Investments, LP Interests (HPEP 4, L.P.)2023-09-300001396440Harris Preston Fund Investments, LP Interests (423 COR, L.P.)2023-09-300001396440Harris Preston Fund Investments, LP Interests (423 HAR, L.P.)2023-09-300001396440main:HarrisPrestonFundInvestmentsTwoMember2023-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12023-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22023-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 12023-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22023-09-300001396440main:HawkRidgeSystemsLLCMember2023-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2023-09-300001396440Houston Plating and Coatings, LLC, Member Units2023-09-300001396440main:HoustonPlatingAndCoatingsLLCMember2023-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2023-09-300001396440Infinity X1 Holdings, LLC, Preferred Equity2023-09-300001396440main:InfinityX1HoldingsLLCMember2023-09-300001396440Integral Energy Services, Secured Debt2023-09-300001396440Integral Energy Services, Common Stock2023-09-300001396440main:IntegralEnergyServicesMember2023-09-300001396440Iron-Main Investments, LLC, Secured Debt 12023-09-300001396440Iron-Main Investments, LLC, Secured Debt 22023-09-300001396440Iron-Main Investments, LLC, Secured Debt 32023-09-300001396440Iron-Main Investments, LLC, Secured Debt 42023-09-300001396440Iron-Main Investments, LLC, Secured Debt 52023-09-300001396440Iron-Main Investments, LLC, Common Stock2023-09-300001396440main:IronMainInvestmentsLLCMember2023-09-300001396440ITA Holdings Group, LLC, Secured Debt 12023-09-300001396440ITA Holdings Group, LLC, Secured Debt 22023-09-300001396440ITA Holdings Group, LLC, Secured Debt 32023-09-300001396440ITA Holdings Group, LLC, Secured Debt 42023-09-300001396440ITA Holdings Group, LLC, Warrants2023-09-300001396440main:ITAHoldingsGroupLLCMember2023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42023-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2023-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2023-09-300001396440OnAsset Intelligence, Inc., Common Stock2023-09-300001396440OnAsset Intelligence, Inc., Warrants2023-09-300001396440main:OnAssetIntelligenceIncMember2023-09-300001396440Oneliance, LLC, Secured Debt 12023-09-300001396440Oneliance, LLC, Secured Debt 22023-09-300001396440Oneliance, LLC, Preferred Stock2023-09-300001396440main:OnelianceLLCMember2023-09-300001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Preferred Member Units2023-09-300001396440SI East, LLC, Secured Debt 12023-09-300001396440SI East, LLC, Secured Debt 22023-09-300001396440SI East, LLC, Preferred Member Units2023-09-300001396440main:SIEastLLCMember2023-09-300001396440Slick Innovations, LLC, Secured Debt2023-09-300001396440Slick Innovations, LLC, Common Stock2023-09-300001396440main:SlickInnovationsLLCMember2023-09-300001396440Student Resource Center, LLC, Secured Debt2023-09-300001396440Student Resource Center, LLC, Preferred Equity2023-09-300001396440main:StudentResourceCenterLLCMember2023-09-300001396440Superior Rigging & Erecting Co., Secured Debt2023-09-300001396440Superior Rigging & Erecting Co., Preferred Member Units2023-09-300001396440main:SuperiorRiggingErectingCoMember2023-09-300001396440The Affiliati Network, LLC, Secured Debt 12023-09-300001396440The Affiliati Network, LLC, Secured Debt 22023-09-300001396440The Affiliati Network, LLC, Preferred Stock 12023-09-300001396440The Affiliati Network, LLC, Preferred Stock 22023-09-300001396440main:TheAffiliatiNetworkLLCMember2023-09-300001396440UnionRock Energy Fund II, LP, LP Interests2023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22023-09-300001396440UniTek Global Services, Inc., Preferred Stock 12023-09-300001396440UniTek Global Services, Inc., Preferred Stock 22023-09-300001396440UniTek Global Services, Inc., Preferred Stock 32023-09-300001396440UniTek Global Services, Inc., Preferred Stock 42023-09-300001396440UniTek Global Services, Inc., Common Stock2023-09-300001396440main:UniTekGlobalServicesIncMember2023-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2023-09-300001396440Universal Wellhead Services Holdings, LLC, Member Units2023-09-300001396440main:UniversalWellheadServicesHoldingsLLCMember2023-09-300001396440World Micro Holdings, LLC, Secured Debt2023-09-300001396440World Micro Holdings, LLC, Preferred Equity2023-09-300001396440main:WorldMicroHoldingsLLCMember2023-09-300001396440AB Centers Acquisition Corporation, Secured Debt 12023-09-300001396440AB Centers Acquisition Corporation, Secured Debt 22023-09-300001396440AB Centers Acquisition Corporation, Secured Debt 32023-09-300001396440AB Centers Acquisition Corporation, Secured Debt 42023-09-300001396440main:ABCentersAcquisitionCorporationMember2023-09-300001396440Acousti Engineering Company of Florida, Secured Debt 12023-09-300001396440Acousti Engineering Company of Florida, Secured Debt 22023-09-300001396440Acousti Engineering Company of Florida, Secured Debt 32023-09-300001396440main:AcoustiEngineeringCompanyOfFloridaMember2023-09-300001396440Acumera, Inc., Secured Debt 12023-09-300001396440Acumera, Inc., Secured Debt 22023-09-300001396440Acumera, Inc., Warrants2023-09-300001396440main:AcumeraIncMember2023-09-300001396440Adams Publishing Group, LLC, Secured Debt 12023-09-300001396440Adams Publishing Group, LLC, Secured Debt 22023-09-300001396440main:AdamsPublishingGroupLLCMember2023-09-300001396440ADS Tactical, Inc., Secured Debt2023-09-300001396440AMEREQUIP LLC., Secured Debt 12023-09-300001396440AMEREQUIP LLC., Secured Debt 22023-09-300001396440AMEREQUIP LLC., Common Stock2023-09-300001396440main:AMEREQUIPLLCMember2023-09-300001396440American Health Staffing Group, Inc., Secured Debt 12023-09-300001396440American Health Staffing Group, Inc., Secured Debt 22023-09-300001396440main:AmericanHealthStaffingGroupIncMember2023-09-300001396440American Nuts, LLC, Secured Debt 12023-09-300001396440American Nuts, LLC, Secured Debt 22023-09-300001396440American Nuts, LLC, Secured Debt 32023-09-300001396440American Nuts, LLC, Secured Debt 42023-09-300001396440main:AmericanNutsLLCMember2023-09-300001396440American Teleconferencing Services, Ltd., Secured Debt 12023-09-300001396440American Teleconferencing Services, Ltd., Secured Debt 22023-09-300001396440main:AmericanTeleconferencingServicesLtdMember2023-09-300001396440ArborWorks, LLC, Secured Debt 12023-09-300001396440ArborWorks, LLC, Secured Debt 22023-09-300001396440ArborWorks, LLC, Common Equity2023-09-300001396440main:ArborWorksLLCMember2023-09-300001396440Archer Systems, LLC, Secured Debt 12023-09-300001396440Archer Systems, LLC, Secured Debt 22023-09-300001396440Archer Systems, LLC, Common Stock2023-09-300001396440main:ArcherSystemsLLCMember2023-09-300001396440ATS Operating, LLC, Secured Debt 12023-09-300001396440ATS Operating, LLC, Secured Debt 22023-09-300001396440ATS Operating, LLC, Secured Debt 32023-09-300001396440ATS Operating, LLC, Common Stock2023-09-300001396440main:ATSOperatingLLCMember2023-09-300001396440AVEX Aviation Holdings, LLC, Secured Debt 12023-09-300001396440AVEX Aviation Holdings, LLC, Secured Debt 22023-09-300001396440AVEX Aviation Holdings, LLC, Common Equity2023-09-300001396440main:AVEXAviationHoldingsLLCMember2023-09-300001396440Berry Aviation, Inc., Preferred Member Units 12023-09-300001396440Berry Aviation, Inc., Preferred Member Units 22023-09-300001396440main:BerryAviationIncMember2023-09-300001396440Bettercloud, Inc., Secured Debt 12023-09-300001396440Bettercloud, Inc., Secured Debt 22023-09-300001396440main:BettercloudIncMember2023-09-300001396440Binswanger Enterprises, LLC, Member Units2023-09-300001396440Bluestem Brands, Inc., Secured Debt 12023-09-300001396440Bluestem Brands, Inc., Secured Debt 22023-09-300001396440Bluestem Brands, Inc., Common Stock2023-09-300001396440Bluestem Brands, Inc., Warrants2023-09-300001396440main:BluestemBrandsIncMember2023-09-300001396440Bond Brand Loyalty ULC, Secured Debt 12023-09-300001396440Bond Brand Loyalty ULC, Secured Debt 22023-09-300001396440Bond Brand Loyalty ULC, Secured Debt 32023-09-300001396440Bond Brand Loyalty ULC, Common Equity2023-09-300001396440main:BondBrandLoyaltyULCMember2023-09-300001396440Brainworks Software, LLC, Secured Debt 12023-09-300001396440Brainworks Software, LLC, Secured Debt 22023-09-300001396440main:BrainworksSoftwareLLCMember2023-09-300001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2023-09-300001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2023-09-300001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund V, LP)2023-09-300001396440main:BrightwoodCapitalFundInvestmentsMember2023-09-300001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 12023-09-300001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 22023-09-300001396440main:BurningGlassIntermediateHoldingCompanyIncMember2023-09-300001396440Cadence Aerospace LLC, Secured Debt 12023-09-300001396440Cadence Aerospace LLC, Secured Debt 22023-09-300001396440Cadence Aerospace LLC, Secured Debt 32023-09-300001396440Cadence Aerospace LLC, Secured Debt 42023-09-300001396440Cadence Aerospace LLC, Secured Debt 52023-09-300001396440main:CadenceAerospaceLLCMember2023-09-300001396440CAI Software LLC, Preferred Equity 12023-09-300001396440CAI Software LLC, Preferred Equity 22023-09-300001396440main:CAISoftwareLLCMember2023-09-300001396440Camin Cargo Control, Inc., Secured Debt2023-09-300001396440CaseWorthy, Inc., Secured Debt 12023-09-300001396440CaseWorthy, Inc., Secured Debt 22023-09-300001396440CaseWorthy, Inc., Secured Debt 32023-09-300001396440CaseWorthy, Inc., Common Equity2023-09-300001396440main:CaseWorthyIncMember2023-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 12023-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 22023-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 32023-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 42023-09-300001396440main:ChannelPartnersIntermediatecoLLCMember2023-09-300001396440Clarius BIGS, LLC, Secured Debt2023-09-300001396440Computer Data Source, LLC, Secured Debt 12023-09-300001396440Computer Data Source, LLC, Secured Debt 22023-09-300001396440main:ComputerDataSourceLLCMember2023-09-300001396440Construction Supply Investments, LLC, Member Units2023-09-300001396440Dalton US Inc., Secured Debt 12023-09-300001396440Dalton US Inc., Secured Debt 22023-09-300001396440Dalton US Inc., Secured Debt 32023-09-300001396440Dalton US Inc., Common Stock2023-09-300001396440main:DaltonUSIncMember2023-09-300001396440DTE Enterprises, LLC, Class A Preferred Member Units2023-09-300001396440DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2023-09-300001396440main:DTEEnterprisesLLCMember2023-09-300001396440Dynamic Communities, LLC, Secured Debt 12023-09-300001396440Dynamic Communities, LLC, Secured Debt 22023-09-300001396440Dynamic Communities, LLC, Preferred Equity 12023-09-300001396440Dynamic Communities, LLC, Preferred Equity 22023-09-300001396440Dynamic Communities, LLC, Common Equity2023-09-300001396440main:DynamicCommunitiesLLCMember2023-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 12023-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 22023-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 32023-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 4 2023-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 52023-09-300001396440main:EasternWholesaleFenceLLCMember2023-09-300001396440Emerald Technologies Acquisition Co, Inc., Secured Debt2023-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII, L.P.)2023-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)2023-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund IX, L.P.)2023-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund X, L.P.)2023-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund II, L.P.)2023-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund III, L.P.)2023-09-300001396440main:EnCapEnergyFundInvestmentsMember2023-09-300001396440Engineering Research & Consulting, LLC, Secured Debt 12023-09-300001396440Engineering Research & Consulting, LLC, Secured Debt 22023-09-300001396440main:EngineeringResearchConsultingLLCMember2023-09-300001396440Escalent, Inc., Secured Debt 12023-09-300001396440Escalent, Inc., Secured Debt 22023-09-300001396440Escalent, Inc., Common Equity2023-09-300001396440main:EscalentIncMember2023-09-300001396440Event Holdco, LLC, Secured Debt 12023-09-300001396440Event Holdco, LLC, Secured Debt 22023-09-300001396440main:EventHoldcoLLCMember2023-09-300001396440Flip Electronics LLC, Secured Debt 12023-09-300001396440Flip Electronics LLC, Secured Debt 22023-09-300001396440Flip Electronics LLC, Secured Debt 32023-09-300001396440main:FlipElectronicsLLCMember2023-09-300001396440Fuse, LLC, Secured Debt2023-09-300001396440Fuse, LLC, Common Stock2023-09-300001396440main:FuseLLCMember2023-09-300001396440GeoStabilization International (GSI), Secured Debt2023-09-300001396440GS HVAM Intermediate, LLC, Secured Debt 12023-09-300001396440GS HVAM Intermediate, LLC, Secured Debt 22023-09-300001396440GS HVAM Intermediate, LLC, Secured Debt 32023-09-300001396440GS HVAM Intermediate, LLC, Secured Debt 42023-09-300001396440main:GSHVAMIntermediateLLCMember2023-09-300001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 12023-09-300001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 22023-09-300001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 32023-09-300001396440main:GULFPACIFICACQUISITIONLLCMember2023-09-300001396440HDC/HW Intermediate Holdings, Secured Debt 12023-09-300001396440HDC/HW Intermediate Holdings, Secured Debt 22023-09-300001396440main:HDCHWIntermediateHoldingsMember2023-09-300001396440HEADLANDS OP-CO LLC, Secured Debt 12023-09-300001396440HEADLANDS OP-CO LLC, Secured Debt 22023-09-300001396440HEADLANDS OP-CO LLC, Secured Debt 32023-09-300001396440main:HEADLANDSOPCOLLCMember2023-09-300001396440HOWLCO LLC, Secured Debt2023-09-300001396440Hybrid Promotions, LLC, Secured Debt2023-09-300001396440IG Parent Corporation, Secured Debt 12023-09-300001396440IG Parent Corporation, Secured Debt 22023-09-300001396440IG Parent Corporation, Secured Debt 3 2023-09-300001396440main:IGParentCorporationMember2023-09-300001396440Imaging Business Machines, L.L.C., Secured Debt 12023-09-300001396440Imaging Business Machines, L.L.C., Secured Debt 22023-09-300001396440Imaging Business Machines, L.L.C., Common Equity2023-09-300001396440main:ImagingBusinessMachinesLLCMember2023-09-300001396440Implus Footcare, LLC, Secured Debt2023-09-300001396440Industrial Services Acquisition, LLC, Secured Debt 12023-09-300001396440Industrial Services Acquisition, LLC, Secured Debt 22023-09-300001396440Industrial Services Acquisition, LLC, Preferred Member Units 12023-09-300001396440Industrial Services Acquisition, LLC, Preferred Member Units 22023-09-300001396440Industrial Services Acquisition, LLC, Member Units2023-09-300001396440main:IndustrialServicesAcquisitionLLCMember2023-09-300001396440Infolinks Media Buyco, LLC, Secured Debt 12023-09-300001396440Infolinks Media Buyco, LLC, Secured Debt 22023-09-300001396440main:InfolinksMediaBuycoLLCMember2023-09-300001396440Insight Borrower Corporation, Secured Debt 12023-09-300001396440Insight Borrower Corporation, Secured Debt 22023-09-300001396440Insight Borrower Corporation, Secured Debt 32023-09-300001396440Insight Borrower Corporation, Common Equity2023-09-300001396440main:InsightBorrowerCorporationMember2023-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 12023-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 22023-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 32023-09-300001396440Inspire Aesthetics Management, LLC, Common Equity2023-09-300001396440main:InspireAestheticsManagementLLCMember2023-09-300001396440Interface Security Systems, L.L.C, Secured Debt 12023-09-300001396440Interface Security Systems, L.L.C, Secured Debt 22023-09-300001396440Interface Security Systems, L.L.C, Common Stock2023-09-300001396440main:InterfaceSecuritySystemsLLCMember2023-09-300001396440Intermedia Holdings, Inc., Secured Debt2023-09-300001396440Invincible Boat Company, LLC., Secured Debt 12023-09-300001396440Invincible Boat Company, LLC., Secured Debt 22023-09-300001396440main:InvincibleBoatCompanyLLCMember2023-09-300001396440INW Manufacturing, LLC, Secured Debt2023-09-300001396440Isagenix International, LLC, Secured Debt2023-09-300001396440Isagenix International, LLC, Common Equity2023-09-300001396440main:IsagenixInternationalLLCMember2023-09-300001396440Jackmont Hospitality, Inc., Secured Debt 12023-09-300001396440Jackmont Hospitality, Inc., Secured Debt 22023-09-300001396440Jackmont Hospitality, Inc., Preferred Equity2023-09-300001396440main:JackmontHospitalityIncMember2023-09-300001396440Joerns Healthcare, LLC, Secured Debt 12023-09-300001396440Joerns Healthcare, LLC, Secured Debt 22023-09-300001396440Joerns Healthcare, LLC, Secured Debt 32023-09-300001396440Joerns Healthcare, LLC, Common Stock2023-09-300001396440main:JoernsHealthcareLLCMember2023-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 12023-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 22023-09-300001396440JTI Electrical & Mechanical, LLC, Common Equity2023-09-300001396440main:JTIElectricalMechanicalLLCMember2023-09-300001396440KMS, LLC, Secured Debt 12023-09-300001396440KMS, LLC, Secured Debt 22023-09-300001396440main:KMSLLCMember2023-09-300001396440Kore Wireless Group Inc., Secured Debt2023-09-300001396440Lightbox Holdings, L.P., Secured Debt2023-09-300001396440LKCM Headwater Investments I, L.P., LP Interests2023-09-300001396440LL Management, Inc., Secured Debt 12023-09-300001396440LL Management, Inc., Secured Debt 22023-09-300001396440LL Management, Inc., Secured Debt 32023-09-300001396440LL Management, Inc., Secured Debt 42023-09-300001396440LL Management, Inc., Secured Debt 52023-09-300001396440main:LLManagementIncMember2023-09-300001396440LLFlex, LLC, Secured Debt2023-09-300001396440Logix Acquisition Company, LLC, Secured Debt2023-09-300001396440Looking Glass Investments, LLC, Member Units2023-09-300001396440Mako Steel, LP, Secured Debt 12023-09-300001396440Mako Steel, LP, Secured Debt 22023-09-300001396440main:MakoSteelLPMember2023-09-300001396440MB2 Dental Solutions, LLC, Secured Debt 12023-09-300001396440MB2 Dental Solutions, LLC, Secured Debt 22023-09-300001396440MB2 Dental Solutions, LLC, Secured Debt 32023-09-300001396440MB2 Dental Solutions, LLC, Secured Debt 42023-09-300001396440main:MB2DentalSolutionsLLCMember2023-09-300001396440Microbe Formulas, LLC, Secured Debt 12023-09-300001396440Microbe Formulas, LLC, Secured Debt 22023-09-300001396440main:MicrobeFormulasLLCMember2023-09-300001396440Mills Fleet Farm Group, LLC, Secured Debt2023-09-300001396440MonitorUS Holding, LLC, Secured Debt 12023-09-300001396440MonitorUS Holding, LLC, Secured Debt 22023-09-300001396440MonitorUS Holding, LLC, Secured Debt 32023-09-300001396440MonitorUS Holding, LLC, Common Stock2023-09-300001396440main:MonitorUSHoldingLLCMember2023-09-300001396440NBG Acquisition Inc, Secured Debt2023-09-300001396440NinjaTrader, LLC, Secured Debt 12023-09-300001396440NinjaTrader, LLC, Secured Debt 22023-09-300001396440NinjaTrader, LLC, Secured Debt 32023-09-300001396440main:NinjaTraderLLCMember2023-09-300001396440NTM Acquisition Corp., Secured Debt2023-09-300001396440NWN Corporation, Secured Debt 12023-09-300001396440NWN Corporation, Secured Debt 22023-09-300001396440NWN Corporation, Secured Debt 32023-09-300001396440main:NWNCorporationMember2023-09-300001396440Obra Capital, Inc, Secured Debt2023-09-300001396440Ospemifene Royalty Sub LLC, Secured Debt2023-09-300001396440Paragon Healthcare, Inc., Secured Debt 12023-09-300001396440Paragon Healthcare, Inc., Secured Debt 22023-09-300001396440Paragon Healthcare, Inc., Secured Debt 32023-09-300001396440main:ParagonHealthcareIncMember2023-09-300001396440Power System Solutions, Secured Debt 12023-09-300001396440Power System Solutions, Secured Debt 22023-09-300001396440Power System Solutions, Secured Debt 32023-09-300001396440Power System Solutions, Common Equity2023-09-300001396440main:PowerSystemSolutionsMember2023-09-300001396440PrimeFlight Aviation Services, Secured Debt2023-09-300001396440Project Eagle Holdings, LLC, Secured Debt 12023-09-300001396440Project Eagle Holdings, LLC, Secured Debt 22023-09-300001396440main:ProjectEagleHoldingsLLCMember2023-09-300001396440PTL US Bidco, Inc, Secured Debt 12023-09-300001396440PTL US Bidco, Inc, Secured Debt 22023-09-300001396440main:PTLUSBidcoIncMember2023-09-300001396440RA Outdoors LLC, Secured Debt 12023-09-300001396440RA Outdoors LLC, Secured Debt 22023-09-300001396440main:RAOutdoorsLLCMember2023-09-300001396440Research Now Group, Inc. and Survey Sampling International, LLC, Secured Debt2023-09-300001396440Richardson Sales Solutions, Secured Debt 12023-09-300001396440Richardson Sales Solutions, Secured Debt 22023-09-300001396440main:RichardsonSalesSolutionsMember2023-09-300001396440RM Bidder, LLC, Member Units2023-09-300001396440RM Bidder, LLC, Warrants2023-09-300001396440main:RMBidderLLCMember2023-09-300001396440Roof Opco, LLC, Secured Debt 12023-09-300001396440Roof Opco, LLC, Secured Debt 22023-09-300001396440Roof Opco, LLC, Secured Debt 32023-09-300001396440main:RoofOpcoLLCMember2023-09-300001396440RTIC Subsidiary Holdings, LLC, Secured Debt 12023-09-300001396440RTIC Subsidiary Holdings, LLC, Secured Debt 22023-09-300001396440RTIC Subsidiary Holdings, LLC, Secured Debt 32023-09-300001396440main:RTICSubsidiaryHoldingsLLCMember2023-09-300001396440Rug Doctor, LLC., Secured Debt 12023-09-300001396440Rug Doctor, LLC., Secured Debt 22023-09-300001396440main:RugDoctorLLCMember2023-09-300001396440SIB Holdings, LLC, Secured Debt 12023-09-300001396440SIB Holdings, LLC, Secured Debt 22023-09-300001396440SIB Holdings, LLC, Secured Debt 32023-09-300001396440SIB Holdings, LLC, Secured Debt 42023-09-300001396440SIB Holdings, LLC, Secured Debt 52023-09-300001396440SIB Holdings, LLC, Common Equity2023-09-300001396440main:SIBHoldingsLLCMember2023-09-300001396440South Coast Terminals Holdings, LLC, Secured Debt 12023-09-300001396440South Coast Terminals Holdings, LLC, Secured Debt 22023-09-300001396440South Coast Terminals Holdings, LLC, Common Equity2023-09-300001396440main:SouthCoastTerminalsHoldingsLLCMember2023-09-300001396440SPAU Holdings, LLC, Secured Debt 12023-09-300001396440SPAU Holdings, LLC, Secured Debt 22023-09-300001396440SPAU Holdings, LLC, Common Stock2023-09-300001396440main:SPAUHoldingsLLCMember2023-09-300001396440Stellant Systems, Inc., Secured Debt2023-09-300001396440Team Public Choices, LLC, Secured Debt2023-09-300001396440Tectonic Financial, LLC, Common Stock2023-09-300001396440Tex Tech Tennis, LLC, Preferred Equity2023-09-300001396440U.S. TelePacific Corp., Secured Debt 12023-09-300001396440U.S. TelePacific Corp., Secured Debt 22023-09-300001396440main:USTelePacificCorpMember2023-09-300001396440USA DeBusk LLC, Secured Debt 12023-09-300001396440USA DeBusk LLC, Secured Debt 22023-09-300001396440main:USADebuskLLCMember2023-09-300001396440UserZoom Technologies, Inc., Secured Debt2023-09-300001396440Veregy Consolidated, Inc., Secured Debt 12023-09-300001396440Veregy Consolidated, Inc., Secured Debt 22023-09-300001396440main:VeregyConsolidatedIncMember2023-09-300001396440Vistar Media, Inc., Preferred Stock2023-09-300001396440VORTEQ Coil Finishers, LLC, Common Equity2023-09-300001396440Wall Street Prep, Inc., Secured Debt 12023-09-300001396440Wall Street Prep, Inc., Secured Debt 22023-09-300001396440Wall Street Prep, Inc., Common Stock2023-09-300001396440main:WallStreetPrepIncMember2023-09-300001396440Watterson Brands, LLC, Secured Debt 12023-09-300001396440Watterson Brands, LLC, Secured Debt 22023-09-300001396440Watterson Brands, LLC, Secured Debt 32023-09-300001396440Watterson Brands, LLC, Secured Debt 42023-09-300001396440main:WattersonBrandsLLCMember2023-09-300001396440West Star Aviation Acquisition, LLC, Secured Debt 12023-09-300001396440West Star Aviation Acquisition, LLC, Secured Debt 22023-09-300001396440West Star Aviation Acquisition, LLC, Common Stock2023-09-300001396440main:WestStarAviationAcquisitionLLCMember2023-09-300001396440Winter Services LLC, Secured Debt 12023-09-300001396440Winter Services LLC, Secured Debt 22023-09-300001396440Winter Services LLC, Secured Debt 32023-09-300001396440main:WinterServicesLLCMember2023-09-300001396440Xenon Arc, Inc., Secured Debt 12023-09-300001396440Xenon Arc, Inc., Secured Debt 22023-09-300001396440Xenon Arc, Inc., Secured Debt 32023-09-300001396440main:XenonArcIncMember2023-09-300001396440YS Garments, LLC, Secured Debt2023-09-300001396440Zips Car Wash, LLC, Secured Debt 12023-09-300001396440Zips Car Wash, LLC, Secured Debt 22023-09-300001396440main:ZipsCarWashLLCMember2023-09-300001396440Dreyfus Government Cash Management2023-09-300001396440Fidelity Government Fund2023-09-300001396440Fidelity 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Warrants2023-01-012023-09-300001396440srt:MinimumMember2023-09-300001396440srt:MaximumMember2023-09-300001396440main:SecuredOvernightFinancingRateSOFRMembermain:InterfaceSecuritySystemsLLCMember2023-09-300001396440main:SecuredOvernightFinancingRateSOFRMembermain:ChannelPartnersIntermediatecoLLCMember2023-09-300001396440main:ComputerDataSourceLLCMembermain:LondonInterbankOfferedRateLIBOR1Member2023-09-300001396440main:DaltonUSIncMembermain:SecuredOvernightFinancingRateSOFRMember2023-09-300001396440main:VariousInvestment1Membermain:SecuredOvernightFinancingRateSOFRMember2023-09-300001396440main:VariousInvestment1Member2023-09-300001396440main:IndustrialServicesAcquisitionLLCMembermain:SecuredOvernightFinancingRateSOFRMember2023-09-300001396440main:SecuredOvernightFinancingRateSOFRMembermain:ZipsCarWashLLCMember2023-09-300001396440main:SecuredOvernightFinancingRateSOFRMembermain:PTLUSBidcoIncMember2023-09-300001396440us-gaap:PrimeRateMembermain:PTLUSBidcoIncMember2023-09-300001396440main:SecuredOvernightFinancingRateSOFRMembermain:WattersonBrandsLLCMember2023-09-300001396440Acumera, Inc., Warrants2023-01-012023-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12022-12-310001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22022-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12022-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22022-12-310001396440Analytical Systems Keco Holdings, LLC, Warrants2022-12-310001396440main:AnalyticalSystemsKecoHoldingsLLCMember2022-12-310001396440ASC Interests, LLC, Secured Debt 12022-12-310001396440ASC Interests, LLC, Secured Debt 22022-12-310001396440ASC Interests, LLC, Member Units2022-12-310001396440main:ASCInterestsLLCMember2022-12-310001396440ATS Workholding, LLC, Secured Debt 12022-12-310001396440ATS Workholding, LLC, Secured Debt 22022-12-310001396440ATS Workholding, LLC, Preferred Member Units2022-12-310001396440main:ATSWorkholdingLLCMember2022-12-310001396440Barfly Ventures, LLC, Secured Debt2022-12-310001396440Barfly Ventures, LLC, Member Units2022-12-310001396440main:BarflyVenturesLLCMember2022-12-310001396440Batjer TopCo, LLC, Secured Debt 12022-12-310001396440Batjer TopCo, LLC, Secured Debt 22022-12-310001396440Batjer TopCo, LLC, Secured Debt 32022-12-310001396440Batjer TopCo, LLC, Preferred Stock2022-12-310001396440main:BatjerTopCoLLCMember2022-12-310001396440Bolder Panther Group, LLC, Secured Debt2022-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2022-12-310001396440main:BolderPantherGroupLLCMember2022-12-310001396440Brewer Crane Holdings, LLC, Secured Debt2022-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2022-12-310001396440main:BrewerCraneHoldingsLLCMember2022-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 12022-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 22022-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2022-12-310001396440Bridge Capital Solutions Corporation, Warrants2022-12-310001396440main:BridgeCapitalSolutionsCorporationMember2022-12-310001396440Café Brazil, LLC, Member Units2022-12-310001396440California Splendor Holdings LLC, Secured Debt2022-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12022-12-310001396440California Splendor Holdings LLC, Preferred Member Units 22022-12-310001396440main:CaliforniaSplendorHoldingsLLCMember2022-12-310001396440CBT Nuggets, LLC, Member Units2022-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 12022-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 22022-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2022-12-310001396440main:CentreTechnologiesHoldingsLLCMember2022-12-310001396440Chamberlin Holding LLC, Secured Debt 12022-12-310001396440Chamberlin Holding LLC, Secured Debt 22022-12-310001396440Chamberlin Holding LLC, Member Units 12022-12-310001396440Chamberlin Holding LLC, Member Units 22022-12-310001396440main:ChamberlinHoldingLLCMember2022-12-310001396440Charps, LLC, Unsecured Debt2022-12-310001396440Charps, LLC, Preferred Member Units2022-12-310001396440main:CharpsLLCMember2022-12-310001396440Clad-Rex Steel, LLC, Secured Debt 12022-12-310001396440Clad-Rex Steel, LLC, Secured Debt 22022-12-310001396440Clad-Rex Steel, LLC, Secured Debt 32022-12-310001396440Clad-Rex Steel, LLC, Member Units 12022-12-310001396440Clad-Rex Steel, LLC, Member Units 22022-12-310001396440main:CladRexSteelLLCMember2022-12-310001396440CMS Minerals Investments, Member Units2022-12-310001396440Cody Pools, Inc., Secured Debt 12022-12-310001396440Cody Pools, Inc., Secured Debt 22022-12-310001396440Cody Pools, Inc., Preferred Member Units2022-12-310001396440main:CodyPoolsIncMember2022-12-310001396440Colonial Electric Company LLC, Secured Debt 12022-12-310001396440Colonial Electric Company LLC, Secured Debt 22022-12-310001396440Colonial Electric Company LLC, Preferred Member Units2022-12-310001396440main:ColonialElectricCompanyLLCMember2022-12-310001396440CompareNetworks Topco, LLC, Secured Debt 12022-12-310001396440CompareNetworks Topco, LLC, Secured Debt 22022-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2022-12-310001396440main:CompareNetworksTopcoLLCMember2022-12-310001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2022-12-310001396440Datacom, LLC, Secured Debt 12022-12-310001396440Datacom, LLC, Secured Debt 22022-12-310001396440Datacom, LLC, Preferred Member Units2022-12-310001396440main:DatacomLLCMember2022-12-310001396440Digital Products Holdings LLC, Secured Debt2022-12-310001396440Digital Products Holdings LLC, Preferred Member Units2022-12-310001396440main:DigitalProductsHoldingsLLCMember2022-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 12022-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 22022-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2022-12-310001396440main:DirectMarketingSolutionsIncMember2022-12-310001396440Elgin AcquireCo, LLC, Secured Debt 12022-12-310001396440Elgin AcquireCo, LLC, Secured Debt 22022-12-310001396440Elgin AcquireCo, LLC, Secured Debt 32022-12-310001396440Elgin AcquireCo, LLC, Common Stock 12022-12-310001396440Elgin AcquireCo, LLC, Common Stock 22022-12-310001396440main:ElginAcquireCoLLCMember2022-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 12022-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22022-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2022-12-310001396440main:GamberJohnsonHoldingsLLCMember2022-12-310001396440Garreco, LLC, Secured Debt2022-12-310001396440Garreco, LLC, Member Units2022-12-310001396440main:GarrecoLLCMember2022-12-310001396440GRT Rubber Technologies LLC, Secured Debt 12022-12-310001396440GRT Rubber Technologies LLC, Secured Debt 22022-12-310001396440GRT Rubber Technologies LLC, Member Units2022-12-310001396440main:GRTRubberTechnologiesLLCMember2022-12-310001396440Gulf Manufacturing, LLC, Member Units2022-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 12022-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22022-12-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2022-12-310001396440Gulf Publishing Holdings, LLC, Member Units2022-12-310001396440main:GulfPublishingHoldingsLLCMember2022-12-310001396440Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2022-12-310001396440Harris Preston Fund Investments, LP Interests (2717 HPP-MS, L.P.)2022-12-310001396440main:HarrisPrestonFundInvestmentsOneMember2022-12-310001396440Harrison Hydra-Gen, Ltd., Common Stock2022-12-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12022-12-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22022-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2022-12-310001396440main:JensenJewelersOfIdahoLLCMember2022-12-310001396440Johnson Downie Opco, LLC, Secured Debt 12022-12-310001396440Johnson Downie Opco, LLC, Secured Debt 22022-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2022-12-310001396440main:JohnsonDownieOpcoLLCMember2022-12-310001396440JorVet Holdings, LLC, Secured Debt2022-12-310001396440JorVet Holdings, LLC, Preferred Equity2022-12-310001396440main:JorVetHoldingsLLCMember2022-12-310001396440KBK Industries, LLC, Member Units2022-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-12-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2022-12-310001396440Kickhaefer Manufacturing Company, LLC, Member Units2022-12-310001396440main:KickhaeferManufacturingCompanyLLCMember2022-12-310001396440Market Force Information, LLC, Secured Debt 12022-12-310001396440Market Force Information, LLC, Secured Debt 22022-12-310001396440Market Force Information, LLC, Member Units2022-12-310001396440main:MarketForceInformationLLCMember2022-12-310001396440MetalForming AcquireCo, LLC, Secured Debt 12022-12-310001396440MetalForming AcquireCo, LLC, Secured Debt 22022-12-310001396440MetalForming AcquireCo, LLC, Preferred Equity2022-12-310001396440MetalForming AcquireCo, LLC, Common Stock2022-12-310001396440main:MetalFormingHoldingLLCMember2022-12-310001396440MH Corbin Holding LLC, Secured Debt2022-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12022-12-310001396440MH Corbin Holding LLC, Preferred Member Units 22022-12-310001396440main:MHCorbinHoldingLLCMember2022-12-310001396440MS Private Loan Fund I, LP, Secured Debt2022-12-310001396440MS Private Loan Fund I, LP, LP Interests2022-12-310001396440main:MSPrivateLoanFundILPMember2022-12-310001396440MSC Adviser I, LLC, Member Units2022-12-310001396440MSC Income Fund, Inc., Common Equity2022-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 12022-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 22022-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2022-12-310001396440main:MysticLogisticsHoldingsLLCMember2022-12-310001396440NAPCO Precast, LLC, Member Units2022-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12022-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22022-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32022-12-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2022-12-310001396440main:NebraskaVetAcquireCoLLCMember2022-12-310001396440NexRev LLC, Secured Debt 12022-12-310001396440NexRev LLC, Secured Debt 22022-12-310001396440NexRev LLC, Preferred Member Units2022-12-310001396440main:NexRevLLCMember2022-12-310001396440NRP Jones, LLC, Secured Debt2022-12-310001396440NRP Jones, LLC, Member Units2022-12-310001396440main:NRPJonesLLCMember2022-12-310001396440NuStep, LLC, Secured Debt 12022-12-310001396440NuStep, LLC, Secured Debt 22022-12-310001396440NuStep, LLC, Preferred Member Units 12022-12-310001396440NuStep, LLC, Preferred Member Units 22022-12-310001396440main:NuStepLLCMember2022-12-310001396440OMi Topco, LLC, Secured Debt2022-12-310001396440OMi Topco, LLC, Preferred Member Units2022-12-310001396440main:OMiTopcoLLCMember2022-12-310001396440Orttech Holdings, LLC, Secured Debt 12022-12-310001396440Orttech Holdings, LLC, Secured Debt 22022-12-310001396440Orttech Holdings, LLC, Preferred Stock2022-12-310001396440main:OrttechHoldingsLLCMember2022-12-310001396440Pearl Meyer Topco LLC, Secured Debt 12022-12-310001396440Pearl Meyer Topco LLC, Secured Debt 22022-12-310001396440Pearl Meyer Topco LLC, Secured Debt 32022-12-310001396440Pearl Meyer Topco LLC, Preferred Equity2022-12-310001396440main:PearlMeyerTopcoLLCMember2022-12-310001396440PPL RVs, Inc., Secured Debt 12022-12-310001396440PPL RVs, Inc., Secured Debt 22022-12-310001396440PPL RVs, Inc., Common Stock 12022-12-310001396440PPL RVs, Inc., Common Stock 22022-12-310001396440main:PPLRVsIncMember2022-12-310001396440Principle Environmental, LLC, Secured Debt 12022-12-310001396440Principle Environmental, LLC, Secured Debt 22022-12-310001396440Principle Environmental, LLC, Preferred Member Units2022-12-310001396440Principle Environmental, LLC, Common Stock2022-12-310001396440main:PrincipleEnvironmentalLLCMember2022-12-310001396440Quality Lease Service, LLC, Member Units2022-12-310001396440River Aggregates, LLC, Member Units2022-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 12022-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22022-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2022-12-310001396440main:RobbinsBrosJewelryIncMember2022-12-310001396440Tedder Industries, LLC, Secured Debt 12022-12-310001396440Tedder Industries, LLC, Secured Debt 22022-12-310001396440Tedder Industries, LLC, Preferred Member Units2022-12-310001396440main:TedderIndustriesLLCMember2022-12-310001396440Televerde, LLC, Member Units2022-12-310001396440Televerde, LLC, Preferred Stock2022-12-310001396440main:TeleverdeLLCMember2022-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 12022-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 22022-12-310001396440Trantech Radiator Topco, LLC, Common Stock2022-12-310001396440main:TrantechRadiatorTopcoLLCMember2022-12-310001396440Vision Interests, Inc., Series A Preferred Stock2022-12-310001396440VVS Holdco LLC, Secured Debt 12022-12-310001396440VVS Holdco LLC, Secured Debt 22022-12-310001396440VVS Holdco LLC, Preferred Equity2022-12-310001396440main:VVSHoldcoLLCMember2022-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 12022-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 22022-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 32022-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2022-12-310001396440Ziegler’s NYPD, LLC, Warrants2022-12-310001396440main:ZieglersNYPDLLCMember2022-12-310001396440AAC Holdings, Inc., Secured Debt2022-12-310001396440AAC Holdings, Inc., Common Stock2022-12-310001396440AAC Holdings, Inc., Warrants2022-12-310001396440main:AACHoldingsIncMember2022-12-310001396440AFG Capital Group, LLC, Preferred Member Units2022-12-310001396440ATX Networks Corp., Secured Debt2022-12-310001396440ATX Networks Corp., Unsecured Debt2022-12-310001396440ATX Networks Corp., Common Stock2022-12-310001396440main:ATXNetworksCorpMember2022-12-310001396440BBB Tank Services, LLC, Unsecured Debt 12022-12-310001396440BBB Tank Services, LLC, Unsecured Debt 22022-12-310001396440BBB Tank Services, LLC, Member Units2022-12-310001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2022-12-310001396440main:BBBTankServicesLLCMember2022-12-310001396440Boccella Precast Products LLC, Secured Debt2022-12-310001396440Boccella Precast Products LLC, Member Units2022-12-310001396440main:BoccellaPrecastProductsLLCMember2022-12-310001396440Buca C, LLC, Secured Debt2022-12-310001396440Buca C, LLC, Preferred Member Units2022-12-310001396440main:BucaCLLCMember2022-12-310001396440Career Team Holdings, LLC, Secured Debt 12022-12-310001396440Career Team Holdings, LLC, Secured Debt 22022-12-310001396440Career Team Holdings, LLC, Common Stock2022-12-310001396440main:CareerTeamHoldingsLLCMember2022-12-310001396440Chandler Signs Holdings, LLC, Class A Units2022-12-310001396440Classic H&G Holdings, LLC, Secured Debt 12022-12-310001396440Classic H&G Holdings, LLC, Secured Debt 22022-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2022-12-310001396440main:ClassicHGHoldingsLLCMember2022-12-310001396440Congruent Credit Opportunities Funds, LP Interests 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LP)2022-12-310001396440main:FreeportFinancialFundsMember2022-12-310001396440GFG Group, LLC., Secured Debt2022-12-310001396440GFG Group, LLC., Preferred Member Units2022-12-310001396440main:GFGGroupLLCMember2022-12-310001396440Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2022-12-310001396440Harris Preston Fund Investments, LP Interests (HPEP 4, L.P.)2022-12-310001396440Harris Preston Fund Investments, LP Interests (423 COR, LP)2022-12-310001396440main:HarrisPrestonFundInvestmentsTwoMember2022-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 12022-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 22022-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12022-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22022-12-310001396440main:HawkRidgeSystemsLLCMember2022-12-310001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2022-12-310001396440Houston Plating and Coatings, LLC, Member Units2022-12-310001396440main:HoustonPlatingAndCoatingsLLCMember2022-12-310001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2022-12-310001396440Iron-Main Investments, LLC, Secured Debt 12022-12-310001396440Iron-Main Investments, LLC, Secured Debt 22022-12-310001396440Iron-Main Investments, LLC, Secured Debt 32022-12-310001396440Iron-Main Investments, LLC, Secured Debt 42022-12-310001396440Iron-Main Investments, LLC, Common Stock2022-12-310001396440main:IronMainInvestmentsLLCMember2022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 12022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 22022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 32022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 42022-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2022-12-310001396440OnAsset Intelligence, Inc., Preferred Stock2022-12-310001396440OnAsset Intelligence, Inc., Common Stock2022-12-310001396440OnAsset Intelligence, Inc., Warrants2022-12-310001396440main:OnAssetIntelligenceIncMember2022-12-310001396440Oneliance, LLC, Secured Debt 12022-12-310001396440Oneliance, LLC, Secured Debt 22022-12-310001396440Oneliance, LLC, Preferred Stock2022-12-310001396440main:OnelianceLLCMember2022-12-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Secured Debt2022-12-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Preferred Member Units2022-12-310001396440main:RocaceiaLLCQualityLeaseAndRentalHoldingsLLCMember2022-12-310001396440SI East, LLC, Secured Debt 12022-12-310001396440SI East, LLC, Secured Debt 22022-12-310001396440SI East, LLC, Preferred Member Units2022-12-310001396440main:SIEastLLCMember2022-12-310001396440Slick Innovations, LLC, Secured Debt2022-12-310001396440Slick Innovations, LLC, Common Stock2022-12-310001396440main:SlickInnovationsLLCMember2022-12-310001396440Sonic Systems International, LLC, Secured Debt2022-12-310001396440Sonic Systems International, LLC, Common Stock2022-12-310001396440main:SonicSystemsInternationalLLCMember2022-12-310001396440Student Resource Center, LLC, Secured Debt2022-12-310001396440Student Resource Center, LLC, Preferred Equity2022-12-310001396440main:StudentResourceCenterLLCMember2022-12-310001396440Superior Rigging & Erecting Co., Secured Debt2022-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2022-12-310001396440main:SuperiorRiggingErectingCoMember2022-12-310001396440The Affiliati Network, LLC, Secured Debt 12022-12-310001396440The Affiliati Network, LLC, Secured Debt 22022-12-310001396440The Affiliati Network, LLC, Preferred Stock2022-12-310001396440main:TheAffiliatiNetworkLLCMember2022-12-310001396440UnionRock Energy Fund II, LP, LP Interests2022-12-310001396440UniTek Global Services, Inc., Secured Debt 12022-12-310001396440UniTek Global Services, Inc., Secured Debt 22022-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt2022-12-310001396440UniTek Global Services, Inc., Preferred Stock 12022-12-310001396440UniTek Global Services, Inc., Preferred Stock 22022-12-310001396440UniTek Global Services, Inc., Preferred Stock 32022-12-310001396440UniTek Global Services, Inc., Preferred Stock 42022-12-310001396440UniTek Global Services, Inc., Common Stock2022-12-310001396440main:UniTekGlobalServicesIncMember2022-12-310001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2022-12-310001396440Universal Wellhead Services Holdings, LLC, Member Units2022-12-310001396440main:UniversalWellheadServicesHoldingsLLCMember2022-12-310001396440Volusion, LLC, Secured Debt2022-12-310001396440Volusion, LLC, Unsecured Convertible Debt2022-12-310001396440Volusion, LLC, Preferred Member Units2022-12-310001396440Volusion, LLC, Warrants2022-12-310001396440main:VolusionLLCMember2022-12-310001396440World Micro Holdings, LLC, Secured Debt2022-12-310001396440World Micro Holdings, LLC, Preferred Equity2022-12-310001396440main:WorldMicroHoldingsLLCMember2022-12-310001396440AB Centers Acquisition Corporation, Secured Debt 12022-12-310001396440AB Centers Acquisition Corporation, Secured Debt 22022-12-310001396440AB Centers Acquisition Corporation, Secured Debt 32022-12-310001396440main:ABCentersAcquisitionCorporationMember2022-12-310001396440Acousti Engineering Company of Florida, Secured Debt 12022-12-310001396440Acousti Engineering Company of Florida, Secured Debt 22022-12-310001396440Acousti Engineering Company of Florida, Secured Debt 32022-12-310001396440main:AcoustiEngineeringCompanyOfFloridaMember2022-12-310001396440Acumera, Inc., Secured Debt 12022-12-310001396440Acumera, Inc., Secured Debt 22022-12-310001396440main:AcumeraIncMember2022-12-310001396440Adams Publishing Group, LLC, Secured Debt 12022-12-310001396440Adams Publishing Group, LLC, Secured Debt 22022-12-310001396440main:AdamsPublishingGroupLLCMember2022-12-310001396440ADS Tactical, Inc., Secured Debt2022-12-310001396440AMEREQUIP LLC., Secured Debt 12022-12-310001396440AMEREQUIP LLC., Secured Debt 22022-12-310001396440AMEREQUIP LLC., Common Stock2022-12-310001396440main:AMEREQUIPLLCMember2022-12-310001396440American Health Staffing Group, Inc., Secured Debt 12022-12-310001396440American Health Staffing Group, Inc., Secured Debt 22022-12-310001396440main:AmericanHealthStaffingGroupIncMember2022-12-310001396440American Nuts, LLC, Secured Debt 12022-12-310001396440American Nuts, LLC, Secured Debt 22022-12-310001396440main:AmericanNutsLLCMember2022-12-310001396440American Teleconferencing Services, Ltd., Secured Debt 12022-12-310001396440American Teleconferencing Services, Ltd., Secured Debt 22022-12-310001396440main:AmericanTeleconferencingServicesLtdMember2022-12-310001396440ArborWorks, LLC, Secured Debt 12022-12-310001396440ArborWorks, LLC, Secured Debt 22022-12-310001396440ArborWorks, LLC, Common Equity2022-12-310001396440main:ArborWorksLLCMember2022-12-310001396440Archer Systems, LLC, Secured Debt 12022-12-310001396440Archer Systems, LLC, Secured Debt 22022-12-310001396440Archer Systems, LLC, Common Stock2022-12-310001396440main:ArcherSystemsLLCMember2022-12-310001396440Arrow International, Inc, Secured Debt2022-12-310001396440ATS Operating, LLC, Secured Debt 12022-12-310001396440ATS Operating, LLC, Secured Debt 22022-12-310001396440ATS Operating, LLC, Secured Debt 32022-12-310001396440ATS Operating, LLC, Common Stock2022-12-310001396440main:ATSOperatingLLCMember2022-12-310001396440AVEX Aviation Holdings, LLC, Secured Debt 12022-12-310001396440AVEX Aviation Holdings, LLC, Secured Debt 22022-12-310001396440AVEX Aviation Holdings, LLC, Common Equity2022-12-310001396440main:AVEXAviationHoldingsLLCMember2022-12-310001396440Berry Aviation, Inc., Secured Debt2022-12-310001396440Berry Aviation, Inc., Preferred Member Units 12022-12-310001396440Berry Aviation, Inc., Preferred Member Units 22022-12-310001396440main:BerryAviationIncMember2022-12-310001396440Bettercloud, Inc., Secured Debt 12022-12-310001396440Bettercloud, Inc., Secured Debt 22022-12-310001396440main:BettercloudIncMember2022-12-310001396440Binswanger Enterprises, LLC, Member Units2022-12-310001396440Bluestem Brands, Inc., Secured Debt 12022-12-310001396440Bluestem Brands, Inc., Secured Debt 22022-12-310001396440Bluestem Brands, Inc., Common Stock2022-12-310001396440Bluestem Brands, Inc., Warrants2022-12-310001396440main:BluestemBrandsIncMember2022-12-310001396440Brainworks Software, LLC, Secured Debt 12022-12-310001396440Brainworks Software, LLC, Secured Debt 22022-12-310001396440main:BrainworksSoftwareLLCMember2022-12-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2022-12-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2022-12-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund V, LP)2022-12-310001396440main:BrightwoodCapitalFundInvestmentsMember2022-12-310001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 12022-12-310001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 22022-12-310001396440main:BurningGlassIntermediateHoldingCompanyIncMember2022-12-310001396440Cadence Aerospace LLC, Secured Debt2022-12-310001396440CAI Software LLC, Preferred Equity 12022-12-310001396440CAI Software LLC, Preferred Equity 22022-12-310001396440main:CAISoftwareLLCMember2022-12-310001396440Camin Cargo Control, Inc., Secured Debt2022-12-310001396440CaseWorthy, Inc., Secured Debt 12022-12-310001396440CaseWorthy, Inc., Secured Debt 22022-12-310001396440CaseWorthy, Inc., Secured Debt 32022-12-310001396440CaseWorthy, Inc., Common Equity2022-12-310001396440main:CaseWorthyIncMember2022-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 12022-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 22022-12-310001396440main:ChannelPartnersIntermediatecoLLCMember2022-12-310001396440Clarius BIGS, LLC, Secured Debt2022-12-310001396440Computer Data Source, LLC, Secured Debt 12022-12-310001396440Computer Data Source, LLC, Secured Debt 22022-12-310001396440main:ComputerDataSourceLLCMember2022-12-310001396440Construction Supply Investments, LLC, Member Units2022-12-310001396440Dalton US Inc., Secured Debt 12022-12-310001396440Dalton US Inc., Secured Debt 22022-12-310001396440Dalton US Inc., Secured Debt 32022-12-310001396440Dalton US Inc., Common Stock2022-12-310001396440main:DaltonUSIncMember2022-12-310001396440DTE Enterprises, LLC, Secured Debt 12022-12-310001396440DTE Enterprises, LLC, Secured Debt 22022-12-310001396440DTE Enterprises, LLC, Class A Preferred Member Units2022-12-310001396440DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2022-12-310001396440main:DTEEnterprisesLLCMember2022-12-310001396440Dynamic Communities, LLC, Secured Debt 12022-12-310001396440Dynamic Communities, LLC, Secured Debt 22022-12-310001396440Dynamic Communities, LLC, Preferred Equity 12022-12-310001396440Dynamic Communities, LLC, Preferred Equity 22022-12-310001396440Dynamic Communities, LLC, Common Equity2022-12-310001396440main:DynamicCommunitiesLLCMember2022-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 12022-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 22022-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 32022-12-310001396440main:EasternWholesaleFenceLLCMember2022-12-310001396440Emerald Technologies Acquisition Co, Inc., Secured Debt2022-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII, L.P.)2022-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)2022-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund IX, L.P.)2022-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund X, L.P.)2022-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund II, L.P.)2022-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund III, L.P.)2022-12-310001396440main:EnCapEnergyFundInvestmentsMember2022-12-310001396440Engineering Research & Consulting, LLC, Secured Debt 12022-12-310001396440Engineering Research & Consulting, LLC, Secured Debt 22022-12-310001396440main:EngineeringResearchConsultingLLCMember2022-12-310001396440EPIC Y-Grade Services, LP, Secured Debt2022-12-310001396440Event Holdco, LLC, Secured Debt 12022-12-310001396440Event Holdco, LLC, Secured Debt 22022-12-310001396440main:EventHoldcoLLCMember2022-12-310001396440Flip Electronics LLC, Secured Debt 12022-12-310001396440Flip Electronics LLC, Secured Debt 22022-12-310001396440main:FlipElectronicsLLCMember2022-12-310001396440Fuse, LLC, Secured Debt2022-12-310001396440Fuse, LLC, Common Stock2022-12-310001396440main:FuseLLCMember2022-12-310001396440GeoStabilization International (GSI), Secured Debt2022-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 12022-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 22022-12-310001396440main:GSHVAMIntermediateLLCMember2022-12-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 12022-12-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 22022-12-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 32022-12-310001396440main:GULFPACIFICACQUISITIONLLCMember2022-12-310001396440HDC/HW Intermediate Holdings, Secured Debt 12022-12-310001396440HDC/HW Intermediate Holdings, Secured Debt 22022-12-310001396440main:HDCHWIntermediateHoldingsMember2022-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 12022-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 22022-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 32022-12-310001396440main:HEADLANDSOPCOLLCMember2022-12-310001396440Heartland Dental, LLC, Secured Debt2022-12-310001396440HOWLCO LLC, Secured Debt2022-12-310001396440Hybrid Promotions, LLC, Secured Debt2022-12-310001396440IG Parent Corporation, Secured Debt 12022-12-310001396440IG Parent Corporation, Secured Debt 22022-12-310001396440main:IGParentCorporationMember2022-12-310001396440Implus Footcare, LLC, Secured Debt2022-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Secured Debt 12022-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Secured Debt 22022-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Secured Debt 32022-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Preferred Stock (non-voting) 12022-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Preferred Stock (non-voting) 22022-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Member Units2022-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Warrants2022-12-310001396440main:IndependentPetPartnersIntermediateHoldingsLLCMember2022-12-310001396440Industrial Services Acquisition, LLC, Secured Debt 12022-12-310001396440Industrial Services Acquisition, LLC, Secured Debt 22022-12-310001396440Industrial Services Acquisition, LLC, Preferred Member Units 12022-12-310001396440Industrial Services Acquisition, LLC, Preferred Member Units 22022-12-310001396440Industrial Services Acquisition, LLC, Member Units2022-12-310001396440main:IndustrialServicesAcquisitionLLCMember2022-12-310001396440Infolinks Media Buyco, LLC, Secured Debt 12022-12-310001396440Infolinks Media Buyco, LLC, Secured Debt 22022-12-310001396440main:InfolinksMediaBuycoLLCMember2022-12-310001396440Interface Security Systems, L.L.C, Secured Debt 12022-12-310001396440Interface Security Systems, L.L.C, Secured Debt 22022-12-310001396440Interface Security Systems, L.L.C, Common Stock2022-12-310001396440main:InterfaceSecuritySystemsLLCMember2022-12-310001396440Intermedia Holdings, Inc., Secured Debt2022-12-310001396440Invincible Boat Company, LLC., Secured Debt 12022-12-310001396440Invincible Boat Company, LLC., Secured Debt 22022-12-310001396440main:InvincibleBoatCompanyLLCMember2022-12-310001396440INW Manufacturing, LLC, Secured Debt2022-12-310001396440Isagenix International, LLC, Secured Debt2022-12-310001396440Jackmont Hospitality, Inc., Secured Debt 12022-12-310001396440Jackmont Hospitality, Inc., Secured Debt 22022-12-310001396440Jackmont Hospitality, Inc., Preferred Equity2022-12-310001396440main:JackmontHospitalityIncMember2022-12-310001396440Joerns Healthcare, LLC, Secured Debt 12022-12-310001396440Joerns Healthcare, LLC, Secured Debt 22022-12-310001396440Joerns Healthcare, LLC, Common Stock2022-12-310001396440main:JoernsHealthcareLLCMember2022-12-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 12022-12-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 22022-12-310001396440JTI Electrical & Mechanical, LLC, Common Equity2022-12-310001396440main:JTIElectricalMechanicalLLCMember2022-12-310001396440KMS, LLC, Secured Debt 12022-12-310001396440KMS, LLC, Secured Debt 22022-12-310001396440main:KMSLLCMember2022-12-310001396440Kore Wireless Group Inc., Secured Debt2022-12-310001396440Lightbox Holdings, L.P., Secured Debt2022-12-310001396440LKCM Headwater Investments I, L.P., LP Interests2022-12-310001396440LL Management, Inc., Secured Debt 12022-12-310001396440LL Management, Inc., Secured Debt 22022-12-310001396440LL Management, Inc., Secured Debt 32022-12-310001396440main:LLManagementIncMember2022-12-310001396440LLFlex, LLC, Secured Debt2022-12-310001396440Logix Acquisition Company, LLC, Secured Debt2022-12-310001396440Looking Glass Investments, LLC, Member Units2022-12-310001396440Mako Steel, LP, Secured Debt 12022-12-310001396440Mako Steel, LP, Secured Debt 22022-12-310001396440main:MakoSteelLPMember2022-12-310001396440MB2 Dental Solutions, LLC, Secured Debt 12022-12-310001396440MB2 Dental Solutions, LLC, Secured Debt 22022-12-310001396440main:MB2DentalSolutionsLLCMember2022-12-310001396440Microbe Formulas, LLC, Secured Debt 12022-12-310001396440Microbe Formulas, LLC, Secured Debt 22022-12-310001396440main:MicrobeFormulasLLCMember2022-12-310001396440Mills Fleet Farm Group, LLC, Secured Debt2022-12-310001396440MonitorUS Holding, LLC, Secured Debt 12022-12-310001396440MonitorUS Holding, LLC, Secured Debt 22022-12-310001396440MonitorUS Holding, LLC, Secured Debt 32022-12-310001396440MonitorUS Holding, LLC, Common Stock2022-12-310001396440main:MonitorUSHoldingLLCMember2022-12-310001396440NBG Acquisition Inc, Secured Debt2022-12-310001396440NinjaTrader, LLC, Secured Debt 12022-12-310001396440NinjaTrader, LLC, Secured Debt 22022-12-310001396440NinjaTrader, LLC, Secured Debt 32022-12-310001396440main:NinjaTraderLLCMember2022-12-310001396440NTM Acquisition Corp., Secured Debt2022-12-310001396440NWN Corporation, Secured Debt 12022-12-310001396440NWN Corporation, Secured Debt 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22023-01-012023-09-300001396440Clad-Rex Steel, LLC, Secured Debt 32023-01-012023-09-300001396440Clad-Rex Steel, LLC, Member Units 12023-01-012023-09-300001396440Clad-Rex Steel, LLC, Member Units 22023-01-012023-09-300001396440CMS Minerals Investments, Member Units2023-01-012023-09-300001396440CMS Minerals Investments, Member Units2023-09-300001396440Cody Pools, Inc., Secured Debt 1.12023-01-012023-09-300001396440Cody Pools, Inc., Secured Debt 1.12022-12-310001396440Cody Pools, Inc., Secured Debt 1.12023-09-300001396440Cody Pools, Inc., Secured Debt 2.12023-09-300001396440Cody Pools, Inc., Secured Debt 2.12023-01-012023-09-300001396440Cody Pools, Inc., Secured Debt 2.12022-12-310001396440Cody Pools, Inc., Secured Debt 32023-09-300001396440Cody Pools, Inc., Secured Debt 32023-01-012023-09-300001396440Cody Pools, Inc., Secured Debt 32022-12-310001396440Cody Pools, Inc., Secured Debt 42023-09-300001396440Cody Pools, Inc., Secured Debt 42023-01-012023-09-300001396440Cody Pools, Inc., 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12023-01-012023-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22023-01-012023-09-300001396440Jensen Jewelers of Idaho, LLC, Member Units2023-01-012023-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-01-012023-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-01-012023-09-300001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-01-012023-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units2023-01-012023-09-300001396440Market Force Information, LLC, Secured Debt 12023-09-300001396440Market Force Information, LLC, Secured Debt 12023-01-012023-09-300001396440Market Force Information, LLC, Secured Debt 22023-01-012023-09-300001396440Market Force Information, LLC, Secured Debt 22023-09-300001396440Market Force Information, LLC, Member Units2023-01-012023-09-300001396440Market Force Information, LLC, Member Units2023-09-300001396440Metalforming Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Metalforming Holdings, LLC, Secured Debt 12022-12-310001396440Metalforming Holdings, LLC, Secured Debt 12023-09-300001396440Metalforming Holdings, LLC, Secured Debt 22023-09-300001396440Metalforming Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Metalforming Holdings, LLC, Secured Debt 22022-12-310001396440Metalforming Holdings, LLC, Preferred Equity2023-09-300001396440Metalforming Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440Metalforming Holdings, LLC, Preferred Equity2022-12-310001396440Metalforming Holdings, LLC, Common Stock2023-01-012023-09-300001396440Metalforming Holdings, LLC, Common Stock2022-12-310001396440Metalforming Holdings, LLC, Common Stock2023-09-300001396440MH Corbin Holding LLC, Secured Debt2023-01-012023-09-300001396440MH Corbin Holding LLC, Preferred Member Units 12023-01-012023-09-300001396440MH Corbin Holding LLC, Preferred Member Units 22023-01-012023-09-300001396440MSC Adviser I, LLC, Member Units2023-01-012023-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Mystic Logistics Holdings, LLC, Common Stock2023-01-012023-09-300001396440OMi Topco, LLC, Secured Debt2023-01-012023-09-300001396440OMi Topco, LLC, Preferred Member Units2023-01-012023-09-300001396440PPL RVs, Inc., Secured Debt 12023-01-012023-09-300001396440PPL RVs, Inc., Secured Debt 22023-01-012023-09-300001396440PPL RVs, Inc., Common Stock 12023-01-012023-09-300001396440PPL RVs, Inc., Common Stock 22023-01-012023-09-300001396440Principle Environmental, LLC, Secured Debt 12023-01-012023-09-300001396440Principle Environmental, LLC, Secured Debt 12023-09-300001396440Principle Environmental, LLC, Secured Debt 22023-09-300001396440Principle Environmental, LLC, Secured Debt 22023-01-012023-09-300001396440Principle Environmental, LLC, Preferred Member Units2023-01-012023-09-300001396440Principle 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Jewelry, Inc., Secured Debt 12023-01-012023-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22023-01-012023-09-300001396440Robbins Bros. Jewelry, Inc., Preferred Equity2023-01-012023-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12023-01-012023-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22023-01-012023-09-300001396440Trantech Radiator Topco, LLC, Common Stock2023-01-012023-09-300001396440Volusion, LLC, Secured Debt 12023-09-300001396440Volusion, LLC, Secured Debt 12023-01-012023-09-300001396440Volusion, LLC, Secured Debt 12022-12-310001396440Volusion, LLC, Secured Debt 22023-01-012023-09-300001396440Volusion, LLC, Secured Debt 22022-12-310001396440Volusion, LLC, Secured Debt 22023-09-300001396440Volusion, LLC, Unsecured Convertible Debt2023-01-012023-09-300001396440Volusion, LLC, Unsecured Convertible Debt2023-09-300001396440Volusion, LLC, Preferred Member Units 12023-01-012023-09-300001396440Volusion, LLC, Preferred Member Units 12022-12-310001396440Volusion, LLC, Preferred Member Units 22023-01-012023-09-300001396440Volusion, LLC, Preferred Member Units 22022-12-310001396440Volusion, LLC, Preferred Member Units 32023-01-012023-09-300001396440Volusion, LLC, Preferred Member Units 32022-12-310001396440Volusion, LLC, Common Stock2023-01-012023-09-300001396440Volusion, LLC, Common Stock2022-12-310001396440Volusion, LLC, Warrants2023-01-012023-09-300001396440Volusion, LLC, Warrants2023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12023-01-012023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22023-01-012023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 32023-01-012023-09-300001396440Ziegler’s NYPD, LLC, Preferred Member Units2023-01-012023-09-300001396440Ziegler’s NYPD, LLC, Warrants2023-01-012023-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2023-01-012023-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2022-12-3100013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2023-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2023-01-012023-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2022-12-3100013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2023-09-300001396440ASC Interests, LLC, Secured Debt 12023-01-012023-09-300001396440ASC Interests, LLC, Secured Debt 22023-01-012023-09-300001396440ASC Interests, LLC, Member Units2023-01-012023-09-300001396440ASC Interests, LLC, Preferred Member Units2023-01-012023-09-300001396440ASC Interests, LLC, Preferred Member Units2022-12-310001396440ATS Workholding, LLC, Secured Debt 12023-01-012023-09-300001396440ATS Workholding, LLC, Secured Debt 22023-01-012023-09-300001396440ATS Workholding, LLC, Preferred Member Units2023-01-012023-09-300001396440Barfly Ventures, LLC, Secured Debt2023-01-012023-09-300001396440Barfly Ventures, LLC, Member Units2023-01-012023-09-300001396440Batjer TopCo, LLC, Secured Debt 12023-01-012023-09-300001396440Batjer TopCo, LLC, Secured Debt 22023-01-012023-09-300001396440Batjer TopCo, LLC, Secured Debt 32023-01-012023-09-300001396440Batjer TopCo, LLC, Preferred Stock2023-01-012023-09-300001396440Bolder Panther Group, LLC, Secured Debt 12023-01-012023-09-300001396440Bolder Panther Group, LLC, Secured Debt 12022-12-310001396440Bolder Panther Group, LLC, Secured Debt 12023-09-300001396440Bolder Panther Group, LLC, Secured Debt 22023-09-300001396440Bolder Panther Group, LLC, Secured Debt 22023-01-012023-09-300001396440Bolder Panther Group, LLC, Secured Debt 22022-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 12023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 22023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2023-09-300001396440Bridge Capital Solutions Corporation, Warrants 12023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Warrants 12022-12-310001396440Bridge Capital Solutions