000139644012-312022Q3falseP5YP3YP3YP5Yhttp://www.mainstcapital.com/20220930#InterestAndDividendReceivableAndOtherAssetshttp://fasb.org/us-gaap/2022#AccountsPayableAndOtherAccruedLiabilities0001396440main:UnsecuredRevolvingPromissoryNoteMembersrt:AffiliatedEntityMembermain:PrivateLoanFundMember2021-12-292021-12-290001396440us-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMemberThe Affiliati Network, LLC.,0001396440Clad-Rex Steel, LLC, Secured Debt Two2022-01-012022-09-3022023-01-012023-06-30
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SeptemberJune 30, 20222023
OR
oTRANSITION 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)
Maryland41-2230745
(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 ClassTrading Symbol
Name of Each Exchange on Which
Registered
Common Stock, par value $0.01 per shareMAINNew 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 filerxAccelerated fileroNon-accelerated fileroSmaller reporting companyo
Emerging growth companyo
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 NovemberAugust 3, 20222023 was 77,253,793.82,428,020.

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TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
1
2
3
4
Consolidated Schedule of Investments (unaudited)—SeptemberJune 30, 20222023
5
Consolidated Schedule of Investments—December 31, 20212022
3536
6167
100108
115124
135144
136145
PART II
OTHER INFORMATION
137146
137146
137146
138147
139148

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MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
September 30, 2022December 31, 2021June 30,
2023		December 31, 2022
(Unaudited)(Unaudited)
ASSETSASSETSASSETS
Investments at fair value:Investments at fair value:Investments at fair value:
Control investments (cost: $1,199,446 and $1,107,597 as of September 30, 2022 and December 31, 2021, respectively)$1,599,429 $1,489,257 
Affiliate investments (cost: $576,047 and $578,539 as of September 30, 2022 and December 31, 2021, respectively)552,581 549,214 
Non‑Control/Non‑Affiliate investments (cost: $1,914,134 and $1,573,110 as of September 30, 2022 and December 31, 2021, respectively)1,821,480 1,523,360 
Total investments (cost: $3,689,627 and $3,259,246 as of September 30, 2022 and December 31, 2021, respectively)3,973,490 3,561,831 
Control investments (cost: $1,377,194 and $1,270,802 as of June 30, 2023 and December 31, 2022, respectively)Control investments (cost: $1,377,194 and $1,270,802 as of June 30, 2023 and December 31, 2022, respectively)$1,883,699 $1,703,172 
Affiliate investments (cost: $539,826 and $635,536 as of June 30, 2023 and December 31, 2022, respectively)Affiliate investments (cost: $539,826 and $635,536 as of June 30, 2023 and December 31, 2022, respectively)563,125 618,359 
Non‑Control/Non‑Affiliate investments (cost: $1,825,669 and $1,867,414 as of June 30, 2023 and December 31, 2022, respectively)Non‑Control/Non‑Affiliate investments (cost: $1,825,669 and $1,867,414 as of June 30, 2023 and December 31, 2022, respectively)1,763,719 1,780,646 
Total investments (cost: $3,742,689 and $3,773,752 as of June 30, 2023 and December 31, 2022, respectively)Total investments (cost: $3,742,689 and $3,773,752 as of June 30, 2023 and December 31, 2022, respectively)4,210,543 4,102,177 
Cash and cash equivalentsCash and cash equivalents61,158 32,629 Cash and cash equivalents70,886 49,121 
Interest and dividend receivable and other assetsInterest and dividend receivable and other assets74,283 56,488 Interest and dividend receivable and other assets117,749 82,731 
Receivable for securities soldReceivable for securities sold20,929 35,125 Receivable for securities sold13,959 381 
Deferred financing costs (net of accumulated amortization of $10,203 and $9,462 as of September 30, 2022 and December 31, 2021, respectively)5,106 4,217 
Deferred financing costs (net of accumulated amortization of $11,420 and $10,603 as of June 30, 2023 and December 31, 2022, respectively)Deferred financing costs (net of accumulated amortization of $11,420 and $10,603 as of June 30, 2023 and December 31, 2022, respectively)7,101 7,475 
Total assetsTotal assets$4,134,966 $3,690,290 Total assets$4,420,238 $4,241,885 
LIABILITIESLIABILITIESLIABILITIES
Credit facility$561,000 $320,000 
3.00% Notes due 2026 (par: $500,000 as of both September 30, 2022 and December 31, 2021)498,004 497,609 
5.20% Notes due 2024 (par: $450,000 as of both September 30, 2022 and December 31, 2021)450,863 451,272 
SBIC debentures (par: $350,000 ($16,000 due within one year) as of both September 30, 2022 and December 31, 2021)343,618 342,731 
4.50% Notes due 2022 (par: $185,000 as of both September 30, 2022 and December 31, 2021)184,899 184,444 
Credit FacilitiesCredit Facilities$580,000 $607,000 
July 2026 Notes (par: $500,000 as of both June 30, 2023 and December 31, 2022)July 2026 Notes (par: $500,000 as of both June 30, 2023 and December 31, 2022)498,399 498,136 
May 2024 Notes (par: $450,000 as of both June 30, 2023 and December 31, 2022)May 2024 Notes (par: $450,000 as of both June 30, 2023 and December 31, 2022)450,454 450,727 
SBIC debentures (par: $350,000 ($63,800 due within one year) and $350,000 as of June 30, 2023 and December 31, 2022, respectively)SBIC debentures (par: $350,000 ($63,800 due within one year) and $350,000 as of June 30, 2023 and December 31, 2022, respectively)343,943 343,914 
December 2025 Notes (par: $150,000 and $100,000 as of June 30, 2023 and December 31, 2022, respectively)December 2025 Notes (par: $150,000 and $100,000 as of June 30, 2023 and December 31, 2022, respectively)148,706 99,325 
Accounts payable and other liabilitiesAccounts payable and other liabilities40,158 40,469 Accounts payable and other liabilities48,502 52,092 
Payable for securities purchased— 5,111 
Interest payableInterest payable16,673 14,926 Interest payable15,355 16,580 
Dividend payableDividend payable16,789 15,159 Dividend payable18,729 17,676 
Deferred tax liability, netDeferred tax liability, net43,542 29,723 Deferred tax liability, net61,202 47,849 
Total liabilitiesTotal liabilities2,155,546 1,901,444 Total liabilities2,165,290 2,133,299 
Commitments and contingencies (Note K)Commitments and contingencies (Note K)Commitments and contingencies (Note K)
NET ASSETSNET ASSETSNET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 76,155,807 and 70,700,885 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)763 707 
Common stock, $0.01 par value per share (150,000,000 shares authorized; 81,026,676 and 78,463,599 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)Common stock, $0.01 par value per share (150,000,000 shares authorized; 81,026,676 and 78,463,599 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)814 784 
Additional paid‑in capitalAdditional paid‑in capital1,952,992 1,736,346 Additional paid‑in capital2,132,041 2,030,531 
Total undistributed earningsTotal undistributed earnings25,665 51,793 Total undistributed earnings122,093 77,271 
Total net assetsTotal net assets1,979,420 1,788,846 Total net assets2,254,948 2,108,586 
Total liabilities and net assetsTotal liabilities and net assets$4,134,966 $3,690,290 Total liabilities and net assets$4,420,238 $4,241,885 
NET ASSET VALUE PER SHARENET ASSET VALUE PER SHARE$25.94 $25.29 NET ASSET VALUE PER SHARE$27.69 $26.86 
The accompanying notes are an integral part of these consolidated financial statements
1
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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,Three Months Ended June 30,Six Months Ended
June 30,
20222021202220212023202220232022
INVESTMENT INCOME:INVESTMENT INCOME:INVESTMENT INCOME:
Interest, fee and dividend income:Interest, fee and dividend income:Interest, fee and dividend income:
Control investmentsControl investments$41,367 $34,852 $110,751 $85,904 Control investments$47,979 $36,808 $96,841 $69,385 
Affiliate investmentsAffiliate investments12,490 12,274 38,300 34,785 Affiliate investments20,999 11,893 38,455 25,810 
Non‑Control/Non‑Affiliate investmentsNon‑Control/Non‑Affiliate investments44,530 29,653 113,930 86,192 Non‑Control/Non‑Affiliate investments58,605 36,499 112,542 69,401 
Total investment incomeTotal investment income98,387 76,779 262,981 206,881 Total investment income127,583 85,200 247,838 164,596 
EXPENSES:EXPENSES:EXPENSES:
InterestInterest(21,234)(14,711)(55,216)(42,914)Interest(26,754)(17,295)(51,752)(33,982)
CompensationCompensation(10,404)(9,576)(26,480)(22,790)Compensation(12,188)(8,807)(23,300)(16,076)
General and administrativeGeneral and administrative(4,018)(3,047)(11,483)(9,439)General and administrative(4,514)(4,238)(8,591)(7,464)
Share‑based compensationShare‑based compensation(3,617)(2,869)(10,031)(7,961)Share‑based compensation(4,087)(3,596)(8,187)(6,414)
Expenses allocated to the External Investment ManagerExpenses allocated to the External Investment Manager3,334 2,728 9,613 7,680 Expenses allocated to the External Investment Manager5,688 3,462 10,686 6,279 
Total expensesTotal expenses(35,939)(27,475)(93,597)(75,424)Total expenses(41,855)(30,474)(81,144)(57,657)
NET INVESTMENT INCOMENET INVESTMENT INCOME62,448 49,304 169,384 131,457 NET INVESTMENT INCOME85,728 54,726 166,694 106,939 
NET REALIZED GAIN (LOSS):NET REALIZED GAIN (LOSS):NET REALIZED GAIN (LOSS):
Control investmentsControl investments(5,822)8,786 (5,822)(4,459)Control investments(48,111)— (51,077)— 
Affiliate investmentsAffiliate investments601 (5,147)1,340 3,962 Affiliate investments9,997 47 (16,267)739 
Non‑Control/Non‑Affiliate investmentsNon‑Control/Non‑Affiliate investments10,252 4,666 7,784 11,072 Non‑Control/Non‑Affiliate investments(37,392)(5,111)(36,542)(2,467)
Total net realized gain5,031 8,305 3,302 10,575 
Total net realized lossTotal net realized loss(75,506)(5,064)(103,886)(1,728)
NET UNREALIZED APPRECIATION (DEPRECIATION):NET UNREALIZED APPRECIATION (DEPRECIATION):NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investmentsControl investments7,517 20,671 20,618 65,756 Control investments75,779 4,822 92,940 13,101 
Affiliate investmentsAffiliate investments(1,069)14,285 3,703 30,518 Affiliate investments(11,469)1,731 21,672 4,772 
Non‑Control/Non‑Affiliate investmentsNon‑Control/Non‑Affiliate investments(16,529)3,675 (44,243)20,798 Non‑Control/Non‑Affiliate investments40,631 (31,146)25,447 (27,714)
Total net unrealized appreciation (depreciation)Total net unrealized appreciation (depreciation)(10,081)38,631 (19,922)117,072 Total net unrealized appreciation (depreciation)104,941 (24,593)140,059 (9,841)
INCOME TAXES:INCOME TAXES:INCOME TAXES:
Federal and state income, excise and other taxesFederal and state income, excise and other taxes(1,540)(953)(3,658)(2,242)Federal and state income, excise and other taxes(1,671)(809)(3,407)(2,118)
Deferred taxesDeferred taxes(520)(11,331)(13,819)(20,449)Deferred taxes(6,976)(9,511)(13,353)(13,299)
Income tax provisionIncome tax provision(2,060)(12,284)(17,477)(22,691)Income tax provision(8,647)(10,320)(16,760)(15,417)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONSNET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$55,338 $83,956 $135,287 $236,413 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$106,516 $14,749 $186,107 $79,953 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTEDNET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED$0.83 $0.71 $2.31 $1.92 NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED$1.06 $0.75 $2.08 $1.47 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTEDNET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$0.74 $1.22 $1.84 $3.45 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$1.32 $0.20 $2.32 $1.10 
WEIGHTED AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED		WEIGHTED AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED		75,036,52269,021,82673,363,28168,557,362WEIGHTED AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED		80,807,86173,304,61980,190,63072,512,793

The accompanying notes are an integral part of these consolidated financial statements
2
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MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)
Common StockAdditional
Paid-In
Capital		Total
Undistributed
(Overdistributed)
Earnings		Total Net
Asset Value
Number of
Shares		Par
Value
Balances at December 31, 202067,762,032$677 $1,615,940 $(101,850)$1,514,767 
Public offering of common stock, net of offering costs117,3882 3,626 — 3,628 
Share‑based compensation—— 2,333 — 2,333 
Purchase of vested stock for employee payroll tax withholding(180)— (7)— (7)
Dividend reinvestment106,6511 3,698 — 3,699 
Amortization of directors’ deferred compensation—— 195 — 195 
Issuance of restricted stock15,007— — — — 
Dividends to stockholders—— 96 (41,893)(41,797)
Net increase resulting from operations—— — 57,346 57,346 
Balances at March 31, 202168,000,898$680 $1,625,881 $(86,397)$1,540,164 
Public offering of common stock, net of offering costs231,7952 9,396 — 9,398 
Share‑based compensation—— 2,759 — 2,759 
Purchase of vested stock for employee payroll tax withholding(114,357)(1)(4,464)— (4,465)
Dividend reinvestment91,6321 3,755 — 3,756 
Amortization of directors’ deferred compensation—— 163 — 163 
Issuance of restricted stock, net of forfeited shares321,8213 (3)— — 
Dividends to stockholders—— 96 (42,140)(42,044)
Net increase resulting from operations—— — 95,110 95,110 
Balances at June 30, 202168,531,789$685 $1,637,583 $(33,427)$1,604,841 
Public offering of common stock, net of offering costs772,2748 31,812 — 31,820 
Share‑based compensation—— 2,869 — 2,869 
Purchase of vested stock for employee payroll tax withholding(13,818)— (575)— (575)
Dividend reinvestment95,3641 3,984 — 3,985 
Amortization of directors’ deferred compensation—— 147 — 147 
Issuance of restricted stock, net of forfeited shares23,036— — — — 
Dividends to stockholders—— 97 (42,833)(42,736)
Net increase resulting from operations—— — 83,956 83,956 
Balances at September 30, 202169,408,645$694 $1,675,917 $7,696 $1,684,307 
Common StockAdditional
Paid-In
Capital		Total
Undistributed
(Overdistributed)
Earnings		Total Net
Asset Value
Number of
Shares		Par
Value
Balances at December 31, 2021Balances at December 31, 202170,737,021$707 $1,736,346 $51,793 $1,788,846 Balances at December 31, 202170,737,021$707 $1,736,346 $51,793 $1,788,846 
Public offering of common stock, net of offering costsPublic offering of common stock, net of offering costs1,502,43015 63,507 — 63,522 Public offering of common stock, net of offering costs1,502,43015 63,507 — 63,522 
Share‑based compensationShare‑based compensation—— 2,818 — 2,818 Share‑based compensation—— 2,818 — 2,818 
Dividend reinvestmentDividend reinvestment114,0431 4,812 — 4,813 Dividend reinvestment114,0431 4,812 — 4,813 
Amortization of directors’ deferred compensationAmortization of directors’ deferred compensation—— 147 — 147 Amortization of directors’ deferred compensation—— 147 — 147 
Issuance of restricted stock, net of forfeited sharesIssuance of restricted stock, net of forfeited shares16,913— — — — Issuance of restricted stock, net of forfeited shares16,913— — — — 
Dividends to stockholdersDividends to stockholders—— 109 (51,804)(51,695)Dividends to stockholders—— 109 (51,804)(51,695)
Net increase resulting from operationsNet increase resulting from operations—— — 65,203 65,203 Net increase resulting from operations—— — 65,203 65,203 
Balances at March 31, 2022Balances at March 31, 202272,370,407$723 $1,807,739 $65,192 $1,873,654 Balances at March 31, 202272,370,407$723 $1,807,739 $65,192 $1,873,654 
Public offering of common stock, net of offering costsPublic offering of common stock, net of offering costs662,8287 25,626 — 25,633 Public offering of common stock, net of offering costs662,8287 25,626 — 25,633 
Share‑based compensationShare‑based compensation—— 3,596 — 3,596 Share‑based compensation—— 3,596 — 3,596 
Purchase of vested stock for employee payroll tax withholdingPurchase of vested stock for employee payroll tax withholding(115,071)(1)(4,894)— (4,895)Purchase of vested stock for employee payroll tax withholding(115,071)(1)(4,894)— (4,895)
Dividend reinvestmentDividend reinvestment132,1561 4,999 — 5,000 Dividend reinvestment132,1561 4,999 — 5,000 
Amortization of directors’ deferred compensationAmortization of directors’ deferred compensation—— 130 — 130 Amortization of directors’ deferred compensation—— 130 — 130 
Issuance of restricted stock, net of forfeited sharesIssuance of restricted stock, net of forfeited shares467,2385 (5)— — Issuance of restricted stock, net of forfeited shares467,2385 (5)— — 
Dividends to stockholdersDividends to stockholders—— 114 (52,818)(52,704)Dividends to stockholders—— 114 (52,818)(52,704)
Net increase resulting from operationsNet increase resulting from operations—— — 14,749 14,749 Net increase resulting from operations—— — 14,749 14,749 
Balances at June 30, 2022Balances at June 30, 202273,517,558$735 $1,837,305 $27,123 $1,865,163 Balances at June 30, 202273,517,558$735 $1,837,305 $27,123 $1,865,163 
Public offering of common stock, net of offering costs2,618,22526 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 reinvestment164,2162 6,555 — 6,557 
Amortization of directors’ deferred compensation—— 121 — 121 
Issuance of restricted stock, net of forfeited shares9,937— — — — 
Dividends to stockholders—— 119 (56,796)(56,677)
Net increase resulting from operations—— — 55,338 55,338 
Balances at September 30, 202276,308,830$763 $1,952,992 $25,665 $1,979,420 
Balances at December 31, 2022Balances at December 31, 202278,506,816$784 $2,030,531 $77,271 $2,108,586 
Public offering of common stock, net of offering costsPublic offering of common stock, net of offering costs1,058,91411 40,885 — 40,896 
Share‑based compensationShare‑based compensation—— 4,100 — 4,100 
Purchase of vested stock for employee payroll tax withholdingPurchase of vested stock for employee payroll tax withholding(10,489)— (404)— (404)
Dividend reinvestmentDividend reinvestment199,2822 7,806 — 7,808 
Amortization of directors’ deferred compensationAmortization of directors’ deferred compensation—— 121 — 121 
Issuance of restricted stock, net of forfeited sharesIssuance of restricted stock, net of forfeited shares39,566— — — — 
Dividends to stockholdersDividends to stockholders—— 136 (67,913)(67,777)
Net increase resulting from operationsNet increase resulting from operations—— — 79,592 79,592 
Balances at March 31, 2023Balances at March 31, 202379,794,089$797 $2,083,175 $88,950 $2,172,922 
Public offering of common stock, net of offering costsPublic offering of common stock, net of offering costs1,096,51411 43,193 — 43,204 
Share‑based compensationShare‑based compensation—— 4,087 — 4,087 
Purchase of vested stock for employee payroll tax withholdingPurchase of vested stock for employee payroll tax withholding(140,569)(1)(5,545)— (5,546)
Dividend reinvestmentDividend reinvestment174,8912 6,878 — 6,880 
Amortization of directors’ deferred compensationAmortization of directors’ deferred compensation—— 109 — 109 
Issuance of restricted stock, net of forfeited sharesIssuance of restricted stock, net of forfeited shares506,0815 (5)— — 
Dividends to stockholdersDividends to stockholders—— 149 (73,373)(73,224)
Net increase resulting from operationsNet increase resulting from operations—— — 106,516 106,516 
Balances at June 30, 2023Balances at June 30, 202381,431,006$814 $2,132,041 $122,093 $2,254,948 
The accompanying notes are an integral part of these consolidated financial statements
3
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MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended
September 30,		Six Months Ended
June 30,
2022202120232022
CASH FLOWS FROM OPERATING ACTIVITIESCASH FLOWS FROM OPERATING ACTIVITIESCASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations$135,287$236,413Net increase in net assets resulting from operations$186,107$79,953
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companiesInvestments in portfolio companies(911,273)(911,095)Investments in portfolio companies(395,305)(540,429)
Proceeds from sales and repayments of debt investments in portfolio companiesProceeds from sales and repayments of debt investments in portfolio companies441,860530,964Proceeds from sales and repayments of debt investments in portfolio companies291,557381,697
Proceeds from sales and return of capital of equity investments in portfolio companiesProceeds from sales and return of capital of equity investments in portfolio companies64,16183,376Proceeds from sales and return of capital of equity investments in portfolio companies31,05730,293
Net unrealized (appreciation) depreciationNet unrealized (appreciation) depreciation19,922(117,072)Net unrealized (appreciation) depreciation(140,059)9,841
Net realized gain(3,302)(10,575)
Net realized lossNet realized loss103,8861,728
Accretion of unearned incomeAccretion of unearned income(9,908)(10,972)Accretion of unearned income(9,900)(7,354)
Payment-in-kind interestPayment-in-kind interest(3,511)(6,280)Payment-in-kind interest(5,219)(2,364)
Cumulative dividendsCumulative dividends(1,390)(1,296)Cumulative dividends(717)(1,062)
Share-based compensation expenseShare-based compensation expense10,0317,961Share-based compensation expense8,1876,414
Amortization of deferred financing costsAmortization of deferred financing costs2,0682,277Amortization of deferred financing costs1,5821,372
Deferred tax provisionDeferred tax provision13,81920,449Deferred tax provision13,35313,299
Changes in other assets and liabilities:Changes in other assets and liabilities:Changes in other assets and liabilities:
Interest and dividend receivable and other assetsInterest and dividend receivable and other assets(18,984)(669)Interest and dividend receivable and other assets(34,644)(3,686)
Interest payableInterest payable1,7476,645Interest payable(1,225)42
Accounts payable and other liabilitiesAccounts payable and other liabilities1997,576Accounts payable and other liabilities(3,360)(10,216)
Deferred fees and otherDeferred fees and other1,9463,586Deferred fees and other2,3821,037
Net cash used in operating activities(257,328)(158,712)
Net cash provided by (used in) operating activitiesNet cash provided by (used in) operating activities47,682(39,435)
CASH FLOWS FROM FINANCING ACTIVITIESCASH FLOWS FROM FINANCING ACTIVITIESCASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costsProceeds from public offering of common stock, net of offering costs194,50444,846Proceeds from public offering of common stock, net of offering costs84,10089,155
Proceeds from public offering of 3.00% Notes due 2026—300,000
Proceeds from public offering of December 2025 NotesProceeds from public offering of December 2025 Notes50,000—
Dividends paidDividends paid(143,075)(114,471)Dividends paid(125,260)(94,071)
Proceeds from issuance of SBIC debenturesProceeds from issuance of SBIC debentures—80,200Proceeds from issuance of SBIC debentures16,000—
Repayments of SBIC debenturesRepayments of SBIC debentures—(40,000)Repayments of SBIC debentures(16,000)—
Proceeds from credit facility730,000645,000
Repayments on credit facility(489,000)(714,000)
Proceeds from credit facilitiesProceeds from credit facilities243,000303,000
Repayments on credit facilitiesRepayments on credit facilities(270,000)(243,000)
Debt issuance costs, netDebt issuance costs, net(1,629)(10,166)Debt issuance costs, net(1,807)—
Purchases of vested stock for employee payroll tax withholdingPurchases of vested stock for employee payroll tax withholding(4,943)(5,047)Purchases of vested stock for employee payroll tax withholding(5,950)(4,895)
Net cash provided by financing activities285,857186,362
Net cash provided by (used in) financing activitiesNet cash provided by (used in) financing activities(25,917)50,189
—
Net increase in cash and cash equivalentsNet increase in cash and cash equivalents28,52927,650Net increase in cash and cash equivalents21,76510,754
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIODCASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD32,62931,919CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD49,12132,629
CASH AND CASH EQUIVALENTS AT END OF PERIODCASH AND CASH EQUIVALENTS AT END OF PERIOD$61,158$59,569CASH AND CASH EQUIVALENTS AT END OF PERIOD$70,886$43,383
Supplemental cash flow disclosures:Supplemental cash flow disclosures:Supplemental cash flow disclosures:
Interest paidInterest paid$51,306$33,898Interest paid$51,333$32,505
Taxes paidTaxes paid$4,896$2,046Taxes paid$5,909$4,920
Non-cash financing activities:Non-cash financing activities:Non-cash financing activities:
Value of shares issued pursuant to the DRIPValue of shares issued pursuant to the DRIP$16,370$11,440Value of shares issued pursuant to the DRIP$14,688$9,813
The accompanying notes are an integral part of these consolidated financial statements
4
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Control Investments (5)Control Investments (5)Control Investments (5)
Analytical Systems Keco Holdings, LLCAnalytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas AnalyzersAnalytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt (9) (25)8/16/2019L +10.00%8/16/2024$— $(3)$(3)Secured Debt (9) (25)8/16/2019L+10.00%8/16/2024$— $(2)$(2)
Secured Debt (9)8/16/201912.63%L +10.00%8/16/20244,735 4,595 4,595 Secured Debt (9)8/16/201915.25%L+10.00%8/16/20244,525 4,444 4,444 
Preferred Member Units8/16/20193,20012.63%3,200 — Preferred Member Units8/16/20193,20014.13%3,200 — 
Preferred Member Units5/20/20212,4272,427 3,844 Preferred Member Units5/20/20212,4272,427 4,070 
Warrants (27)8/16/20194208/16/2029316 — Warrants (27)8/16/20194208/16/2029316 — 
10,535 8,436 10,385 8,512 
ASC Interests, LLCASC Interests, LLCRecreational and Educational Shooting FacilityASC Interests, LLCRecreational and Educational Shooting Facility
Secured Debt12/31/201913.00%7/31/2024300 300 300 Secured Debt12/31/201913.00%7/31/2024400 400 400 
Secured Debt8/1/201313.00%7/31/20241,650 1,648 1,648 Secured Debt8/1/201313.00%7/31/20241,650 1,649 1,597 
Member Units8/1/20131,5001,500 800 Member Units8/1/20131,5001,594 510 
3,448 2,748 3,643 2,507 
ATS Workholding, LLCATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and AccessoriesATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and Accessories
Secured Debt (14)11/16/20175.00%8/16/20231,859 1,859 800 Secured Debt (14)11/16/20175.00%8/16/20232,027 2,027 483 
Secured Debt (14)11/16/20175.00%8/16/20233,015 2,857 1,298 Secured Debt (14)11/16/20175.00%8/16/20233,015 2,855 719 
Preferred Member Units11/16/20173,725,8623,726 — Preferred Member Units11/16/20173,725,8623,726 — 
8,442 2,098 8,608 1,202 
Barfly Ventures, LLCBarfly Ventures, LLC(10)Casual Restaurant GroupBarfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00%10/31/2024711 711 711 Secured Debt10/15/20207.00%10/31/2024711 711 711 
Member Units10/26/2020371,584 3,320 Member Units10/26/2020371,584 3,040 
2,295 4,031 2,295 3,751 
Batjer TopCo, LLCBatjer TopCo, LLCHVAC Mechanical ContractorBatjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt (25)3/7/20223/31/2027— (8)(8)Secured Debt (25)3/7/20223/7/2027— (7)— 
Secured Debt3/7/202211.00%3/31/202711,025 10,927 10,927 Secured Debt3/7/202210.00%3/7/202710,575 10,497 10,575 
Preferred Stock3/7/20224,0734,095 4,095 Preferred Stock (8)3/7/20224,0734,095 6,150 
15,014 15,014 14,585 16,725 
Bolder Panther Group, LLCBolder Panther Group, LLCConsumer Goods and Fuel RetailerBolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt (9) (25)12/31/2020L +8.00%12/31/2025— — — Secured Debt (9) (28) (44)12/31/202014.37%SF+9.19%10/31/202797,875 97,328 97,875 
Secured Debt (9)12/31/202012.63%L +10.00%12/31/202599,194 98,615 99,194 Class B Preferred Member Units (8)12/31/2020140,0008.00%14,000 31,120 
Class B Preferred Member Units (8)12/31/2020140,0008.00%14,000 27,010 111,328 128,995 
112,615 126,204 
Brewer Crane Holdings, LLCBrewer Crane Holdings, LLCProvider of Crane Rental and Operating ServicesBrewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt (9)1/9/201812.56%L +10.00%1/9/20236,088 6,084 6,084 Secured Debt (9)1/9/201815.17%L+10.00%1/9/20245,716 5,716 5,653 
Preferred Member Units (8)1/9/20182,9504,280 5,670 Preferred Member Units (8)1/9/20182,9504,280 6,360 
10,364 11,754 9,996 12,013 
Bridge Capital Solutions CorporationBridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions ProviderBridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions Provider
Secured Debt7/25/201613.00%12/11/20248,813 8,813 8,813 
5
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt7/25/201613.00%12/11/20248,813 8,813 8,813 
Secured Debt (30)7/25/201613.00%12/11/20241,000 1,000 1,000 Secured Debt (29)7/25/201613.00%12/11/20241,000 1,000 1,000 
Preferred Member Units (8) (30)7/25/201617,7421,000 1,000 Preferred Member Units (8) (29)7/25/201617,7421,000 1,000 
Warrants (27)7/25/2016827/25/20262,132 4,260 Warrants (27)7/25/2016827/25/20262,132 4,450 
12,945 15,073 12,945 15,263 
Café Brazil, LLCCafé Brazil, LLCCasual Restaurant GroupCafé Brazil, LLCCasual Restaurant Group
Member Units (8)6/9/20061,2331,742 2,370 Member Units (8)6/9/20061,2331,742 2,130 
California Splendor Holdings LLCCalifornia Splendor Holdings LLCProcessor of Frozen FruitsCalifornia Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt (9)3/30/201812.38%L +10.00%7/29/202628,000 27,948 28,000 Secured Debt (9)3/30/201815.25%L+10.00%7/29/202628,000 27,958 28,000 
Preferred Member Units (8)3/30/20186,15710,775 21,025 Preferred Member Units (8)3/30/20186,15710,775 23,435 
Preferred Member Units (8)7/31/20193,67115.00%15.00%3,853 3,853 Preferred Member Units (8)7/31/20193,67115.00%15.00%4,295 4,295 
42,576 52,878 43,028 55,730 
CBT Nuggets, LLCCBT Nuggets, LLCProduces and Sells IT Training Certification VideosCBT Nuggets, LLCProduces and Sells IT Training Certification Videos
Member Units (8)6/1/20064161,300 48,250 Member Units (8)6/1/20064161,300 50,570 
Centre Technologies Holdings, LLCCentre Technologies Holdings, LLCProvider of IT Hardware Services and Software SolutionsCentre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt (9) (25)1/4/2019L +9.00%1/4/2026— — — Secured Debt (9) (25)1/4/2019L+9.00%1/4/2026— — — 
Secured Debt (9)1/4/201911.63%L +9.00%1/4/202615,030 14,947 14,947 Secured Debt (9)1/4/201914.25%L+9.00%1/4/202615,030 14,966 15,030 
Preferred Member Units1/4/201913,3096,122 8,160 Preferred Member Units1/4/201913,3096,122 10,400 
21,069 23,107 21,088 25,430 
Chamberlin Holding LLCChamberlin Holding LLCRoofing and Waterproofing Specialty ContractorChamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt (9) (25)2/26/2018L +6.00%2/26/2023— — — Secured Debt (9) (25) (28)2/26/2018SF+6.00%2/26/2026— (77)— 
Secured Debt(9)2/26/201810.63%L +8.00%2/26/202317,466 17,438 17,466 Secured Debt (9) (28)2/26/201813.36%SF+8.00%2/26/202616,407 16,402 16,407 
Member Units(8)2/26/20184,34711,440 22,330 Member Units (8)2/26/20184,34711,440 23,940 
Member Units (8) (30)11/2/20181,047,1461,773 1,991 Member Units (8) (29)11/2/20181,047,1461,773 2,830 
30,651 41,787 29,538 43,177 
Charps, LLCCharps, LLCPipeline Maintenance and ConstructionCharps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202010.00%1/31/20265,694 4,635 5,694 Unsecured Debt8/26/202010.00%1/31/20265,694 4,661 5,694 
Preferred Member Units(8)2/3/20171,8291,963 13,210 Preferred Member Units (8)2/3/20171,8291,963 13,800 
6,598 18,904 6,624 19,494 
Clad-Rex Steel, LLCClad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad MetalClad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt(9)12/20/201612.13%L +9.50%1/15/202410,480 10,430 10,430 Secured Debt (25)10/28/2022 1/15/2024— — — 
Secured Debt12/20/201610.00%12/20/20361,057 1,047 1,047 Secured Debt 12/20/201611.50% 1/15/20249,720 9,698 9,634 
Member Units(8)12/20/20167177,280 9,490 Secured Debt12/20/201610.00%12/20/20361,031 1,022 1,022 
Member Units(30)12/20/2016800210 610 Member Units (8)12/20/20167177,280 6,380 
18,967 21,577 Member Units (29)12/20/2016800509 1,129 
CMS Minerals InvestmentsOil & Gas Exploration & Production
6
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Member Units (8) (30)4/1/20161001,423 1,890 
18,509 18,165 
Cody Pools, Inc.Cody Pools, Inc.Designer of Residential and Commercial PoolsCody Pools, Inc.Designer of Residential and Commercial Pools   
Secured Debt (9) (25)3/6/2020L +10.50%12/17/2026— (11)(11)   Secured Debt (25)3/6/202012/17/2026— (12)— 
Secured Debt(9)3/6/202013.63%L +10.50%12/17/202641,225 40,924 41,225    Secured Debt3/6/202012.50%12/17/202646,312 46,273 46,312 
Preferred Member Units (8) (30)3/6/20205878,317 57,210 Preferred Member Units (8) (29)3/6/20205878,317 65,120 
49,230 98,424 54,578 111,432 
Colonial Electric Company LLCColonial Electric Company LLCProvider of Electrical Contracting ServicesColonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(25)3/31/20213/31/2026— — — Secured Debt (25)3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/202623,625 23,451 23,451 Secured Debt3/31/202112.00%3/31/202622,680 22,549 22,049 
Preferred Member Units(8)3/31/202117,2807,680 9,210 Preferred Member Units6/27/2023960960 2,400 
31,131 32,661 Preferred Member Units3/31/202117,2807,680 7,680 
31,189 32,129 
CompareNetworks Topco, LLCCompareNetworks Topco, LLCInternet Publishing and Web Search PortalsCompareNetworks Topco, LLCInternet Publishing and Web Search Portals
Secured Debt(9)1/29/201911.63%L +9.00%1/29/20245,350 5,339 5,350 Secured Debt (9)1/29/201914.25%L+9.00%1/29/20244,869 4,864 4,869 
Preferred Member Units(8)1/29/20191,9751,975 18,570 Preferred Member Units (8)1/29/20191,9751,975 16,380 
7,314 23,920 6,839 21,249 
Copper Trail Fund InvestmentsCopper Trail Fund Investments(12) (13)Investment PartnershipCopper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP) (30)7/17/201738.75%588 588 
Cybermedia Technologies, LLCCybermedia Technologies, LLCIT and Digital Services Provider
Secured Debt(25)5/5/20235/5/2028— — — 
Secured Debt5/5/202313.00%5/5/202829,000 28,720 28,720 
LP Interests (CTMH, LP)(31)7/17/201738.75%710 710 Preferred Member Units5/5/202355615,000 15,000 
43,720 43,720 
Datacom, LLCDatacom, LLCTechnology and Telecommunications ProviderDatacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025223 223 223 Secured Debt3/1/20227.50%12/31/2025720 716 716 
Secured Debt3/31/20217.50%12/31/20258,690 8,217 7,749 Secured Debt3/31/202110.00%12/31/20258,487 8,132 7,732 
Preferred Member Units(8)3/31/20219,0002,610 2,670 Preferred Member Units (8)3/31/20219,0002,610 2,350 
11,050 10,642 11,458 10,798 
Digital Products Holdings LLCDigital Products Holdings LLCDesigner and Distributor of Consumer ElectronicsDigital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt(9)4/1/201812.63%L +10.00%4/1/202315,863 15,844 15,844 Secured Debt (9) (28)4/1/201815.25%SF+10.00%4/27/202614,873 14,733 14,733 
Preferred Member Units(8)4/1/20183,8579,501 9,835 Preferred Member Units (8)4/1/20183,8579,501 9,835 
25,345 25,679 24,234 24,568 
Direct Marketing Solutions, Inc.Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing ServicesDirect Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt(9)2/13/201813.63%L +11.00%2/13/20243,400 3,386 3,400 Secured Debt(25)2/13/2018 2/13/2026— (74)— 
Secured Debt(9)2/13/201813.63%L +11.00%2/13/202423,050 22,966 23,050 
Preferred Stock(8)2/13/20188,4008,400 22,220 
34,752 48,670 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Secured Debt(9)10/29/20219.25%L +6.50%10/31/20267,600 7,536 7,600 
7
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt 12/27/202213.00% 2/13/202626,465 26,355 26,465 
Preferred Stock (8)2/13/20188,4008,400 23,350 
34,681 49,815 
Elgin AcquireCo, LLCElgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt (9) (25) (28)10/3/2022SF+6.00%10/3/2027— (8)(8)
Secured Debt10/3/202212.00%10/3/202718,773 18,613 18,613 
Secured Debt10/3/20229.00%10/3/20526,335 6,274 6,274 
Secured Debt(9)10/29/202113.75%L +11.00%10/31/202621,200 21,027 21,200 Common Stock10/3/20222855,726 6,090 
Preferred Equity(8)10/29/20219,36010,400 13,840 Common Stock (29)10/3/20229391,558 1,670 
38,963 42,640 32,163 32,639 
Gamber-Johnson Holdings, LLCGamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting SystemsGamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt (9) (25)6/24/2016L +8.00%1/1/2025— — — Secured Debt (9) (25) (28) (41)6/24/2016SF+8.50%1/1/2028— — — 
Secured Debt(9)6/24/201610.63%L +8.00%1/1/202524,078 24,019 24,078 Secured Debt (9) (28) (41)12/15/202211.00%SF+8.00%1/1/202859,678 59,349 59,678 
Member Units(8)6/24/20169,04217,692 46,470 Member Units (8)6/24/20169,04217,692 70,160 
41,711 70,548 77,041 129,838 
Garreco, LLCGarreco, LLCManufacturer and Supplier of Dental ProductsGarreco, LLCManufacturer and Supplier of Dental Products
Secured Debt (9) (37)7/15/20139.50%L +8.00%7/31/20233,826 3,826 3,826 Secured Debt (9) (42)7/15/201312.00%L+10.00%1/31/20243,272 3,272 3,272 
Member Units(8)7/15/20131,2001,200 1,990 Member Units 7/15/20131,2001,200 1,580 
5,026 5,816 4,472 4,852 
GRT Rubber Technologies LLCGRT Rubber Technologies LLCManufacturer of Engineered Rubber ProductsGRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/19/201410.56%L +8.00%10/29/202640,493 40,301 40,493 Secured Debt12/21/201811.17%L+6.00%12/21/20231,300 1,300 1,300 
Member Units(8)12/19/20145,87913,065 46,190 Secured Debt12/19/201413.17%L+8.00%10/29/202640,493 40,336 40,493 
53,366 86,683 Member Units 12/19/20145,87913,065 44,440 
54,701 86,233 
Gulf Manufacturing, LLCGulf Manufacturing, LLCManufacturer of Specialty Fabricated Industrial Piping ProductsGulf Manufacturing, LLCManufacturer of Specialty Fabricated Industrial Piping Products
Member Units(8)8/31/20074382,980 5,810 Member Units(8)8/31/20074382,980 8,000 
Gulf Publishing Holdings, LLCGulf Publishing Holdings, LLCEnergy Industry Focused Media and PublishingGulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt (9) (25)9/29/2017L +9.50%7/1/2027— — — Secured Debt (9) (25)9/29/2017L+9.50%7/1/2027— — — 
Secured Debt7/1/202212.50%6/30/20272,400 2,400 2,284 Secured Debt7/1/202212.50%7/1/20272,400 2,400 2,284 
Member Units4/29/20163,6813,681 — Preferred Equity7/1/202263,7205,600 3,780 
Member Units7/1/202263,7205,600 3,920 Member Units4/29/20163,6813,681 — 
11,681 6,204 11,681 6,064 
Harris Preston Fund InvestmentsHarris Preston Fund Investments(12) (13)Investment PartnershipHarris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(31)10/1/201749.26%3,895 7,142 
LP Interests (2717 HPP-MS, L.P.)(31)3/11/202249.26%244 244 
4,139 7,386 
Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock6/4/2010107,456718 3,280 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt(9)11/14/200612.25%P +6.75%11/14/20232,450 2,442 2,450 
8
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
LP Interests (2717 MH, L.P.) (8) (30)10/1/201749.26%3,364 6,346 
LP Interests (2717 HPP-MS, L.P.)(30)3/11/202249.26%248 315 
3,612 6,661 
Harrison Hydra-Gen, Ltd.Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock6/4/2010107,456718 3,490 
IG Investor, LLCIG Investor, LLCMilitary and Other Tactical Gear
Secured Debt(25)6/21/20236/21/2028— (39)(39)
Secured Debt6/21/202313.00%6/21/202837,704 37,333 37,333 
Common Equity6/21/202315,09615,096 15,096 
52,390 52,390 
Independent Pet Partners Intermediate Holdings, LLCIndependent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/202318,006,40718,300 18,300 
Jensen Jewelers of Idaho, LLCJensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt(25)8/29/2017P+6.75%11/14/2023— — — 
Secured Debt(9)11/14/200615.00%P+6.75%11/14/20232,450 2,448 2,450 
Member Units(8)11/14/2006627811 14,970 Member Units(8)11/14/2006627811 13,510 
3,253 17,420 3,259 15,960 
Johnson Downie Opco, LLCJohnson Downie Opco, LLCExecutive Search ServicesJohnson Downie Opco, LLCExecutive Search Services
Secured Debt (9) (25)12/10/2021L +11.50%12/10/2026— (15)(15)Secured Debt (9) (25)12/10/2021L+11.50%12/10/2026— (12)— 
Secured Debt(9)12/10/202114.13%L +11.50%12/10/20269,999 9,915 9,999 Secured Debt(9)12/10/202116.75%L+11.50%12/10/20269,838 9,771 9,838 
Preferred Equity(8)12/10/20213,1503,150 5,880 Preferred Equity(8)12/10/20213,1503,150 6,550 
13,050 15,864 12,909 16,388 
JorVet Holdings, LLCJorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and SuppliesJorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202725,650 25,419 25,419 Secured Debt3/28/202212.00%3/28/202725,650 25,458 25,458 
Common Stock(8)3/28/2022107,40610,741 10,741 Preferred Equity(8)3/28/2022107,40610,741 10,741 
36,160 36,160 36,199 36,199 
KBK Industries, LLCKBK Industries, LLCManufacturer of Specialty Oilfield and Industrial ProductsKBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
Member Units(8)1/23/2006325783 14,390 Secured Debt2/24/20239.00%2/24/20285,300 5,251 5,300 
Member Units(8)1/23/2006325783 12,360 
6,034 17,660 
Kickhaefer Manufacturing Company, LLCKickhaefer Manufacturing Company, LLCPrecision Metal Parts ManufacturingKickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201811.50%10/31/202320,415 20,361 20,361 Secured Debt10/31/201812.00%10/31/202620,599 20,569 20,569 
Secured Debt10/31/20189.00%10/31/20483,888 3,851 3,851 Secured Debt10/31/20189.00%10/31/20483,860 3,824 3,824 
Member Units10/31/201858112,240 9,250 Preferred Equity10/31/201858112,240 7,730 
Member Units (8) (30)10/31/2018800992 2,460 
37,444 35,922 
Market Force Information, LLCProvider of Customer Experience Management Services
Secured Debt(9)7/28/201713.38%L +11.00%7/28/20235,000 5,000 5,000 
Secured Debt(14)7/28/201712.00%12.00%7/28/202326,079 25,952 2,871 
Member Units7/28/2017743,92116,642 — 
47,594 7,871 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt8/31/201513.00%12/31/20226,236 6,236 2,709 
Preferred Member Units3/15/201966,0004,400 — 
Preferred Member Units9/1/20154,0006,000 — 
16,636 2,709 
MS Private Loan Fund I, LP(12) (13)Investment Partnership
Secured Debt(25)1/26/202112/31/2024— — — 
LP Interests (8) (31)1/26/202114.51%14,250 14,351 
14,250 14,351 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013129,500 112,490 
9
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Member Units (8) (29)10/31/2018800992 2,780 
37,625 34,903 
MetalForming AcquireCo, LLCMetalForming AcquireCo, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(25)10/19/202210/19/2024— — — 
Secured Debt10/19/202212.75%10/19/202723,802 23,599 23,599 
Preferred Equity(8)10/19/20225,915,5858.00%8.00%6,127 6,245 
Common Stock(8)10/19/20221,537,2191,537 1,400 
31,263 31,244 
MH Corbin Holding LLCMH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt(17)8/31/201513.00%12/31/20225,960 5,960 5,503 
Preferred Member Units3/15/201966,0004,400 — 
Preferred Member Units9/1/20154,0006,000 — 
16,360 5,503 
MS Private Loan Fund I, LPMS Private Loan Fund I, LP(12) (13)Investment Partnership
Secured Debt(25)1/26/202112/31/2024— — — 
LP Interests (8) (30)1/26/202114.51%14,250 14,635 
14,250 14,635 
MSC Adviser I, LLCMSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013100%29,500 133,970 
MSC Income Fund, Inc.MSC Income Fund, Inc.(12) (13)Business Development CompanyMSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity(8)5/2/202294,697750 761 Common Equity(8)5/2/2022350,4512,750 2,688 
Mystic Logistics Holdings, LLCMystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume MailersMystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
Secured Debt(25)8/18/20141/31/2024— — — Secured Debt(25)8/18/20141/31/2024— — — 
Secured Debt8/18/201410.00%1/31/20245,746 5,746 5,746 Secured Debt8/18/201410.00%1/31/20245,746 5,746 5,746 
Common Stock(8)8/18/20145,8732,720 20,700 Common Stock(8)8/18/20145,8732,720 27,150 
8,466 26,446 8,466 32,896 
NAPCO Precast, LLCNAPCO Precast, LLCPrecast Concrete ManufacturingNAPCO Precast, LLCPrecast Concrete Manufacturing
Member Units1/31/20082,9552,975 11,180 Member Units1/31/20082,9552,975 12,710 
Nebraska Vet AcquireCo, LLCNebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product ProviderNebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider
Secured Debt12/31/202012.00%12/31/202518,281 18,160 18,281 Secured Debt12/31/202012.00%12/31/202521,294 21,166 21,294 
Secured Debt12/31/202012.00%12/31/202510,500 10,429 10,500 Secured Debt12/31/202012.00%12/31/202510,500 10,445 10,500 
Preferred Member Units12/31/20206,9876,987 7,700 Preferred Member Units(8)12/31/20206,9876,987 12,790 
35,576 36,481 38,598 44,584 
NexRev LLCNexRev LLCProvider of Energy Efficiency Products & ServicesNexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt2/28/201811.00%2/28/2025160 160 160 
Secured Debt2/28/201811.00%2/28/202512,265 12,110 9,053 
Preferred Member Units(8)2/28/2018103,144,1868,213 1,110 
20,483 10,323 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies
Secured Debt12/21/201712.00%3/20/20232,080 2,080 2,080 
Member Units(8)12/22/201165,9623,717 4,790 
5,797 6,870 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/20179.13%L +6.50%1/31/20254,400 4,399 4,399 
Secured Debt1/31/201712.00%1/31/202518,440 18,411 18,411 
Preferred Member Units1/31/201740610,200 10,200 
33,010 33,010 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%8/31/202616,250 16,122 16,250 
Preferred Member Units(8)4/1/20089001,080 20,680 
17,202 36,930 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt (9) (25)7/30/2021L +11.00%7/31/2026— — — 
Secured Debt(9)7/30/202113.63%L +11.00%7/31/202623,600 23,417 23,417 
10
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Stock (8) (30)7/30/202110,00010,000 10,000 
33,417 33,417 
Pearl Meyer Topco LLCProvider of Executive Compensation Consulting Services
Secured Debt(25)4/27/20204/27/2025— — — 
Secured Debt4/27/202012.00%4/27/202528,681 28,521 28,681 
Member Units(8)4/27/202013,80013,000 41,820 
41,521 70,501 
PPL RVs, Inc.Recreational Vehicle Dealer
Secured Debt (9) (25)10/31/2019L +7.00%11/15/2027— (9)(9)
Secured Debt(9)11/15/20168.75%L +7.00%11/15/202719,655 19,416 19,655 
Common Stock(8)6/10/20102,0002,150 19,510 
Common Stock6/14/2022156,574157 157 
21,714 39,313 
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt7/1/201113.00%11/15/20265,897 5,800 5,800 
Preferred Member Units(8)2/1/201121,8065,709 12,230 
Common Stock1/27/20211,0371,200 790 
12,709 18,820 
Quality Lease Service, LLCProvider of Rigsite Accommodation Unit Rentals and Related Services
Member Units6/8/20151,0007,613 625 
River Aggregates, LLCProcessor of Construction Aggregates
Member Units(30)12/20/20131,500369 3,460 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt (9) (25)12/15/2021L +11.00%12/15/2026— (38)(38)
Secured Debt(9)12/15/202113.63%L +11.00%12/15/202635,910 35,609 35,609 
Preferred Equity12/15/202111,07011,070 15,210 
46,641 50,781 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt8/31/201812.00%8/31/20231,840 1,840 1,840 
Secured Debt8/31/201812.00%8/31/202315,200 15,188 15,117 
Preferred Member Units8/31/20185339,068 7,137 
26,096 24,094 
Televerde, LLCProvider of Telemarketing and Data Services
Member Units1/6/20114601,290 5,204 
Preferred Stock1/26/2022248718 1,794 
2,008 6,998 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(25)2/28/2018 2/28/2025— — — 
Secured Debt2/28/201810.00%2/28/20259,811 9,725 8,368 
Preferred Member Units(8)2/28/2018103,144,1868,213 3,450 
17,938 11,818 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies
Secured Debt12/21/201712.00%3/20/20252,080 2,080 2,080 
Member Units(8)12/22/201165,962114 145 
Member Units(8)12/22/201165,9623,603 3,865 
5,797 6,090 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/201711.75%L+6.50%1/31/20254,400 4,399 4,399 
Secured Debt1/31/201712.00%1/31/202518,440 18,420 18,420 
Preferred Member Units1/31/201740610,200 8,380 
Preferred Member Units11/2/20222,0622,062 5,150 
35,081 36,349 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%8/31/202614,250 14,159 14,250 
Preferred Member Units(8)4/1/20089001,080 29,310 
15,239 43,560 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt (9) (25)7/30/2021L+11.00%7/31/2026— — — 
Secured Debt(9)7/30/202116.25%L+11.00%7/31/202622,800 22,658 22,800 
Preferred Stock (8) (29)7/30/202110,00010,000 16,560 
32,658 39,360 
Pearl Meyer Topco LLCProvider of Executive Compensation Consulting Services
Secured Debt 4/27/202012.00%4/27/20253,500 3,496 3,500 
Secured Debt 4/27/202012.00%4/27/202513,500 13,460 13,500 
Secured Debt4/27/202012.00%4/27/202527,681 27,571 27,681 
Preferred Equity(8)4/27/202013,80013,000 44,090 
57,527 88,771 
PPL RVs, Inc.Recreational Vehicle Dealer
Secured Debt (9) (25)10/31/2019L+8.75%11/15/2027— (8)— 
Secured Debt(9)11/15/201613.63%L+8.75%11/15/202720,290 20,083 20,290 
Common Stock(8)6/10/20102,0002,150 18,070 
Common Stock(29)6/14/2022238,421238 250 
22,463 38,610 
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt7/1/201113.00%11/15/20265,897 5,817 5,817 
Preferred Member Units(8)2/1/201121,8065,709 10,480 
11
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(25)5/31/20195/31/2024— (5)(5)
Secured Debt5/31/201912.00%5/31/20248,320 8,288 8,320 
Common Stock(8)5/31/20196154,655 7,420 
12,938 15,735 
Vision Interests, Inc.Manufacturer / Installer of Commercial Signage
Series A Preferred Stock(8)12/23/20113,000,0003,000 3,000 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt (9) (30)12/1/20218.63%L +6.00%12/1/2023800 773 773 
Secured Debt(30)12/1/202111.50%12/1/202630,400 30,144 30,146 
Preferred Equity (8) (30)12/1/202111,84011,840 12,078 
42,757 42,997 
Ziegler’s NYPD, LLCCasual Restaurant Group
Secured Debt6/1/201512.00%10/1/2024450 450 450 
Secured Debt10/1/20086.50%10/1/20241,000 1,000 1,000 
Secured Debt10/1/200814.00%10/1/20242,750 2,750 2,676 
Preferred Member Units6/30/201510,0722,834 1,190 
Warrants(27)7/1/201558710/1/2025600 — 
7,634 5,316 
Subtotal Control Investments (80.8% of net assets at fair value)$1,199,446 $1,599,429 
Affiliate Investments
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt 12/11/202018.00%18.00%6/25/2025$11,200 $11,051 $10,976 
Common Stock12/11/2020593,9283,148 75 
Warrants(27)12/11/2020554,35312/11/2025— 75 
14,199 11,126 
AFG Capital Group, LLCProvider of Rent-to-Own Financing Solutions and Services
Preferred Member Units(8)11/7/20141861,200 8,780 
ATX Networks Corp.(11)Provider of Radio Frequency Management Equipment
Secured Debt(9)9/1/202111.14%L +7.50%9/1/20266,879 6,304 6,707 
Unsecured Debt 9/1/202110.00%10.00%9/1/20283,309 2,205 2,465 
Common Stock9/1/2021583— — 
8,509 9,172 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock1/27/20211,0371,200 500 
12,726 16,797 
Quality Lease Service, LLCProvider of Rigsite Accommodation Unit Rentals and Related Services
Member Units6/8/20151,0007,546 460 
River Aggregates, LLCProcessor of Construction Aggregates
Member Units(29)12/20/20131,500369 3,620 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(25)12/15/2021  12/15/2026— (31)(31)
Secured Debt 12/15/202112.50%  12/15/202635,010 34,769 34,325 
Preferred Equity12/15/202111,07011,070 6,140 
45,808 40,434 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt8/31/201812.00%8/31/20231,840 1,840 1,840 
Secured Debt8/31/201812.00%8/31/202315,200 15,198 15,127 
Preferred Member Units8/31/20185449,245 6,290 
Preferred Member Units2/1/20233,551355 533 
26,638 23,790 
Televerde, LLCProvider of Telemarketing and Data Services
Member Units(8)1/6/20114601,290 6,082 
Preferred Stock1/26/2022248718 1,794 
2,008 7,876 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(25)5/31/20195/31/2024— (3)— 
Secured Debt5/31/201912.00%5/31/20247,920 7,903 7,920 
Common Stock(8)5/31/20196154,655 11,770 
12,555 19,690 
UnionRock Energy Fund III, LP(12) (13)Investment Partnership
LP Interests(30)6/6/2023150 150 
Vision Interests, Inc.Manufacturer / Installer of Commercial Signage
Series A Preferred Stock(8)12/23/20113,000,0003,000 3,000 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt3/31/202310.00%3/31/20252,100 2,100 2,100 
12
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
BBB Tank Services, LLCMaintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
Unsecured Debt (9) (17)4/8/201613.56%L +11.00%4/8/2021800 800 800 
Unsecured Debt (9) (17)4/8/201613.56%L +11.00%4/8/20214,000 4,000 1,498 
Member Units4/8/2016800,000800 — 
Preferred Stock (non-voting) 12/17/201815.00%15.00%162 — 
5,762 2,298 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027320 320 320 
Member Units(8)6/30/20172,160,0002,256 3,320 
2,576 3,640 
Buca C, LLCCasual Restaurant Group
Secured Debt6/30/20159.00%6/30/202317,525 17,525 14,006 
Preferred Member Units 6/30/201566.00%6.00%4,770 — 
22,295 14,006 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt (9) (25)12/17/2021L +6.00%12/17/2026— — — 
Secured Debt12/17/202112.50%12/17/202620,250 20,080 20,080 
Common Stock12/17/2021450,0004,500 4,500 
24,580 24,580 
Chandler Signs Holdings, LLC(10)Sign Manufacturer
Class A Units1/4/20161,500,0001,500 970 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/20208.38%L +6.00%3/12/20257,760 7,760 7,760 
Secured Debt3/12/20208.00%3/12/202519,274 19,171 19,274 
Preferred Member Units(8)3/12/20201545,760 23,790 
32,691 50,824 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund
  III, LP)		 (8) (31)2/4/201517.40%8,214 7,854 
DMA Industries, LLCDistributor of aftermarket ride control products
Secured Debt11/19/202112.00%11/19/202621,200 21,025 21,200 
Preferred Equity11/19/20215,9445,944 7,260 
26,969 28,460 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units1/26/20154,876,67014,000 — 
Preferred Member Units3/31/20235,097,59511,446 10,740 
Preferred Member Units3/31/2023142,512— — 
Common Stock3/31/20231,802,7802,576 — 
30,122 12,840 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt (9) (25) (29)12/1/2021 L+6.00%12/1/2023— (10)(10)
Secured Debt(29)12/1/202111.50%12/1/202629,158 28,958 28,958 
Preferred Equity (8) (29)12/1/202111,84011,840 11,840 
40,788 40,788 
Ziegler’s NYPD, LLCCasual Restaurant Group
Secured Debt6/1/201512.00%10/1/2024450 450 450 
Secured Debt10/1/20086.50%10/1/20241,000 1,000 945 
Secured Debt10/1/200814.00%10/1/20242,750 2,750 2,461 
Preferred Member Units6/30/201510,0722,834 70 
Warrants(27)7/1/201558710/1/2025600 — 
7,634 3,926 
Subtotal Control Investments (83.5% of net assets at fair value)$1,377,194 $1,883,699 
Affiliate Investments (6)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt1/31/202318.00%18.00%6/25/2025$381 $376 $360 
Secured Debt 12/11/202018.00%18.00%6/25/202512,848 12,739 12,141 
Common Stock12/11/2020593,9283,148 — 
Warrants(27)12/11/2020554,35312/11/2025— — 
16,263 12,501 
BBB Tank Services, LLCMaintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
Unsecured Debt (9) (17)4/8/201616.17%L+11.00%4/8/2021800 800 800 
Unsecured Debt (9) (17)4/8/201616.17%L+11.00%4/8/20214,000 4,000 2,202 
Member Units4/8/2016800,000800 — 
Preferred Stock (non-voting) 12/17/201815.00% 162 — 
5,762 3,002 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027320 320 320 
Member Units 6/30/20172,160,0002,256 2,350 
2,576 2,670 
Buca C, LLCCasual Restaurant Group
13
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt6/30/201512.00%6/30/202316,980 16,980 11,964 
Preferred Member Units 6/30/201566.00%6.00%4,770 — 
21,750 11,964 
Career Team Holdings, LLCCareer Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9)12/17/202111.25%L+6.00%12/17/2026450 442 442 
Secured Debt12/17/202112.50%12/17/202620,250 20,110 20,110 
Common Stock12/17/2021450,0004,500 4,500 
25,052 25,052 
Classic H&G Holdings, LLCClassic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/202011.25%L+6.00%3/12/20254,560 4,560 4,560 
Secured Debt3/12/20208.00%3/12/202519,274 19,203 19,274 
Preferred Member Units(8)3/12/20201545,760 18,230 
29,523 42,064 
Congruent Credit Opportunities FundsCongruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund
  III, LP)		 (8) (30)2/4/201513.32%6,224 5,562 
DMA Industries, LLCDMA Industries, LLCDistributor of aftermarket ride control products
Secured Debt11/19/202112.00%11/19/202620,000 19,856 20,000 
Preferred Equity11/19/20215,9445,944 7,260 
25,800 27,260 
Dos Rios PartnersDos Rios Partners(12) (13)Investment PartnershipDos Rios Partners(12) (13)Investment Partnership
LP Interests (Dos Rios Partners, LP)(31)4/25/201320.24%6,605 9,182 LP Interests (Dos Rios Partners, LP)(30)4/25/201320.24%6,313 9,138 
LP Interests (Dos Rios Partners - A, LP)(31)4/25/20136.43%2,097 2,916 LP Interests (Dos Rios Partners - A, LP)(30)4/25/20136.43%2,005 2,852 
8,702 12,098 8,318 11,990 
Dos Rios Stone Products LLCDos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining QuarriesDos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining Quarries
Class A Preferred Units(30)6/27/20162,000,0002,000 350 Class A Preferred Units(29)6/27/20162,000,0002,000 1,580 
EIG Fund InvestmentsEIG Fund Investments(12) (13)Investment PartnershipEIG Fund Investments(12) (13)Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) (31)11/6/20155,000,0001,518 1,470 LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) (30)11/6/20155,000,0001,021 974 
Freeport Financial Funds(12) (13)Investment Partnership
Flame King Holdings, LLCFlame King Holdings, LLCPropane Tank and Accessories Distributor
LP Interests (Freeport Financial SBIC Fund LP) (8) (31)3/23/20159.30%4,064 4,116 Preferred Equity(8)10/29/20219,36010,400 24,350 
LP Interests (Freeport First Lien Loan Fund III LP) (8) (31)7/31/20155.95%6,630 6,175 
10,694 10,291 
GFG Group, LLC.Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20219.00%3/31/202611,745 11,661 11,745 
Preferred Member Units(8)3/31/20212264,900 7,140 
16,561 18,885 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.) (8) (31)8/9/20178.22%2,558 4,331 
LP Interests (HPEP 4, L.P.)(31)7/12/20229.60%1,896 1,896 
LP Interests (423 COR, LP)(31)6/2/202222.93%1,400 1,400 
5,854 7,627 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/20168.38%L +6.00%1/15/20263,185 3,182 3,182 
Secured Debt12/2/20168.00%1/15/202637,800 37,675 37,800 
Preferred Member Units(8)12/2/20162262,850 19,080 
Preferred Member Units(30)12/2/2016226150 1,000 
43,857 61,062 
Houston Plating and Coatings, LLCProvider of Plating and Industrial Coating Services
Unsecured Convertible Debt5/1/20178.00%10/2/20243,000 3,000 2,750 
Member Units(8)1/8/2003322,2972,352 2,220 
Freeport Financial FundsFreeport Financial Funds(12) (13)Investment Partnership
14
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
5,352 4,970 
I-45 SLF LLC(12) (13)Investment Partnership
Member Units (Fully diluted 20.0%; 21.75% profits
  interest)		(8)10/20/2015—19,000 12,507 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202112.50%11/15/20264,600 4,564 4,564 
Secured Debt9/1/202112.50%11/15/20263,200 3,174 3,174 
Secured Debt11/15/202112.50%11/15/20268,944 8,944 8,944 
Secured Debt11/15/202112.50%11/15/202620,000 19,835 19,835 
Common Stock8/3/2021179,7781,798 1,798 
38,315 38,315 
OnAsset Intelligence, Inc.Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt(14)5/20/201412.00%12.00%12/31/2022964 964 690 
Secured Debt(14)3/21/201412.00%12.00%12/31/2022983 983 703 
Secured Debt(14)5/10/201312.00%12.00%12/31/20222,116 2,116 1,515 
Secured Debt(14)4/18/201112.00%12.00%12/31/20224,415 4,415 3,160 
Unsecured Debt(14)6/5/201710.00%10.00%12/31/2022197 197 197 
Preferred Stock(14)4/18/20119127.00%7.00%1,981 — 
Common Stock4/15/2021635830 — 
Warrants(27)4/18/20114,6995/10/20231,089 — 
12,575 6,265 
Oneliance, LLCConstruction Cleaning Company
Secured Debt (9) (25)8/6/2021L +11.00%8/6/2023— — — 
Secured Debt(9)8/6/202113.56%L +11.00%8/6/20265,600 5,556 5,556 
Preferred Stock8/6/20211,0561,056 1,056 
6,612 6,612 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)Provider of Rigsite Accommodation Unit Rentals and Related Services
Secured Debt (14) (17) (39)6/30/201512.00%1/8/201830,369 29,865 — 
Preferred Member Units1/8/20132502,500 — 
32,365 — 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt8/31/201810.25%8/31/20232,250 2,250 2,250 
Secured Debt8/31/201810.25%8/31/202393,236 93,124 93,236 
Preferred Member Units(8)8/31/20181571,218 14,950 
96,592 110,436 
Slick Innovations, LLCText Message Marketing Platform
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
LP Interests (Freeport Financial SBIC Fund LP)(30)3/23/20159.30%3,507 3,628 
LP Interests (Freeport First Lien Loan Fund III LP) (8) (30)7/31/20155.95%5,767 5,312 
9,274 8,940 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20219.00%3/31/202611,345 11,281 11,345 
Preferred Member Units(8)3/31/20212264,900 8,310 
16,181 19,655 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.) (8) (30)8/9/20178.22%2,050 4,106 
LP Interests (HPEP 4, L.P.)(30)7/12/20228.71%2,796 2,796 
LP Interests (423 COR, L.P.) (8) (30)6/2/202222.93%1,400 1,400 
LP Interests (423 HAR, L.P.)(30)6/2/202315.60%750 750 
6,996 9,052 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt (9) (28)12/2/201611.53%SF+6.00%1/15/20263,666 3,664 3,666 
Secured Debt12/2/201612.50%1/15/202641,942 41,823 41,942 
Preferred Member Units(8)12/2/20162262,850 17,460 
Preferred Member Units(29)12/2/2016226150 920 
48,487 63,988 
Houston Plating and Coatings, LLCProvider of Plating and Industrial Coating Services
Unsecured Convertible Debt5/1/20178.00%10/2/20243,000 3,000 2,830 
Member Units 1/8/2003322,2972,352 3,560 
5,352 6,390 
I-45 SLF LLC(12) (13)Investment Partnership
Member Units (Fully diluted 20.0%; 21.75% profits
  interest)
(8)10/20/201520.00%20,200 11,751 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202313.00%3/31/202818,000 17,832 17,832 
Preferred Equity3/31/202380,0004,000 4,000 
21,832 21,832 
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202113.04%L+7.50%8/20/202615,769 15,560 15,575 
15
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt9/13/201811.00%9/13/20234,240 4,209 4,240 
Common Stock9/13/201870,000700 1,640 
Warrants(27)9/13/201818,0849/13/2028181 440 
5,090 6,320 
Sonic Systems International, LLC(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/20219.78%L +7.50%8/20/202615,769 15,510 15,613 
Common Stock8/20/20219,9681,356 1,420 
16,866 17,033 
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services
Secured Debt8/31/202012.00%8/31/202521,500 21,367 21,367 
Preferred Member Units8/31/20201,5714,500 4,500 
25,867 25,867 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt(25)8/9/20218/9/2026— (15)(15)
Secured Debt8/9/202113.00%8/9/202611,241 11,149 11,149 
Preferred Stock(8)8/9/20211,280,0006,400 6,400 
17,534 17,534 
UnionRock Energy Fund II, LP(12) (13)Investment Partnership
LP Interests (8) (31)6/15/202011.11%3,123 5,354 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services
Secured Debt (9) (29)10/15/201810.76%SF +5.50%2.00%8/20/2024403 403 380 
Secured Debt (9) (29)8/27/201810.76%SF +5.50%2.00%8/20/20241,804 1,793 1,701 
Secured Convertible Debt 1/1/202115.00%15.00%2/20/20252,312 2,312 4,271 
Preferred Stock(8)8/29/20191,133,10220.00%20.00%2,037 2,833 
Preferred Stock 8/21/20181,521,12220.00%20.00%2,188 1,651 
Preferred Stock 6/30/20172,281,68219.00%19.00%3,667 — 
Preferred Stock 1/15/20154,336,86613.50%13.50%7,924 — 
Common Stock4/1/2020945,507— — 
20,324 10,836 
Universal Wellhead Services Holdings, LLC(10)Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
Preferred Member Units(30)12/7/2016716,94914.00%14.00%1,032 — 
Member Units(30)12/7/20164,000,0004,000 — 
5,032 — 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt(17)1/26/201511.50%1/26/202016,734 16,734 16,630 
Unsecured Convertible Debt5/16/20188.00%11/16/2023409 409 409 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock8/20/20219,9681,356 820 
16,916 16,395 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.50%1/31/20284,514 4,484 4,484 
Secured Debt9/1/202113.50%1/31/20283,140 3,119 3,119 
Secured Debt11/15/202113.50%1/31/20288,944 8,944 8,944 
Secured Debt11/15/202113.50%1/31/202819,624 19,488 19,488 
Secured Debt1/31/202313.50%1/31/202811,162 10,819 10,819 
Common Stock8/3/2021203,0162,756 2,756 
49,610 49,610 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt (25) (28)6/21/2023SF+9.00%2.00%6/21/2027— (12)(12)
Secured Debt (25) (28)6/21/2023SF+9.00%2.00%6/21/2027— (10)(10)
Secured Debt(28)6/21/202315.38%SF+8.00%2.00%6/21/20274,318 3,252 3,252 
Secured Debt(28)6/21/202317.38%SF+10.00%2.00%6/21/20274,318 3,252 3,252 
Warrants(27)6/21/2023193,3076/21/20332,091 2,091 
8,573 8,573 
OnAsset Intelligence, Inc.Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt(14)5/20/201412.00%12.00%12/31/2023964 964 441 
Secured Debt(14)3/21/201412.00%12.00%12/31/2023983 983 450 
Secured Debt(14)5/10/201312.00%12.00%12/31/20232,116 2,116 969 
Secured Debt(14)4/18/201112.00%12.00%12/31/20234,415 4,415 2,022 
Unsecured Debt(14)6/5/201710.00%10.00%12/31/2023305 305 305 
Preferred Stock 4/18/20119127.00%7.00%1,981 — 
Common Stock4/15/2021635830 — 
Warrants(27)4/18/20114,6995/10/20251,089 — 
12,683 4,187 
Oneliance, LLCConstruction Cleaning Company
Secured Debt (9) (25)8/6/2021L+11.00%8/6/2023— — — 
Secured Debt(9)8/6/202116.25%L+11.00%8/6/20265,520 5,485 5,424 
Preferred Stock8/6/20211,1281,128 1,128 
6,613 6,552 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)Provider of Rigsite Accommodation Unit Rentals and Related Services
Preferred Member Units1/8/20132502,500 — 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt(25)8/31/2018 6/16/2028— — — 
Secured Debt(23)6/16/202312.78%6/16/202854,536 54,268 54,536 