Corporation, Warrants 12023-09-300001396440Bridge Capital Solutions Corporation, Warrants 22023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Warrants 22022-12-310001396440Bridge Capital Solutions Corporation, Warrants 22023-09-300001396440CBT Nuggets, LLC, Member Units2023-01-012023-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Centre Technologies Holdings, LLC, Preferred Member Units2023-01-012023-09-300001396440Chamberlin Holding LLC, Secured Debt 12023-01-012023-09-300001396440Chamberlin Holding LLC, Secured Debt 22023-01-012023-09-300001396440Chamberlin Holding LLC, Member Units 12023-01-012023-09-300001396440Chamberlin Holding LLC, Member Units 22023-01-012023-09-300001396440Charps, LLC, Unsecured Debt2023-01-012023-09-300001396440Charps, LLC, Preferred Member Units2023-01-012023-09-300001396440Colonial Electric Company LLC, Secured Debt 12023-01-012023-09-300001396440Colonial Electric Company LLC, Secured Debt 22023-01-012023-09-300001396440Colonial Electric Company LLC, Preferred Member Units 12023-01-012023-09-300001396440Colonial Electric Company LLC, Preferred Member Units 12022-12-310001396440Colonial Electric Company LLC, Preferred Member Units 22023-01-012023-09-300001396440Colonial Electric Company LLC, Preferred Member Units 22022-12-310001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-01-012023-09-300001396440Digital Products Holdings LLC, Secured Debt2023-01-012023-09-300001396440Digital Products Holdings LLC, Preferred Member Units2023-01-012023-09-300001396440Garreco, LLC, Secured Debt2023-01-012023-09-300001396440Garreco, LLC, Member Units2023-01-012023-09-300001396440Gulf Manufacturing, LLC, Member Units2023-01-012023-09-300001396440Harrison Hydra-Gen, Ltd., Common Stock2023-01-012023-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12023-01-012023-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22023-01-012023-09-300001396440Johnson Downie Opco, LLC, Preferred Equity2023-01-012023-09-300001396440JorVet Holdings, LLC, Secured Debt2023-01-012023-09-300001396440JorVet Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440KBK Industries, LLC, Secured Debt2023-01-012023-09-300001396440KBK Industries, LLC, Secured Debt2022-12-310001396440KBK Industries, LLC, Member Units2023-01-012023-09-300001396440MS Private Loan Fund I, LP, Secured Debt 12023-01-012023-09-300001396440MS Private Loan Fund I, LP, Secured Debt 12022-12-310001396440MS Private Loan Fund I, LP, Secured Debt 12023-09-300001396440MS Private Loan Fund I, LP, Secured Debt 22023-01-012023-09-300001396440MS Private Loan Fund I, LP, Secured Debt 22022-12-310001396440MS Private Loan Fund I, LP, Secured Debt 22023-09-300001396440MS Private Loan Fund I, LP, LP Interests2023-01-012023-09-300001396440MS Private Loan Fund II, LP, Secured Debt2023-01-012023-09-300001396440MS Private Loan Fund II, LP, Secured Debt2022-12-310001396440MS Private Loan Fund II, LP, LP Interests2023-01-012023-09-300001396440MS Private Loan Fund II, LP, LP Interests2022-12-310001396440MS Private Loan Fund II, LP, LP Interests2023-09-300001396440MSC Income Fund, Inc., Common Equity2023-01-012023-09-300001396440NAPCO Precast, LLC, Member Units2023-01-012023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 1.12023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 1.12023-01-012023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 1.12022-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 2.12023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 2.12023-01-012023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 2.12022-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32023-01-012023-09-300001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2023-01-012023-09-300001396440NexRev LLC, Secured Debt 12023-01-012023-09-300001396440NexRev LLC, Secured Debt 22023-01-012023-09-300001396440NexRev LLC, Preferred Member Units2023-01-012023-09-300001396440NRP Jones, LLC, Secured Debt2023-01-012023-09-300001396440NRP Jones, LLC, Member Units 1.12023-01-012023-09-300001396440NRP Jones, LLC, Member Units 1.12022-12-310001396440NRP Jones, LLC, Member Units 1.12023-09-300001396440NRP Jones, LLC, Member Units 2.12023-01-012023-09-300001396440NRP Jones, LLC, Member Units 2.12022-12-310001396440NRP Jones, LLC, Member Units 2.12023-09-300001396440NuStep, LLC, Secured Debt 12023-01-012023-09-300001396440NuStep, LLC, Secured Debt 22023-01-012023-09-300001396440NuStep, LLC, Preferred Member Units 12023-01-012023-09-300001396440NuStep, LLC, Preferred Member Units 22023-01-012023-09-300001396440Orttech Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Orttech Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Orttech Holdings, LLC, Preferred Stock2023-01-012023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12023-01-012023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22023-01-012023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 32023-01-012023-09-300001396440Pearl Meyer Topco LLC, Preferred Equity2023-01-012023-09-300001396440River Aggregates, LLC, Member Units2023-01-012023-09-300001396440Tedder Industries, LLC, Secured Debt 12023-01-012023-09-300001396440Tedder Industries, LLC, Secured Debt 22023-01-012023-09-300001396440Tedder Industries, LLC, Preferred Member Units 12023-01-012023-09-300001396440Tedder Industries, LLC, Preferred Member Units 12022-12-310001396440Tedder Industries, LLC, Preferred Member Units 22023-01-012023-09-300001396440Tedder Industries, LLC, Preferred Member Units 22022-12-310001396440Tedder Industries, LLC, Preferred Member Units 32023-01-012023-09-300001396440Tedder Industries, LLC, Preferred Member Units 32022-12-310001396440Televerde, LLC, Member Units2023-01-012023-09-300001396440Televerde, LLC, Preferred Stock2023-01-012023-09-300001396440UnionRock Energy Fund III, LP, LP Interests2023-01-012023-09-300001396440UnionRock Energy Fund III, LP, LP Interests2022-12-310001396440Vision Interests, Inc., Series A Preferred Stock2023-01-012023-09-300001396440VVS Holdco LLC, Secured Debt 12023-01-012023-09-300001396440VVS Holdco LLC, Secured Debt 22023-01-012023-09-300001396440VVS Holdco LLC, Preferred Equity2023-01-012023-09-300001396440Other, Control Investments2023-01-012023-09-300001396440Other, Control Investments2022-12-310001396440Other, Control Investments2023-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2023-01-012023-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2022-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2023-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2023-01-012023-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2022-12-310001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2023-09-300001396440AAC Holdings, Inc., Secured Debt 12023-01-012023-09-300001396440AAC Holdings, Inc., Secured Debt 12022-12-310001396440AAC Holdings, Inc., Secured Debt 22023-01-012023-09-300001396440AAC Holdings, Inc., Secured Debt 22022-12-310001396440AAC Holdings, Inc., Common Stock2023-01-012023-09-300001396440AAC Holdings, Inc., Warrants2023-01-012023-09-300001396440AFG Capital Group, LLC, Preferred Member Units2023-01-012023-09-300001396440AFG Capital Group, LLC, Preferred Member Units2023-09-300001396440ATX Networks Corp., Secured Debt2023-09-300001396440ATX Networks Corp., Secured Debt2023-01-012023-09-300001396440ATX Networks Corp., Unsecured Debt2023-01-012023-09-300001396440ATX Networks Corp., Unsecured Debt2023-09-300001396440ATX Networks Corp., Common Stock2023-01-012023-09-300001396440ATX Networks Corp., Common Stock2023-09-300001396440BBB Tank Services, LLC, Unsecured Debt 12023-01-012023-09-300001396440BBB Tank Services, LLC, Unsecured Debt 22023-01-012023-09-300001396440BBB Tank Services, LLC, Member Units2023-01-012023-09-300001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2023-01-012023-09-300001396440Boccella Precast Products LLC, Secured Debt2023-01-012023-09-300001396440Boccella Precast Products LLC, Member Units2023-01-012023-09-300001396440Buca C, LLC, Secured Debt2023-01-012023-09-300001396440Buca C, LLC, Preferred Member Units2023-01-012023-09-300001396440Career Team Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Career Team Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Career Team Holdings, LLC, Common Stock2023-01-012023-09-300001396440Chandler Signs Holdings, LLC, Class A Units2023-01-012023-09-300001396440Chandler Signs Holdings, LLC, Class A Units2023-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Classic H&G Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2023-01-012023-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2023-01-012023-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2022-12-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2023-09-300001396440DMA Industries, LLC, Secured Debt2023-01-012023-09-300001396440DMA Industries, LLC, Preferred Equity2023-01-012023-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2023-01-012023-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2023-01-012023-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2023-01-012023-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2023-01-012023-09-300001396440Flame King Holdings, LLC, Secured Debt 12023-09-300001396440Flame King Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Flame King Holdings, LLC, Secured Debt 22023-09-300001396440Flame King Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Flame King Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2023-01-012023-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2022-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2023-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2023-01-012023-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2022-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2023-09-300001396440GFG Group, LLC, Secured Debt2023-01-012023-09-300001396440GFG Group, LLC, Secured Debt2022-12-310001396440GFG Group, LLC, Preferred Member Units2023-01-012023-09-300001396440GFG Group, LLC, Preferred Member Units2022-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 12023-01-012023-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22023-01-012023-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 12023-01-012023-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22023-01-012023-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2023-01-012023-09-300001396440Houston Plating and Coatings, LLC, Member Units2023-01-012023-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-01-012023-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2022-12-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2023-01-012023-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2022-12-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2023-09-300001396440HPEP 3, L.P., LP Interests (423 COR, L.P.)2023-01-012023-09-300001396440HPEP 3, L.P., LP Interests (423 COR, L.P.)2022-12-310001396440HPEP 3, L.P., LP Interests (423 COR, L.P.)2023-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-01-012023-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2022-12-310001396440Infinity X1 Holdings, LLC, Secured Debt2023-01-012023-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2022-12-310001396440Infinity X1 Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440Infinity X1 Holdings, LLC, Preferred Equity2022-12-310001396440Integral Energy Services, Secured Debt2023-01-012023-09-300001396440Integral Energy Services, Secured Debt2022-12-310001396440Integral Energy Services, Common Stock2023-01-012023-09-300001396440Integral Energy Services, Common Stock2022-12-310001396440Iron-Main Investments, LLC, Secured Debt 12023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 22023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 32023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 42023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 52023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 52022-12-310001396440Iron-Main Investments, LLC, Common Stock2023-01-012023-09-300001396440ITA Holdings Group, LLC, Secured Debt 12023-01-012023-09-300001396440ITA Holdings Group, LLC, Secured Debt 12022-12-310001396440ITA Holdings Group, LLC, Secured Debt 22023-01-012023-09-300001396440ITA Holdings Group, LLC, Secured Debt 22022-12-310001396440ITA Holdings Group, LLC, Secured Debt 32023-01-012023-09-300001396440ITA Holdings Group, LLC, Secured Debt 32022-12-310001396440ITA Holdings Group, LLC, Secured Debt 42023-01-012023-09-300001396440ITA Holdings Group, LLC, Secured Debt 42022-12-310001396440ITA Holdings Group, LLC, Warrants2023-01-012023-09-300001396440ITA Holdings Group, LLC, Warrants2022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 12023-01-012023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22023-01-012023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32023-01-012023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42023-01-012023-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2023-01-012023-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2023-01-012023-09-300001396440OnAsset Intelligence, Inc., Common Stock2023-01-012023-09-300001396440OnAsset Intelligence, Inc., Warrants2023-01-012023-09-300001396440Oneliance, LLC, Secured Debt 12023-01-012023-09-300001396440Oneliance, LLC, Secured Debt 22023-01-012023-09-300001396440Oneliance, LLC, Preferred Stock2023-01-012023-09-300001396440Quality Lease Service, LLC, Secured Debt2023-01-012023-09-300001396440Quality Lease Service, LLC, Secured Debt2022-12-310001396440Quality Lease Service, LLC, Secured Debt2023-09-300001396440Quality Lease Service, LLC, Preferred Member Units2023-01-012023-09-300001396440Quality Lease Service, LLC, Preferred Member Units2022-12-310001396440Quality Lease Service, LLC, Preferred Member Units2023-09-300001396440SI East, LLC, Secured Debt 12023-01-012023-09-300001396440SI East, LLC, Secured Debt 2.12023-09-300001396440SI East, LLC, Secured Debt 2.12023-01-012023-09-300001396440SI East, LLC, Secured Debt 2.12022-12-310001396440SI East, LLC, Secured Debt 32023-01-012023-09-300001396440SI East, LLC, Secured Debt 32022-12-310001396440SI East, LLC, Secured Debt 32023-09-300001396440SI East, LLC, Preferred Member Units2023-01-012023-09-300001396440Slick Innovations, LLC, Secured Debt2023-01-012023-09-300001396440Slick Innovations, LLC, Common Stock2023-01-012023-09-300001396440Student Resource Center, LLC, Secured Debt2023-01-012023-09-300001396440Student Resource Center, LLC, Preferred Equity2023-01-012023-09-300001396440Superior Rigging & Erecting Co., Secured Debt2023-01-012023-09-300001396440Superior Rigging & Erecting Co., Preferred Member Units2023-01-012023-09-300001396440The Affiliati Network, LLC, Secured Debt 12023-01-012023-09-300001396440The Affiliati Network, LLC, Secured Debt 22023-01-012023-09-300001396440The Affiliati Network, LLC, Preferred Stock 12023-01-012023-09-300001396440The Affiliati Network, LLC, Preferred Stock 12022-12-310001396440The Affiliati Network, LLC, Preferred Stock 22023-01-012023-09-300001396440The Affiliati Network, LLC, Preferred Stock 22022-12-310001396440UnionRock Energy Fund II, LP, LP Interests2023-01-012023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12023-01-012023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12022-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt 22023-01-012023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22022-12-310001396440UniTek Global Services, Inc., Secured Debt 12023-09-300001396440UniTek Global Services, Inc., Secured Debt 12023-01-012023-09-300001396440UniTek Global Services, Inc., Secured Debt 22023-09-300001396440UniTek Global Services, Inc., Secured Debt 22023-01-012023-09-300001396440UniTek Global Services, Inc., Preferred Stock 12023-01-012023-09-300001396440UniTek Global Services, Inc., Preferred Stock 22023-01-012023-09-300001396440UniTek Global Services, Inc., Preferred Stock 32023-01-012023-09-300001396440UniTek Global Services, Inc., Preferred Stock 42023-01-012023-09-300001396440UniTek Global Services, Inc., Common Stock2023-01-012023-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2023-01-012023-09-300001396440Universal Wellhead Services Holdings, LLC, Member Units2023-01-012023-09-300001396440World Micro Holdings, LLC, Secured Debt2023-01-012023-09-300001396440World Micro Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440Other, Affiliate Investments2023-01-012023-09-300001396440Other, Affiliate Investments2022-12-310001396440Other, Affiliate Investments2023-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-01-012023-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2022-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440us-gaap:InvestmentAffiliatedIssuerControlledMembermain:NortheastRegionAndCanadaMember2023-09-300001396440main:NortheastRegionAndCanadaMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:SoutheastRegionMember2023-09-300001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:SouthwestRegionMember2023-09-300001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12022-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12022-01-012022-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12021-12-310001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22022-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22022-01-012022-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22021-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12022-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12022-01-012022-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12021-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22022-01-012022-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22021-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22022-09-300001396440Analytical Systems Keco Holdings, LLC, Warrants2022-01-012022-09-300001396440Analytical Systems Keco Holdings, LLC, Warrants2021-12-310001396440Analytical Systems Keco Holdings, LLC, Warrants2022-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2022-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2022-01-012022-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2021-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2022-01-012022-09-300001396440Brewer Crane Holdings, LLC, Preferred Member Units2021-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2022-09-300001396440Café Brazil, LLC, Member Units2022-01-012022-09-300001396440Café Brazil, LLC, Member Units2021-12-310001396440Café Brazil, LLC, Member Units2022-09-300001396440California Splendor Holdings LLC, Secured Debt2022-09-300001396440California Splendor Holdings LLC, Secured Debt2022-01-012022-09-300001396440California Splendor Holdings LLC, Secured Debt2021-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12022-01-012022-09-300001396440California Splendor Holdings LLC, Preferred Member Units 12021-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12022-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22022-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22021-12-310001396440California Splendor Holdings LLC, Preferred Member Units 22022-01-012022-09-300001396440Clad-Rex Steel, LLC, Secured Debt 12022-09-300001396440Clad-Rex Steel, LLC, Secured Debt 12022-01-012022-09-300001396440Clad-Rex Steel, LLC, Secured Debt 12021-12-310001396440Clad-Rex Steel, LLC, Secured Debt 22022-09-300001396440Clad-Rex Steel, LLC, Secured Debt 22022-01-012022-09-300001396440Clad-Rex Steel, LLC, Secured Debt 22021-12-310001396440Clad-Rex Steel, LLC, Member Units 12022-01-012022-09-300001396440Clad-Rex Steel, LLC, Member Units 12021-12-310001396440Clad-Rex Steel, LLC, Member Units 12022-09-300001396440Clad-Rex Steel, LLC, Member Units 22022-01-012022-09-300001396440Clad-Rex Steel, LLC, Member Units 22021-12-310001396440Clad-Rex Steel, LLC, Member Units 22022-09-300001396440CMS Minerals Investments, Member Units2022-01-012022-09-300001396440CMS Minerals Investments, Member Units2021-12-310001396440CMS Minerals Investments, Member Units2022-09-300001396440Cody Pools, Inc., Secured Debt 12022-09-300001396440Cody Pools, Inc., Secured Debt 12022-01-012022-09-300001396440Cody Pools, Inc., Secured Debt 12021-12-310001396440Cody Pools, Inc., Secured Debt 22022-09-300001396440Cody Pools, Inc., Secured Debt 22022-01-012022-09-300001396440Cody Pools, Inc., Secured Debt 22021-12-310001396440Cody Pools, Inc., Preferred Member Units2022-01-012022-09-300001396440Cody Pools, Inc., Preferred Member Units2021-12-310001396440Cody Pools, Inc., Preferred Member Units2022-09-300001396440CompareNetworks Topco, LLC, Secured Debt 12022-09-300001396440CompareNetworks Topco, LLC, Secured Debt 12022-01-012022-09-300001396440CompareNetworks Topco, LLC, Secured Debt 12021-12-310001396440CompareNetworks Topco, LLC, Secured Debt 22022-09-300001396440CompareNetworks Topco, LLC, Secured Debt 22022-01-012022-09-300001396440CompareNetworks Topco, LLC, Secured Debt 22021-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2022-01-012022-09-300001396440CompareNetworks Topco, LLC, Preferred Member Units2021-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2022-09-300001396440Datacom, LLC, Secured Debt 12022-09-300001396440Datacom, LLC, Secured Debt 12022-01-012022-09-300001396440Datacom, LLC, Secured Debt 12021-12-310001396440Datacom, LLC, Secured Debt 22022-09-300001396440Datacom, LLC, Secured Debt 22022-01-012022-09-300001396440Datacom, LLC, Secured Debt 22021-12-310001396440Datacom, LLC, Preferred Member Units2022-01-012022-09-300001396440Datacom, LLC, Preferred Member Units2021-12-310001396440Datacom, LLC, Preferred Member Units2022-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 12022-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 12022-01-012022-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 12021-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 22022-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 22022-01-012022-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 22021-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2022-01-012022-09-300001396440Direct Marketing Solutions, Inc., Preferred Stock2021-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2022-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12022-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12022-01-012022-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12021-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22022-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 22022-01-012022-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 22021-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2022-01-012022-09-300001396440Gamber-Johnson Holdings, LLC, Member Units2021-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2022-09-300001396440GRT Rubber Technologies LLC, Secured Debt2022-09-300001396440GRT Rubber Technologies LLC, Secured Debt2022-01-012022-09-300001396440GRT Rubber Technologies LLC, Secured Debt2021-12-310001396440GRT Rubber Technologies LLC, Member Units2022-01-012022-09-300001396440GRT Rubber Technologies LLC, Member Units2021-12-310001396440GRT Rubber Technologies LLC, Member Units2022-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt2022-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt2022-01-012022-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt2021-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2022-01-012022-09-300001396440Jensen Jewelers of Idaho, LLC, Member Units2021-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2022-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-01-012022-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12021-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-01-012022-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22021-12-310001396440Kickhaefer Manufacturing Company, LLC, Member Units 12022-01-012022-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units 12021-12-310001396440Kickhaefer Manufacturing Company, LLC, Member Units 12022-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units 22022-01-012022-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units 22021-12-310001396440Kickhaefer Manufacturing Company, LLC, Member Units 22022-09-300001396440Market Force Information, LLC, Secured Debt 12022-09-300001396440Market Force Information, LLC, Secured Debt 12022-01-012022-09-300001396440Market Force Information, LLC, Secured Debt 12021-12-310001396440Market Force Information, LLC, Secured Debt 22022-09-300001396440Market Force Information, LLC, Secured Debt 22022-01-012022-09-300001396440Market Force Information, LLC, Secured Debt 22021-12-310001396440Market Force Information, LLC, Member Units2022-01-012022-09-300001396440Market Force Information, LLC, Member Units2021-12-310001396440Market Force Information, LLC, Member Units2022-09-300001396440MH Corbin Holding LLC, Secured Debt2022-09-300001396440MH Corbin Holding LLC, Secured Debt2022-01-012022-09-300001396440MH Corbin Holding LLC, Secured Debt2021-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12022-01-012022-09-300001396440MH Corbin Holding LLC, Preferred Member Units 12021-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12022-09-300001396440MH Corbin Holding LLC, Preferred Member Units 22022-01-012022-09-300001396440MH Corbin Holding LLC, Preferred Member Units 22021-12-310001396440MH Corbin Holding LLC, Preferred Member Units 22022-09-300001396440MSC Adviser I, LLC, Member Units2022-01-012022-09-300001396440MSC Adviser I, LLC, Member Units2021-12-310001396440MSC Adviser I, LLC, Member Units2022-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12022-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12022-01-012022-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12021-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 22022-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22022-01-012022-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22021-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2022-01-012022-09-300001396440Mystic Logistics Holdings, LLC, Common Stock2021-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2022-09-300001396440OMi Topco, LLC, Secured Debt2022-09-300001396440OMi Topco, LLC, Secured Debt2022-01-012022-09-300001396440OMi Topco, LLC, Secured Debt2021-12-310001396440OMi Topco, LLC, Preferred Member Units2022-01-012022-09-300001396440OMi Topco, LLC, Preferred Member Units2021-12-310001396440OMi Topco, LLC, Preferred Member Units2022-09-300001396440PPL RVs, Inc., Secured Debt 12022-09-300001396440PPL RVs, Inc., Secured Debt 12022-01-012022-09-300001396440PPL RVs, Inc., Secured Debt 12021-12-310001396440PPL RVs, Inc., Secured Debt 22022-09-300001396440PPL RVs, Inc., Secured Debt 22022-01-012022-09-300001396440PPL RVs, Inc., Secured Debt 22021-12-310001396440PPL RVs, Inc., Common Stock 12022-01-012022-09-300001396440PPL RVs, Inc., Common Stock 12021-12-310001396440PPL RVs, Inc., Common Stock 12022-09-300001396440PPL RVs, Inc., Common Stock 22022-01-012022-09-300001396440PPL RVs, Inc., Common Stock 22021-12-310001396440PPL RVs, Inc., Common Stock 22022-09-300001396440Principle Environmental, LLC, Secured Debt 12022-01-012022-09-300001396440Principle Environmental, LLC, Secured Debt 12021-12-310001396440Principle Environmental, LLC, Secured Debt 12022-09-300001396440Principle Environmental, LLC, Secured Debt 22022-09-300001396440Principle Environmental, LLC, Secured Debt 22022-01-012022-09-300001396440Principle Environmental, LLC, Secured Debt 22021-12-310001396440Principle Environmental, LLC, Preferred Member Units2022-01-012022-09-300001396440Principle Environmental, LLC, Preferred Member Units2021-12-310001396440Principle Environmental, LLC, Preferred Member Units2022-09-300001396440Principle Environmental, LLC, Common Stock2022-01-012022-09-300001396440Principle Environmental, LLC, Common Stock2021-12-310001396440Principle Environmental, LLC, Common Stock2022-09-300001396440Quality Lease Service, LLC, Member Units2022-01-012022-09-300001396440Quality Lease Service, LLC, Member Units2021-12-310001396440Quality Lease Service, LLC, Member Units2022-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12022-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12022-01-012022-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12021-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22022-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22022-01-012022-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22021-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2022-01-012022-09-300001396440Robbins Bros. Jewelry, Inc., Preferred Equity2021-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2022-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12022-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12022-01-012022-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12021-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 22022-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22022-01-012022-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22021-12-310001396440Trantech Radiator Topco, LLC, Common Stock2022-01-012022-09-300001396440Trantech Radiator Topco, LLC, Common Stock2021-12-310001396440Trantech Radiator Topco, LLC, Common Stock2022-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12022-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12022-01-012022-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12021-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 22022-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22022-01-012022-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22021-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 32022-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 32022-01-012022-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 32021-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2022-01-012022-09-300001396440Ziegler’s NYPD, LLC, Preferred Member Units2021-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2022-09-300001396440Ziegler’s NYPD, LLC, Warrants2022-01-012022-09-300001396440Ziegler’s NYPD, LLC, Warrants2021-12-310001396440Ziegler’s NYPD, LLC, Warrants2022-09-300001396440Other, Control Investments2022-01-012022-09-300001396440Other, Control Investments2021-12-310001396440Other, Control Investments2022-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2022-01-012022-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2021-12-3100013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2022-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2022-01-012022-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2021-12-3100013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2022-09-300001396440ASC Interests, LLC, Secured Debt 12022-09-300001396440ASC Interests, LLC, Secured Debt 12022-01-012022-09-300001396440ASC Interests, LLC, Secured Debt 12021-12-310001396440ASC Interests, LLC, Secured Debt 22022-09-300001396440ASC Interests, LLC, Secured Debt 22022-01-012022-09-300001396440ASC Interests, LLC, Secured Debt 22021-12-310001396440ASC Interests, LLC, Member Units2022-01-012022-09-300001396440ASC Interests, LLC, Member Units2021-12-310001396440ASC Interests, LLC, Member Units2022-09-300001396440ATS Workholding, LLC, Secured Debt 12022-09-300001396440ATS Workholding, LLC, Secured Debt 12022-01-012022-09-300001396440ATS Workholding, LLC, Secured Debt 12021-12-310001396440ATS Workholding, LLC, Secured Debt 22022-09-300001396440ATS Workholding, LLC, Secured Debt 22022-01-012022-09-300001396440ATS Workholding, LLC, Secured Debt 22021-12-310001396440ATS Workholding, LLC, Preferred Member Units2022-01-012022-09-300001396440ATS Workholding, LLC, Preferred Member Units2021-12-310001396440ATS Workholding, LLC, Preferred Member Units2022-09-300001396440Barfly Ventures, LLC, Secured Debt2022-09-300001396440Barfly Ventures, LLC, Secured Debt2022-01-012022-09-300001396440Barfly Ventures, LLC, Secured Debt2021-12-310001396440Barfly Ventures, LLC, Member Units2022-01-012022-09-300001396440Barfly Ventures, LLC, Member Units2021-12-310001396440Barfly Ventures, LLC, Member Units2022-09-300001396440Batjer TopCo, LLC, Secured Debt 12022-01-012022-09-300001396440Batjer TopCo, LLC, Secured Debt 12021-12-310001396440Batjer TopCo, LLC, Secured Debt 12022-09-300001396440Batjer TopCo, LLC, Secured Debt 22022-09-300001396440Batjer TopCo, LLC, Secured Debt 22022-01-012022-09-300001396440Batjer TopCo, LLC, Secured Debt 22021-12-310001396440Batjer TopCo, LLC, Secured Debt 32022-09-300001396440Batjer TopCo, LLC, Secured Debt 32022-01-012022-09-300001396440Batjer TopCo, LLC, Secured Debt 32021-12-310001396440Batjer TopCo, LLC, Preferred Stock2022-01-012022-09-300001396440Batjer TopCo, LLC, Preferred Stock2021-12-310001396440Batjer TopCo, LLC, Preferred Stock2022-09-300001396440Bolder Panther Group, LLC, Secured Debt 12022-09-300001396440Bolder Panther Group, LLC, Secured Debt 12022-01-012022-09-300001396440Bolder Panther Group, LLC, Secured Debt 12021-12-310001396440Bolder Panther Group, LLC, Secured Debt 22022-09-300001396440Bolder Panther Group, LLC, Secured Debt 22022-01-012022-09-300001396440Bolder Panther Group, LLC, Secured Debt 22021-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2022-09-300001396440Bolder Panther Group, LLC, Class B Preferred Member Units2022-01-012022-09-300001396440Bolder Panther Group, LLC, Class B Preferred Member Units2021-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 12022-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 12022-01-012022-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 12021-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 22022-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 22022-01-012022-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 22021-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2022-01-012022-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2021-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2022-09-300001396440Bridge Capital Solutions Corporation, Warrants 12022-01-012022-09-300001396440Bridge Capital Solutions Corporation, Warrants 12021-12-310001396440Bridge Capital Solutions Corporation, Warrants 12022-09-300001396440Bridge Capital Solutions Corporation, Warrants 22022-01-012022-09-300001396440Bridge Capital Solutions Corporation, Warrants 22021-12-310001396440Bridge Capital Solutions Corporation, Warrants 22022-09-300001396440CBT Nuggets, LLC, Member Units2022-01-012022-09-300001396440CBT Nuggets, LLC, Member Units2021-12-310001396440CBT Nuggets, LLC, Member Units2022-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12022-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12022-01-012022-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12021-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 22022-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22022-01-012022-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22021-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2022-01-012022-09-300001396440Centre Technologies Holdings, LLC, Preferred Member Units2021-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2022-09-300001396440Chamberlin Holding LLC, Secured Debt 12022-09-300001396440Chamberlin Holding LLC, Secured Debt 12022-01-012022-09-300001396440Chamberlin Holding LLC, Secured Debt 12021-12-310001396440Chamberlin Holding LLC, Secured Debt 22022-09-300001396440Chamberlin Holding LLC, Secured Debt 22022-01-012022-09-300001396440Chamberlin Holding LLC, Secured Debt 22021-12-310001396440Chamberlin Holding LLC, Member Units 12022-01-012022-09-300001396440Chamberlin Holding LLC, Member Units 12021-12-310001396440Chamberlin Holding LLC, Member Units 12022-09-300001396440Chamberlin Holding LLC, Member Units 22022-01-012022-09-300001396440Chamberlin Holding LLC, Member Units 22021-12-310001396440Chamberlin Holding LLC, Member Units 22022-09-300001396440Charps, LLC, Unsecured Debt2022-09-300001396440Charps, LLC, Unsecured Debt2022-01-012022-09-300001396440Charps, LLC, Unsecured Debt2021-12-310001396440Charps, LLC, Preferred Member Units2022-01-012022-09-300001396440Charps, LLC, Preferred Member Units2021-12-310001396440Charps, LLC, Preferred Member Units2022-09-300001396440Colonial Electric Company LLC, Secured Debt 12022-01-012022-09-300001396440Colonial Electric Company LLC, Secured Debt 12021-12-310001396440Colonial Electric Company LLC, Secured Debt 12022-09-300001396440Colonial Electric Company LLC, Secured Debt 22022-09-300001396440Colonial Electric Company LLC, Secured Debt 22022-01-012022-09-300001396440Colonial Electric Company LLC, Secured Debt 22021-12-310001396440Colonial Electric Company LLC, Preferred Member Units2022-01-012022-09-300001396440Colonial Electric Company LLC, Preferred Member Units2021-12-310001396440Colonial Electric Company LLC, Preferred Member Units2022-09-300001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2022-01-012022-09-300001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2021-12-310001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2022-09-300001396440Digital Products Holdings LLC, Secured Debt2022-09-300001396440Digital Products Holdings LLC, Secured Debt2022-01-012022-09-300001396440Digital Products Holdings LLC, Secured Debt2021-12-310001396440Digital Products Holdings LLC, Preferred Member Units2022-01-012022-09-300001396440Digital Products Holdings LLC, Preferred Member Units2021-12-310001396440Digital Products Holdings LLC, Preferred Member Units2022-09-300001396440Flame King Holdings, LLC, Secured Debt 12022-09-300001396440Flame King Holdings, LLC, Secured Debt 12022-01-012022-09-300001396440Flame King Holdings, LLC, Secured Debt 12021-12-310001396440Flame King Holdings, LLC, Secured Debt 22022-09-300001396440Flame King Holdings, LLC, Secured Debt 22022-01-012022-09-300001396440Flame King Holdings, LLC, Secured Debt 22021-12-310001396440Flame King Holdings, LLC, Preferred Equity2022-01-012022-09-300001396440Flame King Holdings, LLC, Preferred Equity2021-12-310001396440Flame King Holdings, LLC, Preferred Equity2022-09-300001396440Garreco, LLC, Secured Debt2022-09-300001396440Garreco, LLC, Secured Debt2022-01-012022-09-300001396440Garreco, LLC, Secured Debt2021-12-310001396440Garreco, LLC, Member Units2022-01-012022-09-300001396440Garreco, LLC, Member Units2021-12-310001396440Garreco, LLC, Member Units2022-09-300001396440Gulf Manufacturing, LLC, Member Units2022-01-012022-09-300001396440Gulf Manufacturing, LLC, Member Units2021-12-310001396440Gulf Manufacturing, LLC, Member Units2022-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 12022-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 12022-01-012022-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 12021-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22022-01-012022-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 22021-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22022-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 32022-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 32022-01-012022-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 32021-12-310001396440Gulf Publishing Holdings, LLC, Member Units 12022-01-012022-09-300001396440Gulf Publishing Holdings, LLC, Member Units 12021-12-310001396440Gulf Publishing Holdings, LLC, Member Units 12022-09-300001396440Gulf Publishing Holdings, LLC, Member Units 22022-01-012022-09-300001396440Gulf Publishing Holdings, LLC, Member Units 22021-12-310001396440Gulf Publishing Holdings, LLC, Member Units 22022-09-300001396440Harrison Hydra-Gen, Ltd., Common Stock2022-01-012022-09-300001396440Harrison Hydra-Gen, Ltd., Common Stock2021-12-310001396440Harrison Hydra-Gen, Ltd., Common Stock2022-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12022-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12022-01-012022-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12021-12-310001396440Johnson Downie Opco, LLC, Secured Debt 22022-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22022-01-012022-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22021-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2022-01-012022-09-300001396440Johnson Downie Opco, LLC, Preferred Equity2021-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2022-09-300001396440JorVet Holdings, LLC, Secured Debt2022-09-300001396440JorVet Holdings, LLC, Secured Debt2022-01-012022-09-300001396440JorVet Holdings, LLC, Secured Debt2021-12-310001396440JorVet Holdings, LLC, Common Stock2022-01-012022-09-300001396440JorVet Holdings, LLC, Common Stock2021-12-310001396440JorVet Holdings, LLC, Common Stock2022-09-300001396440KBK Industries, LLC, Member Units2022-01-012022-09-300001396440KBK Industries, LLC, Member Units2021-12-310001396440KBK Industries, LLC, Member Units2022-09-300001396440MS Private Loan Fund, LP Interests2022-01-012022-09-300001396440MS Private Loan Fund, LP Interests2021-12-310001396440MS Private Loan Fund, LP Interests2022-09-300001396440MSC Income Fund, Inc., Common Equity2022-01-012022-09-300001396440MSC Income Fund, Inc., Common Equity2021-12-310001396440MSC Income Fund, Inc., Common Equity2022-09-300001396440NAPCO Precast, LLC, Member Units2022-01-012022-09-300001396440NAPCO Precast, LLC, Member Units2021-12-310001396440NAPCO Precast, LLC, Member Units2022-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12022-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12022-01-012022-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12021-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22022-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22022-01-012022-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22021-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32022-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32022-01-012022-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32021-12-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2022-01-012022-09-300001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2021-12-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2022-09-300001396440NexRev LLC, Secured Debt 12022-09-300001396440NexRev LLC, Secured Debt 12022-01-012022-09-300001396440NexRev LLC, Secured Debt 12021-12-310001396440NexRev LLC, Secured Debt 22022-09-300001396440NexRev LLC, Secured Debt 22022-01-012022-09-300001396440NexRev LLC, Secured Debt 22021-12-310001396440NexRev LLC, Preferred Member Units2022-01-012022-09-300001396440NexRev LLC, Preferred Member Units2021-12-310001396440NexRev LLC, Preferred Member Units2022-09-300001396440NRP Jones, LLC, Secured Debt2022-09-300001396440NRP Jones, LLC, Secured Debt2022-01-012022-09-300001396440NRP Jones, LLC, Secured Debt2021-12-310001396440NRP Jones, LLC, Member Units 12022-01-012022-09-300001396440NRP Jones, LLC, Member Units 12021-12-310001396440NRP Jones, LLC, Member Units 12022-09-300001396440NRP Jones, LLC, Member Units 22022-01-012022-09-300001396440NRP Jones, LLC, Member Units 22021-12-310001396440NRP Jones, LLC, Member Units 22022-09-300001396440NuStep, LLC, Secured Debt 12022-09-300001396440NuStep, LLC, Secured Debt 12022-01-012022-09-300001396440NuStep, LLC, Secured Debt 12021-12-310001396440NuStep, LLC, Secured Debt 22022-09-300001396440NuStep, LLC, Secured Debt 22022-01-012022-09-300001396440NuStep, LLC, Secured Debt 22021-12-310001396440NuStep, LLC, Preferred Member Units2022-01-012022-09-300001396440NuStep, LLC, Preferred Member Units2021-12-310001396440NuStep, LLC, Preferred Member Units2022-09-300001396440Orttech Holdings, LLC, Secured Debt 12022-09-300001396440Orttech Holdings, LLC, Secured Debt 12022-01-012022-09-300001396440Orttech Holdings, LLC, Secured Debt 12021-12-310001396440Orttech Holdings, LLC, Secured Debt 22022-09-300001396440Orttech Holdings, LLC, Secured Debt 22022-01-012022-09-300001396440Orttech Holdings, LLC, Secured Debt 22021-12-310001396440Orttech Holdings, LLC, Preferred Stock2022-01-012022-09-300001396440Orttech Holdings, LLC, Preferred Stock2021-12-310001396440Orttech Holdings, LLC, Preferred Stock2022-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12022-01-012022-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12021-12-310001396440Pearl Meyer Topco LLC, Secured Debt 12022-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22022-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22022-01-012022-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22021-12-310001396440Pearl Meyer Topco LLC, Secured Debt 32022-09-300001396440Pearl Meyer Topco LLC, Secured Debt 32022-01-012022-09-300001396440Pearl Meyer Topco LLC, Secured Debt 32021-12-310001396440Pearl Meyer Topco LLC, Member Units2022-01-012022-09-300001396440Pearl Meyer Topco LLC, Member Units2021-12-310001396440Pearl Meyer Topco LLC, Member Units2022-09-300001396440River Aggregates, LLC, Member Units2022-01-012022-09-300001396440River Aggregates, LLC, Member Units2021-12-310001396440River Aggregates, LLC, Member Units2022-09-300001396440Tedder Industries, LLC, Secured Debt 12022-09-300001396440Tedder Industries, LLC, Secured Debt 12022-01-012022-09-300001396440Tedder Industries, LLC, Secured Debt 12021-12-310001396440Tedder Industries, LLC, Secured Debt 22022-09-300001396440Tedder Industries, LLC, Secured Debt 22022-01-012022-09-300001396440Tedder Industries, LLC, Secured Debt 22021-12-310001396440Tedder Industries, LLC, Preferred Member Units2022-01-012022-09-300001396440Tedder Industries, LLC, Preferred Member Units2021-12-310001396440Tedder Industries, LLC, Preferred Member Units2022-09-300001396440Televerde, LLC, Member Units2022-01-012022-09-300001396440Televerde, LLC, Member Units2021-12-310001396440Televerde, LLC, Member Units2022-09-300001396440Televerde, LLC, Preferred Stock2022-01-012022-09-300001396440Televerde, LLC, Preferred Stock2021-12-310001396440Televerde, LLC, Preferred Stock2022-09-300001396440Vision Interests, Inc., Series A Preferred Stock2022-01-012022-09-300001396440Vision Interests, Inc., Series A Preferred Stock2021-12-310001396440Vision Interests, Inc., Series A Preferred Stock2022-09-300001396440VVS Holdco LLC, Secured Debt 12022-09-300001396440VVS Holdco LLC, Secured Debt 12022-01-012022-09-300001396440VVS Holdco LLC, Secured Debt 12021-12-310001396440VVS Holdco LLC, Secured Debt 22022-09-300001396440VVS Holdco LLC, Secured Debt 22022-01-012022-09-300001396440VVS Holdco LLC, Secured Debt 22021-12-310001396440VVS Holdco LLC, Preferred Equity2022-01-012022-09-300001396440VVS Holdco LLC, Preferred Equity2021-12-310001396440VVS Holdco LLC, Preferred Equity2022-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2022-01-012022-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2021-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2022-09-300001396440us-gaap:InvestmentAffiliatedIssuerControlledMember2021-12-310001396440us-gaap:InvestmentAffiliatedIssuerControlledMember2022-09-300001396440AAC Holdings, Inc., Secured Debt2022-09-300001396440AAC Holdings, Inc., Secured Debt2022-01-012022-09-300001396440AAC Holdings, Inc., Secured Debt2021-12-310001396440AAC Holdings, Inc., Common Stock2022-01-012022-09-300001396440AAC Holdings, Inc., Common Stock2021-12-310001396440AAC Holdings, Inc., Common Stock2022-09-300001396440AAC Holdings, Inc., Warrants2022-01-012022-09-300001396440AAC Holdings, Inc., Warrants2021-12-310001396440AAC Holdings, Inc., Warrants2022-09-300001396440AFG Capital Group, LLC, Preferred Member Units 12022-01-012022-09-300001396440AFG Capital Group, LLC, Preferred Member Units 12021-12-310001396440AFG Capital Group, LLC, Preferred Member Units 12022-09-300001396440AFG Capital Group, LLC, Preferred Member Units 22022-01-012022-09-300001396440AFG Capital Group, LLC, Preferred Member Units 22021-12-310001396440AFG Capital Group, LLC, Preferred Member Units 22022-09-300001396440ATX Networks Corp., Secured Debt2022-09-300001396440ATX Networks Corp., Secured Debt2022-01-012022-09-300001396440ATX Networks Corp., Secured Debt2021-12-310001396440ATX Networks Corp., Unsecured Debt2022-09-300001396440ATX Networks Corp., Unsecured Debt2022-01-012022-09-300001396440ATX Networks Corp., Unsecured Debt2021-12-310001396440ATX Networks Corp., Common Stock2022-01-012022-09-300001396440ATX Networks Corp., Common Stock2021-12-310001396440ATX Networks Corp., Common Stock2022-09-300001396440BBB Tank Services, LLC, Unsecured Debt 12022-09-300001396440BBB Tank Services, LLC, Unsecured Debt 12022-01-012022-09-300001396440BBB Tank Services, LLC, Unsecured Debt 12021-12-310001396440BBB Tank Services, LLC, Unsecured Debt 22022-09-300001396440BBB Tank Services, LLC, Unsecured Debt 22022-01-012022-09-300001396440BBB Tank Services, LLC, Unsecured Debt 22021-12-310001396440BBB Tank Services, LLC, Member Units2022-01-012022-09-300001396440BBB Tank Services, LLC, Member Units2021-12-310001396440BBB Tank Services, LLC, Member Units2022-09-300001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2022-09-300001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2022-01-012022-09-300001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2021-12-310001396440Boccella Precast Products LLC, Secured Debt2022-09-300001396440Boccella Precast Products LLC, Secured Debt2022-01-012022-09-300001396440Boccella Precast Products LLC, Secured Debt2021-12-310001396440Boccella Precast Products LLC, Member Units2022-01-012022-09-300001396440Boccella Precast Products LLC, Member Units2021-12-310001396440Boccella Precast Products LLC, Member Units2022-09-300001396440Buca C, LLC, Secured Debt2022-09-300001396440Buca C, LLC, Secured Debt2022-01-012022-09-300001396440Buca C, LLC, Secured Debt2021-12-310001396440Buca C, LLC, Preferred Member Units2022-09-300001396440Buca C, LLC, Preferred Member Units2022-01-012022-09-300001396440Buca C, LLC, Preferred Member Units2021-12-310001396440Career Team Holdings, LLC, Secured Debt 12022-09-300001396440Career Team Holdings, LLC, Secured Debt 12022-01-012022-09-300001396440Career Team Holdings, LLC, Secured Debt 12021-12-310001396440Career Team Holdings, LLC, Secured Debt 22022-09-300001396440Career Team Holdings, LLC, Secured Debt 22022-01-012022-09-300001396440Career Team Holdings, LLC, Secured Debt 22021-12-310001396440Career Team Holdings, LLC, Common Stock2022-01-012022-09-300001396440Career Team Holdings, LLC, Common Stock2021-12-310001396440Career Team Holdings, LLC, Common Stock2022-09-300001396440Chandler Signs Holdings, LLC, Class A Units2022-01-012022-09-300001396440Chandler Signs Holdings, LLC, Class A Units2021-12-310001396440Chandler Signs Holdings, LLC, Class A Units2022-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12022-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12022-01-012022-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12021-12-310001396440Classic H&G Holdings, LLC, Secured Debt 22022-09-300001396440Classic H&G Holdings, LLC, Secured Debt 22022-01-012022-09-300001396440Classic H&G Holdings, LLC, Secured Debt 22021-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2022-01-012022-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2021-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2022-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2022-01-012022-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2021-12-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2022-09-300001396440DMA Industries, LLC, Secured Debt2022-09-300001396440DMA Industries, LLC, Secured Debt2022-01-012022-09-300001396440DMA Industries, LLC, Secured Debt2021-12-310001396440DMA Industries, LLC, Preferred Equity2022-01-012022-09-300001396440DMA Industries, LLC, Preferred Equity2021-12-310001396440DMA Industries, LLC, Preferred Equity2022-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2022-01-012022-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2021-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2022-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2022-01-012022-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2021-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2022-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2022-01-012022-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2021-12-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2022-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2022-01-012022-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2021-12-310001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2022-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2022-01-012022-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2021-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2022-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2022-01-012022-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2021-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2022-09-300001396440GFG Group, LLC, Secured Debt2022-09-300001396440GFG Group, LLC, Secured Debt2022-01-012022-09-300001396440GFG Group, LLC, Secured Debt2021-12-310001396440GFG Group, LLC, Preferred Member Units2022-01-012022-09-300001396440GFG Group, LLC, Preferred Member Units2021-12-310001396440GFG Group, LLC, Preferred Member Units2022-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12022-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12022-01-012022-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12021-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 22022-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22022-01-012022-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22021-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12022-01-012022-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 12021-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12022-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22022-01-012022-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22021-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22022-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2022-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2022-01-012022-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2021-12-310001396440Houston Plating and Coatings, LLC, Member Units2022-01-012022-09-300001396440Houston Plating and Coatings, LLC, Member Units2021-12-310001396440Houston Plating and Coatings, LLC, Member Units2022-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2022-01-012022-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2021-12-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2022-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2022-01-012022-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2021-12-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2022-09-300001396440HPEP 3, L.P., LP Interests (423 COR, LP)2022-01-012022-09-300001396440HPEP 3, L.P., LP Interests (423 COR, LP)2021-12-310001396440HPEP 3, L.P., LP Interests (423 COR, LP)2022-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2022-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2022-01-012022-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2021-12-310001396440Iron-Main Investments, LLC, Secured Debt 12022-09-300001396440Iron-Main Investments, LLC, Secured Debt 12022-01-012022-09-300001396440Iron-Main Investments, LLC, Secured Debt 12021-12-310001396440Iron-Main Investments, LLC, Secured Debt 22022-09-300001396440Iron-Main Investments, LLC, Secured Debt 22022-01-012022-09-300001396440Iron-Main Investments, LLC, Secured Debt 22021-12-310001396440Iron-Main Investments, LLC, Secured Debt 32022-09-300001396440Iron-Main Investments, LLC, Secured Debt 32022-01-012022-09-300001396440Iron-Main Investments, LLC, Secured Debt 32021-12-310001396440Iron-Main Investments, LLC, Secured Debt 42022-09-300001396440Iron-Main Investments, LLC, Secured Debt 42022-01-012022-09-300001396440Iron-Main Investments, LLC, Secured Debt 42021-12-310001396440Iron-Main Investments, LLC, Common Stock2022-01-012022-09-300001396440Iron-Main Investments, LLC, Common Stock2021-12-310001396440Iron-Main Investments, LLC, Common Stock2022-09-300001396440L.F. Manufacturing Holdings, LLC, Preferred Member Units (non-voting)2022-01-012022-09-300001396440L.F. Manufacturing Holdings, LLC, Preferred Member Units (non-voting)2021-12-310001396440L.F. Manufacturing Holdings, LLC, Preferred Member Units (non-voting)2022-09-300001396440L.F. Manufacturing Holdings, LLC, Member Units2022-01-012022-09-300001396440L.F. Manufacturing Holdings, LLC, Member Units2021-12-310001396440L.F. Manufacturing Holdings, LLC, Member Units2022-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12022-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12022-01-012022-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12021-12-310001396440OnAsset Intelligence, Inc., Secured Debt 22022-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22022-01-012022-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22021-12-310001396440OnAsset Intelligence, Inc., Secured Debt 32022-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32022-01-012022-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32021-12-310001396440OnAsset Intelligence, Inc., Secured Debt 42022-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42022-01-012022-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42021-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2022-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2022-01-012022-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2021-12-310001396440OnAsset Intelligence, Inc., Preferred Stock2022-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2022-01-012022-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2021-12-310001396440OnAsset Intelligence, Inc., Common Stock2022-01-012022-09-300001396440OnAsset Intelligence, Inc., Common Stock2021-12-310001396440OnAsset Intelligence, Inc., Common Stock2022-09-300001396440OnAsset Intelligence, Inc., Warrants2022-01-012022-09-300001396440OnAsset Intelligence, Inc., Warrants2021-12-310001396440OnAsset Intelligence, Inc., Warrants2022-09-300001396440Oneliance, LLC, Secured Debt 12022-09-300001396440Oneliance, LLC, Secured Debt 12022-01-012022-09-300001396440Oneliance, LLC, Secured Debt 12021-12-310001396440Oneliance, LLC, Secured Debt 22022-09-300001396440Oneliance, LLC, Secured Debt 22022-01-012022-09-300001396440Oneliance, LLC, Secured Debt 22021-12-310001396440Oneliance, LLC, Preferred Stock2022-01-012022-09-300001396440Oneliance, LLC, Preferred Stock2021-12-310001396440Oneliance, LLC, Preferred Stock2022-09-300001396440Quality Lease Service, LLC, Secured Debt2022-09-300001396440Quality Lease Service, LLC, Secured Debt2022-01-012022-09-300001396440Quality Lease Service, LLC, Secured Debt2021-12-310001396440Quality Lease Service, LLC, Preferred Member Units2022-09-300001396440Quality Lease Service, LLC, Preferred Member Units2022-01-012022-09-300001396440Quality Lease Service, LLC, Preferred Member Units2021-12-310001396440SI East, LLC, Secured Debt 12022-09-300001396440SI East, LLC, Secured Debt 12022-01-012022-09-300001396440SI East, LLC, Secured Debt 12021-12-310001396440SI East, LLC, Secured Debt 22022-09-300001396440SI East, LLC, Secured Debt 22022-01-012022-09-300001396440SI East, LLC, Secured Debt 22021-12-310001396440SI East, LLC, Preferred Member Units2022-01-012022-09-300001396440SI East, LLC, Preferred Member Units2021-12-310001396440SI East, LLC, Preferred Member Units2022-09-300001396440Slick Innovations, LLC, Secured Debt2022-09-300001396440Slick Innovations, LLC, Secured Debt2022-01-012022-09-300001396440Slick Innovations, LLC, Secured Debt2021-12-310001396440Slick Innovations, LLC, Common Stock2022-01-012022-09-300001396440Slick Innovations, LLC, Common Stock2021-12-310001396440Slick Innovations, LLC, Common Stock2022-09-300001396440Slick Innovations, LLC, Warrants2022-01-012022-09-300001396440Slick Innovations, LLC, Warrants2021-12-310001396440Slick Innovations, LLC, Warrants2022-09-300001396440Sonic Systems International, LLC, Secured Debt2022-09-300001396440Sonic Systems International, LLC, Secured Debt2022-01-012022-09-300001396440Sonic Systems International, LLC, Secured Debt2021-12-310001396440Sonic Systems International, LLC, Common Stock2022-01-012022-09-300001396440Sonic Systems International, LLC, Common Stock2021-12-310001396440Sonic Systems International, LLC, Common Stock2022-09-300001396440Superior Rigging & Erecting Co., Secured Debt2022-09-300001396440Superior Rigging & Erecting Co., Secured Debt2022-01-012022-09-300001396440Superior Rigging & Erecting Co., Secured Debt2021-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2022-01-012022-09-300001396440Superior Rigging & Erecting Co., Preferred Member Units2021-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2022-09-300001396440The Affiliati Network, LLC, Secured Debt 12022-01-012022-09-300001396440The Affiliati Network, LLC, Secured Debt 12021-12-310001396440The Affiliati Network, LLC, Secured Debt 12022-09-300001396440The Affiliati Network, LLC, Secured Debt 22022-09-300001396440The Affiliati Network, LLC, Secured Debt 22022-01-012022-09-300001396440The Affiliati Network, LLC, Secured Debt 22021-12-310001396440The Affiliati Network, LLC, Preferred Stock2022-01-012022-09-300001396440The Affiliati Network, LLC, Preferred Stock2021-12-310001396440The Affiliati Network, LLC, Preferred Stock2022-09-300001396440UnionRock Energy Fund II, LP, LP Interests2022-01-012022-09-300001396440UnionRock Energy Fund II, LP, LP Interests2021-12-310001396440UnionRock Energy Fund II, LP, LP Interests2022-09-300001396440UniTek Global Services, Inc., Secured Debt 12022-09-300001396440UniTek Global Services, Inc., Secured Debt 12022-01-012022-09-300001396440UniTek Global Services, Inc., Secured Debt 12021-12-310001396440UniTek Global Services, Inc., Secured Debt 22022-09-300001396440UniTek Global Services, Inc., Secured Debt 22022-01-012022-09-300001396440UniTek Global Services, Inc., Secured Debt 22021-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt2022-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt2022-01-012022-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt2021-12-310001396440UniTek Global Services, Inc., Preferred Stock 12022-09-300001396440UniTek Global Services, Inc., Preferred Stock 12022-01-012022-09-300001396440UniTek Global Services, Inc., Preferred Stock 12021-12-310001396440UniTek Global Services, Inc., Preferred Stock 22022-09-300001396440UniTek Global Services, Inc., Preferred Stock 22022-01-012022-09-300001396440UniTek Global Services, Inc., Preferred Stock 22021-12-310001396440UniTek Global Services, Inc., Preferred Stock 32022-09-300001396440UniTek Global Services, Inc., Preferred Stock 32022-01-012022-09-300001396440UniTek Global Services, Inc., Preferred Stock 32021-12-310001396440UniTek Global Services, Inc., Preferred Stock 42022-09-300001396440UniTek Global Services, Inc., Preferred Stock 42022-01-012022-09-300001396440UniTek Global Services, Inc., Preferred Stock 42021-12-310001396440UniTek Global Services, Inc., Common Stock2022-01-012022-09-300001396440UniTek Global Services, Inc., Common Stock2021-12-310001396440UniTek Global Services, Inc., Common Stock2022-09-300001396440Volusion, LLC, Secured Debt2022-09-300001396440Volusion, LLC, Secured Debt2022-01-012022-09-300001396440Volusion, LLC, Secured Debt2021-12-310001396440Volusion, LLC, Unsecured Convertible Debt2022-09-300001396440Volusion, LLC, Unsecured Convertible Debt2022-01-012022-09-300001396440Volusion, LLC, Unsecured Convertible Debt2021-12-310001396440Volusion, LLC, Preferred Member Units2022-01-012022-09-300001396440Volusion, LLC, Preferred Member Units2021-12-310001396440Volusion, LLC, Preferred Member Units2022-09-300001396440Volusion, LLC, Warrants2022-01-012022-09-300001396440Volusion, LLC, Warrants2021-12-310001396440Volusion, LLC, Warrants2022-09-300001396440Other, Affiliate Investments2022-01-012022-09-300001396440Other, Affiliate Investments2021-12-310001396440Other, Affiliate Investments2022-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2022-01-012022-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2021-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2022-09-300001396440us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001396440us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001396440us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:NortheastRegionMember2022-09-300001396440us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:NortheastRegionMember2022-09-300001396440us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:SoutheastRegionMember2022-09-300001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001396440us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:SouthwestRegionMember2022-09-300001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-30
Table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
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
41-2230745
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1300 Post Oak Boulevard, 8th Floor
Houston, TX
77056
(Address of principal executive offices)
(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)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol
Name of Each Exchange on Which
Registered
Common Stock, par value $0.01 per share MAIN New York Stock Exchange
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 x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x 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.
Large accelerated filer
 x
Accelerated filer
 o
Non-accelerated filer
 o
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 x
The number of shares outstanding of the issuer’s common stock as of November 1, 2023 was 83,745,165.