Preferred Member Units(8)8/31/20181651,525 15,780 
16
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units1/26/20154,876,67014,000 — 
Warrants(27)1/26/20151,831,3551/26/20252,576 — 
33,719 17,039 
Subtotal Affiliate Investments (27.9% of net assets at fair value)$576,047 $552,581 
Non-Control Investments
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
Secured Debt (9) (29) (25)9/6/2022SF +6.00%9/6/2028$— $(41)$(41)
Secured Debt (9) (29) (25)9/6/2022SF +6.00%9/6/2028— (82)(82)
Secured Debt (9) (29)9/6/20229.17%SF +6.00%9/6/202817,052 16,582 16,582 
16,459 16,459 
Acousti Engineering Company of Florida(10)Interior Subcontractor Providing Acoustical Walls and Ceilings
Secured Debt(9)11/2/202010.78%L +8.50%11/2/20251,678 1,668 1,664 
Secured Debt(9)11/2/202010.00%L +8.50%11/2/202510,027 9,954 9,944 
Secured Debt(9)5/26/202114.78%L +12.50%11/2/2025817 811 817 
12,433 12,425 
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt(9)6/28/202212.02%L +9.50%10/26/202713,831 13,488 13,711 
Secured Debt(9)6/28/202212.02%L +9.50%10/26/20274,368 4,265 4,330 
17,753 18,041 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt(9)3/11/202212.75%P +6.50%3/11/20273,547 3,547 3,418 
Secured Debt(9)3/11/202210.75%L +7.50%3/11/202724,305 24,245 23,788 
27,792 27,206 
ADS Tactical, Inc.(11)Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt(9)3/29/20218.80%L +5.75%3/19/202621,286 20,964 19,676 
AMEREQUIP LLC.(10)Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It
Secured Debt (9) (29) (25)8/31/2022SF +7.40%8/31/2027— (144)(144)
Secured Debt (9) (29)8/31/20229.84%SF +7.40%8/31/202737,545 36,830 36,830 
Common Stock8/31/20222351,734 1,734 
38,420 38,420 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
55,793 70,316 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/202713,040 12,920 13,040 
Common Stock(8)9/13/201870,000456 1,850 
13,376 14,890 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt12/31/20228.50%  8.50%12/31/20275,214 4,770 4,770 
Preferred Equity12/31/20225,907,649— — 
4,770 4,770 
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services
Secured Debt8/31/202012.00%8/31/202520,500 20,405 20,405 
Preferred Member Units8/31/20201,6364,500 5,640 
24,905 26,045 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt(25)8/9/20218/9/2026— (12)(12)
Secured Debt8/9/202113.00%8/9/20268,921 8,857 8,728 
Preferred Stock(8)8/9/20211,280,0006,400 6,400 
15,245 15,116 
UnionRock Energy Fund II, LP(12) (13)Investment Partnership
LP Interests (8) (30)6/15/202011.11%4,067 5,224 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services
Secured Convertible Debt 1/1/202115.00%15.00%2/20/20252,590 2,590 6,159 
Preferred Stock(8)8/29/20191,133,10220.00%20.00%2,362 2,833 
Preferred Stock 8/21/20181,521,12220.00%20.00%2,188 3,659 
Preferred Stock 6/30/20172,281,68219.00%19.00%3,667 — 
Preferred Stock 1/15/20154,336,86613.50%13.50%7,924 — 
Common Stock4/1/2020945,507— — 
18,731 12,651 
Universal Wellhead Services Holdings, LLC(10)Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
Preferred Member Units(29)12/7/2016716,94914.00%14.00%1,034 220 
Member Units(29)12/7/20164,000,0004,000 — 
5,034 220 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202213.00%12/12/202714,280 14,154 14,154 
Preferred Equity(8)12/12/20223,8453,845 3,845 
17,999 17,999 
17
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) (25)11/19/2021L +7.00%11/19/2026— (11)(11)
Secured Debt(9)11/19/20218.01%L +7.00%11/19/20266,633 6,578 6,633 
6,567 6,622 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt (9) (29)3/11/20228.98%SF +6.75%4/10/202615,667 15,430 15,287 
Secured Debt (9) (29)3/11/202210.98%SF +8.75%4/10/202615,667 15,430 15,307 
30,860 30,594 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt(14)9/17/20217.50%L +6.50%12/8/20222,980 2,980 168 
Secured Debt (9) (14)5/19/20167.50%L +6.50%6/8/202314,370 13,706 808 
16,686 976 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt(9)11/9/20219.97%L +7.00%11/9/20264,678 4,562 4,131 
Secured Debt(9)11/9/20219.87%L +7.00%11/9/202629,722 29,231 26,245 
Common Equity11/9/2021234234 14 
34,027 30,390 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Secured Debt (9) (29)8/11/20229.65%SF +6.50%8/11/2027800 660 660 
Secured Debt (9) (29)8/11/20228.91%SF +6.50%8/11/202767,597 66,281 66,281 
Common Stock8/11/20221,387,8321,388 1,388 
68,329 68,329 
Arrow International, Inc(10)Manufacturer and Distributor of Charitable Gaming Supplies
Secured Debt (9) (23)12/21/202011.96%P +5.61%12/21/202536,000 35,715 36,000 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt (9) (29) (25)1/18/2022SF +6.50%1/18/2027— — — 
Secured Debt (9) (29)1/18/20227.84%SF +5.50%1/18/20276,660 6,660 6,360 
Secured Debt (9) (29)1/18/20229.84%SF +7.50%1/18/20276,660 6,660 6,384 
Common Stock1/18/2022720,000720 720 
14,040 13,464 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer
Secured Debt(9)12/15/202110.32%L +7.00%12/15/2026720 659 679 
Secured Debt(9)12/15/202110.29%L +7.00%12/15/202612,148 11,944 11,452 
Common Equity12/15/2021360360 258 
12,963 12,389 
Berry Aviation, Inc.(10)Charter Airline Services
Secured Debt 7/6/201812.00%10.50%1.50%1/6/2024194 194 194 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Subtotal Affiliate Investments (25.0% of net assets at fair value)$539,826 $563,125 
Non-Control Investments (7)
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
Secured Debt (9) (25)9/6/2022 P+5.00%9/6/2028$— $(68)$(68)
Secured Debt (9) (25) (28)9/6/2022 SF+6.00%9/6/2028— (83)— 
Secured Debt (9) (28)9/6/202211.20%SF+6.00%9/6/202821,296 20,736 21,296 
20,585 21,228 
Acousti Engineering Company of Florida(10)Interior Subcontractor Providing Acoustical Walls and Ceilings
Secured Debt(9)11/2/202015.75%P+7.50%11/2/20251,678 1,673 1,678 
Secured Debt(9)11/2/202015.75%P+7.50%11/2/20259,620 9,567 9,620 
Secured Debt(9)5/26/202119.75%P+11.50%11/2/2025785 780 785 
12,020 12,083 
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt (9) (25) (28)6/7/2023 SF+7.50%6/7/2028— (30)(30)
Secured Debt (9) (28)6/7/202312.85%SF+7.50%6/7/202843,656 43,162 43,162 
Warrants(43)6/7/202347,3522/15/2028— — 
43,132 43,132 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt (9) (28) (41)3/11/202210.00%SF+7.00%3/11/20277,094 7,094 6,976 
Secured Debt (9) (28) (41)3/11/202210.00%SF+7.00%3/11/202722,383 22,337 22,383 
29,431 29,359 
ADS Tactical, Inc.(11)Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt (9) (28)3/29/202110.94%SF+5.75%3/19/202620,424 20,181 19,492 
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)8/31/2022SF+7.40%8/31/2027— (122)(122)
Secured Debt (9) (28)8/31/202212.70%SF+7.40%8/31/202737,264 36,665 37,264 
Common Stock(8)8/31/20222351,844 1,930 
38,387 39,072 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
18
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units (8) (30)7/6/20181,548,3878.00%8.00%2,147 4,607 
Preferred Member Units (8) (30)11/12/2019122,41616.00%16.00%188 378 
2,529 5,179 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt (9) (29) (25)6/30/2022SF +6.00%6/30/2028— (79)(79)
Secured Debt (9) (29)6/30/20229.78%SF +6.75%5.75%6/30/202826,965 26,458 26,965 
26,379 26,886 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 560 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)8/28/202011.29%L +8.50%8/28/20256,303 6,303 6,193 
Common Stock(8)10/1/2020723,1841 5,445 
6,304 11,638 
Brainworks Software, LLC(10)Advertising Sales and Newspaper Circulation Software
Secured Debt (9) (14) (17)8/12/201412.50%P +9.25%7/22/2019761 761 761 
Secured Debt (9) (14) (17)8/12/201412.50%P +9.25%7/22/20197,056 7,056 3,440 
7,817 4,201 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund V, LP)(31)7/12/20211.31%2,000 2,139 
LP Interests (Brightwood Capital Fund III, LP) (8) (31)7/21/20141.55%7,062 4,564 
LP Interests (Brightwood Capital Fund IV, LP) (8) (31)10/26/20160.59%4,350 4,477 
13,412 11,180 
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt(9)6/14/20217.52%L +5.00%6/10/2026620 590 620 
Secured Debt(9)6/14/20217.52%L +5.00%6/10/202819,933 19,643 19,933 
20,233 20,553 
Cadence Aerospace LLC(10)Aerostructure Manufacturing
Secured Debt (9) (34)11/14/201711.31%L +8.50%0.13%11/14/202328,385 28,302 28,352 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity(8)12/13/20211,788,5271,789 1,789 
Preferred Equity12/13/2021596,176— — 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) (25)11/19/2021L+6.00%11/19/2026— (9)(9)
Secured Debt(9)11/19/202111.43%L+6.00%11/19/20266,583 6,538 6,583 
6,529 6,574 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt (9) (28)3/11/202211.79%SF+6.75% 4/10/202614,800 14,625 12,216 
Secured Debt (9) (14) (28)3/11/202214.79%SF+8.75%1.00%4/10/202614,800 14,625 10,618 
29,250 22,834 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt (14) (17)9/17/20217.50%L+6.50%4/7/20232,980 2,980 135 
Secured Debt (9) (14) (17)5/19/20167.50%L+6.50%6/8/202314,370 13,706 647 
16,686 782 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt (9) (28)11/9/202115.25%SF+7.00%3.00%11/9/20264,928 4,833 3,799 
Secured Debt (9) (28)11/9/202115.23%SF+7.00%14.40%11/9/202629,789 29,362 22,962 
Common Equity11/9/2021234234 — 
34,429 26,761 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Secured Debt (9) (25) (28)8/11/2022 SF+6.00%8/11/2027— (121)(121)
Secured Debt (9) (28)8/11/202211.39%SF+6.00%8/11/202753,233 52,304 52,846 
Common Stock8/11/20221,387,8321,388 1,940 
53,571 54,665 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt (9) (28)1/18/202211.75%SF+6.50%1/18/2027720 720 720 
Secured Debt (9) (28)1/18/202210.65%SF+5.50%1/18/20276,660 6,660 6,660 
Secured Debt (9) (28)1/18/202212.65%SF+7.50%1/18/20276,660 6,660 6,660 
Common Stock1/18/2022720,000720 660 
14,760 14,700 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt (9) (28)12/23/202212.63%SF+7.25%12/23/20271,474 1,339 1,425 
Secured Debt (9) (28)12/23/202212.65%SF+7.25%12/23/202719,346 18,855 18,714 
Common Equity12/15/2021984965 1,011 
21,159 21,150 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units (8) (29)7/6/20181,548,387  — 3,940 
Preferred Member Units (8) (29)11/12/2019122,416  — 310 
— 4,250 
19
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
1,789 1,789 
Camin Cargo Control, Inc.(11)Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
Secured Debt(9)6/14/20219.62%L +6.50%6/4/202615,258 15,142 14,724 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Secured Debt (9) (25)5/18/2022L +5.25%5/18/2027— (11)(11)
Secured Debt (9) (25)5/18/2022L +5.25%5/18/2027— — — 
Secured Debt(9)5/18/20228.26%L +5.25%5/18/20276,133 6,076 5,999 
6,065 5,988 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt (9) (29)2/7/20229.08%SF +6.25%2/7/20275,183 5,075 4,937 
Secured Debt (9) (29) (28)2/7/20227.70%SF +6.25%2/7/202739,155 38,462 37,299 
43,537 42,236 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt (14) (17)9/23/201415.00%15.00%1/5/20152,729 2,729 10 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9)8/6/202110.13%L +7.50%8/6/20265,000 4,923 4,519 
Secured Debt(9)8/6/202110.37%L +7.50%8/6/202618,656 18,364 16,860 
23,287 21,379 
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
Member Units(8)12/29/2016861,6183,335 20,795 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Secured Debt (9) (29)8/16/202211.13%SF +8.00%8/16/2027763 530 530 
Secured Debt (9) (29) (25)8/16/2022SF +8.00%8/16/2027— (78)(78)
Secured Debt (9) (29)8/16/202211.31%SF +8.00%8/16/202714,389 14,111 14,111 
Common Stock8/16/2022201201 201 
14,764 14,764 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Secured Debt (9) (25)4/13/2018L +7.50%4/13/2023— (2)(2)
Secured Debt(9)4/13/201810.44%L +7.50%4/13/20237,824 7,803 7,486 
Class A Preferred Member Units 4/13/2018776,3168.00%8.00%776 270 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt (9) (25) (28)6/30/2022SF+7.00% 6/30/2028— (69)(69)
Secured Debt (9) (28)6/30/202212.26%SF+7.00%6.00%6/30/202828,345 27,904 28,345 
27,835 28,276 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 180 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)10/19/202215.75%P+7.50%14.75%8/28/20251,418 1,418 1,333 
Secured Debt (9) (28)8/28/202013.77%SF+8.50%12.77%8/28/20253,415 2,635 3,210 
Common Stock 10/1/2020723,1841 2,265 
Warrants(27)10/19/2022163,29510/19/20321,036 510 
5,090 7,318 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt (9) (25) (28)5/1/2023SF+7.00%5/1/2028— (28)(28)
Secured Debt (9) (28)5/1/202311.19%SF+6.00%5/1/20286,421 6,297 6,297 
Secured Debt (9) (28)5/1/202313.19%SF+8.00%5/1/20286,421 6,297 6,297 
Common Equity5/1/2023571571 571 
13,137 13,137 
Brainworks Software, LLC(10)Advertising Sales and Newspaper Circulation Software
Secured Debt (9) (14) (17)8/12/201412.50%P+9.25%7/22/2019761 761 761 
Secured Debt (9) (14) (17)8/12/201412.50%P+9.25%7/22/20197,056 7,056 1,382 
7,817 2,143 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP)(30)7/21/20141.55%7,062 4,586 
LP Interests (Brightwood Capital Fund IV, LP) (8) (30)10/26/20160.59%4,350 4,589 
LP Interests (Brightwood Capital Fund V, LP) (8) (30)7/12/20211.31%2,000 2,331 
13,412 11,506 
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt (9) (28)6/14/202110.20%SF+5.00%6/10/2026774 751 774 
Secured Debt (9) (28)6/14/202110.20%SF+5.00%6/10/202819,782 19,530 19,782 
20
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Class AA Preferred Member Units (non-voting)(8)4/13/201810.00%10.00%1,132 1,132 
9,709 8,886 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt (9) (25)7/17/2018L +8.50%7/17/2023— — — 
Secured Debt(9)9/28/202210.75%L +7.50%7/17/20232,805 2,791 2,268 
Secured Debt(9)9/28/202212.75%L +9.50%7/17/20232,805 2,791 2,147 
5,582 4,415 
Eastern Wholesale Fence LLC(10)Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt(9)11/19/202010.07%L +7.00%10/30/20254,461 4,400 4,342 
Secured Debt(9)11/19/202010.07%L +7.00%10/30/20255,053 4,995 4,918 
Secured Debt(9)11/19/202010.07%L +7.00%10/30/202523,606 23,272 22,974 
32,667 32,234 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt (9) (29)2/10/20229.38%SF +6.25%2/10/20289,258 9,091 8,911 
EnCap Energy Fund Investments(12) (13)Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.) (8) (31)1/22/20150.14%3,587 2,184 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		 (8) (31)1/21/20150.38%1,984 1,037 
LP Interests (EnCap Energy Capital Fund IX, L.P.) (8) (31)1/22/20150.10%3,755 2,177 
LP Interests (EnCap Energy Capital Fund X, L.P.) (8) (31)3/25/20150.15%8,326 10,130 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.)(31)3/30/20150.84%5,358 1,583 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (8) (31)3/27/20150.25%6,019 5,089 
29,029 22,200 
Engineering Research & Consulting, LLC(10)Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt (9) (29)5/23/202211.00%SF +6.25%5/23/2027120 72 116 
Secured Debt (9) (29)5/23/20229.38%SF +6.25%5/23/202816,338 16,034 15,772 
16,106 15,888 
EPIC Y-Grade Services, LP(11)NGL Transportation & Storage
Secured Debt(9)6/22/20188.08%L +6.00%6/30/20276,840 6,778 5,803 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
20,281 20,556 
Cadence Aerospace LLC(10)Aerostructure Manufacturing
Secured Debt (9) (28)11/14/201713.91%SF+6.50%2.00%11/14/20245,044 5,038 5,044 
Secured Debt (9) (28)11/14/201713.91%SF+6.50%2.00%11/14/20241,569 1,568 1,569 
Secured Debt (9) (28)11/14/201713.91%SF+6.50%2.00%11/14/20242,064 2,062 2,064 
Secured Debt (9) (28)11/14/201713.91%SF+6.50%2.00%11/14/2024594 593 594 
9,261 9,271 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity 12/13/20211,788,5271,789 1,789 
Preferred Equity12/13/2021596,176— — 
1,789 1,789 
Camin Cargo Control, Inc.(11)Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
Secured Debt (9) (28)6/14/202111.72%SF+6.50%6/4/202615,138 15,047 14,608 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Secured Debt (9) (25) (28)5/18/2022SF+6.00%5/18/2027— (9)(9)
Secured Debt (9) (28)5/18/202211.54%SF+6.00%5/18/20277,973 7,903 7,973 
Secured Debt (9) (28)5/18/202211.54%SF+6.00%5/18/20276,133 6,086 6,133 
Common Equity12/30/2022245,926246 246 
14,226 14,343 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt (9) (28) (33)2/7/202211.51%SF+6.25%2/7/20273,940 3,851 3,877 
Secured Debt (9) (28) (33)2/7/202211.39%SF+6.25%2/7/202738,735 38,166 38,121 
Secured Debt (9) (28)3/27/202311.39%SF+6.25%2/7/20274,914 4,796 4,836 
46,813 46,834 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt (14) (17)9/23/201415.00%15.00%1/5/20152,696 2,696 22 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt (9) (34)8/6/202112.71%L+7.50%8/6/20265,000 4,938 4,682 
Secured Debt(9)8/6/202112.82%L+7.50%8/6/202618,450 18,217 17,277 
23,155 21,959 
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
21
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt (9) (30)12/22/20219.25%L +7.00%12/22/20263,692 3,661 3,367 
Secured Debt (9) (30)12/22/202110.67%L +7.00%12/22/202644,308 43,933 40,402 
47,594 43,769 
Flip Electronics LLC(10)Distributor of Hard-to-Find and Obsolete Electronic Components
Secured Debt (9) (29)3/24/202211.21%SF +7.50%1/2/2026491 491 491 
Secured Debt (9) (29)1/4/202111.19%SF +7.50%1/2/20266,185 6,078 6,078 
6,569 6,569 
Fuse, LLC(11)Cable Networks Operator
Secured Debt6/30/201912.00%6/28/20241,810 1,810 1,512 
Common Stock6/30/201910,429256 — 
2,066 1,512 
GeoStabilization International (GSI)(11)Geohazard Engineering Services & Maintenance
Secured Debt1/2/20198.07%L +5.25%12/19/202520,550 20,474 20,139 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor
Secured Debt(9)10/18/20198.26%L +6.50%10/2/20242,273 2,264 2,211 
Secured Debt(9)10/18/20199.62%L +6.50%10/2/202410,858 10,813 10,564 
13,077 12,775 
GULF PACIFIC ACQUISITION, LLC(10)Rice Processor and Merchandiser
Secured Debt (9) (29) (25)9/30/2022SF +6.00%9/30/2028— (20)(20)
Secured Debt (9) (29) (25)9/30/2022SF +6.00%9/30/2028— (15)(15)
Secured Debt (9) (29)9/30/20229.59%SF +6.00%9/30/20283,661 3,588 3,588 
3,553 3,553 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt (9) (29)12/21/201811.76%SF +9.50%5.75%12/21/2023320 319 297 
Secured Debt (9) (29)12/21/201811.76%SF +9.50%5.75%12/21/20233,117 3,100 2,888 
3,419 3,185 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt (9) (29) (25)8/1/2022SF +6.50%8/1/2027— (65)(65)
Secured Debt (9) (29) (25)8/1/2022SF +6.50%8/1/2027— (65)(65)
Secured Debt (9) (29)8/1/20229.52%SF +6.50%8/1/202716,875 16,549 16,549 
16,419 16,419 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Member Units 12/29/2016861,6183,335 24,435 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Secured Debt (9) (28) (35)8/16/202213.69%SF+8.50%8/16/20273,614 3,417 3,614 
Secured Debt (9) (25) (28)8/16/2022SF+8.50%8/16/2027— (66)(66)
Secured Debt (9) (28)8/16/202213.69%SF+8.50%8/16/202714,270 14,035 14,270 
Common Stock8/16/2022201201 201 
17,587 18,019 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class A Preferred Member Units 4/13/2018776,3168.00%8.00%776 260 
Class AA Preferred Member Units (non-voting)(8)4/13/201810.00%10.00%1,220 1,220 
1,996 1,480 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt12/20/20227/17/20231 1 1 
Secured Debt (9) (28)12/20/20229.70%SF+4.50%9.70%12/31/20261,957 1,798 1,798 
Secured Debt (9) (28)12/20/202211.70%SF+6.50%11.70%12/31/20261,972 1,739 1,739 
Preferred Equity12/20/2022125,000128 128 
Preferred Equity12/20/20222,376,241— — 
Common Equity12/20/20221,250,000— — 
3,666 3,666 
Eastern Wholesale Fence LLC(10)Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt (9) (28)11/19/202013.39%SF+8.00%10/30/20253,346 3,300 3,219 
Secured Debt (9) (28)11/19/202013.39%SF+8.00%10/30/20254,827 4,784 4,644 
Secured Debt (9) (28)11/19/202013.39%SF+8.00%10/30/202522,549 22,306 21,695 
30,390 29,558 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt (9) (28)2/10/202211.66%SF+6.25%2/10/20289,141 8,999 8,821 
EnCap Energy Fund Investments(12) (13)Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.) (8) (30)1/22/20150.14%3,566 1,984 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		 (8) (30)1/21/20150.38%1,979 950 
LP Interests (EnCap Energy Capital Fund IX, L.P.) (8) (30)1/22/20150.10%3,590 1,631 
22
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Heartland Dental, LLC(10)Dental Support Organization
Secured Debt(9)9/9/20209.62%L +6.50%4/30/202514,663 14,405 13,563 
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt(9)8/19/20218.96%L +6.00%10/23/202625,354 25,354 23,648 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202110.33%L +8.25%6/30/20267,088 6,979 6,721 
IG Parent Corporation(11)Software Engineering
Secured Debt (9) (29)7/30/20218.41%SF +5.75%7/30/2026443 413 435 
Secured Debt (9) (29)7/30/20218.23%SF +5.75%7/30/202614,536 14,327 14,279 
14,740 14,714 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201710.25%L +7.75%0.25%4/30/202418,609 18,452 17,194 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Secured Debt(35)8/20/202011.26%(blank)11.26%12/22/20226,831 6,831 6,831 
Secured Debt(14)12/10/20206.00%6.00%11/20/202318,428 17,664 13,419 
Preferred Stock (non-voting)(14)12/10/20206.00%6.00%3,235 — 
Preferred Stock (non-voting)12/10/2020— — 
Member Units11/20/20181,558,3331,558 — 
Warrants (38) (25)11/20/2018242,91411/19/2028— — 
29,288 20,250 
Industrial Services Acquisition, LLC(10)Industrial Cleaning Services
Secured Debt(9)8/13/20219.88%L +6.75%8/13/2026463 428 463 
Secured Debt(9)8/13/20219.69%L +6.75%8/13/202619,288 18,984 19,288 
Preferred Member Units (8) (30)1/31/201814410.00%10.00%127 161 
Preferred Member Units (8) (30)5/17/20198020.00%20.00%89 101 
Member Units(30)6/17/2016900900 690 
20,528 20,703 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt (9) (25)11/1/2021L +5.75%11/1/2026— (20)(20)
Secured Debt(9)11/1/20219.42%L +5.75%11/1/20268,637 8,495 8,543 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
LP Interests (EnCap Energy Capital Fund X, L.P.) (8) (30)3/25/20150.15%7,160 6,862 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (8) (30)3/30/20150.84%5,225 1,555 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (8) (30)3/27/20150.25%5,106 5,102 
26,626 18,084 
Engineering Research & Consulting, LLC(10)Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt(9)5/23/202213.75%P+5.50%5/23/2027655 615 655 
Secured Debt (9) (28)5/23/202211.76%SF+6.50%5/23/202816,216 15,953 16,216 
16,568 16,871 
EPIC Y-Grade Services, LP(11)NGL Transportation & Storage
Secured Debt (9) (28)6/22/201811.36%SF+6.00%6/30/20276,788 6,736 6,073 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt (9) (25) (28)4/7/2023SF+8.00%4/6/2029— (38)(38)
Secured Debt (9) (28)4/7/202313.34%SF+8.00%4/6/202926,306 25,545 25,545 
Common Equity4/7/2023649,794663 663 
26,170 26,170 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt (9) (28) (29)12/22/202112.54%SF+7.00%12/22/20263,692 3,667 3,566 
Secured Debt (9) (28) (29)12/22/202112.54%SF+7.00%12/22/202644,308 43,999 42,797 
47,666 46,363 
Flip Electronics LLC(10)Distributor of Hard-to-Find and Obsolete Electronic Components
Secured Debt(28)3/24/202212.55%SF+7.50%1/2/2026982 982 982 
Secured Debt(28)1/4/202112.69%SF+7.50%1/2/202611,095 10,892 11,095 
11,874 12,077 
Fuse, LLC(11)Cable Networks Operator
Secured Debt6/30/201912.00%6/28/20241,810 1,810 1,374 
Common Stock6/30/201910,429256 — 
2,066 1,374 
GeoStabilization International (GSI)(11)Geohazard Engineering Services & Maintenance
Secured Debt(28)1/2/201910.17%SF+5.25%12/19/202520,444 20,385 19,831 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor
23
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
8,475 8,523 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(9)12/9/202112.32%L +10.00%8/7/20231,398 1,398 1,398 
Secured Debt (9) (14)8/7/201910.52%L +7.00%1.00%8/7/20237,313 7,237 1,549 
Common Stock12/7/20212,143— — 
8,635 2,947 
Intermedia Holdings, Inc.(11)Unified Communications as a Service
Secured Debt(9)8/3/20189.12%L +6.00%7/19/202520,467 20,414 17,960 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/20199.42%L +6.50%8/28/2025726 721 716 
Secured Debt(9)8/28/20198.75%L +6.50%8/28/202516,889 16,774 16,645 
17,495 17,361 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt(9)5/19/20218.71%L +5.75%3/25/20277,125 6,959 6,306 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9)6/21/20189.93%L +7.75%9.93%6/14/20254,951 4,933 2,140 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9)11/8/20218.75%L +6.50%11/4/20242,084 2,084 1,987 
Preferred Equity(8)11/8/20212,826,667116 616 
2,200 2,603 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt 11/15/202115.00%15.00%15.00%11/8/20221,833 1,833 1,833 
Secured Debt(14)8/21/201919.75%19.75%8/21/20244,034 3,997 1,222 
Common Stock8/21/2019472,5794,429 — 
10,259 3,055 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt (9) (25)12/22/2021L +6.00%12/22/2026— (143)(143)
Secured Debt(9)12/22/20218.26%L +6.00%12/22/202637,421 36,788 37,321 
Common Equity12/22/20211,684,2111,684 2,340 
38,329 39,518 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9)10/4/20219.56%L +7.25%10/4/20261,075 1,026 1,014 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) (25) (28)10/18/2019SF+6.50%10/2/2024— (6)(6)
Secured Debt(25)10/18/2019   10/2/2024— (14)(14)
Secured Debt (9) (28)10/18/201911.70%SF+6.50%10/2/202410,679 10,651 10,679 
10,631 10,659 
GULF PACIFIC ACQUISITION, LLC(10)Rice Processor and Merchandiser
Secured Debt (9) (28) (36)9/30/202211.14%SF+5.75%9/30/2028303 285 303 
Secured Debt (9) (28)9/30/202211.14%SF+5.75%9/30/2028303 287 303 
Secured Debt (9) (28)9/30/202211.14%SF+5.75%9/30/20283,642 3,579 3,642 
4,151 4,248 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt (9) (28)12/21/201814.34%SF+9.50%14.34%12/21/2023344 343 315 
Secured Debt (9) (28)12/21/201814.34%SF+9.50%14.34%12/21/20233,487 3,480 3,188 
3,823 3,503 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt (9) (25) (28)8/1/2022SF+6.50%8/1/2027— (55)(55)
Secured Debt (9) (25) (28)8/1/2022SF+6.50%8/1/2027— (55)(55)
Secured Debt (9) (28)8/1/202211.60%SF+6.50%8/1/202716,706 16,433 16,706 
16,323 16,596 
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt (9) (28)8/19/202111.32%SF+6.00%10/23/202625,162 25,162 24,464 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt (9) (28)6/30/202115.76%SF+10.25%2.00%6/30/20267,088 7,001 5,716 
IG Parent Corporation(11)Software Engineering
Secured Debt (9) (25) (28)7/30/2021 SF+5.75%7/30/2026— (24)— 
Secured Debt (9) (28)7/30/202110.95%SF+5.75%7/30/202814,426 14,249 14,426 
14,225 14,426 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt (9) (28)6/8/202312.24%SF+7.00%6/30/202820,872 20,167 20,167 
Common Equity6/8/20238491,166 1,166 
21,333 21,333 
24
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9)10/4/20219.56%L +7.25%10/4/20267,524 7,402 7,101 
8,428 8,115 
Kore Wireless Group Inc.(11) (13)Mission Critical Software Platform
Secured Debt12/31/20189.17%L +5.50%12/20/202411,326 11,275 11,199 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt5/9/20197.96%L +5.00%5/9/202614,513 14,377 14,005 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests (8) (31)1/25/20132.27%1,746 3,197 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt (9) (29)5/2/201910.20%SF +7.25%9/25/20238,126 8,102 8,126 
Secured Debt (9) (29)5/2/20199.81%SF +7.25%9/25/20239,220 9,171 9,220 
Secured Debt (9) (29)5/12/20229.13%SF +7.25%9/25/202310,855 10,728 10,799 
28,001 28,145 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202111.28%L +9.00%8/16/20264,455 4,376 4,234 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9)1/8/20188.87%L +5.75%12/22/202419,662 18,954 17,941 
Looking Glass Investments, LLC(12) (13)Specialty Consumer Finance
Member Units7/1/20153125 25 
Mac Lean-Fogg Company(10)Manufacturer and Supplier for Auto and Power Markets
Secured Debt(9)4/22/20197.87%L +4.75%12/22/20251,786 1,779 1,768 
Secured Debt(9)4/22/20197.87%L +4.75%12/22/202515,163 15,102 15,011 
Preferred Stock 10/1/201913.75%9.25%1,984 1,926 
18,865 18,705 
Mako Steel, LP(10)Self-Storage Design & Construction
Secured Debt(9)3/15/202110.42%L +7.25%3/15/20261,643 1,599 1,586 
Secured Debt(9)3/15/202111.09%L +7.25%3/15/202615,324 15,107 14,791 
16,706 16,377 
MB2 Dental Solutions, LLC(11)Dental Partnership Organization
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt (9) (28)6/1/201714.65%SF+7.75%1.50%7/31/202418,592 18,506 16,591 
Industrial Services Acquisition, LLC(10)Industrial Cleaning Services
Secured Debt (9) (28)8/13/202112.25%SF+6.75%8/13/20261,004 976 1,004 
Secured Debt (9) (28)8/13/202112.25%SF+6.75%8/13/202619,142 18,900 19,142 
Preferred Member Units (8) (29)1/31/201814410.00%10.00%133 149 
Preferred Member Units (8) (29)5/17/20198020.00%20.00%97 98 
Member Units(29)6/17/2016900900 600 
21,006 20,993 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt (9) (28)11/1/202110.70%SF+5.50%11/1/20261,512 1,481 1,481 
Secured Debt (9) (28)11/1/202110.70%SF+5.50%11/1/20268,550 8,435 8,550 
9,916 10,031 
Inspire Aesthetics Management, LLC(10)Surgical and non-surgical plastic surgery and aesthetics provider
Secured Debt (9) (28)4/3/202313.14%SF+8.00%4/3/2028286 264 264 
Secured Debt (9) (28)4/3/202313.07%SF+8.00%4/3/202810,273 10,023 10,023 
Common Equity4/3/2023106,032336 336 
10,623 10,623 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(28)12/9/202115.34%SF+10.00%15.34%8/7/20231,835 1,835 1,781 
Secured Debt (9) (14) (28)8/7/201912.23%SF+7.00%12.23%8/7/20237,313 7,237 823 
Common Stock12/7/20212,143— — 
9,072 2,604 
Intermedia Holdings, Inc.(11)Unified Communications as a Service
Secured Debt (9) (28)8/3/201811.19%SF+6.00%7/19/202520,361 20,322 16,594 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/201912.04%L+6.50%8/28/2025622 618 605 
Secured Debt(9)8/28/201912.04%L+6.50%8/28/202516,889 16,804 16,429 
17,422 17,034 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt (9) (28)5/19/202111.29%SF+5.75%3/25/20276,938 6,803 5,504 
25
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) (29) (36)1/28/20219.08%SF +6.00%1/29/20276,816 6,757 6,763 
Secured Debt (9) (29)1/28/20219.70%SF +6.00%1/29/20277,896 7,799 7,834 
14,556 14,597 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt (9) (29) (25)4/4/2022SF +6.25%4/3/2028— (66)(66)
Secured Debt (9) (29)4/4/20228.36%SF +6.25%4/3/202827,625 27,118 25,665 
27,052 25,599 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt(9)10/24/20189.06%L +6.25%10/24/202418,769 18,533 18,309 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt (9) (25)5/24/2022L +7.00%5/24/2027— (68)(68)
Secured Debt(9)5/24/20229.43%L +7.00%5/24/202710,107 9,912 9,677 
Secured Debt(9)5/24/20228.51%L +7.00%5/24/202717,038 16,730 16,808 
Common Stock8/30/202244,445,814889 889 
27,463 27,306 
NBG Acquisition Inc(11)Wholesaler of Home Décor Products
Secured Debt(9)4/28/20179.67%L +5.50%4/26/20243,876 3,859 1,841 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt (9) (25)12/18/2019L +6.75%12/18/2024— (2)— 
Secured Debt (9) (25)12/18/2019L +6.75%12/18/2024— (43)(43)
Secured Debt(9)12/18/20198.53%L +6.75%12/18/202421,666 21,387 21,666 
21,342 21,623 
NNE Partners, LLC(10)Oil & Gas Exploration & Production
Secured Debt3/2/201710.86%L +9.25%12/31/202324,781 24,736 24,073 
Northstar Group Services, Inc(11)Commercial & Industrial Services
Secured Debt(9)11/1/20218.62%L +5.50%11/12/20269,742 9,702 9,535 
NTM Acquisition Corp.(11)Provider of B2B Travel Information Content
Secured Debt(9)7/12/20169.50%L +6.25%1.00%6/7/20244,490 4,490 4,333 
NWN Corporation(10)Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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)4/13/202312.46%SF+5.50%3.00%4/14/20282,305 2,050 2,074 
Common Equity4/13/2023186,322— — 
2,050 2,074 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9)10/26/202212.69%L+7.50%11/4/2024651 639 651 
Secured Debt(9)11/8/202112.69%L+7.50%11/4/20242,027 2,027 2,027 
Preferred Equity 11/8/20212,826,667110 500 
2,776 3,178 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt (14) (28)11/15/202123.35%SF+18.00%23.35%1/31/20242,431 2,431 2,151 
Secured Debt (14) (28)8/21/201921.48%SF+16.00%21.48%8/21/20244,034 3,997 280 
Common Stock8/21/2019472,5794,429 — 
10,857 2,431 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt (9) (25)12/22/2021L+6.00%12/22/2026— (118)(118)
Secured Debt(9)12/22/202111.54%L+6.00%12/22/202636,474 35,961 36,474 
Common Equity12/22/20211,684,2111,684 2,660 
37,527 39,016 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9)10/4/202112.81%L+7.25%10/4/20261,042 1,003 954 
Secured Debt(9)10/4/202112.81%L+7.25%10/4/20267,467 7,368 6,835 
8,371 7,789 
Kore Wireless Group Inc.(11)Mission Critical Software Platform
Secured Debt(28)12/31/201810.84%SF+5.50%9/21/202411,238 11,205 10,657 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt(28)5/9/201910.50%SF+5.00%5/9/202614,400 14,293 14,040 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests (8) (30)1/25/20132.27%1,746 3,354 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt (9) (28)5/2/201912.43%SF+7.25%9/25/20238,004 7,998 8,004 
Secured Debt (9) (28) (38)5/2/201912.45%SF+7.25%9/25/20239,154 9,141 9,154 
Secured Debt (9) (28)5/12/202212.44%SF+7.25%9/25/202310,778 10,746 10,778 
27,885 27,936 
26
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9)5/7/20219.27%L +6.50%5/7/20263,941 3,832 3,715 
Secured Debt(9)5/7/20219.37%L +6.50%5/7/202640,615 40,014 38,285 
43,846 42,000 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt(14)7/8/201311.50%11/15/20264,511 4,511 61 
OVG Business Services, LLC(10)Venue Management Services
Secured Debt(9)11/29/20219.34%L +6.25%11/19/202813,965 13,843 13,057 
Paragon Healthcare, Inc.(10)Infusion Therapy Treatment Provider
Secured Debt (9) (29) (25)1/19/2022SF +5.75%1/19/2027— (111)(111)
Secured Debt (9) (29)1/19/20228.45%SF +5.75%1/19/20271,620 1,523 1,534 
Secured Debt (9) (29)1/19/20228.40%SF +5.75%1/19/202718,293 17,825 17,330 
19,237 18,753 
Project Eagle Holdings, LLC(10)Provider of Secure Business Collaboration Software
Secured Debt (9) (25)7/6/2020L +6.50%7/6/2026— (20)(20)
Secured Debt(9)7/6/20209.33%L +6.50%7/6/202629,550 29,083 28,831 
29,063 28,811 
PTL US Bidco, Inc(10)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) (29) (25)8/19/2022SF +8.25%8/19/2027— (184)(184)
Secured Debt (9) (29)8/19/202211.40%SF +8.25%8/19/202728,625 28,074 28,074 
27,890 27,890 
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt (9) (29) (25)4/8/2021SF +6.75%4/8/2026— (12)(12)
Secured Debt (9) (29)4/8/20219.03%SF +6.75%4/8/202613,369 13,231 12,252 
13,219 12,240 
Research Now Group, Inc. and Survey Sampling International, LLC(11)Provider of Outsourced Online Surveying
Secured Debt (9) (29)12/29/20178.84%SF +5.50%12/20/202419,966 19,717 18,128 
RM Bidder, LLC(10)Scripted and Unscripted TV and Digital Programming Provider
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt (9) (28)8/16/202115.22%SF+9.00%1.00%8/16/20264,428 4,320 4,037 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9)1/8/201811.48%L+5.75%12/22/202423,921 22,663 19,137 
Looking Glass Investments, LLC(12) (13)Specialty Consumer Finance
Member Units7/1/20153125 25 
Mako Steel, LP(10)Self-Storage Design & Construction
Secured Debt(9)3/15/202112.91%L+7.25%3/15/20262,373 2,339 2,373 
Secured Debt(9)3/15/202112.91%L+7.25%3/15/202615,147 14,980 15,147 
17,319 17,520 
MB2 Dental Solutions, LLC(11)Dental Partnership Organization
Secured Debt (9) (28) (32)1/28/202111.20%SF+6.00%1/29/202710,244 10,165 10,244 
Secured Debt (9) (28)1/28/202111.20%SF+6.00%1/29/20277,836 7,756 7,836 
17,921 18,080 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt (9) (25) (28)4/4/2022SF+6.25%4/3/2028— (57)(57)
Secured Debt (9) (28)4/4/202211.44%SF+6.25%4/3/202824,123 23,741 23,945 
23,684 23,888 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt (9) (28)10/24/201811.77%SF+6.50%10/24/202418,769 18,618 17,884 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt(9)5/24/202212.54%L+7.00%5/24/20273,709 3,652 3,648 
Secured Debt(9)5/24/202212.54%L+7.00%5/24/202710,107 9,944 10,899 
Secured Debt (9) (28)5/24/202212.54%SF+7.00%5/24/202717,038 16,779 17,038 
Common Stock8/30/202244,445,814889 889 
31,264 32,474 
NBG Acquisition Inc(11)Wholesaler of Home Décor Products
Secured Debt (9) (14)4/28/201710.71%L+5.50%4/26/20243,849 3,834 154 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt (9) (25) (28)12/18/2019SF+6.25%12/18/2024— (1)— 
27
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Member Units11/12/20152,77946 24 
Warrants(26)11/12/2015187,16110/20/2025425 — 
471 24 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt (9) (25)8/27/2021L +6.50%8/27/2026— (12)(12)
Secured Debt(9)8/27/20218.78%L +6.50%8/27/20262,333 2,288 2,270 
Secured Debt(9)8/27/20218.78%L +6.50%8/27/20263,173 3,122 3,087 
5,398 5,345 
RTIC Subsidiary Holdings, LLC(10)Direct-To-Consumer eCommerce Provider of Outdoor Products
Secured Debt(9)9/1/202010.59%L +7.75%9/1/20252,534 2,514 2,417 
Secured Debt(9)9/1/202010.03%L +7.75%9/1/202516,838 16,708 16,062 
19,222 18,479 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt (9) (29)7/16/202111.99%SF +8.25%2.00%11/16/20245,625 5,585 5,033 
Secured Debt (9) (29)7/16/202111.99%SF +8.25%2.00%11/16/20248,340 8,207 7,462 
13,792 12,495 
Salient Partners L.P.(11)Provider of Asset Management Services
Secured Debt(9)8/31/20189.67%L +6.00%10/31/20226,251 6,250 5,039 
Secured Debt(9)9/30/20219.67%L +6.00%10/31/20221,250 1,250 2,494 
7,500 7,533 
Savers, Inc.(11)For-Profit Thrift Retailer
Secured Debt(9)5/14/20219.17%L +5.50%4/26/202811,315 11,223 10,918 
SIB Holdings, LLC(10)Provider of Cost Reduction Services
Secured Debt (9) (29)10/29/20218.81%SF +6.25%10/29/2026323 314 298 
Secured Debt (9) (29)10/29/20218.81%SF +6.25%10/29/20261,573 1,545 1,451 
Secured Debt (9) (29)10/29/20218.14%SF +6.25%10/29/20267,845 7,712 7,238 
Common Equity10/29/202195,238200 200 
9,771 9,187 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt (9) (25)12/10/2021L +5.75%12/13/2026— (75)(75)
Secured Debt(9)12/10/20218.74%L +5.75%12/13/202641,359 40,664 40,772 
Common Equity12/10/2021863,636864 1,068 
41,453 41,765 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt (9) (29) (25)7/1/2022SF +7.50%7/1/2027— (61)(61)
Secured Debt (9) (29)7/1/20229.58%SF +7.50%7/1/202715,968 15,664 15,664 
Common Stock7/1/2022638,710639 639 
16,242 16,242 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) (25) (28)12/18/2019SF+6.25%12/18/2024— (29)(29)
Secured Debt (9) (28)12/18/201911.26%SF+6.00%12/18/202420,467 20,291 20,467 
20,261 20,438 
NTM Acquisition Corp.(11)Provider of B2B Travel Information Content
Secured Debt (9) (28)7/12/201613.64%SF+7.25%1.00%6/7/20244,237 4,237 4,068 
NWN Corporation(10)Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries
Secured Debt (9) (28) (39)5/7/202113.13%SF+8.00%5/7/20262,919 2,797 2,811 
Secured Debt (9) (28)5/7/202113.19%SF+8.00%5/7/202639,381 38,747 37,923 
Secured Debt12/16/202220.00%20.00%8/6/20267,190 6,918 6,934 
48,462 47,668 
Obra Capital, Inc(11)Alternative Asset Manager
Secured Debt(28)10/10/201911.22%SF+6.00%10/1/202618,230 17,243 13,763 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt(14)7/8/201311.50%11/15/20264,461 4,461 75 
Paragon Healthcare, Inc.(10)Infusion Therapy Treatment Provider
Secured Debt (9) (28)1/19/202211.10%SF+5.75%1/19/2027216 125 216 
Secured Debt (9) (28)1/19/202210.92%SF+5.75%1/19/20273,221 3,140 3,221 
Secured Debt (9) (28)1/19/202210.88%SF+5.75%1/19/202718,692 18,306 18,692 
21,571 22,129 
Power System Solutions(10)Backup Power Generation
Secured Debt (9) (25) (28)6/7/2023SF+6.75%6/7/2028— (91)(91)
Secured Debt (9) (25) (28)6/7/2023SF+6.75%6/7/2028— (91)(91)
Secured Debt (9) (28)6/7/202311.90%SF+6.75%6/7/202818,511 17,965 17,965 
Common Equity6/7/20231,2341,234 1,234 
19,017 19,017 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt (9) (28)5/1/202311.94%SF+6.85%5/1/20298,000 7,770 7,770 
Project Eagle Holdings, LLC(10)Provider of Secure Business Collaboration Software
28
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Staples Canada ULC(10) (13) (21)Office Supplies Retailer
Secured Debt (9) (22)9/14/201710.19%L +7.00%9/12/202414,334 14,286 12,816 
Stellant Systems, Inc.(11)Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt (9) (29)10/22/20218.41%SF +5.50%10/1/20287,642 7,576 7,107 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt (9) (25)6/25/2021L +8.00%6/25/2026— (11)(11)
Secured Debt(9)9/30/202210.25%L +7.00%6/25/20266,250 6,156 5,141 
Secured Debt(9)9/30/202211.75%L +9.50%6/25/20264,338 4,271 1,286 
10,416 6,416 
Tacala Investment Corp.(33)Quick Service Restaurant Group
Secured Debt (9) (32)3/19/20216.62%L +3.50%2/5/20271,979 1,979 1,855 
Team Public Choices, LLC(11)Home-Based Care Employment Service Provider
Secured Debt(9)12/22/20207.81%L +5.00%12/18/202715,002 14,714 14,327 
Tectonic Financial, LLCFinancial Services Organization
Common Stock(8)5/15/2017200,0002,000 5,630 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Common Stock(30)7/7/20211,000,0001,000 1,380 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt (9) (29)5/17/201711.57%SF +8.50%7.25%5/2/202618,018 17,945 7,838 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services
Secured Debt(9)10/22/20198.27%L +5.75%9/8/202633,747 33,161 33,110 
Veregy Consolidated, Inc.(11)Energy Service Company
Secured Debt (9) (25)11/9/2020L +5.25%11/3/2025— (685)(685)
Secured Debt(9)11/9/20208.81%L +6.00%11/3/202717,685 17,365 16,845 
16,680 16,160 
Vida Capital, Inc(11)Alternative Asset Manager
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) (25) (28)7/6/2020SF+6.00%7/6/2026— (16)(16)
Secured Debt (9) (28)7/6/202011.22%SF+6.00%7/6/202629,271 28,901 29,271 
28,885 29,255 
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)8/19/202214.50%P+6.25%8/19/20272,385 2,230 2,385 
Secured Debt (9) (28)8/19/202212.64%SF+7.25%8/19/202727,552 27,096 26,681 
29,326 29,066 
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt (9) (25) (28)4/8/2021 SF+6.75%4/8/2026— (9)(37)
Secured Debt (9) (28)4/8/202111.88%SF+6.75%4/8/202613,369 13,261 12,171 
13,252 12,134 
Research Now Group, Inc. and Survey Sampling International, LLC(11)Provider of Outsourced Online Surveying
Secured Debt (9) (28)12/29/201710.80%SF+5.50%12/20/202419,862 19,696 14,238 
RM Bidder, LLC(10)Scripted and Unscripted TV and Digital Programming Provider
Member Units11/12/20152,77946 17 
Warrants(26)11/12/2015327,53210/20/2025425 — 
471 17 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt (9) (25) (28)8/27/2021SF+6.50%8/27/2026— (10)— 
Secured Debt (9) (28)8/27/202111.65%SF+6.50%8/27/20262,333 2,297 2,333 
Secured Debt (9) (28) (37)8/27/202112.65%SF+7.50%8/27/20264,418 4,342 4,418 
6,629 6,751 
RTIC Subsidiary Holdings, LLC(10)Direct-To-Consumer eCommerce Provider of Outdoor Products
Secured Debt (9) (28)9/1/202013.01%SF+7.75%9/1/20251,781 1,766 1,645 
Secured Debt (9) (28)9/1/202013.01%SF+7.75%9/1/202515,141 15,055 13,985 
16,821 15,630 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt (9) (28)7/16/202113.43%SF+6.00%2.00%11/16/20245,682 5,656 5,343 
Secured Debt (9) (28)7/16/202113.43%SF+6.00%2.00%11/16/20248,425 8,338 7,922 
13,994 13,265 
SIB Holdings, LLC(10)Provider of Cost Reduction Services
29
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt10/10/20199.12%L +6.00%10/1/202615,794 15,648��12,372 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 2,350 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Secured Debt(9)11/30/20219.75%L +7.25%11/30/202625,475 25,049 25,375 
Common Equity(8)11/30/20211,038,4621,038 3,110 
26,087 28,485 
Wahoo Fitness Acquisition L.L.C.(11)Fitness Training Equipment Provider
Secured Debt (9) (29)8/17/20219.57%SF +5.75%8/12/202814,719 14,344 9,935 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt (9) (25)7/19/2021L +7.00%7/19/2026— (6)(6)
Secured Debt(9)7/19/20219.28%L +7.00%7/19/20264,290 4,223 4,072 
Common Stock7/19/2021400,000400 310 
4,617 4,376 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt(9)12/17/20219.63%L +6.00%12/17/2026371 332 359 
Secured Debt(9)12/17/20218.25%L +6.00%12/17/2026391 359 379 
Secured Debt(9)12/17/20218.25%L +6.00%12/17/202628,957 28,568 28,056 
29,259 28,794 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt (9) (29)3/1/20228.59%SF +6.00%3/1/202810,794 10,599 10,294 
Secured Debt (9) (29) (25)3/1/2022SF +6.00%3/1/2028— (21)(21)
Common Stock3/1/20221,541,4001,541 1,620 
12,119 11,893 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt (9) (25)11/19/2021L +7.00%11/19/2026— (36)— 
Secured Debt (9) (25)11/19/2021L +7.00%11/19/2026— (18)(18)
Secured Debt(9)11/19/20219.23%L +7.00%11/19/202610,000 9,834 9,683 
9,780 9,665 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(25)12/17/2021L +5.25%12/17/2026— (138)(138)
Secured Debt(25)12/17/2021L +5.25%12/17/2027— (206)(206)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) (28)10/29/202111.68%SF+6.25%10/29/2026590 582 534 
Secured Debt (9) (28)10/29/202111.68%SF+6.25%10/29/20261,534 1,511 1,387 
Secured Debt (9) (28)10/29/202111.68%SF+6.25%10/29/20267,633 7,526 6,899 
Common Equity10/29/202195,238200 97 
9,819 8,917 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt (9) (25)12/10/2021L+5.25%12/13/2026— (62)(62)
Secured Debt(9)12/10/202110.90%L+5.25%12/13/202635,094 34,608 35,094 
Common Equity12/10/2021863,636864 1,208 
35,410 36,240 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt (9) (28)7/1/202212.96%SF+7.50%7/1/2027958 907 958 
Secured Debt (9) (28)7/1/202212.61%SF+7.50%7/1/202715,808 15,554 15,808 
Common Stock7/1/2022638,710639 550 
17,100 17,316 
Staples Canada ULC(10) (13) (21)Office Supplies Retailer
Secured Debt (9) (22)9/14/201712.26%L+7.00%9/12/202412,552 12,523 11,660 
Stellant Systems, Inc.(11)Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt (9) (28)10/22/202110.91%SF+5.50%10/1/20287,565 7,508 7,234 
Team Public Choices, LLC(11)Home-Based Care Employment Service Provider
Secured Debt (9) (28)12/22/202010.27%SF+5.00%12/18/202714,888 14,643 14,466 
Tectonic Financial, LLCFinancial Services Organization
Common Stock(8)5/15/2017200,0002,000 5,170 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(29)7/7/20211,000,0001,000 2,040 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt (9) (28)6/1/20236.00%SF+1.00%6.00%5/2/20279,457 3,903 3,924 
Secured Debt (9) (28)6/1/20236.00%SF+1.00%6.00%5/2/2027946 20 — 
3,923 3,924 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services
30
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt12/17/20218.63%L +5.25%12/17/202738,311 37,660 36,845 
37,316 36,501 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9)8/22/20187.92%L +5.50%8/9/202412,659 12,613 12,121 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt (9) (29)2/11/20229.94%SF +7.25%3/1/202417,512 17,229 17,284 
Secured Debt (9) (29) (33)2/11/20229.86%SF +7.25%3/1/20244,389 4,354 4,289 
21,583 21,573 
Subtotal Non-Control/Non-Affiliate Investments (92.0% of net assets at fair value)$1,914,134 $1,821,480 
Total Portfolio Investments, September 30, 2022 (200.7% of net assets at fair value)$3,689,627 $3,973,490 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9)10/22/201910.94%L+5.75%9/8/202633,407 32,936 33,407 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt (9) (28)1/11/202312.42%SF+7.50%4/5/20294,000 3,890 3,890 
Veregy Consolidated, Inc.(11)Energy Service Company
Secured Debt (9) (25) (28)11/9/2020SF+5.25%11/3/2025— (519)(519)
Secured Debt (9) (28)11/9/202011.31%SF+6.00%11/3/202717,512 17,242 15,321 
16,723 14,802 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 2,340 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity(8)11/30/20211,038,4621,038 3,810 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt (9) (25) (28)7/19/2021SF+7.00%7/19/2026— (5)(5)
Secured Debt (9) (28)7/19/202112.19%SF+7.00%7/19/20263,751 3,704 3,747 
Common Stock7/19/2021400,000400 420 
4,099 4,162 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt (9) (28) (40)12/17/202111.64%SF+6.25%12/17/20261,482 1,450 1,482 
Secured Debt (9) (28)12/17/202111.64%SF+6.25%12/17/2026389 363 389 
Secured Debt (9) (28)12/17/202111.64%SF+6.25%12/17/202628,811 28,493 28,811 
30,306 30,682 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt (9) (25) (28)3/1/2022 SF+6.00%3/1/2028— (18)(18)
Secured Debt (9) (28)3/1/202210.79%SF+6.00%3/1/202810,712 10,546 10,712 
Common Stock3/1/20221,541,4001,541 2,390 
12,069 13,084 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt (9) (25) (28)11/19/2021SF+7.00%11/19/2026— (30)— 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) (28)11/19/202112.55%SF+7.00%11/19/20262,067 2,030 2,030 
Secured Debt (9) (28)11/19/202112.17%SF+7.00%11/19/20269,300 9,173 9,300 
11,173 11,330 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(28)12/17/202110.41%SF+5.25%12/17/20263,192 3,002 3,192 
Secured Debt(28)12/17/202110.58%SF+5.25%12/17/202724,239 23,848 24,239 
Secured Debt(28)12/17/202110.35%SF+5.25%12/17/202738,021 37,465 38,021 
64,315 65,452 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt (9) (28)8/22/201812.59%SF+7.50%8/9/202612,378 12,119 11,484 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt (9) (28) (38)2/11/202212.50%SF+7.25%3/1/202417,424 17,291 17,277 
Secured Debt (9) (28) (38)2/11/202212.46%SF+7.25%3/1/20244,367 4,351 4,309 
21,642 21,586 
Subtotal Non-Control/Non-Affiliate Investments (78.2% of net assets at fair value)$1,825,669 $1,763,719 
Total Portfolio Investments, June 30, 2023 (186.7% of net assets at fair value)$3,742,689 $4,210,543 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023
(dollars in thousands)
(Unaudited)
___________________
(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C—C — Fair Value Hierarchy for Investments—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 CreditCorporate 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, 70%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 1.06%1.08%.
(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 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 FacilityFacilities 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 SeptemberJune 30, 2022.2023.
(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)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
(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 $17.6$15.5 million Canadian Dollars and receive $13.6$12.0 million U.S. Dollars with a settlement date of September 14, 2023. The unrealized appreciation on the forward foreign currency contract was $0.8$0.3 million as of SeptemberJune 30, 2022.2023.
(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 Prime plus 5.10% (Floor 2.00%)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 SeptemberJune 30, 2022.2023. 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)As of September 30, 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 September 30, 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 SeptemberJune 30, 2022,2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.
(30)(29)Shares/Units represent ownership in a related Real Estate or HoldCo entity.
(31)(30)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(32)(31)Short-term portfolio investments. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of short-term portfolio investments.
(33)(32)As of SeptemberJune 30, 2022,2023, borrowings under the loan facility bore interest at SOFR+7.25%6.00% (Floor 1.00%). Each new draw or funding 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 SeptemberJune 30, 2022.2023.
(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)(33)As of SeptemberJune 30, 2022,2023, borrowings under the loan facility bore interest at LIBOR+6.50% PIKSOFR+6.25% (Floor 1.00%). Each new draw or Prime+5.50% PIK. Revolvingfunding 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 June 30, 2023.
(34)As of June 30, 2023, borrowings under the loan facility bore interest at LIBOR+7.50% (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 SeptemberJune 30, 2022.2023.
(36)(35)As of SeptemberJune 30, 2022,2023, borrowings under the loan facility bore interest at SOFR+6.00%8.50% (Floor 1.00%). Delayed draw term loanRLOC 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 SeptemberJune 30, 2022.2023.
(36)As of June 30, 2023, 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 June 30, 2023.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(Unaudited)
(37)As of June 30, 2023, borrowings under the loan facility bore interest at SOFR+6.50% (Floor 1.50%) and SOFR+8.50% (Floor 1.50%). The spread and rate presented represents a weighted-average rate for borrowings under the facility, as of June 30, 2023.
(38)As of June 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 June 30, 2023.
(39)As of June 30, 2023, 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 June 30, 2023.
(40)As of June 30, 2023, borrowings under the loan facility bore interest at LIBOR+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 June 30, 2023.
(41)Index based floating interest rate is subject to contractual maximum indexbase rate of 1.50% as of September 30, 2022.3.00%.
(38)(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.
(39)(44)Portfolio company is inThe 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 bankruptcy processhigher interest rate than the contractual stated interest rate of SOFR+8.00% (Floor 1.50%) per the credit agreement and asthe Consolidated Schedule of Investments above reflects 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.higher rate.

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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
December 31, 20212022
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Control Investments (5)
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(9)8/16/201912.00 %L +10.00%8/16/2024$4,945 $4,736 $4,736 
Preferred Member Units8/16/20193,2003,200 — 
Preferred Member Units5/20/20212,4272,427 4,894 
Warrants(27)8/16/20194208/16/2029316 — 
10,679 9,630 
ASC Interests, LLCRecreational and Educational Shooting Facility
Secured Debt12/31/201913.00 %7/31/2022200 200 200 
Secured Debt8/1/201313.00 %7/31/20221,650 1,636 1,636 
Member Units8/1/20131,5001,500 720 
3,336 2,556 
ATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and Accessories
Secured Debt(14)11/16/20175.00 %8/16/20234,794 4,635 3,005 
Preferred Member Units11/16/20173,725,8623,726 — 
8,361 3,005 
Barfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00 %10/31/2024711 711 711 
Member Units10/26/2020371,584 1,930 
2,295 2,641 
Bolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt(9)12/31/202010.50 %L +9.00%12/31/202539,000 38,687 39,000 
Class A Preferred Member Units(8)12/31/202014.00 %10,194 10,194 
Class B Preferred Member Units(8)12/31/2020140,0008.00 %14,000 23,170 
62,881 72,364 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201811.00 %L +10.00%1/9/20238,060 8,037 8,037 
Preferred Member Units(8)1/9/20182,9504,280 7,710 
12,317 15,747 
Bridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions Provider
Secured Debt7/25/201613.00 %12/11/20248,813 8,813 8,813 
Warrants(27)7/25/2016827/25/20262,132 4,060 
Secured Debt(30)7/25/201613.00 %12/11/20241,000 1,000 1,000 
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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units(8) (30)7/25/201617,7421,000 1,000 
12,945 14,873 
Café Brazil, LLCCasual Restaurant Group
Member Units(8)6/9/20061,2331,742 2,570 
California Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt(9)3/30/201811.00 %L +10.00%3/30/202328,000 27,915 27,915 
Preferred Member Units(8)7/31/20196,72515.00 %15.00 %9,510 9,510 
Preferred Member Units(8)3/30/20186,15710,775 13,275 
48,200 50,700 
CBT Nuggets, LLCProduces and Sells IT Training Certification Videos