Table of contents
TABLE OF CONTENTS
Consolidated Schedule of Investments (unaudited)—September 30, 2023
Consolidated Schedule of Investments—December 31, 2022

Table of contents
MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
September 30,
2023
December 31, 2022
(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,390,675 and $1,270,802 as of September 30, 2023 and December 31, 2022, respectively)
 $ 1,927,019  $ 1,703,172 
Affiliate investments (cost: $537,455 and $635,536 as of September 30, 2023 and December 31, 2022, respectively)
 565,942  618,359 
Non‑Control/Non‑Affiliate investments (cost: $1,871,255 and $1,867,414 as of September 30, 2023 and December 31, 2022, respectively)
 1,801,761  1,780,646 
Total investments (cost: $3,799,385 and $3,773,752 as of September 30, 2023 and December 31, 2022, respectively)
 4,294,722  4,102,177 
Cash and cash equivalents 77,047  49,121 
Interest and dividend receivable and other assets 84,897  82,731 
Receivable for securities sold 4,345  381 
Deferred financing costs (net of accumulated amortization of $11,842 and $10,603 as of September 30, 2023 and December 31, 2022, respectively)
 6,749  7,475 
Total assets $ 4,467,760  $ 4,241,885 
LIABILITIES
Credit Facilities $ 493,000  $ 607,000 
July 2026 Notes (par: $500,000 as of both September 30, 2023 and December 31, 2022)
 498,530  498,136 
May 2024 Notes (par: $450,000 as of both September 30, 2023 and December 31, 2022)
 450,318  450,727 
SBIC debentures (par: $350,000 ($63,800 due within one year) and $350,000 as of September 30, 2023 and December 31, 2022, respectively)
 344,239  343,914 
December 2025 Notes (par: $150,000 and $100,000 as of September 30, 2023 and December 31, 2022, respectively)
 148,835  99,325 
Accounts payable and other liabilities 57,095  52,092 
Interest payable 18,733  16,580 
Dividend payable 19,664  17,676 
Deferred tax liability, net 66,539  47,849 
Total liabilities 2,096,953  2,133,299 
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 83,677,488 and 78,463,599 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)
 836  784 
Additional paid‑in capital 2,225,614  2,030,531 
Total undistributed earnings 144,357  77,271 
Total net assets 2,370,807  2,108,586 
Total liabilities and net assets $ 4,467,760  $ 4,241,885 
NET ASSET VALUE PER SHARE $ 28.33  $ 26.86 
The accompanying notes are an integral part of these consolidated financial statements
1
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments $ 48,645  $ 41,367  $ 145,485  $ 110,751 
Affiliate investments 15,267  12,490  53,722  38,300 
Non‑Control/Non‑Affiliate investments 59,325  44,530  171,867  113,930 
Total investment income 123,237  98,387  371,074  262,981 
EXPENSES:
Interest (26,414) (21,234) (78,165) (55,216)
Compensation (11,560) (10,404) (34,860) (26,480)
General and administrative (4,324) (4,018) (12,915) (11,483)
Share‑based compensation (4,164) (3,617) (12,351) (10,031)
Expenses allocated to the External Investment Manager 5,404  3,334  16,089  9,613 
Total expenses (41,058) (35,939) (122,202) (93,597)
NET INVESTMENT INCOME 82,179  62,448  248,872  169,384 
NET REALIZED GAIN (LOSS):
Control investments 546  (5,822) (50,532) (5,822)
Affiliate investments (228) 601  (16,495) 1,340 
Non‑Control/Non‑Affiliate investments 346  10,252  (36,196) 7,784 
Total net realized gain (loss) 664  5,031  (103,223) 3,302 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments 29,838  7,517  122,779  20,618 
Affiliate investments 5,188  (1,069) 26,859  3,703 
Non‑Control/Non‑Affiliate investments (8,015) (16,529) 17,432  (44,243)
Total net unrealized appreciation (depreciation) 27,011  (10,081) 167,070  (19,922)
INCOME TAXES:
Federal and state income, excise and other taxes (1,256) (1,540) (4,663) (3,658)
Deferred taxes (5,337) (520) (18,690) (13,819)
Income tax provision (6,593) (2,060) (23,353) (17,477)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 103,261  $ 55,338  $ 289,366  $ 135,287 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED $ 0.99  $ 0.83  $ 3.07  $ 2.31 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED $ 1.25  $ 0.74  $ 3.57  $ 1.84 
WEIGHTED AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED		 82,921,764 75,036,522 81,065,195 73,363,281

The accompanying notes are an integral part of these consolidated financial statements
2
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)
Common Stock Additional
Paid-In
Capital		 Total
Undistributed
(Overdistributed)
Earnings		 Total Net
Asset Value
Number of
Shares		 Par
Value
Balances at December 31, 2021
 70,737,021 $ 707  $ 1,736,346  $ 51,793  $ 1,788,846 
Public offering of common stock, net of offering costs 1,502,430 15  63,507  —  63,522 
Share‑based compensation — —  2,818  —  2,818 
Dividend reinvestment 114,043 1  4,812  —  4,813 
Amortization of directors’ deferred compensation — —  147  —  147 
Issuance of restricted stock, net of forfeited shares 16,913 —  —  —  — 
Dividends to stockholders — —  109  (51,804) (51,695)
Net increase resulting from operations — —  —  65,203  65,203 
Balances at March 31, 2022
 72,370,407 $ 723  $ 1,807,739  $ 65,192  $ 1,873,654 
Public offering of common stock, net of offering costs 662,828 7  25,626  —  25,633 
Share‑based compensation — —  3,596  —  3,596 
Purchase of vested stock for employee payroll tax withholding (115,071) (1) (4,894) —  (4,895)
Dividend reinvestment 132,156 1  4,999  —  5,000 
Amortization of directors’ deferred compensation — —  130  —  130 
Issuance of restricted stock, net of forfeited shares 467,238 5  (5) —  — 
Dividends to stockholders — —  114  (52,818) (52,704)
Net increase resulting from operations — —  —  14,749  14,749 
Balances at June 30, 2022
 73,517,558 $ 735  $ 1,837,305  $ 27,123  $ 1,865,163 
Public offering of common stock, net of offering costs 2,618,225 26  105,323  —  105,349 
Share‑based compensation — —  3,617  —  3,617 
Purchase of vested stock for employee payroll tax withholding (1,106) —  (48) —  (48)
Dividend reinvestment 164,216 2  6,555  —  6,557 
Amortization of directors’ deferred compensation — —  121  —  121 
Issuance of restricted stock, net of forfeited shares 9,937 —  —  —  — 
Dividends to stockholders — —  119  (56,796) (56,677)
Net increase resulting from operations — —  —  55,338  55,338 
Balances at September 30, 2022
 76,308,830 $ 763  $ 1,952,992  $ 25,665  $ 1,979,420 
Balances at December 31, 2022
 78,506,816 $ 784  $ 2,030,531  $ 77,271  $ 2,108,586 
Public offering of common stock, net of offering costs 1,058,914 11  40,885  —  40,896 
Share‑based compensation — —  4,100  —  4,100 
Purchase of vested stock for employee payroll tax withholding (10,489) —  (404) —  (404)
Dividend reinvestment 199,282 2  7,806  —  7,808 
Amortization of directors’ deferred compensation — —  121  —  121 
Issuance of restricted stock, net of forfeited shares 39,566 —  —  —  — 
Dividends to stockholders — —  136  (67,913) (67,777)
Net increase resulting from operations — —  —  79,592  79,592 
Balances at March 31, 2023
 79,794,089 $ 797  $ 2,083,175  $ 88,950  $ 2,172,922 
Public offering of common stock, net of offering costs 1,096,514 11  43,193  —  43,204 
Share‑based compensation — —  4,087  —  4,087 
Purchase of vested stock for employee payroll tax withholding (140,569) (1) (5,545) —  (5,546)
Dividend reinvestment 174,891 2  6,878  —  6,880 
Amortization of directors’ deferred compensation — —  109  —  109 
Issuance of restricted stock, net of forfeited shares 506,081 5  (5) —  — 
Dividends to stockholders — —  149  (73,373) (73,224)
Net increase resulting from operations — —  —  106,516  106,516 
Balances at June 30, 2023 81,431,006 $ 814  $ 2,132,041  $ 122,093  $ 2,254,948 
Public offering of common stock, net of offering costs 2,039,641 20  81,040  —  81,060 
Share‑based compensation — —  4,164  —  4,164 
Dividend reinvestment 200,150 2  8,101  —  8,103 
Amortization of directors’ deferred compensation — —  102  —  102 
Issuance of restricted stock, net of forfeited shares 6,691 —  —  —  — 
Dividends to stockholders — —  166  (80,997) (80,831)
Net increase resulting from operations — —  —  103,261  103,261 
Balances at September 30, 2023 83,677,488 $ 836  $ 2,225,614  $ 144,357  $ 2,370,807 
The accompanying notes are an integral part of these consolidated financial statements
3
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended
September 30,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations $ 289,366 $ 135,287
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies (584,729) (911,273)
Proceeds from sales and repayments of debt investments in portfolio companies 436,615 441,860
Proceeds from sales and return of capital of equity investments in portfolio companies 37,989 64,161
Net unrealized (appreciation) depreciation (167,070) 19,922
Net realized (gain) loss 103,223 (3,302)
Accretion of unearned income (13,075) (9,908)
Payment-in-kind interest (7,599) (3,511)
Cumulative dividends (1,027) (1,390)
Share-based compensation expense 12,351 10,031
Amortization of deferred financing costs 2,423 2,068
Deferred tax provision 18,690 13,819
Changes in other assets and liabilities:
Interest and dividend receivable and other assets (3,022) (18,984)
Interest payable 2,153 1,747
Accounts payable and other liabilities 2,586 199
Deferred fees and other 2,772 1,946
Net cash provided by (used in) operating activities 131,646 (257,328)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs 165,160 194,504
Proceeds from public offering of December 2025 Notes
 50,000 —
Dividends paid (197,053) (143,075)
Proceeds from issuance of SBIC debentures 16,000 —
Repayments of SBIC debentures (16,000) —
Proceeds from credit facilities 320,000 730,000
Repayments on credit facilities (434,000) (489,000)
Debt issuance costs, net (1,877) (1,629)
Purchases of vested stock for employee payroll tax withholding (5,950) (4,943)
Net cash provided by (used in) financing activities (103,720) 285,857
Net increase in cash and cash equivalents 27,926 28,529
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 49,121 32,629
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 77,047 $ 61,158
Supplemental cash flow disclosures:
Interest paid $ 73,495 $ 51,306
Taxes paid $ 7,218 $ 4,896
Non-cash financing activities:
Value of shares issued pursuant to the DRIP $ 22,791 $ 16,370
The accompanying notes are an integral part of these consolidated financial statements
4
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Control Investments (5)
Analytical Systems Keco Holdings, LLC Manufacturer of Liquid and Gas Analyzers
Secured Debt  (9) (28) 8/16/2019 15.38% SF+ 10.00% 8/16/2024 $ 160  $ 159  $ 159 
Secured Debt  (9) (28) 8/16/2019 15.38% SF+ 10.00% 8/16/2024 4,195  4,137  4,137 
Preferred Member Units 8/16/2019 3,200 14.13% 3,200  — 
Preferred Member Units 5/20/2021 2,427 2,427  4,580 
Warrants  (27) 8/16/2019 420 8/16/2029 316  — 
10,239  8,876 
ASC Interests, LLC Recreational and Educational Shooting Facility
Secured Debt 12/31/2019 13.00% 7/31/2024 400  400  400 
Secured Debt 8/1/2013 13.00% 7/31/2024 1,650  1,649  1,597 
Member Units 8/1/2013 1,500 1,500  100 
Preferred Member Units 6/28/2023 162 162  250 
3,711  2,347 
ATS Workholding, LLC (10) Manufacturer of Machine Cutting Tools and Accessories
Secured Debt  (14) 11/16/2017 5.00% 9/1/2024 2,090  2,090  408 
Secured Debt  (14) 11/16/2017 5.00% 9/1/2024 3,015  2,856  588 
Preferred Member Units 11/16/2017 3,725,862 3,726  — 
8,672  996 
Barfly Ventures, LLC (10) Casual Restaurant Group
Secured Debt 10/15/2020 7.00% 10/31/2024 711  711  711 
Member Units 10/26/2020 37 1,584  3,040 
2,295  3,751 
Batjer TopCo, LLC HVAC Mechanical Contractor
Secured Debt  (25) 3/7/2022 3/7/2027 —  (6) — 
Secured Debt   3/7/2022 10.00% 3/7/2027 630  630  630 
Secured Debt 3/7/2022 10.00% 3/7/2027 10,575  10,502  10,575 
Preferred Stock  (8) 3/7/2022 4,073 4,095  6,150 
15,221  17,355 
Bolder Panther Group, LLC Consumer Goods and Fuel Retailer
Secured Debt  (9) (22) (28) 12/31/2020 14.52% SF+ 9.15% 10/31/2027 97,216  96,703  97,216 
Class B Preferred Member Units  (8) 12/31/2020 140,000 8.00% 14,000  31,120 
110,703  128,336 
Brewer Crane Holdings, LLC Provider of Crane Rental and Operating Services
Secured Debt  (9) 1/9/2018 15.44% L+ 10.00% 1/9/2024 5,622  5,622  5,505 
Preferred Member Units  (8) 1/9/2018 2,950 4,280  5,620 
9,902  11,125 
5
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Bridge Capital Solutions Corporation Financial Services and Cash Flow Solutions Provider
Secured Debt 7/25/2016 13.00% 12/11/2024 8,813  8,813  8,813 
Secured Debt  (29) 7/25/2016 13.00% 12/11/2024 1,000  1,000  1,000 
Preferred Member Units  (8) (29) 7/25/2016 17,742 1,000  1,000 
Warrants  (27) 7/25/2016 82 7/25/2026 2,132  4,450 
12,945  15,263 
Café Brazil, LLC Casual Restaurant Group
Member Units  (8) 6/9/2006 1,233 1,742  2,030 
California Splendor Holdings LLC Processor of Frozen Fruits
Secured Debt  (9) (28) 3/30/2018 15.50% SF+ 10.00% 7/29/2026 28,000  27,961  27,961 
Preferred Member Units  (8) 3/30/2018 6,157 10,775  20,945 
Preferred Member Units  (8) 7/31/2019 3,671 15.00% 15.00% 4,448  4,448 
43,184  53,354 
CBT Nuggets, LLC Produces and Sells IT Training Certification Videos
Member Units  (8) 6/1/2006 416 1,300  50,840 
Centre Technologies Holdings, LLC Provider of IT Hardware Services and Software Solutions
Secured Debt (9) (25) (28) 1/4/2019 SF+ 9.00% 1/4/2026 —  —  — 
Secured Debt  (9) (28) 1/4/2019 14.48% SF+ 9.00% 1/4/2026 17,574  17,504  17,574 
Preferred Member Units 1/4/2019 13,309 6,122  10,400 
23,626  27,974 
Chamberlin Holding LLC Roofing and Waterproofing Specialty Contractor
Secured Debt (9) (25) (28) 2/26/2018 SF+ 6.00% 2/26/2026 —  (140) — 
Secured Debt  (9) (28) 2/26/2018 13.49% SF+ 8.00% 2/26/2026 16,407  16,402  16,407 
Member Units  (8) 2/26/2018 4,347 11,440  25,930 
Member Units  (8) (29) 11/2/2018 1,047,146 1,773  2,970 
29,475  45,307 
Charps, LLC Pipeline Maintenance and Construction
Unsecured Debt 8/26/2020 10.00% 1/31/2026 5,694  4,670  5,694 
Preferred Member Units  (8) 2/3/2017 1,829 1,963  14,010 
6,633  19,704 
Clad-Rex Steel, LLC Specialty Manufacturer of Vinyl-Clad Metal
Secured Debt  (25) 10/28/2022     1/15/2024 —  —  — 
Secured Debt   12/20/2016 11.50%     1/15/2024 8,800  8,790  8,652 
Secured Debt 12/20/2016 10.00% 12/20/2036 1,022  1,013  1,013 
6
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Member Units  (8) 12/20/2016 717 7,280  5,580 
Member Units  (29) 12/20/2016 800 509  1,129 
17,592  16,374 
Cody Pools, Inc. Designer of Residential and Commercial Pools                      
      Secured Debt  (25) 3/6/2020 12/17/2026 —  (11) — 
      Secured Debt 3/6/2020 12.50% 12/17/2026 43,556  43,522  43,556 
Preferred Member Units  (8) (29) 3/6/2020 587 8,317  69,150 
51,828  112,706 
Colonial Electric Company LLC Provider of Electrical Contracting Services
Secured Debt  (25) 3/31/2021 3/31/2026 —  —  — 
Secured Debt 3/31/2021 12.00% 3/31/2026 22,365  22,248  21,747 
Preferred Member Units 6/27/2023 960 960  2,400 
Preferred Member Units 3/31/2021 17,280 7,680  7,680 
30,888  31,827 
CompareNetworks Topco, LLC Internet Publishing and Web Search Portals
Secured Debt  (9) (28) 1/29/2019 14.48% SF+ 9.00% 1/29/2024 3,869  3,867  3,869 
Preferred Member Units  (8) 1/29/2019 1,975 1,975  15,430 
5,842  19,299 
Copper Trail Fund Investments (12) (13) Investment Partnership
LP Interests (CTMH, LP)  (8) (30) 7/17/2017 38.75% 588  588 
Cybermedia Technologies, LLC IT and Digital Services Provider
Secured Debt (25) 5/5/2023 5/5/2028 —  —  — 
Secured Debt 5/5/2023 13.00% 5/5/2028 29,000  28,734  28,734 
Preferred Member Units 5/5/2023 556 15,000  15,000 
43,734  43,734 
Datacom, LLC Technology and Telecommunications Provider
Secured Debt 3/1/2022 7.50% 12/31/2025 540  536  536 
Secured Debt 3/31/2021 10.00% 12/31/2025 8,420  8,103  7,617 
Preferred Member Units  (8) 3/31/2021 9,000 2,610  240 
11,249  8,393 
Digital Products Holdings LLC Designer and Distributor of Consumer Electronics
Secured Debt  (9) (28) 4/1/2018 15.38% SF+ 10.00% 4/27/2026 14,873  14,745  14,678 
Preferred Member Units  (8) 4/1/2018 3,857 9,501  9,835 
24,246  24,513 
7
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Direct Marketing Solutions, Inc. Provider of Omni-Channel Direct Marketing Services
Secured Debt   2/13/2018 14.00%     2/13/2026 1,275  1,208  1,275 
Secured Debt   12/27/2022 14.00%     2/13/2026 25,953  25,856  25,953 
Preferred Stock  (8) 2/13/2018 8,400 8,400  21,370 
35,464  48,598 
Elgin AcquireCo, LLC Manufacturer and Distributor of Engine and Chassis Components
Secured Debt (9) (25) (28) 10/3/2022 SF+ 6.00% 10/3/2027 —  (8) (8)
Secured Debt 10/3/2022 12.00% 10/3/2027 18,773  18,623  18,623 
Secured Debt 10/3/2022 9.00% 10/3/2052 6,324  6,263  6,263 
Common Stock 10/3/2022 285 5,726  6,090 
Common Stock  (29) 10/3/2022 939 1,558  1,670 
32,162  32,638 
Gamber-Johnson Holdings, LLC Manufacturer of Ruggedized Computer Mounting Systems
Secured Debt  (9) (25) (28) (41) 6/24/2016 SF+ 7.50% 1/1/2028 —  —  — 
Secured Debt  (9) (28) (41) 12/15/2022 10.50% SF+ 7.50% 1/1/2028 56,478  56,184  56,478 
Member Units  (8) 6/24/2016 9,042 17,692  81,610 
73,876  138,088 
Garreco, LLC Manufacturer and Supplier of Dental Products
Secured Debt  (9) (28) (42) 7/15/2013 12.00% SF+ 10.00% 1/31/2024 3,088  3,088  3,088 
Member Units   7/15/2013 1,200 1,200  1,580 
4,288  4,668 
GRT Rubber Technologies LLC Manufacturer of Engineered Rubber Products
Secured Debt (28) 12/21/2018 11.48% SF+ 6.00% 12/21/2023 1,702  1,697  1,702 
Secured Debt (28) 12/19/2014 13.48% SF+ 8.00% 10/29/2026 40,493  40,348  40,493 
Member Units   12/19/2014 5,879 13,065  44,440 
55,110  86,635 
Gulf Manufacturing, LLC Manufacturer of Specialty Fabricated Industrial Piping Products
Member Units (8) 8/31/2007 438 2,980  8,770 
Gulf Publishing Holdings, LLC Energy Industry Focused Media and Publishing
Secured Debt (9) (25) (28) 9/29/2017 SF+ 9.50% 7/1/2027 —  —  — 
Secured Debt 7/1/2022 12.50% 7/1/2027 2,400  2,400  2,284 
8
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Preferred Equity 7/1/2022 63,720 5,600  2,800 
Member Units 4/29/2016 3,681 3,681  — 
11,681  5,084 
Harris Preston Fund Investments (12) (13) Investment Partnership
LP Interests (2717 MH, L.P.)  (8) (30) 10/1/2017 49.26% 3,345  5,896 
LP Interests (2717 HPP-MS, L.P.) (30) 3/11/2022 49.26% 248  315 
3,593  6,211 
Harrison Hydra-Gen, Ltd. Manufacturer of Hydraulic Generators
Common Stock 6/4/2010 107,456 718  4,270 
IG Investor, LLC Military and Other Tactical Gear
Secured Debt (25) 6/21/2023 6/21/2028 —  (37) (37)
Secured Debt 6/21/2023 13.00% 6/21/2028 37,704  37,352  37,352 
Common Equity 6/21/2023 14,400 14,400  14,400 
51,715  51,715 
Independent Pet Partners Intermediate Holdings, LLC (10) Omnichannel Retailer of Specialty Pet Products
Common Equity 4/7/2023 18,006,407 18,300  17,510 
Jensen Jewelers of Idaho, LLC Retail Jewelry Store
Secured Debt (25) 8/29/2017 P+ 6.75% 11/14/2023 —  —  — 
Secured Debt (9) 11/14/2006 15.25% P+ 6.75% 11/14/2023 2,000  2,000  2,000 
Member Units (8) 11/14/2006 627 811  12,420 
2,811  14,420 
Johnson Downie Opco, LLC Executive Search Services
Secured Debt (9) (25) (28) 12/10/2021 SF+ 11.50% 12/10/2026 —  (11) — 
Secured Debt  (9) (28) 12/10/2021 16.98% SF+ 11.50% 12/10/2026 9,357  9,298  9,357 
Preferred Equity (8) 12/10/2021 3,150 3,150  7,660 
12,437  17,017 
JorVet Holdings, LLC Supplier and Distributor of Veterinary Equipment and Supplies
Secured Debt 3/28/2022 12.00% 3/28/2027 25,650  25,470  25,470 
Preferred Equity (8) 3/28/2022 107,406 10,741  10,741 
36,211  36,211 
KBK Industries, LLC Manufacturer of Specialty Oilfield and Industrial Products
Secured Debt 2/24/2023 9.00% 2/24/2028 5,100  5,056  5,100 
9
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Member Units (8) 1/23/2006 325 783  18,370 
5,839  23,470 
Kickhaefer Manufacturing Company, LLC Precision Metal Parts Manufacturing
Secured Debt 10/31/2018 12.00% 10/31/2026 19,799  19,772  19,772 
Secured Debt 10/31/2018 9.00% 10/31/2048 3,850  3,814  3,814 
Preferred Equity 10/31/2018 581 12,240  8,830 
Member Units  (8) (29) 10/31/2018 800 992  2,860 
36,818  35,276 
Metalforming Holdings, LLC Distributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt (25) 10/19/2022 10/19/2024 —  —  — 
Secured Debt 10/19/2022 12.75% 10/19/2027 23,802  23,611  23,611 
Preferred Equity (8) 10/19/2022 5,915,585 8.00% 8.00% 6,127  6,364 
Common Stock (8) 10/19/2022 1,537,219 1,537  1,400 
31,275  31,375 
MH Corbin Holding LLC Manufacturer and Distributor of Traffic Safety Products
Secured Debt (17) 8/31/2015 13.00% 12/31/2022 5,480  5,480  5,102 
Preferred Member Units 3/15/2019 66,000 4,400  330 
Preferred Member Units 9/1/2015 4,000 6,000  — 
15,880  5,432 
MS Private Loan Fund I, LP (12) (13) Investment Partnership
Secured Debt (25) 1/26/2021 12/31/2024 —  —  — 
LP Interests  (8) (30) 1/26/2021 14.51% 14,250  14,527 
14,250  14,527 
MS Private Loan Fund II, LP (12) (13) Investment Partnership
Secured Debt  (9) (28) 9/5/2023 8.88% SF+ 3.50% 9/5/2025 11,000  10,848  10,848 
LP Interests (30) 9/5/2023 11.96% 1,152  1,152 
12,000  12,000 
MSC Adviser I, LLC (16) Third Party Investment Advisory Services
Member Units (8) 11/22/2013 100% 29,500  146,131 
MSC Income Fund, Inc. (12) (13) Business Development Company
Common Equity (8) 5/2/2022 814,379 6,250  6,314 
Mystic Logistics Holdings, LLC Logistics and Distribution Services Provider for Large Volume Mailers
Secured Debt (25) 8/18/2014 1/31/2024 —  —  — 
Secured Debt 8/18/2014 10.00% 1/31/2024 5,746  5,746  5,746 
Common Stock (8) 8/18/2014 5,873 2,720  27,150 
8,466  32,896 
NAPCO Precast, LLC Precast Concrete Manufacturing
10
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Member Units 1/31/2008 2,955 2,975  12,160 
Nebraska Vet AcquireCo, LLC Mixed-Animal Veterinary and Animal Health Product Provider
Secured Debt 12/31/2020 12.00% 12/31/2025 25,794  25,658  25,794 
Secured Debt 12/31/2020 12.00% 12/31/2025 10,500  10,451  10,500 
Preferred Member Units (8) 12/31/2020 6,987 6,987  14,430 
43,096  50,724 
NexRev LLC Provider of Energy Efficiency Products & Services
Secured Debt (25) 2/28/2018   2/28/2025 —  —  — 
Secured Debt 2/28/2018 10.00% 2/28/2025 9,811  9,738  9,738 
Preferred Member Units (8) 2/28/2018 103,144,186 8,213  6,350 
17,951  16,088 
NRP Jones, LLC Manufacturer of Hoses, Fittings and Assemblies
Secured Debt 12/21/2017 12.00% 3/20/2025 2,080  2,080  2,080 
Member Units (8) 12/22/2011 65,962 114  90 
Member Units (8) 12/22/2011 65,962 3,603  2,350 
5,797  4,520 
NuStep, LLC Designer, Manufacturer and Distributor of Fitness Equipment
Secured Debt  (9) (28) 1/31/2017 11.98% SF+ 6.50% 1/31/2025 3,600  3,599  3,599 
Secured Debt 1/31/2017 12.00% 1/31/2025 18,440  18,423  18,423 
Preferred Member Units 1/31/2017 406 10,200  9,240 
Preferred Member Units 11/2/2022 2,062 2,062  5,150 
34,284  36,412 
OMi Topco, LLC Manufacturer of Overhead Cranes
Secured Debt 8/31/2021 12.00% 8/31/2026 13,500  13,421  13,500 
Preferred Member Units (8) 4/1/2008 900 1,080  32,630 
14,501  46,130 
Orttech Holdings, LLC Distributor of Industrial Clutches, Brakes and Other Components
Secured Debt (9) (25) (28) 7/30/2021 SF+ 11.00% 7/31/2026 —  —  — 
Secured Debt  (9) (28) 7/30/2021 16.48% SF+ 11.00% 7/31/2026 22,200  22,073  22,200 
Preferred Stock  (8) (29) 7/30/2021 10,000 10,000  17,050 
32,073  39,250 
Pearl Meyer Topco LLC Provider of Executive Compensation Consulting Services
Secured Debt   4/27/2020 12.00% 4/27/2025 3,500  3,496  3,500 
Secured Debt   4/27/2020 12.00% 4/27/2025 17,500  17,455  17,500 
Secured Debt 4/27/2020 12.00% 4/27/2025 27,681  27,586  27,681 
11
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Preferred Equity (8) 4/27/2020 15,061 13,000  44,090 
61,537  92,771 
PPL RVs, Inc. Recreational Vehicle Dealer
Secured Debt (9) (25) (28) 10/31/2019 SF+ 8.75% 11/15/2027 —  (8) — 
Secured Debt  (9) (28) 11/15/2016 13.98% SF+ 8.75% 11/15/2027 20,290  20,094  20,290 
Common Stock (8) 6/10/2010 2,000 2,150  17,870 
Common Stock (29) 6/14/2022 238,421 238  75 
22,474  38,235 
Principle Environmental, LLC Noise Abatement Service Provider
Secured Debt 7/1/2011 13.00% 11/15/2026 5,897  5,823  5,823 
Preferred Member Units (8) 2/1/2011 21,806 5,709  10,630 
Common Stock 1/27/2021 1,037 1,200  510 
12,732  16,963 
Quality Lease Service, LLC Provider of Rigsite Accommodation Unit Rentals and Related Services
Member Units 6/8/2015 1,000 7,546  460 
River Aggregates, LLC Processor of Construction Aggregates
Member Units (29) 12/20/2013 1,500 369  3,620 
Robbins Bros. Jewelry, Inc. Bridal Jewelry Retailer
Secured Debt (25) 12/15/2021     12/15/2026 —  (29) (29)
Secured Debt   12/15/2021 12.50%     12/15/2026 34,560  34,339  33,729 
Preferred Equity 12/15/2021 11,070 11,070  2,790 
45,380  36,490 
Tedder Industries, LLC Manufacturer of Firearm Holsters and Accessories
Secured Debt (17) 8/31/2018 12.00% 8/31/2023 1,840  1,840  1,782 
Secured Debt (17) 8/31/2018 12.00% 8/31/2023 15,200  15,200  14,724 
Preferred Member Units 8/31/2018 544 9,245  3,601 
Preferred Member Units 2/1/2023 4,248 425  603 
Preferred Member Units 8/28/2023 4,800 480  1,200 
27,190  21,910 
Televerde, LLC Provider of Telemarketing and Data Services
Member Units (8) 1/6/2011 460 1,290  5,099 
Preferred Stock 1/26/2022 248 718  1,794 
2,008  6,893 
Trantech Radiator Topco, LLC Transformer Cooling Products and Services
Secured Debt (25) 5/31/2019 5/31/2024 —  (3) — 
Secured Debt 5/31/2019 12.00% 5/31/2024 7,920  7,907  7,920 
12
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Common Stock (8) 5/31/2019 615 4,655  13,400 
12,559  21,320 
UnionRock Energy Fund III, LP (12) (13) Investment Partnership
LP Interests (30) 6/6/2023 30.03% 1,051  1,051 
Vision Interests, Inc. Manufacturer / Installer of Commercial Signage
Series A Preferred Stock (8) 12/23/2011 3,000,000 3,000  3,000 
Volusion, LLC Provider of Online Software-as-a-Service eCommerce Solutions
Secured Debt 3/31/2023 10.00% 3/31/2025 2,100  2,100  2,100 
Preferred Member Units 1/26/2015 4,876,670 14,000  — 
Preferred Member Units 3/31/2023 5,097,595 10,746  9,350 
Preferred Member Units 3/31/2023 142,512 —  — 
Common Stock 3/31/2023 1,802,780 2,576  — 
29,422  11,450 
VVS Holdco LLC Omnichannel Retailer of Animal Health Products
Secured Debt  (9) (25) (28) 12/1/2021   SF+ 6.00% 12/1/2023 —  (4) (4)
Secured Debt   12/1/2021 11.50% 12/1/2026 28,200  28,021  28,021 
Preferred Equity  (8) (29) 12/1/2021 11,840 11,840  11,840 
39,857  39,857 
Ziegler’s NYPD, LLC Casual Restaurant Group
Secured Debt 6/1/2015 12.00% 10/1/2024 450  450  450 
Secured Debt 10/1/2008 6.50% 10/1/2024 1,000  1,000  945 
Secured Debt 10/1/2008 14.00% 10/1/2024 2,750  2,750  2,372 
Preferred Member Units 6/30/2015 10,072 2,834  — 
Warrants (27) 7/1/2015 587 10/1/2025 600  — 
7,634  3,767 
Subtotal Control Investments (81.3% of net assets at fair value)
 $ 1,390,675  $ 1,927,019 
Affiliate Investments (6)
AAC Holdings, Inc. (11) Substance Abuse Treatment Service Provider
Secured Debt 1/31/2023 18.00% 18.00% 6/25/2025 $ 404  $ 399  $ 379 
Secured Debt   12/11/2020 18.00% 18.00% 6/25/2025 13,425  13,328  12,618 
Common Stock 12/11/2020 593,928 3,148  — 
Warrants (27) 12/11/2020 554,353 12/11/2025 —  — 
16,875  12,997 
13
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
BBB Tank Services, LLC Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
Unsecured Debt  (9) (17) 4/8/2016 16.44% L+ 11.00% 4/8/2021 600  600  600 
Unsecured Debt  (9) (17) 4/8/2016 16.44% L+ 11.00% 4/8/2021 4,000  4,000  2,202 
Member Units 4/8/2016 800,000 800  — 
Preferred Stock (non-voting)   12/17/2018 15.00% 15.00% 162  — 
5,562  2,802 
Boccella Precast Products LLC Manufacturer of Precast Hollow Core Concrete
Secured Debt 9/23/2021 10.00% 2/28/2027 320  320  320 
Member Units   6/30/2017 2,160,000 2,256  2,130 
2,576  2,450 
Buca C, LLC Casual Restaurant Group
Secured Debt (17) 6/30/2015 12.00% 8/31/2023 16,980  16,980  12,254 
Preferred Member Units   6/30/2015 6 6.00% 6.00% 4,770  — 
21,750  12,254 
Career Team Holdings, LLC Provider of Workforce Training and Career Development Services
Secured Debt (9) (25) (28) 12/17/2021   SF+ 6.00% 12/17/2026 —  (21) (21)
Secured Debt 12/17/2021 12.50% 12/17/2026 20,160  20,031  20,031 
Common Stock 12/17/2021 450,000 4,500  4,500 
24,510  24,510 
Classic H&G Holdings, LLC Provider of Engineered Packaging Solutions
Secured Debt  (9) (28) 3/12/2020 11.50% SF+ 6.00% 3/12/2025 4,560  4,560  4,560 
Secured Debt 3/12/2020 8.00% 3/12/2025 19,274  19,214  19,274 
Preferred Member Units (8) 3/12/2020 154 5,760  16,000 
29,534  39,834 
Congruent Credit Opportunities Funds (12) (13) Investment Partnership
LP Interests (Congruent Credit Opportunities Fund III, LP)  (8) (30) 2/4/2015 13.32% 4,778  4,426 
DMA Industries, LLC Distributor of aftermarket ride control products
Secured Debt 11/19/2021 12.00% 11/19/2026 20,000  19,867  20,000 
Preferred Equity 11/19/2021 5,944 5,944  7,260 
25,811  27,260 
Dos Rios Partners (12) (13) Investment Partnership
LP Interests (Dos Rios Partners, LP) (30) 4/25/2013 20.24% 6,313  8,594 
14
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
LP Interests (Dos Rios Partners - A, LP) (30) 4/25/2013 6.43% 2,005  2,679 
8,318  11,273 
Dos Rios Stone Products LLC (10) Limestone and Sandstone Dimension Cut Stone Mining Quarries
Class A Preferred Units (29) 6/27/2016 2,000,000 2,000  1,580 
EIG Fund Investments (12) (13) Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.)  (8) (30) 11/6/2015 5,000,000 1,020  973 
Flame King Holdings, LLC Propane Tank and Accessories Distributor
Preferred Equity (8) 10/29/2021 9,360 10,400  27,900 
Freeport Financial Funds (12) (13) Investment Partnership
LP Interests (Freeport Financial SBIC Fund LP) (30) 3/23/2015 9.30% 3,507  3,497 
LP Interests (Freeport First Lien Loan Fund III LP)  (8) (30) 7/31/2015 5.95% 5,328  4,873 
8,835  8,370 
GFG Group, LLC Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt 3/31/2021 8.00% 3/31/2026 10,545  10,491  10,545 
Preferred Member Units (8) 3/31/2021 226 4,900  10,380 
15,391  20,925 
Harris Preston Fund Investments (12) (13) Investment Partnership
LP Interests (HPEP 3, L.P.)  (8) (30) 8/9/2017 8.22% 2,050  4,106 
LP Interests (HPEP 4, L.P.) (30) 7/12/2022 9.29% 2,796  2,796 
LP Interests (423 COR, L.P.)  (8) (30) 6/2/2022 22.93% 1,400  1,400 
LP Interests (423 HAR, L.P.) (30) 6/2/2023 15.60% 750  750 
6,996  9,052 
Hawk Ridge Systems, LLC Value-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt  (9) (28) 12/2/2016 11.65% SF+ 6.00% 1/15/2026 1,799  1,797  1,799 
Secured Debt 12/2/2016 12.50% 1/15/2026 45,256  45,131  45,256 
Preferred Member Units (8) 12/2/2016 226 2,850  17,460 
Preferred Member Units (29) 12/2/2016 226 150  920 
49,928  65,435 
Houston Plating and Coatings, LLC Provider of Plating and Industrial Coating Services
15
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Unsecured Convertible Debt 5/1/2017 8.00% 10/2/2024 3,000  3,000  2,880 
Member Units (8) 1/8/2003 322,297 2,352  3,640 
5,352  6,520 
I-45 SLF LLC (12) (13) Investment Partnership
Member Units (Fully diluted 20.0%; 21.75% profits
  interest)
 (8) 10/20/2015 20.00% 20,200  13,217 
Infinity X1 Holdings, LLC Manufacturer and Supplier of Personal Lighting Products
Secured Debt 3/31/2023 13.00% 3/31/2028 17,775  17,618  17,618 
Preferred Equity 3/31/2023 80,000 4,000  4,000 
21,618  21,618 
Integral Energy Services (10) Nuclear Power Staffing Services
Secured Debt  (9) (28) 8/20/2021 13.01% SF+ 7.50% 8/20/2026 15,769  15,576  15,069 
Common Stock 8/20/2021 9,968 1,356  290 
16,932  15,359 
Iron-Main Investments, LLC Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt 8/2/2021 13.50% 1/31/2028 4,514  4,485  4,485 
Secured Debt 9/1/2021 13.50% 1/31/2028 3,140  3,120  3,120 
Secured Debt 11/15/2021 13.50% 1/31/2028 8,944  8,944  8,944 
Secured Debt 11/15/2021 13.50% 1/31/2028 19,624  19,496  19,496 
Secured Debt 1/31/2023 13.50% 1/31/2028 10,762  10,449  10,449 
Common Stock 8/3/2021 203,016 2,756  2,830 
49,250  49,324 
ITA Holdings Group, LLC Air Ambulance Services
Secured Debt  (25) (28) 6/21/2023 SF+ 9.00% 2.00% 6/21/2027 —  (11) (11)
Secured Debt  (25) (28) 6/21/2023 SF+ 9.00% 2.00% 6/21/2027 —  (9) (9)
Secured Debt (28) 6/21/2023 15.40% SF+ 8.00% 2.00% 6/21/2027 4,340  3,341  3,341 
Secured Debt (28) 6/21/2023 17.40% SF+ 10.00% 2.00% 6/21/2027 4,340  3,341  3,341 
Warrants (27) 6/21/2023 193,307 6/21/2033 2,091  2,091 
8,753  8,753 
OnAsset Intelligence, Inc. Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt (14) 5/20/2014 12.00% 12.00% 12/31/2023 964  964  372 
Secured Debt (14) 3/21/2014 12.00% 12.00% 12/31/2023 983  983  380 
Secured Debt (14) 5/10/2013 12.00% 12.00% 12/31/2023 2,116  2,116  818 
Secured Debt (14) 4/18/2011 12.00% 12.00% 12/31/2023 4,415  4,415  1,706 
Unsecured Debt (14) 6/5/2017 10.00% 10.00% 12/31/2023 305  305  305 
Preferred Stock   4/18/2011 912 7.00% 7.00% 1,981  — 
Common Stock 4/15/2021 635 830  — 
16
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Warrants (27) 4/18/2011 4,699 5/10/2025 1,089  — 
12,683  3,581 
Oneliance, LLC Construction Cleaning Company
Secured Debt  (9) (17) (25) (28) 8/6/2021 SF+ 11.00% 8/6/2023 —  —  — 
Secured Debt  (9) (28) 8/6/2021 16.48% SF+ 11.00% 8/6/2026 5,520  5,488  5,427 
Preferred Stock 8/6/2021 1,128 1,128  1,128 
6,616  6,555 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) Provider of Rigsite Accommodation Unit Rentals and Related Services
Preferred Member Units 1/8/2013 250 2,500  — 
SI East, LLC Rigid Industrial Packaging Manufacturing
Secured Debt   8/31/2018 11.25% 6/16/2028 1,875  1,857  1,875 
Secured Debt (23) 6/16/2023 12.49% 6/16/2028 54,536  54,282  54,536 
Preferred Member Units (8) 8/31/2018 165 1,525  17,540 
57,664  73,951 
Slick Innovations, LLC Text Message Marketing Platform
Secured Debt 9/13/2018 14.00% 12/22/2027 12,160  12,054  12,160 
Common Stock (8) 9/13/2018 70,000 456  1,990 
12,510  14,150 
Student Resource Center, LLC (10) Higher Education Services
Secured Debt 12/31/2022 8.50%     8.50% 12/31/2027 5,327  4,883  4,770 
Preferred Equity 12/31/2022 5,907,649 —  120 
4,883  4,890 
Superior Rigging & Erecting Co. Provider of Steel Erecting, Crane Rental & Rigging Services
Secured Debt 8/31/2020 12.00% 8/31/2025 20,500  20,416  20,416 
Preferred Member Units 8/31/2020 1,636 4,500  5,940 
24,916  26,356 
The Affiliati Network, LLC Performance Marketing Solutions
Secured Debt (25) 8/9/2021 8/9/2026 —  (11) (11)
Secured Debt 8/9/2021 13.00% 8/9/2026 7,921  7,868  7,739 
Preferred Stock (8) 8/9/2021 1,280,000 6,400  6,400 
Preferred Stock 9/1/2023 172,110 172  172 
14,429  14,300 
UnionRock Energy Fund II, LP (12) (13) Investment Partnership
LP Interests  (8) (30) 6/15/2020 11.11% 3,978  5,135 
17
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
UniTek Global Services, Inc. (11) Provider of Outsourced Infrastructure Services
Secured Convertible Debt   1/1/2021 15.00% 15.00% 6/30/2028 1,650  1,650  4,044 
Secured Convertible Debt 1/1/2021 15.00% 15.00% 6/30/2028 809  809  1,983 
Preferred Stock (8) 8/29/2019 1,133,102 20.00% 20.00% 2,482  2,833 
Preferred Stock   8/21/2018 1,521,122 20.00% 20.00% 2,188  3,977 
Preferred Stock   6/30/2017 2,281,682 19.00% 19.00% 3,667  — 
Preferred Stock   1/15/2015 4,336,866 13.50% 13.50% 7,924  — 
Common Stock 4/1/2020 945,507 —  — 
18,720  12,837 
Universal Wellhead Services Holdings, LLC (10) Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
Preferred Member Units (29) 12/7/2016 716,949 14.00% 14.00% 1,032  220 
Member Units (29) 12/7/2016 4,000,000 4,000  — 
5,032  220 
World Micro Holdings, LLC Supply Chain Management
Secured Debt 12/12/2022 13.00% 12/12/2027 13,402  13,290  13,290 
Preferred Equity (8) 12/12/2022 3,845 3,845  3,845 
17,135  17,135 
Subtotal Affiliate Investments (23.9% of net assets at fair value)
 $ 537,455  $ 565,942 
Non-Control Investments (7)
AB Centers Acquisition Corporation (10) Applied Behavior Analysis Therapy Provider
Secured Debt (9) 9/6/2022 13.50% P+ 5.00% 9/6/2028 $ 647  $ 582  $ 647 
Secured Debt (9) (25) (28) 9/6/2022   SF+ 6.00% 9/6/2028 —  (28) (28)
Secured Debt  (9) (28) 9/6/2022 11.42% SF+ 6.00% 9/6/2028 19,864  19,322  19,864 
Secured Debt  (9) (28) 6/21/2023 11.42% SF+ 6.00% 9/6/2028 1,379  1,308  1,379 
21,184  21,862 
Acousti Engineering Company of Florida (10) Interior Subcontractor Providing Acoustical Walls and Ceilings
Secured Debt  (9) (28) 11/2/2020 13.94% SF+ 8.50% 11/2/2025 1,678  1,671  1,678 
Secured Debt  (9) (28) 11/2/2020 13.94% SF+ 8.50% 11/2/2025 9,485  9,438  9,485 
Secured Debt  (9) (28) 5/26/2021 17.94% SF+ 12.50% 11/2/2025 764  759  764 
11,868  11,927 
Acumera, Inc. (10) Managed Security Service Provider
Secured Debt (9) (25) (28) 6/7/2023   SF+ 7.50% 6/7/2028 —  (2) (2)
Secured Debt  (9) (28) 6/7/2023 12.99% SF+ 7.50% 6/7/2028 25,110  24,824  25,110 
Warrants (43) 6/7/2023 17,525 5/19/2028 —  110 
24,822  25,218 
18
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Adams Publishing Group, LLC (10) Local Newspaper Operator
Secured Debt  (9) (28) (41) 3/11/2022 11.00% SF+ 7.00% 1.00% 3/11/2027 7,112  7,112  7,029 
Secured Debt  (9) (28) (41) 3/11/2022 11.00% SF+ 7.00% 1.00% 3/11/2027 21,792  21,749  21,537 
28,861  28,566 
ADS Tactical, Inc. (11) Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt  (9) (28) 3/29/2021 11.18% SF+ 5.75% 3/19/2026 17,529  17,341  17,244 
AMEREQUIP LLC. (10) Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It
Secured Debt (9) (25) (28) 8/31/2022 SF+ 7.40% 8/31/2027 —  (115) (115)
Secured Debt  (9) (28) 8/31/2022 12.87% SF+ 7.40% 8/31/2027 32,116  31,630  32,116 
Common Stock (8) 8/31/2022 235 1,844  1,930 
33,359  33,931 
American Health Staffing Group, Inc. (10) Healthcare Temporary Staffing
Secured Debt  (9) (25) 11/19/2021 L+ 6.00% 11/19/2026 —  (8) (8)
Secured Debt (9) 11/19/2021 11.43% L+ 6.00% 11/19/2026 6,567  6,525  6,567 
6,517  6,559 
American Nuts, LLC (10) Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt  (9) (28) 3/11/2022 15.15% SF+ 8.75% 1.00% 4/10/2026 5,720  5,665  4,747 
Secured Debt  (9) (28) 3/11/2022 15.15% SF+ 8.75% 1.00% 4/10/2026 9,307  9,203  7,712 
Secured Debt  (9) (14) (28) 3/11/2022 17.15% SF+ 10.75% 1.00% 4/10/2026 5,705  5,645  3,116 
Secured Debt  (9) (14) (28) 3/11/2022 17.15% SF+ 10.75% 1.00% 4/10/2026 9,283  9,169  5,070 
29,682  20,645 
American Teleconferencing Services, Ltd. (11) Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt  (14) (17) 9/17/2021 7.50% L+ 6.50% 4/7/2023 2,980  2,980  134 
Secured Debt  (9) (14) (17) 5/19/2016 7.50% L+ 6.50% 6/8/2023 14,370  13,706  647 
16,686  781 
ArborWorks, LLC (10) Vegetation Management Services
Secured Debt  (9) (14) (28) 11/9/2021 15.43% SF+ 7.00% 3.00% 11/9/2026 6,986  6,892  3,899 
Secured Debt  (9) (14) (28) 11/9/2021 15.43% SF+ 7.00% 3.00% 11/9/2026 29,762  29,335  16,611 
19
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Common Equity 11/9/2021 234 234  — 
36,461  20,510 
Archer Systems, LLC (10) Mass Tort Settlement Administration Solutions Provider
Secured Debt (9) (25) (28) 8/11/2022   SF+ 6.00% 8/11/2027 —  (114) (114)
Secured Debt  (9) (28) 8/11/2022 11.54% SF+ 6.00% 8/11/2027 45,375  44,634  45,375 
Common Stock 8/11/2022 1,387,832 1,388  2,030 
45,908  47,291 
ATS Operating, LLC (10) For-Profit Thrift Retailer
Secured Debt  (9) (28) 1/18/2022 12.01% SF+ 6.50% 1/18/2027 720  720  720 
Secured Debt  (9) (28) 1/18/2022 11.01% SF+ 5.50% 1/18/2027 6,660  6,660  6,660 
Secured Debt  (9) (28) 1/18/2022 13.01% SF+ 7.50% 1/18/2027 6,660  6,660  6,660 
Common Stock 1/18/2022 720,000 720  570 
14,760  14,610 
AVEX Aviation Holdings, LLC (10) Specialty Aircraft Dealer & MRO Provider
Secured Debt  (9) (28) 12/23/2022 12.67% SF+ 7.25% 12/23/2027 1,474  1,346  1,428 
Secured Debt  (9) (28) 12/23/2022 12.80% SF+ 7.25% 12/23/2027 24,663  23,826  23,898 
Common Equity 12/15/2021 984 965  892 
26,137  26,218 
Berry Aviation, Inc. (10) Charter Airline Services
Preferred Member Units  (8) (29) 7/6/2018 1,548,387     —  2,820 
Preferred Member Units  (8) (29) 11/12/2019 122,416     —  220 
—  3,040 
Bettercloud, Inc. (10) SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt (9) (25) (28) 6/30/2022 SF+ 7.25%   6/30/2028 —  (65) (65)
Secured Debt  (9) (28) 6/30/2022 12.67% SF+ 7.25% 6.25% 6/30/2028 28,938  28,519  27,737 
28,454  27,672 
Binswanger Enterprises, LLC (10) Glass Repair and Installation Service Provider
Member Units 3/10/2017 1,050,000 1,050  20 
Bluestem Brands, Inc. (11) Multi-Channel Retailer of General Merchandise
Secured Debt (9) 10/19/2022 16.00% P+ 7.50% 15.00% 8/28/2025 2,458  2,458  2,311 
Secured Debt  (9) (28) 8/28/2020 13.94% SF+ 8.50% 12.94% 8/28/2025 3,557  2,868  3,344 
Common Stock   10/1/2020 723,184 1  1,140 
Warrants (27) 10/19/2022 163,295 10/19/2032 1,036  260 
6,363  7,055 
20
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Bond Brand Loyalty ULC (10) (13) (21) Provider of Loyalty Marketing Services
Secured Debt (9) (25) (28) 5/1/2023 SF+ 7.00% 5/1/2028 —  (26) (26)
Secured Debt  (9) (28) 5/1/2023 11.40% SF+ 6.00% 5/1/2028 6,421  6,303  6,357 
Secured Debt  (9) (28) 5/1/2023 13.40% SF+ 8.00% 5/1/2028 6,421  6,303  6,356 
Common Equity 5/1/2023 571 571  571 
13,151  13,258 
Brainworks Software, LLC (10) Advertising Sales and Newspaper Circulation Software
Secured Debt  (9) (14) (17) 8/12/2014 12.50% P+ 9.25% 7/22/2019 761  761  761 
Secured Debt  (9) (14) (17) 8/12/2014 12.50% P+ 9.25% 7/22/2019 7,056  7,056  1,075 
7,817  1,836 
Brightwood Capital Fund Investments (12) (13) Investment Partnership
LP Interests (Brightwood Capital Fund III, LP) (30) 7/21/2014 1.55% 6,527  4,221 
LP Interests (Brightwood Capital Fund IV, LP)  (8) (30) 10/26/2016 0.59% 4,350  4,661 
LP Interests (Brightwood Capital Fund V, LP)  (8) (30) 7/12/2021 1.31% 2,000  2,391 
12,877  11,273 
Burning Glass Intermediate Holding Company, Inc. (10) Provider of Skills-Based Labor Market Analytics
Secured Debt  (9) (28) 6/14/2021 10.42% SF+ 5.00% 6/10/2026 465  443  465 
Secured Debt  (9) (28) 6/14/2021 10.42% SF+ 5.00% 6/10/2028 19,732  19,493  19,732 
19,936  20,197 
Cadence Aerospace LLC (10) Aerostructure Manufacturing
Secured Debt  (9) (28) 11/14/2017 12.07% SF+ 6.50%   11/14/2024 5,003  4,998  5,003 
Secured Debt  (9) (28) 11/14/2017 12.07% SF+ 6.50%   11/14/2024 1,557  1,555  1,557 
Secured Debt  (9) (28) 11/14/2017 12.07% SF+ 6.50%   11/14/2024 2,048  2,046  2,048 
Secured Debt  (9) (28) 11/14/2017 12.07% SF+ 6.50%   11/14/2024 587  586  587 
Secured Debt  (9) (28) 11/14/2017 12.07% SF+ 6.50% 11/14/2024 61  61  61 
9,246  9,256 
CAI Software LLC Provider of Specialized Enterprise Resource Planning Software
Preferred Equity   12/13/2021 1,788,527 1,789  1,789 
Preferred Equity 12/13/2021 596,176 —  — 
1,789  1,789 
Camin Cargo Control, Inc. (11) Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
Secured Debt  (9) (28) 6/14/2021 11.93% SF+ 6.50% 6/4/2026 15,098  15,015  14,569 
21
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
CaseWorthy, Inc. (10) SaaS Provider of Case Management Solutions
Secured Debt (9) (25) (28) 5/18/2022 SF+ 6.00% 5/18/2027 —  (9) (9)
Secured Debt  (9) (28) 5/18/2022 11.65% SF+ 6.00% 5/18/2027 7,973  7,908  7,973 
Secured Debt  (9) (28) 5/18/2022 11.65% SF+ 6.00% 5/18/2027 6,133  6,089  6,133 
Common Equity 12/30/2022 245,926 246  246 
14,234  14,343 
Channel Partners Intermediateco, LLC (10) Outsourced Consumer Services Provider
Secured Debt  (9) (28) (33) 2/7/2022 12.58% SF+ 7.00% 2/7/2027 3,107  2,923  3,007 
Secured Debt  (9) (28) 2/7/2022 12.53% SF+ 7.00% 2/7/2027 36,633  36,132  35,451 
Secured Debt  (9) (28) 6/24/2022 12.53% SF+ 7.00% 2/7/2027 2,030  2,002  1,964 
Secured Debt  (9) (28) 3/27/2023 12.53% SF+ 7.00% 2/7/2027 4,905  4,796  4,747 
45,853  45,169 
Clarius BIGS, LLC (10) Prints & Advertising Film Financing
Secured Debt  (14) (17) 9/23/2014 15.00% 15.00% 1/5/2015 2,687  2,687  19 
Computer Data Source, LLC (10) Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt  (9) (28) (34) 8/6/2021 13.61% SF+ 8.00% 8/6/2026 5,000  4,943  4,804 
Secured Debt  (9) (28) 8/6/2021 13.52% SF+ 8.00% 8/6/2026 18,381  18,168  17,660 
23,111  22,464 
Construction Supply Investments, LLC (10) Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
Member Units   12/29/2016 861,618 3,335  23,135 
Dalton US Inc. (10) Provider of Supplemental Labor Services
Secured Debt  (9) (28) (35) 8/16/2022 13.92% SF+ 8.50% 8/16/2027 803  618  803 
Secured Debt  (9) (28) 8/16/2022 14.18% SF+ 8.50% 8/16/2027 4,015  3,954  4,015 
Secured Debt  (9) (28) 8/16/2022 13.92% SF+ 8.50% 8/16/2027 14,245  14,024  14,245 
Common Stock 8/16/2022 201 201  201 
18,797  19,264 
DTE Enterprises, LLC (10) Industrial Powertrain Repair and Services
Class A Preferred Member Units   4/13/2018 776,316 8.00% 8.00% 776  260 
22
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Class AA Preferred Member Units (non-voting) (8) 4/13/2018 723,684 10.00% 10.00% 1,252  1,252 
2,028  1,512 
Dynamic Communities, LLC (10) Developer of Business Events and Online Community Groups
Secured Debt  (9) (28) 12/20/2022 9.91% SF+ 4.50% 9.91% 12/31/2026 2,006  1,847  1,847 
Secured Debt  (9) (28) 12/20/2022 11.91% SF+ 6.50% 11.91% 12/31/2026 2,032  1,798  1,562 
Preferred Equity 12/20/2022 125,000 128  128 
Preferred Equity 12/20/2022 2,376,241 —  — 
Common Equity 12/20/2022 1,250,000 —  — 
3,773  3,537 
Eastern Wholesale Fence LLC (10) Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt  (9) (28) 11/19/2020 13.54% SF+ 8.00% 10/30/2025 967  925  917 
Secured Debt  (9) (28) 11/19/2020 13.54% SF+ 8.00% 10/30/2025 4,792  4,754  4,545 
Secured Debt  (9) (28) 11/19/2020 13.54% SF+ 8.00% 10/30/2025 9,557  9,473  9,067 
Secured Debt  (9) (28) 4/20/2021 13.54% SF+ 8.00% 10/30/2025 1,982  1,962  1,880 
Secured Debt  (9) (28) 10/14/2021 13.54% SF+ 8.00% 10/30/2025 10,846  10,734  10,289 
27,848  26,698 
Emerald Technologies Acquisition Co, Inc. (11) Design & Manufacturing
Secured Debt  (9) (28) 2/10/2022 11.82% SF+ 6.25% 12/29/2027 9,023  8,891  8,663 
EnCap Energy Fund Investments (12) (13) Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.)  (8) (30) 1/22/2015 0.14% 3,566  1,917 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		  (8) (30) 1/21/2015 0.38% 1,979  950 
LP Interests (EnCap Energy Capital Fund IX, L.P.)  (8) (30) 1/22/2015 0.10% 3,577  1,514 
LP Interests (EnCap Energy Capital Fund X, L.P.)  (8) (30) 3/25/2015 0.15% 6,639  5,609 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.)  (8) (30) 3/30/2015 0.84% 5,083  1,413 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.)  (8) (30) 3/27/2015 0.25% 4,745  4,458 
25,589  15,861 
Engineering Research & Consulting, LLC (10) Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt  (9) (25) 5/23/2022   P+ 5.50% 5/23/2027 —  (38) — 
23
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Secured Debt  (9) (28) 5/23/2022 11.98% SF+ 6.50% 5/23/2028 16,175  15,926  16,175 
15,888  16,175 
Escalent, Inc. (10) Market Research and Consulting Firm
Secured Debt (9) (25) (28) 4/7/2023 SF+ 8.00% 4/6/2029 —  (36) (36)
Secured Debt  (9) (28) 4/7/2023 13.49% SF+ 8.00% 4/6/2029 26,433  25,705  26,168 
Common Equity 4/7/2023 649,794 663  663 
26,332  26,795 
Event Holdco, LLC (10) Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt  (9) (28) (29) 12/22/2021 12.65% SF+ 7.00% 12/22/2026 3,692  3,668  3,692 
Secured Debt  (9) (28) (29) 12/22/2021 12.65% SF+ 7.00% 12/22/2026 44,308  44,021  44,308 
47,689  48,000 
Flip Electronics LLC (10) Distributor of Hard-to-Find and Obsolete Electronic Components
Secured Debt (28) 3/24/2022 12.90% SF+ 7.50% 1/2/2026 982  982  982 
Secured Debt (28) 1/4/2021 13.01% SF+ 7.50% 1/2/2026 6,185  6,111  6,185 
Secured Debt (28) 1/4/2021 12.98% SF+ 7.50% 1/2/2026 4,909  4,802  4,909 
11,895  12,076 
Fuse, LLC (11) Cable Networks Operator
Secured Debt 6/30/2019 12.00% 12/31/2026 1,810  1,810  1,374 
Common Stock 6/30/2019 10,429 256  — 
2,066  1,374 
GeoStabilization International (GSI) (11) Geohazard Engineering Services & Maintenance
Secured Debt (28) 1/2/2019 10.80% SF+ 5.25% 12/19/2025 20,337  20,285  19,981 
GS HVAM Intermediate, LLC (10) Specialized Food Distributor
Secured Debt  (9) (28) (36) 10/18/2019 11.92% SF+ 6.50% 4/2/2025 1,955  1,950  1,955 
Secured Debt (9) (25) (28) 10/18/2019 11.92% SF+ 6.50% 4/2/2025 —  (11) (11)
Secured Debt  (9) (28) 10/18/2019 11.92% SF+ 6.50% 4/2/2025 10,651  10,629  10,651 
Secured Debt  (9) (28) 9/15/2023 11.93% SF+ 6.50% 4/2/2025 955  955  955 
13,523  13,550 
GULF PACIFIC ACQUISITION, LLC (10) Rice Processor and Merchandiser
Secured Debt (9) (25) (28) 9/30/2022   SF+ 5.75% 9/30/2028 —  (17) — 
Secured Debt  (9) (28) 9/30/2022 11.38% SF+ 5.75% 9/30/2028 301  286  301 
Secured Debt  (9) (28) 9/30/2022 11.29% SF+ 5.75% 9/30/2028 3,624  3,564  3,624 
3,833  3,925 
24
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
HDC/HW Intermediate Holdings (10) Managed Services and Hosting Provider
Secured Debt  (9) (28) 12/21/2018 14.34% SF+ 9.50% 14.34% 12/21/2023 357  357  328 
Secured Debt  (9) (28) 12/21/2018 14.34% SF+ 9.50% 14.34% 12/21/2023 3,617  3,613  3,321 
3,970  3,649 
HEADLANDS OP-CO LLC (10) Clinical Trial Sites Operator
Secured Debt (9) (25) (28) 8/1/2022 SF+ 6.50% 8/1/2027 —  (52) (52)
Secured Debt (9) (25) (28) 8/1/2022 SF+ 6.50% 8/1/2027 —  (52) (52)
Secured Debt  (9) (28) 8/1/2022 11.82% SF+ 6.50% 8/1/2027 16,664  16,409  16,664 
16,305  16,560 
HOWLCO LLC (11) (13) (21) Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt  (9) (28) 8/19/2021 11.42% SF+ 6.00% 10/23/2026 25,162  25,162  24,397 
Hybrid Promotions, LLC (10) Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt  (9) (28) 6/30/2021 15.76% SF+ 8.25% 2.00% 6/30/2026 7,132  7,007  5,893 
IG Parent Corporation (11) Software Engineering
Secured Debt (9) (25) (28) 7/30/2021   SF+ 5.75% 7/30/2026 —  (22) — 
Secured Debt  (9) (28) 7/30/2021 11.17% SF+ 5.75% 7/30/2028 9,423  9,313  9,423 
Secured Debt  (9) (28) 7/30/2021 11.17% SF+ 5.75% 7/30/2028 4,966  4,908  4,966 
14,199  14,389 
Imaging Business Machines, L.L.C. (10) Technology Hardware & Equipment
Secured Debt  (9) (28) 6/8/2023 12.43% SF+ 7.00% 6/30/2028 1,977  1,891  1,957 
Secured Debt  (9) (28) 6/8/2023 12.45% SF+ 7.00% 6/30/2028 20,820  20,237  20,611 
Common Equity 6/8/2023 849 1,166  1,166 
23,294  23,734 
Implus Footcare, LLC (10) Provider of Footwear and Related Accessories
Secured Debt  (9) (28) 6/1/2017 14.30% SF+ 7.75% 1.00% 7/31/2024 18,644  18,579  17,161 
Industrial Services Acquisition, LLC (10) Industrial Cleaning Services
Secured Debt  (9) (28) (37) 8/13/2021 12.35% SF+ 6.75% 8/13/2026 1,004  978  1,004 
Secured Debt  (9) (28) 8/13/2021 12.18% SF+ 6.75% 8/13/2026 19,093  18,870  19,093 
Preferred Member Units  (8) (29) 1/31/2018 144 10.00% 10.00% 135  157 
25
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Preferred Member Units  (8) (29) 5/17/2019 80 20.00% 20.00% 100  104 
Member Units (29) 6/17/2016 900 900  620 
20,983  20,978 
Infolinks Media Buyco, LLC (10) Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt  (9) (28) 11/1/2021 11.17% SF+ 5.75% 11/1/2026 1,508  1,480  1,508 
Secured Debt  (9) (28) 11/1/2021 11.17% SF+ 5.75% 11/1/2026 8,528  8,423  8,528 
9,903  10,036 
Insight Borrower Corporation (10) Test, Inspection, and Certification Instrument Provider
Secured Debt (9) (25) (28) 7/19/2023 SF+ 6.25% 7/19/2028 —  (73) (73)
Secured Debt (9) (25) (28) 7/19/2023 SF+ 6.25% 7/19/2029 —  (59) (59)
Secured Debt  (9) (28) 7/19/2023 11.57% SF+ 6.25% 7/19/2029 14,406  13,992  13,992 
Common Equity 7/19/2023 131,100 656  656 
14,516  14,516 
Inspire Aesthetics Management, LLC (10) Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt  (9) (28) 4/3/2023 13.49% SF+ 8.00% 4/3/2028 622  601  616 
Secured Debt  (9) (28) 4/3/2023 13.40% SF+ 8.00% 4/3/2028 7,326  7,154  7,252 
Secured Debt  (9) (28) 6/14/2023 13.40% SF+ 8.00% 4/3/2028 2,947  2,883  2,917 
Common Equity 4/3/2023 131,569 417  417 
11,055  11,202 
Interface Security Systems, L.L.C (10) Commercial Security & Alarm Services
Secured Debt  (17) (28) (32) 12/9/2021 15.51% SF+ 10.00% 15.51% 8/7/2023 1,835  1,835  1,781 
Secured Debt  (9) (14) (17) (28) 8/7/2019 12.43% SF+ 7.00% 12.43% 8/7/2023 7,313  7,237  535 
Common Stock 12/7/2021 2,143 —  — 
9,072  2,316 
Intermedia Holdings, Inc. (11) Unified Communications as a Service
Secured Debt  (9) (28) 8/3/2018 11.43% SF+ 6.00% 7/19/2025 20,254  20,220  19,318 
Invincible Boat Company, LLC. (10) Manufacturer of Sport Fishing Boats
Secured Debt (9) 8/28/2019 12.15% L+ 6.50% 8/28/2025 311  308  302 
Secured Debt (9) 8/28/2019 12.15% L+ 6.50% 8/28/2025 16,889  16,814  16,373 
17,122  16,675 
INW Manufacturing, LLC (11) Manufacturer of Nutrition and Wellness Products
Secured Debt  (9) (28) 5/19/2021 11.40% SF+ 5.75% 3/25/2027 6,750  6,628  5,310 
26
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Isagenix International, LLC (11) Direct Marketer of Health & Wellness Products
Secured Debt  (9) (28) 4/13/2023 10.59% SF+ 5.50% 8.09% 4/14/2028 2,560  2,305  2,304 
Common Equity 4/13/2023 186,322 —  — 
2,305  2,304 
Jackmont Hospitality, Inc. (10) Franchisee of Casual Dining Restaurants
Secured Debt  (9) (28) 10/26/2022 12.45% SF+ 7.00% 11/4/2024 846  830  842 
Secured Debt  (9) (28) 11/8/2021 12.43% SF+ 7.00% 11/4/2024 2,000  2,000  2,000 
Preferred Equity   11/8/2021 2,826,667 110  500 
2,940  3,342 
Joerns Healthcare, LLC (11) Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt  (14) (28) 11/15/2021 23.64% SF+ 18.00% 23.64% 1/31/2024 2,431  2,431  1,977 
Secured Debt  (14) (28) 8/21/2019 21.48% SF+ 16.00% 21.48% 8/21/2024 2,057  2,038  143 
Secured Debt  (14) (28) 8/21/2019 21.48% SF+ 16.00% 21.48% 8/21/2024 1,978  1,959  137 
Common Stock 8/21/2019 472,579 4,429  — 
10,857  2,257 
JTI Electrical & Mechanical, LLC (10) Electrical, Mechanical and Automation Services
Secured Debt  (9) (28) 12/22/2021 11.59% SF+ 6.00% 12/22/2026 1,684  1,575  1,684 
Secured Debt  (9) (28) 12/22/2021 11.66% SF+ 6.00% 12/22/2026 36,237  35,763  36,237 
Common Equity 12/22/2021 1,684,211 1,684  2,230 
39,022  40,151 
KMS, LLC (10) Wholesaler of Closeout and Value-priced Products
Secured Debt (9) 10/4/2021 15.75% P+ 7.25% 10/4/2026 1,037  1,001  943 
Secured Debt (9) 10/4/2021 15.75% P+ 7.25% 10/4/2026 7,467  7,376  6,793 
8,377  7,736 
Kore Wireless Group Inc. (11) Mission Critical Software Platform
Secured Debt (28) 12/31/2018 10.99% SF+ 5.50% 12/20/2024 11,209  11,183  10,564 
Lightbox Holdings, L.P. (11) Provider of Commercial Real Estate Software
Secured Debt (28) 5/9/2019 10.65% SF+ 5.00% 5/9/2026 14,363  14,265  13,932 
LKCM Headwater Investments I, L.P. (12) (13) Investment Partnership
LP Interests  (8) (30) 1/25/2013 2.27% 1,746  3,354 
LL Management, Inc. (10) Medical Transportation Service Provider
Secured Debt  (9) (28) 5/2/2019 12.67% SF+ 7.25% 9/25/2024 7,960  7,933  7,960 
Secured Debt  (9) (28) 5/2/2019 12.67% SF+ 7.25% 9/25/2024 5,246  5,226  5,246 
27
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Secured Debt  (9) (28) 11/20/2020 12.67% SF+ 7.25% 9/25/2024 2,803  2,793  2,803 
Secured Debt  (9) (28) 2/26/2021 12.67% SF+ 7.25% 9/25/2024 1,056  1,052  1,056 
Secured Debt  (9) (28) 5/12/2022 12.67% SF+ 7.25% 9/25/2024 10,694  10,645  10,694 
27,649  27,759 
LLFlex, LLC (10) Provider of Metal-Based Laminates
Secured Debt  (9) (28) 8/16/2021 15.40% SF+ 9.00% 1.00% 8/16/2026 4,427  4,329  3,970 
Logix Acquisition Company, LLC (10) Competitive Local Exchange Carrier
Secured Debt (9) 1/8/2018 11.48% L+ 5.75% 12/22/2024 23,921  22,873  19,166 
Looking Glass Investments, LLC (12) (13) Specialty Consumer Finance
Member Units 7/1/2015 3 125  25 
Mako Steel, LP (10) Self-Storage Design & Construction
Secured Debt (9) 3/15/2021 12.56% L+ 7.25% 3/15/2026 730  699  730 
Secured Debt  (9) (28) 3/15/2021 12.56% SF+ 7.00% 3/15/2026 15,147  14,995  15,147 
15,694  15,877 
MB2 Dental Solutions, LLC (11) Dental Partnership Organization
Secured Debt  (9) (28) 1/28/2021 11.42% SF+ 6.00% 1/29/2027 2,811  2,790  2,811 
Secured Debt  (9) (28) 1/28/2021 11.42% SF+ 6.00% 1/29/2027 3,945  3,917  3,945 
Secured Debt  (9) (28) 1/28/2021 11.42% SF+ 6.00% 1/29/2027 3,472  3,447  3,472 
Secured Debt  (9) (28) 1/28/2021 11.42% SF+ 6.00% 1/29/2027 7,816  7,741  7,816 
17,895  18,044 
Microbe Formulas, LLC (10) Nutritional Supplements Provider
Secured Debt (9) (25) (28) 4/4/2022 SF+ 6.25% 4/3/2028 —  (54) (54)
Secured Debt  (9) (28) 4/4/2022 11.42% SF+ 6.00% 4/3/2028 23,413  23,062  23,413 
23,008  23,359 
Mills Fleet Farm Group, LLC (10) Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt  (9) (28) 10/24/2018 12.02% SF+ 6.50% 10/24/2024 18,769  18,647  17,991 
MonitorUS Holding, LLC (10) (13) (21) SaaS Provider of Media Intelligence Services
Secured Debt   5/24/2022 14.00%     5/24/2027 3,709  3,656  3,599 
Secured Debt   5/24/2022 14.00%     5/24/2027 10,107  9,954  10,587 
Secured Debt   5/24/2022 14.00%      5/24/2027 17,038  16,796  17,038 
Common Stock 8/30/2022 44,445,814 889  556 
31,295  31,780 
NBG Acquisition Inc (11) Wholesaler of Home Décor Products
28
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Secured Debt  (9) (14) 4/28/2017 10.71% L+ 5.50% 4/26/2024 3,849  3,834  154 
NinjaTrader, LLC (10) Operator of Futures Trading Platform
Secured Debt (9) (25) (28) 12/18/2019 SF+ 6.25% 12/18/2024 —  (1) — 
Secured Debt (9) (25) (28) 12/18/2019 SF+ 6.25% 12/18/2024 —  (24) (24)
Secured Debt  (9) (28) 12/18/2019 11.40% SF+ 6.00% 12/18/2024 20,467  20,320  20,467 
20,295  20,443 
NTM Acquisition Corp. (11) Provider of B2B Travel Information Content
Secured Debt  (9) (28) 7/12/2016 13.79% SF+ 7.25% 1.00% 6/7/2024 4,177  4,177  4,010 
NWN Corporation (10) Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries
Secured Debt (9) (25) (28) 5/7/2021   SF+ 9.00% 5/7/2026 —  (112) (97)
Secured Debt  (9) (28) 5/7/2021 14.52% SF+ 9.00% 1.00% 5/7/2026 39,404  38,826  39,404 
Secured Debt 12/16/2022 20.00% 20.00% 8/6/2026 7,563  7,314  7,563 
46,028  46,870 
Obra Capital, Inc (11) Alternative Asset Manager
Secured Debt (28) 10/10/2019 11.43% SF+ 6.00% 10/1/2026 17,801  16,912  14,775 
Ospemifene Royalty Sub LLC (10) Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt (14) 7/8/2013 11.50% 11/15/2026 4,447  4,447  61 
Paragon Healthcare, Inc. (10) Infusion Therapy Treatment Provider
Secured Debt (9) (25) (28) 1/19/2022   SF+ 5.75% 1/19/2027 —  (85) — 
Secured Debt  (9) (28) 1/19/2022 11.17% SF+ 5.75% 1/19/2027 3,221  3,146  3,221 
Secured Debt  (9) (28) 1/19/2022 11.17% SF+ 5.75% 1/19/2027 18,645  18,286  18,645 
21,347  21,866 
Power System Solutions (10) Backup Power Generation
Secured Debt (9) (25) (28) 6/7/2023 SF+ 6.75% 6/7/2028 —  (86) (86)
Secured Debt (9) (25) (28) 6/7/2023 SF+ 6.75% 6/7/2028 —  (86) (86)
Secured Debt  (9) (28) 6/7/2023 12.03% SF+ 6.75% 6/7/2028 18,464  17,948  18,278 
Common Equity 6/7/2023 1,234 1,234  1,234 
19,010  19,340 
29
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
PrimeFlight Aviation Services (10) Air Freight & Logistics
Secured Debt  (9) (28) 5/1/2023 11.87% SF+ 6.85% 5/1/2029 8,752  8,509  8,664 
Project Eagle Holdings, LLC (10) Provider of Secure Business Collaboration Software
Secured Debt (9) (25) (28) 7/6/2020 SF+ 6.00% 7/6/2026 —  (14) (14)
Secured Debt  (9) (28) 7/6/2020 11.43% SF+ 6.00% 7/6/2026 29,144  28,807  29,144 
28,793  29,130 
PTL US Bidco, Inc (10) (13) Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells.
Secured Debt  (9) (39) 8/19/2022 14.22% P+ 6.75% 8/19/2027 3,976  3,830  3,907 
Secured Debt  (9) (28) 8/19/2022 13.39% SF+ 7.75% 8/19/2027 27,194  26,766  26,721 
30,596  30,628 
RA Outdoors LLC (10) Software Solutions Provider for Outdoor Activity Management
Secured Debt  (9) (28) 4/8/2021 12.64% SF+ 7.00% 4/8/2026 505  496  467 
Secured Debt  (9) (28) 4/8/2021 12.14% SF+ 6.75% 4/8/2026 13,369  13,270  12,361 
13,766  12,828 
Research Now Group, Inc. and Survey Sampling International, LLC (11) Provider of Outsourced Online Surveying
Secured Debt  (9) (28) 12/29/2017 11.13% SF+ 5.50% 12/20/2024 19,809  19,672  14,482 
Richardson Sales Solutions (10) Business Services
Secured Debt  (9) (28) (36) 8/24/2023 11.82% SF+ 6.50% 8/24/2028 5,727  5,431  5,431 
Secured Debt  (9) (28) 8/24/2023 11.82% SF+ 6.50% 8/24/2028 57,273  55,611  55,611 
61,042  61,042 
RM Bidder, LLC (10) Scripted and Unscripted TV and Digital Programming Provider
Member Units 11/12/2015 2,779 46  14 
Warrants (26) 11/12/2015 327,532 10/20/2025 425  — 
471  14 
Roof Opco, LLC (10) Residential Re-Roofing/Repair
Secured Debt (9) (25) (28) 8/27/2021 SF+ 6.50% 8/27/2026 —  (9) — 
Secured Debt  (9) (28) 8/27/2021 12.01% SF+ 6.50% 8/27/2026 3,376  3,324  3,376 
Secured Debt  (9) (28) 8/27/2021 14.01% SF+ 8.50% 8/27/2026 3,376  3,324  3,376 
6,639  6,752 
30
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
RTIC Subsidiary Holdings, LLC (10) Direct-To-Consumer eCommerce Provider of Outdoor Products
Secured Debt  (9) (28) 9/1/2020 13.18% SF+ 7.75% 9/1/2025 1,781  1,768  1,667 
Secured Debt  (9) (28) 9/1/2020 13.18% SF+ 7.75% 9/1/2025 14,392  14,319  13,478 
Secured Debt  (9) (28) 9/1/2020 13.18% SF+ 7.75% 9/1/2025 577  574  540 
16,661  15,685 
Rug Doctor, LLC. (10) Carpet Cleaning Products and Machinery
Secured Debt  (9) (28) 7/16/2021 13.33% SF+ 5.75% 2.00% 11/16/2025 5,740  5,718  5,622 
Secured Debt  (9) (28) 7/16/2021 13.33% SF+ 5.75% 2.00% 11/16/2025 8,286  8,215  8,115 
13,933  13,737 
SIB Holdings, LLC (10) Provider of Cost Reduction Services
Secured Debt  (9) (28) 10/29/2021 11.81% SF+ 6.25% 10/29/2026 728  720  658 
Secured Debt  (9) (28) 10/29/2021 11.81% SF+ 6.25% 10/29/2026 1,534  1,513  1,389 
Secured Debt  (9) (28) 10/29/2021 11.81% SF+ 6.25% 10/29/2026 6,017  5,937  5,440 
Secured Debt  (9) (28) 10/29/2021 11.81% SF+ 6.25% 10/29/2026 457  451  413 
Secured Debt  (9) (28) 10/29/2021 11.81% SF+ 6.25% 10/29/2026 1,110  1,096  1,003 
Common Equity 10/29/2021 95,238 200  43 
9,917  8,946 
South Coast Terminals Holdings, LLC (10) Specialty Toll Chemical Manufacturer
Secured Debt (9) (25) (28) 12/10/2021 SF+ 6.25% 12/13/2026 —  (57) (57)
Secured Debt  (9) (28) 12/10/2021 11.95% SF+ 6.25% 12/13/2026 34,990  34,540  34,990 
Common Equity 12/10/2021 863,636 864  1,062 
35,347  35,995 
SPAU Holdings, LLC (10) Digital Photo Product Provider
Secured Debt  (9) (28) 7/1/2022 13.11% SF+ 7.50% 7/1/2027 2,491  2,443  2,491 
Secured Debt  (9) (28) 7/1/2022 13.22% SF+ 7.50% 7/1/2027 15,768  15,530  15,768 
Common Stock 7/1/2022 638,710 639  499 
18,612  18,758 
Stellant Systems, Inc. (11) Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt  (9) (28) 10/22/2021 11.07% SF+ 5.50% 10/1/2028 7,546  7,491  7,471 
Team Public Choices, LLC (11) Home-Based Care Employment Service Provider
Secured Debt  (9) (28) 12/22/2020 10.88% SF+ 5.00% 12/18/2027 14,842  14,612  14,629 
Tectonic Financial, LLC Financial Services Organization
Common Stock (8) 5/15/2017 200,000 2,000  5,030 
Tex Tech Tennis, LLC (10) Sporting Goods & Textiles
Preferred Equity (29) 7/7/2021 1,000,000 1,000  2,299 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
U.S. TelePacific Corp. (11) Provider of Communications and Managed Services
Secured Debt  (9) (14) (28) 6/1/2023 6.00% SF+ 1.00% 6.00% 5/2/2026 9,298  3,745  3,678 
Secured Debt  (9) (14) (28) 6/1/2023 6.00% SF+ 1.00% 6.00% 5/2/2027 946  20  — 
3,765  3,678 
USA DeBusk LLC (10) Provider of Industrial Cleaning Services
Secured Debt  (9) (28) 10/22/2019 11.42% SF+ 6.00% 9/8/2026 33,322  32,888  33,322 
Secured Debt  (9) (28) 7/19/2023 11.92% SF+ 6.50% 9/8/2026 12,947  12,708  12,947 
45,596  46,269 
UserZoom Technologies, Inc. (10) Provider of User Experience Research Automation Software
Secured Debt  (9) (28) 1/11/2023 12.42% SF+ 7.50% 4/5/2029 4,000  3,894  4,000 
Veregy Consolidated, Inc. (11) Energy Service Company
Secured Debt (9) (25) (28) 11/9/2020 SF+ 5.25% 11/3/2025 —  (463) (463)
Secured Debt  (9) (28) 11/9/2020 11.63% SF+ 6.00% 11/3/2027 17,473  17,219  15,603 
16,756  15,140 
Vistar Media, Inc. (10) Operator of Digital Out-of-Home Advertising Platform
Preferred Stock 4/3/2019 70,207 767  2,339 
VORTEQ Coil Finishers, LLC (10) Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity (8) 11/30/2021 1,038,462 1,038  2,969 
Wall Street Prep, Inc. (10) Financial Training Services
Secured Debt (9) (25) (28) 7/19/2021 SF+ 7.00% 7/19/2026 —  (4) (4)
Secured Debt  (9) (28) 7/19/2021 12.40% SF+ 7.00% 7/19/2026 3,723  3,680  3,723 
Common Stock 7/19/2021 400,000 400  469 
4,076  4,188 
Watterson Brands, LLC (10) Facility Management Services
Secured Debt  (9) (28) (40) 12/17/2021 11.79% SF+ 6.25% 12/17/2026 2,223  2,194  2,223 
Secured Debt  (9) (28) 12/17/2021 11.79% SF+ 6.25% 12/17/2026 388  364  388 
Secured Debt  (9) (28) 12/17/2021 11.79% SF+ 6.25% 12/17/2026 15,967  15,802  15,967 
Secured Debt  (9) (28) 12/17/2021 11.79% SF+ 6.25% 12/17/2026 12,771  12,640  12,771 
31,000  31,349 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (28) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
West Star Aviation Acquisition, LLC (10) Aircraft, Aircraft Engine and Engine Parts
Secured Debt  (9) (28) 3/1/2022 11.39% SF+ 6.00% 3/1/2028 1,205  1,175  1,205 
Secured Debt  (9) (28) 3/1/2022 11.35% SF+ 6.00% 3/1/2028 10,685  10,527  10,685 
Common Stock 3/1/2022 1,541,400 1,541  2,759 
13,243  14,649 
Winter Services LLC (10) Provider of Snow Removal and Ice Management Services
Secured Debt (9) (25) (28) 11/19/2021 SF+ 7.00% 11/19/2026 —  (28) — 
Secured Debt  (9) (28) 11/19/2021 12.51% SF+ 7.00% 11/19/2026 2,067  2,033  2,067 
Secured Debt  (9) (28) 11/19/2021 12.51% SF+ 7.00% 11/19/2026 9,300  9,182  9,300 
11,187  11,367 
Xenon Arc, Inc. (10) Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt (28) 12/17/2021 10.68% SF+ 5.25% 12/17/2026 4,032  3,854  4,032 
Secured Debt (28) 12/17/2021 10.76% SF+ 5.25% 12/17/2027 24,118  23,750  24,118 
Secured Debt (28) 12/17/2021 10.66% SF+ 5.25% 12/17/2027 37,925  37,400  37,925 
65,004  66,075 
YS Garments, LLC (11) Designer and Provider of Branded Activewear
Secured Debt  (9) (28) 8/22/2018 12.93% SF+ 7.50% 8/9/2026 11,355  11,137  10,257 
Zips Car Wash, LLC (10) Express Car Wash Operator
Secured Debt  (9) (28) (38) 2/11/2022 12.67% SF+ 7.25% 3/1/2024 17,279  17,195  16,199 
Secured Debt  (9) (28) (38) 2/11/2022 12.68% SF+ 7.25% 3/1/2024 4,331  4,320  4,060 
21,515  20,259 
Subtotal Non-Control/Non-Affiliate Investments (76.0% of net assets at fair value)
 $ 1,871,255  $ 1,801,761 
Total Portfolio Investments, September 30, 2023 (181.2% of net assets at fair value)
 $ 3,799,385  $ 4,294,722 
Money market funds (included in cash and cash equivalents) (44)
Dreyfus Government Cash Management (45) $ 36,507  $ 36,507 
Fidelity Government Fund (46) 826  826 
Fidelity Treasury (31) 71  71 
Total money market funds $ 37,404  $ 37,404 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
___________________
(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.
(3)See Note C—Fair Value Hierarchy for Investments—Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5)Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(6)Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(8)Income producing through dividends or distributions.
(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 91% of the loans (based on the par amount) contain LIBOR or Term SOFR (“SOFR”) floors which range between 0.50% and 2.00%, with a weighted-average floor of 1.13%.
(10)Private Loan portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Private Loan portfolio investments.
(11)Middle Market portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Middle Market portfolio investments.
(12)Other Portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Other Portfolio investments.
(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)Non-accrual and non-income producing debt investment.
(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(16)External Investment Manager. Investment is not encumbered as security for the Company's Credit Facilities or in support of the SBA-guaranteed debentures issued by the Funds.
(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of September 30, 2023.
(20)All portfolio company headquarters are based in the United States, unless otherwise noted.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
(21)Portfolio company headquarters are located outside of the United States.
(22)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR+6.25% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of 11.25% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24)Investment date represents the date of initial investment in the security position.
(25)The position is unfunded and no interest income is being earned as of September 30, 2023. The position may earn a nominal unused facility fee on committed amounts.
(26)Warrants are presented in equivalent units with a strike price of $14.28 per unit.
(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
(28)A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR (“L”), SOFR (“SF”) or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of September 30, 2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.43%.
(29)Shares/Units represent ownership in a related Real Estate or HoldCo entity.
(30)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(31)Effective yield as of September 30, 2023 was approximately 4.98% on the Fidelity Treasury.
(32)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+10.00%. RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.
(33)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (Floor 2.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.
(34)As of September 30, 2023, borrowings under the loan facility bore interest at LIBOR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.
(35)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+8.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.
(36)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+6.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
(37)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+6.75% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.
(38)As of September 30, 2023, borrowings under the loan facility bear interest at SOFR+7.25% (Floor 1.00%). Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.
(39)As of September 30, 2023, borrowings under the loan facility have multiple contracts that bear interest at either SOFR+7.75% or PRIME+6.75% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents the base rate applicable to the majority of the facility and the weighted-average rate for borrowings under the facility, as of September 30, 2023.
(40)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+6.25% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.
(41)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.
(42)Index based floating interest rate is subject to contractual maximum base rate of 2.00%.
(43)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.
(44)Short-term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. These short-term investments are included as Cash and cash equivalents on the Consolidated Balance Sheets.
(45)Effective yield as of September 30, 2023 was approximately 4.96% on the Dreyfus Government Cash Management.
(46)Effective yield as of September 30, 2023 was approximately 4.99% on the Fidelity Government Fund.