Member Units(8)6/1/2006416


1,300 50,620 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions



Secured Debt(9)1/4/2019

12.00 %L +10.00%1/4/20249,416 9,370 8,864 



Preferred Member Units1/4/201912,696


5,840 5,840 








15,210 14,704 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor



Secured Debt(9)2/26/2018

9.00 %L +8.00%2/26/202317,817 17,738 17,817 



Member Units(8)2/26/20184,347


11,440 24,140 



Member Units(8) (30)11/2/20181,047,146


1,322 1,540 








30,500 43,497 
Charps, LLCPipeline Maintenance and Construction



Unsecured Debt8/26/2020

10.00 %1/31/20245,694 4,599 5,694 



Preferred Member Units(8)2/3/20171,829


1,963 13,990 








6,562 19,684 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal



Secured Debt(9)12/20/2016

10.50 %L +9.50%1/15/202410,480 10,401 10,401 



Member Units(8)12/20/2016717


7,280 10,250 



Secured Debt12/20/2016

10.00 %12/20/20361,081 1,071 1,071 



Member Units(30)12/20/2016800


210 530 








18,962 22,252 
CMS Minerals InvestmentsOil & Gas Exploration & Production
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Control Investments (5)
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(9) (25)8/16/2019L+10.00%8/16/2024$— $(3)$(3)
Secured Debt(9)8/16/201914.13%L+10.00%8/16/20244,665 4,545 4,545 
Preferred Member Units8/16/20193,20014.13%3,200 — 
Preferred Member Units5/20/20212,4272,427 3,504 
Warrants(27)8/16/20194208/16/2029316 — 
10,485 8,046 
ASC Interests, LLCRecreational and Educational Shooting Facility
Secured Debt12/31/201913.00%7/31/2024400 400 400 
Secured Debt8/1/201313.00%7/31/20241,650 1,649 1,649 
Member Units8/1/20131,5001,500 800 
3,549 2,849 
ATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and Accessories
Secured Debt(14)11/16/20175.00%8/16/20231,901 1,901 634 
Secured Debt(14)11/16/20175.00%8/16/20233,015 2,857 1,005 
Preferred Member Units11/16/20173,725,8623,726 — 
8,484 1,639 
Barfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00%10/31/2024711 711 711 
Member Units10/26/2020371,584 3,320 
2,295 4,031 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt(25)3/7/20223/31/2027— (8)(8)
Secured Debt(25)3/7/20223/31/2027— — — 
Secured Debt3/7/202211.00%3/31/202711,025 10,933 10,933 
Preferred Stock(8)3/7/20224,0734,095 4,095 
15,020 15,020 
Bolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt(9) (29) (40)12/31/202013.39%SF+9.26%10/31/202799,194 98,576 99,194 
Class B Preferred Member Units(8)12/31/2020140,0008.00%14,000 31,420 
112,576 130,614 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201814.12%L+10.00%1/9/20235,964 5,964 5,964 
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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)



Member Units(8) (30)4/1/2016100


1,838 1,974 
Cody Pools, Inc.Designer of Residential and Commercial Pools



Secured Debt(9)3/6/2020

12.25 %L +10.50%12/17/202642,497 42,117 42,484 



Preferred Member Units(8) (30)3/6/2020587


8,317 47,640 








50,434 90,124 
Colonial Electric Company LLCProvider of Electrical Contracting Services



Secured Debt3/31/2021

12.00 %3/31/202624,570 24,351 24,351 



Preferred Member Units(8)3/31/202117,280


7,680 9,130 








32,031 33,481 
CompareNetworks Topco, LLCInternet Publishing and Web Search Portals



Secured Debt(9)1/29/2019

10.00 %L +9.00%1/29/20246,477 6,452 6,477 



Preferred Member Units(8)1/29/20191,975


1,975 12,000 








8,427 18,477 
Copper Trail Fund Investments(12) (13)Investment Partnership



LP Interests (CTMH, LP)(31)7/17/201738.8 %


710 710 
Datacom, LLCTechnology and Telecommunications Provider



Secured Debt3/31/2021

5.00 %12/31/20258,892 8,296 7,668 



Preferred Member Units3/31/20219,000


2,610 2,610 








10,906 10,278 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics



Secured Debt(9)4/1/2018

11.00 %L +10.00%4/1/202316,853 16,801 16,801 



Preferred Member Units(8)4/1/20183,857


9,501 9,835 








26,302 26,636 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services



Secured Debt(9)2/13/2018

12.00 %L +11.00%2/13/202424,070 23,911 24,048 



Preferred Stock(8)2/13/20188,400


8,400 18,350 








32,311 42,398 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems



Secured Debt(9)6/24/2016

9.50 %L +7.50%1/1/202521,598 21,535 21,598 



Member Units(8)6/24/20169,042


17,692 49,700 








39,227 71,298 
Garreco, LLCManufacturer and Supplier of Dental Products



Secured Debt(9) (35)7/15/2013

9.00 %L +8.00%7/31/20224,196 4,196 4,196 



Member Units(8)7/15/20131,200


1,200 2,270 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units(8)1/9/20182,9504,280 7,080 
10,244 13,044 
Bridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions Provider
Secured Debt7/25/201613.00%12/11/20248,813 8,813 8,813 
Secured Debt(30)7/25/201613.00%12/11/20241,000 1,000 1,000 
Preferred Member Units(8) (30)7/25/201617,7421,000 1,000 
Warrants(27)7/25/2016827/25/20262,132 4,340 
12,945 15,153 
Café Brazil, LLCCasual Restaurant Group
Member Units(8)6/9/20061,2331,742 2,210 
California Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt(9)3/30/201813.75%L+10.00%7/29/202628,000 27,951 28,000 
Preferred Member Units(8)3/30/20186,15710,775 25,495 
Preferred Member Units(8)7/31/20193,67115.00%15.00%3,994 3,994 
42,720 57,489 
CBT Nuggets, LLCProduces and Sells IT Training Certification Videos
Member Units(8)6/1/20064161,300 49,002 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt(9) (25)1/4/2019L+9.00%1/4/2026— — — 
Secured Debt(9)1/4/201913.13%L+9.00%1/4/202615,030 14,954 14,954 
Preferred Member Units1/4/201913,3096,122 8,700 
21,076 23,654 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (25)2/26/2018L+6.00%2/26/2023— — — 
Secured Debt(9)2/26/201812.13%L+8.00%2/26/202316,945 16,935 16,945 
Member Units(8)2/26/20184,34711,440 22,920 
Member Units(8) (30)11/2/20181,047,1461,773 2,710 
30,148 42,575 
Charps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202010.00%1/31/20265,694 4,643 5,694 
Preferred Member Units(8)2/3/20171,8291,963 13,340 
6,606 19,034 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
37
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)








5,396 6,466 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products



Secured Debt12/19/2014

8.10 %L +8.00%10/29/202638,885 38,672 38,885 



Member Units(8)12/19/20145,879


13,065 46,190 








51,737 85,075 
Gulf Manufacturing, LLCManufacturer of Specialty Fabricated Industrial Piping Products



Member Units(8)8/31/2007438


2,980 5,640 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing



Secured Debt(9) (17)9/29/2017

10.50 %L +9.50%5.25 %9/30/2020257 257 257 



Secured Debt(17)4/29/2016

12.50 %6.25 %4/29/202113,565 13,565 9,717 



Member Units4/29/20163,681


3,681 — 








17,503 9,974 
Harris Preston Fund Investments(12) (13)Investment Partnership



LP Interests (2717 MH, L.P.)(31)10/1/201749.3 %


2,703 3,971 
Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators



Common Stock6/4/2010107,456


718 3,530 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store



Secured Debt(9)11/14/2006

10.00 %P +6.75%11/14/20232,550 2,536 2,550 



Member Units(8)11/14/2006627


811 12,420 








3,347 14,970 
Johnson Downie Opco, LLCExecutive Search Services



Secured Debt(9)12/10/2021

13.00 %L +11.50%12/10/202611,475 11,344 11,344 



Preferred Equity12/10/20213,150


3,150 3,150 








14,494 14,494 
KBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products



Member Units(8)1/23/2006325


783 13,620 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing



Secured Debt10/31/2018

11.50 %10/31/202320,415 20,324 20,324 



Member Units10/31/2018581


12,240 12,310 



Secured Debt10/31/2018

9.00 %10/31/20483,915 3,876 3,876 



Member Units(8) (30)10/31/2018800


992 2,460 








37,432 38,970 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9) (25) (29)10/28/2022SF+9.00%1/15/2024— — — 
Secured Debt(9) (29)12/20/201613.23%SF+9.00%1/15/202410,480 10,440 10,440 
Secured Debt12/20/201610.00%12/20/20361,049 1,039 1,039 
Member Units(8)12/20/20167177,280 8,220 
Member Units(30)12/20/2016800210 610 
18,969 20,309 
CMS Minerals InvestmentsOil & Gas Exploration & Production
Member Units(8) (30)4/1/20161001,304 1,670 
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(9)3/6/202015.38%L+10.50%12/17/20261,462 1,443 1,462 
Secured Debt(9)3/6/202015.38%L+10.50%12/17/202640,801 40,521 40,801 
Preferred Member Units(8) (30)3/6/20205878,317 58,180 
50,281 100,443 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(25)3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/202623,310 23,151 23,151 
Preferred Member Units(8)3/31/202117,2807,680 9,160 
30,831 32,311 
CompareNetworks Topco, LLCInternet Publishing and Web Search Portals
Secured Debt(9) (17) (25)1/29/2019L+9.00%1/29/2022— — — 
Secured Debt(9)1/29/201913.13%L+9.00%1/29/20245,241 5,232 5,241 
Preferred Member Units(8)1/29/20191,9751,975 19,830 
7,207 25,071 
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(31)7/17/201738.75%588 588 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025223 223 223 
Secured Debt3/31/20217.50%12/31/20258,622 8,190 7,789 
Preferred Member Units(8)3/31/20219,0002,610 2,670 
11,023 10,682 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt(9)4/1/201814.13%L+10.00%4/1/202315,533 15,523 15,523 
Preferred Member Units(8)4/1/20183,8579,501 9,835 
38
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Market Force Information, LLCProvider of Customer Experience Management Services



Secured Debt(9)7/28/2017

12.00 %L +11.00%7/28/20233,400 3,400 3,400 



Secured Debt(17)7/28/2017

12.00 %12.00 %7/28/202326,079 25,952 8,936 



Member Units7/28/2017743,921


16,642 — 








45,994 12,336 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products



Secured Debt8/31/2015

13.00 %3/31/20228,250 8,241 5,934 



Preferred Member Units3/15/201966,000


4,400 — 



Preferred Member Units9/1/20154,000


6,000 — 








18,641 5,934 
MS Private Loan Fund I, LP(12) (13)Investment Partnership



Unsecured Debt2/11/2021

5.00 %2/28/202263,151 63,151 63,151 



LP Interests(31)1/26/202112.1 %


2,500 2,581 








65,651 65,732 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services



Member Units(8)11/22/2013



29,500 140,400 
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers



Secured Debt8/18/2014

12.00 %1/17/20226,378 6,377 6,378 



Common Stock(8)8/18/20145,873


2,720 8,840 








9,097 15,218 
NAPCO Precast, LLCPrecast Concrete Manufacturing



Member Units(8)1/31/20082,955


2,975 13,560 
Nebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider



Secured Debt12/31/2020

12.00 %12/31/202510,500 10,412 10,412 



Secured Debt12/31/2020

12.00 %12/31/20254,868 4,829 4,829 



Preferred Member Units12/31/20206,987


6,987 7,700 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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)2/13/2018L+11.00%2/13/2026— (88)— 
Secured Debt(9)12/27/202215.13%L+11.00%2/13/202627,267 27,122 27,267 
Preferred Stock(8)2/13/20188,4008,400 22,220 
35,434 49,487 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt(9) (25) (29)10/3/2022SF+6.00%10/3/2027— (9)(9)
Secured Debt10/3/202212.00%10/3/202718,773 18,594 18,594 
Secured Debt10/3/20229.00%10/3/20526,357 6,294 6,294 
Common Stock10/3/20223787,603 7,603 
Common Stock(30)10/3/20229391,558 1,558 
34,040 34,040 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt(9) (25) (29)6/24/2016SF+8.50%1/1/2028— — — 
Secured Debt(9) (29)12/15/202211.50%SF+8.50%1/1/202864,078 63,685 64,078 
Member Units(8)6/24/20169,04217,692 50,890 
81,377 114,968 
Garreco, LLCManufacturer and Supplier of Dental Products
Secured Debt(9) (37)7/15/20139.50%L+8.00%7/31/20233,826 3,826 3,826 
Member Units(8)7/15/20131,2001,200 1,800 
5,026 5,626 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/21/201810.12%L+6.00%12/21/2023670 670 670 
Secured Debt12/19/201412.12%L+8.00%10/29/202640,493 40,313 40,493 
Member Units(8)12/19/20145,87913,065 44,440 
54,048 85,603 
Gulf Manufacturing, LLCManufacturer of Specialty Fabricated Industrial Piping Products
Member Units(8)8/31/20074382,980 6,790 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt(9) (25)9/29/2017L+9.50%7/1/2027— — — 
Secured Debt7/1/202212.50%7/1/20272,400 2,400 2,284 
Preferred Equity7/1/202263,7205,600 3,780 
39
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)








22,228 22,941 
NexRev LLCProvider of Energy Efficiency Products & Services



Secured Debt2/28/2018

11.00 %2/28/202316,217 16,173 14,045 



Preferred Member Units(8)2/28/201886,400,000


6,880 2,690 








23,053 16,735 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies



Secured Debt12/21/2017

12.00 %3/20/20232,080 2,080 2,080 



Member Units(8)12/22/201165,962


3,717 6,440 








5,797 8,520 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment



Secured Debt(9)1/31/2017

7.50 %L +6.50%1/31/20251,720 1,720 1,720 


Secured Debt1/31/2017

11.00 %1/31/202517,240 17,236 17,240 


Preferred Member Units1/31/2017406


10,200 13,500 







29,156 32,460 
OMi Topco, LLCManufacturer of Overhead Cranes


Secured Debt8/31/2021

12.00 %8/31/202618,000 17,831 18,000 


Preferred Member Units(8)4/1/2008900


1,080 20,210 







18,911 38,210 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components




Secured Debt(9)7/30/2021

12.00 %L +11.00%7/31/202624,375 24,151 24,151 



Preferred Stock(8) (30)7/30/202110,000


10,000 10,000 








34,151 34,151 
Pearl Meyer Topco LLCProvider of Executive Compensation Consulting Services


Secured Debt4/27/2020

12.00 %4/27/202532,674 32,438 32,674 


Member Units(8)4/27/202013,800


13,000 26,970 







45,438 59,644 
PPL RVs, Inc.Recreational Vehicle Dealer


Secured Debt(9)10/31/2019

7.50 %L +7.00%11/15/2022750 726 726 


Secured Debt(9)11/15/2016

7.50 %L +7.00%11/15/202211,655 11,655 11,655 


Common Stock(8)6/10/20102,000


2,150 14,360 







14,531 26,741 
Principle Environmental, LLCNoise Abatement Service Provider


Secured Debt2/1/2011

13.00 %11/15/20261,473 1,465 1,465 


Secured Debt7/1/2011

13.00 %11/15/20265,924 5,808 5,808 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Member Units4/29/20163,6813,681 — 
11,681 6,064 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(31)10/1/201749.26%3,895 7,552 
LP Interests (2717 HPP-MS, L.P.)(31)3/11/202249.26%248 248 
4,143 7,800 
Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock6/4/2010107,456718 3,280 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt(25)8/29/2017P+6.75%11/14/2023— — — 
Secured Debt(9)11/14/200613.75%P+6.75%11/14/20232,450 2,444 2,450 
Member Units(8)11/14/2006627811 14,970 
3,255 17,420 
Johnson Downie Opco, LLCExecutive Search Services
Secured Debt(9) (25)12/10/2021L+11.50%12/10/2026— (14)— 
Secured Debt(9)12/10/202115.63%L+11.50%12/10/20269,999 9,920 9,999 
Preferred Equity(8)12/10/20213,1503,150 5,540 
13,056 15,539 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202725,650 25,432 25,432 
Preferred Equity(8)3/28/2022107,40610,741 10,741 
36,173 36,173 
KBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
Member Units(8)1/23/2006325783 15,570 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201811.50%10/31/202320,415 20,374 20,374 
Secured Debt10/31/20189.00%10/31/20483,879 3,842 3,842 
Preferred Equity10/31/201858112,240 7,220 
Member Units(8) (30)10/31/2018800992 2,850 
37,448 34,286 
Market Force Information, LLCProvider of Customer Experience Management Services
Secured Debt(9)7/28/201715.13%L+11.00%7/28/20236,275 6,253 6,090 
Secured Debt(14)7/28/201712.00%12.00%7/28/202326,079 25,952 1,610 
40
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)


Preferred Member Units2/1/201121,806


5,709 11,160 


Common Stock1/27/20211,037


1,200 710 







14,182 19,143 
Quality Lease Service, LLCProvider of Rigsite Accommodation Unit Rentals and Related Services


Member Units6/8/20151,000


9,213 2,149 
River Aggregates, LLCProcessor of Construction Aggregates


Member Units(8) (30)12/20/20131,500


369 3,280 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer


Secured Debt(9)12/15/2021

12.00 %L +11.00%12/15/202636,360 35,956 35,956 


Preferred Equity12/15/202111,070


11,070 11,070 







47,026 47,026 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories


Secured Debt8/31/2018

12.00 %8/31/202216,240 16,181 16,181 


Preferred Member Units8/31/2018505


8,579 8,579 







24,760 24,760 
Televerde, LLCProvider of Telemarketing and Data Services


Member Units1/6/2011460


1,290 7,280 

Trantech Radiator Topco, LLCTransformer Cooling Products and Services




Secured Debt5/31/2019

12.00 %5/31/20248,720 8,663 8,712 



Common Stock(8)5/31/2019615


4,655 8,660 








13,318 17,372 
UnionRock Energy Fund II, LP(12) (13)Investment Partnership



LP Interests(8) (31)6/15/202049.6 %


3,828 6,122 
Vision Interests, Inc.Manufacturer / Installer of Commercial Signage



Series A Preferred Stock12/23/20113,000,000


3,000 3,000 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products



Secured Debt(9)(30)12/1/2021

7.00 %L +6.00%12/1/20261,200 1,170 1,169 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Member Units7/28/2017743,92116,642 — 
48,847 7,700 
MetalForming AcquireCo, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(25)10/19/202210/19/2024— — — 
Secured Debt10/19/202212.75%10/19/202723,802 23,576 23,576 
Preferred Equity(8)10/19/20225,915,5858.00%8.00%6,010 6,010 
Common Stock10/19/20221,537,2191,537 1,537 
31,123 31,123 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt8/31/201513.00%12/31/20226,156 6,156 4,548 
Preferred Member Units3/15/201966,0004,400 — 
Preferred Member Units9/1/20154,0006,000 — 
16,556 4,548 
MS Private Loan Fund I, LP(12) (13)Investment Partnership
Secured Debt(25)1/26/202112/31/2024— — — 
LP Interests(8) (31)1/26/202114.51%14,250 14,833 
14,250 14,833 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013129,500 122,930 
MSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity(8)5/2/202294,697750 753 
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
Secured Debt(25)8/18/20141/31/2024— — — 
Secured Debt8/18/201410.00%1/31/20245,746 5,746 5,746 
Common Stock(8)8/18/20145,8732,720 22,830 
8,466 28,576 
NAPCO Precast, LLCPrecast Concrete Manufacturing
Member Units1/31/20082,9552,975 11,830 
Nebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider
Secured Debt(9) (25)12/31/2020L+7.00%12/31/2025— — — 
Secured Debt12/31/202012.00%12/31/202520,094 19,972 20,094 
Secured Debt12/31/202012.00%12/31/202510,500 10,434 10,500 
41
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)



Secured Debt(30)12/1/2021

11.50 %12/1/202630,400 30,100 30,100 



Preferred Equity(30)12/1/202111,840


11,840 11,840 








43,110 43,109 
Ziegler’s NYPD, LLCCasual Restaurant Group



Secured Debt6/1/2015

12.00 %10/1/2022625 625 625 



Secured Debt10/1/2008

6.50 %10/1/20221,000 1,000 1,000 



Secured Debt10/1/2008

14.00 %10/1/20222,750 2,750 2,750 



Preferred Member Units6/30/201510,072


2,834 2,130 



Warrants(27)7/1/201558710/1/2025

600 — 








7,809 6,505 
Subtotal Control Investments (83.3% of net assets at fair value)







$1,107,597 $1,489,257 










Affiliate Investments (6)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider



Secured Debt12/11/2020

18.00 %8.00 %6/25/2025$10,202 $10,011 $9,794 



Common Stock12/11/2020593,928


3,148 2,079 



Warrants(27)12/11/2020554,35312/11/2025

— 1,940 








13,159 13,813 
AFG Capital Group, LLCProvider of Rent-to-Own Financing Solutions and Services



Secured Debt4/25/2019

10.00 %5/25/2022144 144 144 



Preferred Member Units(8)11/7/2014186


1,200 7,740 








1,344 7,884 
ATX Networks Corp.(11)Provider of Radio Frequency Management Equipment



Secured Debt(9)9/1/2021

8.50 %L +7.50%9/1/20267,667 7,092 7,092 



Unsecured Debt9/1/2021

10.00 %10.00 %9/1/20283,067 1,963 1,963 



Common Stock9/1/2021583


— — 








9,055 9,055 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units12/31/20206,9876,987 7,700 
37,393 38,294 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt(25)2/28/20182/28/2025— — — 
Secured Debt2/28/201811.00%2/28/202511,465 11,335 8,477 
Preferred Member Units(8)2/28/2018103,144,1868,213 1,110 
19,548 9,587 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies
Secured Debt12/21/201712.00%3/20/20232,080 2,080 2,080 
Member Units(8)12/22/201165,9623,717 4,790 
5,797 6,870 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/201710.63%L+6.50%1/31/20254,400 4,399 4,399 
Secured Debt1/31/201712.00%1/31/202518,440 18,414 18,414 
Preferred Member Units1/31/201740610,200 8,040 
Preferred Member Units11/2/20222,0622,062 5,150 
35,075 36,003 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%8/31/202615,750 15,634 15,750 
Preferred Member Units(8)4/1/20089001,080 22,810 
16,714 38,560 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt(9) (25)7/30/2021L+11.00%7/31/2026— — — 
Secured Debt(9)7/30/202115.13%L+11.00%7/31/202623,600 23,429 23,429 
Preferred Stock(8) (30)7/30/202110,00010,000 11,750 
33,429 35,179 
Pearl Meyer Topco LLCProvider of Executive Compensation Consulting Services
Secured Debt(25)4/27/20204/27/2025— — — 
Secured Debt(25)4/27/20204/27/2025— — — 
Secured Debt4/27/202012.00%4/27/202528,681 28,537 28,681 
Preferred Equity(8)4/27/202013,80013,000 43,260 
41,537 71,941 
PPL RVs, Inc.Recreational Vehicle Dealer
Secured Debt(9) (25)10/31/2019L+7.00%11/15/2027— (9)— 
Secured Debt(9)11/15/201610.25%L+7.00%11/15/202721,655 21,408 21,655 
Common Stock(8)6/10/20102,0002,150 18,950 
42
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
BBB Tank Services, LLCMaintenance, Repair and Construction Services to the Above-Ground Storage Tank Market



Unsecured Debt(9) (17)4/8/2016

12.00 %L +11.00%4/8/20214,800 4,800 2,508 



Preferred Stock (non-voting)(8)12/17/2018

15.00 %15.00 %


162 — 



Member Units4/8/2016800,000


800 — 








5,762 2,508 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete



Secured Debt9/23/2021

10.00 %2/28/2027320 320 320 



Member Units(8)6/30/20172,160,000


2,256 4,830 








2,576 5,150 
Brightwood Capital Fund Investments(12) (13)Investment Partnership



LP Interests (Brightwood Capital Fund V, LP)(31)7/12/202115.8 %


1,000 1,000 
Buca C, LLCCasual Restaurant Group



Secured Debt(9) (17)6/30/2015

10.25 %L +9.25%6/30/202019,491 19,491 14,370 



Preferred Member Units6/30/201566.00 %6.00 %


4,770 — 








24,261 14,370 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services



Secured Debt12/17/2021

12.50 %12/17/202620,250 20,050 20,050 



Class A Common Units12/17/2021450,000


4,500 4,500 








24,550 24,550 
Chandler Signs Holdings, LLC(10)Sign Manufacturer



Class A Units1/4/20161,500,000


1,500 460 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions



Secured Debt(9)3/12/2020

7.00 %L +6.00%3/12/20254,000 4,000 4,000 



Secured Debt3/12/2020

8.00 %3/12/202519,274 19,139 19,274 



Preferred Member Units(8)3/12/2020154


5,760 15,260 








28,899 38,534 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership



LP Interests (Congruent Credit Opportunities Fund III, LP)(8) (31)2/4/201517.4 %


10,256 9,959 
DMA Industries, LLCDistributor of aftermarket ride control products