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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
December 31, 2022
(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Control Investments (5)
Analytical Systems Keco Holdings, LLC Manufacturer of Liquid and Gas Analyzers
Secured Debt (9) (25) 8/16/2019 L+ 10.00% 8/16/2024 $ —  $ (3) $ (3)
Secured Debt (9) 8/16/2019 14.13% L+ 10.00% 8/16/2024 4,665  4,545  4,545 
Preferred Member Units 8/16/2019 3,200 14.13% 3,200  — 
Preferred Member Units 5/20/2021 2,427 2,427  3,504 
Warrants (27) 8/16/2019 420 8/16/2029 316  — 
10,485  8,046 
ASC Interests, LLC Recreational and Educational Shooting Facility
Secured Debt 12/31/2019 13.00% 7/31/2024 400  400  400 
Secured Debt 8/1/2013 13.00% 7/31/2024 1,650  1,649  1,649 
Member Units 8/1/2013 1,500 1,500  800 
3,549  2,849 
ATS Workholding, LLC (10) Manufacturer of Machine Cutting Tools and Accessories
Secured Debt (14) 11/16/2017 5.00% 8/16/2023 1,901  1,901  634 
Secured Debt (14) 11/16/2017 5.00% 8/16/2023 3,015  2,857  1,005 
Preferred Member Units 11/16/2017 3,725,862 3,726  — 
8,484  1,639 
Barfly Ventures, LLC (10) Casual Restaurant Group
Secured Debt 10/15/2020 7.00% 10/31/2024 711  711  711 
Member Units 10/26/2020 37 1,584  3,320 
2,295  4,031 
Batjer TopCo, LLC HVAC Mechanical Contractor
Secured Debt (25) 3/7/2022 3/31/2027 —  (8) (8)
Secured Debt (25) 3/7/2022 3/31/2027 —  —  — 
Secured Debt 3/7/2022 11.00% 3/31/2027 11,025  10,933  10,933 
Preferred Stock (8) 3/7/2022 4,073 4,095  4,095 
15,020  15,020 
Bolder Panther Group, LLC Consumer Goods and Fuel Retailer
Secured Debt (9) (29) (40) 12/31/2020 13.39% SF+ 9.26% 10/31/2027 99,194  98,576  99,194 
Class B Preferred Member Units (8) 12/31/2020 140,000 8.00% 14,000  31,420 
112,576  130,614 
Brewer Crane Holdings, LLC Provider of Crane Rental and Operating Services
Secured Debt (9) 1/9/2018 14.12% L+ 10.00% 1/9/2023 5,964  5,964  5,964 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Preferred Member Units (8) 1/9/2018 2,950 4,280  7,080 
10,244  13,044 
Bridge Capital Solutions Corporation Financial Services and Cash Flow Solutions Provider
Secured Debt 7/25/2016 13.00% 12/11/2024 8,813  8,813  8,813 
Secured Debt (30) 7/25/2016 13.00% 12/11/2024 1,000  1,000  1,000 
Preferred Member Units (8) (30) 7/25/2016 17,742 1,000  1,000 
Warrants (27) 7/25/2016 82 7/25/2026 2,132  4,340 
12,945  15,153 
Café Brazil, LLC Casual Restaurant Group
Member Units (8) 6/9/2006 1,233 1,742  2,210 
California Splendor Holdings LLC Processor of Frozen Fruits
Secured Debt (9) 3/30/2018 13.75% L+ 10.00% 7/29/2026 28,000  27,951  28,000 
Preferred Member Units (8) 3/30/2018 6,157 10,775  25,495 
Preferred Member Units (8) 7/31/2019 3,671 15.00% 15.00% 3,994  3,994 
42,720  57,489 
CBT Nuggets, LLC Produces and Sells IT Training Certification Videos
Member Units (8) 6/1/2006 416 1,300  49,002 
Centre Technologies Holdings, LLC Provider of IT Hardware Services and Software Solutions
Secured Debt (9) (25) 1/4/2019 L+ 9.00% 1/4/2026 —  —  — 
Secured Debt (9) 1/4/2019 13.13% L+ 9.00% 1/4/2026 15,030  14,954  14,954 
Preferred Member Units 1/4/2019 13,309 6,122  8,700 
21,076  23,654 
Chamberlin Holding LLC Roofing and Waterproofing Specialty Contractor
Secured Debt (9) (25) 2/26/2018 L+ 6.00% 2/26/2023 —  —  — 
Secured Debt (9) 2/26/2018 12.13% L+ 8.00% 2/26/2023 16,945  16,935  16,945 
Member Units (8) 2/26/2018 4,347 11,440  22,920 
Member Units (8) (30) 11/2/2018 1,047,146 1,773  2,710 
30,148  42,575 
Charps, LLC Pipeline Maintenance and Construction
Unsecured Debt 8/26/2020 10.00% 1/31/2026 5,694  4,643  5,694 
Preferred Member Units (8) 2/3/2017 1,829 1,963  13,340 
6,606  19,034 
Clad-Rex Steel, LLC Specialty Manufacturer of Vinyl-Clad Metal
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Secured Debt (9) (25) (29) 10/28/2022 SF+ 9.00% 1/15/2024 —  —  — 
Secured Debt (9) (29) 12/20/2016 13.23% SF+ 9.00% 1/15/2024 10,480  10,440  10,440 
Secured Debt 12/20/2016 10.00% 12/20/2036 1,049  1,039  1,039 
Member Units (8) 12/20/2016 717 7,280  8,220 
Member Units (30) 12/20/2016 800 210  610 
18,969  20,309 
CMS Minerals Investments Oil & Gas Exploration & Production
Member Units (8) (30) 4/1/2016 100 1,304  1,670 
Cody Pools, Inc. Designer of Residential and Commercial Pools
Secured Debt (9) 3/6/2020 15.38% L+ 10.50% 12/17/2026 1,462  1,443  1,462 
Secured Debt (9) 3/6/2020 15.38% L+ 10.50% 12/17/2026 40,801  40,521  40,801 
Preferred Member Units (8) (30) 3/6/2020 587 8,317  58,180 
50,281  100,443 
Colonial Electric Company LLC Provider of Electrical Contracting Services
Secured Debt (25) 3/31/2021 3/31/2026 —  —  — 
Secured Debt 3/31/2021 12.00% 3/31/2026 23,310  23,151  23,151 
Preferred Member Units (8) 3/31/2021 17,280 7,680  9,160 
30,831  32,311 
CompareNetworks Topco, LLC Internet Publishing and Web Search Portals
Secured Debt (9) (17) (25) 1/29/2019 L+ 9.00% 1/29/2022 —  —  — 
Secured Debt (9) 1/29/2019 13.13% L+ 9.00% 1/29/2024 5,241  5,232  5,241 
Preferred Member Units (8) 1/29/2019 1,975 1,975  19,830 
7,207  25,071 
Copper Trail Fund Investments (12) (13) Investment Partnership
LP Interests (CTMH, LP) (31) 7/17/2017 38.75% 588  588 
Datacom, LLC Technology and Telecommunications Provider
Secured Debt 3/1/2022 7.50% 12/31/2025 223  223  223 
Secured Debt 3/31/2021 7.50% 12/31/2025 8,622  8,190  7,789 
Preferred Member Units (8) 3/31/2021 9,000 2,610  2,670 
11,023  10,682 
Digital Products Holdings LLC Designer and Distributor of Consumer Electronics
Secured Debt (9) 4/1/2018 14.13% L+ 10.00% 4/1/2023 15,533  15,523  15,523 
Preferred Member Units (8) 4/1/2018 3,857 9,501  9,835 
39
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
25,024  25,358 
Direct Marketing Solutions, Inc. Provider of Omni-Channel Direct Marketing Services
Secured Debt (9) (25) 2/13/2018 L+ 11.00% 2/13/2026 —  (88) — 
Secured Debt (9) 12/27/2022 15.13% L+ 11.00% 2/13/2026 27,267  27,122  27,267 
Preferred Stock (8) 2/13/2018 8,400 8,400  22,220 
35,434  49,487 
Elgin AcquireCo, LLC Manufacturer and Distributor of Engine and Chassis Components
Secured Debt (9) (25) (29) 10/3/2022 SF+ 6.00% 10/3/2027 —  (9) (9)
Secured Debt 10/3/2022 12.00% 10/3/2027 18,773  18,594  18,594 
Secured Debt 10/3/2022 9.00% 10/3/2052 6,357  6,294  6,294 
Common Stock 10/3/2022 378 7,603  7,603 
Common Stock (30) 10/3/2022 939 1,558  1,558 
34,040  34,040 
Gamber-Johnson Holdings, LLC Manufacturer of Ruggedized Computer Mounting Systems
Secured Debt (9) (25) (29) 6/24/2016 SF+ 8.50% 1/1/2028 —  —  — 
Secured Debt (9) (29) 12/15/2022 11.50% SF+ 8.50% 1/1/2028 64,078  63,685  64,078 
Member Units (8) 6/24/2016 9,042 17,692  50,890 
81,377  114,968 
Garreco, LLC Manufacturer and Supplier of Dental Products
Secured Debt (9) (37) 7/15/2013 9.50% L+ 8.00% 7/31/2023 3,826  3,826  3,826 
Member Units (8) 7/15/2013 1,200 1,200  1,800 
5,026  5,626 
GRT Rubber Technologies LLC Manufacturer of Engineered Rubber Products
Secured Debt 12/21/2018 10.12% L+ 6.00% 12/21/2023 670  670  670 
Secured Debt 12/19/2014 12.12% L+ 8.00% 10/29/2026 40,493  40,313  40,493 
Member Units (8) 12/19/2014 5,879 13,065  44,440 
54,048  85,603 
Gulf Manufacturing, LLC Manufacturer of Specialty Fabricated Industrial Piping Products
Member Units (8) 8/31/2007 438 2,980  6,790 
Gulf Publishing Holdings, LLC Energy Industry Focused Media and Publishing
Secured Debt (9) (25) 9/29/2017 L+ 9.50% 7/1/2027 —  —  — 
Secured Debt 7/1/2022 12.50% 7/1/2027 2,400  2,400  2,284 
Preferred Equity 7/1/2022 63,720 5,600  3,780 
40
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Member Units 4/29/2016 3,681 3,681  — 
11,681  6,064 
Harris Preston Fund Investments (12) (13) Investment Partnership
LP Interests (2717 MH, L.P.) (31) 10/1/2017 49.26% 3,895  7,552 
LP Interests (2717 HPP-MS, L.P.) (31) 3/11/2022 49.26% 248  248 
4,143  7,800 
Harrison Hydra-Gen, Ltd. Manufacturer of Hydraulic Generators
Common Stock 6/4/2010 107,456 718  3,280 
Jensen Jewelers of Idaho, LLC Retail Jewelry Store
Secured Debt (25) 8/29/2017 P+ 6.75% 11/14/2023 —  —  — 
Secured Debt (9) 11/14/2006 13.75% P+ 6.75% 11/14/2023 2,450  2,444  2,450 
Member Units (8) 11/14/2006 627 811  14,970 
3,255  17,420 
Johnson Downie Opco, LLC Executive Search Services
Secured Debt (9) (25) 12/10/2021 L+ 11.50% 12/10/2026 —  (14) — 
Secured Debt (9) 12/10/2021 15.63% L+ 11.50% 12/10/2026 9,999  9,920  9,999 
Preferred Equity (8) 12/10/2021 3,150 3,150  5,540 
13,056  15,539 
JorVet Holdings, LLC Supplier and Distributor of Veterinary Equipment and Supplies
Secured Debt 3/28/2022 12.00% 3/28/2027 25,650  25,432  25,432 
Preferred Equity (8) 3/28/2022 107,406 10,741  10,741 
36,173  36,173 
KBK Industries, LLC Manufacturer of Specialty Oilfield and Industrial Products
Member Units (8) 1/23/2006 325 783  15,570 
Kickhaefer Manufacturing Company, LLC Precision Metal Parts Manufacturing
Secured Debt 10/31/2018 11.50% 10/31/2023 20,415  20,374  20,374 
Secured Debt 10/31/2018 9.00% 10/31/2048 3,879  3,842  3,842 
Preferred Equity 10/31/2018 581 12,240  7,220 
Member Units (8) (30) 10/31/2018 800 992  2,850 
37,448  34,286 
Market Force Information, LLC Provider of Customer Experience Management Services
Secured Debt (9) 7/28/2017 15.13% L+ 11.00% 7/28/2023 6,275  6,253  6,090 
Secured Debt (14) 7/28/2017 12.00% 12.00% 7/28/2023 26,079  25,952  1,610 
41
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Member Units 7/28/2017 743,921 16,642  — 
48,847  7,700 
MetalForming AcquireCo, LLC Distributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt (25) 10/19/2022 10/19/2024 —  —  — 
Secured Debt 10/19/2022 12.75% 10/19/2027 23,802  23,576  23,576 
Preferred Equity (8) 10/19/2022 5,915,585 8.00% 8.00% 6,010  6,010 
Common Stock 10/19/2022 1,537,219 1,537  1,537 
31,123  31,123 
MH Corbin Holding LLC Manufacturer and Distributor of Traffic Safety Products
Secured Debt 8/31/2015 13.00% 12/31/2022 6,156  6,156  4,548 
Preferred Member Units 3/15/2019 66,000 4,400  — 
Preferred Member Units 9/1/2015 4,000 6,000  — 
16,556  4,548 
MS Private Loan Fund I, LP (12) (13) Investment Partnership
Secured Debt (25) 1/26/2021 12/31/2024 —  —  — 
LP Interests (8) (31) 1/26/2021 14.51% 14,250  14,833 
14,250  14,833 
MSC Adviser I, LLC (16) Third Party Investment Advisory Services
Member Units (8) 11/22/2013 1 29,500  122,930 
MSC Income Fund, Inc. (12) (13) Business Development Company
Common Equity (8) 5/2/2022 94,697 750  753 
Mystic Logistics Holdings, LLC Logistics and Distribution Services Provider for Large Volume Mailers
Secured Debt (25) 8/18/2014 1/31/2024 —  —  — 
Secured Debt 8/18/2014 10.00% 1/31/2024 5,746  5,746  5,746 
Common Stock (8) 8/18/2014 5,873 2,720  22,830 
8,466  28,576 
NAPCO Precast, LLC Precast Concrete Manufacturing
Member Units 1/31/2008 2,955 2,975  11,830 
Nebraska Vet AcquireCo, LLC Mixed-Animal Veterinary and Animal Health Product Provider
Secured Debt (9) (25) 12/31/2020 L+ 7.00% 12/31/2025 —  —  — 
Secured Debt 12/31/2020 12.00% 12/31/2025 20,094  19,972  20,094 
Secured Debt 12/31/2020 12.00% 12/31/2025 10,500  10,434  10,500 
42
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Preferred Member Units 12/31/2020 6,987 6,987  7,700 
37,393  38,294 
NexRev LLC Provider of Energy Efficiency Products & Services
Secured Debt (25) 2/28/2018 2/28/2025 —  —  — 
Secured Debt 2/28/2018 11.00% 2/28/2025 11,465  11,335  8,477 
Preferred Member Units (8) 2/28/2018 103,144,186 8,213  1,110 
19,548  9,587 
NRP Jones, LLC Manufacturer of Hoses, Fittings and Assemblies
Secured Debt 12/21/2017 12.00% 3/20/2023 2,080  2,080  2,080 
Member Units (8) 12/22/2011 65,962 3,717  4,790 
5,797  6,870 
NuStep, LLC Designer, Manufacturer and Distributor of Fitness Equipment
Secured Debt (9) 1/31/2017 10.63% L+ 6.50% 1/31/2025 4,400  4,399  4,399 
Secured Debt 1/31/2017 12.00% 1/31/2025 18,440  18,414  18,414 
Preferred Member Units 1/31/2017 406 10,200  8,040 
Preferred Member Units 11/2/2022 2,062 2,062  5,150 
35,075  36,003 
OMi Topco, LLC Manufacturer of Overhead Cranes
Secured Debt 8/31/2021 12.00% 8/31/2026 15,750  15,634  15,750 
Preferred Member Units (8) 4/1/2008 900 1,080  22,810 
16,714  38,560 
Orttech Holdings, LLC Distributor of Industrial Clutches, Brakes and Other Components
Secured Debt (9) (25) 7/30/2021 L+ 11.00% 7/31/2026 —  —  — 
Secured Debt (9) 7/30/2021 15.13% L+ 11.00% 7/31/2026 23,600  23,429  23,429 
Preferred Stock (8) (30) 7/30/2021 10,000 10,000  11,750 
33,429  35,179 
Pearl Meyer Topco LLC Provider of Executive Compensation Consulting Services
Secured Debt (25) 4/27/2020 4/27/2025 —  —  — 
Secured Debt (25) 4/27/2020 4/27/2025 —  —  — 
Secured Debt 4/27/2020 12.00% 4/27/2025 28,681  28,537  28,681 
Preferred Equity (8) 4/27/2020 13,800 13,000  43,260 
41,537  71,941 
PPL RVs, Inc. Recreational Vehicle Dealer
Secured Debt (9) (25) 10/31/2019 L+ 7.00% 11/15/2027 —  (9) — 
Secured Debt (9) 11/15/2016 10.25% L+ 7.00% 11/15/2027 21,655  21,408  21,655 
Common Stock (8) 6/10/2010 2,000 2,150  18,950 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Common Stock 6/14/2022 238,421 238  238 
23,787  40,843 
Principle Environmental, LLC Noise Abatement Service Provider
Secured Debt (25) 2/1/2011 11/15/2026 —  —  — 
Secured Debt 7/1/2011 13.00% 11/15/2026 5,897  5,806  5,806 
Preferred Member Units (8) 2/1/2011 21,806 5,709  12,420 
Common Stock 1/27/2021 1,037 1,200  590 
12,715  18,816 
Quality Lease Service, LLC Provider of Rigsite Accommodation Unit Rentals and Related Services
Member Units 6/8/2015 1,000 7,513  525 
River Aggregates, LLC Processor of Construction Aggregates
Member Units (30) 12/20/2013 1,500 369  3,620 
Robbins Bros. Jewelry, Inc. Bridal Jewelry Retailer
Secured Debt (9) (25) 12/15/2021 12/15/2026 —  (35) (35)
Secured Debt (9) 12/15/2021 12.50% 12/15/2026 35,685  35,404  35,404 
Preferred Equity 12/15/2021 11,070 11,070  14,880 
46,439  50,249 
Tedder Industries, LLC Manufacturer of Firearm Holsters and Accessories
Secured Debt 8/31/2018 12.00% 8/31/2023 1,840  1,840  1,840 
Secured Debt 8/31/2018 12.00% 8/31/2023 15,200  15,192  15,120 
Preferred Member Units 8/31/2018 544 9,245  7,681 
26,277  24,641 
Televerde, LLC Provider of Telemarketing and Data Services
Member Units 1/6/2011 460 1,290  5,408 
Preferred Stock 1/26/2022 248 718  1,794 
2,008  7,202 
Trantech Radiator Topco, LLC Transformer Cooling Products and Services
Secured Debt (25) 5/31/2019 5/31/2024 —  (5) — 
Secured Debt 5/31/2019 12.00% 5/31/2024 7,920  7,894  7,920 
Common Stock (8) 5/31/2019 615 4,655  7,800 
12,544  15,720 
Vision Interests, Inc. Manufacturer / Installer of Commercial Signage
Series A Preferred Stock (8) 12/23/2011 3,000,000 3,000  3,000 
44
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
VVS Holdco LLC Omnichannel Retailer of Animal Health Products
Secured Debt (9) (25) (30) 12/1/2021 L+ 6.00% 12/1/2023 —  (21) (21)
Secured Debt (30) 12/1/2021 11.50% 12/1/2026 30,400  30,158  30,161 
Preferred Equity (8) (30) 12/1/2021 11,840 11,840  11,940 
41,977  42,080 
Ziegler’s NYPD, LLC Casual Restaurant Group
Secured Debt 6/1/2015 12.00% 10/1/2024 450  450  450 
Secured Debt 10/1/2008 6.50% 10/1/2024 1,000  1,000  945 
Secured Debt 10/1/2008 14.00% 10/1/2024 2,750  2,750  2,676 
Preferred Member Units 6/30/2015 10,072 2,834  240 
Warrants (27) 7/1/2015 587 10/1/2025 600  — 
7,634  4,311 
Subtotal Control Investments (80.8% of net assets at fair value)
 $ 1,270,802  $ 1,703,172 
Affiliate Investments (6)
AAC Holdings, Inc. (11) Substance Abuse Treatment Service Provider
Secured Debt 12/11/2020 18.00% 18.00% 6/25/2025 $ 11,726  $ 11,590  $ 11,550 
Common Stock 12/11/2020 593,928 3,148  — 
Warrants (27) 12/11/2020 554,353 12/11/2025 —  — 
14,738  11,550 
AFG Capital Group, LLC Provider of Rent-to-Own Financing Solutions and Services
Preferred Member Units (8) 11/7/2014 186 1,200  9,400 
ATX Networks Corp. (11) Provider of Radio Frequency Management Equipment
Secured Debt (9) 9/1/2021 12.23% L+ 7.50% 9/1/2026 6,783  6,208  6,343 
Unsecured Debt 9/1/2021 10.00% 10.00% 9/1/2028 3,396  2,291  2,598 
Common Stock 9/1/2021 583 —  3,270 
8,499  12,211 
BBB Tank Services, LLC Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
Unsecured Debt (9) (17) 4/8/2016 15.12% L+ 11.00% 4/8/2021 800  800  800 
Unsecured Debt (9) (17) 4/8/2016 15.12% L+ 11.00% 4/8/2021 4,000  4,000  2,086 
Member Units 4/8/2016 800,000 800  — 
Preferred Stock (non-voting) 12/17/2018 15.00% 162  — 
5,762  2,886 
45
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Boccella Precast Products LLC Manufacturer of Precast Hollow Core Concrete
Secured Debt 9/23/2021 10.00% 2/28/2027 320  320  320 
Member Units (8) 6/30/2017 2,160,000 2,256  2,970 
2,576  3,290 
Buca C, LLC Casual Restaurant Group
Secured Debt 6/30/2015 9.00% 6/30/2023 17,355  17,355  12,337 
Preferred Member Units 6/30/2015 6 6.00% 6.00% 4,770  — 
22,125  12,337 
Career Team Holdings, LLC Provider of Workforce Training and Career Development Services
Secured Debt (9) (25) 12/17/2021 L+ 6.00% 12/17/2026 —  (9) (9)
Secured Debt 12/17/2021 12.50% 12/17/2026 20,250  20,090  20,090 
Common Stock 12/17/2021 450,000 4,500  4,500 
24,581  24,581 
Chandler Signs Holdings, LLC (10) Sign Manufacturer
Class A Units 1/4/2016 1,500,000 1,500  1,790 
Classic H&G Holdings, LLC Provider of Engineered Packaging Solutions
Secured Debt (9) 3/12/2020 9.75% L+ 6.00% 3/12/2025 4,560  4,560  4,560 
Secured Debt 3/12/2020 8.00% 3/12/2025 19,274  19,182  19,274 
Preferred Member Units (8) 3/12/2020 154 5,760  24,637 
29,502  48,471 
Congruent Credit Opportunities Funds (12) (13) Investment Partnership
LP Interests (Congruent Credit Opportunities Fund
  III, LP)		 (8) (31) 2/4/2015 13.32% 8,096  7,657 
DMA Industries, LLC Distributor of aftermarket ride control products
Secured Debt 11/19/2021 12.00% 11/19/2026 21,200  21,035  21,200 
Preferred Equity 11/19/2021 5,944 5,944  7,260 
26,979  28,460 
Dos Rios Partners (12) (13) Investment Partnership
LP Interests (Dos Rios Partners, LP) (31) 4/25/2013 20.24% 6,459  9,127 
LP Interests (Dos Rios Partners - A, LP) (31) 4/25/2013 6.43% 2,051  2,898 
8,510  12,025 
Dos Rios Stone Products LLC (10) Limestone and Sandstone Dimension Cut Stone Mining Quarries
46
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Class A Preferred Units (30) 6/27/2016 2,000,000 2,000  1,330 
EIG Fund Investments (12) (13) Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) (31) 11/6/2015 5,000,000.00 1,060  1,013 
Flame King Holdings, LLC Propane Tank and Accessories Distributor
Secured Debt (9) 10/29/2021 10.75% L+ 6.50% 10/31/2026 7,600  7,537  7,600 
Secured Debt (9) 10/29/2021 13.25% L+ 9.00% 10/31/2026 21,200  21,038  21,200 
Preferred Equity (8) 10/29/2021 9,360 10,400  17,580 
38,975  46,380 
Freeport Financial Funds (12) (13) Investment Partnership
LP Interests (Freeport Financial SBIC Fund LP) (31) 3/23/2015 9.30% 3,507  3,483 
LP Interests (Freeport First Lien Loan Fund III LP) (8) (31) 7/31/2015 5.95% 6,303  5,848 
9,810  9,331 
GFG Group, LLC Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt 3/31/2021 9.00% 3/31/2026 11,345  11,269  11,345 
Preferred Member Units (8) 3/31/2021 226 4,900  7,140 
16,169  18,485 
Harris Preston Fund Investments (12) (13) Investment Partnership
LP Interests (HPEP 3, L.P.) (31) 8/9/2017 8.22% 2,558  4,331 
LP Interests (HPEP 4, L.P.) (31) 7/12/2022 8.71% 2,332  2,332 
LP Interests (423 COR, LP) (31) 6/2/2022 22.93% 1,400  1,400 
6,290  8,063 
Hawk Ridge Systems, LLC Value-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt (9) 12/2/2016 10.13% L+ 6.00% 1/15/2026 3,185  3,183  3,185 
Secured Debt 12/2/2016 9.00% 1/15/2026 37,800  37,685  37,800 
Preferred Member Units (8) 12/2/2016 226 2,850  17,460 
Preferred Member Units (30) 12/2/2016 226 150  920 
43,868  59,365 
Houston Plating and Coatings, LLC Provider of Plating and Industrial Coating Services
Unsecured Convertible Debt 5/1/2017 8.00% 10/2/2024 3,000  3,000  3,000 
Member Units 1/8/2003 322,297 2,352  2,400 
5,352  5,400 
47
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
I-45 SLF LLC (12) (13) Investment Partnership
Member Units (Fully diluted 20.0%; 21.75% profits
  interest)
 (8) 10/20/2015 20.00% 19,000  11,758 
Iron-Main Investments, LLC Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt 8/2/2021 12.50% 11/15/2026 4,534  4,500  4,500 
Secured Debt 9/1/2021 12.50% 11/15/2026 3,154  3,130  3,130 
Secured Debt 11/15/2021 12.50% 11/15/2026 8,944  8,944  8,944 
Secured Debt 11/15/2021 12.50% 11/15/2026 19,712  19,559  19,559 
Common Stock 8/3/2021 179,778 1,798  1,798 
37,931  37,931 
OnAsset Intelligence, Inc. Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt (14) 5/20/2014 12.00% 12.00% 12/31/2023 964  964  569 
Secured Debt (14) 3/21/2014 12.00% 12.00% 12/31/2023 983  983  580 
Secured Debt (14) 5/10/2013 12.00% 12.00% 12/31/2023 2,116  2,116  1,249 
Secured Debt (14) 4/18/2011 12.00% 12.00% 12/31/2023 4,415  4,415  2,606 
Unsecured Debt (14) 6/5/2017 10.00% 10.00% 12/31/2023 305  305  305 
Preferred Stock 4/18/2011 912 7.00% 7.00% 1,981  — 
Common Stock 4/15/2021 635 830  — 
Warrants (27) 4/18/2011 4,699 12/31/2023 1,089  — 
12,683  5,309 
Oneliance, LLC Construction Cleaning Company
Secured Debt (9) (25) 8/6/2021 L+ 11.00% 8/6/2023 —  —  — 
Secured Debt (9) 8/6/2021 15.13% L+ 11.00% 8/6/2026 5,600  5,559  5,559 
Preferred Stock 8/6/2021 1,056 1,056  1,056 
6,615  6,615 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) Provider of Rigsite Accommodation Unit Rentals and Related Services
Secured Debt (14) (17) (39) 6/30/2015 12.00% 1/8/2018 30,369  29,865  — 
Preferred Member Units 1/8/2013 250 2,500  — 
32,365  — 
SI East, LLC Rigid Industrial Packaging Manufacturing
Secured Debt (25) 8/31/2018 8/31/2023 —  —  — 
Secured Debt 8/31/2018 9.50% 8/31/2023 89,786  89,708  89,786 
Preferred Member Units (8) 8/31/2018 157 1,218  13,650 
48
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
90,926  103,436 
Slick Innovations, LLC Text Message Marketing Platform
Secured Debt 9/13/2018 14.00% 12/22/2027 13,840  13,698  13,840 
Common Stock (8) 9/13/2018 70,000 456  1,530 
14,154  15,370 
Sonic Systems International, LLC (10) Nuclear Power Staffing Services
Secured Debt (9) 8/20/2021 11.24% L+ 7.50% 8/20/2026 15,769  15,527  15,769 
Common Stock 8/20/2021 9,968 1,356  1,280 
16,883  17,049 
Student Resource Center, LLC (10) Higher Education Services
Secured Debt 12/31/2022 13.27% L+ 8.50% 12/31/2027 5,000  4,556  4,556 
Preferred Equity 12/31/2022 5,907,649 —  — 
4,556  4,556 
Superior Rigging & Erecting Co. Provider of Steel Erecting, Crane Rental & Rigging Services
Secured Debt 8/31/2020 12.00% 8/31/2025 21,500  21,378  21,378 
Preferred Member Units 8/31/2020 1,571 4,500  4,500 
25,878  25,878 
The Affiliati Network, LLC Performance Marketing Solutions
Secured Debt 8/9/2021 13.00% 8/9/2026 120  106  106 
Secured Debt 8/9/2021 13.00% 8/9/2026 9,521  9,442  9,442 
Preferred Stock (8) 8/9/2021 1,280,000 6,400  6,400 
15,948  15,948 
UnionRock Energy Fund II, LP (12) (13) Investment Partnership
LP Interests (8) (31) 6/15/2020 11.11% 3,734  5,855 
UniTek Global Services, Inc. (11) Provider of Outsourced Infrastructure Services
Secured Debt (9) (29) 10/15/2018 10.76% SF+ 5.50% 2.00% 8/20/2024 406  405  382 
Secured Debt (9) (29) 8/27/2018 10.76% SF+ 5.50% 2.00% 8/20/2024 1,814  1,807  1,712 
Secured Convertible Debt 1/1/2021 15.00% 15.00% 2/20/2025 2,403  2,403  4,592 
Preferred Stock (8) 8/29/2019 1,133,102 20.00% 20.00% 2,141  2,833 
Preferred Stock 8/21/2018 1,521,122 20.00% 20.00% 2,188  1,991 
Preferred Stock 6/30/2017 2,281,682 19.00% 19.00% 3,667  — 
Preferred Stock 1/15/2015 4,336,866 13.50% 13.50% 7,924  — 
Common Stock 4/1/2020 945,507 —  — 
20,535  11,510 
Universal Wellhead Services Holdings, LLC (10) Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
Preferred Member Units (30) 12/7/2016 716,949 14.00% 14.00% 1,032  220 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Member Units (30) 12/7/2016 4,000,000 4,000  — 
5,032  220 
Volusion, LLC Provider of Online Software-as-a-Service eCommerce Solutions
Secured Debt (17) 1/26/2015 11.50% 1/26/2020 16,734  16,734  14,914 
Unsecured Convertible Debt 5/16/2018 8.00% 11/16/2023 409  409  — 
Preferred Member Units 1/26/2015 4,876,670 14,000  — 
Warrants (27) 1/26/2015 1,831,355 1/26/2025 2,576  — 
33,719  14,914 
World Micro Holdings, LLC Supply Chain Management
Secured Debt 12/12/2022 13.00% 12/12/2027 $ 14,280  $ 14,140  $ 14,140 
Preferred Equity 12/12/2022 3,845 $ 3,845  $ 3,845 
$ 17,985  $ 17,985 
Subtotal Affiliate Investments (29.3% of net assets at fair value)
 $ 635,536  $ 618,359 
Non-Control Investments (7)
AB Centers Acquisition Corporation (10) Applied Behavior Analysis Therapy Provider
Secured Debt (9) (25) (29) 9/6/2022 SF+ 6.00% 9/6/2028 $ —  $ (39) $ (39)
Secured Debt (9) (29) 9/6/2022 10.20% SF+ 6.00% 9/6/2028 741  653  741 
Secured Debt (9) (29) 9/6/2022 10.58% SF+ 6.00% 9/6/2028 17,052  16,602  17,052 
17,216  17,754 
Acousti Engineering Company of Florida (10) Interior Subcontractor Providing Acoustical Walls and Ceilings
Secured Debt (9) 11/2/2020 13.23% L+ 8.50% 11/2/2025 1,678  1,669  1,678 
Secured Debt (9) 11/2/2020 13.23% L+ 8.50% 11/2/2025 9,891  9,825  9,891 
Secured Debt (9) 5/26/2021 16.17% L+ 12.50% 11/2/2025 807  800  807 
12,294  12,376 
Acumera, Inc. (10) Managed Security Service Provider
Secured Debt (9) 6/28/2022 13.88% L+ 9.50% 10/26/2027 14,618  14,291  14,618 
Secured Debt (9) 6/28/2022 13.57% L+ 9.00% 10/26/2027 4,368  4,270  4,368 
18,561  18,986 
Adams Publishing Group, LLC (10) Local Newspaper Operator
Secured Debt (9) (36) 3/11/2022 10.00% L+ 6.00% 3/11/2027 4,729  4,729  4,729 
Secured Debt (9) (36) 3/11/2022 10.00% L+ 7.50% 3/11/2027 24,086  24,033  24,086 
28,762  28,815 
ADS Tactical, Inc. (11) Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt (9) 3/29/2021 10.14% L+ 5.75% 3/19/2026 21,077  20,781  18,969 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
AMEREQUIP LLC. (10) Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It
Secured Debt (9) (25) (29) 8/31/2022 SF+ 7.40% 8/31/2027 —  (137) (137)
Secured Debt (9) (29) 8/31/2022 11.72% SF+ 7.40% 8/31/2027 37,491  36,819  37,463 
Common Stock 8/31/2022 235 1,779  1,779 
38,461  39,105 
American Health Staffing Group, Inc. (10) Healthcare Temporary Staffing
Secured Debt (9) (25) 11/19/2021 L+ 6.00% 11/19/2026 —  (10) (10)
Secured Debt (9) 11/19/2021 11.12% L+ 6.00% 11/19/2026 6,617  6,565  6,617 
6,555  6,607 
American Nuts, LLC (10) Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt (9) (29) 3/11/2022 10.46% SF+ 6.75% 4/10/2026 15,628  15,408  14,606 
Secured Debt (9) (29) 3/11/2022 12.46% SF+ 8.75% 4/10/2026 15,628  15,408  14,654 
30,816  29,260 
American Teleconferencing Services, Ltd. (11) Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt (14) 9/17/2021 7.50% L+ 6.50% 1/31/2023 2,980  2,980  168 
Secured Debt (9) (14) 5/19/2016 7.50% L+ 6.50% 6/8/2023 14,370  13,706  808 
16,686  976 
ArborWorks, LLC (10) Vegetation Management Services
Secured Debt (9) 11/9/2021 13.41% L+ 9.00% 11/9/2026 4,678  4,569  3,945 
Secured Debt (9) 11/9/2021 13.56% L+ 9.00% 11/9/2026 29,722  29,261  25,065 
Common Equity 11/9/2021 234 234  — 
34,064  29,010 
Archer Systems, LLC (10) Mass Tort Settlement Administration Solutions Provider
Secured Debt (9) (25) (29) 8/11/2022 SF+ 6.50% 8/11/2027 —  (135) (135)
Secured Debt (9) (29) 8/11/2022 10.92% SF+ 6.50% 8/11/2027 67,597  66,330  66,511 
Common Stock 8/11/2022 1,387,832 1,388  1,388 
67,583  67,764 
Arrow International, Inc (10) Manufacturer and Distributor of Charitable Gaming Supplies
Secured Debt (9) (23) (29) 12/21/2020 10.36% SF+ 6.60% 12/21/2025 36,000  35,737  36,000 
ATS Operating, LLC (10) For-Profit Thrift Retailer
Secured Debt (9) (25) (29) 1/18/2022 SF+ 5.50% 1/18/2027 —  —  — 
Secured Debt (9) (29) 1/18/2022 9.32% SF+ 5.50% 1/18/2027 6,660  6,660  6,582 
Secured Debt (9) (29) 1/18/2022 11.32% SF+ 7.50% 1/18/2027 6,660  6,660  6,593 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Common Stock 1/18/2022 720,000 720  660 
14,040  13,835 
AVEX Aviation Holdings, LLC (10) Specialty Aircraft Dealer
Secured Debt (9) (25) (29) 12/23/2022 SF+ 7.25% 12/23/2027 —  (57) (57)
Secured Debt (9) (29) 12/23/2022 12.17% SF+ 7.25% 12/23/2027 29,071  27,927  27,927 
Common Equity 12/15/2021 360 360  406 
28,230  28,276 
Berry Aviation, Inc. (10) Charter Airline Services
Secured Debt 7/6/2018 12.00% 1.50% 1/6/2024 195  195  195 
Preferred Member Units (8) (30) 7/6/2018 1,548,387 8.00% 8.00% 1,161  4,561 
Preferred Member Units (8) (25) (30) 11/12/2019 122,416 16.00% —  270 
1,356  5,026 
Bettercloud, Inc. (10) SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt (9) (25) (29) 6/30/2022 SF+ 1.00% 6.00% 6/30/2028 —  (76) (76)
Secured Debt (9) (29) 6/30/2022 11.40% SF+ 1.00% 6.00% 6/30/2028 27,505  27,020  27,505 
26,944  27,429 
Binswanger Enterprises, LLC (10) Glass Repair and Installation Service Provider
Member Units 3/10/2017 1,050,000 1,050  420 
Bluestem Brands, Inc. (11) Multi-Channel Retailer of General Merchandise
Secured Debt (9) (25) 10/19/2022 L+ 8.50% 8/28/2025 —  —  — 
Secured Debt (9) 8/28/2020 12.94% L+ 8.50% 8/28/2025 3,239  2,280  3,139 
Common Stock (8) 10/1/2020 723,184 1  4,860 
Warrants (27) 10/19/2022 163,295 10/19/2032 1,036  1,095 
3,317  9,094 
Brainworks Software, LLC (10) Advertising Sales and Newspaper Circulation Software
Secured Debt (9) (14) (17) 8/12/2014 12.50% P+ 9.25% 7/22/2019 761  761  761 
Secured Debt (9) (14) (17) 8/12/2014 12.50% P+ 9.25% 7/22/2019 7,056  7,056  2,916 
7,817  3,677 
Brightwood Capital Fund Investments (12) (13) Investment Partnership
LP Interests (Brightwood Capital Fund III, LP) (8) (31) 7/21/2014 1.55% 7,062  4,727 
LP Interests (Brightwood Capital Fund IV, LP) (8) (31) 10/26/2016 0.59% 4,350  4,541 
LP Interests (Brightwood Capital Fund V, LP) (31) 7/12/2021 1.31% 2,000  2,229 
13,412  11,497 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Burning Glass Intermediate Holding Company, Inc. (10) Provider of Skills-Based Labor Market Analytics
Secured Debt (9) (25) 6/14/2021 L+ 5.00% 6/10/2026 —  (28) — 
Secured Debt (9) 6/14/2021 8.91% L+ 5.00% 6/10/2028 19,933  19,656  19,933 
19,628  19,933 
Cadence Aerospace LLC (10) Aerostructure Manufacturing
Secured Debt (9) (34) 11/14/2017 11.99% L+ 8.50% 0.01% 11/14/2023 28,328  28,264  28,328 
CAI Software LLC Provider of Specialized Enterprise Resource Planning Software
Preferred Equity (8) 12/13/2021 1,788,527 1,789  1,789 
Preferred Equity 12/13/2021 596,176 —  — 
1,789  1,789 
Camin Cargo Control, Inc. (11) Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
Secured Debt (9) 6/14/2021 10.88% L+ 6.50% 6/4/2026 15,218  15,110  14,685 
CaseWorthy, Inc. (10) SaaS Provider of Case Management Solutions
Secured Debt (9) (25) 5/18/2022 L+ 6.00% 5/18/2027 —  (11) (11)
Secured Debt (9) 5/18/2022 10.73% L+ 6.00% 5/18/2027 7,993  7,914  7,914 
Secured Debt (9) 5/18/2022 10.48% L+ 5.75% 5/18/2027 6,133  6,079  6,133 
Common Equity 12/30/2022 245,926 246  246 
14,228  14,282 
Channel Partners Intermediateco, LLC (10) Outsourced Consumer Services Provider
Secured Debt (9) (29) (42) 2/7/2022 10.72% SF+ 6.25% 2/7/2027 1,868  1,767  1,841 
Secured Debt (9) (28 ) (29) 2/7/2022 10.71% SF+ 6.25% 2/7/2027 39,047  38,396  38,484 
40,163  40,325 
Clarius BIGS, LLC (10) Prints & Advertising Film Financing
Secured Debt (14) (17) 9/23/2014 15.00% 15.00% 1/5/2015 2,712  2,712  19 
Computer Data Source, LLC (10) Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt (9) (43) 8/6/2021 12.56% L+ 8.00% 8/6/2026 5,000  4,928  4,621 
Secured Debt (9) 8/6/2021 12.56% L+ 8.00% 8/6/2026 18,588  18,315  17,178 
23,243  21,799 
Construction Supply Investments, LLC (10) Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Member Units (8) 12/29/2016 861,618 3,335  21,165 
Dalton US Inc. (10) Provider of Supplemental Labor Services
Secured Debt (9) (29) 8/16/2022 11.90% SF+ 8.00% 8/16/2027 1,092  871  1,077 
Secured Debt (9) (25) (29) 8/16/2022 SF+ 8.00% 8/16/2027 —  (74) (74)
Secured Debt (9) (29) 8/16/2022 12.56% SF+ 8.00% 8/16/2027 14,389  14,125  14,186 
Common Stock 8/16/2022 201 201  201 
15,123  15,390 
DTE Enterprises, LLC (10) Industrial Powertrain Repair and Services
Secured Debt (9) (25) 4/13/2018 L+ 7.50% 4/13/2023 —  (1) (1)
Secured Debt (9) 4/13/2018 12.24% L+ 7.50% 4/13/2023 6,074  6,065  5,934 
Class A Preferred Member Units 4/13/2018 776,316 8.00% 8.00% 776  380 
Class AA Preferred Member Units (non-voting) (8) 4/13/2018 10.00% 10.00% 1,161  1,161 
8,001  7,474 
Dynamic Communities, LLC (10) Developer of Business Events and Online Community Groups
Secured Debt (9) (29) 12/20/2022 9.18% SF+ 4.50% 9.18% 12/31/2026 1,875  1,717  1,717 
Secured Debt (9) (29) 12/20/2022 11.18% SF+ 6.50% 11.18% 12/31/2026 1,875  1,642  1,642 
Preferred Equity 12/20/2022 125,000 128  128 
Preferred Equity 12/20/2022 2,376,241 —  — 
Common Equity 12/20/2022 1,250,000 —  — 
3,487  3,487 
Eastern Wholesale Fence LLC (10) Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt (9) 11/19/2020 11.73% L+ 7.00% 10/30/2025 3,346  3,290  3,276 
Secured Debt (9) 11/19/2020 11.73% L+ 7.00% 10/30/2025 5,021  4,967  4,916 
Secured Debt (9) 11/19/2020 11.73% L+ 7.00% 10/30/2025 23,456  23,149  22,967 
31,406  31,159 
Emerald Technologies Acquisition Co, Inc. (11) Design & Manufacturing
Secured Debt (9) (29) 2/10/2022 10.67% SF+ 6.25% 2/10/2028 9,258  9,099  8,787 
EnCap Energy Fund Investments (12) (13) Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.) (8) (31) 1/22/2015 0.14% 3,566  2,092 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		 (8) (31) 1/21/2015 0.38% 1,984  1,037 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
LP Interests (EnCap Energy Capital Fund IX, L.P.) (8) (31) 1/22/2015 0.10% 3,699  2,019 
LP Interests (EnCap Energy Capital Fund X, L.P.) (8) (31) 3/25/2015 0.15% 8,236  9,351 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (31) 3/30/2015 0.84% 5,358  1,688 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (8) (31) 3/27/2015 0.25% 6,023  5,718 
28,866  21,905 
Engineering Research & Consulting, LLC (10) Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt (9) (29) 5/23/2022 11.68% SF+ 6.50% 5/23/2027 131  85  131 
Secured Debt (9) (29) 5/23/2022 10.92% SF+ 6.50% 5/23/2028 16,338  16,047  16,338 
16,132  16,469 
EPIC Y-Grade Services, LP (11) NGL Transportation & Storage
Secured Debt (9) 6/22/2018 10.70% L+ 6.00% 6/30/2027 6,823  6,764  6,141 
Event Holdco, LLC (10) Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt (9) (30) 12/22/2021 10.67% L+ 7.00% 12/22/2026 3,692  3,663  3,507 
Secured Debt (9) (30) 12/22/2021 10.67% L+ 7.00% 12/22/2026 44,308  43,955  42,083 
47,618  45,590 
Flip Electronics LLC (10) Distributor of Hard-to-Find and Obsolete Electronic Components
Secured Debt (9) (29) 3/24/2022 11.21% SF+ 7.50% 1/2/2026 736  736  736 
Secured Debt (9) (29) 1/4/2021 12.19% SF+ 7.50% 1/2/2026 11,095  10,852  11,095 
11,588  11,831 
Fuse, LLC (11) Cable Networks Operator
Secured Debt 6/30/2019 12.00% 6/28/2024 1,810  1,810  1,512 
Common Stock 6/30/2019 10,429 256  — 
2,066  1,512 
GeoStabilization International (GSI) (11) Geohazard Engineering Services & Maintenance
Secured Debt (29) 1/2/2019 9.44% SF+ 5.25% 12/19/2025 20,497  20,427  19,472 
GS HVAM Intermediate, LLC (10) Specialized Food Distributor
Secured Debt (9) 10/18/2019 11.20% L+ 6.50% 10/2/2024 2,177  2,169  2,171 
Secured Debt (9) 10/18/2019 11.24% L+ 6.50% 10/2/2024 10,734  10,695  10,705 
12,864  12,876 
GULF PACIFIC ACQUISITION, LLC (10) Rice Processor and Merchandiser
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Secured Debt (9) (29) 9/30/2022 10.42% SF+ 6.00% 9/30/2028 252  233  252 
Secured Debt (9) (25) (29) 9/30/2022 SF+ 6.00% 9/30/2028 —  (15) (15)
Secured Debt (9) (29) 9/30/2022 10.73% SF+ 6.00% 9/30/2028 3,661  3,591  3,661 
3,809  3,898 
HDC/HW Intermediate Holdings (10) Managed Services and Hosting Provider
Secured Debt (9) (29) 12/21/2018 14.34% SF+ 9.50% 2.00% 12/21/2023 320  319  311 
Secured Debt (9) (29) 12/21/2018 14.34% SF+ 9.50% 2.00% 12/21/2023 3,277  3,262  3,186 
3,581  3,497 
HEADLANDS OP-CO LLC (10) Clinical Trial Sites Operator
Secured Debt (9) (25) (29) 8/1/2022 SF+ 6.50% 8/1/2027 —  (62) (62)
Secured Debt (9) (25) (29) 8/1/2022 SF+ 6.50% 8/1/2027 —  (62) (62)
Secured Debt (9) (29) 8/1/2022 10.62% SF+ 6.50% 8/1/2027 16,791  16,483  16,791 
16,359  16,667 
Heartland Dental, LLC (10) Dental Support Organization
Secured Debt (9) 9/9/2020 10.88% L+ 6.50% 4/30/2025 14,663  14,430  13,599 
HOWLCO LLC (11) (13) (21) Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt (9) 8/19/2021 10.69% L+ 6.00% 10/23/2026 25,290  25,290  24,381 
Hybrid Promotions, LLC (10) Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt (29) 6/30/2021 12.07% SF+ 8.25% 6/30/2026 7,088  6,986  6,144 
IG Parent Corporation (11) Software Engineering
Secured Debt (9) (29) (41) 7/30/2021 10.17% SF+ 5.75% 7/30/2026 698  670  698 
Secured Debt (9) (29) 7/30/2021 10.17% SF+ 5.75% 7/30/2028 14,499  14,304  14,499 
14,974  15,197 
Implus Footcare, LLC (10) Provider of Footwear and Related Accessories
Secured Debt (9) 6/1/2017 13.98% L+ 7.75% 1.50% 4/30/2024 18,515  18,384  17,464 
Independent Pet Partners Intermediate Holdings, LLC (10) Omnichannel Retailer of Specialty Pet Products
Secured Debt (9) (35) 8/20/2020 13.00% P+ 5.50% 13.00% 2/27/2023 7,027  7,027  7,027 
Secured Debt (14) 12/10/2020 6.00% 6.00% 11/20/2023 18,428  17,664  7,633 
Secured Debt (29) 11/28/2022 14.42% SF+ 10.00% 14.42% 2/27/2023 806  769  769 
Preferred Stock (non-voting) 12/10/2020 6.00% 6.00% 3,235  — 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Preferred Stock (non-voting) 12/10/2020 —  — 
Member Units 11/20/2018 1,558,333 1,558  — 
Warrants (25) (38) 11/20/2018 242,914 11/19/2028 —  — 
30,253  15,429 
Industrial Services Acquisition, LLC (10) Industrial Cleaning Services
Secured Debt (9) 8/13/2021 11.50% L+ 6.75% 8/13/2026 463  430  463 
Secured Debt (9) 8/13/2021 11.50% L+ 6.75% 8/13/2026 19,239  18,956  19,239 
Preferred Member Units (8) (30) 1/31/2018 144 10.00% 10.00% 129  145 
Preferred Member Units (8) (30) 5/17/2019 80 20.00% 20.00% 92  93 
Member Units (30) 6/17/2016 900 900  600 
20,507  20,540 
Infolinks Media Buyco, LLC (10) Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt (9) (25) 11/1/2021 L+ 5.50% 11/1/2026 —  (19) (19)
Secured Debt (9) 11/1/2021 10.23% L+ 5.50% 11/1/2026 8,593  8,461  8,593 
8,442  8,574 
Interface Security Systems, L.L.C (10) Commercial Security & Alarm Services
Secured Debt (44) 12/9/2021 14.22% L+ 10.00% 8/7/2023 1,682  1,682  1,682 
Secured Debt (9) (14) 8/7/2019 12.07% L+ 7.00% 1.00% 8/7/2023 7,313  7,237  1,082 
Common Stock 12/7/2021 2,143 —  — 
8,919  2,764 
Intermedia Holdings, Inc. (11) Unified Communications as a Service
Secured Debt (9) 8/3/2018 10.38% L+ 6.00% 7/19/2025 20,467  20,418  15,811 
Invincible Boat Company, LLC. (10) Manufacturer of Sport Fishing Boats
Secured Debt (9) 8/28/2019 10.14% L+ 6.50% 8/28/2025 622  618  622 
Secured Debt (9) 8/28/2019 10.17% L+ 6.50% 8/28/2025 16,889  16,784  16,889 
17,402  17,511 
INW Manufacturing, LLC (11) Manufacturer of Nutrition and Wellness Products
Secured Debt (9) 5/19/2021 10.48% L+ 5.75% 3/25/2027 7,125  6,968  6,092 
Isagenix International, LLC (11) Direct Marketer of Health & Wellness Products
Secured Debt (9) (14) 6/21/2018 9.93% L+ 7.75% 6/14/2025 5,053  5,038  1,537 
Jackmont Hospitality, Inc. (10) Franchisee of Casual Dining Restaurants
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Secured Debt (9) 10/26/2022 12.23% L+ 7.50% 11/4/2024 500  483  500 
Secured Debt (9) 11/8/2021 12.23% L+ 7.50% 11/4/2024 2,079  2,079  2,079 
Preferred Equity (8) 11/8/2021 2,826,667 12.00% 12.00% 123  623 
2,685  3,202 
Joerns Healthcare, LLC (11) Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt 11/15/2021 18.00% 1/31/2024 2,297  2,297  2,297 
Secured Debt (14) 8/21/2019 19.75% 19.75% 8/21/2024 4,034  3,997  504 
Common Stock 8/21/2019 472,579 4,429  — 
10,723  2,801 
JTI Electrical & Mechanical, LLC (10) Electrical, Mechanical and Automation Services
Secured Debt (9) (25) 12/22/2021 L+ 6.00% 12/22/2026 —  (135) (135)
Secured Debt (9) 12/22/2021 10.73% L+ 6.00% 12/22/2026 36,947  36,358  36,947 
Common Equity 12/22/2021 1,684,211 1,684  2,840 
37,907  39,652 
KMS, LLC (10) Wholesaler of Closeout and Value-priced Products
Secured Debt (9) 10/4/2021 12.00% L+ 7.25% 10/4/2026 1,064  1,019  995 
Secured Debt (9) 10/4/2021 12.00% L+ 7.25% 10/4/2026 7,505  7,391  7,022 
8,410  8,017 
Kore Wireless Group Inc. (11) Mission Critical Software Platform
Secured Debt (29) 12/31/2018 10.08% SF+ 5.50% 9/21/2024 11,326  11,280  10,930 
Lightbox Holdings, L.P. (11) Provider of Commercial Real Estate Software
Secured Debt 5/9/2019 9.73% L+ 5.00% 5/9/2026 14,475  14,349  13,968 
LKCM Headwater Investments I, L.P. (12) (13) Investment Partnership
LP Interests (8) (31) 1/25/2013 2.27% 1,746  3,197 
LL Management, Inc. (10) Medical Transportation Service Provider
Secured Debt (9) (29) 5/2/2019 11.21% SF+ 7.25% 9/25/2023 8,106  8,087  8,047 
Secured Debt (9) (29) 5/2/2019 11.67% SF+ 7.25% 9/25/2023 9,197  9,160  9,130 
Secured Debt (9) (29) 5/12/2022 11.67% SF+ 7.25% 9/25/2023 10,827  10,733  10,749 
27,980  27,926 
LLFlex, LLC (10) Provider of Metal-Based Laminates
Secured Debt (9) 8/16/2021 12.74% L+ 9.00% 8/16/2026 4,444  4,370  4,350 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Logix Acquisition Company, LLC (10) Competitive Local Exchange Carrier
Secured Debt (9) 1/8/2018 10.13% L+ 5.75% 12/22/2024 19,662  19,033  16,221 
Looking Glass Investments, LLC (12) (13) Specialty Consumer Finance
Member Units 7/1/2015 3 125  25 
Mako Steel, LP (10) Self-Storage Design & Construction
Secured Debt (9) (45) 3/15/2021 11.79% L+ 7.25% 3/15/2026 3,103  3,063  3,083 
Secured Debt (9) 3/15/2021 11.09% L+ 7.25% 3/15/2026 15,324  15,122  15,224 
18,185  18,307 
MB2 Dental Solutions, LLC (11) Dental Partnership Organization
Secured Debt (9) (29) 1/28/2021 10.42% SF+ 6.00% 1/29/2027 8,338  8,267  8,338 
Secured Debt (9) (29) 1/28/2021 10.42% SF+ 6.00% 1/29/2027 7,876  7,784  7,876 
16,051  16,214 
Microbe Formulas, LLC (10) Nutritional Supplements Provider
Secured Debt (9) (25) (29) 4/4/2022 SF+ 6.25% 4/3/2028 —  (63) (63)
Secured Debt (9) (29) 4/4/2022 9.86% SF+ 6.25% 4/3/2028 26,075  25,619  25,181 
25,556  25,118 
Mills Fleet Farm Group, LLC (10) Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt (9) 10/24/2018 10.66% L+ 6.25% 10/24/2024 18,769  18,562  18,338 
MonitorUS Holding, LLC (10) (13) (21) SaaS Provider of Media Intelligence Services
Secured Debt (9) (25) 5/24/2022 L+ 7.00% 5/24/2027 —  (64) (64)
Secured Debt (9) 5/24/2022 11.73% L+ 7.00% 5/24/2027 10,107  9,923  10,714 
Secured Debt (9) 5/24/2022 11.73% L+ 7.00% 5/24/2027 17,038  16,746  17,038 
Common Stock 8/30/2022 44,445,814 889  889 
27,494  28,577 
NBG Acquisition Inc (11) Wholesaler of Home Décor Products
Secured Debt (9) 4/28/2017 9.67% L+ 5.50% 4/26/2024 3,849  3,834  1,251 
NinjaTrader, LLC (10) Operator of Futures Trading Platform
Secured Debt (9) (25) 12/18/2019 L+ 6.25% 12/18/2024 —  (1) — 
Secured Debt (9) (25) 12/18/2019 L+ 6.25% 12/18/2024 —  (38) (38)
Secured Debt (9) 12/18/2019 9.99% L+ 6.25% 12/18/2024 21,666  21,418  21,666 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
21,379  21,628 
NTM Acquisition Corp. (11) Provider of B2B Travel Information Content
Secured Debt (9) 7/12/2016 9.50% L+ 6.25% 1.00% 6/7/2024 4,358  4,358  4,228 
NWN Corporation (10) Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries
Secured Debt (9) (29) (46) 5/7/2021 10.85% SF+ 8.00% 5/7/2026 3,941  3,797  3,720 
Secured Debt (9) (29) 5/7/2021 12.56% SF+ 8.00% 5/7/2026 39,851  39,094  37,616 
Secured Debt 12/16/2022 20.00% 20.00% 8/6/2026 6,509  6,194  6,194 
49,085  47,530 
Ospemifene Royalty Sub LLC (10) Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt (14) 7/8/2013 11.50% 11/15/2026 4,489  4,489  103 
OVG Business Services, LLC (10) Venue Management Services
Secured Debt (9) 11/29/2021 10.64% L+ 6.25% 11/19/2028 13,930  13,813  13,094 
Paragon Healthcare, Inc. (10) Infusion Therapy Treatment Provider
Secured Debt (9) (29) 1/19/2022 10.26% SF+ 5.75% 1/19/2027 541  437  530 
Secured Debt (9) (29) (47) 1/19/2022 9.96% SF+ 5.75% 1/19/2027 2,701  2,609  2,649 
Secured Debt (9) (29) 1/19/2022 9.81% SF+ 5.75% 1/19/2027 18,293  17,852  17,939 
20,898  21,118 
Project Eagle Holdings, LLC (10) Provider of Secure Business Collaboration Software
Secured Debt (9) (25) 7/6/2020 L+ 6.25% 7/6/2026 —  (18) (18)
Secured Debt (9) 7/6/2020 10.64% L+ 6.25% 7/6/2026 29,475  29,040  29,419 
29,022  29,401 
PTL US Bidco, Inc (10) (13) Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells.
Secured Debt (9) (25) (29) 8/19/2022 SF+ 7.25% 8/19/2027 —  (174) (174)
Secured Debt (9) (29) 8/19/2022 11.80% SF+ 7.25% 8/19/2027 28,265  27,749  27,911 
27,575  27,737 
RA Outdoors LLC (10) Software Solutions Provider for Outdoor Activity Management
Secured Debt (9) (25) (29) 4/8/2021 SF+ 6.75% 4/8/2026 —  (11) (11)
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Secured Debt (9) (29) 4/8/2021 10.56% SF+ 6.75% 4/8/2026 13,369  13,241  12,094 
13,230  12,083 
Research Now Group, Inc. and Survey Sampling International, LLC (11) Provider of Outsourced Online Surveying
Secured Debt (9) 12/29/2017 8.84% L+ 5.50% 12/20/2024 19,966  19,745  15,116 
RM Bidder, LLC (10) Scripted and Unscripted TV and Digital Programming Provider
Member Units 11/12/2015 2,779 46  19 
Warrants (26) 11/12/2015 327,532 10/20/2025 425  — 
471  19 
Roof Opco, LLC (10) Residential Re-Roofing/Repair
Secured Debt (9) (29) 8/27/2021 10.97% SF+ 6.50% 8/27/2026 311  300  311 
Secured Debt (9) (29) 8/27/2021 10.32% SF+ 6.50% 8/27/2026 2,333  2,291  2,333 
Secured Debt (9) (29) 8/27/2021 10.32% SF+ 6.50% 8/27/2026 3,173  3,125  3,173 
5,716  5,817 
RTIC Subsidiary Holdings, LLC (10) Direct-To-Consumer eCommerce Provider of Outdoor Products
Secured Debt (9) (29) (48) 9/1/2020 12.02% SF+ 7.75% 9/1/2025 1,361  1,343  1,258 
Secured Debt (9) (29) 9/1/2020 11.49% SF+ 7.75% 9/1/2025 16,623  16,506  15,367 
17,849  16,625 
Rug Doctor, LLC. (10) Carpet Cleaning Products and Machinery
Secured Debt (9) (29) 7/16/2021 13.02% SF+ 6.25% 2.00% 11/16/2024 5,625  5,590  5,037 
Secured Debt (9) (29) 7/16/2021 13.02% SF+ 6.25% 2.00% 11/16/2024 8,340  8,223  7,478 
13,813  12,515 
Savers, Inc. (11) For-Profit Thrift Retailer
Secured Debt (9) (29) 5/14/2021 10.34% SF+ 5.50% 4/26/2028 11,286  11,199  10,938 
SIB Holdings, LLC (10) Provider of Cost Reduction Services
Secured Debt (9) 10/29/2021 11.01% L+ 6.25% 10/29/2026 417  408  393 
Secured Debt (9) 10/29/2021 11.01% L+ 6.25% 10/29/2026 1,553  1,527  1,433 
Secured Debt (9) 10/29/2021 11.01% L+ 6.25% 10/29/2026 7,750  7,626  7,151 
Common Equity 10/29/2021 95,238 200  146 
9,761  9,123 
South Coast Terminals Holdings, LLC (10) Specialty Toll Chemical Manufacturer
Secured Debt (9) (25) 12/10/2021 L+ 5.75% 12/13/2026 —  (71) (71)
Secured Debt (9) 12/10/2021 9.69% L+ 5.75% 12/13/2026 41,255  40,603  41,255 
Common Equity 12/10/2021 863,636 864  1,316 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
41,396  42,500 
SPAU Holdings, LLC (10) Digital Photo Product Provider
Secured Debt (9) (25) (29) 7/1/2022 SF+ 7.50% 7/1/2027 —  (57) (57)
Secured Debt (9) (29) 7/1/2022 11.06% SF+ 7.50% 7/1/2027 15,928  15,641  15,928 
Common Stock 7/1/2022 638,710 639  639 
16,223  16,510 
Staples Canada ULC (10) (13) (21) Office Supplies Retailer
Secured Debt (9) (22) 9/14/2017 11.83% L+ 7.00% 9/12/2024 13,740  13,698  12,481 
Stellant Systems, Inc. (11) Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt (9) (29) 10/22/2021 10.05% SF+ 5.50% 10/1/2028 7,623  7,559  7,166 
Tacala Investment Corp. (33) Quick Service Restaurant Group
Secured Debt (9) (32) 3/19/2021 7.88% L+ 3.50% 2/5/2027 1,974  1,974  1,904 
Team Public Choices, LLC (11) Home-Based Care Employment Service Provider
Secured Debt (9) 12/22/2020 9.93% L+ 5.00% 12/18/2027 14,964  14,690  14,290 
Tectonic Financial, LLC Financial Services Organization
Common Stock (8) 5/15/2017 200,000 2,000  5,630 
Tex Tech Tennis, LLC (10) Sporting Goods & Textiles
Preferred Equity (30) 7/7/2021 1,000,000 1,000  1,830 
U.S. TelePacific Corp. (11) Provider of Communications and Managed Services
Secured Debt (9) (29) 5/17/2017 11.57% SF+ 1.25% 7.25% 5/2/2026 18,352  18,284  6,859 
USA DeBusk LLC (10) Provider of Industrial Cleaning Services
Secured Debt (9) 10/22/2019 9.82% L+ 5.75% 9/8/2026 33,577  33,031  33,577 
Veregy Consolidated, Inc. (11) Energy Service Company
Secured Debt (9) (25) 11/9/2020 L+ 5.25% 11/3/2025 —  (630) (630)
Secured Debt (9) 11/9/2020 10.41% L+ 6.00% 11/3/2027 17,685  17,381  15,479 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
16,751  14,849 
Vida Capital, Inc (11) Alternative Asset Manager
Secured Debt 10/10/2019 10.38% L+ 6.00% 10/1/2026 15,448  15,313  12,049 
Vistar Media, Inc. (10) Operator of Digital Out-of-Home Advertising Platform
Preferred Stock 4/3/2019 70,207 767  2,250 
VORTEQ Coil Finishers, LLC (10) Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity (8) 11/30/2021 1,038,462 1,038  3,930 
Wahoo Fitness Acquisition L.L.C. (11) Fitness Training Equipment Provider
Secured Debt (9) (29) 8/17/2021 10.64% SF+ 5.75% 8/12/2028 14,625  14,268  8,409 
Wall Street Prep, Inc. (10) Financial Training Services
Secured Debt (9) (25) 7/19/2021 L+ 7.00% 7/19/2026 —  (6) (6)
Secured Debt (9) 7/19/2021 10.74% L+ 7.00% 7/19/2026 4,235  4,173  4,146 
Common Stock 7/19/2021 400,000 400  420 
4,567  4,560 
Watterson Brands, LLC (10) Facility Management Services
Secured Debt (9) 12/17/2021 10.73% L+ 6.00% 12/17/2026 371  334  370 
Secured Debt (9) 12/17/2021 10.73% L+ 6.00% 12/17/2026 391  361  391 
Secured Debt (9) 12/17/2021 10.73% L+ 6.00% 12/17/2026 28,957  28,591  28,947 
29,286  29,708 
West Star Aviation Acquisition, LLC (10) Aircraft, Aircraft Engine and Engine Parts
Secured Debt (9) (25) (29) 3/1/2022 SF+ 6.00% 3/1/2028 —  (20) (20)
Secured Debt (9) (29) 3/1/2022 8.59% SF+ 6.00% 3/1/2028 10,794  10,608  10,685 
Common Stock 3/1/2022 1,541,400 1,541  1,950 
12,129  12,615 
Winter Services LLC (10) Provider of Snow Removal and Ice Management Services
Secured Debt (9) (25) 11/19/2021 L+ 7.00% 11/19/2026 —  (34) — 
Secured Debt (9) (25) 11/19/2021 L+ 7.00% 11/19/2026 —  (17) (17)
Secured Debt (9) 11/19/2021 10.74% L+ 7.00% 11/19/2026 10,000  9,848  9,992 
9,797  9,975 
Xenon Arc, Inc. (10) Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24)		 Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date		 Principal (4) Cost (4) Fair Value (18)
Secured Debt (25) 12/17/2021 L+ 5.25% 12/17/2026 —  (218) (218)
Secured Debt 12/17/2021 10.84% L+ 5.25% 12/17/2027 24,300  23,864  24,135 
Secured Debt 12/17/2021 8.63% L+ 5.25% 12/17/2027 38,311  37,691  38,051 
61,337  61,968 
YS Garments, LLC (11) Designer and Provider of Branded Activewear
Secured Debt (9) 8/22/2018 9.51% L+ 5.50% 8/9/2024 12,659  12,619  12,127 
Zips Car Wash, LLC (10) Express Car Wash Operator
Secured Debt (9) (29) 2/11/2022 11.67% SF+ 7.25% 3/1/2024 17,512  17,279  17,512 
Secured Debt (9) (29) (33) 2/11/2022 11.67% SF+ 7.25% 3/1/2024 4,389  4,360  4,379 
21,639  21,891 
Subtotal Non-Control/Non-Affiliate Investments (84.4%% of net assets at fair value)
 $ 1,867,414  $ 1,780,646 
Total Portfolio Investments, December 31, 2022 (194.5%% of net assets at fair value)
 $ 3,773,752  $ 4,102,177 
____________________
(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Credit Facilities or in support of the SBA-guaranteed debentures issued by the Funds.
(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.
(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5)Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(6)Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(8)Income producing through dividends or distributions.
(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 66% of these floating rate loans (based on the par amount) contain LIBOR or Term SOFR (“SOFR”) floors which range between 0.50% and 2.00%, with a weighted-average floor of 1.04%.
(10)Private Loan portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
(11)Middle Market portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Middle Market portfolio investments.
(12)Other Portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Other Portfolio investments.
(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)Non-accrual and non-income producing debt investment.
(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(16)External Investment Manager. Investment is not encumbered as security for the Company’s Credit Facilities or in support of the SBA-guaranteed debentures issued by the Funds.
(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of December 31, 2022.
(20)All portfolio company headquarters are based in the United States, unless otherwise noted.
(21)Portfolio company headquarters are located outside of the United States.
(22)In connection with the Company’s debt investment in Staples Canada ULC and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company’s investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $16.9 million Canadian Dollars and receive $13.1 million U.S. Dollars with a settlement date of September 14, 2023. The unrealized appreciation on the forward foreign currency contract was $0.6 million as of December 31, 2022.
(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR+6.00% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24)Investment date represents the date of initial investment in the security position.
(25)The position is unfunded and no interest income is being earned as of December 31, 2022. The position may earn a nominal unused facility fee on committed amounts.
(26)Warrants are presented in equivalent units with a strike price of $14.28 per unit.
(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
(28)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+6.25% (Floor 1.00%). Due to an amendment and subsequent funding during the quarter, the term loan facility has different floating rate reset dates. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(29)A majority of the variable rate loans in the Company’s Investment Portfolio bear interest at a rate that may be determined by reference to either LIBOR (“L”), SOFR (“SF”) or an alternate Base rate (commonly based on the Federal Funds Rate or the Prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of December 31, 2022, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.35%.
(30)Shares/Units represent ownership in a related Real Estate or HoldCo entity.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
(31)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(32)Short-term portfolio investments. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of short-term portfolio investments.
(33)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+7.25% (Floor 1.00%). Each new draw on the delayed draw term loan facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(34)The security has an effective contractual interest rate of 2.00% PIK + LIBOR+6.50%, Floor 1.00%, but the issuer may, in its discretion, elect to pay the PIK interest in cash. The rate presented represents the effective current yield based on actual payments received during the period.
(35)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+6.50% PIK or Prime+5.50% PIK. Revolving facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(36)Index based floating interest rate is subject to contractual maximum base rate of 2.50%.
(37)Index based floating interest rate is subject to contractual maximum base rate of 1.50%.
(38)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.
(39)Portfolio company is in a bankruptcy process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. As noted in footnote (14), our debt investment in this portfolio company is on non-accrual status.
(40)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR+8.00% (Floor 1.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(41)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+5.75% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(42)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+6.25% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(43)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(44)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+10.00%. RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(45)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+7.25% (Floor 0.75%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(46)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
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Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
(47)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+5.75% (Floor 1.00%). Delayed draw term loan facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(48)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+7.75% (Floor 1.25%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements
(Unaudited)
NOTE A — ORGANIZATION AND BASIS OF PRESENTATION
1.Organization
Main Street Capital Corporation (“MSCC”, or together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market (“LMM”) companies and debt capital to middle market (“Middle Market”) companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States and in secured debt investments of Middle Market companies generally headquartered in the United States.
MSCC was formed in March 2007 to operate as an internally managed business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Because MSCC is internally managed, all of the executive officers and other employees are employed by MSCC. Therefore, MSCC does not pay any external investment advisory fees, but instead directly incurs the operating costs associated with employing investment and portfolio management professionals.
MSCC wholly owns several investment funds, including Main Street Mezzanine Fund, LP (“MSMF”) and Main Street Capital III, LP (“MSC III” and, together with MSMF, the “Funds”), and each of their general partners. The Funds are each licensed as a Small Business Investment Company (“SBIC”) by the United States Small Business Administration (“SBA”).
MSC Adviser I, LLC (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of Main Street to provide investment management and other services to parties other than Main Street (“External Parties”) and receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission (“SEC”) to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.
MSCC has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSCC generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.
Main Street has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSCC to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSCC also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).
Unless otherwise noted or the context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and “Main Street” refer to MSCC and its consolidated subsidiaries, which include the Funds, the Taxable Subsidiaries and the Structured Subsidiaries.
2.Basis of Presentation
Main Street’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies (“ASC 946”). For each of the periods presented herein, Main Street’s consolidated financial statements include the accounts of MSCC and its consolidated subsidiaries.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The Investment Portfolio, as used herein, refers to all of Main Street’s investments in LMM portfolio companies, investments in Private Loan portfolio companies, investments in Middle Market portfolio companies, Other Portfolio investments and the investment in the External Investment Manager (see Note C — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition for additional discussion of Main Street’s Investment Portfolio and definitions for the defined terms Private Loan and Other Portfolio). Main Street’s results of operations for the three and nine months ended September 30, 2023 and 2022, cash flows for the nine months ended September 30, 2023 and 2022, and financial position as of September 30, 2023 and December 31, 2022, are presented on a consolidated basis. The effects of all intercompany transactions between MSCC and its consolidated subsidiaries have been eliminated in consolidation.
The accompanying unaudited consolidated financial statements of Main Street are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results to be expected for the full year. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Principles of Consolidation
Under ASC 946, Main Street is precluded from consolidating other entities in which Main Street has equity investments, including those in which it has a controlling interest, unless the other entity is another investment company. An exception to this general principle in ASC 946 occurs if Main Street holds a controlling interest in an operating company that provides all or substantially all of its services directly to Main Street. Accordingly, as noted above, MSCC’s consolidated financial statements include the financial position and operating results for the Funds, the Taxable Subsidiaries and the Structured Subsidiaries. Main Street has determined that none of its portfolio investments qualify for this exception, including the investment in the External Investment Manager. Therefore, Main Street’s Investment Portfolio is carried on the Consolidated Balance Sheets at fair value, as discussed further in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, with any adjustments to fair value recognized as “Net Unrealized Appreciation (Depreciation)” until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a “Net Realized Gain (Loss),” in both cases on the Consolidated Statements of Operations.
Portfolio Investment Classification
Main Street classifies its Investment Portfolio in accordance with the requirements of the 1940 Act. Under the 1940 Act, (a) “Control Investments” are defined as investments in which Main Street owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate Investments” are defined as investments in which Main Street owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation and (c) “Non-Control/Non-Affiliate Investments” are defined as investments that are neither Control Investments nor Affiliate Investments. For purposes of determining the classification of its Investment Portfolio, Main Street has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the External Investment Manager.
NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.Valuation of the Investment Portfolio
Main Street accounts for its Investment Portfolio at fair value. As a result, Main Street follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


ASC 820 requires Main Street to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.
Main Street’s portfolio strategy calls for it to invest primarily in illiquid debt and equity securities issued by privately held, LMM companies and debt securities issued by Middle Market companies that are generally larger in size than the LMM companies and that can be more liquid than the debt securities issued by LMM companies. Main Street categorizes some of its investments in LMM companies and Middle Market companies as Private Loan portfolio investments, which are primarily debt securities in privately held companies that have primarily been originated directly by Main Street or, to a lesser extent, through its strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, Main Street’s Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are made in companies that are consistent with the size of companies Main Street invests in through its LMM portfolio and Middle Market portfolio. Main Street’s portfolio also includes Other Portfolio investments which primarily consist of investments that are not consistent with the typical profiles for its LMM, Private Loan or Middle Market portfolio investments, including investments which may be managed by third parties. Main Street’s portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital and are more liquid than investments within the other portfolios. Main Street’s portfolio investments may be subject to restrictions on resale.
LMM investments and Other Portfolio investments generally have no established trading market, while Private Loan investments may include investments which have no established market or have established markets that are not active. Middle Market and short-term portfolio investments generally have established markets that are not active. Main Street determines in good faith the fair value of its Investment Portfolio pursuant to a valuation policy in accordance with ASC 820, with such valuation process approved by its Board of Directors and in accordance with the 1940 Act. Main Street’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of Main Street’s Investment Portfolio.
For LMM portfolio investments, Main Street generally reviews external events, including private mergers, sales and acquisitions involving comparable companies, and includes these events in the valuation process by using an enterprise value waterfall methodology (“Waterfall”) for its LMM equity investments and an income approach using a yield-to-maturity model (“Yield-to-Maturity”) valuation method for its LMM debt investments. For Private Loan and Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value the investment in a current hypothetical sale using the Yield-to-Maturity valuation method. For Middle Market and short-term portfolio investments in debt securities for which it has determined that third-party quotes or other independent prices are available, Main Street primarily uses quoted prices in the valuation process. Main Street determines the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. For its Other Portfolio equity investments, Main Street generally calculates the fair value of the investment primarily based on the net asset value (“NAV”) of the fund and adjusts the fair value for other factors deemed relevant that would affect the fair value of the investment. All of the valuation approaches for Main Street’s portfolio investments estimate the value of the investment as if Main Street were to sell, or exit, the investment as of the measurement date.
These valuation approaches consider the value associated with Main Street’s ability to control the capital structure of the portfolio company, as well as the timing of a potential exit. For valuation purposes, “control” portfolio investments are composed of debt and equity securities in companies for which Main Street has a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors. For valuation purposes, “non-control” portfolio investments are generally composed of debt and equity securities in companies for which Main Street does not have a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Under the Waterfall valuation method, Main Street estimates the enterprise value of a portfolio company using a combination of market and income approaches or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations of the portfolio company, and then performs a Waterfall calculation by allocating the enterprise value over the portfolio company’s securities in order of their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value. There is no single methodology for estimating enterprise value. For any one portfolio company, enterprise value is generally described as a range of values from which a single estimate of enterprise value is derived. In estimating the enterprise value of a portfolio company, Main Street analyzes various factors including the portfolio company’s historical and projected financial results. Due to SEC deadlines for Main Street’s quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited, projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in determining. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, Main Street also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, Main Street allocates the enterprise value to investments in order of the legal priority of the various components of the portfolio company’s capital structure. In applying the Waterfall valuation method, Main Street assumes the loans are paid-off at the principal amount in a change in control transaction and are not assumed by the buyer, which Main Street believes is consistent with its past transaction history and standard industry practices.
Under the Yield-to-Maturity valuation method, Main Street also uses the income approach to determine the fair value of debt securities based on projections of the discounted future free cash flows that the debt security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of the portfolio company. Main Street’s estimate of the expected repayment date of its debt securities is generally the maturity date of the instrument, as Main Street generally intends to hold its loans and debt securities to maturity. The Yield-to-Maturity analysis also considers changes in leverage levels, credit quality, portfolio company performance, changes in market-based interest rates and other factors. Main Street will generally use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of Main Street’s general intent to hold its loans to maturity, the fair value will not exceed the principal amount of the debt security valued using the Yield-to-Maturity valuation method. A change in the assumptions that Main Street uses to estimate the fair value of its debt securities using the Yield-to-Maturity valuation method could have a material impact on the determination of fair value. If there is deterioration in credit quality or if a debt security is in workout status, Main Street may consider other factors in determining the fair value of the debt security, including the value attributable to the debt security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.
Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, Main Street measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date and adjusts the investment’s fair value for factors known to Main Street that would affect that fund’s NAV, including, but not limited to, fair values for individual investments held by the fund if Main Street holds the same investment or for a publicly traded investment. In addition, in determining the fair value of the investment, Main Street considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of Main Street’s investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, and expected future cash flows available to equity holders, including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding Main Street’s ability to realize the full NAV of its interests in the investment fund.
Pursuant to its internal valuation process and the requirements under the 1940 Act, Main Street performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its LMM portfolio companies, Main Street, among other things, consults with a nationally recognized independent financial advisory services firm (the “Financial Advisory Firm”).
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The Financial Advisory Firm analyzes and provides observations, recommendations and an assurance certification regarding the Company’s determinations of the fair value of its LMM portfolio company investments. The Financial Advisory Firm is generally consulted relative to Main Street’s investments in each LMM portfolio company at least once every calendar year, and for Main Street’s investments in new LMM portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street’s investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from the Financial Advisory Firm in arriving at Main Street’s determination of fair value for its investments in a total of 16 and 15 LMM portfolio companies for the three months ended September 30, 2023 and 2022, respectively, representing 22% and 24% of the total LMM portfolio at fair value as of September 30, 2023 and 2022, respectively. A total of 68 LMM portfolio companies were reviewed and certified by the Financial Advisory Firm for the trailing twelve months ended September 30, 2023, representing 94% of the total LMM portfolio at fair value as of September 30, 2023. Excluding its investments in LMM portfolio companies that, as of September 30, 2023, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment or whose primary purpose is to own real estate for which a third-party appraisal is obtained on at least an annual basis, 99% of the LMM portfolio at fair value was reviewed and certified by the Financial Advisory Firm for the trailing twelve months ended September 30, 2023.
For valuation purposes, all of Main Street’s Private Loan portfolio investments are non-control investments. For Private Loan portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Private Loan debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Private Loan equity investments in a current hypothetical sale using the Waterfall valuation method.
In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its Private Loan portfolio companies, Main Street, among other things, consults with the Financial Advisory Firm. The Financial Advisory Firm analyzes and provides observations and recommendations and an assurance certification regarding Main Street’s determinations of the fair value of its Private Loan portfolio company investments. The Financial Advisory Firm is generally consulted relative to Main Street’s investments in each Private Loan portfolio company at least once every calendar year, and for Main Street’s investments in new Private Loan portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more Private Loan portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street’s investment in a Private Loan portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value for its investments in a total of 15 Private Loan portfolio companies for each of the three months ended September 30, 2023 and 2022, representing 25% and 20% of the total Private Loan portfolio at fair value as of September 30, 2023 and 2022, respectively. A total of 62 Private Loan portfolio companies were reviewed and certified by the Financial Advisory Firm for the trailing twelve months ended September 30, 2023, representing 83% of the total Private Loan portfolio at fair value as of September 30, 2023. Excluding its investments in Private Loan portfolio companies that, as of September 30, 2023, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment and its investments in Private Loan portfolio companies that were not reviewed because the investment is valued based upon third-party quotes or other independent pricing, 95% of the Private Loan portfolio at fair value was reviewed and certified by the Financial Advisory Firm for the trailing twelve months ended September 30, 2023.
For valuation purposes, all of Main Street’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. Main Street generally consults on a limited basis with the Financial Advisory Firm in connection with determining the fair value of its Middle Market portfolio investments due to the nature of these investments. The vast majority (90% and 89% as of September 30, 2023 and December 31, 2022, respectively) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent pricing services, (ii) Main Street has consulted with and received an assurance certification from the Financial Advisory Firm within the last twelve months or (iii) are new investments that have not been in the Investment Portfolio for at least twelve months subsequent to the initial investment.
For valuation purposes, all of Main Street’s short-term portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. Because all of the short-term portfolio investments are typically valued using third-party quotes or other independent pricing services, Main Street generally does not consult with any financial advisory services firms in connection with determining the fair value of its short-term portfolio investments.
For valuation purposes, all of Main Street’s Other Portfolio investments are non-control investments. Main Street’s Other Portfolio investments comprised 2.9% and 2.8% of Main Street’s Investment Portfolio at fair value as of September 30, 2023 and December 31, 2022, respectively. Similar to the LMM investment portfolio, market quotations for Other Portfolio equity investments are generally not readily available. For its Other Portfolio equity investments, Main Street generally determines the fair value of these investments using the NAV valuation method.
For valuation purposes, Main Street’s investment in the External Investment Manager is a control investment. Market quotations are not readily available for this investment, and as a result, Main Street determines the fair value of the External Investment Manager using the Waterfall valuation method under the market approach. In estimating the enterprise value, Main Street analyzes various factors, including the entity’s historical and projected financial results, as well as its size, marketability and performance relative to the population of market comparables. This valuation approach estimates the value of the investment as if Main Street were to sell, or exit, the investment. In addition, Main Street considers its ability to control the capital structure of the company, as well as the timing of a potential exit, in connection with determining the fair value of the External Investment Manager. Main Street consults with and receives an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value for its investment in the External Investment Adviser on a quarterly basis.
Due to the inherent uncertainty in the valuation process, Main Street’s determination of fair value for its Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. Main Street determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.
Main Street uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its LMM, Private Loan and Middle Market portfolio companies. This system takes into account both quantitative and qualitative factors of each LMM, Private Loan and Middle Market portfolio company.
In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Main Street’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of its executive officers to serve as the Board of Directors’ valuation designee. Main Street believes its Investment Portfolio as of September 30, 2023 and December 31, 2022 approximates fair value as of those dates based on the markets in which it operates and other conditions in existence on those reporting dates.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


2.Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, the consolidated financial statements include investments in the Investment Portfolio whose values have been estimated by Main Street, pursuant to valuation policies and procedures approved and overseen by Main Street’s Board of Directors, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the Investment Portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.
Macroeconomic factors, including pandemics, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions and rising market index interest rates, and the related effect on the U.S. and global economies, have impacted, and may continue to impact, the businesses and operating results of certain of Main Street’s portfolio companies. As a result of these and other current effects of macroeconomic factors, as well as the uncertainty regarding the extent and duration of their impact, the valuation of Main Street’s Investment Portfolio has and may continue to experience increased volatility.
3.Cash and Cash Equivalents
Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value. At September 30, 2023, the Company had $37.4 million of cash equivalents invested in AAA-rated money market funds. These highly liquid, short-term investments are included in the Consolidated Schedule of Investments.
At September 30, 2023 and December 31, 2022, cash balances totaling $35.0 million and $46.3 million, respectively, exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Company to risk related to the uninsured balance.
4.Interest, Dividend and Fee Income
Main Street records interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution. Main Street evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if Main Street otherwise does not expect the debtor to be able to service its debt obligation, Main Street will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, Main Street removes it from non-accrual status.
As of September 30, 2023, investments on non-accrual status comprised 1.0% of Main Street’s total Investment Portfolio at fair value and 3.1% at cost. As of December 31, 2022, investments on non-accrual status comprised 0.6% of Main Street’s total Investment Portfolio at fair value and 3.7% at cost.
Main Street holds certain debt and preferred equity instruments in its Investment Portfolio that contain payment-in-kind (“PIK”) interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.9. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the PIK interest and cumulative dividends in cash.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Main Street stops accruing PIK interest and cumulative dividends and writes off any accrued and uncollected interest and dividends in arrears when it determines that such PIK interest and dividends in arrears are no longer collectible. For the three months ended September 30, 2023 and 2022, (i) 1.9% and 1.2%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and 0.3%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2023 and 2022, (i) 2.0% and 1.3%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and 0.5%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash.
Main Street may periodically provide services, including structuring and advisory services, to its portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.
A presentation of total investment income Main Street received from its Investment Portfolio in each of the periods presented is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
(dollars in thousands)
Interest, fee and dividend income:
Interest income $ 99,381  $ 75,023  $ 290,045  $ 198,446 
Dividend income 21,192  19,424  71,014  53,959 
Fee income 2,664  3,940  10,015  10,576 
Total interest, fee and dividend income $ 123,237  $ 98,387  $ 371,074  $ 262,981 
5.Deferred Financing Costs
Deferred financing costs include commitment fees and other direct costs related to Main Street’s multi-year revolving credit facility (the “Corporate Facility”) and special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) and its unsecured notes, as well as the commitment fees and leverage fees (3.4% of the total commitment and draw amounts, as applicable) on the SBIC debentures. See further discussion of Main Street’s debt in Note E — Debt. Deferred financing costs in connection with the Credit Facilities are capitalized as an asset. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the principal amount outstanding.
6.Equity Offering Costs
The Company’s offering costs are charged against the proceeds from equity offerings when the proceeds are received.
7.Unearned Income—Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value
Main Street capitalizes debt origination fees received in connection with financings and reflects such fees as unearned income netted against the applicable debt investments. The unearned income from the fees is accreted into income over the life of the financing.
In connection with its portfolio debt investments, Main Street sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are valued as part of the negotiation process with the particular portfolio company.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


When Main Street receives nominal cost equity, it allocates its cost basis in its investment between its debt security and its nominal cost equity at the time of origination based on amounts negotiated with the particular portfolio company. The allocated amounts are based upon the fair value of the nominal cost equity, which is then used to determine the allocation of cost to the debt security. Any discount recorded on a debt investment resulting from this allocation is reflected as unearned income, which is netted against the applicable debt investment, and accreted into interest income over the life of the debt investment. The actual collection of this interest is deferred until the time of debt principal repayment.
Main Street may also purchase debt securities at a discount or at a premium to the par value of the debt security. In the case of a purchase at a discount, Main Street records the investment at the par value of the debt security net of the discount, and the discount is accreted into interest income over the life of the debt investment. In the case of a purchase at a premium, Main Street records the investment at the par value of the debt security plus the premium, and the premium is amortized as a reduction to interest income over the life of the debt investment.
To maintain RIC tax treatment (as discussed in Note B.9. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the interest income. For the three months ended September 30, 2023 and 2022, 1.9% and 1.8%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization. For the nine months ended September 30, 2023 and 2022, 1.8% and 1.9%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization.
8.Share-Based Compensation
Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, Main Street measures the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.
Main Street recognizes all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) as income tax expense or benefit in the income statement and does not delay recognition of a tax benefit until the tax benefit is realized through a reduction to taxes payable. As such, the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Additionally, Main Street has elected to account for forfeitures as they occur.
9.Income Taxes
MSCC has elected to be treated for U.S. federal income tax purposes as a RIC. MSCC’s taxable income includes the taxable income generated by MSCC and certain of its subsidiaries, including the Funds and Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSCC generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) the filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
The Taxable Subsidiaries primarily hold certain equity investments for Main Street. The Taxable Subsidiaries permit Main Street to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with Main Street for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street’s consolidated financial statements as portfolio investments and recorded at fair value.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in Main Street’s consolidated financial statements.
The External Investment Manager is an indirect wholly-owned subsidiary of MSCC owned through a Taxable Subsidiary and is a disregarded entity for tax purposes. The External Investment Manager has entered into a tax sharing agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio investment of MSCC and is not included as a consolidated subsidiary of MSCC in MSCC’s consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for its stand-alone financial reporting purposes the External Investment Manager is treated as if it is taxed at corporate income tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the External Investment Manager are reflected in the External Investment Manager’s separate financial statements.
The Taxable Subsidiaries and the External Investment Manager use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided, if necessary, against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Main Street’s net assets as included on the Consolidated Balance Sheets and Consolidated Statements of Changes in Net Assets include an adjustment to classification as a result of permanent book-to-tax differences, which include differences in the book and tax treatment of income and expenses.
Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.
10.Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation
Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the Investment Portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.
11.Fair Value of Financial Instruments
Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Main Street believes that the carrying amounts of its financial instruments, consisting of cash and cash equivalents, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.
To estimate the fair value of Main Street’s multiple tranches of unsecured debt instruments as disclosed in Note E — Debt, Main Street uses quoted market prices. For the estimated fair value of Main Street’s SBIC debentures, Main Street uses the Yield-to-Maturity valuation method based on projections of the discounted future free cash flows that the debt security will likely generate, including both the discounted cash flows of the associated interest and principal amounts for the debt security.