Secured Debt11/19/2021

12.00 %11/19/202621,200 20,993 20,993 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock6/14/2022238,421238 238 
23,787 40,843 
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt(25)2/1/201111/15/2026— — — 
Secured Debt7/1/201113.00%11/15/20265,897 5,806 5,806 
Preferred Member Units(8)2/1/201121,8065,709 12,420 
Common Stock1/27/20211,0371,200 590 
12,715 18,816 
Quality Lease Service, LLCProvider of Rigsite Accommodation Unit Rentals and Related Services
Member Units6/8/20151,0007,513 525 
River Aggregates, LLCProcessor of Construction Aggregates
Member Units(30)12/20/20131,500369 3,620 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(9) (25)12/15/202112/15/2026— (35)(35)
Secured Debt(9)12/15/202112.50%12/15/202635,685 35,404 35,404 
Preferred Equity12/15/202111,07011,070 14,880 
46,439 50,249 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt8/31/201812.00%8/31/20231,840 1,840 1,840 
Secured Debt8/31/201812.00%8/31/202315,200 15,192 15,120 
Preferred Member Units8/31/20185449,245 7,681 
26,277 24,641 
Televerde, LLCProvider of Telemarketing and Data Services
Member Units1/6/20114601,290 5,408 
Preferred Stock1/26/2022248718 1,794 
2,008 7,202 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(25)5/31/20195/31/2024— (5)— 
Secured Debt5/31/201912.00%5/31/20247,920 7,894 7,920 
Common Stock(8)5/31/20196154,655 7,800 
12,544 15,720 
Vision Interests, Inc.Manufacturer / Installer of Commercial Signage
Series A Preferred Stock(8)12/23/20113,000,0003,000 3,000 
43
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)



Preferred Equity11/19/20215,944


5,944 5,944 








26,937 26,937 
Dos Rios Partners(12) (13)Investment Partnership



LP Interests (Dos Rios Partners, LP)(31)4/25/201320.2 %


6,605 10,329 



LP Interests (Dos Rios Partners - A, LP)(31)4/25/20136.4 %


2,097 3,280 








8,702 13,609 
Dos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining Quarries



Class A Preferred Units(30)6/27/20162,000,000


2,000 640 
EIG Fund Investments(12) (13)Investment Partnership



LP Interests (EIG Global Private Debt Fund-A, L.P.)(8) (31)11/6/20155,000,000


594 547 
Flame King Holdings, LLCPropane Tank and Accessories Distributor



Secured Debt(9)10/29/2021

7.50 %L +6.50%10/31/20266,400 6,324 6,324 



Secured Debt(9)10/29/2021

12.00 %L +11.00%10/31/202621,200 20,996 20,996 



Preferred Equity10/29/20219,360


10,400 10,400 








37,720 37,720 
Freeport Financial Funds(12) (13)Investment Partnership



LP Interests (Freeport Financial SBIC Fund LP)(31)3/23/20159.3 %


5,974 6,078 



LP Interests (Freeport First Lien Loan Fund III LP)(8) (31)7/31/20156.0 %


7,629 7,231 








13,603 13,309 
GFG Group, LLC.Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers



Secured Debt3/31/2021

12.00 %3/31/202612,545 12,435 12,545 



Preferred Member Units(8)3/31/2021226


4,900 6,990 








17,335 19,535 
Harris Preston Fund Investments(12) (13)Investment Partnership



LP Interests (HPEP 3, L.P.)(31)8/9/20178.2 %


3,193 4,712 
Hawk Ridge Systems, LLC(13)Value-Added Reseller of Engineering Design and Manufacturing Solutions



Secured Debt(9)12/2/2016

7.00 %L +6.00%1/15/20262,585 2,585 2,585 



Secured Debt12/2/2016

8.00 %1/15/202634,800 34,672 34,800 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt(9) (25) (30)12/1/2021L+6.00%12/1/2023— (21)(21)
Secured Debt(30)12/1/202111.50%12/1/202630,400 30,158 30,161 
Preferred Equity(8) (30)12/1/202111,84011,840 11,940 
41,977 42,080 
Ziegler’s NYPD, LLCCasual Restaurant Group
Secured Debt6/1/201512.00%10/1/2024450 450 450 
Secured Debt10/1/20086.50%10/1/20241,000 1,000 945 
Secured Debt10/1/200814.00%10/1/20242,750 2,750 2,676 
Preferred Member Units6/30/201510,0722,834 240 
Warrants(27)7/1/201558710/1/2025600 — 
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 Debt12/11/202018.00%18.00%6/25/2025$11,726 $11,590 $11,550 
Common Stock12/11/2020593,9283,148 — 
Warrants(27)12/11/2020554,35312/11/2025— — 
14,738 11,550 
AFG Capital Group, LLCProvider of Rent-to-Own Financing Solutions and Services
Preferred Member Units(8)11/7/20141861,200 9,400 
ATX Networks Corp.(11)Provider of Radio Frequency Management Equipment
Secured Debt(9)9/1/202112.23%L+7.50%9/1/20266,783 6,208 6,343 
Unsecured Debt9/1/202110.00%10.00%9/1/20283,396 2,291 2,598 
Common Stock9/1/2021583— 3,270 
8,499 12,211 
BBB Tank Services, LLCMaintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
Unsecured Debt(9) (17)4/8/201615.12%L+11.00%4/8/2021800 800 800 
Unsecured Debt(9) (17)4/8/201615.12%L+11.00%4/8/20214,000 4,000 2,086 
Member Units4/8/2016800,000800 — 
Preferred Stock (non-voting)12/17/201815.00%162 — 
5,762 2,886 
44
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)



Preferred Member Units(8)12/2/2016226


2,850 14,680 



Preferred Member Units(30)12/2/2016226


150 770 








40,257 52,835 
Houston Plating and Coatings, LLCProvider of Plating and Industrial Coating Services



Unsecured Convertible Debt5/1/2017

8.00 %5/1/20223,000 3,000 2,960 



Member Units(8)1/8/2003322,297


2,352 3,210 








5,352 6,170 
I-45 SLF LLC(12) (13)Investment Partnership



Member Units (Fully diluted 20.0%; 24.40% profits interest) (8)(8)10/20/2015



19,000 14,387 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing



Secured Debt8/3/2021

13.00 %8/1/20264,600 4,557 4,557 



Secured Debt9/1/2021

12.50 %9/1/20263,200 3,170 3,170 



Secured Debt8/3/2021

12.50 %11/30/202620,000 19,805 19,805 



Secured Debt8/3/2021

12.50 %12.50 %3/31/20228,944 8,944 8,944 



Common Stock8/3/2021179,778


1,798 1,798 








38,274 38,274 
L.F. Manufacturing Holdings, LLC(10)Manufacturer of Fiberglass Products



Preferred Member Units (non-voting)(8)1/1/2019

14.00 %14.00 %


107 107 



Member Units12/23/20132,179,001


2,019 2,557 








2,126 2,664 
OnAsset Intelligence, Inc.Provider of Transportation Monitoring / Tracking Products and Services



Secured Debt5/20/2014

12.00 %12.00 %12/31/2022935 935 935 



Secured Debt3/21/2014

12.00 %12.00 %12/31/2022954 954 954 



Secured Debt5/10/2013

12.00 %12.00 %12/31/20222,055 2,055 2,055 



Secured Debt4/18/2011

12.00 %12.00 %12/31/20224,286 4,286 4,286 



Unsecured Debt6/5/2017

10.00 %10.00 %12/31/2022192 192 192 



Preferred Stock4/18/20119127.00 %7.00 %


1,981 — 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027320 320 320 
Member Units(8)6/30/20172,160,0002,256 2,970 
2,576 3,290 
Buca C, LLCCasual Restaurant Group
Secured Debt6/30/20159.00%6/30/202317,355 17,355 12,337 
Preferred Member Units6/30/201566.00%6.00%4,770 — 
22,125 12,337 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9) (25)12/17/2021L+6.00%12/17/2026— (9)(9)
Secured Debt12/17/202112.50%12/17/202620,250 20,090 20,090 
Common Stock12/17/2021450,0004,500 4,500 
24,581 24,581 
Chandler Signs Holdings, LLC(10)Sign Manufacturer
Class A Units1/4/20161,500,0001,500 1,790 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/20209.75%L+6.00%3/12/20254,560 4,560 4,560 
Secured Debt3/12/20208.00%3/12/202519,274 19,182 19,274 
Preferred Member Units(8)3/12/20201545,760 24,637 
29,502 48,471 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund
  III, LP)		(8) (31)2/4/201513.32%8,096 7,657 
DMA Industries, LLCDistributor of aftermarket ride control products
Secured Debt11/19/202112.00%11/19/202621,200 21,035 21,200 
Preferred Equity11/19/20215,9445,944 7,260 
26,979 28,460 
Dos Rios Partners(12) (13)Investment Partnership
LP Interests (Dos Rios Partners, LP)(31)4/25/201320.24%6,459 9,127 
LP Interests (Dos Rios Partners - A, LP)(31)4/25/20136.43%2,051 2,898 
8,510 12,025 
Dos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining Quarries
45
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)



Common Stock4/15/2021635


830 — 



Warrants(27)4/18/20114,6995/10/2023

1,089 — 








12,322 8,422 
Oneliance, LLCConstruction Cleaning Company



Secured Debt(9)8/6/2021

12.00 %L +11.00%8/6/20265,600 5,547 5,547 



Preferred Stock8/6/20211,056


1,056 1,056 








6,603 6,603 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)Provider of Rigsite Accommodation Unit Rentals and Related Services



Secured Debt(14) (17) (36)6/30/2015

12.00 %1/8/201830,369 29,865 — 



Preferred Member Units1/8/2013250


2,500 — 








32,365 — 










SI East, LLCRigid Industrial Packaging Manufacturing



Secured Debt8/31/2018

10.25 %8/31/202365,850 65,738 65,850 



Preferred Member Units(8)8/31/2018157


1,218 11,570 








66,956 77,420 
Slick Innovations, LLCText Message Marketing Platform



Secured Debt9/13/2018

13.00 %9/13/20235,320 5,248 5,320 



Common Stock9/13/201870,000


700 1,510 



Warrants(27)9/13/201818,0849/13/2028

181 400 








6,129 7,230 
Sonic Systems International, LLC(10)Nuclear Power Staffing Services



Secured Debt(9)8/20/2021

8.50 %L +7.50%8/20/202611,982 11,757 11,757 



Common Stock8/20/20217,866


1,070 1,070 








12,827 12,827 
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services



Secured Debt8/31/2020

12.00 %8/31/202521,500 21,332 21,332 



Preferred Member Units8/31/20201,571


4,500 4,500 








25,832 25,832 
The Affiliati Network, LLCPerformance Marketing Solutions



Secured Debt8/9/2021

7.00 %8/9/2026280 262 262 



Secured Debt8/9/2021

11.83 %8/9/202612,961 12,834 12,834 



Preferred Stock(8)8/9/20211,280,000


6,400 6,400 








19,496 19,496 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services



Secured Debt(9)10/15/2018

8.50 %L +5.50%2.00 %8/20/2024397 396 371 



Secured Debt(9)8/27/2018

8.50 %L +5.50%2.00 %8/20/20241,986 1,974 1,852 



Secured Convertible Debt1/1/2021

15.00 %15.00 %2/20/20251,197 1,197 2,375 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Class A Preferred Units(30)6/27/20162,000,0002,000 1,330 
EIG Fund Investments(12) (13)Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.)(8) (31)11/6/20155,000,000.001,060 1,013 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Secured Debt(9)10/29/202110.75%L+6.50%10/31/20267,600 7,537 7,600 
Secured Debt(9)10/29/202113.25%L+9.00%10/31/202621,200 21,038 21,200 
Preferred Equity(8)10/29/20219,36010,400 17,580 
38,975 46,380 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport Financial SBIC Fund LP)(31)3/23/20159.30%3,507 3,483 
LP Interests (Freeport First Lien Loan Fund III LP)(8) (31)7/31/20155.95%6,303 5,848 
9,810 9,331 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20219.00%3/31/202611,345 11,269 11,345 
Preferred Member Units(8)3/31/20212264,900 7,140 
16,169 18,485 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.)(31)8/9/20178.22%2,558 4,331 
LP Interests (HPEP 4, L.P.)(31)7/12/20228.71%2,332 2,332 
LP Interests (423 COR, LP)(31)6/2/202222.93%1,400 1,400 
6,290 8,063 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201610.13%L+6.00%1/15/20263,185 3,183 3,185 
Secured Debt12/2/20169.00%1/15/202637,800 37,685 37,800 
Preferred Member Units(8)12/2/20162262,850 17,460 
Preferred Member Units(30)12/2/2016226150 920 
43,868 59,365 
Houston Plating and Coatings, LLCProvider of Plating and Industrial Coating Services
Unsecured Convertible Debt5/1/20178.00%10/2/20243,000 3,000 3,000 
Member Units1/8/2003322,2972,352 2,400 
5,352 5,400 
46
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)



Preferred Stock(8)8/29/20191,133,10220.00 %20.00 %


1,757 2,833 



Preferred Stock8/21/20181,521,12220.00 %20.00 %


2,188 1,498 



Preferred Stock1/15/20154,336,86613.50 %13.50 %


7,924 — 



Preferred Stock6/30/20172,281,68219.00 %19.00 %


3,667 — 



Common Stock4/1/2020945,507


— — 








19,103 8,929 
Universal Wellhead Services Holdings, LLC(10)Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry



Preferred Member Units(30)12/7/2016716,94914.00 %14.00 %


1,032 — 



Member Units(30)12/7/20164,000,000


4,000 — 








5,032 — 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions



Secured Debt(17)1/26/2015

11.50 %1/26/202017,434 17,434 17,434 



Unsecured Convertible Debt5/16/2018

8.00 %11/16/2023409 409 409 



Preferred Member Units1/26/20154,876,670


14,000 5,990 



Warrants(27)1/26/20151,831,3551/26/2025

2,576 — 








34,419 23,833 
Subtotal Affiliate Investments (30.7% of net assets at fair value)







$578,539 $549,214 










Non-Control/Non-Affiliate Investments (7)
Acousti Engineering Company of Florida(10)Interior Subcontractor Providing Acoustical Walls and Ceilings



Secured Debt(9)11/2/2020

10.00 %L +8.50%11/2/2025$12,111 $12,005 $12,111 



Secured Debt(9)5/26/2021

14.00 %L +12.50%11/2/2025850 841 850 








12,846 12,961 
ADS Tactical, Inc.(11)Value-Added Logistics and Supply Chain Provider to the Defense Industry



Secured Debt(9)3/29/2021

6.75 %L +5.75%3/19/202622,136 21,734 22,012 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing



Secured Debt(9)11/19/2021

7.00 %L +6.00%11/19/20267,067 6,988 6,988 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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)10/20/201520.00%19,000 11,758 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202112.50%11/15/20264,534 4,500 4,500 
Secured Debt9/1/202112.50%11/15/20263,154 3,130 3,130 
Secured Debt11/15/202112.50%11/15/20268,944 8,944 8,944 
Secured Debt11/15/202112.50%11/15/202619,712 19,559 19,559 
Common Stock8/3/2021179,7781,798 1,798 
37,931 37,931 
OnAsset Intelligence, Inc.Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt(14)5/20/201412.00%12.00%12/31/2023964 964 569 
Secured Debt(14)3/21/201412.00%12.00%12/31/2023983 983 580 
Secured Debt(14)5/10/201312.00%12.00%12/31/20232,116 2,116 1,249 
Secured Debt(14)4/18/201112.00%12.00%12/31/20234,415 4,415 2,606 
Unsecured Debt(14)6/5/201710.00%10.00%12/31/2023305 305 305 
Preferred Stock4/18/20119127.00%7.00%1,981 — 
Common Stock4/15/2021635830 — 
Warrants(27)4/18/20114,69912/31/20231,089 — 
12,683 5,309 
Oneliance, LLCConstruction Cleaning Company
Secured Debt(9) (25)8/6/2021L+11.00%8/6/2023— — — 
Secured Debt(9)8/6/202115.13%L+11.00%8/6/20265,600 5,559 5,559 
Preferred Stock8/6/20211,0561,056 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)6/30/201512.00%1/8/201830,369 29,865 — 
Preferred Member Units1/8/20132502,500 — 
32,365 — 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt(25)8/31/20188/31/2023— — — 
Secured Debt8/31/20189.50%8/31/202389,786 89,708 89,786 
Preferred Member Units(8)8/31/20181571,218 13,650 
47
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds



Secured Debt(9)12/21/2018

9.00 %L +8.00%4/10/202512,017 11,854 12,017 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions



Secured Debt(9) (14) (17)9/17/2021

7.50 %L +6.50%9/9/20212,980 2,980 89 



Secured Debt(9) (14)5/19/2016

7.50 %L +6.50%6/28/202314,370 13,706 431 








16,686 520 
ArborWorks, LLC(10)Vegetation Management Services



Secured Debt(9)11/9/2021

8.00 %L +7.00%11/9/202632,605 31,873 31,873 



Common Equity11/9/2021234


234 234 








32,107 32,107 
Arrow International, Inc(10)Manufacturer and Distributor of Charitable Gaming Supplies



Secured Debt(9) (23)12/21/2020

9.18 %L +7.93%12/21/202522,500 22,300 22,500 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer



Secured Debt(9)12/15/2021

7.50 %L +6.50%12/15/202613,320 13,005 13,005 



Common Equity12/15/2021360


360 360 








13,365 13,365 
Berry Aviation, Inc.(10)Charter Airline Services



Secured Debt7/6/2018

12.00 %1.50 %1/6/20244,694 4,674 4,694 



Preferred Member Units(8)(30)11/12/2019122,41616.00 %16.00 %


168 208 



Preferred Member Units(30)7/6/20181,548,3878.00 %8.00 %


1,671 2,487 








6,513 7,389 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider



Secured Debt(9)3/10/2017

9.50 %L +8.50%3/10/202312,194 12,107 12,194 



Member Units3/10/20171,050,000


1,050 730 








13,157 12,924 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise



Secured Debt(9)8/28/2020

10.00 %L +8.50%8/28/20255,357 5,357 5,337 



Common Stock(8)10/1/2020723,184


1 1,515 








5,358 6,852 
Brainworks Software, LLC(10)Advertising Sales and Newspaper Circulation Software



Secured Debt(9) (14) (17)8/12/2014

12.50 %P +9.25%7/22/20197,817 7,817 4,201 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
90,926 103,436 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/202713,840 13,698 13,840 
Common Stock(8)9/13/201870,000456 1,530 
14,154 15,370 
Sonic Systems International, LLC(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202111.24%L+7.50%8/20/202615,769 15,527 15,769 
Common Stock8/20/20219,9681,356 1,280 
16,883 17,049 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt12/31/202213.27%L+8.50%12/31/20275,000 4,556 4,556 
Preferred Equity12/31/20225,907,649— — 
4,556 4,556 
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services
Secured Debt8/31/202012.00%8/31/202521,500 21,378 21,378 
Preferred Member Units8/31/20201,5714,500 4,500 
25,878 25,878 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt8/9/202113.00%8/9/2026120 106 106 
Secured Debt8/9/202113.00%8/9/20269,521 9,442 9,442 
Preferred Stock(8)8/9/20211,280,0006,400 6,400 
15,948 15,948 
UnionRock Energy Fund II, LP(12) (13)Investment Partnership
LP Interests(8) (31)6/15/202011.11%3,734 5,855 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services
Secured Debt(9) (29)10/15/201810.76%SF+5.50%2.00%8/20/2024406 405 382 
Secured Debt(9) (29)8/27/201810.76%SF+5.50%2.00%8/20/20241,814 1,807 1,712 
Secured Convertible Debt1/1/202115.00%15.00%2/20/20252,403 2,403 4,592 
Preferred Stock(8)8/29/20191,133,10220.00%20.00%2,141 2,833 
Preferred Stock8/21/20181,521,12220.00%20.00%2,188 1,991 
Preferred Stock6/30/20172,281,68219.00%19.00%3,667 — 
Preferred Stock1/15/20154,336,86613.50%13.50%7,924 — 
Common Stock4/1/2020945,507— — 
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)12/7/2016716,94914.00%14.00%1,032 220 
48
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Brightwood Capital Fund Investments(12) (13)Investment Partnership



LP Interests (Brightwood Capital Fund III, LP)(8) (31)7/21/20141.6 %


7,200 4,269 



LP Interests (Brightwood Capital Fund IV, LP)(8) (31)10/26/20160.6 %


4,350 4,394 








11,550 8,663 
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics



Secured Debt(9)6/14/2021

6.00 %L +5.00%6/10/2026465 429 429 



Secured Debt(9)6/14/2021

6.00 %L +5.00%6/10/202820,134 19,803 19,985 








20,232 20,414 
Cadence Aerospace LLC(10)Aerostructure Manufacturing



Secured Debt(32)11/14/2017

9.28 %0.22 %11/14/202328,540 28,399 26,767 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software



Preferred Equity12/13/20211,788,527


1,789 1,789 



Preferred Equity12/13/2021596,176


— — 








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

7.50 %L +6.50%6/4/202615,920 15,775 15,840 
Cenveo Corporation(11)Provider of Digital Marketing Agency Services



Common Stock9/7/2018322,907


6,183 2,852 
Chisholm Energy Holdings, LLC(10)Oil & Gas Exploration & Production



Secured Debt(9)5/15/2019

7.75 %L +6.25%5/15/20262,857 2,804 2,663 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing



Secured Debt(14) (17)9/23/2014

15.00 %15.00 %1/5/20152,756 2,756 33 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem



Secured Debt(9)8/6/2021

8.50 %L +7.50%8/6/202621,681 21,234 21,234 
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors



Member Units(8)12/29/2016861,618


3,335 14,640 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Member Units(30)12/7/20164,000,0004,000 — 
5,032 220 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt(17)1/26/201511.50%1/26/202016,734 16,734 14,914 
Unsecured Convertible Debt5/16/20188.00%11/16/2023409 409 — 
Preferred Member Units1/26/20154,876,67014,000 — 
Warrants(27)1/26/20151,831,3551/26/20252,576 — 
33,719 14,914 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202213.00%12/12/2027$14,280 $14,140 $14,140 
Preferred Equity12/12/20223,845$3,845 $3,845 
$17,985 $17,985 
Subtotal Affiliate Investments (29.3% of net assets at fair value)$635,536 $618,359 
Non-Control Investments (7)
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
Secured Debt(9) (25) (29)9/6/2022SF+6.00%9/6/2028$— $(39)$(39)
Secured Debt(9) (29)9/6/202210.20%SF+6.00%9/6/2028741 653 741 
Secured Debt(9) (29)9/6/202210.58%SF+6.00%9/6/202817,052 16,602 17,052 
17,216 17,754 
Acousti Engineering Company of Florida(10)Interior Subcontractor Providing Acoustical Walls and Ceilings
Secured Debt(9)11/2/202013.23%L+8.50%11/2/20251,678 1,669 1,678 
Secured Debt(9)11/2/202013.23%L+8.50%11/2/20259,891 9,825 9,891 
Secured Debt(9)5/26/202116.17%L+12.50%11/2/2025807 800 807 
12,294 12,376 
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt(9)6/28/202213.88%L+9.50%10/26/202714,618 14,291 14,618 
Secured Debt(9)6/28/202213.57%L+9.00%10/26/20274,368 4,270 4,368 
18,561 18,986 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt(9) (36)3/11/202210.00%L+6.00%3/11/20274,729 4,729 4,729 
Secured Debt(9) (36)3/11/202210.00%L+7.50%3/11/202724,086 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)3/29/202110.14%L+5.75%3/19/202621,077 20,781 18,969 
49
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Darr Equipment LP(10)Heavy Equipment Dealer



Secured Debt12/26/2017

12.50 %1.00 %6/22/20234,685 4,685 4,227 



Warrants(28)4/15/2014915,73412/23/2023

474 160 








5,159 4,387 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services



Secured Debt(9)4/13/2018

9.50 %L +8.00%4/13/20239,324 9,259 8,884 



Class AA Preferred Member Units (non-voting)(9)4/13/2018

10.00 %10.00 %


1,051 1,051 



Class A Preferred Member Units4/13/2018776,3168.00 %8.00 %


776 320 








11,086 10,255 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups



Secured Debt(9)7/17/2018

9.50 %L +8.50%7/17/20235,681 5,638 5,569 
Eastern Wholesale Fence LLC(10)Manufacturer and Distributor of Residential and Commercial Fencing Solutions



Secured Debt(9)11/19/2020

8.00 %L +7.00%10/30/202531,810 31,238 31,810 
EnCap Energy Fund Investments(12) (13)Investment Partnership


LP Interests (EnCap Energy Capital Fund VIII, L.P.)(8) (31)1/22/20150.1 %


3,745 1,599 



LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)(31)1/21/20150.4 %


2,097 777 



LP Interests (EnCap Energy Capital Fund IX, L.P.)(8) (31)1/22/20150.1 %


4,047 2,284 



LP Interests (EnCap Energy Capital Fund X, L.P.)(8) (31)3/25/20150.1 %


8,443 8,276 



LP Interests (EnCap Flatrock Midstream Fund II, L.P.)(31)3/30/20150.8 %


6,582 2,796 



LP Interests (EnCap Flatrock Midstream Fund III, L.P.)(8) (31)3/27/20150.2 %


6,082 5,064 








30,996 20,796 
EPIC Y-Grade Services, LP(11)NGL Transportation & Storage



Secured Debt(9)6/22/2018

7.00 %L +6.00%6/30/20276,892 6,819 5,862 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems



Secured Debt(9)(30)12/22/2021

8.00 %L +7.00%12/22/202651,692 51,135 51,135 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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)8/31/2022SF+7.40%8/31/2027— (137)(137)
Secured Debt(9) (29)8/31/202211.72%SF+7.40%8/31/202737,491 36,819 37,463 
Common Stock8/31/20222351,779 1,779 
38,461 39,105 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (25)11/19/2021L+6.00%11/19/2026— (10)(10)
Secured Debt(9)11/19/202111.12%L+6.00%11/19/20266,617 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)3/11/202210.46%SF+6.75%4/10/202615,628 15,408 14,606 
Secured Debt(9) (29)3/11/202212.46%SF+8.75%4/10/202615,628 15,408 14,654 
30,816 29,260 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt(14)9/17/20217.50%L+6.50%1/31/20232,980 2,980 168 
Secured Debt(9) (14)5/19/20167.50%L+6.50%6/8/202314,370 13,706 808 
16,686 976 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt(9)11/9/202113.41%L+9.00%11/9/20264,678 4,569 3,945 
Secured Debt(9)11/9/202113.56%L+9.00%11/9/202629,722 29,261 25,065 
Common Equity11/9/2021234234 — 
34,064 29,010 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Secured Debt(9) (25) (29)8/11/2022SF+6.50%8/11/2027— (135)(135)
Secured Debt(9) (29)8/11/202210.92%SF+6.50%8/11/202767,597 66,330 66,511 
Common Stock8/11/20221,387,8321,388 1,388 
67,583 67,764 
Arrow International, Inc(10)Manufacturer and Distributor of Charitable Gaming Supplies
Secured Debt(9) (23) (29)12/21/202010.36%SF+6.60%12/21/202536,000 35,737 36,000 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9) (25) (29)1/18/2022SF+5.50%1/18/2027— — — 
Secured Debt(9) (29)1/18/20229.32%SF+5.50%1/18/20276,660 6,660 6,582 
Secured Debt(9) (29)1/18/202211.32%SF+7.50%1/18/20276,660 6,660 6,593 
50
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Flip Electronics LLC(10)Distributor of Hard-to-Find and Obsolete Electronic Components



Secured Debt(9) (33)1/4/2021

9.09 %L +8.09%1/2/20265,400 5,304 5,287 
Fortna Acquisition Co., Inc.(10)Process, Physical Distribution and Logistics Consulting Services



Secured Debt7/23/2019

5.09 %L +5.00%4/8/20257,595 7,525 7,595 
Fuse, LLC(11)Cable Networks Operator



Secured Debt6/30/2019

12.00 %6/28/20241,810 1,810 1,672 



Common Stock6/30/201910,429


256 — 








2,066 1,672 
GeoStabilization International (GSI)(11)Geohazard Engineering Services & Maintenance



Secured Debt1/2/2019

5.35 %L +5.25%12/19/202520,710 20,615 20,606 
GoWireless Holdings, Inc.(11)Provider of Wireless Telecommunications Carrier Services



Secured Debt(9)1/10/2018

7.50 %L +6.50%12/22/202418,534 18,440 18,576 
Grupo Hima San Pablo, Inc.(11)Tertiary Care Hospitals



Secured Debt(9) (14) (17)3/7/2013

9.25 %L +7.00%4/30/20194,504 4,504 1,269 



Secured Debt(14) (17)3/7/2013

13.75 %10/15/20182,055 2,040 49 



Secured Debt(17)3/7/2013

12.00 %12/24/2021147 147 147 








6,691 1,465 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor



Secured Debt(9)10/18/2019

6.75 %L +5.75%10/2/202413,243 13,167 13,243 
GS Operating, LLC(10)Distributor of Industrial and Specialty Parts



Secured Debt(9)2/24/2020

8.00 %L +6.50%2/24/202528,451 28,068 28,451 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider



Secured Debt(9)12/21/2018

8.50 %L +7.50%12/21/20233,449 3,419 3,059 
Heartland Dental, LLC(10)Dental Support Organization



Secured Debt(9)9/9/2020

7.50 %L +6.50%4/30/202514,813 14,477 14,887 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock1/18/2022720,000720 660 
14,040 13,835 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer
Secured Debt(9) (25) (29)12/23/2022SF+7.25%12/23/2027— (57)(57)
Secured Debt(9) (29)12/23/202212.17%SF+7.25%12/23/202729,071 27,927 27,927 
Common Equity12/15/2021360360 406 
28,230 28,276 
Berry Aviation, Inc.(10)Charter Airline Services
Secured Debt7/6/201812.00%1.50%1/6/2024195 195 195 
Preferred Member Units(8) (30)7/6/20181,548,3878.00%8.00%1,161 4,561 
Preferred Member Units(8) (25) (30)11/12/2019122,41616.00%— 270 
1,356 5,026 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt(9) (25) (29)6/30/2022SF+1.00%6.00%6/30/2028— (76)(76)
Secured Debt(9) (29)6/30/202211.40%SF+1.00%6.00%6/30/202827,505 27,020 27,505 
26,944 27,429 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 420 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9) (25)10/19/2022L+8.50%8/28/2025— — — 
Secured Debt(9)8/28/202012.94%L+8.50%8/28/20253,239 2,280 3,139 
Common Stock(8)10/1/2020723,1841 4,860 
Warrants(27)10/19/2022163,29510/19/20321,036 1,095 
3,317 9,094 
Brainworks Software, LLC(10)Advertising Sales and Newspaper Circulation Software
Secured Debt(9) (14) (17)8/12/201412.50%P+9.25%7/22/2019761 761 761 
Secured Debt(9) (14) (17)8/12/201412.50%P+9.25%7/22/20197,056 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)7/21/20141.55%7,062 4,727 
LP Interests (Brightwood Capital Fund IV, LP)(8) (31)10/26/20160.59%4,350 4,541 
LP Interests (Brightwood Capital Fund V, LP)(31)7/12/20211.31%2,000 2,229 
13,412 11,497 
51
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets



Secured Debt(9)8/19/2021

7.00 %L +6.00%10/23/202625,546 25,546 25,546 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel



Secured Debt(9)6/30/2021

9.25 %L +8.25%6/30/20267,088 6,957 7,028 
IG Parent Corporation(11)Software Engineering



Secured Debt(9)7/30/2021

6.75 %L +5.75%7/30/20269,591 9,419 9,419 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories



Secured Debt(9)6/1/2017

8.75 %L +7.75%4/30/202418,702 18,471 17,743 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products



Secured Debt(29)8/20/2020

7.20 %12/22/20226,563 6,563 6,563 



Secured Debt12/10/2020

6.00 %6.00 %11/20/202317,891 16,861 16,861 



Preferred Stock (non-voting)12/10/2020

6.00 %6.00 %


3,235 4,329 



Preferred Stock (non-voting)12/10/2020



— — 



Member Units11/20/20181,558,333


1,558 — 








28,217 27,753 
Industrial Services Acquisition, LLC(10)Industrial Cleaning Services



Secured Debt(9)8/13/2021

7.75 %L +6.75%8/13/202619,897 19,490 19,490 



Preferred Member Units(8) (30)1/31/201814410.00 %10.00 %


120 164 



Preferred Member Units(8) (30)5/17/20198020.00 %20.00 %


81 99 



Member Units(30)6/17/2016900


900 730 








20,591 20,483 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem



Secured Debt(9)11/1/2021

7.00 %L +6.00%11/1/20268,680 8,487 8,487 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services



Secured Debt(9)12/9/2021

11.75 %L +10.00%8/7/2023525 525 525 



Secured Debt(9) (14)8/7/2019

9.75 %L +7.00%1.00 %8/7/20237,313 7,237 5,233 








7,762 5,758 
Intermedia Holdings, Inc.(11)Unified Communications as a Service



Secured Debt(9)8/3/2018

7.00 %L +6.00%7/19/202520,627 20,559 20,527 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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)6/14/2021L+5.00%6/10/2026— (28)— 
Secured Debt(9)6/14/20218.91%L+5.00%6/10/202819,933 19,656 19,933 
19,628 19,933 
Cadence Aerospace LLC(10)Aerostructure Manufacturing
Secured Debt(9) (34)11/14/201711.99%L+8.50%0.01%11/14/202328,328 28,264 28,328 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity(8)12/13/20211,788,5271,789 1,789 
Preferred Equity12/13/2021596,176— — 
1,789 1,789 
Camin Cargo Control, Inc.(11)Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
Secured Debt(9)6/14/202110.88%L+6.50%6/4/202615,218 15,110 14,685 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Secured Debt(9) (25)5/18/2022L+6.00%5/18/2027— (11)(11)
Secured Debt(9)5/18/202210.73%L+6.00%5/18/20277,993 7,914 7,914 
Secured Debt(9)5/18/202210.48%L+5.75%5/18/20276,133 6,079 6,133 
Common Equity12/30/2022245,926246 246 
14,228 14,282 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9) (29) (42)2/7/202210.72%SF+6.25%2/7/20271,868 1,767 1,841 
Secured Debt(9) (28 ) (29)2/7/202210.71%SF+6.25%2/7/202739,047 38,396 38,484 
40,163 40,325 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt(14) (17)9/23/201415.00%15.00%1/5/20152,712 2,712 19 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9) (43)8/6/202112.56%L+8.00%8/6/20265,000 4,928 4,621 
Secured Debt(9)8/6/202112.56%L+8.00%8/6/202618,588 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
52
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats



Secured Debt(9)8/28/2019

8.00 %L +6.50%8/28/202517,510 17,354 17,510 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products



Secured Debt(9)5/19/2021

6.50 %L +5.75%3/25/20277,406 7,205 7,258 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products



Secured Debt(9)6/21/2018

6.75 %L +5.75%6/14/20255,158 5,135 3,865 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants



Secured Debt(9)5/26/2015

8.00 %L +7.00%11/4/20242,100 2,100 2,100 



Preferred Equity11/8/20212,826,667


314 314 








2,414 2,414 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies



Secured Debt(9)8/21/2019

7.00 %L +6.00%8/21/20244,034 3,989 3,658 



Secured Debt11/15/2021

15.00 %15.00 %11/8/20221,000 1,004 1,004 



Common Stock8/21/2019472,579


4,429 — 








9,422 4,662 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services



Secured Debt(9)12/22/2021

7.00 %L +6.00%12/22/202637,895 36,972 36,972 



Common Equity12/22/20211,684,211


1,684 1,684 








38,656 38,656 
Klein Hersh, LLC(10)Executive and C-Suite Placement for the Life Sciences and Healthcare Industries



Secured Debt(9)11/13/2020

7.75 %L +7.00%11/13/202543,321 42,342 43,278 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products



Secured Debt(9)10/4/2021

8.25 %L +7.25%10/4/20267,581 7,415 7,415 
Kore Wireless Group Inc.(11) (13)Mission Critical Software Platform



Secured Debt12/31/2018

5.72 %L +5.50%12/20/202411,415 11,345 11,400 
Laredo Energy, LLC(10)Oil & Gas Exploration & Production



Member Units5/4/20201,155,952


11,560 9,659 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Member Units(8)12/29/2016861,6183,335 21,165 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Secured Debt(9) (29)8/16/202211.90%SF+8.00%8/16/20271,092 871 1,077 
Secured Debt(9) (25) (29)8/16/2022SF+8.00%8/16/2027— (74)(74)
Secured Debt(9) (29)8/16/202212.56%SF+8.00%8/16/202714,389 14,125 14,186 
Common Stock8/16/2022201201 201 
15,123 15,390 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Secured Debt(9) (25)4/13/2018L+7.50%4/13/2023— (1)(1)
Secured Debt(9)4/13/201812.24%L+7.50%4/13/20236,074 6,065 5,934 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776 380 
Class AA Preferred Member Units (non-voting)(8)4/13/201810.00%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)12/20/20229.18%SF+4.50%9.18%12/31/20261,875 1,717 1,717 
Secured Debt(9) (29)12/20/202211.18%SF+6.50%11.18%12/31/20261,875 1,642 1,642 
Preferred Equity12/20/2022125,000128 128 
Preferred Equity12/20/20222,376,241— — 
Common Equity12/20/20221,250,000— — 
3,487 3,487 
Eastern Wholesale Fence LLC(10)Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt(9)11/19/202011.73%L+7.00%10/30/20253,346 3,290 3,276 
Secured Debt(9)11/19/202011.73%L+7.00%10/30/20255,021 4,967 4,916 
Secured Debt(9)11/19/202011.73%L+7.00%10/30/202523,456 23,149 22,967 
31,406 31,159 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9) (29)2/10/202210.67%SF+6.25%2/10/20289,258 9,099 8,787 
EnCap Energy Fund Investments(12) (13)Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.)(8) (31)1/22/20150.14%3,566 2,092 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		(8) (31)1/21/20150.38%1,984 1,037 
53
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
LaserAway Intermediate Holdings II, LLC(11)Aesthetic Dermatology Service Provider



Secured Debt(9)10/18/2021

6.50 %L +5.75%10/14/20274,130 4,050 4,115 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software



Secured Debt5/23/2019

5.22 %L +5.00%5/9/202614,625 14,460 14,442 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership



LP Interests(8) (31)1/25/20132.3 %


1,746 2,541 
LL Management, Inc.(10)Medical Transportation Service Provider



Secured Debt(9)5/2/2019

8.25 %L +7.25%9/25/202317,438 17,309 17,438 
LLFlex, LLC(10)Provider of Metal-Based Laminates



Secured Debt(9)8/16/2021

10.00 %L +9.00%8/16/20264,478 4,382 4,382 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier



Secured Debt(9)1/8/2018

6.75 %L +5.75%12/22/202425,850 24,605 24,428 
Looking Glass Investments, LLC(12) (13)Specialty Consumer Finance



Member Units7/1/20153


125 25 
Mac Lean-Fogg Company(10)Manufacturer and Supplier for Auto and Power Markets



Secured Debt(9)4/22/2019

5.88 %L +5.25%12/22/202517,080 16,995 17,080 



Preferred Stock10/1/2019

13.75 %9.25 %


1,920 1,920 








18,915 19,000 
Mako Steel, LP(10)Self-Storage Design & Construction



Secured Debt(9)3/15/2021

8.00 %L +7.25%3/13/202617,589 17,267 17,589 
MB2 Dental Solutions, LLC(11)Dental Partnership Organization



Secured Debt(9)1/28/2021

7.00 %L +6.00%1/29/202711,682 11,531 11,682 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise



Secured Debt(9)10/24/2018

7.25 %L +6.25%10/24/202417,781 17,563 17,781 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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)1/22/20150.10%3,699 2,019 
LP Interests (EnCap Energy Capital Fund X, L.P.)(8) (31)3/25/20150.15%8,236 9,351 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.)(31)3/30/20150.84%5,358 1,688 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.)(8) (31)3/27/20150.25%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)5/23/202211.68%SF+6.50%5/23/2027131 85 131 
Secured Debt(9) (29)5/23/202210.92%SF+6.50%5/23/202816,338 16,047 16,338 
16,132 16,469 
EPIC Y-Grade Services, LP(11)NGL Transportation & Storage
Secured Debt(9)6/22/201810.70%L+6.00%6/30/20276,823 6,764 6,141 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9) (30)12/22/202110.67%L+7.00%12/22/20263,692 3,663 3,507 
Secured Debt(9) (30)12/22/202110.67%L+7.00%12/22/202644,308 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)3/24/202211.21%SF+7.50%1/2/2026736 736 736 
Secured Debt(9) (29)1/4/202112.19%SF+7.50%1/2/202611,095 10,852 11,095 
11,588 11,831 
Fuse, LLC(11)Cable Networks Operator
Secured Debt6/30/201912.00%6/28/20241,810 1,810 1,512 
Common Stock6/30/201910,429256 — 
2,066 1,512 
GeoStabilization International (GSI)(11)Geohazard Engineering Services & Maintenance
Secured Debt(29)1/2/20199.44%SF+5.25%12/19/202520,497 20,427 19,472 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor
Secured Debt(9)10/18/201911.20%L+6.50%10/2/20242,177 2,169 2,171 
Secured Debt(9)10/18/201911.24%L+6.50%10/2/202410,734 10,695 10,705 
12,864 12,876 
GULF PACIFIC ACQUISITION, LLC(10)Rice Processor and Merchandiser
54
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
NBG Acquisition Inc(11)Wholesaler of Home Décor Products



Secured Debt(9)4/28/2017

6.50 %L +5.50%4/26/20243,987 3,961 2,758 
NinjaTrader, LLC(10)Operator of Futures Trading Platform



Secured Debt(9)12/18/2019

7.25 %L +6.25%12/18/202431,425 30,837 31,368 
NNE Partners, LLC(10)Oil & Gas Exploration & Production



Secured Debt3/2/2017

9.37 %L +4.75%4.50 %12/31/202324,781 24,709 23,154 
Northstar Group Services, Inc(11)Commercial & Industrial Services



Secured Debt(9)11/1/2021

6.50 %L +5.50%11/12/202610,000 9,952 10,034 
NTM Acquisition Corp.(11)Provider of B2B Travel Information Content



Secured Debt(9)7/12/2016

8.25 %L +6.25%1.00 %6/7/20244,598 4,598 4,552 
NWN Corporation(10)Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries



Secured Debt(9)5/7/2021

7.50 %L +6.50%5/7/202642,972 42,108 42,323 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor



Secured Debt(14)7/8/2013

11.50 %11/15/20264,562 4,562 112 
OVG Business Services, LLC(10)Venue Management Services



Secured Debt(9)11/29/2021

7.25 %L +6.25%11/19/202814,000 13,861 13,861 
Project Eagle Holdings, LLC(10)Provider of Secure Business Collaboration Software



Secured Debt(9)7/6/2020

7.75 %L +6.75%7/6/202629,738 29,151 29,714 
PT Network, LLC(10)Provider of Outpatient Physical Therapy and Sports Medicine Services



Secured Debt(9)10/12/2017

8.50 %L +5.50%2.00 %11/30/20238,889 8,889 8,889 



Common Stock1/1/20202


— 80 








8,889 8,969 
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management



Secured Debt(9)4/8/2021

7.75 %L +6.75%4/8/202619,374 19,193 18,352 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9) (29)9/30/202210.42%SF+6.00%9/30/2028252 233 252 
Secured Debt(9) (25) (29)9/30/2022SF+6.00%9/30/2028— (15)(15)
Secured Debt(9) (29)9/30/202210.73%SF+6.00%9/30/20283,661 3,591 3,661 
3,809 3,898 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9) (29)12/21/201814.34%SF+9.50%2.00%12/21/2023320 319 311 
Secured Debt(9) (29)12/21/201814.34%SF+9.50%2.00%12/21/20233,277 3,262 3,186 
3,581 3,497 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt(9) (25) (29)8/1/2022SF+6.50%8/1/2027— (62)(62)
Secured Debt(9) (25) (29)8/1/2022SF+6.50%8/1/2027— (62)(62)
Secured Debt(9) (29)8/1/202210.62%SF+6.50%8/1/202716,791 16,483 16,791 
16,359 16,667 
Heartland Dental, LLC(10)Dental Support Organization
Secured Debt(9)9/9/202010.88%L+6.50%4/30/202514,663 14,430 13,599 
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt(9)8/19/202110.69%L+6.00%10/23/202625,290 25,290 24,381 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(29)6/30/202112.07%SF+8.25%6/30/20267,088 6,986 6,144 
IG Parent Corporation(11)Software Engineering
Secured Debt(9) (29) (41)7/30/202110.17%SF+5.75%7/30/2026698 670 698 
Secured Debt(9) (29)7/30/202110.17%SF+5.75%7/30/202814,499 14,304 14,499 
14,974 15,197 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201713.98%L+7.75%1.50%4/30/202418,515 18,384 17,464 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Secured Debt(9) (35)8/20/202013.00%P+5.50%13.00%2/27/20237,027 7,027 7,027 
Secured Debt(14)12/10/20206.00%6.00%11/20/202318,428 17,664 7,633 
Secured Debt(29)11/28/202214.42%SF+10.00%14.42%2/27/2023806 769 769 
Preferred Stock (non-voting)12/10/20206.00%6.00%3,235 — 
55
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Research Now Group, Inc. and Survey Sampling International, LLC(11)Provider of Outsourced Online Surveying



Secured Debt(9)12/29/2017

6.50 %L +5.50%12/20/202420,124 19,789 19,899 
RM Bidder, LLC(10)Scripted and Unscripted TV and Digital Programming Provider



Member Units11/12/20152,779


46 26 



Warrants(26)11/12/2015187,16110/20/2025

425 — 








471 26 
Roof Opco, LLC(10)Residential Re-Roofing/Repair



Secured Debt(9)8/27/2021

7.00 %L +6.00%8/27/20262,800 2,704 2,704 
RTIC Subsidiary Holdings, LLC(10)Direct-To-Consumer eCommerce Provider of Outdoor Products



Secured Debt(9)9/1/2020

9.00 %L +7.75%9/1/202518,191 17,997 18,191 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery



Secured Debt(9)7/16/2021

7.25 %L +6.25%11/16/202411,145 10,902 10,902 
Salient Partners L.P.(11)Provider of Asset Management Services



Secured Debt(9)8/31/2018

7.00 %L +6.00%10/30/20226,251 6,247 4,063 



Secured Debt(9)9/30/2021

6.00 %L +5.00%10/30/20221,250 1,250 2,435 








7,497 6,498 
Savers, Inc.(11)For-Profit Thrift Retailer



Secured Debt(9)5/14/2021

6.25 %L +5.50%4/26/202811,400 11,295 11,386 
SIB Holdings, LLC(10)Provider of Cost Reduction Services



Secured Debt(9)10/29/2021

7.00 %L +6.00%10/29/20266,282 6,134 6,145 



Common Equity10/29/202195,238


200 200 








6,334 6,345 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer



Secured Debt(9)12/10/2021

7.25 %L +6.25%12/13/202650,704 49,589 49,589 



Common Equity12/10/2021863,636


864 864 








50,453 50,453 
Staples Canada ULC(10) (13) (21)Office Supplies Retailer



Secured Debt(9) (22)9/14/2017

8.00 %L +7.00%9/12/202416,116 16,039 15,620 
Stellant Systems, Inc.(11)Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Stock (non-voting)12/10/2020— — 
Member Units11/20/20181,558,3331,558 — 
Warrants(25) (38)11/20/2018242,91411/19/2028— — 
30,253 15,429 
Industrial Services Acquisition, LLC(10)Industrial Cleaning Services
Secured Debt(9)8/13/202111.50%L+6.75%8/13/2026463 430 463 
Secured Debt(9)8/13/202111.50%L+6.75%8/13/202619,239 18,956 19,239 
Preferred Member Units(8) (30)1/31/201814410.00%10.00%129 145 
Preferred Member Units(8) (30)5/17/20198020.00%20.00%92 93 
Member Units(30)6/17/2016900900 600 
20,507 20,540 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt(9) (25)11/1/2021L+5.50%11/1/2026— (19)(19)
Secured Debt(9)11/1/202110.23%L+5.50%11/1/20268,593 8,461 8,593 
8,442 8,574 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(44)12/9/202114.22%L+10.00%8/7/20231,682 1,682 1,682 
Secured Debt(9) (14)8/7/201912.07%L+7.00%1.00%8/7/20237,313 7,237 1,082 
Common Stock12/7/20212,143— — 
8,919 2,764 
Intermedia Holdings, Inc.(11)Unified Communications as a Service
Secured Debt(9)8/3/201810.38%L+6.00%7/19/202520,467 20,418 15,811 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/201910.14%L+6.50%8/28/2025622 618 622 
Secured Debt(9)8/28/201910.17%L+6.50%8/28/202516,889 16,784 16,889 
17,402 17,511 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt(9)5/19/202110.48%L+5.75%3/25/20277,125 6,968 6,092 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9) (14)6/21/20189.93%L+7.75%6/14/20255,053 5,038 1,537 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
56
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)



Secured Debt(9)10/22/2021

6.25 %L +5.50%10/1/20287,700 7,625 7,700 
Student Resource Center, LLC(10)Higher Education Services



Secured Debt(9)6/25/2021

9.00 %L +8.00%6/25/202610,969 10,753 10,826 
Tacala Investment Corp.(34)Quick Service Restaurant Group



Secured Debt(9)3/19/2021

4.25 %L +3.50%2/5/20271,995 1,995 1,994 
Team Public Choices, LLC(11)Home-Based Care Employment Service Provider



Secured Debt(9)12/22/2020

6.00 %L +5.00%12/18/202715,109 14,778 15,071 
Tectonic Financial, LLCFinancial Services Organization



Common Stock(8)5/15/2017200,000


2,000 4,650 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles



Common Stock(30)7/7/20211,000,000


1,000 1,000 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services



Secured Debt(9)5/17/2017

7.00 %L +6.00%5/2/202317,088 16,985 12,917 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services



Secured Debt(9)10/22/2019

6.75 %L +5.75%9/8/202637,281 36,510 37,281 
Veregy Consolidated, Inc.(11)Energy Service Company



Secured Debt(9)11/9/2020

6.25 %L +5.25%11/3/20255,875 5,111 5,111 



Secured Debt(9)11/9/2020

7.00 %L +6.00%11/3/202714,888 14,524 14,925 








19,635 20,036 
Vida Capital, Inc(11)Alternative Asset Manager



Secured Debt10/10/2019

6.10 %L +6.00%10/1/202617,089 16,905 15,850 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform



Preferred Stock4/3/201970,207


767 1,726 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9)10/26/202212.23%L+7.50%11/4/2024500 483 500 
Secured Debt(9)11/8/202112.23%L+7.50%11/4/20242,079 2,079 2,079 
Preferred Equity(8)11/8/20212,826,66712.00%12.00%123 623 
2,685 3,202 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt11/15/202118.00%1/31/20242,297 2,297 2,297 
Secured Debt(14)8/21/201919.75%19.75%8/21/20244,034 3,997 504 
Common Stock8/21/2019472,5794,429 — 
10,723 2,801 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt(9) (25)12/22/2021L+6.00%12/22/2026— (135)(135)
Secured Debt(9)12/22/202110.73%L+6.00%12/22/202636,947 36,358 36,947 
Common Equity12/22/20211,684,2111,684 2,840 
37,907 39,652 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9)10/4/202112.00%L+7.25%10/4/20261,064 1,019 995 
Secured Debt(9)10/4/202112.00%L+7.25%10/4/20267,505 7,391 7,022 
8,410 8,017 
Kore Wireless Group Inc.(11)Mission Critical Software Platform
Secured Debt(29)12/31/201810.08%SF+5.50%9/21/202411,326 11,280 10,930 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt5/9/20199.73%L+5.00%5/9/202614,475 14,349 13,968 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests(8) (31)1/25/20132.27%1,746 3,197 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt(9) (29)5/2/201911.21%SF+7.25%9/25/20238,106 8,087 8,047 
Secured Debt(9) (29)5/2/201911.67%SF+7.25%9/25/20239,197 9,160 9,130 
Secured Debt(9) (29)5/12/202211.67%SF+7.25%9/25/202310,827 10,733 10,749 
27,980 27,926 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202112.74%L+9.00%8/16/20264,444 4,370 4,350 
57
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20212022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (24)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)



Secured Debt(9)11/30/2021

8.50 %L +7.50%11/30/202625,962 25,450 25,450 



Common Equity11/30/20211,038,462


1,038 1,038 








26,488 26,488 
Wahoo Fitness Acquisition L.L.C.(11)Fitness Training Equipment Provider



Secured Debt(9)8/17/2021

6.75 %L +5.75%8/12/202815,000 14,569 14,916 
Wall Street Prep, Inc.(10)Financial Training Services



Secured Debt(9)7/19/2021

8.00 %L +7.00%7/19/20264,373 4,288 4,285 



Common Stock7/19/2021400,000


400 400 








4,688 4,685 
Watterson Brands, LLC(10)Facility Management Services



Secured Debt(9)12/17/2021

7.25 %L +6.25%12/17/202625,876 25,267 25,267 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services



Secured Debt(9)11/19/2021

8.00 %L +7.00%11/19/202610,278 10,018 10,061 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers



Secured Debt(9)12/17/2021

6.75 %L +6.00%12/17/202638,600 37,423 37,423 
YS Garments, LLC(11)Designer and Provider of Branded Activewear



Secured Debt(9)8/22/2018

6.50 %L +5.50%8/9/202413,034 12,967 12,578 
Subtotal Non-Control/Non-Affiliate Investments (85.2% of net assets at fair value)







$1,573,110 $1,523,360 
Total Portfolio Investments, December 31, 2021 (199.2% of net assets at fair value)