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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


12. Earnings per Share
Basic and diluted per share calculations are computed utilizing the weighted-average number of shares of common stock outstanding for the period. In accordance with ASC 260, Earnings Per Share, the unvested shares of restricted stock awarded pursuant to Main Street’s equity compensation plans are participating securities and, therefore, are included in the basic earnings per share calculation. As a result, for all periods presented, there is no difference between diluted earnings per share and basic earnings per share amounts.
13. Recently Issued or Adopted Accounting Standards
In March 2020, the FASB issued ASU 2020-04, Reference rate reform (Topic 848) — Facilitation of the effects of reference rate reform on financial reporting. The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and also with certain lenders. Many of these agreements include language for choosing an alternative successor rate if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The Company adopted this amendment in March 2020 and plans to apply the amendments in this update to account for contract modifications due to changes in reference rates when LIBOR reference is no longer used.
In November 2022, the FASB issued ASU 2022-06, Reference rate reform (Topic 848) — Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 after which entities will no longer be permitted to apply the relief in Topic 848. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 and extended by ASU 2022-06 during the nine months ended September 30, 2023 and the year ended December 31, 2022, the effect of which was not material to the consolidated financial statements and the notes thereto. The Company will continue to utilize the optional expedients provided by ASU 2020-04 and extended by ASU 2022-06 through December 31, 2024. The Company does not expect ASU 2022-06 to have a material impact to the consolidated financial statements and the notes thereto.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update provide that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this update also require additional disclosures for equity securities subject to contractual sales restrictions. ASU 2022-03 is effective for years beginning after December 15, 2023, though early adoption is permitted. The Company elected to early adopt ASU 2022-03 as of December 31, 2022 and it did not have a material impact on the consolidated financial statements and the notes thereto.
From time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.
NOTE C — FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION
ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. Main Street accounts for its investments at fair value.
Fair Value Hierarchy
In accordance with ASC 820, Main Street has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Investments recorded on Main Street’s Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:
Level 1—Investments whose values are based on unadjusted quoted prices for identical assets in an active market that Main Street has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).
Level 2—Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment. Level 2 inputs include the following:
•Quoted prices for similar assets in active markets (for example, investments in restricted stock);
•Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);
•Pricing models whose inputs are observable for substantially the full term of the investment (for example, market interest rate indices); and
•Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.
Level 3—Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.
As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
As of September 30, 2023 and December 31, 2022, all of Main Street’s LMM portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main Street’s LMM portfolio investments were categorized as Level 3 as of September 30, 2023 and December 31, 2022.
As of September 30, 2023 and December 31, 2022, Main Street’s Private Loan portfolio investments primarily consisted of investments in interest-bearing secured debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street’s Private Loan portfolio investments were categorized as Level 3 as of September 30, 2023 and December 31, 2022.
As of September 30, 2023 and December 31, 2022, Main Street’s Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street’s Middle Market portfolio investments were categorized as Level 3 as of September 30, 2023 and December 31, 2022.
As of September 30, 2023 and December 31, 2022, Main Street’s Other Portfolio investments consisted of illiquid securities issued by privately held entities and the fair value determination for these investments primarily consisted of unobservable inputs.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As a result, all of Main Street’s Other Portfolio investments were categorized as Level 3 as of September 30, 2023 and December 31, 2022.
As of December 31, 2022, Main Street held one short-term portfolio investment, which was a secured debt investment. The fair value determination for this investment consisted of available observable inputs in non-active markets sufficient to determine the fair value of the investment. As a result, Main Street’s short-term portfolio investment was categorized as Level 2 as of December 31, 2022.
The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:
•Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;
•Current and projected financial condition of the portfolio company;
•Current and projected ability of the portfolio company to service its debt obligations;
•Type and amount of collateral, if any, underlying the investment;
•Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;
•Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);
•Pending debt or capital restructuring of the portfolio company;
•Projected operating results of the portfolio company;
•Current information regarding any offers to purchase the investment;
•Current ability of the portfolio company to raise any additional financing as needed;
•Changes in the economic environment which may have a material impact on the operating results of the portfolio company;
•Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;
•Qualitative assessment of key management;
•Contractual rights, obligations or restrictions associated with the investment; and
•Other factors deemed relevant.
The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of Main Street’s LMM equity securities, which are generally valued through an average of the discounted cash flow technique and the market comparable/enterprise value technique (unless one of these approaches is determined to not be appropriate), are (i) EBITDA multiples and (ii) the weighted-average cost of capital (“WACC”). Significant increases (decreases) in EBITDA multiple inputs in isolation would result in a significantly higher (lower) fair value measurement. On the contrary, significant increases (decreases) in WACC inputs in isolation would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of Main Street’s LMM, Private Loan and Middle Market securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio) and (ii) the percentage of expected principal recovery.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Significant increases (decreases) in any of these discount rates in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in any of these expected principal recovery percentages in isolation would result in a significantly higher (lower) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.
The following tables provide a summary of the significant unobservable inputs used to fair value Main Street’s Level 3 portfolio investments as of September 30, 2023 and December 31, 2022:
Type of
Investment
Fair Value as of
September 30, 2023
(in thousands)
 Valuation Technique Significant Unobservable Inputs Range(3) Weighted Average(3) Median(3)
Equity investments $ 1,311,786  Discounted cash flow WACC
9.4% - 22.5%
 14.5  % 15.4  %
Market comparable / Enterprise value EBITDA multiple (1)
4.5x - 8.5x (2)
 7.0x 6.2x
Debt investments $ 2,773,233  Discounted cash flow Risk adjusted discount factor (4)
9.8% - 18.5% (2)
 12.9  % 13.0  %
Expected principal recovery percentage
0.0% - 100.0%
 99.5  % 100.0  %
Debt investments $ 209,703  Market approach Third-party quote
4.0 - 99.0
 90.6 94.0
Total Level 3 investments $ 4,294,722 
____________________
(1)EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.
(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.0x - 15.7x and the range for risk adjusted discount factor is 7.0% - 33.5%.
(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
(4)Discount rate includes the effect of the standard LIBOR and SOFR base rate, as applicable.
Type of Investment
Fair Value as of December 31, 2022
(in thousands)
 Valuation Technique Significant Unobservable Inputs Range(3) Weighted Average(3) Median(3)
Equity investments $ 1,172,077  Discounted cash flow WACC
9.4% - 22.5%
 14.5  % 15.4  %
Market comparable / Enterprise value EBITDA multiple (1)
4.3x - 8.3x (2)
 6.7x 6.0x
Debt investments $ 2,663,958  Discounted cash flow Risk adjusted discount factor (4)
8.5% - 18.8% (2)
 12.2  % 12.4  %
Expected principal recovery percentage
0.0% - 100.0%
 99.4  % 100.0  %
Debt investments $ 264,238  Market approach Third-party quote
5.6 - 98.5
 87.0 91.4
Total Level 3 investments $ 4,100,273 
____________________
(1)EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.0x - 15.7x and the range for risk adjusted discount factor is 6.5% - 43.3%.
(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
(4)Discount rate includes the effect of the standard LIBOR and SOFR base rate, as applicable.
The following tables provide a summary of changes in fair value of Main Street’s Level 3 portfolio investments for the nine months ended September 30, 2023 and 2022 (amounts in thousands):
Type of Investment
Fair Value
as of
December 31, 2022
 Transfers Into Level 3 Hierarchy Redemptions/ Repayments New Investments Net Changes from Unrealized to Realized Net Unrealized Appreciation (Depreciation) Other(1)
Fair Value
as of
September 30, 2023
Debt $ 2,928,196  $ —  $ (536,800) $ 547,102  $ 101,276  $ (26,869) $ (29,969) $ 2,982,936 
Equity 1,166,643  —  (40,261) 55,699  2,394  88,079  32,322  1,304,876 
Equity Warrant 5,434  —  —  2,091  —  1,961  (2,576) 6,910 
$ 4,100,273  $ —  $ (577,061) $ 604,892  $ 103,670  $ 63,171  $ (223) $ 4,294,722 
____________________
(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.
Type of Investment
Fair Value
as of
December 31, 2021
 Transfers Into Level 3 Hierarchy Redemptions/ Repayments New Investments Net Changes from Unrealized to Realized Net Unrealized Appreciation (Depreciation) Other(1)
Fair Value
as of
September 30, 2022
Debt $ 2,509,568  $ —  $ (436,372) $ 869,214  $ 9,632  $ (78,710) $ (6,933) $ 2,866,399 
Equity 1,043,709  —  (49,447) 47,475  (11,801) 63,591  6,933  1,100,460 
Equity Warrant 6,560  —  (474) —  (615) (696) —  4,775 
$ 3,559,837  $ —  $ (486,293) $ 916,689  $ (2,784) $ (15,815) $ —  $ 3,971,635 
____________________
(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.


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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


At September 30, 2023 and December 31, 2022, Main Street’s investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:
Fair Value Measurements
(in thousands)
At September 30, 2023
 Fair Value Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
LMM portfolio investments $ 2,190,371  $ —  $ —  $ 2,190,371 
Private Loan portfolio investments 1,543,958  —  —  1,543,958 
Middle Market portfolio investments 290,613  —  —  290,613 
Other Portfolio investments 123,649  —  —  123,649 
External Investment Manager 146,131  —  —  146,131 
Total investments $ 4,294,722  $ —  $ —  $ 4,294,722 
Fair Value Measurements
(in thousands)
At December 31, 2022
 Fair Value Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
LMM portfolio investments $ 2,060,459  $ —  $ —  $ 2,060,459 
Private Loan portfolio investments 1,471,466  —  —  1,471,466 
Middle Market portfolio investments 329,119  —  —  329,119 
Other Portfolio investments 116,299  —  —  116,299 
External Investment Manager 122,930  —  —  122,930 
Short-term portfolio investments 1,904  —  1,904  — 
Total investments $ 4,102,177  $ —  $ 1,904  $ 4,100,273 
Investment Portfolio Composition
Main Street’s principal investment objective is to maximize its portfolio’s total return by generating current income from its debt investments and current income and capital appreciation from its equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. Main Street seeks to achieve its investment objective through its LMM, Private Loan and Middle Market investment strategies.
Main Street’s LMM investment strategy is focused on investments in secured debt, equity warrants and direct equity investments in privately held, LMM companies based in the United States. Main Street’s LMM portfolio companies generally have annual revenues between $10 million and $150 million, and its LMM investments generally range in size from $5 million to $75 million. The LMM debt investments are typically secured by a first priority lien on the assets of the portfolio company, can include either fixed or floating rate terms and generally have a term of between five and seven years from the original investment date. In most LMM portfolio investments, Main Street receives nominally priced equity warrants and/or makes direct equity investments in connection with a debt investment.
Main Street’s private loan (“Private Loan”) investment strategy is focused on investments in privately held companies that are generally consistent with the size of its LMM portfolio companies or Middle Market portfolio companies, and its Private Loan investments generally range in size from $10 million to $75 million. Main Street’s Private Loan investments primarily consist of debt securities that have primarily been originated directly by Main Street or, to a lesser extent, through its strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Main Street’s Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. Main Street may have the option to co-invest with the sponsor in the equity securities of its Private Loan portfolio companies.
Main Street’s Middle Market investment strategy is focused on investments in syndicated loans to or debt securities in Middle Market companies, which Main Street defines as companies with annual revenues between $150 million and $1.5 billion, and its Middle Market investments generally range in size from $3 million to $25 million. Main Street’s Middle Market portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.
Main Street’s other portfolio (“Other Portfolio”) investments primarily consist of investments that are not consistent with the typical profiles for its LMM, Private Loan or Middle Market portfolio investments, including investments which may be managed by third parties. In the Other Portfolio, Main Street may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds. For Other Portfolio investments, Main Street generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be liquidated over a five to ten-year period.
Based upon Main Street’s liquidity and capital structure management activities, Main Street’s Investment Portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be liquidated in one year or less. These short-term portfolio investments are not expected to be a significant portion of the overall Investment Portfolio.
Main Street’s external asset management business is conducted through its External Investment Manager. The External Investment Manager earns management fees based on the assets under management for External Parties and may earn incentive fees, or a carried interest, based on the performance of the assets managed. Main Street entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income Fund, Inc. (“MSC Income”). Through this agreement, Main Street shares employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities. Main Street allocates the related expenses to the External Investment Manager pursuant to the sharing agreement. Main Street’s total expenses for the three months ended September 30, 2023 and 2022 are net of expenses allocated to the External Investment Manager of $5.4 million and $3.3 million, respectively, and for the nine months ended September 30, 2023 and 2022 of $16.1 million and $9.6 million, respectively.
Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three and nine months ended September 30, 2023 and 2022, Main Street did not record investment income from any single portfolio company in excess of 10% of total investment income.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The following tables provide a summary of Main Street’s investments in the LMM, Private Loan and Middle Market portfolios as of September 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed further below).
As of September 30, 2023
LMM (a) Private Loan Middle Market
(dollars in millions)
Number of portfolio companies 79  89  27 
Fair value $ 2,190.4  $ 1,544.0  $ 290.6 
Cost $ 1,716.9  $ 1,577.5  $ 343.3 
Debt investments as a % of portfolio (at cost) 71.9  % 96.2  % 92.7  %
Equity investments as a % of portfolio (at cost) 28.1  % 3.8  % 7.3  %
% of debt investments at cost secured by first priority lien 99.2  % 99.5  % 99.2  %
Weighted-average annual effective yield (b) 12.9  % 12.9  % 12.3  %
Average EBITDA (c) $ 8.2  $ 28.8  $ 65.7 
____________________
(a)At September 30, 2023, Main Street had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 40%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of September 30, 2023, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on Main Street’s debt portfolio as of September 30, 2023 including debt investments on non-accrual status was 12.8% for its LMM portfolio, 12.2% for its Private Loan portfolio and 10.9% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including two LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
As of December 31, 2022
LMM (a) Private Loan Middle Market
(dollars in millions)
Number of portfolio companies 78  85  31 
Fair value $ 2,060.5  $ 1,471.5  $ 329.1 
Cost $ 1,719.9  $ 1,500.3  $ 401.7 
Debt investments as a % of portfolio (at cost) 73.7  % 97.1  % 93.8  %
Equity investments as a % of portfolio (at cost) 26.3  % 2.9  % 6.2  %
% of debt investments at cost secured by first priority lien 99.1  % 99.6  % 98.8  %
Weighted-average annual effective yield (b) 12.3  % 11.6  % 11.0  %
Average EBITDA (c) $ 8.0  $ 38.1  $ 68.7 
____________________
(a)At December 31, 2022, Main Street had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 41%.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 2022, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on Main Street’s debt portfolio as of December 31, 2022 including debt investments on non-accrual status was 11.6% for its LMM portfolio, 11.2% for its Private Loan portfolio and 10.3% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
For the three months ended September 30, 2023 and 2022, Main Street achieved an annualized total return on investments of 16.0% and 10.5%, respectively. For the nine months ended September 30, 2023 and 2022, Main Street achieved an annualized total return on investments of 15.4% and 9.6%, respectively. For the year ended December 31, 2022, Main Street achieved a total return on investments of 11.1%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. Main Street’s total return on investments is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.
As of September 30, 2023, Main Street had Other Portfolio investments in 15 entities, collectively totaling $123.6 million in fair value and $132.2 million in cost basis and which comprised 2.9% and 3.5% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2022, Main Street had Other Portfolio investments in 14 entities, collectively totaling $116.3 million in fair value and $120.4 million in cost basis and which comprised 2.8% and 3.2% of Main Street’s Investment Portfolio at fair value and cost, respectively.
As discussed further in Note A.1. — Organization and Basis of Presentation — Organization, Main Street holds an investment in the External Investment Manager, a wholly-owned subsidiary that is treated as a portfolio investment. As of September 30, 2023, this investment had a fair value of $146.1 million and a cost basis of $29.5 million, which comprised 3.4% and 0.8% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2022, this investment had a fair value of $122.9 million and a cost basis of $29.5 million, which comprised 3.0% and 0.8% of Main Street’s Investment Portfolio at fair value and cost, respectively.
The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of September 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed above).
Cost: September 30, 2023 December 31, 2022
First lien debt 83.9  % 85.0  %
Equity 15.4  14.2 
Second lien debt 0.3  0.3 
Equity warrants 0.2  0.2 
Other 0.2  0.3 
100.0  % 100.0  %
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Fair Value: September 30, 2023 December 31, 2022
First lien debt 73.2  % 75.2  %
Equity 26.0  24.1 
Second lien debt 0.4  0.3 
Equity warrants 0.2  0.1 
Other 0.2  0.3 
100.0  % 100.0  %
The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments by geographic region of the United States and other countries at cost and fair value as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of September 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.
Cost: September 30, 2023 December 31, 2022
West 25.5  % 28.5  %
Northeast 23.2  19.0 
Southwest 19.0  20.1 
Midwest 15.8  16.3 
Southeast 14.4  14.0 
Other Non-United States 1.7  1.5 
Canada 0.4  0.6 
100.0  % 100.0  %
Fair Value: September 30, 2023 December 31, 2022
West 25.6  % 28.7  %
Northeast 22.4  18.8 
Southwest 21.1  21.4 
Midwest 16.5  16.6 
Southeast 12.5  12.4 
Other Non-United States 1.6  1.5 
Canada 0.3  0.6 
100.0  % 100.0  %
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Main Street’s LMM, Private Loan and Middle Market portfolio investments are in companies conducting business in a variety of industries. The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments by industry at cost and fair value as of September 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager).
Cost: September 30, 2023 December 31, 2022
Internet Software & Services 8.2  % 8.0  %
Machinery 7.0  7.4 
Commercial Services & Supplies 6.2  6.7 
Professional Services 6.2  4.2 
Construction & Engineering 5.7  5.8 
Health Care Providers & Services 5.1  4.7 
IT Services 4.9  3.3 
Diversified Consumer Services 4.7  4.5 
Distributors 4.3  5.1 
Textiles, Apparel & Luxury Goods 3.2  1.9 
Leisure Equipment & Products 3.1  4.5 
Energy Equipment & Services 3.1  3.7 
Tobacco 3.0  3.1 
Computers & Peripherals 2.7  2.2 
Media 2.4  2.4 
Specialty Retail 2.1  3.2 
Software 2.0  1.9 
Electrical Equipment 1.9  1.0 
Building Products 1.7  1.9 
Aerospace & Defense 1.7  2.3 
Containers & Packaging 1.7  2.6 
Diversified Telecommunication Services 1.6  1.9 
Auto Components 1.6  1.7 
Food Products 1.5  1.6 
Electronic Equipment, Instruments & Components 1.5  1.6 
Communications Equipment 1.5  1.8 
Diversified Financial Services 1.4  1.5 
Internet & Catalog Retail 1.3  1.3 
Health Care Equipment & Supplies 1.3  1.3 
Food & Staples Retailing 1.2  1.2 
Hotels, Restaurants & Leisure 1.1  1.1 
Chemicals 1.0  1.1 
Household Products 1.0  0.4 
Other (1) 3.1  3.1 
100.0  % 100.0  %
____________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined LMM, Private Loan and Middle Market portfolio investments at each date.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Fair Value: September 30, 2023 December 31, 2022
Machinery 8.1  % 8.4  %
Diversified Consumer Services 7.0  6.8 
Internet Software & Services 6.8  6.8 
Professional Services 6.7  3.8 
Construction & Engineering 5.7  5.7 
Commercial Services & Supplies 5.1  6.1 
Health Care Providers & Services 4.8  4.3 
Distributors 4.6  5.5 
IT Services 4.5  3.1 
Computers & Peripherals 4.0  3.0 
Tobacco 3.2  3.4 
Energy Equipment & Services 2.8  2.7 
Specialty Retail 2.7  3.5 
Media 2.7  3.0 
Leisure Equipment & Products 2.7  4.0 
Textiles, Apparel & Luxury Goods 2.6  1.8 
Software 2.1  2.1 
Electrical Equipment 2.0  1.0 
Containers & Packaging 1.9  2.8 
Aerospace & Defense 1.6  2.2 
Food Products 1.6  1.8 
Building Products 1.5  1.9 
Auto Components 1.5  1.6 
Diversified Telecommunication Services 1.4  1.8 
Diversified Financial Services 1.4  1.7 
Internet & Catalog Retail 1.2  1.3 
Air Freight & Logistics 1.1  0.9 
Construction Materials 1.0  1.0 
Health Care Equipment & Supplies 1.0  1.0 
Chemicals 0.9  1.1 
Food & Staples Retailing 0.8  1.1 
Other (1) 5.0  4.8 
100.0  % 100.0  %
____________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined LMM, Private Loan and Middle Market portfolio investments at each date.
At September 30, 2023 and December 31, 2022, Main Street had no portfolio investment that was greater than 10% of the Investment Portfolio at fair value.
Unconsolidated Significant Subsidiaries
In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, Main Street must determine which of its unconsolidated controlled portfolio companies, if any, are considered “significant subsidiaries.” In evaluating its unconsolidated controlled portfolio companies in accordance with Regulation S-X, there are two tests that Main Street must utilize to determine if any of Main Street’s Control Investments (as defined in Note A–Organization and Basis of Presentation, including those unconsolidated portfolio companies defined as Control Investments in which Main Street does not own greater than 50% of the voting securities nor have rights to maintain greater than 50% of the board representation) are considered significant subsidiaries: the investment test and the income test.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The investment test is generally measured by dividing Main Street’s investment in the Control Investment by the value of Main Street’s total investments. The income test is generally measured by dividing the absolute value of the combined sum of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) from the relevant Control Investment for the period being tested by the absolute value of Main Street’s change in net assets resulting from operations for the same period. Rules 3-09 and 4-08(g) of Regulation S-X require Main Street to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control Investments in which Main Street owns greater than 50% of the voting securities) in an annual report and (2) summarized financial information of a Control Investment in a quarterly report, respectively, if certain thresholds of the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.
As of September 30, 2023 and December 31, 2022, Main Street had no single investment that qualified as a significant subsidiary under either the investment or income tests.
NOTE D — EXTERNAL INVESTMENT MANAGER
As discussed further in Note A.1. — Organization and Basis of Presentation — Organization and Note C — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition, the External Investment Manager provides investment management and other services to External Parties. The External Investment Manager is accounted for as a portfolio investment of MSCC since the External Investment Manager conducts all of its investment management activities for External Parties.
The External Investment Manager serves as the investment adviser and administrator to MSC Income Fund, Inc. (“MSC Income”) pursuant to an Investment Advisory and Administrative Services Agreement entered into in October 2020 between the External Investment Manager and MSC Income (the “Advisory Agreement”). Under the Advisory Agreement, the External Investment Manager earns a 1.75% annual base management fee on MSC Income’s average total assets, an incentive fee equal to 20% of pre-investment fee net investment income above a specified investment return hurdle rate and a 20% incentive fee on cumulative net realized capital gains in exchange for providing advisory services to MSC Income.

As described more fully in Note L — Related Party Transactions, the External Investment Manager also serves as the investment adviser and administrator to MS Private Loan Fund I, LP (the “Private Loan Fund”) and MS Private Loan Fund II, LP (the “Private Loan Fund II”), each a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments. The External Investment Manager entered into investment management agreements in December 2020 with the Private Loan Fund and in September 2023 with the Private Loan Fund II, pursuant to which the External Investment Manager provides investment advisory and management services to each fund in exchange for an asset-based fee and certain incentive fees. The External Investment Manager may also advise other clients, including funds and separately managed accounts, pursuant to advisory and services agreements with such clients in exchange for asset-based and incentive fees.
The External Investment Manager provides administrative services for certain External Party clients that, to the extent not waived, are reported as administrative services fees. The administrative services fees generally represent expense reimbursements for a portion of the compensation, overhead and related expenses for certain professionals directly attributable to performing administrative services for clients. These fees are recognized as other revenue in the period in which the related services are rendered.
Main Street determines the fair value of the External Investment Manager using the Waterfall valuation method under the market approach (see further discussion in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio). Any change in fair value of the investment in the External Investment Manager is recognized on Main Street’s Consolidated Statements of Operations in “Net Unrealized Appreciation (Depreciation) — Control investments.”
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The External Investment Manager is an indirect wholly-owned subsidiary of MSCC owned through a Taxable Subsidiary and is a disregarded entity for tax purposes. The External Investment Manager has entered into a tax sharing agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary of Main Street in its consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for financial reporting purposes the External Investment Manager is treated as if it is taxed at corporate income tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. Main Street owns the External Investment Manager through the Taxable Subsidiary to allow MSCC to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The taxable income, or loss, of the External Investment Manager may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. As a result of the above described financial reporting and tax treatment, the External Investment Manager provides for any income tax expense, or benefit, and any tax assets or liabilities in its separate financial statements.
Main Street shares employees with the External Investment Manager and allocates costs related to such shared employees to the External Investment Manager generally based on a combination of the direct time spent, new investment origination activity and assets under management, depending on the nature of the expense. The total contribution of the External Investment Manager to Main Street’s net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended September 30, 2023 and 2022, the total contribution to Main Street’s net investment income was $7.6 million and $5.0 million, respectively. For the nine months ended September 30, 2023 and 2022, the total contribution to Main Street’s net investment income was $24.2 million and $15.2 million, respectively.
Summarized financial information from the separate financial statements of the External Investment Manager as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022 is as follows:
As of
September 30,
2023
As of
December 31, 2022
(dollars in thousands)
Accounts receivable - advisory clients $ 9,409  $ 8,130 
Intangible Asset 29,500  29,500 
Total assets $ 38,909  $ 37,630 
Accounts payable to MSCC and its subsidiaries $ 7,240  $ 4,455 
Dividend payable to MSCC and its subsidiaries 2,169  3,675 
Equity 29,500  29,500 
Total liabilities and equity $ 38,909  $ 37,630 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Three Months Ended
September 30,
Nine Months Ended
September 30,
2023 2022 2023 2022
(dollars in thousands)
Management fee income $ 5,653  $ 5,472  $ 16,667  $ 16,337 
Incentive fees 2,627  (182) 9,594  45 
Administrative services fees 154  154  456  458 
Total revenues 8,434  5,444  26,717  16,840 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs (4,620) (2,660) (13,785) (7,572)
Other G&A expenses (784) (674) (2,304) (2,041)
Total allocated expenses (5,404) (3,334) (16,089) (9,613)
Other direct G&A expenses (229) —  (229) — 
Total expenses (5,633) (3,334) (16,318) (9,613)
Pre-tax income 2,801  2,110  10,399  7,227 
Tax expense (633) (472) (2,316) (1,605)
Net income $ 2,168  $ 1,638  $ 8,083  $ 5,622 

NOTE E — DEBT
Summary of debt as of September 30, 2023 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
 Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)
Corporate Facility $ 323,000  $ —  $ 323,000  $ 323,000 
SPV Facility 170,000  —  170,000  170,000 
July 2026 Notes
 500,000  (1,470) 498,530  442,405 
May 2024 Notes
 450,000  318  450,318  445,406 
SBIC Debentures 350,000  (5,761) 344,239  284,128 
December 2025 Notes
 150,000  (1,165) 148,835  150,781 
Total Debt $ 1,943,000  $ (8,078) $ 1,934,922  $ 1,815,720 
____________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the July 2026 Notes, May 2024 Notes, SBIC Debentures and December 2025 Notes are reflected as contra-liabilities on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt 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.11. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Summary of debt as of December 31, 2022 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
 Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)
Corporate Facility $ 407,000  $ —  $ 407,000  $ 407,000 
SPV Facility 200,000  —  200,000  200,000 
July 2026 Notes
 500,000  (1,864) 498,136  434,250 
May 2024 Notes
 450,000  727  450,727  444,749 
SBIC Debentures 350,000  (6,086) 343,914  290,204 
December 2025 Notes
 100,000  (675) 99,325  106,607 
Total Debt $ 2,007,000  $ (7,898) $ 1,999,102  $ 1,882,810 
____________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the July 2026 Notes, May 2024 Notes, SBIC Debentures and December 2025 Notes are reflected as contra-liabilities on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt 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.11. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
Summarized interest expense for the three and nine months ended September 30, 2023 and 2022 is as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
(dollars in thousands)
Corporate Facility $ 7,157  $ 6,551  $ 21,666  $ 11,249 
SPV Facility 3,665  —  10,605  — 
July 2026 Notes
 3,882  3,882  11,645  11,645 
May 2024 Notes
 5,714  5,714  17,141  17,141 
SBIC Debentures 2,965  2,855  8,435  8,482 
December 2025 Notes
 3,031  —  8,673  — 
December 2022 Notes
 —  2,233  —  6,699 
Total Interest Expense $ 26,414  $ 21,234  $ 78,165  $ 55,216 
Corporate Facility
Main Street maintains the Corporate Facility to provide additional liquidity to support its investment and operational activities. As of September 30, 2023, the Corporate Facility included total commitments of $995.0 million from a diversified group of 18 lenders and contained an accordion feature with the right to request an increase in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $1.4 billion. The revolving period under the Corporate Facility expires in August 2026 and the Corporate Facility is scheduled to mature in August 2027.
As of September 30, 2023, borrowings under the Corporate Facility bore interest, subject to Main Street’s election and resetting on a monthly basis on the first of each month, on a per annum basis at a rate equal to the applicable SOFR rate plus an applicable credit spread adjustment of 0.10% plus (i) 1.875% (or the applicable Prime rate plus 0.875%) as long as Main Street meets certain agreed upon excess collateral and maximum leverage requirements or (ii) 2.0% (or the applicable Prime Rate plus 1.0%) otherwise. Main Street pays unused commitment fees of 0.25% per annum on the unused lender commitments under the Corporate Facility.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The Corporate Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership or assets of the Funds and the External Investment Manager. In connection with the Corporate Facility, MSCC has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.
As of September 30, 2023, the interest rate on the Corporate Facility was 7.3%. The average interest rate for borrowings under the Corporate Facility was 7.2% and 4.1% for the three months ended September 30, 2023 and 2022, respectively, and 6.9% and 2.9% for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, Main Street was in compliance with all financial covenants of the Corporate Facility.
SPV Facility
In November 2022 and December 2022, MSCC Funding I, LLC (“MSCC Funding”), a wholly-owned Structured Subsidiary that primarily holds originated loan investments, entered into (i) the SPV Facility with MSCC as collateral manager and (ii) a lender joinder agreement (the “Joinder Agreement”) to the SPV Facility that increased the total number of lenders from three to four lenders and increased the total commitments under the SPV Facility from $240.0 million to $255.0 million, respectively. As of September 30, 2023, the SPV Facility included total commitments of $255.0 million and an accordion feature, subject to the satisfaction of various conditions, that could bring total commitments and borrowing availability to up to $450.0 million. The revolving period under the SPV Facility expires in November 2025 and the SPV Facility is scheduled to mature in November 2027. Advances under the SPV Facility bear interest at a per annum rate equal to the one-month SOFR in effect, plus a 0.10% credit spread adjustment plus an applicable margin of 2.50% during the revolving period and 2.625% and 2.75% during the first and second years thereafter, respectively. MSCC Funding pays a commitment fee of 0.50% per annum on the unused lender commitments up to 35% of the total lender commitments and 0.75% per annum on the unused lender commitments greater than 35% of the total lender commitments. The SPV Facility is secured by a collateral loan on the assets of MSCC Funding and its subsidiaries. In connection with the SPV Facility, MSCC Funding has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.
As of September 30, 2023, the interest rate on the SPV Facility was 7.9%. The average interest rate for borrowings under the SPV Facility was 7.9% for the three months ended September 30, 2023, and 7.5% for the nine months ended September 30, 2023. As of September 30, 2023, MSCC Funding was in compliance with all financial covenants of the SPV Facility.

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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


MSCC Funding balance sheets as of September 30, 2023 and December 31, 2022 are as follows:
Balance Sheets
(dollars in thousands)
September 30, 2023 December 31, 2022
(Unaudited)
ASSETS
Investments at fair value:
Non-Control Investments (cost: $321,084 and $314,752 as of September 30, 2023 and December 31, 2022, respectively)
 $ 323,403  $ 316,507 
Cash and cash equivalents 11,555  10,838 
Interest and dividend receivable and other assets 3,305  2,828 
Accounts receivable to MSCC and its subsidiaries —  556 
Receivable for securities sold —  369 
Deferred financing costs (net of accumulated amortization of $572 and $141 as of September 30, 2023 and December 31, 2022, respectively)
 2,423  2,630 
Total assets 340,686  333,728 
LIABILITIES
SPV Facility $ 170,000  $ 200,000 
Accounts payable and other liabilities 7,076  112 
Interest payable 1,162  1,272 
Total liabilities 178,238  201,384 
NET ASSETS
Contributed capital 138,163  126,010 
Total undistributed earnings 24,285  6,334 
Total net assets 162,448  132,344 
Total liabilities and net assets $ 340,686  $ 333,728 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


MSCC Funding statement of operations for the three and nine months ended September 30, 2023 are as follows:
Statement of Operations
(dollars in thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, 2023
INVESTMENT INCOME:
Interest, fee and dividend income:
Non‑Control/Non‑Affiliate investments $ 10,615  $ 29,205 
Total investment income 10,615  29,205 
EXPENSES:
Interest (3,666) (10,605)
Management Fee to MSCC (421) (1,107)
General and administrative (55) (105)
Total expenses (4,142) (11,817)
NET INVESTMENT INCOME 6,473  17,388 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Non‑Control/Non‑Affiliate investments (1) 563 
Total net unrealized appreciation (depreciation) (1) 563 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 6,472  $ 17,951 
July 2026 Notes
In January 2021, Main Street issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”) at an issue price of 99.004%. Subsequently, in October 2021, Main Street issued an additional $200.0 million aggregate principal amount of the July 2026 Notes at an issue price of 101.741%. The July 2026 Notes issued in October 2021 have identical terms as, and are a part of a single series with, the July 2026 Notes issued in January 2021. The July 2026 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The July 2026 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The July 2026 Notes bear interest at a rate of 3.00% per year payable semiannually on January 14 and July 14 of each year.
As of September 30, 2023, Main Street was in compliance with all covenants and other requirements of the July 2026 Notes.
May 2024 Notes
In April 2019, Main Street issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the “May 2024 Notes”) at an issue price of 99.125%. Subsequently, in December 2019, Main Street issued an additional $75.0 million aggregate principal amount of the May 2024 Notes at an issue price of 105.0% and, in July 2020, Main Street issued an additional $125.0 million aggregate principal amount at an issue price of 102.7%. The May 2024 Notes issued in December 2019 and July 2020 have identical terms as, and are a part of a single series with, the May 2024 Notes issued in April 2019. The May 2024 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The May 2024 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The May 2024 Notes bear interest at a rate of 5.20% per year payable semiannually on May 1 and November 1 of each year.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As of September 30, 2023, Main Street was in compliance with all covenants and other requirements of the May 2024 Notes.
SBIC Debentures
Under existing SBIC regulations, SBA-approved SBICs under common control have the ability to issue debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. Main Street’s SBIC debentures payable, under existing SBA-approved commitments, were $350.0 million as of both September 30, 2023 and December 31, 2022. SBIC debentures provide for interest to be paid semiannually, with principal due at the applicable 10-year maturity date of each debenture. Main Street expects to maintain SBIC debentures under the SBIC program in the future, subject to periodic repayments and borrowings, in an amount up to the regulatory maximum amount for affiliated SBIC funds. The weighted-average annual interest rate on the SBIC debentures was 3.0% and 2.9% as of September 30, 2023 and December 31, 2022, respectively. The first principal maturity due under the existing SBIC debentures is in 2024, and the weighted-average remaining duration as of September 30, 2023 was 4.9 years. In accordance with SBIC regulations, the Funds are precluded from incurring additional non-SBIC debt without the prior approval of the SBA.
As of September 30, 2023, the SBIC debentures consisted of (i) $175.0 million par value of SBIC debentures outstanding issued by MSMF, with a recorded value of $171.9 million that was net of unamortized debt issuance costs of $3.1 million and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of $172.3 million that was net of unamortized debt issuance costs of $2.7 million.
December 2025 Notes
In December 2022, Main Street issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Series A Notes”) at par. In February 2023, Main Street issued an additional $50.0 million in aggregate principal amount of 7.53% Series B unsecured notes due December 23, 2025 (the “December 2025 Series B Notes” and, together with the December 2025 Series A Notes, the “December 2025 Notes”), at par. The December 2025 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The December 2025 Notes may be redeemed in whole or in part at any time at Main Street’s option at par plus accrued interest to the prepayment date, subject to certain make-whole provisions. The December 2025 Series A Notes and the December 2025 Series B Notes bear interest at a rate of 7.84% and 7.53% per year, respectively, payable semiannually on June 23 and December 23 of each year. In addition, Main Street is obligated to offer to repay the December 2025 Notes at par plus accrued and unpaid interest if certain change in control events occur. The December 2025 Notes will bear interest at an increased rate from the date that (i) the December 2025 Notes receive a below investment grade rating by a rating agency if there is one or two rating agencies providing ratings of the December 2025 Notes, or two-thirds of the rating agencies if there are three rating agencies who are rating the notes (a “Below Investment Grade Event”), or (ii) the ratio of the Company’s consolidated secured indebtedness (other than indebtedness of the Funds or any Structured Subsidiaries) to the value of its consolidated total assets is greater than 0.35 to 1.00 (a “Secured Debt Ratio Event”), to and until the date on which the Below Investment Grade Event and the Secured Debt Ratio Event are no longer continuing. The governing agreement for the December 2025 Notes contains customary terms and conditions for senior unsecured notes issued in a private placement, as well as customary events of default with customary cure and notice periods.
As of September 30, 2023, Main Street was in compliance with all covenants and other requirements of the December 2025 Notes.
December 2022 Notes
In November 2017, Main Street issued $185.0 million in aggregate principal amount of 4.50% unsecured notes due December 1, 2022 (the “December 2022 Notes”) at an issue price of 99.16%. The December 2022 Notes bore interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. In December 2022, Main Street repaid the entire principal amount of the issued and outstanding December 2022 Notes at par value plus the accrued and unpaid interest.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


NOTE F — FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights of Main Street for the nine months ended September 30, 2023 and 2022:
Nine Months Ended September 30,
Per Share Data: 2023 2022
NAV at the beginning of the period $ 26.86  $ 25.29 
Net investment income (1) 3.07  2.31 
Net realized gain (loss) (1)(2) (1.27) 0.05 
Net unrealized appreciation (depreciation) (1)(2) 2.06  (0.28)
Income tax benefit (provision) (1)(2) (0.29) (0.24)
Net increase in net assets resulting from operations (1) 3.57  1.84 
Dividends paid from net investment income (2.72) (2.19)
Dividends paid (2.72) (2.19)
Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period (0.01) — 
Accretive effect of stock offerings (issuing shares above NAV per share) 0.58  0.98 
Accretive effect of DRIP issuance (issuing shares above NAV per share) 0.08  0.08 
Other (3) (0.03) (0.06)
NAV at the end of the period $ 28.33  $ 25.94 
Market value at the end of the period $ 40.63  $ 33.64 
Shares outstanding at the end of the period 83,677,488 76,308,830
____________________
(1)Based on weighted-average number of common shares outstanding for the period.
(2)Net realized gains or losses, net unrealized appreciation or depreciation, and income tax provision or benefit can fluctuate significantly from period to period.
(3)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Nine Months Ended September 30,
2023 2022
(dollars in thousands)
NAV at end of period $ 2,370,807 $ 1,979,420
Average NAV $ 2,226,816 $ 1,876,771
Average outstanding debt $ 1,989,900 $ 1,880,100
Ratio of total expenses, including income tax expense, to average NAV (1)(2) 6.54  % 5.92  %
Ratio of operating expenses to average NAV (2)(3) 5.49  % 4.99  %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3) 1.98  % 2.05  %
Ratio of net investment income to average NAV (2) 11.18  % 9.03  %
Portfolio turnover ratio (2) 11.17  % 12.46  %
Total investment return (2)(4) 17.72  % (20.81) %
Total return based on change in NAV (2)(5) 13.72  % 7.56  %
____________________
(1)Total expenses are the sum of operating expenses and net income tax provision. Net income tax provision includes the accrual of net deferred tax provision relating to the net unrealized appreciation or depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may vary significantly from period to period. Main Street is required to include net deferred tax provision in calculating its total expenses even though these net deferred taxes are not currently payable or receivable.
(2)Not annualized.
(3)Unless otherwise noted, operating expenses include interest, compensation, general and administrative and share-based compensation expenses, net of expenses allocated to the External Investment Manager of $16.1 million and $9.6 million for the nine months ended September 30, 2023 and 2022, respectively.
(4)Total investment return is based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by Main Street’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.
(5)Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to stockholders and other non-operating changes during the period, divided by the beginning NAV. Non-operating changes include any items that affect NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP and equity incentive plans and other miscellaneous items.
NOTE G — DIVIDENDS, DISTRIBUTIONS AND TAXABLE INCOME

Main Street currently pays regular monthly dividends to its stockholders and periodically pays supplemental dividends to its stockholders. Future dividends, if any, will be determined by its Board of Directors on a quarterly basis. Main Street paid regular monthly dividends of $0.23 per share, totaling $57.0 million, or $0.69 per share, for the three months ended September 30, 2023, and $164.9 million, or $2.04 per share, for the nine months ended September 30, 2023, compared to aggregate regular monthly dividends of $48.1 million, or $0.645 per share, for the three months ended September 30, 2022, and $141.2 million, or $1.935 per share, for the nine months ended September 30, 2022. Main Street also paid a supplemental dividend of $23.0 million, or $0.275 per share, during the three months ended September 30, 2023, and $55.3 million, or $0.675 per share, during the nine months ended September 30, 2023, compared to supplemental dividends paid of $7.6 million, or $0.10 per share, during the three months ended September 30, 2022, and $18.5 million, or $0.25 per share, during the nine months ended September 30, 2022.
MSCC has elected to be treated for U.S. federal income tax purposes as a RIC. MSCC’s taxable income includes the taxable income generated by MSCC and certain of its subsidiaries, including the Funds and Structured Subsidiaries, which are treated as disregarded entities for tax purposes.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As a RIC, MSCC generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
The determination of the tax attributes for Main Street’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate (plus a 3.8% Medicare surtax, if applicable) on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and qualified dividends, but may also include either one or both of capital gains and return of capital.
Listed below is a reconciliation of “Net increase in net assets resulting from operations” to taxable income and to total distributions declared to common stockholders for the nine months ended September 30, 2023 and 2022.
Nine Months Ended September 30,
2023 2022
(estimated, dollars in thousands)
Net increase in net assets resulting from operations $ 289,366  $ 135,287 
Book-tax difference from share-based compensation expense (3,771) (3,456)
Net unrealized (appreciation) depreciation (167,070) 19,922 
Income tax provision 23,353  17,477 
Pre-tax book (income) loss not consolidated for tax purposes 31,454  (28,333)
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates 48,411  24,026 
Estimated taxable income (1) 221,743  164,923 
Taxable income earned in prior year and carried forward for distribution in current year 49,216  50,834 
Taxable income earned prior to period end and carried forward for distribution next period (68,340) (71,128)
Dividend payable as of period end and paid in the following period 19,664  16,789 
Total distributions accrued or paid to common stockholders $ 222,283  $ 161,418 
____________________
(1)MSCC’s taxable income for each period is an estimate and will not be finally determined until the company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate.
The Taxable Subsidiaries primarily hold certain equity investments for Main Street. The Taxable Subsidiaries permit Main Street to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with MSCC for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in Main Street’s consolidated financial statements.
The income tax expense (benefit) for Main Street is generally composed of (i) deferred tax expense (benefit), which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book tax differences, and (ii) current tax expense, which is primarily the result of current U.S. federal income and state taxes and excise taxes on Main Street’s estimated undistributed taxable income. The income tax expense, or benefit, and the related tax assets and liabilities generated by the Taxable Subsidiaries, if any, are reflected in Main Street’s Consolidated Statements of Operations. Main Street’s provision for income taxes was comprised of the following for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
(dollars in thousands)
Current tax expense:
Federal $ (5) $ 66  $ 293  $ 182 
State 937  496  2,226  1,110 
Excise 324  978  2,144  2,366 
Total current tax expense 1,256  1,540  4,663  3,658 
Deferred tax expense:
Federal 4,659  125  16,909  10,098 
State 678  395  1,781  3,721 
Total deferred tax expense 5,337  520  18,690  13,819 
Total income tax provision $ 6,593  $ 2,060  $ 23,353  $ 17,477 
The net deferred tax liability at September 30, 2023 and December 31, 2022 was $66.5 million and $47.8 million, respectively, with the change primarily related to changes in net unrealized appreciation or depreciation, changes in loss carryforwards, and other temporary book-tax differences relating to portfolio investments held by the Taxable Subsidiaries. At September 30, 2023, for U.S. federal income tax purposes, the Taxable Subsidiaries had a net operating loss carryforward from prior years which, if unused, will expire in various taxable years from 2034 through 2037. Any net operating losses generated in 2018 and future periods are not subject to expiration and will carryforward indefinitely until utilized. Additionally, the Taxable Subsidiaries have interest expense limitation carryforwards which have an indefinite carryforward period.
NOTE H — COMMON STOCK
Main Street maintains a program with certain selling agents through which it can sell shares of its common stock by means of at-the-market offerings from time to time (the “ATM Program”). During the nine months ended September 30, 2023, Main Street sold 4,186,856 shares of its common stock at a weighted-average price of $39.84 per share and raised $166.8 million of gross proceeds under the ATM Program. Net proceeds were $165.1 million after commissions to the selling agents on shares sold and offering costs. As of September 30, 2023, there were no share sales transactions that had not yet settled. In March 2022, Main Street entered into new distribution agreements to sell up to 15,000,000 shares through the ATM Program. As of September 30, 2023, 6,275,828 shares remained available for sale under the ATM Program.
During the year ended December 31, 2022, Main Street sold 5,407,382 shares of its common stock at a weighted-average price of $39.29 per share and raised $212.4 million of gross proceeds under the ATM Program. Net proceeds were $209.9 million after commissions to the selling agents on shares sold and offering costs.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


During the year ended December 31, 2022, Main Street completed a public equity offering of 1,345,500 shares of common stock at a public offering price of $42.85 per share, including the underwriters’ full exercise of their option to purchase 175,500 additional shares, resulting in total net proceeds, including exercise of the underwriters’ option to purchase additional shares and after deducting underwriting discounts and estimated offering expenses payable by Main Street, of approximately $55.1 million.
NOTE I — DIVIDEND REINVESTMENT PLAN
The dividend reinvestment feature of Main Street’s dividend reinvestment and direct stock purchase plan (the “DRIP”) provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if Main Street declares a cash dividend, its stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividend automatically reinvested into additional shares of MSCC common stock. The share requirements of the DRIP may be satisfied through the issuance of shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of MSCC’s common stock on the valuation date determined for each dividend by Main Street’s Board of Directors. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased, before any associated brokerage or other costs. Main Street’s DRIP is administered by its transfer agent on behalf of Main Street’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in Main Street’s DRIP but may provide a similar dividend reinvestment plan for their clients.
Summarized DRIP information for the nine months ended September 30, 2023 and 2022 is as follows:
Nine Months Ended September 30,
2023 2022
(dollars in thousands)
DRIP participation $ 22,791  $ 16,370 
Shares issued for DRIP 574,323 410,415

NOTE J — SHARE-BASED COMPENSATION
Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards (“RSAs”), Main Street measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.
Main Street’s Board of Directors approves the issuance of shares of restricted stock to Main Street employees pursuant to the Main Street Capital Corporation 2022 Equity and Incentive Plan (the “Equity and Incentive Plan”). These shares generally vest over a three-year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances approved by Main Street’s Board of Directors under the Equity and Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of September 30, 2023.
Restricted stock authorized under the plan 5,000,000
Less net restricted stock granted (558,807)
Restricted stock available for issuance as of September 30, 2023
 4,441,193
As of September 30, 2023, the following table summarizes the restricted stock issued to Main Street’s non-employee directors and the remaining shares of restricted stock available for issuance pursuant to the Main Street Capital Corporation 2022 Non-Employee Director Restricted Stock Plan. These shares are granted upon appointment or election to the board and vest on the day immediately preceding the annual meeting of stockholders following the respective grant date and are expensed over such service period.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Restricted stock authorized under the plan 300,000
Less net restricted stock granted (7,525)
Restricted stock available for issuance as of September 30, 2023
 292,475
For the three months ended September 30, 2023 and 2022, Main Street recognized total share-based compensation expense of $4.2 million and $3.6 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors. For the nine months ended September 30, 2023 and 2022, Main Street recognized total share-based compensation expense of $12.4 million and $10.0 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.
Summarized RSA activity for the nine months ended September 30, 2023 is as follows:
Nine Months Ended September 30, 2023
Number Weighted-Average Grant-Date Fair Value
Restricted Stock Awards (RSAs): of Shares ($ per share)
Non-vested, December 31, 2022
 817,401  $ 38.78 
Granted (1) 551,730  39.43 
Vested (1)(2)
 (398,914) 39.20 
Forfeited (11,992) 40.47 
Non-vested, September 30, 2023
 958,225  $ 40.48 
Aggregate intrinsic value as of September 30, 2023 (in thousands)
 $ 38,933  (3)
___________________________
(1)Restricted units generally vest over a three-year period from the grant date (as noted above).
(2)Vested shares included 151,058 shares withheld for payroll taxes paid on behalf of employees.
(3)Aggregate intrinsic value is the product of total non-vested restricted shares as of September 30, 2023 and $40.63 per share, the closing price of our common stock on September 30, 2023.

The total fair value of RSAs that vested during the nine months ended September 30, 2023 and 2022 was $15.6 million and $10.5 million, respectively.
As of September 30, 2023, there was $34.4 million of total unrecognized compensation expense related to Main Street’s non-vested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of 2.7 years as of September 30, 2023.
NOTE K — COMMITMENTS AND CONTINGENCIES
At September 30, 2023, Main Street had the following outstanding commitments (in thousands):
Investments with equity capital commitments that have not yet funded: Amount
Brightwood Capital Fund Investments
Brightwood Capital Fund V, LP $ 3,000 
Brightwood Capital Fund III, LP 300 
3,300 
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Freeport Fund Investments
Freeport First Lien Loan Fund III LP 7,172 
Freeport Financial SBIC Fund LP 3,841 
11,013 
Harris Preston Fund Investments
HPEP 4, L.P. 7,204 
HPEP 3, L.P. 1,555 
HPEP 423 COR, LP 600 
2717 MH, L.P. 52 
9,411 
MS Private Loan Fund I, LP 750 
MS Private Loan Fund II, LP 6,526 
UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP 8,949 
UnionRock Energy Fund II, LP 1,376 
10,325 
     Total Equity Commitments (1)(2) $ 41,325 
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
MS Private Loan Fund II, LP $ 39,000 
Dalton US Inc. 15,259 
HEADLANDS OP-CO LLC 10,125 
MS Private Loan Fund I, LP 10,000 
Power System Solutions 9,255 
Xenon Arc, Inc. 8,568 
AMEREQUIP LLC. 7,704 
AB Centers Acquisition Corporation 7,457 
NWN Corporation 7,298 
Channel Partners Intermediateco, LLC 7,250 
Archer Systems, LLC 7,115 
JTI Electrical & Mechanical, LLC 6,737 
Insight Borrower Corporation 6,688 
Veregy Consolidated, Inc. 5,875 
SI East, LLC 5,625 
PTL US Bidco, Inc 5,566 
Richardson Sales Solutions 4,500 
South Coast Terminals Holdings, LLC 4,465 
Paragon Healthcare, Inc. 4,327 
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Cody Pools, Inc. 4,214 
Bettercloud, Inc. 4,189 
IG Investor, LLC 4,000 
NexRev LLC 4,000 
Microbe Formulas, LLC 3,601 
Eastern Wholesale Fence LLC 3,495 
Classic H&G Holdco, LLC 3,440 
VVS Holdco, LLC 3,200 
Watterson Brands, LLC 3,175 
Mako Steel, LP 2,921 
Metalforming Holdings, LLC 2,795 
Career Team Holdings, LLC 2,700 
Engineering Research & Consulting, LLC 2,621 
IG Parent Corporation 2,500 
Nebraska Vet AcquireCo, LLC 2,500 
Superior Rigging & Erecting Co. 2,500 
CaseWorthy, Inc. 2,459 
Centre Technologies Holdings, LLC 2,400 
Winter Services LLC 2,222 
GULF PACIFIC ACQUISITION, LLC 2,222 
AVEX Aviation Holdings, LLC 2,210 
Hawk Ridge Systems, LLC 2,201 
ITA Holdings Group, LLC 2,174 
Batjer TopCo, LLC 2,070 
Cybermedia Technologies, LLC 2,000 
Elgin AcquireCo, LLC 1,877 
Burning Glass Intermediate Holding Company, Inc. 1,859 
Johnson Downie Opco, LLC 1,800 
NinjaTrader, LLC 1,750 
GRT Rubber Technologies LLC 1,648 
RTIC Subsidiary Holdings, LLC 1,644 
Trantech Radiator Topco, LLC 1,600 
Chamberlin Holding LLC 1,600 
Acumera, Inc. 1,598 
Pearl Meyer Topco LLC 1,500 
Bond Brand Loyalty ULC 1,427 
American Health Staffing Group, Inc. 1,333 
Escalent, Inc. 1,326 
Evergreen North America Acquisitions, LLC 1,313 
Project Eagle Holdings, LLC 1,250 
West Star Aviation Acquisition, LLC 1,205 
Gamber-Johnson Holdings, LLC 1,200 
ATS Operating, LLC 1,080 
Bluestem Brands, Inc. 1,043 
Infolinks Media Buyco, LLC 1,012 
105
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Imaging Business Machines, L.L.C. 988 
Orttech Holdings, LLC 800 
Mystic Logistics Holdings, LLC 800 
Roof Opco, LLC 778 
Adams Publishing Group, LLC 776 
RA Outdoors LLC 773 
Invincible Boat Company, LLC. 768 
Project BarFly, LLC 760 
SPAU Holdings, LLC 703 
Analytical Systems Keco Holdings, LLC 640 
Jensen Jewelers of Idaho, LLC 500 
Clad-Rex Steel, LLC 400 
Wall Street Prep, Inc. 400 
Gulf Publishing Holdings, LLC 400 
GS HVAM Intermediate, LLC 318 
Inspire Aesthetics Management, LLC 219 
AAC Holdings, Inc. 200 
Acousti Engineering Company of Florida 53 
Jackmont Hospitality, Inc. 33 
SIB Holdings, LLC 22 
Interface Security Systems, L.L.C 1 
      Total Loan Commitments 284,020 
      Total Commitments $ 325,345 
____________________
(1)This table excludes commitments related to six additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses. The Company does not expect any material future capital to be called on its commitment to these investments and as a result has excluded those commitments from this table.
(2)This table excludes commitments related to three additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses or for follow on investments in existing portfolio companies. The Company does not expect any material future capital to be called on its commitment to these investments to pay fund expenses, and based on representations from the fund manager, the Company does not expect any further capital will be called on its commitment for follow on investments. As a result, the Company has excluded those commitments from this table.
Main Street will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). Main Street follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. The Company had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of September 30, 2023.
Main Street may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to impose liability on Main Street in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, Main Street does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on Main Street’s financial condition or results of operations in any future reporting period.
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


NOTE L — RELATED PARTY TRANSACTIONS
As discussed further in Note D — External Investment Manager, the External Investment Manager is treated as a wholly-owned portfolio company of Main Street and is included as part of Main Street’s Investment Portfolio. At September 30, 2023, Main Street had a receivable of $9.4 million due from the External Investment Manager, which included (i) $7.2 million related primarily to operating expenses incurred by Main Street as required to support the External Investment Manager’s business and amounts due from the External Investment Manager to Main Street under a tax sharing agreement (see further discussion in Note D — External Investment Manager) and (ii) $2.2 million of dividends declared but not paid by the External Investment Manager. MSCC has entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for the External Investment Manager’s relationship with MSC Income and its other clients (see further discussion in Note A.1 — Organization and Basis of Presentation — Organization and Note D — External Investment Manager).
From time to time, Main Street may make investments in clients of the External Investment Manager in the form of debt or equity capital on terms approved by Main Street’s Board of Directors.
In May 2022, Main Street purchased 94,697 shares of common stock of MSC Income from MSC Income at the price shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its May 2022 dividend on such date. In May 2023, Main Street purchased an additional 255,755 shares of common stock of MSC Income from MSC Income at the price shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its May 2023 dividend on such date. In August 2023, Main Street purchased an additional 348,542 shares of common stock of MSC Income from MSC Income at the share price at which shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its August 2023 dividend. In September 2023, Main Street purchased an additional 115,385 shares of common stock of MSC Income at a price of $6.50 per share in the modified “Dutch Auction” tender offer commenced by MSC Income and Main Street in August 2023 to purchase, severally and not jointly, up to an aggregate of $3,500,000 of shares from stockholders of MSC Income, subject to the conditions described in the offer to purchase dated August 16, 2023. Each of Main Street’s purchases of MSC Income common stock was unanimously approved by the Board of Directors and MSC Income’s board of directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of each board. As of September 30, 2023, Main Street owned 814,379 shares of MSC Income. In addition, certain of Main Street’s officers and employees own shares of MSC Income and therefore have direct pecuniary interests in MSC Income.
In December 2020, the External Investment Manager entered into an investment management agreement with the Private Loan Fund to provide investment advisory and management services in exchange for an asset-based fee and certain incentive fees. The Private Loan Fund is a private investment fund exempt from registration under the 1940 Act that co-invests with Main Street in Main Street’s Private Loan investment strategy. In connection with the Private Loan Fund’s initial closing in December 2020, Main Street committed to contribute up to $10.0 million as a limited partner and is entitled to distributions on such interest. In February 2022, Main Street increased its total commitment to the Private Loan Fund from $10.0 million to $15.0 million. In addition, certain of Main Street’s officers and employees (and certain of their immediate family members) have made capital commitments to the Private Loan Fund as limited partners and therefore have direct pecuniary interests in the Private Loan Fund. As of September 30, 2023, Main Street has funded $14.3 million of its limited partner commitment and Main Street’s unfunded commitment was $0.7 million. Main Street’s limited partner commitment to the Private Loan Fund was unanimously approved by the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act.
Additionally, Main Street provided the Private Loan Fund with a revolving line of credit pursuant to an Unsecured Revolving Promissory Note, dated February 5, 2021 and was subsequently amended on November 30, 2021 and on December 29, 2021 (as amended, the “PL Fund 2021 Note”), in an aggregate amount equal to the amount of limited partner capital commitments to the Private Loan Fund up to $85.0 million. Borrowings under the PL Fund 2021 Note bore interest at a fixed rate of 5.00% per annum and matured on February 28, 2022. The PL Fund 2021 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act.
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


In February 2022, the Private Loan Fund fully repaid all borrowings outstanding under the PL Fund 2021 Note and the PL Fund 2021 Note was extinguished.
In March 2022, Main Street provided the Private Loan Fund with a revolving line of credit pursuant to a Secured Revolving Promissory Note, dated March 17, 2022 (the “PL Fund 2022 Note”), which provides for borrowings up to $10.0 million. Borrowings under the PL Fund 2022 Note bear interest at a fixed rate of 5.00% per annum and mature on the date upon which the Private Loan Fund’s investment period concludes, which is scheduled to occur in March 2026. Available borrowings under the PL Fund 2022 Note are subject to a 0.25% non-use fee. The PL Fund 2022 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act. As of September 30, 2023, there were no borrowings outstanding under the PL Fund 2022 Note.
In September 2023, the External Investment Manager entered into an investment management agreement with the Private Loan Fund II to provide investment advisory and management services in exchange for an asset-based fee and certain incentive fees. The Private Loan Fund II is a private investment fund exempt from registration under the 1940 Act that co-invests with Main Street in Main Street’s Private Loan investment strategy. In connection with the Private Loan Fund II’s initial closing in September 2023, Main Street committed to contribute up to $15.0 million (limited to 20% of total commitments) as a limited partner and is entitled to distributions on such interest. In addition, certain of Main Street’s officers and employees (and certain of their immediate family members) have made capital commitments to the Private Loan Fund II as limited partners and therefore have direct pecuniary interests in the Private Loan Fund II. As of September 30, 2023, Main Street has funded $1.2 million of its limited partner commitment and Main Street’s unfunded commitment was $6.5 million. Main Street’s limited partner commitment to the Private Loan Fund II was unanimously approved by the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act.
In September 2023, Main Street provided the Private Loan Fund II with a revolving line of credit pursuant to a Secured Revolving Promissory Note, dated September 5, 2023 (the “PL Fund II 2023 Note”), which provides for borrowings up to $50.0 million. Borrowings under the PL Fund II 2023 Note bear interest at a rate of SOFR plus 3.5% per annum, subject to a 2.0% SOFR floor, and mature on September 5, 2025. Available borrowings under the PL Fund II 2023 Note are subject to a 0.25% non-use fee. The borrowings are collateralized by all assets of the Private Loan Fund II. The PL Fund II 2023 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act. As of September 30, 2023, there were $11.0 million of borrowings outstanding under the PL Fund II 2023 Note.
In November 2015, Main Street’s Board of Directors approved and adopted the Main Street Capital Corporation Deferred Compensation Plan (the “2015 Deferred Compensation Plan”). The 2015 Deferred Compensation Plan became effective on January 1, 2016. Under the 2015 Deferred Compensation Plan, non-employee directors and certain key employees may defer receipt of some or all of their cash compensation and directors’ fees, subject to certain limitations, and elect to have such deferred compensation or fees notionally invested in one or more investment options available under the 2015 Deferred Compensation Plan, which include phantom Main Street stock units, limited partnership interests in the Private Loan Fund and Private Loan Fund II and various mutual funds. Main Street buys the corresponding investments based on participant elections through a rabbi trust (except for phantom Main Street stock units which are unfunded) and holds the investment pending distribution in cash or in kind on the scheduled distribution date. Individuals participating in the 2015 Deferred Compensation Plan receive distributions of their respective balances based on predetermined payout schedules or other events as defined by the plan. Participants receive distributions in the amount of their deferred compensation plus or minus any gains or losses on the deferred compensation based upon the investment options elected by such participant.
As of September 30, 2023, $18.9 million of compensation, plus net unrealized gains and losses and investment income, and minus previous distributions, was deferred under the 2015 Deferred Compensation Plan. Of this amount, $7.1 million is deferred into phantom Main Street stock units, representing 174,089 shares of Main Street’s common stock. Any amounts deferred under the plan represented by phantom Main Street stock units will not be issued or included as outstanding on the Consolidated Statements of Changes in Net Assets until such shares are actually distributed to the participant in accordance with the plan, but the related phantom stock units are included in weighted-average shares outstanding with the related dollar amount of the deferral included in total expenses in Main Street’s Consolidated Statements of Operations as the deferred fees represented by such phantom stock units are earned over the service period.
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The dividend amounts related to additional phantom stock units are included in the Consolidated Statements of Changes in Net Assets as an increase to dividends to stockholders offset by a corresponding increase to additional paid-in capital. In addition, as of September 30, 2023, the Company had $11.8 million of funded investments from deferred compensation in the rabbi trust, including $2.1 million in the Private Loan Fund and $0.8 million in Private Loan Fund II. Funded investments in the rabbi trust are recognized on the Consolidated Balance Sheets as an asset of Main Street (other assets) and as deferred compensation liability (other liabilities).
NOTE M — SUBSEQUENT EVENTS
In October 2023, Main Street expanded its total commitments under the SPV Facility from $255.0 million to $430.0 million in separate transactions with two new lender relationships. The commitment increases were executed under the accordion feature of the SPV Facility.
In October 2023, Main Street declared a supplemental cash dividend of $0.275 per share payable in December 2023. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that Main Street declared for the fourth quarter of 2023 of $0.235 per share for each of October, November and December 2023.
In October 2023, Main Street also declared regular monthly dividends of $0.24 per share for each month of January, February and March of 2024. These regular monthly dividends equal a total of $0.72 per share for the first quarter of 2024, representing a 6.7% increase from the regular monthly dividends paid in the first quarter of 2023. Including the regular monthly and supplemental dividends declared for the fourth quarter of 2023 and first quarter of 2024, Main Street will have paid $39.535 per share in cumulative dividends since its October 2007 initial public offering.


109
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
September 30, 2023
(dollars in thousands)
(unaudited)

Company Total Rate Base Rate Spread PIK Rate Type of Investment(1) (10) (11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2022 Fair Value (13)		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2023 Fair Value (13)
Majority-owned investments
Analytical Systems Keco Holdings, LLC 15.38% SF+ 10.00% Secured Debt (12) (8) $ —  $ —  $ 4  $ (3) $ 162  $ —  $ 159 
15.38% SF+ 10.00% Secured Debt (8) —  —  569  4,545  61  469  4,137 
14.13% Preferred Member Units (8) —  —  —  —  —  —  — 
Preferred Member Units (8) —  1,076  —  3,504  1,076  —  4,580 
Warrants (8) —  —  —  —  —  —  — 
Brewer Crane Holdings, LLC 15.44% L+ 10.00% Secured Debt (9) —  (117) 682  5,964  30  489  5,505 
Preferred Member Units (9) —  (1,460) 90  7,080  —  1,460  5,620 
Café Brazil, LLC Member Units (8) —  (180) 149  2,210  —  180  2,030 
California Splendor Holdings LLC 15.50% SF+ 10.00% Secured Debt (9) —  (49) 3,240  28,000  10  49  27,961 
Preferred Member Units (9) —  (4,550) 188  25,495  —  4,550  20,945 
15.00% 15.00% Preferred Member Units (9) —  —  454  3,994  454  —  4,448 
Clad-Rex Steel, LLC     Secured Debt (12) (5) —  —  2  —  —  —  — 
11.50%     Secured Debt (5) —  (138) 910  10,440  29  1,817  8,652 
10.00% Secured Debt (5) —  —  78  1,039  1  27  1,013 
Member Units (5) —  (2,640) 275  8,220  —  2,640  5,580 
Member Units (5) —  220  —  610  519  —  1,129 
CMS Minerals Investments Member Units (9) 99  (366) 44  1,670  99  1,769  — 
Cody Pools, Inc. Secured Debt (12) (8) —  11  8  —  —  —  — 
12.50% Secured Debt (8) —  35  2,029  —  46,311  2,755  43,556 
L+ 10.50% Secured Debt (8) —  (19) 96  1,462  32  1,494  — 
L+ 10.50% Secured Debt (8) —  (280) 2,683  40,801  —  40,801  — 
Preferred Member Units (8) —  10,970  2,610  58,180  10,970  —  69,150 
CompareNetworks Topco, LLC SF+ 9.00% Secured Debt (9) —  —  —  —  —  —  — 
14.48% SF+ 9.00% Secured Debt (9) —  (7) 533  5,241  7  1,379  3,869 
Preferred Member Units (9) —  (4,400) 316  19,830  —  4,400  15,430 
Cybermedia Technologies, LLC Secured Debt (12) (6) —  —  4  —  —  —  — 
13.00% Secured Debt (6) —  —  2,020  —  28,734  —  28,734 
Preferred Member Units (6) —  —  —  —  15,000  —  15,000 
Datacom, LLC 7.50% Secured Debt (8) —  —  30  223  808  495  536 
10.00% Secured Debt (8) —  (85) 761  7,789  116  288  7,617 
Preferred Member Units (8) —  (2,430) —  2,670  —  2,430  240 
Direct Marketing Solutions, Inc. 14.00%     Secured Debt (9) —  (22) 36  —  1,297  22  1,275 
14.00% Secured Debt (9) —  (47) 2,778  27,267  47  1,361  25,953 
Preferred Stock (9) —  (850) 171  22,220  —  850  21,370 
Elgin AcquireCo, LLC SF+ 6.00% Secured Debt (12) (5) —  —  7  (9) 1  —  (8)
12.00% Secured Debt (5) —  —  1,736  18,594  29  —  18,623 
9.00% Secured Debt (5) —  —  430  6,294  2  33  6,263 
Common Stock (5) —  364  —  7,603  364  1,877  6,090 
Common Stock (5) —  112  —  1,558  112  —  1,670 
Gamber-Johnson Holdings, LLC SF+ 7.50% Secured Debt (12) (5) —  —  5  —  —  —  — 
10.50% SF+ 7.50% Secured Debt (5) —  (99) 5,185  64,078  99  7,699  56,478 
110
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1) (10) (11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2022 Fair Value (13)		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2023 Fair Value (13)
Member Units (5) —  30,720  4,963  50,890  30,720  —  81,610 
GRT Rubber Technologies LLC 11.48% SF+ 6.00% Secured Debt (12) (8) —  5  113  670  1,032  —  1,702 
13.48% SF+ 8.00% Secured Debt (8) —  (35) 4,022  40,493  35  35  40,493 
Member Units (8) —  —  126  44,440  —  —  44,440 
Gulf Publishing Holdings, LLC SF+ 9.50% Secured Debt (12) (8) —  —  —  —  —  —  — 
12.50% Secured Debt (8) —  —  227  2,284  —  —  2,284 
Preferred Equity (8) —  (980) —  3,780  —  980  2,800 
Member Units (8) —  —  —  —  —  —  — 
IG Investor, LLC Secured Debt (12) (6) —  —  91  —  763  800  (37)
13.00% Secured Debt (6) —  —  2,168  —  37,352  —  37,352 
Common Equity (6) —  —  —  —  15,096  696  14,400 
Independent Pet Partners Intermediate Holdings, LLC Common Equity (6) —  (790) —  —  18,300  790  17,510 
Jensen Jewelers of Idaho, LLC P+ 6.75% Secured Debt (12) (9) —  —  —  —  —  —  — 
15.25% P+ 6.75% Secured Debt (9) —  (5) 278  2,450  5  455  2,000 
Member Units (9) —  (2,550) 983  14,970  —  2,550  12,420 
Kickhaefer Manufacturing Company, LLC 12.00% Secured Debt (5) —  —  2,033  20,374  198  800  19,772 
9.00% Secured Debt (5) —  —  262  3,842  1  29  3,814 
Preferred Equity (5) —  1,610  —  7,220  1,610  —  8,830 
Member Units (5) —  10  91  2,850  10  —  2,860 
Market Force Information, LLC L+ 11.00% Secured Debt (9) (6,662) 163  453  6,090  804  6,894  — 
  Secured Debt (9) (25,952) 24,342  —  1,610  24,342  25,952  — 
Member Units (9) (16,642) 16,642  —  —  16,642  16,642  — 
Metalforming Holdings, LLC Secured Debt (12) (7) —  —  8  —  —  —  — 
12.75% Secured Debt (7) —  —  2,305  23,576  35  —  23,611 
8.00% 8.00% Preferred Equity (7) —  237  148  6,010  354  —  6,364 
Common Stock (7) —  (137) 821  1,537  —  137  1,400 
MH Corbin Holding LLC 13.00% Secured Debt (5) —  1,229  581  4,548  1,229  675  5,102 
Preferred Member Units (5) —  330  —  —  330  —  330 
Preferred Member Units (5) —  —  —  —  —  —  — 
MSC Adviser I, LLC Member Units (8) —  23,201  8,085  122,930  23,201  —  146,131 
Mystic Logistics Holdings, LLC Secured Debt (12) (6) —  —  3  —  —  —  — 
10.00% Secured Debt (6) —  —  436  5,746  —  —  5,746 
Common Stock (6) —  4,320  3,142  22,830  4,320  —  27,150 
OMi Topco, LLC 12.00% Secured Debt (8) —  (37) 1,400  15,750  37  2,287  13,500 
Preferred Member Units (8) —  9,820  2,025  22,810  9,820  —  32,630 
PPL RVs, Inc. SF+ 8.75% Secured Debt (8) —  (1) 1  —  1  1  — 
13.98% SF+ 8.75% Secured Debt (8) —  (51) 2,101  21,655  51  1,416  20,290 
Common Stock (8) —  (1,080) —  18,950  —  1,080  17,870 
Common Stock (8) —  (163) —  238  —  163  75 
Principle Environmental, LLC Secured Debt (8) —  —  —  —  —  —  — 
13.00% Secured Debt (8) —  —  599  5,806  17  —  5,823 
Preferred Member Units (8) —  (1,790) 572  12,420  —  1,790  10,630 
Common Stock (8) —  (80) —  590  —  80  510 
Quality Lease Service, LLC Member Units (7) —  (98) —  525  33  98  460 
111
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1) (10) (11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2022 Fair Value (13)		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2023 Fair Value (13)
Robbins Bros. Jewelry, Inc.     Secured Debt (9) —  —  24  (35) 6  —  (29)
12.50%     Secured Debt (9) —  (611) 3,379  35,404  61  1,736  33,729 
Preferred Equity (9) —  (12,090) —  14,880  —  12,090  2,790 
Trantech Radiator Topco, LLC Secured Debt (12) (7) —  (2) 5  —  2  2  — 
12.00% Secured Debt (7) —  (14) 734  7,920  14  14  7,920 
Common Stock (7) —  5,600  87  7,800  5,600  —  13,400 
Volusion, LLC 10.00% Secured Debt (8) —  —  107  —  2,100  —  2,100 
Secured Debt (8) (3,188) 1,821  166  14,914  —  14,914  — 
Unsecured Convertible Debt (8) (409) 409  —  —  409  409  — 
Preferred Member Units (8) —  —  —  —  —  —  — 
Preferred Member Units (8) —  (1,396) —  —  11,446  2,096  9,350 
Preferred Member Units (8) —  —  —  —  —  —  — 
Common Stock (8) —  (2,576) —  —  2,576  2,576  — 
Warrants (8) —  2,576  —  —  —  —  — 
Ziegler’s NYPD, LLC 12.00% Secured Debt (8) —  —  41  450  —  —  450 
6.50% Secured Debt (8) —  —  49  945  —  —  945 
14.00% Secured Debt (8) —  (304) 292  2,676  —  304  2,372 
Preferred Member Units (8) —  (240) —  240  —  240  — 
Warrants (8) —  —  —  —  —  —  — 
Other controlled investments
2717 MH, L.P. LP Interests (2717 MH, L.P.) (8) 2,222  (1,106) 141  7,552  2,796  4,452  5,896 
LP Interests (2717 HPP-MS, L.P.) (12) (8) —  67  —  248  67  —  315 
ASC Interests, LLC 13.00% Secured Debt (8) —  —  40  400  —  —  400 
13.00% Secured Debt (8) —  (53) 163  1,649  1  53  1,597 
Member Units (8) —  (700) —  800  —  700  100 
Preferred Member Units (8) —  88  —  —  250  —  250 
ATS Workholding, LLC 5.00% Secured Debt (9) —  (414) —  634  188  414  408 
5.00% Secured Debt (9) —  (417) —  1,005  —  417  588 
Preferred Member Units (9) —  —  —  —  —  —  — 
Barfly Ventures, LLC 7.00% Secured Debt (12) (5) —  —  45  711  —  —  711 
Member Units (5) —  (280) —  3,320  —  280  3,040 
Batjer TopCo, LLC Secured Debt (12) (8) —  6  1  (8) 8  —  — 
10.00% Secured Debt (12) (8) —  —  11  —  630  —  630 
10.00% Secured Debt (8) —  73  859  10,933  93  451  10,575 
Preferred Stock (8) —  2,055  630  4,095  2,055  —  6,150 
Bolder Panther Group, LLC     Secured Debt (9) —  —  1  —  —  —  — 
14.52% SF+ 9.15% Secured Debt (9) —  (106) 10,599  99,194  106  2,084  97,216 
8.00% Class B Preferred Member Units (9) —  (300) 2,920  31,420  —  300  31,120 
Bridge Capital Solutions Corporation 13.00% Secured Debt (6) —  —  869  8,813  —  —  8,813 
13.00% Secured Debt (6) —  —  99  1,000  —  —  1,000 
112
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1) (10) (11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2022 Fair Value (13)		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2023 Fair Value (13)
Preferred Member Units (6) —  —  75  1,000  —  —  1,000 
Warrants (6) —  46  —  1,828  46  —  1,874 
Warrants (6) —  64  —  2,512  64  —  2,576 
CBT Nuggets, LLC Member Units (9) —  1,838  2,059  49,002  1,838  —  50,840 
Centre Technologies Holdings, LLC SF+ 9.00% Secured Debt (12) (8) —  —  9  —  —  —  — 
14.48% SF+ 9.00% Secured Debt (8) —  70  1,657  14,954  2,620  —  17,574 
Preferred Member Units (8) —  1,700  90  8,700  1,700  —  10,400 
Chamberlin Holding LLC SF+ 6.00% Secured Debt (12) (8) —  140  21  —  —  —  — 
13.49% SF+ 8.00% Secured Debt (8) —  (7) 1,655  16,945  7  545  16,407 
Member Units (8) —  3,010  2,792  22,920  3,010  —  25,930 
Member Units (8) —  260  69  2,710  260  —  2,970 
Charps, LLC 10.00% Unsecured Debt (5) —  (26) 452  5,694  26  26  5,694 
Preferred Member Units (5) —  670  666  13,340  670  —  14,010 
Colonial Electric Company LLC Secured Debt (6) —  —  50  —  1,600  1,600  — 
12.00% Secured Debt (6) —  (500) 2,105  23,151  42  1,446  21,747 
Preferred Member Units (6) —  1,440  —  —  2,400  —  2,400 
Preferred Member Units (6) —  (1,480) (1,179) 9,160  —  1,480  7,680 
Copper Trail Fund Investments LP Interests (CTMH, LP) (9) —  —  38  588  —  —  588 
Digital Products Holdings LLC 15.38% SF+ 10.00% Secured Debt (5) —  (67) 1,735  15,523  —  845  14,678 
Preferred Member Units (5) —  —  150  9,835  —  —  9,835 
Garreco, LLC 12.00% SF+ 10.00% Secured Debt (8) —  —  315  3,826  —  738  3,088 
Member Units (8) —  (220) 25  1,800  —  220  1,580 
Gulf Manufacturing, LLC Member Units (8) —  1,980  2,533  6,790  1,980  —  8,770 
Harrison Hydra-Gen, Ltd. Common Stock (8) —  990  —  3,280  990  —  4,270 
Johnson Downie Opco, LLC SF+ 11.50% Secured Debt (12) (8) —  (3) 10  —  3  3  — 
16.98% SF+ 11.50% Secured Debt (8) —  (19) 1,247  9,999  19  661  9,357 
Preferred Equity (8) —  2,120  253  5,540  2,120  —  7,660 
JorVet Holdings, LLC 12.00% Secured Debt (9) —  —  2,373  25,432  38  —  25,470 
Preferred Equity (9) —  —  704  10,741  —  —  10,741 
KBK Industries, LLC 9.00% Secured Debt (5) —  44  444  —  6,000  900  5,100 
Member Units (5) —  2,800  7,696  15,570  2,800  —  18,370 
MS Private Loan Fund I, LP Secured Debt (12) (8) —  —  19  —  —  —  — 
Secured Debt (8) —  —  —  —  —  —  — 
LP Interests (12) (8) —  (306) 1,240  14,833  —  306  14,527 
MS Private Loan Fund II, LP 8.88% SF+ 3.50% Secured Debt (12) (8) —  —  72  —  10,848  —  10,848 
LP Interests (12) (8) —  —  —  —  1,152  —  1,152 
MSC Income Fund, Inc. Common Equity (8) —  61  93  753  5,561  —  6,314 
NAPCO Precast, LLC Member Units (8) —  330  (189) 11,830  330  —  12,160 
Nebraska Vet AcquireCo, LLC SF+ 7.00% Secured Debt (12) (5) —  —  7  —  —  —  — 
12.00% Secured Debt (5) —  14  2,104  20,094  5,700  —  25,794 
12.00% Secured Debt (5) —  (16) 972  10,500  16  16  10,500 
Preferred Member Units (5) —  6,730  591  7,700  6,730  —  14,430 
NexRev LLC Secured Debt (12) (8) —  —  —  —  —  —  — 
10.00% Secured Debt (8) —  2,857  880  8,477  2,914  1,653  9,738 
113
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1) (10) (11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2022 Fair Value (13)		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2023 Fair Value (13)
Preferred Member Units (8) —  5,240  171  1,110  5,240  —  6,350 
NRP Jones, LLC 12.00% Secured Debt (5) —  —  189  2,080  —  —  2,080 
Member Units (5) —  (2,265) 36  4,615  —  2,265  2,350 
Member Units (5) —  (86) (2) 175  —  85  90 
NuStep, LLC 11.98% SF+ 6.50% Secured Debt (5) —  —  364  4,399  —  800  3,599 
12.00% Secured Debt (5) —  —  1,687  18,414  9  —  18,423 
Preferred Member Units (5) —  1,200  —  8,040  1,200  —  9,240 
Preferred Member Units (5) —  —  —  5,150  —  —  5,150 
Orttech Holdings, LLC SF+ 11.00% Secured Debt (12) (5) —  —  —  —  —  —  — 
16.48% SF+ 11.00% Secured Debt (5) —  127  2,822  23,429  171  1,400  22,200 
Preferred Stock (5) —  5,300  909  11,750  5,300  —  17,050 
Pearl Meyer Topco LLC 12.00% Secured Debt (12) (6) —  4  256  —  3,500  —  3,500 
12.00% Secured Debt (6) —  45  986  —  17,500  —  17,500 
12.00% Secured Debt (6) —  (50) 2,586  28,681  50  1,050  27,681 
Preferred Equity (6) —  830  9,215  43,260  830  —  44,090 
River Aggregates, LLC Member Units (8) —  —  —  3,620  —  —  3,620 
Tedder Industries, LLC 12.00% Secured Debt (9) —  (58) 167  1,840  —  58  1,782 
12.00% Secured Debt (9) —  (404) 1,392  15,120  8  404  14,724 
Preferred Member Units (9) —  (4,080) —  7,681  —  4,080  3,601 
Preferred Member Units (9) —  178  —  —  603  —  603 
Preferred Member Units (9) —  720  —  —  1,200  —  1,200 
Televerde, LLC Member Units (8) —  (309) 592  5,408  —  309  5,099 
Preferred Stock (8) —  —  —  1,794  —  —  1,794 
UnionRock Energy Fund III, LP LP Interests (12) (9) —  —  —  —  1,051  —  1,051 
Vision Interests, Inc. Series A Preferred Stock (9) —  —  168  3,000  —  —  3,000 
VVS Holdco LLC SF+ 6.00% Secured Debt (12) (5) —  —  23  (21) 17  —  (4)
11.50% Secured Debt (5) —  —  2,625  30,161  60  2,200  28,021 
Preferred Equity (5) —  (100) 215  11,940  —  100  11,840 
—  —  —  —  —  —  — 
—  —  —  —  —  —  — 
Other —  —  —  —  —  —  — 
Amounts related to investments transferred to or from other 1940 Act classification during the period —  —  (171) (14,914) —  —  — 
Total Control investments $ (50,532) $ 122,779  $ 145,485  $ 1,703,172  $ 419,339  $ 210,406  $ 1,927,019 
Affiliate Investments
423 HAR, LP LP Interests (423 HAR, L.P.) (8) $ —  $ —  $ —  $ —  $ 750  $ —  $ 750 
AAC Holdings, Inc. 18.00% 18.00% Secured Debt (12) (7) —  (20) 46  —  394  15  379 
18.00% 18.00% Secured Debt (7) —  (671) 1,739  11,550  1,739  671  12,618 
Common Stock (7) —  —  —  —  —  —  — 
Warrants (7) —  —  —  —  —  —  — 
AFG Capital Group, LLC Preferred Member Units (8) 7,200  (8,200) —  9,400  7,200  16,600  — 
ATX Networks Corp. L+ 7.50% Secured Debt (6) —  (134) 886  6,343  575  6,918  — 
  Unsecured Debt (6) —  (306) 1,160  2,598  1,160  3,758  — 
114
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1) (10) (11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2022 Fair Value (13)		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2023 Fair Value (13)
Common Stock (6) 3,248  (3,270) —  3,270  3,248  6,518  — 
BBB Tank Services, LLC 16.44% L+ 11.00% Unsecured Debt (8) —  —  96  800  —  200  600 
16.44% L+ 11.00% Unsecured Debt (8) —  116  484  2,086  116  —  2,202 
Member Units (8) —  —  —  —  —  —  — 
15.00% 15.00% Preferred Stock (non-voting) (8) —  —  —  —  —  —  — 
Boccella Precast Products LLC 10.00% Secured Debt (6) —  —  24  320  —  —  320 
Member Units (6) —  (840) 61  2,970  —  840  2,130 
Buca C, LLC 12.00% Secured Debt (7) —  292  1,659  12,337  292  375  12,254 
6.00% 6.00% Preferred Member Units (7) —  —  —  —  —  —  — 
Career Team Holdings, LLC SF+ 6.00% Secured Debt (12) (6) —  —  18  (9) 439  451  (21)
12.50% Secured Debt (6) —  —  1,950  20,090  31  90  20,031 
Common Stock (6) —  —  —  4,500  —  —  4,500 
Chandler Signs Holdings, LLC Class A Units (8) 1,797  (290) 60  1,790  1,797  3,587  — 
Classic H&G Holdings, LLC 11.50% SF+ 6.00% Secured Debt (12) (6) —  —  397  4,560  —  —  4,560 
8.00% Secured Debt (6) —  (32) 1,201  19,274  32  32  19,274 
Preferred Member Units (6) —  (8,639) 5,259  24,637  —  8,637  16,000 
Congruent Credit Opportunities Funds LP Interests (Congruent Credit Opportunities Fund III, LP) (8) —  87  345  7,657  87  3,318  4,426 
DMA Industries, LLC 12.00% Secured Debt (7) —  (32) 1,896  21,200  32  1,232  20,000 
Preferred Equity (7) —  —  —  7,260  —  —  7,260 
Dos Rios Partners LP Interests (Dos Rios Partners, LP) (8) 754  (388) —  9,127  759  1,292  8,594 
LP Interests (Dos Rios Partners - A, LP) (8) 241  (173) —  2,898  241  460  2,679 
Dos Rios Stone Products LLC Class A Preferred Units (8) —  250  —  1,330  250  —  1,580 
EIG Fund Investments LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) 16  —  68  1,013  16  56  973 
Flame King Holdings, LLC L+ 6.50% Secured Debt (9) —  (60) 484  7,600  60  7,660  — 
L+ 9.00% Secured Debt (9) —  (162) 1,583  21,200  162  21,362  — 
Preferred Equity (9) —  10,320  2,478  17,580  10,320  —  27,900 
Freeport Financial SBIC Fund LP LP Interests (Freeport Financial SBIC Fund LP) (12) (5) —  14  —  3,483  14  —  3,497 
LP Interests (Freeport First Lien Loan Fund III LP) (12) (5) —  —  446  5,848  —  975  4,873 
GFG Group, LLC 8.00% Secured Debt (5) —  (22) 763  11,345  22  822  10,545 
Preferred Member Units (5) —  3,240  328  7,140  3,240  —  10,380 
Hawk Ridge Systems, LLC 11.65% SF+ 6.00% Secured Debt (12) (9) —  (1) 234  3,185  4,581  5,967  1,799 
12.50% Secured Debt (9) —  10  3,636  37,800  7,456  —  45,256 
Preferred Member Units (9) —  —  196  17,460  —  —  17,460 
Preferred Member Units (9) —  —  —  920  —  —  920 
Houston Plating and Coatings, LLC 8.00% Unsecured Convertible Debt (8) —  (120) 182  3,000  —  120  2,880 
115
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1) (10) (11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2022 Fair Value (13)		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2023 Fair Value (13)
Member Units (8) —  1,240  51  2,400  1,240  —  3,640 
HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (12) (8) —  283  —  4,331  283  508  4,106 
LP Interests (HPEP 4, L.P.) (12) (8) —  —  —  2,332  464  —  2,796 
LP Interests (423 COR, L.P.) (12) (8) —  —  117  1,400  —  —  1,400 
I-45 SLF LLC
Member Units (Fully diluted 20.0%; 21.75% profits interest)
 (8) —  259  1,725  11,758  1,459  —  13,217 
Infinity X1 Holdings, LLC 13.00% Secured Debt (9) —  —  1,391  —  17,843  225  17,618 
Preferred Equity (9) —  —  —  —  4,000  —  4,000 
Integral Energy Services 13.01% SF+ 7.50% Secured Debt (8) —  (750) 1,578  15,769  50  750  15,069 
Common Stock (8) —  (990) 32  1,280  —  990  290 
Iron-Main Investments, LLC 13.50% Secured Debt (5) —  —  465  4,500  5  20  4,485 
13.50% Secured Debt (5) —  —  323  3,130  4  14  3,120 
13.50% Secured Debt (5) —  —  908  8,944  —  —  8,944 
13.50% Secured Debt (5) —  —  2,021  19,559  25  88  19,496 
13.50% Secured Debt (5) —  —  1,298  —  10,887  438  10,449 
Common Stock (5) —  74  —  1,798  1,032  —  2,830 
ITA Holdings Group, LLC SF+ 9.00% 2.00% Secured Debt (12) (8) —  —  16  —  —  11  (11)
SF+ 9.00% 2.00% Secured Debt (12) (8) —  —  2  —  —  9  (9)
15.40% SF+ 8.00% 2.00% Secured Debt (8) —  —  321  —  3,341  —  3,341 
17.40% SF+ 10.00% 2.00% Secured Debt (8) —  —  345  —  3,341  —  3,341 
Warrants (8) —  —  —  —  2,091  —  2,091 
OnAsset Intelligence, Inc. 12.00% 12.00% Secured Debt (8) —  (196) —  569  —  197  372 
12.00% 12.00% Secured Debt (8) —  (200) —  580  —  200  380 
12.00% 12.00% Secured Debt (8) —  (431) —  1,249  —  431  818 
12.00% 12.00% Secured Debt (8) —  (900) —  2,606  —  900  1,706 
10.00% 10.00% Unsecured Debt (8) —  —  —  305  —  —  305 
7.00% 7.00% Preferred Stock (8) —  —  —  —  —  —  — 
Common Stock (8) —  —  —  —  —  —  — 
Warrants (8) —  —  —  —  —  —  — 
Oneliance, LLC SF+ 11.00% Secured Debt (7) —  —  —  —  —  —  — 
16.48% SF+ 11.00% Secured Debt (7) —  (61) 681  5,559  9  141  5,427 
Preferred Stock (7) —  —  —  1,056  72  —  1,128 
Quality Lease Service, LLC Secured Debt (8) (29,526) 29,865  —  —  29,865  29,865  — 
Preferred Member Units (8) —  —  —  —  —  —  — 
SI East, LLC 11.25% Secured Debt (12) (7) —  18  23  —  1,875  —  1,875 
12.49% Secured Debt (7) —  255  2,324  —  54,536  —  54,536 
Secured Debt (7) —  (79) 3,885  89,786  —  89,786  — 
Preferred Member Units (7) —  3,583  1,043  13,650  3,890  —  17,540 
Slick Innovations, LLC 14.00% Secured Debt (6) —  (36) 1,451  13,840  36  1,716  12,160 
Common Stock (6) —  460  —  1,530  460  —  1,990 
Student Resource Center, LLC 8.50%     8.50% Secured Debt (6) (2) (114) 329  4,556  222  8  4,770 
116
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1) (10) (11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2022 Fair Value (13)		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2023 Fair Value (13)
Preferred Equity (6) —  120  —  —  120  —  120 
Superior Rigging & Erecting Co. 12.00% Secured Debt (7) —  —  1,924  21,378  38  1,000  20,416 
Preferred Member Units (7) —  1,440  —  4,500  1,440  —  5,940 
The Affiliati Network, LLC Secured Debt (9) —  —  16  106  1,963  2,080  (11)
13.00% Secured Debt (9) —  (129) 906  9,442  27  1,730  7,739 
Preferred Stock (9) —  —  107  6,400  —  —  6,400 
Preferred Stock (9) —  —  —  —  172  —  172 
UnionRock Energy Fund II, LP LP Interests (12) (9) —  (964) 25  5,855  531  1,251  5,135 
UniTek Global Services, Inc. 15.00%     15.00% Secured Convertible Debt (6) —  206  248  4,592  —  548  4,044 
15.00% 15.00% Secured Convertible Debt (6) (223) 1,174  30  —  2,206  223  1,983 
SF+ 7.50%   Secured Debt (6) —  22  (2) 382  25  407  — 
SF+ 7.50% Secured Debt (6) —  96  282  1,712  112  1,824  — 
20.00% 20.00% Preferred Stock (6) —  (341) 341  2,833  341  341  2,833 
20.00% 20.00% Preferred Stock (6) —  1,986  —  1,991  1,986  —  3,977 
19.00% 19.00% Preferred Stock (6) —  —  —  —  —  —  — 
13.50% 13.50% Preferred Stock (6) —  —  —  —  —  —  — 
Common Stock (6) —  —  —  —  —  —  — 
Universal Wellhead Services Holdings, LLC 14.00% 14.00% Preferred Member Units (8) —  —  —  220  —  —  220 
Member Units (8) —  —  —  —  —  —  — 
World Micro Holdings, LLC 13.00% Secured Debt (7) —  —  1,440  14,140  29  879  13,290 
  Preferred Equity (7) —  —  226  3,845  —  —  3,845 
Other —  —  —  —  —  —  — 
Amounts related to investments transferred to or from other 1940 Act classification during the period —  —  171  14,914  —  —  — 
Total Affiliate investments $ (16,495) $ 26,859  $ 53,722  $ 618,359  $ 191,033  $ 228,536  $ 565,942 
____________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
117
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(unaudited)
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2023 for control investments located in this region was $470,009. This represented 24.4% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $78,619. This represented 13.9% of net assets as of September 30, 2023.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of September 30, 2023 for control investments located in this region was $285,716. This represented 14.8% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $98,671. This represented 17.4% of net assets as of September 30, 2023.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2023 for control investments located in this region was $53,155. This represented 2.8% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $176,508. This represented 31.2% of net assets as of September 30, 2023.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2023 for control investments located in this region was $691,921. This represented 35.9% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $77,756. This represented 13.7% of net assets as of September 30, 2023.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2023 for control investments located in this region was $426,218. This represented 22.1% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $134,388. This represented 23.7% of net assets as of September 30, 2023.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of September 30, 2023 (see Note K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
118
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
September 30, 2022
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2021
Fair Value		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2022
Fair Value (13)
Majority-owned investments
Analytical Systems Keco Holdings, LLC L+ 10.00% Secured Debt (8) $ —  $ —  $ 4  $ (4) $ 1  $ —  $ (3)
12.63% L+ 10.00% Secured Debt (8) —  —  506  4,740  65  210  4,595 
12.63%     Preferred Member Units (8) —  —  —  —  —  —  — 
Preferred Member Units (8) —  (1,050) —  4,894  —  1,050  3,844 
Warrants (8) —  —  —  —  —  —  — 
Brewer Crane Holdings, LLC 12.56% L+ 10.00% Secured Debt (9) —  —  649  8,037  19  1,972  6,084 
Preferred Member Units (9) —  (2,040) 795  7,710  —  2,040  5,670 
Café Brazil, LLC Member Units (8) —  (200) 178  2,570  —  200  2,370 
California Splendor Holdings LLC 12.38% L+ 10.00% Secured Debt (9) —  52  2,467  27,915  85  —  28,000 
Preferred Member Units (9) —  7,750  188  13,275  7,750  —  21,025 
15.00% 15.00% Preferred Member Units (9) —  —  792  9,510  792  6,449  3,853 
Clad-Rex Steel, LLC 12.13% L+ 9.50% Secured Debt (5) —  —  898  10,401  29  —  10,430 
10.00%     Secured Debt (5) —  —  81  1,071  —  24  1,047 
Member Units (5) —  (760) 595  10,250  —  760  9,490 
Member Units (5) —  80  —  530  80  —  610 
CMS Minerals Investments Member Units (9) —  331  150  1,974  331  415  1,890 
Cody Pools, Inc. L+ 10.50% Secured Debt (8) —  —  84  (13) 2,866  2,864  (11)
13.63% L+ 10.50% Secured Debt (8) —  (66) 4,044  42,497  66  1,338  41,225 
Preferred Member Units (8) —  9,570  3,710  47,640  9,570  —  57,210 
CompareNetworks Topco, LLC L+ 9.00% Secured Debt (9) —  —  —  —  —  —  — 
11.63% L+ 9.00% Secured Debt (9) —  (13) 468  6,477  13  1,140  5,350 
Preferred Member Units (9) —  6,570  474  12,000  6,570  —  18,570 
Datacom, LLC 7.50% Secured Debt (8) —  —  —  —  223  —  223 
7.50% Secured Debt (8) —  160  624  7,668  284  203  7,749 
Preferred Member Units (8) —  60  72  2,610  60  —  2,670 
Direct Marketing Solutions, Inc. 13.63% L+ 11.00% Secured Debt (9) —  14  102  (22) 4,272  850  3,400 
13.63% L+ 11.00% Secured Debt (9) —  (53) 2,322  24,070  53  1,073  23,050 
Preferred Stock (9) —  3,870  1,029  18,350  3,870  —  22,220 
Gamber-Johnson Holdings, LLC 10.63% L+ 8.00% Secured Debt (5) —  —  5  —  —  —  — 
10.63% L+ 8.00% Secured Debt (5) —  (4) 1,722  21,598  2,484  4  24,078 
Member Units (5) —  (3,230) 715  49,700  —  3,230  46,470 
GRT Rubber Technologies LLC 10.56% L+ 8.00% Secured Debt (8) —  (21) 2,756  38,885  1,629  21  40,493 
Member Units (8) —  —  2,483  46,190  —  —  46,190 
Jensen Jewelers of Idaho, LLC 12.25% P+ 6.75% Secured Debt (9) —  (6) 207  2,550  6  106  2,450 
Member Units (9) —  2,550  1,996  12,420  2,550  —  14,970 
Kickhaefer Manufacturing Company, LLC 11.50% Secured Debt (5) —  —  1,818  20,324  37  —  20,361 
9.00% Secured Debt (5) —  —  265  3,876  1  26  3,851 
Member Units (5) —  (3,060) —  12,310  —  3,060  9,250 
Member Units (5) —  —  84  2,460  —  —  2,460 
Market Force Information, LLC 13.38% L+ 11.00% Secured Debt (9) —  —  374  3,400  1,600  —  5,000 
12.00% 12.00% Secured Debt (9) —  (6,065) —  8,936  —  6,065  2,871 
Member Units (9) —  —  —  —  —  —  — 
MH Corbin Holding LLC 13.00% Secured Debt (5) —  (1,220) 795  5,934  9  3,234  2,709 
119
Table of contents                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2022
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2021
Fair Value		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2022
Fair Value (13)
Preferred Member Units (5) —  —  —  —  —  —  — 
Preferred Member Units (5) —  —  —  —  —  —  — 
MSC Adviser I, LLC Member Units (8) —  (27,910) 5,620  140,400  —  27,910  112,490 
Mystic Logistics Holdings, LLC 10.00% Secured Debt (6) —  —  3  —  —  —  — 
10.00% Secured Debt (6) —  (1) 460  6,378  1  633  5,746 
Common Stock (6) —  11,860  2,860  8,840  11,860  —  20,700 
OMi Topco, LLC 12.00% Secured Debt (8) —  (41) 1,625  18,000  41  1,791  16,250 
Preferred Member Units (8) —  470  1,676  20,210  470  —  20,680 
PPL RVs, Inc. L+ 7.00% Secured Debt (8) —  —  79  727  1,264  2,000  (9)
8.75% L+ 7.00% Secured Debt (8) —  239  1,155  11,655  8,000  —  19,655 
Common Stock (8) —  5,150  908  14,360  5,150  —  19,510 
Common Stock (8) —  —  —  —  157  —  157 
Principle Environmental, LLC Secured Debt (8) —  —  104  1,465  9  1,474  — 
13.00% Secured Debt (8) —  —  602  5,808  18  26  5,800 
Preferred Member Units (8) —  1,070  656  11,160  1,070  —  12,230 
Common Stock (8) —  80  —  710  80  —  790 
Quality Lease Service, LLC Member Units (7) —  76  —  2,148  76  1,599  625 
Robbins Bros. Jewelry, Inc. 13.63% L+ 11.00% Secured Debt (9) —  —  24  (44) 6  —  (38)
13.63% L+ 11.00% Secured Debt (9) —  —  3,465  36,000  59  450  35,609 
Preferred Equity (9) —  4,140  558  11,070  4,140  —  15,210 
Trantech Radiator Topco, LLC 8.00% Secured Debt (7) —  —  5  (8) 3  —  (5)
12.00% Secured Debt (7) —  (17) 785  8,720  17  417  8,320 
Common Stock (7) —  (1,240) 87  8,660  —  1,240  7,420 
Ziegler’s NYPD, LLC 12.00% Secured Debt (8) —  —  57  625  —  175  450 
6.50% Secured Debt (8) —  —  49  1,000  —  —  1,000 
14.00% Secured Debt (8) —  (74) 292  2,750  —  74  2,676 
Preferred Member Units (8) —  (940) —  2,130  —  940  1,190 
Warrants (8) —  —  —  —  —  —  — 
Other controlled investments —  —  —  —  —  —  — 
2717 MH, L.P. LP Interests (2717 MH, L.P.) (8) —  1,979  —  3,971  3,171  —  7,142 
LP Interests (2717 HPP-MS, L.P.) (8) —  —  —  —  244  —  244 
ASC Interests, LLC 13.00% Secured Debt (8) —  —  24  200  130  30  300 
13.00% Secured Debt (8) —  —  211  1,636  12  —  1,648 
Member Units (8) —  80  —  720  80  —  800 
ATS Workholding, LLC 5.00% Secured Debt (9) —  (411) —  1,088  147  435  800 
5.00% Secured Debt (9) —  (576) —  1,917  —  619  1,298 
Preferred Member Units (9) —  —  —  —  —  —  — 
Barfly Ventures, LLC 7.00% Secured Debt (5) —  —  38  710  1  —  711 
Member Units (5) —  1,390  —  1,930  1,390  —  3,320 
Batjer TopCo, LLC Secured Debt (8) —  —  4  —  451  459  (8)
11.00% Secured Debt (8) —  —  —  —  —  —  — 
11.00% Secured Debt (8) —  —  824  —  10,927  —  10,927 
120
Table of contents                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2022
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2021
Fair Value		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2022
Fair Value (13)
    Preferred Stock (8) —  —  —  —  4,095  —  4,095 
Bolder Panther Group, LLC L+ 8.00% Secured Debt (9) —  —  19  —  —  —  — 
12.63% L+ 10.00% Secured Debt (9) —  266  5,780  39,000  60,194  —  99,194 
8.00% Class B Preferred Member Units (9) —  3,840  558  23,170  3,840  —  27,010 
Bridge Capital Solutions Corporation 13.00% Secured Debt (6) —  —  869  8,813  —  —  8,813 
13.00% Secured Debt (6) —  —  99  1,000  —  —  1,000 
Preferred Member Units (6) —  —  75  1,000  —  —  1,000 
Warrants (6) —  83  —  1,712  83  —  1,795 
Warrants (6) —  117  —  2,348  117  —  2,465 
CBT Nuggets, LLC Member Units (9) —  (2,370) 2,471  50,620  —  2,370  48,250 
Centre Technologies Holdings, LLC L+ 9.00% Secured Debt (8) —  —  25  —  1,440  1,440  — 
11.63% L+ 9.00% Secured Debt (8) —  507  1,271  8,864  6,470  387  14,947 
    Preferred Member Units (8) —  2,038  90  5,840  2,320  —  8,160 
Chamberlin Holding LLC 8.63% L+ 6.00% Secured Debt (8) —  —  6  —  —  —  — 
10.63% L+ 8.00% Secured Debt (8) —  (51) 1,314  17,817  51  402  17,466 
Member Units (8) —  (1,810) 1,335  24,140  —  1,810  22,330 
Member Units (8) —  —  55  1,540  451  —  1,991 
Charps, LLC 10.00% Unsecured Debt (5) —  (36) 461  5,694  36  36  5,694 
Preferred Member Units (5) —  (780) 425  13,990  —  780  13,210 
Colonial Electric Company LLC Secured Debt (6) —  —  46  —  1,600  1,600  — 
12.00% Secured Debt (6) —  —  2,224  24,351  45  945  23,451 
    Preferred Member Units (6) —  80  1,287  9,130  80  —  9,210 
Copper Trail Fund Investments LP Interests (CTMH, LP) (9) —  —  —  710  —  —  710 
Digital Products Holdings LLC 12.63% L+ 10.00% Secured Debt (5) —  —  1,436  16,801  33  990  15,844 
    Preferred Member Units (5) —  —  150  9,835  —  —  9,835 
Flame King Holdings, LLC 9.25% L+ 6.50% Secured Debt (9) —  64  464  6,324  1,276  —  7,600 
13.75% L+ 11.00% Secured Debt (9) —  173  2,035  20,996  204  —  21,200 
Preferred Equity (9) —  3,440  909  10,400  3,440  —  13,840 
Garreco, LLC 9.50% L+ 8.00% Secured Debt (8) —  —  290  4,196  —  370  3,826 
Member Units (8) —  (280) 321  2,270  —  280  1,990 
Gulf Manufacturing, LLC Member Units (8) —  170  1,365  5,640  170  —  5,810 
Gulf Publishing Holdings, LLC L+ 9.50% Secured Debt (8) —  —  7  257  —  257  — 
Secured Debt (8) (5,822) 3,848  503  9,717  —  9,717  — 
12.50% Secured Debt (8) —  (116) —  —  2,400  116  2,284 
Member Units (8) —  —  —  —  —  —  — 
Member Units (8) —  (1,680) —  —  5,600  1,680  3,920 
Harrison Hydra-Gen, Ltd. Common Stock (8) —  (250) —  3,530  —  250  3,280 
Johnson Downie Opco, LLC 14.13% L+ 11.50% Secured Debt (8) —  —  10  (18) 3  —  (15)
14.13% L+ 11.50% Secured Debt (8) —  84  1,109  11,362  114  1,477  9,999 
Preferred Equity (8) —  2,730  808  3,150  2,730  —  5,880 
JorVet Holdings, LLC 12.00% Secured Debt (9) —  —  1,881  —  25,419  —  25,419 
Common Stock (9) —  —  468  —  10,741  —  10,741 
KBK Industries, LLC Member Units (5) —  770  1,007  13,620  770  —  14,390 
121
Table of contents                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2022
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2021
Fair Value		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2022
Fair Value (13)
MS Private Loan Fund LP Interests (8) —  20  437  2,581  11,770  —  14,351 
MSC Income Fund, Inc. Common Equity (8) —  11  15  —  761  —  761 
NAPCO Precast, LLC Member Units (8) —  (2,380) 4  13,560  —  2,380  11,180 
Nebraska Vet AcquireCo, LLC 8.71% L+ 7.00% Secured Debt (5) —  —  7  —  —  —  — 
12.00% Secured Debt (5) —  121  1,146  4,829  13,452  —  18,281 
12.00% Secured Debt (5) —  71  972  10,412  88  —  10,500 
Preferred Member Units (5) —  —  —  7,700  —  —  7,700 
NexRev LLC 11.00% Secured Debt (8) —  —  26  800  —  640  160 
11.00% Secured Debt (8) —  (928) 1,560  13,245  —  4,192  9,053 
Preferred Member Units (8) —  (2,913) 60  2,690  1,333  2,913  1,110 
NRP Jones, LLC 12.00% Secured Debt (5) —  —  189  2,080  —  —  2,080 
Member Units (5) —  (1,585) 449  6,200  —  1,585  4,615 
Member Units (5) —  (65) 13  240  —  65  175 
NuStep, LLC 9.13% L+ 6.50% Secured Debt (5) —  —  208  1,720  2,679  —  4,399 
12.00% Secured Debt (5) —  (4) 1,612  17,240  1,175  4  18,411 
    Preferred Member Units (5) —  (3,300) —  13,500  —  3,300  10,200 
Orttech Holdings, LLC L+ 11.00% Secured Debt (5) —  —  16  175  —  175  — 
13.63% L+ 11.00% Secured Debt (5) —  —  2,305  23,976  41  600  23,417 
Preferred Stock (5) —  —  579  10,000  —  —  10,000 
Pearl Meyer Topco LLC Secured Debt (6) —  —  24  —  1,500  1,500  — 
12.00% Secured Debt (6) —  —  —  —  —  —  — 
12.00% Secured Debt (6) —  (76) 2,819  32,674  76  4,069  28,681 
Member Units (6) —  14,850  5,754  26,970  14,850  —  41,820 
River Aggregates, LLC Member Units (8) —  180  —  3,280  180  —  3,460 
Tedder Industries, LLC 12.00% Secured Debt (9) —  —  158  1,040  800  —  1,840 
12.00% Secured Debt (9) —  (71) 1,431  15,141  47  71  15,117 
Preferred Member Units (9) —  (1,933) —  8,579  488  1,930  7,137 
Televerde, LLC Member Units (8) —  (2,076) —  7,280  —  2,076  5,204 
Preferred Stock (8) —  1,076  —  —  1,794  —  1,794 
Vision Interests, Inc. Series A Preferred Stock (9) —  —  144  3,000  —  —  3,000 
VVS Holdco LLC 8.63% L+ 6.00% Secured Debt (5) —  —  45  1,169  805  1,201  773 
11.50% Secured Debt (5) —  —  2,697  30,100  46  —  30,146 
Preferred Equity (5) —  240  300  11,840  238  —  12,078 
Other —  —  —  —  —  —  — 
Amounts related to investments transferred to or from other 1940 Act classification during the period —  —  985  41,748  —  —  — 
Total Control investments $ (5,822) $ 20,618  $ 110,751  $ 1,489,257  $ 280,134  $ 128,214  $ 1,599,429 
Affiliate Investments
AAC Holdings, Inc. 18.00% 18.00% Secured Debt (7) $ —  $ 143  $ 1,492  $ 9,794  $ 1,182  $ —  $ 10,976 
Common Stock (7) —  (2,004) —  2,079  —  2,004  75 
Warrants (7) —  (1,865) —  1,940  —  1,865  75 
AFG Capital Group, LLC Preferred Member Units (8) —  —  2  144  —  144  — 
Preferred Member Units (8) —  1,040  200  7,740  1,040  —  8,780 
ATX Networks Corp. 11.14% L+ 7.50% Secured Debt (6) —  403  562  7,092  631  1,016  6,707 
122
Table of contents                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2022
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2021
Fair Value		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2022
Fair Value (13)
10.00% 10.00% Unsecured Debt (6) —  260  242  1,963  502  —  2,465 
    Common Stock (6) —  —  —  —  —  —  — 
BBB Tank Services, LLC 13.56% L+ 11.00% Unsecured Debt (8) —  —  75  800  —  —  800 
13.56% L+ 11.00% Unsecured Debt (8) —  (209) 377  1,707  —  209  1,498 
Member Units (8) —  —  —  —  —  —  — 
15.00% 15.00% Preferred Stock (non-voting) (8) —  —  —  —  —  —  — 
Boccella Precast Products LLC 10.00%     Secured Debt (6) —  —  24  320  —  —  320 
Member Units (6) —  (1,510) 73  4,830  —  1,510  3,320 
Buca C, LLC 9.00% Secured Debt (7) —  1,604  1,488  14,370  1,602  1,966  14,006 
6.00% 6.00% Preferred Member Units (7) —  —  —  —  —  —  — 
Career Team Holdings, LLC 8.63% L+ 6.00% Secured Debt (6) —  —  5  —  —  —  — 
12.50% Secured Debt (6) —  —  1,950  20,050  30  —  20,080 
    Common Stock (6) —  —  —  4,500  —  —  4,500 
Chandler Signs Holdings, LLC Class A Units (8) —  510  —  460  510  —  970 
Classic H&G Holdings, LLC 8.38% L+ 6.00% Secured Debt (6) —  —  455  4,000  11,720  7,960  7,760 
8.00% Secured Debt (6) —  (32) 1,201  19,274  32  32  19,274 
Preferred Member Units (6) —  8,530  1,294  15,260  8,530  —  23,790 
Congruent Credit Opportunities Funds LP Interests (Congruent Credit Opportunities Fund III, LP) (8) —  (63) 427  9,959  —  2,105  7,854 
DMA Industries, LLC 12.00% Secured Debt (7) —  175  1,961  20,993  207  —  21,200 
Preferred Equity (7) —  1,316  —  5,944  1,316  —  7,260 
Dos Rios Partners LP Interests (Dos Rios Partners - A, LP) (8) —  (1,147) —  10,329  —  1,147  9,182 
LP Interests (Dos Rios Partners, LP) (8) —  (364) —  3,280  —  364  2,916 
Dos Rios Stone Products LLC Class A Preferred Units (8) —  (290) —  640  —  290  350 
EIG Fund Investments LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) 11  —  46  547  1,093  170  1,470 
Freeport Financial SBIC Fund LP LP Interests (Freeport Financial SBIC Fund LP) (5) —  (52) 2  6,078  —  1,962  4,116 
LP Interests (Freeport First Lien Loan Fund III LP) (5) —  (57) 309  7,231  —  1,056  6,175 
GFG Group, LLC 9.00%     Secured Debt (5) —  (25) 969  12,545  25  825  11,745 
Preferred Member Units (5) —  150  417  6,990  150  —  7,140 
Hawk Ridge Systems, LLC 8.38% L+ 6.00% Secured Debt (9) —  —  150  2,585  597  —  3,182 
8.00% Secured Debt (9) —  (4) 2,145  34,800  3,004  4  37,800 
Preferred Member Units (9) —  4,400  803  14,680  4,400  —  19,080 
Preferred Member Units (9) —  230  —  770  230  —  1,000 
Houston Plating and Coatings, LLC 8.00% Unsecured Convertible Debt (8) —  (210) 182  2,960  —  210  2,750 
Member Units (8) —  (990) 17  3,210  —  990  2,220 
HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (8) 779  254  (80) 4,712  1,033  1,414  4,331 
LP Interests (HPEP 4, L.P.) (8) —  —  —  —  1,896  —  1,896 
LP Interests (423 COR, LP) (8) —  —  —  —  1,400  —  1,400 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2022
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2021
Fair Value		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2022
Fair Value (13)
I-45 SLF LLC
Member Units (Fully diluted 20.0%; 21.75% profits interest)
 (8) —  (1,880) 1,499  14,387  —  1,880  12,507 
Iron-Main Investments, LLC 12.50% Secured Debt (5) —  —  443  4,557  7  —  4,564 
12.50% Secured Debt (5) —  —  308  3,170  4  —  3,174 
12.50% Secured Debt (5) —  —  848  8,944  —  —  8,944 
12.50% Secured Debt (5) —  —  1,926  19,805  30  —  19,835 
Common Stock (5) —  —  —  1,798  —  —  1,798 
L.F. Manufacturing Holdings, LLC Preferred Member Units (non-voting) (8) —  —  9  107  10  117  — 
Member Units (8) 617  (541) 224  2,560  617  3,177  — 
OnAsset Intelligence, Inc. 12.00% 12.00% Secured Debt (8) —  (273) 28  935  28  273  690 
12.00% 12.00% Secured Debt (8) —  (280) 29  954  29  280  703 
12.00% 12.00% Secured Debt (8) —  (602) 62  2,055  62  602  1,515 
12.00% 12.00% Secured Debt (8) —  (1,255) 129  4,285  130  1,255  3,160 
10.00% 10.00% Unsecured Debt (8) —  —  5  192  5  —  197 
7.00% 7.00% Preferred Stock (8) —  —  —  —  —  —  — 
Common Stock (8) —  —  —  —  —  —  — 
Warrants (8) —  —  —  —  —  —  — 
Oneliance, LLC 13.56% L+ 11.00% Secured Debt (7) —  —  —  —  —  —  — 
13.56% L+ 11.00% Secured Debt (7) —  —  536  5,547  9  —  5,556 
Preferred Stock (7) —  —  —  1,056  —  —  1,056 
Quality Lease Service, LLC 12.00% Secured Debt (8) (67) —  —  —  —  —  — 
Preferred Member Units (8) —  —  —  —  —  —  — 
SI East, LLC 10.25% Secured Debt (7) —  —  195  2,250  3,750  3,750  2,250 
10.25% Secured Debt (7) —  —  6,068  63,600  31,125  1,489  93,236 
Preferred Member Units (7) —  3,380  568  11,570  3,380  —  14,950 
Slick Innovations, LLC 11.00% Secured Debt (6) —  (41) 481  5,320  41  1,121  4,240 
Common Stock (6) —  130  —  1,510  130  —  1,640 
Warrants (6) —  40  —  400  40  —  440 
Sonic Systems International, LLC 9.75% L+ 7.50% Secured Debt (8) —  102  966  11,757  3,856  —  15,613 
Common Stock (8) —  64  32  1,070  350  —  1,420 
Superior Rigging & Erecting Co. 12.00% Secured Debt (7) —  —  1,991  21,332  35  —  21,367 
Preferred Member Units (7) —  —  —  4,500  —  —  4,500 
The Affiliati Network, LLC Secured Debt (9) —  —  28  262  3,523  3,800  (15)
13.00% Secured Debt (9) —  —  1,166  12,834  35  1,720  11,149 
    Preferred Stock (9) —  —  339  6,400  —  —  6,400 
UnionRock Energy Fund II, LP LP Interests (9) —  (64) 194  6,123  1,880  2,649  5,354 
UniTek Global Services, Inc. 10.76% SF+ 5.50% 2.00% Secured Debt (6) —  3  29  371  9  —  380 
10.76% SF+ 5.50% 2.00% Secured Debt (6) —  26  146  1,852  61  212  1,701 
15.00% 15.00% Secured Convertible Debt (6) —  782  167  2,375  1,896  —  4,271 
20.00% 20.00% Preferred Stock (6) —  (280) 280  2,832  281  280  2,833 
20.00% 20.00% Preferred Stock (6) —  153  —  1,498  153  —  1,651 
19.00% 19.00% Preferred Stock (6) —  —  —  —  —  —  — 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2022
(dollars in thousands)
(unaudited)
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)		 Amount of
Unrealized
Gain/(Loss)		 Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		 December 31,
2021
Fair Value		 Gross
Additions(3)		 Gross
Reductions(4)		 September 30,
2022
Fair Value (13)
13.50% 13.50% Preferred Stock (6) —  —  —  —  —  —  — 
Common Stock (6) —  —  —  —  —  —  — 
Volusion, LLC 11.50% Secured Debt (8) —  (104) 1,490  17,434  —  804  16,630 
8.00% Unsecured Convertible Debt (8) —  —  24  409  —  —  409 
Preferred Member Units (8) —  (5,989) —  5,990  —  5,990  — 
Warrants (8) —  —  —  —  —  —  — 
Other —  —  —  —  —  —  — 
Amounts related to investments transferred to or from other 1940 Act classification during the period —  139  1,302  32,597  —  —  — 
Total Affiliate investments $ 1,340  $ 3,703  $ 38,300  $ 549,214  $ 92,606  $ 56,642  $ 552,581 
________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts from investments transferred from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2022 for control investments located in this region was $346,535. This represented 21.7% of net assets as of September 30, 2022. The fair value as of September 30, 2022 for affiliate investments located in this region was $67,491. This represented 12.2% of net assets as of September 30, 2022.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2022 for control investments located in this region was $144,681. This represented 9.0% of net assets as of September 30, 2022. The fair value as of September 30, 2022 for affiliate investments located in this region was $105,372. This represented 19.1% of net assets as of September 30, 2022.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2022
(dollars in thousands)
(unaudited)
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2022 for control investments located in this region was $16,360. This represented 1.0% of net assets as of September 30, 2022. The fair value as of September 30, 2022 for affiliate investments located in this region was $196,507. This represented 35.6% of net assets as of September 30, 2022.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2022 for control investments located in this region was $593,513. This represented 37.1% of net assets as of September 30, 2022. The fair value as of September 30, 2022 for affiliate investments located in this region was $99,261. This represented 18.0% of net assets as of September 30, 2022.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2022 for control investments located in this region was $498,340. This represented 31.2% of net assets as of September 30, 2022. The fair value as of September 30, 2022 for affiliate investments located in this region was $83,950. This represented 15.2% of net assets as of September 30, 2022.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of September 30, 2022 (see Note K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Quarterly Report on Form 10-Q contains forward-looking statements regarding the plans and objectives of management for future operations and which relate to future events or our future performance or financial condition. Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including, without limitation the factors referenced in Item 1A entitled “Risk Factors” below in Part II of this Quarterly Report on Form 10-Q, if any, and discussed in Item 1A entitled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on February 24, 2023 and elsewhere in this Quarterly Report on Form 10-Q and our other SEC filings. Other factors that could cause actual results to differ materially include changes in the economy and future changes in laws or regulations and conditions in our operating areas.
We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to refer to any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including subsequent periodic and current reports.
This discussion should be read in conjunction with our consolidated financial statements as of December 31, 2022, and for the year then ended, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, both contained in our Annual Report on Form 10-K for the year ended December 31, 2022, as well as the consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) contained in this report.
ORGANIZATION
Main Street Capital Corporation (“MSCC”, or together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market (“LMM”) companies and debt capital to middle market (“Middle Market”) companies. The portfolio investments of Main Street are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States and in secured debt investments of Middle Market companies generally headquartered in the United States.
MSCC was formed in March 2007 to operate as an internally managed business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Because MSCC is internally managed, all of the executive officers and other employees are employed by MSCC. Therefore, MSCC does not pay any external investment advisory fees, but instead directly incurs the operating costs associated with employing investment and portfolio management professionals.
MSCC wholly owns several investment funds, including Main Street Mezzanine Fund, LP (“MSMF”) and Main Street Capital III, LP (“MSC III” and, together with MSMF, the “Funds”), and each of their general partners. The Funds are each licensed as a Small Business Investment Company (“SBIC”) by the United States Small Business Administration (“SBA”).
MSC Adviser I, LLC (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of Main Street to provide investment management and other services to parties other than Main Street (“External Parties”) and receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission (“SEC”) to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.
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MSCC has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSCC generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.
MSCC has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSCC to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSCC also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).
Unless otherwise noted or the context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and “Main Street” refer to MSCC and its consolidated subsidiaries, which include the Funds, the Taxable Subsidiaries and the Structured Subsidiaries.
OVERVIEW OF OUR BUSINESS
Our principal investment objective is to maximize our portfolio’s total return by generating current income from our debt investments and current income and capital appreciation from our equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. We seek to achieve our investment objective through our LMM, Private Loan (as defined below) and Middle Market investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million and our LMM portfolio investments generally range in size from $5 million to $75 million. Our private loan (“Private Loan”) investment strategy involves investments in companies that are consistent with the size of the companies in our LMM and Middle Market investment strategies, and our Private Loan investments generally range in size from $10 million to $75 million. Our Middle Market investment strategy involves investments in companies that are generally larger in size than our LMM companies, with annual revenues typically between $150 million and $1.5 billion, and our Middle Market investments generally range in size from $3 million to $25 million.
We seek to fill the financing gap for LMM businesses, which, historically, have had limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM creates the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participation. Our ability to invest across a company’s capital structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options, or a “one stop” financing solution. Providing customized, “one-stop” financing solutions is important to LMM portfolio companies. We generally seek to partner directly with entrepreneurs, management teams and business owners in making our investments. Our LMM portfolio debt investments are generally secured by a first lien on the assets of the portfolio company and typically have a term of between five and seven years from the original investment date.
Private Loan investments primarily consist of debt securities that have primarily been originated directly by us or, to a lesser extent, through our strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. Our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are typically similar in size, structure, terms and conditions to investments we hold in our LMM portfolio and Middle Market portfolio. Our Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. We may also co-invest with the private equity sponsor in the equity securities of our Private Loan portfolio companies.
Our Middle Market portfolio investments primarily consist of direct investments in or secondary purchases of interest-bearing syndicated loans or debt securities in privately held companies based in the United States that are generally larger in size than the companies included in our LMM portfolio. Our Middle Market portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.
Our other portfolio (“Other Portfolio”) investments primarily consist of investments that are not consistent with the typical profiles for our LMM, Private Loan or Middle Market portfolio investments, including investments which may be managed by third parties.
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In our Other Portfolio, we may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds.
Subject to changes in our cash and overall liquidity, our Investment Portfolio (as defined below) may also include short-term portfolio investments that are atypical of our LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital. These assets are typically expected to be liquidated in one year or less and are not expected to be a significant portion of the overall Investment Portfolio. The “Investment Portfolio”, as used herein, refers to all of our investments in LMM companies (including both our LMM and Private Loan portfolio investments) and investments in Middle Market companies (including both our Private Loan and Middle Market portfolio investments), Other Portfolio investments and our investment in the External Investment Manager.
Our external asset management business is conducted through the External Investment Manager. The External Investment Manager earns management fees based on the assets of the funds under management and may earn incentive fees, or a carried interest, based on the performance of the funds managed.
Our portfolio investments are generally made through MSCC, the Taxable Subsidiaries, the Funds and the Structured Subsidiaries. MSCC, the Taxable Subsidiaries, the Funds and the Structured Subsidiaries share the same investment strategies and criteria, although they are subject to different regulatory regimes (see Regulation). An investor’s return in MSCC will depend, in part, on the Taxable Subsidiaries’, the Funds’ and the Structured Subsidiaries’ investment returns as they are wholly-owned subsidiaries of MSCC.
The level of new portfolio investment activity will fluctuate from period to period based upon our view of the current economic fundamentals, our ability to identify new investment opportunities that meet our investment criteria, and our ability to consummate the identified opportunities. The level of new investment activity, and associated interest and fee income, will directly impact future investment income. In addition, the level of dividends paid by portfolio companies and the portion of our portfolio debt investments on non-accrual status will directly impact future investment income. While we intend to grow our portfolio and our investment income over the long term, our growth and our operating results may be more limited during depressed economic periods. However, we intend to appropriately manage our cost structure and liquidity position based on applicable economic conditions and our investment outlook. The level of realized gains or losses and unrealized appreciation or depreciation on our investments will also fluctuate depending upon portfolio activity, economic conditions and the performance of our individual portfolio companies. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results.
Because we are internally managed, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals. We believe that our internally managed structure provides us with a better alignment of interests between our management team and our employees and our shareholders and a beneficial operating expense structure when compared to other publicly traded and privately held investment firms which are externally managed, and our internally managed structure allows us the opportunity to leverage our non-interest operating expenses as we grow our Investment Portfolio and our External Investment Manager’s asset management business (as defined below). The ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.4% for each of the trailing twelve months ended September 30, 2023 and 2022, and for the year ended December 31, 2022. The ratio of our total operating expenses, including interest expense, as a percentage of our quarterly average total assets was 3.7% and 3.3% for the trailing twelve months ended September 30, 2023 and 2022, respectively, and 3.3% for the year ended December 31, 2022. Our ratio of expenses as a percentage of our average net asset value is described in greater detail in Note F – Financial Highlights to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
The External Investment Manager serves as the investment adviser and administrator to MSC Income pursuant to an Investment Advisory and Administrative Services Agreement entered into in October 2020 between the External Investment Manager and MSC Income (the “Advisory Agreement”). Under the Advisory Agreement, the External Investment Manager earns a 1.75% annual base management fee on MSC Income’s average total assets, an incentive fee equal to 20% of pre-investment fee net investment income above a specified investment return hurdle rate and a 20% incentive fee on cumulative net realized capital gains in exchange for providing advisory services to MSC Income.

Additionally, the External Investment Manager has entered into investment management agreements with MS Private Loan Fund I, LP (the “Private Loan Fund”) and MS Private Loan Fund II, LP (the “Private Loan Fund II”), each a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments, pursuant to which the External Investment Manager provides investment advisory and management services to each fund in exchange for an asset-based fee and certain incentive fees. The External Investment Manager may also advise other clients, including funds and separately managed accounts, pursuant to advisory and services agreements with such clients in exchange for asset-based and incentive fees.
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The External Investment Manager earns management fees based on the assets of the funds and accounts under management and may earn incentive fees, or a carried interest, based on the performance of the funds and accounts managed. The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. The total contribution to our net investment income was $7.6 million and $5.0 million for the three months ended September 30, 2023 and 2022, respectively. During the three months ended September 30, 2023 and 2022, the External Investment Manager earned base management fee income of $5.7 million and $5.5 million, respectively. The External Investment Manager earned incentive fee income of $2.6 million during the three months ended September 30, 2023. During the three months ended September 30, 2022, no incentive fee income was earned. The External Investment Manager earned administrative services fee income of $0.2 million during each of the three months ended September 30, 2023 and 2022. Our total expenses are net of expenses allocated to the External Investment Manager for the three months ended September 30, 2023 and 2022 of $5.4 million and $3.3 million, respectively. The total contribution to our net investment income was $24.2 million and $15.2 million for the nine months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023 and 2022, the External Investment Manager earned base management fee income of $16.7 million and $16.3 million, respectively. The External Investment Manager earned incentive fee income of $9.6 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2022, incentive fee income earned by the External Investment Manager was not significant. The External Investment Manager earned administrative services fee income of $0.5 million during each of the nine months ended September 30, 2023 and 2022. Our total expenses are net of expenses allocated to the External Investment Manager for the nine months ended September 30, 2023 and 2022 of $16.1 million and $9.6 million, respectively.
We have received an exemptive order from the SEC permitting co-investments among us, MSC Income and other funds and clients advised by the External Investment Manager in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. We have made co-investments with, and in the future intend to continue to make co-investments with MSC Income, the Private Loan Fund, the Private Loan Fund II and other funds and clients advised by the External Investment Manager, in accordance with the conditions of the order. The order requires, among other things, that we and the External Investment Manager consider whether each such investment opportunity is appropriate for us and the External Investment Manager’s advised clients, as applicable, and if it is appropriate, to propose an allocation of the investment opportunity between such parties. Because the External Investment Manager may receive performance-based fee compensation from funds and clients advised by the External Investment Manager, this may provide the Company and the External Investment Manager an incentive to allocate opportunities to other participating funds and clients instead of us. However, both we and the External Investment Manager have policies and procedures in place to manage this conflict, including oversight by the independent members of our Board of Directors. In addition to the co-investment program described above, we also co-invest in syndicated deals and other transactions where price is the only negotiated point by us and our affiliates.
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INVESTMENT PORTFOLIO SUMMARY
The following tables provide a summary of our investments in the LMM, Private Loan and Middle Market portfolios as of September 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager which are discussed further below).
As of September 30, 2023
LMM (a) Private Loan Middle Market
(dollars in millions)
Number of portfolio companies 79  89  27 
Fair value $ 2,190.4  $ 1,544.0  $ 290.6 
Cost $ 1,716.9  $ 1,577.5  $ 343.3 
Debt investments as a % of portfolio (at cost) 71.9  % 96.2  % 92.7  %
Equity investments as a % of portfolio (at cost) 28.1  % 3.8  % 7.3  %
% of debt investments at cost secured by first priority lien 99.2  % 99.5  % 99.2  %
Weighted-average annual effective yield (b) 12.9  % 12.9  % 12.3  %
Average EBITDA (c) $ 8.2  $ 28.8  $ 65.7 
____________________
(a)At September 30, 2023, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 40%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of September 30, 2023, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on our debt portfolio as of September 30, 2023 including debt investments on non-accrual status was 12.8% for our LMM portfolio, 12.2% for our Private Loan portfolio and 10.9% for our Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including two LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
As of December 31, 2022
LMM (a) Private Loan Middle Market
(dollars in millions)
Number of portfolio companies 78 85 31
Fair value $ 2,060.5 $ 1,471.5 $ 329.1
Cost $ 1,719.9 $ 1,500.3 $ 401.7
Debt investments as a % of portfolio (at cost) 73.7  % 97.1  % 93.8  %
Equity investments as a % of portfolio (at cost) 26.3  % 2.9  % 6.2  %
% of debt investments at cost secured by first priority lien 99.1  % 99.6  % 98.8  %
Weighted-average annual effective yield (b) 12.3  % 11.6  % 11.0  %
Average EBITDA (c) $ 8.0 $ 38.1 $ 68.7
____________________
(a)At December 31, 2022, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 41%.
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(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 2022, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on our debt portfolio as of December 31, 2022 including debt investments on non-accrual status was 11.6% for our LMM portfolio, 11.2% for our Private Loan portfolio and 10.3% for our Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
For the three months ended September 30, 2023 and 2022, we achieved an annualized total return on investments of 16.0% and 10.5%, respectively. For each of the nine months ended September 30, 2023 and 2022, we achieved an annualized total return on investments of 15.4% and 9.6%, respectively. For the year ended December 31, 2022, we achieved a total return on investments of 11.1%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. Our total return on investments is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
As of September 30, 2023, we had Other Portfolio investments in 15 entities, collectively totaling $123.6 million in fair value and $132.2 million in cost basis and which comprised 2.9% and 3.5% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2022, we had Other Portfolio investments in 14 entities, collectively totaling $116.3 million in fair value and $120.4 million in cost basis and which comprised 2.8% and 3.2% of our Investment Portfolio at fair value and cost, respectively.
As previously discussed, the External Investment Manager is a wholly-owned subsidiary that is treated as a portfolio investment. As of September 30, 2023, this investment had a fair value of $146.1 million and a cost basis of $29.5 million, which comprised 3.4% and 0.8% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2022, this investment had a fair value of $122.9 million and a cost basis of $29.5 million, which comprised 3.0% and 0.8% of our Investment Portfolio at fair value and cost, respectively.
CRITICAL ACCOUNTING POLICIES
The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. Critical accounting policies are those that require management to make subjective or complex judgments about the effect of matters that are inherently uncertain and may change in subsequent periods. Changes that may be required in the underlying assumptions or estimates in these areas could have a material impact on our current and future financial condition and results of operations.
Management has discussed the development and selection of each critical accounting policy and estimate with the Audit Committee of the Board of Directors. Our critical accounting policies and estimates include the Investment Portfolio Valuation and Revenue Recognition policies described below. Our significant accounting policies are described in greater detail in Note B — Summary of Significant Accounting Policies to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Investment Portfolio Valuation
The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our Investment Portfolio and the related amounts of unrealized appreciation and depreciation. We consider this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of September 30, 2023 and December 31, 2022, our Investment Portfolio valued at fair value represented 96% and 97%, respectively, of our total assets. We are required to report our investments at fair value. We follow the provisions of FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market.
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Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a detailed discussion of our Investment Portfolio valuation process and procedures.
Due to the inherent uncertainty in the valuation process, our determination of fair value for our Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.
In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Our Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of our executive officers to serve as the Board of Directors’ valuation designee. We believe our Investment Portfolio as of September 30, 2023 and December 31, 2022 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.
Revenue Recognition
Interest and Dividend Income
We record interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded as dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. We evaluate accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service its debt obligation, we will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, we remove it from non-accrual status.
Fee Income
We may periodically provide services, including structuring and advisory services to our portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.
Payment-in-Kind (“PIK”) Interest and Cumulative Dividends
We hold certain debt and preferred equity instruments in our Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.9. — Summary of Significant Accounting Policies — Income Taxes included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended September 30, 2023 and 2022, (i) 1.9% and 1.2%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and 0.3%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2023 and 2022, (i) 2.0% and 1.3%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and 0.5%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash.
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INVESTMENT PORTFOLIO COMPOSITION
The following tables summarize the composition of our total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments as of September 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager).
Cost:
September 30, 2023
December 31, 2022
First lien debt 83.9  % 85.0  %
Equity 15.4  14.2 
Second lien debt 0.3  0.3 
Equity warrants 0.2  0.2 
Other 0.2  0.3 
100.0  % 100.0  %
Fair Value:
September 30, 2023
December 31, 2022
First lien debt 73.2  % 75.2  %
Equity 26.0  24.1 
Second lien debt 0.4  0.3 
Equity warrants 0.2  0.1 
Other 0.2  0.3 
100.0  % 100.0  %
Our LMM, Private Loan and Middle Market portfolio investments carry a number of risks including: (1) investing in companies which may have limited operating histories and financial resources; (2) holding investments that generally are not publicly traded and which may be subject to legal and other restrictions on resale; and (3) other risks common to investing in below investment-grade debt and equity investments in our Investment Portfolio. Please see Item 1A. Risk Factors — Risks Related to our Investments contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for a more complete discussion of the risks involved with investing in our Investment Portfolio.
PORTFOLIO ASSET QUALITY
We utilize an internally developed investment rating system to rate the performance of each LMM, Private Loan and Middle Market portfolio company and to monitor our expected level of returns on each of our LMM, Private Loan and Middle Market investments in relation to our expectations for the portfolio company. The investment rating system takes into consideration various factors, including each investment’s expected level of returns, the collectability of our debt investments and the ability to receive a return of the invested capital in our equity investments, comparisons to competitors and other industry participants, the portfolio company’s future outlook and other factors that are deemed to be significant to the portfolio company.
As of September 30, 2023, investments on non-accrual status comprised 1.0% of our total Investment Portfolio at fair value and 3.1% at cost. As of December 31, 2022, investments on non-accrual status comprised 0.6% of our total Investment Portfolio at fair value and 3.7% at cost.
The operating results of our portfolio companies are impacted by changes in the broader fundamentals of the United States economy. In periods during which the United States economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements, to an increase in defaults on our debt investments or in realized losses on our investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on our equity investments. Consequently, we can provide no
assurance that the performance of certain portfolio companies will not be negatively impacted by future economic cycles or other conditions, which could also have a negative impact on our future results.
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DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
Comparison of the three months ended September 30, 2023 and 2022
Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the three months ended September 30, 2023 and 2022.
Three Months Ended
September 30,
 Net Change
2023
2022
 Amount %
(dollars in thousands)
Total investment income $ 123,237  $ 98,387  $ 24,850  25  %
Total expenses (41,058) (35,939) (5,119) 14  %
Net investment income 82,179  62,448  19,731  32  %
Net realized gain from investments 664  5,031  (4,367) NM
Net unrealized appreciation (depreciation) from investments 27,011  (10,081) 37,092  NM
Income tax provision (6,593) (2,060) (4,533) NM
Net increase in net assets resulting from operations $ 103,261  $ 55,338  $ 47,923  87  %
Three Months Ended
September 30,
 Net Change
2023
2022
 Amount %
(dollars in thousands, except per share amounts)
Net investment income $ 82,179  $ 62,448  $ 19,731  32  %
Share‑based compensation expense 4,164  3,617  547  15  %
Deferred compensation benefit (172) (298) 126  NM
Distributable net investment income (a) $ 86,171  $ 65,767  $ 20,404  31  %
Net investment income per share—Basic and diluted $ 0.99  $ 0.83  $ 0.16  19  %
Distributable net investment income per share—Basic and diluted (a) $ 1.04  $ 0.88  $ 0.16  18  %
____________________
NM    — Net Change % not meaningful
(a)Distributable net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impacts of share-based compensation expense and deferred compensation expense or benefit. We believe presenting distributable net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing our financial performance since share-based compensation does not require settlement in cash and deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing our financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the table above.
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Investment Income
Total investment income for the three months ended September 30, 2023 was $123.2 million, a 25% increase from the $98.4 million of total investment income for the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
September 30,
 Net Change
2023
2022
 Amount %
(dollars in thousands)
Interest income $ 99,381  $ 75,023  $ 24,358  32  % (a)
Dividend income 21,192  19,424  1,768  9  % (b)
Fee income 2,664  3,940  (1,276) (32) % (c)
Total investment income $ 123,237  $ 98,387  $ 24,850  25  % (d)
____________________
(a)The increase in interest income was primarily due to (i) an increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from increases in benchmark index rates and (ii) higher average levels of income producing Investment Portfolio debt investments.
(b)The increase in dividend income from Investment Portfolio equity investments was primarily a result of (i) continued strong dividend income from our LMM portfolio companies and (ii) an increase in dividend income from the External Investment Manager.
(c)The decrease in fee income was primarily related to a $1.7 million decrease related to lower originations of Investment Portfolio investments, partially offset by a $0.4 million increase in fees received from refinancing and prepayment of debt investments.
(d)The increase in total investment income includes a net increase of $0.2 million in certain income considered less consistent or non-recurring, which relates to income from accelerated prepayment, repricing and other activity related to portfolio debt investments, when compared to the same period in 2022.
Expenses
Total expenses for the three months ended September 30, 2023 were $41.1 million, a 14% increase from the $35.9 million in the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
September 30,
 Net Change
2023
2022
 Amount %
(dollars in thousands)
Cash compensation $ 11,732  $ 10,702  $ 1,030  10  % (a)
Deferred compensation plan expense (benefit) (172) (298) 126  42  %
Compensation 11,560  10,404  1,156  11  %
General and administrative 4,324  4,018  306  8  %
Interest 26,414  21,234  5,180  24  % (b)
Share-based compensation 4,164  3,617  547  15  %
Gross expenses 46,462  39,273  7,189  18  %
Expenses allocated to the External Investment Manager (5,404) (3,334) (2,070) 62  % (c)
Total expenses $ 41,058  $ 35,939  $ 5,119  14  %
____________________
(a)The increase in cash compensation was primarily related to (i) increased base compensation rates, (ii) increased incentive compensation accruals and (iii) increased headcount to support our growing Investment Portfolio and asset management activities.
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(b)The increase in interest expense was primarily related to an increased weighted average interest rate on our debt obligations resulting from (i) an increased average interest rate on our multi-year revolving credit facility (the “Corporate Facility”) and special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) due to increases in benchmark index rates and (ii) the addition of our SPV Facility and the December 2025 Notes in the fourth quarter of 2022 at higher contractual interest rates than debt obligations repaid with such borrowing proceeds, partially offset by decreased average outstanding borrowings.
(c)The increase in expenses allocated to the External Investment Manager was primarily related to (i) increased overall operating costs at Main Street, (ii) an increase in assets under management and (iii) the positive operating results from the assets managed for clients of the External Investment Manager.
Net Investment Income
Net investment income for the three months ended September 30, 2023 increased 32% to $82.2 million, or $0.99 per share, compared to net investment income of $62.4 million, or $0.83 per share, in the corresponding period of 2022. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses, both as discussed above. The increase in net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the three months ended September 30, 2023, primarily due to shares issued since the beginning of the comparable period in prior year through our (i) at-the-market (“ATM”) program and public offering in August 2022, (ii) dividend reinvestment plan and (iii) equity incentive plans. Net investment income per share in the third quarter of 2023 and the third quarter of 2022 did not include significant impacts from items considered less consistent or non-recurring in nature.
Distributable Net Investment Income
Distributable net investment income for the three months ended September 30, 2023 increased 31% to $86.2 million, or $1.04 per share, compared with $65.8 million, or $0.88 per share, in the corresponding period of 2022. The increase in distributable net investment income was primarily due to the increased level of total investment income, partially offset by higher operating expenses, excluding the impact of share-based compensation expense and deferred compensation expense (benefit). The increase in distributable net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the three months ended September 30, 2023 as discussed above. Distributable net investment income per share in the third quarter of 2023 and the third quarter of 2022 did not include significant amounts of items considered less consistent or non-recurring in nature.
Net Realized Gain (Loss) from Investments
The following table provides a summary of the primary components of the total net realized gain on investments of $0.7 million for the three months ended September 30, 2023.
Three Months Ended September 30, 2023
Full Exits Partial Exits Restructures Other (a) Total
Net Gain/(Loss) # of Investments Net Gain/(Loss) # of Investments Net Gain/(Loss) # of Investments Net Gain/(Loss) Net Gain/(Loss)
(dollars in thousands)
LMM portfolio $ —  — $ —  — $ —  — $ (2) $ (2)
Private Loan portfolio (888) 1 —  — —  — 157  (731)
Middle Market portfolio —  — —  — —  — (335) (335)
Other Portfolio —  — 1,732  2 —  — —  1,732 
Total net realized gain/(loss) $ (888) 1 $ 1,732  2 $ —  — $ (180) $ 664 
____________________
(a)Other activity includes realized gains and losses from transactions involving 12 portfolio companies which are not considered to be significant individually or in the aggregate.
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Net Unrealized Appreciation (Depreciation)
The following table provides a summary of the total net unrealized appreciation of $27.0 million for the three months ended September 30, 2023.
Three Months Ended September 30, 2023
LMM (a) Private
Loan		 Middle
Market		 Other Total
(dollars in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period $ (264) $ 1,018  $ 359  $ (1,732) $ (619)
Net unrealized appreciation (depreciation) relating to portfolio investments 24,499  (14,258) 4,037  13,352  (b) 27,630 
Total net unrealized appreciation (depreciation) relating to portfolio investments $ 24,235  $ (13,240) $ 4,396  $ 11,620  $ 27,011 
____________________
(a)Includes unrealized appreciation on 32 LMM portfolio investments and unrealized depreciation on 23 LMM portfolio investments.
(b)Includes (i) $12.2 million of unrealized appreciation relating to the External Investment Manager and (ii) $1.4 million of net unrealized appreciation relating to the Other Portfolio, partially offset by $0.2 million of unrealized depreciation relating to the assets of the deferred compensation plan.
Income Tax Provision
The income tax provision for the three months ended September 30, 2023 of $6.6 million principally consisted of (i) a deferred tax provision of $5.3 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences and (ii) a current tax provision of $1.3 million, related to a $1.0 million provision for current U.S. federal and state income taxes and a $0.3 million provision for excise tax on our estimated undistributed taxable income. The income tax provision for the three months ended September 30, 2022 of $2.1 million principally consisted of (i) a current tax provision of $1.6 million primarily related to a $1.0 million provision for excise tax on our estimated undistributed taxable income and a $0.6 million provision for current U.S. federal and state income taxes and (ii) a deferred tax provision of $0.5 million.
Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the three months ended September 30, 2023 was $103.3 million, or $1.25 per share, compared with $55.3 million, or $0.74 per share, during the three months ended September 30, 2022. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended September 30, 2023 as compared to the three months ended September 30, 2022.

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Comparison of the nine months ended September 30, 2023 and 2022
Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the nine months ended September 30, 2023 and 2022.
Nine Months Ended
September 30,
 Net Change
2023
2022
 Amount %
(dollars in thousands)
Total investment income $ 371,074  $ 262,981  $ 108,093  41  %
Total expenses (122,202) (93,597) (28,605) 31  %
Net investment income 248,872  169,384  79,488  47  %
Net realized gain (loss) from investments (103,223) 3,302  (106,525) NM
Net unrealized appreciation (depreciation) from investments 167,070  (19,922) 186,992  NM
Income tax provision (23,353) (17,477) (5,876) NM
Net increase in net assets resulting from operations $ 289,366  $ 135,287  $ 154,079  114  %
Nine Months Ended
September 30,
 Net Change
2023
2022
 Amount %
(dollars in thousands, except per share amounts)
Net investment income $ 248,872  $ 169,384  $ 79,488  47  %
Share‑based compensation expense 12,351  10,031  2,320  23  %
Deferred compensation expense (benefit) 717  (1,899) 2,616  NM
Distributable net investment income (a) $ 261,940  $ 177,516  $ 84,424  48  %
Net investment income per share—Basic and diluted $ 3.07  $ 2.31  $ 0.76  33  %
Distributable net investment income per share—Basic and diluted (a) $ 3.23  $ 2.42  $ 0.81  33  %
____________________
NM    — Net change % not meaningful
(a)Distributable net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impacts of share-based compensation expense and deferred compensation expense or benefit. We believe presenting distributable net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing our financial performance since share-based compensation does not require settlement in cash and deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing our financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the table above.
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Investment Income
Total investment income for the nine months ended September 30, 2023 was $371.1 million, a 41% increase from the $263.0 million of total investment income for the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.
Nine Months Ended
September 30,
 Net Change
2023
2022
 Amount %
(dollars in thousands)
Interest income $ 290,045  $ 198,446  $ 91,599  46  % (a)
Dividend income 71,014  53,959  17,055  32  % (b)
Fee income 10,015  10,576  (561) (5) %
Total investment income $ 371,074  $ 262,981  $ 108,093  41  % (c)
____________________
(a)The increase in interest income was primarily due to (i) an increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from increases in benchmark index rates and (ii) higher average levels of income producing Investment Portfolio debt investments.
(b)The increase in dividend income from Investment Portfolio equity investments was primarily a result of (i) an $11.2 million increase related to dividend income considered to be less consistent or non-recurring, (ii) growth in dividend income from a variety of portfolio companies resulting from the improved operating results, financial condition and liquidity positions of those portfolio companies and (iii) a $2.5 million increase in dividend income from the External Investment Manager.
(c)The increase in total investment income includes a net increase of $11.8 million in the impact of certain income considered less consistent or non-recurring, including (i) an $11.2 million increase in dividend income and (ii) a $0.6 million increase in accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.
Expenses
Total expenses for the nine months ended September 30, 2023 were $122.2 million, a 31% increase from the $93.6 million in the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.
Nine Months Ended
September 30,
 Net Change
2023
2022
 Amount %
(dollars in thousands)
Cash compensation $ 34,143  $ 28,379  $ 5,764  20  % (a)
Deferred compensation plan expense (benefit) 717  (1,899) 2,616  (138) % (b)
Compensation 34,860  26,480  8,380  32  %
General and administrative 12,915  11,483  1,432  12  %
Interest 78,165  55,216  22,949  42  % (c)
Share-based compensation 12,351  10,031  2,320  23  % (d)
Gross expenses 138,291  103,210  35,081  34  %
Expenses allocated to the External Investment Manager (16,089) (9,613) (6,476) 67  % (e)
Total expenses $ 122,202  $ 93,597  $ 28,605  31  %
____________________
(a)The increase in cash compensation was primarily related to increased incentive compensation accruals, increased base compensation rates and increased headcount to support our growing Investment Portfolio and asset management activities.
(b)The change in the non-cash deferred compensation plan expense was a result of compensation expense recorded in the nine months ended September 30, 2023 resulting from an increase in the fair value of the deferred compensation plan assets and corresponding liabilities in the period compared to a deferred compensation benefit recorded resulting from a decrease in such fair values in the corresponding period of 2022.
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(c)The increase in interest expense was primarily related to (i) an increased weighted average interest rate on our debt obligations resulting from (a) increased average interest rates on our Credit Facilities due to increases in benchmark index rates and (b) the addition of the SPV Facility and the December 2025 Notes at higher contractual interest rates than debt obligations repaid in the fourth quarter of 2022 and (ii) increased average outstanding borrowings to fund our investment activity and support the growth of our Investment Portfolio.
(d)Share-based compensation increased $2.3 million in the nine months ended September 30, 2023 from the comparable period of the prior year, principally attributable to incentive based grants related to incentive compensation awards for 2022 and the accelerated vesting of certain prior incentive grants.

(e)The increase in expenses allocated to the External Investment Manager was primarily related to (i) increased overall operating costs at Main Street, (ii) an increase in assets under management and (iii) the positive operating results from the assets managed for clients of the External Investment Manager.
Net Investment Income
Net investment income for the nine months ended September 30, 2023 increased 47% to $248.9 million, or $3.07 per share, compared to net investment income of $169.4 million, or $2.31 per share, for the corresponding period of 2022. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses, both as discussed above. The increase in net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the nine months ended September 30, 2023, primarily due to shares issued since the beginning of the comparable period in prior year through our (i) ATM program and public offering in August 2022, (ii) dividend reinvestment plan and (iii) equity incentive plans. The increase in net investment income on a per share basis includes (i) a $0.14 per share increase in investment income considered less consistent or non-recurring and (ii) an increase in deferred compensation expense of $0.03 per share resulting from the comparable period difference in the fair value of Deferred Compensation Plan assets and corresponding liabilities, both of which are discussed above.
Distributable Net Investment Income
Distributable net investment income for the nine months ended September 30, 2023 increased 48% to $261.9 million, or $3.23 per share, compared with $177.5 million, or $2.42 per share, in the corresponding period of 2022. The increase in distributable net investment income was primarily due to the increased level of total investment income, partially offset by higher operating expenses, excluding the impact of share-based compensation expense and deferred compensation expense (benefit), both as discussed above. The increase in distributable net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the nine months ended September 30, 2023, primarily due to shares issued over the last twelve months as discussed above. The increase in distributable net investment income on a per share basis includes a $0.14 per share increase in investment income considered less consistent or non-recurring, as discussed above.
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Net Realized Gain (Loss) from Investments
The following table provides a summary of the primary components of the total net realized loss on investments of $103.2 million for the nine months ended September 30, 2023.
Nine Months Ended September 30, 2023
Full Exits Partial Exits Restructures Other (a) Total
Net Gain/(Loss) # of Investments Net Gain/(Loss) # of Investments Net Gain/(Loss) # of Investments Net Gain/(Loss) Net Gain/(Loss)
(dollars in thousands)
LMM portfolio $ (42,056) 2 $ (29,526) 1 $ (3,597) 1 $ 159  $ (75,020)
Private Loan portfolio 1,777  3 —  — (16,303) 1 (156) (14,682)
Middle Market portfolio (6,386) 2 —  — (13,520) 2 (279) (20,185)
Other Portfolio —  — 6,629  4  —  — 70  6,699 
Short-term portfolio —  — —  — —  — (35) (35)
Total net realized gain (loss) $ (46,665) 7 $ (22,897) 5 $ (33,420) 4 $ (241) $ (103,223)
____________________
(a)Other activity includes realized gains and losses from transactions involving 23 portfolio companies which are not considered to be significant individually or in the aggregate.
Net Unrealized Appreciation (Depreciation)
The following table provides a summary of the total net unrealized appreciation of $167.1 million for the nine months ended September 30, 2023.
Nine Months Ended September 30, 2023
LMM (a) Private
Loan		 Middle
Market		 Other Total
(dollars in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period $ 74,267  $ 15,836  $ 20,265  $ (6,663) $ 103,705 
Net unrealized appreciation (depreciation) relating to portfolio investments 58,669  (21,141) (348) 26,185  (b) 63,365 
Total net unrealized appreciation (depreciation) relating to portfolio investments $ 132,936  $ (5,305) $ 19,917  $ 19,522  $ 167,070 
____________________
(a)Includes unrealized appreciation on 38 LMM portfolio investments and unrealized depreciation on 33 LMM portfolio investments.
(b)Other includes (i) $23.2 million of unrealized appreciation relating to the External Investment Manager, (ii) $2.3 million of net unrealized appreciation relating to the Other Portfolio and (iii) $0.7 million of net unrealized appreciation relating to the assets of the Deferred Compensation Plan.
Income Tax Benefit (Provision)
The income tax provision for the nine months ended September 30, 2023 of $23.4 million principally consisted of (i) a deferred tax provision of $18.7 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences and (ii) a current tax provision of $4.7 million related to a $2.5 million provision for current U.S. federal and state income taxes and a $2.2 million provision for excise tax on our estimated undistributed taxable income.
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The income tax provision for the nine months ended September 30, 2022 of $17.5 million principally consisted of (i) a deferred tax provision of $13.8 million and (ii) a current tax provision of $3.7 million primarily related to a $2.4 million provision for excise tax on our estimated undistributed taxable income and a $1.3 million provision for current U.S. federal and state income taxes.
Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the nine months ended September 30, 2023 was $289.4 million, or $3.57 per share, compared with $135.3 million, or $1.84 per share, during the nine months ended September 30, 2022. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
For the nine months ended September 30, 2023, we realized a net increase in cash and cash equivalents of $27.9 million, which is the result of $131.6 million of cash provided by our operating activities, partially offset by $103.7 million of cash used in our financing activities.
The $131.6 million of cash provided by our operating activities resulted primarily from (i) cash proceeds totaling $474.6 million from the sales and repayments of debt investments and sales of and return on capital from equity investments and (ii) cash flows that we generated from the operating profits earned totaling $242.7 million, which is our distributable net investment income, excluding the non-cash effects of the accretion of unearned income, payment-in-kind interest income, cumulative dividends and the amortization expense for deferred financing costs, partially offset by cash uses totaling $584.7 million for the funding of new and follow-on portfolio company investments and settlement of accruals for portfolio investments existing as of December 31, 2022.

The $103.7 million of cash used in our financing activities principally consisted of (i) $197.1 million in dividends paid to stockholders of our common stock, (ii) $114.0 million in net repayments from our Credit Facilities, (iii) $5.9 million for purchases of vested restricted stock from employees to satisfy their tax withholding requirements upon the vesting of such restricted stock and (iv) $1.9 million in debt issuance costs, partially offset by (i) $165.2 million in net cash proceeds from equity offerings from our ATM Program (as described below) and direct stock purchase plan and (ii) $50.0 million in cash proceeds from the issuance of additional aggregate principal amount of the December 2025 Notes (as defined below).
Capital Resources
As of September 30, 2023, we had $77.0 million in cash and cash equivalents and $757.0 million of unused capacity under the Credit Facilities which we maintain to support our investment and operating activities. As of September 30, 2023, our NAV totaled $2,370.8 million, or $28.33 per share.
As of September 30, 2023, we had $323.0 million outstanding and $672.0 million of undrawn commitments under the Corporate Facility, and $170.0 million outstanding and $85.0 million of undrawn commitments under our SPV Facility, both of which we estimated approximated fair value. Availability under our Credit Facilities is subject to certain leverage and borrowing base limitations, various covenants, reporting requirements and other customary requirements for similar credit facilities. For further information on our Credit Facilities, including key terms and financial covenants, refer to Note E — Debt included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
In January 2021, we issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”). In October 2021, we issued an additional $200.0 million in aggregate principal amount of the July 2026 Notes. The outstanding aggregate principal amount of the July 2026 Notes was $500.0 million as of both September 30, 2023 and December 31, 2022.
In April 2019, we issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the “May 2024 Notes”). In December 2019 and July 2020, we issued an additional $75.0 million and $125.0 million, respectively, in aggregate principal amount of the May 2024 Notes. The outstanding aggregate principal amount of the May 2024 Notes was $450.0 million as of both September 30, 2023 and December 31, 2022.
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Through the Funds, we have the ability to issue SBIC debentures guaranteed by the SBA at favorable interest rates and favorable terms and conditions. Under existing SBIC regulations, SBA-approved SBICs under common control have the ability to issue debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. Under existing SBA-approved commitments, we had $350.0 million of outstanding SBIC debentures guaranteed by the SBA as of September 30, 2023 through our wholly-owned SBICs, which bear a weighted-average annual fixed interest rate of 3.0%, paid semiannually, and mature ten years from issuance. The first maturity related to our SBIC debentures occurs in March 2024, and the weighted-average remaining duration is 4.9 years as of September 30, 2023. Debentures guaranteed by the SBA have fixed interest rates that equal prevailing 10-year Treasury Note rates plus a market spread and have a maturity of ten years with interest payable semiannually. The principal amount of the debentures is not required to be paid before maturity, but may be pre-paid at any time with no prepayment penalty. We expect to maintain SBIC debentures under the SBIC program in the future, subject to periodic repayments and borrowings, in an amount up to the regulatory maximum amount for affiliated SBIC funds.
In December 2022, we issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Notes”). In February 2023, we issued an additional $50.0 million in aggregate principal amount of the December 2025 Notes bearing interest at a fixed rate of 7.53% per year. The outstanding aggregate principal amount of the December 2025 Notes as of September 30, 2023 and December 31, 2022 was $150.0 million and $100.0 million, respectively.
We maintain a program with certain selling agents through which we can sell shares of our common stock by means of at-the-market offerings from time to time (the “ATM Program”). During the nine months ended September 30, 2023, we sold 4,186,856 shares of our common stock at a weighted-average price of $39.84 per share and raised $166.8 million of gross proceeds under the ATM Program. Net proceeds were $165.1 million after commissions to the selling agents on shares sold and offering costs. As of September 30, 2023, there were no share sales transactions that had not yet settled. As of September 30, 2023, 6,275,828 shares remained available for sale under the ATM Program. During the year ended December 31, 2022, we sold 5,407,382 shares of our common stock at a weighted-average price of $39.29 per share and raised $212.4 million of gross proceeds under the ATM Program. Net proceeds were $209.9 million after commissions to the selling agents on shares sold and offering costs.
During the year ended December 31, 2022, we completed a public equity offering of 1,345,500 shares of common stock at a public offering price of $42.85 per share, including the underwriters’ full exercise of their option to purchase 175,500 additional shares, resulting in total net proceeds, including exercise of the underwriters’ option to purchase additional shares and after deducting underwriting discounts and estimated offering expenses payable by us, of approximately $55.1 million.
We anticipate that we will continue to fund our investment activities through existing cash and cash equivalents, cash flows generated through our ongoing operating activities, utilization of available borrowings under our Credit Facilities, and a combination of future issuances of debt and equity capital. Our primary uses of funds will be investments in portfolio companies, operating expenses, cash distributions to holders of our common stock and repayments of note and debenture obligations as they come due.
We periodically invest excess cash balances into marketable securities and idle funds investments. The primary investment objective of marketable securities and idle funds investments is to generate incremental cash returns on excess cash balances prior to utilizing those funds for investment in our LMM, Private Loan and Middle Market portfolio investments. Marketable securities and idle funds investments generally consist of debt investments, independently rated debt investments, certificates of deposit with financial institutions, diversified bond funds and publicly traded debt and equity investments. We may also invest in short-term portfolio investments that are atypical of our LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital and are more liquid than investments within the other portfolios. Short-term portfolio investments consist primarily of investments in secured debt investments and independently rated debt investments.
If our common stock trades below our NAV per share, we will generally not be able to issue additional common stock at the market price, unless our stockholders approve such a sale and our Board of Directors makes certain determinations. We did not seek stockholder authorization to sell shares of our common stock below the then current NAV per share of our common stock at our 2023 Annual Meeting of Stockholders, and have not sought such authorization since 2012, because our common stock price per share has generally traded significantly above the NAV per share of our common stock since 2011. We would therefore need future approval from our stockholders to issue shares below the then current NAV per share.
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In order to satisfy the Code requirements applicable to a RIC, we intend to distribute to our stockholders, after consideration and application of our ability under the Code to carry forward certain excess undistributed taxable income from one tax year into the next tax year, substantially all of our taxable income.
In addition, as a BDC, we generally are required to meet a coverage ratio, or BDC asset coverage ratio, of total assets to total senior securities, which include borrowings and any preferred stock we may issue in the future, of at least 200% (or 150% if certain requirements are met). In January 2008, we received an exemptive order from the SEC to exclude SBA-guaranteed debt securities issued by the Funds and any other wholly-owned subsidiaries of ours which operate as SBICs from the BDC asset coverage ratio which, in turn, enables us to fund more investments with debt capital. In May 2022, our stockholders also approved the application of the reduced BDC asset coverage ratio. As a result, the BDC asset coverage ratio applicable to us decreased from 200% to 150% effective May 3, 2022. As of September 30, 2023, our BDC asset coverage ratio was 248%.
Although we have been able to secure access to additional liquidity, including through the Credit Facilities, public and private debt issuances, leverage available through the SBIC program and equity offerings, there is no assurance that debt or equity capital will be available to us in the future on favorable terms, or at all.
Recently Issued or Adopted Accounting Standards
From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. We believe that the impact of recently issued standards and any that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. For a description of recently issued or adopted accounting standards, see Note B.13. — Summary of Significant Accounting Policies — Recently Issued or Adopted Accounting Standards included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Inflation
Inflation has not historically had a significant effect on our results of operations in any of the reporting periods presented herein. However, our portfolio companies have experienced, specifically including over the last few years, as a result of recent geopolitical events, supply chain and labor issues, and may continue to experience, the increasing impacts of inflation on their operating results, including periodic escalations in their costs for labor, raw materials and third-party services and required energy consumption. These issues and challenges related to inflation are receiving significant attention from our investment teams and the management teams of our portfolio companies as we work to manage these growing challenges. Prolonged or more severe impacts of inflation to our portfolio companies could continue to affect their operating profits and, thereby, increase their borrowing costs, and as a result negatively impact their ability to service their debt obligations and/or reduce their available cash for distributions. In addition, these factors could have a negative effect on the fair value of our investments in these portfolio companies. The combined impacts therefrom in turn could negatively affect our results of operations.
Off-Balance Sheet Arrangements
We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Consolidated Balance Sheets. At September 30, 2023, we had a total of $325.3 million in outstanding commitments comprised of (i) 85 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) 12 investments with equity capital commitments that had not been fully called.
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Contractual Obligations
As of September 30, 2023, the future fixed commitments for cash payments in connection with our July 2026 Notes, the May 2024 Notes, SBIC debentures, the December 2025 Notes, and rent obligations under our office lease for each of the next five years and thereafter are as follows:
2023
2024
2025
2026
2027
Thereafter
Total
(dollars in thousands)
July 2026 Notes $ —  $ —  $ —  $ 500,000  $ —  $ —  $ 500,000 
Interest due on July 2026 Notes —  15,000  15,000  15,000  —  —  45,000 
May 2024 Notes —  450,000  —  —  —  —  450,000 
Interest due on May 2024 Notes 11,700  11,700  —  —  —  —  23,400 
SBIC debentures —  63,800  —  —  75,000  211,200  350,000 
Interest due on SBIC debentures —  9,119  8,146  8,146  7,429  14,644  47,484 
December 2025 Notes —  —  150,000  —  —  —  150,000 
Interest due on December 2025 Notes 5,803  11,605  11,637  —  —  —  29,045 
Operating Lease Obligation (1)
 194  1,020  1,115  1,135  1,155  7,674  12,293 
Total $ 17,697  $ 562,244  $ 185,898  $ 524,281  $ 83,584  $ 233,518  $ 1,607,222 
____________________
(1)Operating Lease Obligation means a rent payment obligation under a lease classified as an operating lease and disclosed pursuant to ASC 842, as may be modified or supplemented.
As of September 30, 2023, we had $323.0 million in borrowings outstanding under our Corporate Facility, and the Corporate Facility is scheduled to mature in August 2027. As of September 30, 2023, we had $170.0 million in borrowings outstanding under our SPV Facility, and the SPV Facility is scheduled to mature in November 2027.
Related Party Transactions and Agreements
We have entered into agreements and transactions with the External Investment Manager, MSC Income, the Private Loan Fund and the Private Loan Fund II, whereby we have made debt and equity investments and receive certain fees, expense reimbursements and investment income. See Note D — External Investment Manager and Note L — Related Party Transactions included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding these related party transactions and agreements.

In addition, we have a deferred compensation plan, whereby non-employee directors and certain key employees may defer receipt of some or all of their cash compensation and directors’ fees, subject to certain limitations. See Note L — Related Party Transactions included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding the deferred compensation plan.
Recent Developments
In October 2023, we expanded our total commitments under the SPV Facility from $255.0 million to $430.0 million in separate transactions with two new lender relationships. The commitment increases were executed under the accordion feature of the SPV Facility.
In October 2023, we declared a supplemental cash dividend of $0.275 per share payable in December 2023. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that we declared for the fourth quarter of 2023 of $0.235 per share for each of October, November and December 2023 or total monthly cash dividends of $0.705 per share for the quarter. Total dividends declared for the fourth quarter of 2023 equal $0.98 per share, representing a 28.9% increase over the total dividends paid in the fourth quarter of 2022.
In October 2023, we declared regular monthly dividends of $0.24 per share for each of January, February and March of 2024. These regular monthly dividends equal a total of $0.72 per share for the first quarter of 2024, representing a 6.7% increase from the regular monthly dividends paid in the first quarter of 2023.
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Including the regular monthly and supplemental dividends declared for the fourth quarter of 2023 and first quarter of 2024 we will have paid $39.535 per share in cumulative dividends since our October 2007 initial public offering.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are subject to financial market risks, including changes in interest rates, and changes in interest rates may affect both our interest expense on the debt outstanding under our Credit Facilities and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rate indices, including LIBOR, SOFR and Prime rates, to the extent that any debt investments include floating interest rates. See Risk Factors—Risks Related to our Investments — The interest rates of some of our investments are priced using a spread over LIBOR, which will be phased out in the future., Risk Factors — Risks Related to our Business and Structure — We are subject to risks associated with the interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments. and Risk Factors — Risks Related to Leverage — Because we borrow money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for more information regarding risks associated with our debt investments and borrowings that utilize LIBOR, SOFR or Prime as a reference rate.
The majority of our debt investments are made with either fixed interest rates or floating rates that are subject to contractual minimum interest rates for the term of the investment. As of September 30, 2023, 70% of our debt Investment Portfolio (at cost) bore interest at floating rates, 91% of which were subject to contractual minimum interest rates. As of September 30, 2023, 75% of our debt obligations bore interest at fixed rates. Our interest expense will be affected by changes in the published SOFR rate in connection with our Credit Facilities; however, the interest rates on our outstanding July 2026 Notes, May 2024 Notes, SBIC Debentures and December 2025 Notes which collectively comprise the majority of our outstanding debt, are fixed for the life of such debt. As of September 30, 2023, we had not entered into any interest rate hedging arrangements. Due to our limited use of derivatives, we have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and, therefore, are not subject to registration or regulation as a pool operator under such Act. The Company operates as a “limited derivatives user” under Rule 18f-4 under the 1940 Act.
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The following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of September 30, 2023.
Basis Point Change Increase
(Decrease)
in Interest
Income		 (Increase)
Decrease
in Interest
Expense		 Increase
(Decrease) in Net
Investment
Income		 Increase
(Decrease) in Net
Investment
Income per Share
(dollars in thousands, except per share amounts)
(200) $ (41,863) $ 9,860  $ (32,003) $ (0.38)
(175) (36,630) 8,628  (28,002) (0.33)
(150) (31,397) 7,395  (24,002) (0.29)
(125) (26,164) 6,163  (20,001) (0.24)
(100) (20,931) 4,930  (16,001) (0.19)
(75) (15,699) 3,698  (12,001) (0.14)
(50) (10,466) 2,465  (8,001) (0.10)
(25) (5,233) 1,233  (4,000) (0.05)
25 5,233 

(1,233)

4,000 

0.05 
50 10,466 

(2,465)

8,001 

0.10 
75 15,699 

(3,698)

12,001 

0.14 
100 20,931 

(4,930)

16,001 

0.19 
125 26,164 

(6,163)

20,001 

0.24 
150 31,397 

(7,395)

24,002 

0.29 
175 36,630  (8,628) 28,002  0.33 
200 41,863  (9,860) 32,003  0.38 
Although we believe that this analysis is indicative of the impact of interest rate changes to our Net Investment Income as of September 30, 2023, the analysis does not take into consideration future changes in the credit market, credit quality or other business or economic developments that could affect our Net Investment Income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above. The hypothetical results assume that all LIBOR, SOFR and Prime rate changes would be effective on the first day of the period. However, the contractual LIBOR, SOFR and Prime rate reset dates would vary throughout the period. The majority of our investments are based on contracts which reset quarterly, while our Credit Facilities reset monthly. The hypothetical results would also be impacted by the changes in the amount of debt outstanding under our Credit Facilities (with an increase (decrease) in the debt outstanding under the Credit Facilities resulting in an (increase) decrease in the hypothetical interest expense).
Item 4. Controls and Procedures
As of the end of the period covered by this quarterly report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer and Chief Accounting Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer and Chief Accounting Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act. There have been no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 1. Legal Proceedings
We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors
You should carefully consider the risks described below and all other information contained in this Quarterly Report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 that we filed with the SEC on February 24, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 that we filed with the SEC on May 5, 2023, which could materially affect our business, financial condition and/or operating results.
There are no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended September 30, 2023, we issued 200,150 shares of our common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value of the shares of common stock issued during the three months ended September 30, 2023, under the dividend reinvestment plan was $8.1 million.
Upon vesting of restricted stock awarded pursuant to our employee equity compensation plan, shares may be withheld to meet applicable tax withholding requirements. Any withheld shares are treated as common stock purchases by the Company in our consolidated financial statements as they reduce the number of shares received by employees upon vesting (see “Purchase of vested stock for employee payroll tax withholding” in the Consolidated Statements of Changes in Net Assets for share amounts withheld).
Item 5. Other Information
ATM Program
Effective November 3, 2023, we and Comerica Securities, Inc. (“Comerica”) agreed to terminate the equity distribution agreement, dated March 3, 2022, between us and Comerica. Following such termination, Truist Securities, Inc., RBC Capital Markets, LLC, Raymond James & Associates, Inc. and B. Riley Securities, Inc. serve as the sales agents in the ATM Program.
Insider Trading Arrangements and Policies
During the fiscal quarter ended September 30, 2023, neither us, or any of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
149
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Item 6. Exhibits
Listed below are the exhibits which are filed as part of this report (according to the number assigned to them in Item 601 of Regulation S-K):
Exhibit
Number
 Description of Exhibit
10.1
10.2
31.1
31.2
32.1
32.2
101
The following financial information from our Quarterly Report on Form 10-Q for the third quarter of fiscal year 2023, filed with the SEC on November 3, 2023, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets at September 30, 2023 and December 31, 2022, (ii) the Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022, (iii) the Consolidated Statements of Changes in Net Assets for the periods ended September 30, 2023 and 2022, (iv) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022, (v) the Consolidated Schedule of Investments for the periods ended September 30, 2023 and December 31, 2022, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the nine months ended September 30, 2023 and 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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Table of contents                                

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Main Street Capital Corporation
/s/ DWAYNE L. HYZAK
Date: November 3, 2023
 Dwayne L. Hyzak
Chief Executive Officer
(principal executive officer)
/s/ JESSE E. MORRIS
Date: November 3, 2023
 Jesse E. Morris
Chief Financial Officer and Chief Operating Officer
(principal financial officer)
/s/ RYAN R. NELSON
Date: November 3, 2023
 Ryan R. Nelson
Chief Accounting Officer
(principal accounting officer)
151
EX-31.1 2 main-2023930xexx311.htm EX-31.1 Document

Exhibit 31.1
CERTIFICATION PURSUANT TO
RULE 13a-14(a) and 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS AMENDED
I, Dwayne L. Hyzak, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 of Main Street Capital Corporation (the “registrant”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Dated this November 3, 2023.
By:
/s/ DWAYNE L. HYZAK
Dwayne L. Hyzak
Chief Executive Officer

EX-31.2 3 main-2023930xexx312.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATION PURSUANT TO
RULE 13a-14(a) and 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS AMENDED
I, Jesse E. Morris, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 of Main Street Capital Corporation (the “registrant”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Dated this November 3, 2023.
By:
/s/ JESSE E. MORRIS
Jesse E. Morris
Chief Financial Officer and Chief Operating Officer

EX-32.1 4 main-2023930xexx321.htm EX-32.1 Document

Exhibit 32.1
Certification of Chief Executive Officer
Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)
In connection with the accompanying Quarterly Report of Main Street Capital Corporation (the “Registrant”) on Form 10-Q for the quarterly period ended September 30, 2023 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Dwayne L. Hyzak, the Chief Executive Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
/s/ DWAYNE L. HYZAK
Name: Dwayne L. Hyzak
Date: November 3, 2023

EX-32.2 5 main-2023930xexx322.htm EX-32.2 Document

Exhibit 32.2
Certification of Chief Financial Officer
Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)
In connection with the accompanying Quarterly Report of Main Street Capital Corporation (the “Registrant”) on Form 10-Q for the quarterly period ended September 30, 2023 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Jesse E. Morris, the Chief Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
/s/ JESSE E. MORRIS
Name: Jesse E. Morris
Date: November 3, 2023