$3,259,246 $3,561,831 
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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)1/8/201810.13%L+5.75%12/22/202419,662 19,033 16,221 
Looking Glass Investments, LLC(12) (13)Specialty Consumer Finance
Member Units7/1/20153125 25 
Mako Steel, LP(10)Self-Storage Design & Construction
Secured Debt(9) (45)3/15/202111.79%L+7.25%3/15/20263,103 3,063 3,083 
Secured Debt(9)3/15/202111.09%L+7.25%3/15/202615,324 15,122 15,224 
18,185 18,307 
MB2 Dental Solutions, LLC(11)Dental Partnership Organization
Secured Debt(9) (29)1/28/202110.42%SF+6.00%1/29/20278,338 8,267 8,338 
Secured Debt(9) (29)1/28/202110.42%SF+6.00%1/29/20277,876 7,784 7,876 
16,051 16,214 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt(9) (25) (29)4/4/2022SF+6.25%4/3/2028— (63)(63)
Secured Debt(9) (29)4/4/20229.86%SF+6.25%4/3/202826,075 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)10/24/201810.66%L+6.25%10/24/202418,769 18,562 18,338 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt(9) (25)5/24/2022L+7.00%5/24/2027— (64)(64)
Secured Debt(9)5/24/202211.73%L+7.00%5/24/202710,107 9,923 10,714 
Secured Debt(9)5/24/202211.73%L+7.00%5/24/202717,038 16,746 17,038 
Common Stock8/30/202244,445,814889 889 
27,494 28,577 
NBG Acquisition Inc(11)Wholesaler of Home Décor Products
Secured Debt(9)4/28/20179.67%L+5.50%4/26/20243,849 3,834 1,251 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt(9) (25)12/18/2019L+6.25%12/18/2024— (1)— 
Secured Debt(9) (25)12/18/2019L+6.25%12/18/2024— (38)(38)
Secured Debt(9)12/18/20199.99%L+6.25%12/18/202421,666 21,418 21,666 
58
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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)7/12/20169.50%L+6.25%1.00%6/7/20244,358 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)5/7/202110.85%SF+8.00%5/7/20263,941 3,797 3,720 
Secured Debt(9) (29)5/7/202112.56%SF+8.00%5/7/202639,851 39,094 37,616 
Secured Debt12/16/202220.00%20.00%8/6/20266,509 6,194 6,194 
49,085 47,530 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt(14)7/8/201311.50%11/15/20264,489 4,489 103 
OVG Business Services, LLC(10)Venue Management Services
Secured Debt(9)11/29/202110.64%L+6.25%11/19/202813,930 13,813 13,094 
Paragon Healthcare, Inc.(10)Infusion Therapy Treatment Provider
Secured Debt(9) (29)1/19/202210.26%SF+5.75%1/19/2027541 437 530 
Secured Debt(9) (29) (47)1/19/20229.96%SF+5.75%1/19/20272,701 2,609 2,649 
Secured Debt(9) (29)1/19/20229.81%SF+5.75%1/19/202718,293 17,852 17,939 
20,898 21,118 
Project Eagle Holdings, LLC(10)Provider of Secure Business Collaboration Software
Secured Debt(9) (25)7/6/2020L+6.25%7/6/2026— (18)(18)
Secured Debt(9)7/6/202010.64%L+6.25%7/6/202629,475 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)8/19/2022SF+7.25%8/19/2027— (174)(174)
Secured Debt(9) (29)8/19/202211.80%SF+7.25%8/19/202728,265 27,749 27,911 
27,575 27,737 
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt(9) (25) (29)4/8/2021SF+6.75%4/8/2026— (11)(11)
59
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9) (29)4/8/202110.56%SF+6.75%4/8/202613,369 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)12/29/20178.84%L+5.50%12/20/202419,966 19,745 15,116 
RM Bidder, LLC(10)Scripted and Unscripted TV and Digital Programming Provider
Member Units11/12/20152,77946 19 
Warrants(26)11/12/2015327,53210/20/2025425 — 
471 19 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt(9) (29)8/27/202110.97%SF+6.50%8/27/2026311 300 311 
Secured Debt(9) (29)8/27/202110.32%SF+6.50%8/27/20262,333 2,291 2,333 
Secured Debt(9) (29)8/27/202110.32%SF+6.50%8/27/20263,173 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)9/1/202012.02%SF+7.75%9/1/20251,361 1,343 1,258 
Secured Debt(9) (29)9/1/202011.49%SF+7.75%9/1/202516,623 16,506 15,367 
17,849 16,625 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9) (29)7/16/202113.02%SF+6.25%2.00%11/16/20245,625 5,590 5,037 
Secured Debt(9) (29)7/16/202113.02%SF+6.25%2.00%11/16/20248,340 8,223 7,478 
13,813 12,515 
Savers, Inc.(11)For-Profit Thrift Retailer
Secured Debt(9) (29)5/14/202110.34%SF+5.50%4/26/202811,286 11,199 10,938 
SIB Holdings, LLC(10)Provider of Cost Reduction Services
Secured Debt(9)10/29/202111.01%L+6.25%10/29/2026417 408 393 
Secured Debt(9)10/29/202111.01%L+6.25%10/29/20261,553 1,527 1,433 
Secured Debt(9)10/29/202111.01%L+6.25%10/29/20267,750 7,626 7,151 
Common Equity10/29/202195,238200 146 
9,761 9,123 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt(9) (25)12/10/2021L+5.75%12/13/2026— (71)(71)
Secured Debt(9)12/10/20219.69%L+5.75%12/13/202641,255 40,603 41,255 
Common Equity12/10/2021863,636864 1,316 
60
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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)7/1/2022SF+7.50%7/1/2027— (57)(57)
Secured Debt(9) (29)7/1/202211.06%SF+7.50%7/1/202715,928 15,641 15,928 
Common Stock7/1/2022638,710639 639 
16,223 16,510 
Staples Canada ULC(10) (13) (21)Office Supplies Retailer
Secured Debt(9) (22)9/14/201711.83%L+7.00%9/12/202413,740 13,698 12,481 
Stellant Systems, Inc.(11)Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt(9) (29)10/22/202110.05%SF+5.50%10/1/20287,623 7,559 7,166 
Tacala Investment Corp.(33)Quick Service Restaurant Group
Secured Debt(9) (32)3/19/20217.88%L+3.50%2/5/20271,974 1,974 1,904 
Team Public Choices, LLC(11)Home-Based Care Employment Service Provider
Secured Debt(9)12/22/20209.93%L+5.00%12/18/202714,964 14,690 14,290 
Tectonic Financial, LLCFinancial Services Organization
Common Stock(8)5/15/2017200,0002,000 5,630 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(30)7/7/20211,000,0001,000 1,830 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt(9) (29)5/17/201711.57%SF+1.25%7.25%5/2/202618,352 18,284 6,859 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services
Secured Debt(9)10/22/20199.82%L+5.75%9/8/202633,577 33,031 33,577 
Veregy Consolidated, Inc.(11)Energy Service Company
Secured Debt(9) (25)11/9/2020L+5.25%11/3/2025— (630)(630)
Secured Debt(9)11/9/202010.41%L+6.00%11/3/202717,685 17,381 15,479 
61
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference 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 Debt10/10/201910.38%L+6.00%10/1/202615,448 15,313 12,049 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 2,250 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity(8)11/30/20211,038,4621,038 3,930 
Wahoo Fitness Acquisition L.L.C.(11)Fitness Training Equipment Provider
Secured Debt(9) (29)8/17/202110.64%SF+5.75%8/12/202814,625 14,268 8,409 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt(9) (25)7/19/2021L+7.00%7/19/2026— (6)(6)
Secured Debt(9)7/19/202110.74%L+7.00%7/19/20264,235 4,173 4,146 
Common Stock7/19/2021400,000400 420 
4,567 4,560 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt(9)12/17/202110.73%L+6.00%12/17/2026371 334 370 
Secured Debt(9)12/17/202110.73%L+6.00%12/17/2026391 361 391 
Secured Debt(9)12/17/202110.73%L+6.00%12/17/202628,957 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)3/1/2022SF+6.00%3/1/2028— (20)(20)
Secured Debt(9) (29)3/1/20228.59%SF+6.00%3/1/202810,794 10,608 10,685 
Common Stock3/1/20221,541,4001,541 1,950 
12,129 12,615 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt(9) (25)11/19/2021L+7.00%11/19/2026— (34)— 
Secured Debt(9) (25)11/19/2021L+7.00%11/19/2026— (17)(17)
Secured Debt(9)11/19/202110.74%L+7.00%11/19/202610,000 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 DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (29)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(25)12/17/2021L+5.25%12/17/2026— (218)(218)
Secured Debt12/17/202110.84%L+5.25%12/17/202724,300 23,864 24,135 
Secured Debt12/17/20218.63%L+5.25%12/17/202738,311 37,691 38,051 
61,337 61,968 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9)8/22/20189.51%L+5.50%8/9/202412,659 12,619 12,127 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt(9) (29)2/11/202211.67%SF+7.25%3/1/202417,512 17,279 17,512 
Secured Debt(9) (29) (33)2/11/202211.67%SF+7.25%3/1/20244,389 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 FacilityFacilities 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—C — Fair Value Hierarchy for Investments—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.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2021
(dollars in thousands)
(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, 67%66% of thethese 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 LIBOR floor of 1.06%1.04%.
(10)Private Loan portfolio investment. See Note C—C — Fair Value Hierarchy for Investments—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—C — Fair Value Hierarchy for Investments—Investments — Portfolio Composition for a description of Middle Market portfolio investments.
(12)Other Portfolio investment. See Note C—C — Fair Value Hierarchy for Investments—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 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'sCompany’s Credit FacilityFacilities 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—C — Fair Value Hierarchy for Investments—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"(“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, 2021.2022.
(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'sCompany’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'sCompany’s investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $21.4$16.9 million Canadian Dollars and receive $16.9$13.1 million U.S. Dollars with a settlement date of September 14, 2022.2023. The unrealized depreciationappreciation on the forward foreign currency contract was not significant$0.6 million as of December 31, 2021.2022.
(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 LIBOR plus 7.25% (Floor 1.25%) 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)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”) 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.
(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)Warrants are presented in equivalent units with a strike price of $1.50 per unit.
(29)As of December 31, 2021, borrowings under the loan facility bore interest at LIBOR+6.00% or Prime+5.00%. Delayed draw term loan facility permits the borrower to make an interest rate election on each new tranche of borrowings under the facility. The rate presented represents a weighted-average rate for borrowings under the facility.
(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, 2021
(dollars in thousands)
(31)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(32)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.
(33)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 LIBOR plus 7.96%SOFR+6.00% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(34)(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—C — Fair Value Hierarchy for Investments—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 indexbase rate of 1.50% as of December 31, 2021.2.50%.
(36)(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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MAIN STREET CAPITAL CORPORATION
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—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. TheMain Street’s portfolio investments of MSCC and its consolidated subsidiaries are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. MSCCMain Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy. MSCC and its consolidated subsidiaries investMain 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 MSCCMain Street to provide investment management and other services to parties other than MSCC and its subsidiaries or their portfolio companiesMain 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 MSCCMain Street and is not included as a consolidated subsidiary of MSCC in MSCC’sMain 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.
MSCCMain 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 TaxableStructured 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. The Investment Portfolio, as used herein, refers to all of Main Street’s investments in LMM portfolio companies,
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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—C — Fair Value Hierarchy for Investments—Investments — Portfolio Composition—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 ninesix months ended SeptemberJune 30, 20222023 and 2021,2022, cash flows for the ninesix months ended SeptemberJune 30, 20222023 and 2021,2022, and financial position as of SeptemberJune 30, 20222023 and December 31, 2021,2022, 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 financial statements and notes thereto for the year ended December 31, 2021.2022. 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 ninesix months ended SeptemberJune 30, 20222023 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 or to its portfolio companies.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 TaxableStructured 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—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—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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 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 andthrough investments that are often referred to in the debt markets as “club deals.”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, portfolio investments, Private Loan portfolio investments 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 thirds-partythird-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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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.
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.
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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
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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.firm (the “Financial Advisory Firm”). The nationally recognized independent financial advisory services firmFinancial 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 nationally recognized independent financial advisory services firmFinancial 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 nationally recognized independent financial advisory services firmFinancial 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 its independent financial advisory services firmthe Financial Advisory Firm in arriving at Main Street’s determination of fair value on its investments in a total of 5137 LMM portfolio companies for the ninesix months ended SeptemberJune 30, 2022,2023, representing 80%52% of the total LMM portfolio at fair value as of SeptemberJune 30, 2022,2023, and on a total of 4336 LMM portfolio companies for the ninesix months ended SeptemberJune 30, 2021,2022, representing 70%54% of the total LMM portfolio at fair value as of SeptemberJune 30, 2021.2022. Excluding its investments in LMM portfolio companies that, as of SeptemberJune 30, 20222023 and 2021,2022, as applicable, 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, the percentage of the LMM portfolio reviewed and certified by Main Street’s independent financial advisory services firmthe Financial Advisory Firm for the ninesix months ended SeptemberJune 30, 2023 and 2022 was 55% and 2021 was 80% and 74%61% of the total LMM portfolio at fair value, as of September 30, 2022 and 2021, respectively.
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 a nationally recognized independent financial advisory services firm.the Financial Advisory Firm. The nationally recognized independent financial advisory services firmFinancial Advisory Firm analyzes and provides observations and recommendations and an assurance certification regarding the Company’sMain Street’s determinations of the fair value of its Private Loan portfolio company investments. The nationally recognized independent financial advisory services firmFinancial 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 nationally recognized independent financial advisory services firmFinancial 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 its independent financial advisory services firmthe Financial Advisory Firm in arriving at its determination of fair value on its investments in a total of 4033 Private Loan portfolio companies for the ninesix months ended SeptemberJune 30, 2022,2023, representing 50%49% of the total Private Loan portfolio at fair value as of SeptemberJune 30, 2022,2023, and on a total of 3129 Private Loan portfolio companies for the ninesix months ended SeptemberJune 30, 2021,2022, representing 57%44% of the total Private Loan portfolio at fair value as of SeptemberJune 30, 2021.2022. Excluding its investments in Private Loan portfolio companies that, as of SeptemberJune 30, 20222023 and 2021,2022, as applicable, 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, the percentage of the Private Loan portfolio reviewed and certified by Main Street’s independent financial advisory services firmthe Financial Advisory Firm for the ninesix months ended SeptemberJune 30, 2023 and 2022 was 53% and 2021 was 70% and 75%67% of the total Private Loan portfolio at fair value, as of September 30, 2022 and 2021, respectively.
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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. 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
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using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. The CompanyMain Street generally consults on a limited basis with a financial advisory services firmthe 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 (95%(90% and 93%89% as of SeptemberJune 30, 20222023 and December 31, 2021,2022, 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 independent financial services firmthe 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%2.6% and 4.7%2.8% of Main Street’s Investment Portfolio at fair value as of SeptemberJune 30, 20222023 and December 31, 2021,2022, 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 adoptedbelieves its Investment Portfolio as of June 30, 2023 and December 31, 2022 approximates fair value as of those dates based on the Valuation Procedures effective April 1,markets in which it operates and other conditions in existence on those reporting dates.
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2021. Main Street believes its Investment Portfolio as of September 30, 2022 and December 31, 2021 approximates fair value as of those dates based on the markets in which it operates and other conditions in existence on those reporting dates.
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—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 the COVID-19 pandemic,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 well as market interest rate spreads.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 SeptemberJune 30, 2023 and December 31, 2022, cash balances totaling $58.2$46.0 million (excluding amounts invested in AAA rated money market funds) and $46.3 million, respectively, exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Company to risk related to the uninsured balance. All of the Company’s cash deposits are held at large established high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote.
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 aswhen dividends are declared by the portfolio company or at the pointsuch other time that an obligation exists for the portfolio company to make a distribution. In accordance with Main Street’s valuation policies, 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 SeptemberJune 30, 2022, Main Street’s total Investment Portfolio had 11 investments on non-accrual status, which comprised 0.8% of its fair value and 3.7% of its cost. As of December 31, 2021,2023, Main Street’s total Investment Portfolio had nine investments on non-accrual status, which comprised 0.7%0.3% of its fair value and 3.3%1.7% of its cost. As of December 31, 2022, Main Street’s total Investment Portfolio had 12 investments on non-accrual status, which comprised 0.6% of its fair value and 3.7% of its 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.
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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— Summary of Significant Accounting Policies—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
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Main Street may not have collected the PIK interest and cumulative dividends in cash. 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 SeptemberJune 30, 2023 and 2022, (i) 1.8% and 2021,1.7%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.2% and 0.2%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the six months ended June 30, 2023 and 2022, (i) 1.2%2.1% and 2.1%1.4%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and 0.6%, 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, 2022 and 2021, (i) 1.3% and 3.0%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.5% and 0.6%, 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,		Three Months Ended
June 30,		Six Months Ended
June 30,
20222021202220212023202220232022
(dollars in thousands)(dollars in thousands)
Interest, fee and dividend income:Interest, fee and dividend income:Interest, fee and dividend income:
Interest incomeInterest income$75,023 $50,468 $198,446 $139,882 Interest income$97,273 $63,984 $190,666 $123,426 
Dividend incomeDividend income19,424 23,012 53,959 59,328 Dividend income25,599 17,913 49,821 34,535 
Fee incomeFee income3,940 3,299 10,576 7,671 Fee income4,711 3,303 7,351 6,635 
Total interest, fee and dividend incomeTotal interest, fee and dividend income$98,387 $76,779 $262,981 $206,881 Total interest, fee and dividend income$127,583 $85,200 $247,838 $164,596 
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 Facility”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—E — Debt. Deferred financing costs in connection with the Credit FacilityFacilities 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.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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
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valued as part of the negotiation process with the particular portfolio company. When Main Street receives nominal cost equity, Main Streetit 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—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 SeptemberJune 30, 20222023 and 2021,2022, 1.8% and 1.8%2.0%, 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 reduction. For the ninesix months ended SeptemberJune 30, 2023 and 2022, 1.8% and 2021, 1.9% and 2.1%2.0%, 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 reduction.
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 has also adopted Accounting Standards Update (“ASU”) 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which requires thatrecognizes all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) be recognized 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. Accordingly,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
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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
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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. 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.
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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, “ReferenceReference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting.”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 ninesix months ended SeptemberJune 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 2022-042022-06 to have a material impact to the consolidated financial statements and the notes thereto.
In December 2021, the SEC published Staff Accounting Bulletin No. 120 (“SAB 120”) to provide accounting and disclosure guidance for stock compensation awards made to executives and conforming amendments to the Staff Accounting Bulletin Series to align with the current authoritative accounting guidance in ASC 718, Compensation – Stock Compensation. In part, SAB 120 requires that an entity disclose how it determines the current price of underlying shares for grant-date fair value, the policy for when an adjustment to the share price is required, how it determines the amount of an adjustment to the share price and any significant assumptions used in determining an adjustment to the share price. SAB 120 is effective for all stock compensation awards issued after December 1, 2021. Main Street is in compliance with the guidance pursuant to SAB 120 for any share-based compensation disclosures. See Note J – Share-Based Compensation for further discussion of Main Street’s policies and procedures regarding share-based compensation. The impact of SAB 120 was not material to the consolidated financial statements and the notes thereto.
In June 2022, the FASB issued ASU 2022-03, “FairFair 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 requiredeffective for years beginning after December 15, 2023, though early
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


adoption is permitted. The Company does not expectelected to early adopt ASU 2022-03 toas of December 31, 2022 and it did not have a material impact toon 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 Main Streetthe Company as of the specified effective date. Main StreetThe 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—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).
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As of SeptemberJune 30, 20222023 and December 31, 2021,2022, 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 SeptemberJune 30, 20222023 and December 31, 2021.2022.
As of SeptemberJune 30, 20222023 and December 31, 2021,2022, 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 SeptemberJune 30, 20222023 and December 31, 2021.2022.
As of SeptemberJune 30, 20222023 and December 31, 2021,2022, 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 SeptemberJune 30, 20222023 and December 31, 2021.2022.
As of SeptemberJune 30, 20222023 and December 31, 2021,2022, Main Street’s Other Portfolio investments consisted of illiquid securities issued by privately held companiesentities and the fair value determination for these investments primarily consisted of
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


unobservable inputs. As a result, all of Main Street’s Other Portfolio investments were categorized as Level 3 as of SeptemberJune 30, 20222023 and December 31, 2021.2022.
As of September 30, 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 September 30, 2022. As of December 31, 2021,2022, 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, 2021.2022.
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;
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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


Significant Accounting Policies —Valuation of the Investment Portfolio) and (ii) the percentage of expected principal recovery. 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 SeptemberJune 30, 20222023 and December 31, 2021:2022:
Type of
Investment		Type of
Investment
Fair Value as of
September 30, 2022
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange(3)Weighted Average(3)Median(3)Type of
Investment
Fair Value as of
June 30, 2023
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange(3)Weighted Average(3)Median(3)
Equity investmentsEquity investments$1,105,236 Discounted cash flowWACC9.4% - 22.4%14.5 %15.6 %Equity investments$1,279,510 Discounted cash flowWACC9.2% - 22.3%14.4 %15.1 %
Market comparable / Enterprise valueEBITDA multiple (1)4.3x - 8.3x (2)6.7x6.0xMarket comparable / Enterprise valueEBITDA multiple (1)4.5x - 8.4x (2)6.7x6.1x
Debt investmentsDebt investments$2,548,347 Discounted cash flowRisk adjusted discount factor6.5% - 17.0% (2)10.3 %10.4 %Debt investments$2,718,508 Discounted cash flowRisk adjusted discount factor6.1% - 16.8% (2)10.4 %11.0 %
Expected principal recovery percentage0.0% - 200.0%99.6 %100.0 %Expected principal recovery percentage0.0% - 100.0%99.7 %100.0 %
Debt investmentsDebt investments$318,052 Market approachThird-party quote5.6 - 98.990.693.0Debt investments$212,525 Market approachThird-party quote4.0 - 97.588.494.0
Total Level 3 investmentsTotal Level 3 investments$3,971,635 Total Level 3 investments$4,210,543 
____________________
(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 2.2x2.0x - 15.7x and the range for risk adjusted discount factor is 5.0%3.8% - 35.4%33.5%.
(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
Type of Investment
Fair Value as of December 31, 2022
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange(3)Weighted Average(3)Median(3)
Equity investments$1,172,077 Discounted cash flowWACC9.4% - 22.5%14.5 %15.4 %
Market comparable / Enterprise valueEBITDA multiple (1)4.3x - 8.3x (2)6.7x6.0x
Debt investments$2,663,958 Discounted cash flowRisk adjusted discount factor5.7% - 15.7% (2)10.0 %10.3 %
Expected principal recovery percentage0.0% - 100.0%99.4 %100.0 %
Debt investments$264,238 Market approachThird-party quote5.6 - 98.587.091.4
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.
(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 3.8% - 43.3%.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
Type of Investment
Fair Value as of December 31, 2021
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange(3)Weighted Average(3)Median(3)
Equity investments$1,050,269 Discounted cash flowWACC9.1% - 20.6%13.8 %14.8 %
Market comparable / Enterprise valueEBITDA multiple (1)4.8x - 7.7x(2)6.6x5.9x
Debt investments$2,158,424 Discounted cash flowRisk adjusted discount factor5.6% - 15.7%(2)9.8 %9.3 %
Expected principal recovery percentage0.0% - 100.0%99.6 %100.0 %
Debt investments$351,144 Market approachThird-party quote3.0 - 100.594.499.0
Total Level 3 investments$3,559,837 
____________________
(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 2.2x - 11.0x and the range for risk adjusted discount factor is 4.2% - 38.5%.
(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
The following tables provide a summary of changes in fair value of Main Street’s Level 3 portfolio investments for the nine-monthsix-month periods ended SeptemberJune 30, 20222023 and 20212022 (amounts in thousands):
Type of InvestmentType of Investment
Fair Value
as of
December 31, 2021
Transfers Into Level 3 HierarchyRedemptions/ RepaymentsNew InvestmentsNet Changes from Unrealized to RealizedNet Unrealized Appreciation (Depreciation)Other(1)
Fair Value
as of
September 30, 2022
Type of Investment
Fair Value
as of
December 31, 2022
Transfers Into Level 3 HierarchyRedemptions/ RepaymentsNew InvestmentsNet Changes from Unrealized to RealizedNet Unrealized Appreciation (Depreciation)Other(1)
Fair Value
as of
June 30, 2023
DebtDebt$2,509,568 $— $(436,372)$869,214 $9,632 $(78,710)$(6,933)$2,866,399 Debt$2,928,196 $— $(421,050)$376,859 $100,164 $(23,390)$(29,746)$2,931,033 
EquityEquity1,043,709 — (49,447)47,475 (11,801)63,591 6,933 1,100,460 Equity1,166,643 — (35,199)48,210 4,126 56,358 32,322 1,272,460 
Equity WarrantEquity Warrant6,560 — (474)— (615)(696)— 4,775 Equity Warrant5,434 — — 2,091 — 2,101 (2,576)7,050 
$3,559,837 $— $(486,293)$916,689 $(2,784)$(15,815)$— $3,971,635 $4,100,273 $— $(456,249)$427,160 $104,290 $35,069 $— $4,210,543 
____________________
(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 InvestmentType of Investment
Fair Value
as of
December 31, 2020
Transfers Into Level 3 HierarchyRedemptions/ RepaymentsNew InvestmentsNet Changes from Unrealized to RealizedNet Unrealized Appreciation (Depreciation)Other(1)
Fair Value
as of
September 30, 2021
Type of Investment
Fair Value
as of
December 31, 2021
Transfers Into Level 3 HierarchyRedemptions/ RepaymentsNew InvestmentsNet Changes from Unrealized to RealizedNet Unrealized Appreciation (Depreciation)Other(1)
Fair Value
as of
June 30, 2022
DebtDebt$1,807,134 $— $(528,158)$814,863 $13,279 $2,115 $(3,485)$2,105,748 Debt$2,509,568 $— $(351,315)$508,045 $3,656 $(60,605)$(1,333)$2,608,016 
EquityEquity866,734 — (64,335)48,181 (2,826)115,774 5,767 969,295 Equity1,043,709 — (27,338)34,765 (1,977)51,451 1,333 1,101,943 
Equity WarrantEquity Warrant10,998 — — — (1,940)944 (2,282)7,720 Equity Warrant6,560 — — — — (610)— 5,950 
$2,684,866 $— $(592,493)$863,044 $8,513 $118,833 $— $3,082,763 $3,559,837 $— $(378,653)$542,810 $1,679 $(9,764)$— $3,715,909 
____________________
(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 SeptemberJune 30, 20222023 and December 31, 2021,2022, Main Street’s investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:
Fair Value MeasurementsFair Value Measurements
(in thousands)(in thousands)
At September 30, 2022Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
At June 30, 2023At June 30, 2023Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
LMM portfolio investmentsLMM portfolio investments$1,910,915 $— $— $1,910,915 LMM portfolio investments$2,170,226 $— $— $2,170,226 
Private Loan portfolio investmentsPrivate Loan portfolio investments1,476,934 — — 1,476,934 Private Loan portfolio investments1,499,309 — — 1,499,309 
Middle Market portfolio investmentsMiddle Market portfolio investments354,286 — — 354,286 Middle Market portfolio investments295,854 — — 295,854 
Other Portfolio investmentsOther Portfolio investments117,010 — — 117,010 Other Portfolio investments111,184 — — 111,184 
External Investment ManagerExternal Investment Manager112,490 — — 112,490 External Investment Manager133,970 — — 133,970 
Short-term portfolio investments1,855 — 1,855 — 
Total investmentsTotal investments$3,973,490 $— $1,855 $3,971,635 Total investments$4,210,543 $— $— $4,210,543 
Fair Value MeasurementsFair Value Measurements
(in thousands)(in thousands)
At December 31, 2021Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
At December 31, 2022At December 31, 2022Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
LMM portfolio investmentsLMM portfolio investments$1,716,415 $— $— $1,716,415 LMM portfolio investments$2,060,459 $— $— $2,060,459 
Private Loan portfolio investmentsPrivate Loan portfolio investments1,141,772 — — 1,141,772 Private Loan portfolio investments1,471,466 — — 1,471,466 
Middle Market portfolio investmentsMiddle Market portfolio investments395,167 — — 395,167 Middle Market portfolio investments329,119 — — 329,119 
Other Portfolio investmentsOther Portfolio investments166,083 — — 166,083 Other Portfolio investments116,299 — — 116,299 
External Investment ManagerExternal Investment Manager140,400 — — 140,400 External Investment Manager122,930 — — 122,930 
Short-term portfolio investmentsShort-term portfolio investments1,994 — 1,994 — Short-term portfolio investments1,904 — 1,904 — 
Total investmentsTotal investments$3,561,831 $— $1,994 $3,559,837 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 involvesis 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 involvesis 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 generallyprimarily consist of loansdebt 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


relationships with other investment funds onPrivate Loan investments are typically made to support a collaborative basis, and are often referred tocompany owned by or in the debt markets as “club deals.”process of being acquired by a private equity sponsor. 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 invest alongside the sponsor in the equity securities of its Private Loan portfolio companies.
Main Street’s Middle Market investment strategy involvesis 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 partiesExternal 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 SeptemberJune 30, 20222023 and 20212022 are net of expenses allocated to the External Investment Manager of $3.3$5.7 million and $2.7$3.5 million, respectively, and for the ninesix months ended SeptemberJune 30, 2023 and 2022 and 2021 of $9.6$10.7 million and $7.7$6.3 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 ninesix months ended SeptemberJune 30, 20222023 and 2021,2022, 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 SeptemberJune 30, 20222023 and December 31, 20212022 (this information excludes the Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed further below):.
As of September 30, 2022As of June 30, 2023
LMM (a)Private LoanMiddle MarketLMM (a)Private LoanMiddle Market
(dollars in millions)(dollars in millions)
Number of portfolio companiesNumber of portfolio companies75 87 33 Number of portfolio companies79 88 28 
Fair valueFair value$1,910.9 $1,476.9 $354.3 Fair value$2,170.2 $1,499.3 $295.9 
CostCost$1,593.7 $1,523.8 $419.4 Cost$1,720.9 $1,519.9 $352.9 
Debt investments as a % of portfolio (at cost)Debt investments as a % of portfolio (at cost)73.0 %97.1 %94.4 %Debt investments as a % of portfolio (at cost)72.0 %96.1 %92.9 %
Equity investments as a % of portfolio (at cost)Equity investments as a % of portfolio (at cost)27.0 %2.9 %5.6 %Equity investments as a % of portfolio (at cost)28.0 %3.9 %7.1 %
% of debt investments at cost secured by first priority lien% of debt investments at cost secured by first priority lien99.1 %99.9 %98.8 %% of debt investments at cost secured by first priority lien99.2 %99.5 %99.2 %
Weighted-average annual effective yield (b)Weighted-average annual effective yield (b)11.8 %9.9 %9.6 %Weighted-average annual effective yield (b)12.9 %12.6 %11.8 %
Average EBITDA (c)Average EBITDA (c)$7.7 $41.9 $70.7 Average EBITDA (c)$8.0 $30.5 $67.6 
____________________
(a)At SeptemberJune 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 June 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 June 30, 2023 including debt investments on non-accrual status was 12.8% for its LMM portfolio, 12.3% for its Private Loan portfolio and 10.8% 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 LoanMiddle Market
(dollars in millions)
Number of portfolio companies78 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 lien99.1 %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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(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of September 30,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 September 30,December 31, 2022 including debt investments on non-accrual status was 11.1%11.6% for its LMM portfolio, 9.6%11.2% for its Private Loan portfolio and 9.1%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.
As of December 31, 2021
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies737536
Fair value$1,716.4 $1,141.8 $395.2 
Cost$1,455.7 $1,157.5 $440.9 
Debt investments as a % of portfolio (at cost)70.9 %95.7 %93.3 %
Equity investments as a % of portfolio (at cost)29.1 %4.3 %6.7 %
% of debt investments at cost secured by first priority lien99.0 %98.7 %98.7 %
Weighted-average annual effective yield (b)11.2 %8.2 %7.5 %
Average EBITDA (c)$6.2 $41.3 $76.0 
____________________
(a)At December 31, 2021, 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%.
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(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, 2021, 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, 2021 including debt investments on non-accrual status was 10.6% for its LMM portfolio, 8.0% for its Private Loan portfolio and 6.9% 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 three LMM portfolio companies, three Private Loan portfolio companies and one Middle Market portfolio company, 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 SeptemberJune 30, 20222023 and 2021,2022, Main Street achieved an annualized total return on investments of 10.5%16.7% and 18.0%6.5%, respectively. For the ninesix months ended SeptemberJune 30, 20222023 and 2021,2022, Main Street achieved an annualized total return on investments of 9.6%15.1% and 16.6%9.2%, respectively. For the year ended December 31, 2021,2022, Main Street achieved a total return on investments of 16.6%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 SeptemberJune 30, 2022,2023, Main Street had Other Portfolio investments in 14 companies,15 entities, collectively totaling $117.0$111.2 million in fair value and $121.3$119.4 million in cost basis and which comprised 2.9%2.6% and 3.3%3.2% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2021,2022, Main Street had Other Portfolio investments in 13 companies,14 entities, collectively totaling $166.1$116.3 million in fair value and $173.7$120.4 million in cost basis and which comprised 4.7%2.8% and 5.3%3.2% of Main Street’s Investment Portfolio at fair value and cost, respectively.
As discussed further in Note A.1—A.1. — Organization and Basis of Presentation—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 SeptemberJune 30, 2022,2023, this investment had a fair value of $112.5$134.0 million and a cost basis of $29.5 million, which comprised 2.8%3.2% and 0.8% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2021,2022, this investment had a fair value of $140.4$122.9 million and a cost basis of $29.5 million, which comprised 3.9%3.0% and 0.9%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, portfolio investments, Private Loan portfolio investments and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, portfolio investments, Private Loan portfolio investments and Middle Market portfolio investments, as of SeptemberJune 30, 20222023 and December 31, 20212022 (this information excludes the Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed above).
Cost:Cost:September 30, 2022December 31, 2021Cost:June 30, 2023December 31, 2022
First lien debtFirst lien debt85.4 %82.5 %First lien debt83.8 %85.0 %
EquityEquity13.9 16.2 Equity15.5 14.2 
Second lien debtSecond lien debt0.1 0.6 Second lien debt0.3 0.3 
Equity warrantsEquity warrants0.2 0.3 Equity warrants0.2 0.2 
OtherOther0.4 0.4 Other0.2 0.3 
100.0 %100.0 %100.0 %100.0 %
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Fair Value:Fair Value:September 30, 2022December 31, 2021Fair Value:June 30, 2023December 31, 2022
First lien debtFirst lien debt76.1 %74.3 %First lien debt73.3 %75.2 %
EquityEquity23.2 24.6 Equity25.9 24.1 
Second lien debtSecond lien debt0.2 0.5 Second lien debt0.4 0.3 
Equity warrantsEquity warrants0.1 0.2 Equity warrants0.2 0.1 
OtherOther0.4 0.4 Other0.2 0.3 
100.0 %100.0 %100.0 %100.0 %
The following tables summarize the composition of Main Street’s total combined LMM, portfolio investments, Private Loan portfolio investments 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, portfolio investments, Private Loan portfolio investments and Middle Market portfolio investments, as of SeptemberJune 30, 20222023 and December 31, 20212022 (this information excludes the 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:Cost:September 30, 2022December 31, 2021Cost:June 30, 2023December 31, 2022
WestWest28.1 %28.3 %West25.6 %28.5 %
NortheastNortheast21.6 19.0 
SouthwestSouthwest20.7 21.6 Southwest19.3 20.1 
Northeast20.6 22.6 
MidwestMidwest15.2 15.1 Midwest16.0 16.3 
SoutheastSoutheast13.2 11.6 Southeast15.1 14.0 
Other Non-United StatesOther Non-United States1.7 1.5 
CanadaCanada0.6 0.8 Canada0.7 0.6 
Other Non-United States1.6 — 
100.0 %100.0 %100.0 %100.0 %
Fair Value:Fair Value:September 30, 2022December 31, 2021Fair Value:June 30, 2023December 31, 2022
WestWest28.4 %28.5 %West26.2 %28.7 %
SouthwestSouthwest22.1 23.0 Southwest21.3 21.4 
NortheastNortheast20.3 21.9 Northeast21.0 18.8 
MidwestMidwest15.4 15.8 Midwest16.3 16.6 
SoutheastSoutheast11.7 10.0 Southeast13.0 12.4 
Other Non-United StatesOther Non-United States1.6 1.5 
CanadaCanada0.6 0.8 Canada0.6 0.6 
Other Non-United States1.5 — 
100.0 %100.0 %100.0 %100.0 %
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(Unaudited)


Main Street’s LMM, portfolio investments, Private Loan portfolio investments 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, portfolio investments, Private Loan portfolio investments and Middle Market portfolio investments by industry at cost and fair value as of SeptemberJune 30, 20222023 and December 31, 20212022 (this information excludes the Other Portfolio investments, short-term portfolio investments and the External Investment Manager).
Cost:Cost:September 30, 2022December 31, 2021Cost:June 30, 2023December 31, 2022
Internet Software & ServicesInternet Software & Services8.0 %7.2 %Internet Software & Services8.9 %8.0 %
MachineryMachinery8.0 7.3 Machinery7.2 7.4 
Commercial Services & SuppliesCommercial Services & Supplies6.9 5.9 Commercial Services & Supplies6.1 6.7 
Construction & EngineeringConstruction & Engineering6.3 7.8 Construction & Engineering5.7 5.8 
Health Care Providers & ServicesHealth Care Providers & Services5.0 4.7 
Diversified Consumer ServicesDiversified Consumer Services4.8 3.4 Diversified Consumer Services4.9 4.5 
Leisure Equipment & Products4.6 4.1 
Health Care Providers & Services4.6 3.9 
IT ServicesIT Services4.9 3.3 
Professional ServicesProfessional Services4.2 4.6 Professional Services4.5 4.2 
DistributorsDistributors4.2 4.7 Distributors4.2 5.1 
Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods3.3 1.9 
Leisure Equipment & ProductsLeisure Equipment & Products3.1 4.5 
Energy Equipment & ServicesEnergy Equipment & Services3.8 4.0 Energy Equipment & Services3.1 3.7 
IT Services3.4 3.5 
TobaccoTobacco3.1 3.1 
Computers & PeripheralsComputers & Peripherals2.7 2.2 
Specialty RetailSpecialty Retail3.2 3.5 Specialty Retail2.5 3.2 
Tobacco3.2 2.1 
MediaMedia2.4 2.4 
SoftwareSoftware2.0 1.9 
Building ProductsBuilding Products1.8 1.9 
Aerospace & DefenseAerospace & Defense1.8 2.3 
Containers & PackagingContainers & Packaging2.9 2.3 Containers & Packaging1.7 2.6 
Aerospace & Defense2.4 1.9 
Media2.4 1.8 
Building Products2.0 2.3 
Textiles, Apparel & Luxury Goods1.9 2.2 
Diversified Telecommunication ServicesDiversified Telecommunication Services1.7 1.9 
Auto ComponentsAuto Components1.6 1.7 
Food ProductsFood Products1.6 1.6 
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components1.6 1.6 
Electrical EquipmentElectrical Equipment1.5 1.0 
Communications EquipmentCommunications Equipment1.8 2.3 Communications Equipment1.5 1.8 
Diversified Telecommunication Services1.8 2.6 
Software1.7 1.8 
Diversified Financial ServicesDiversified Financial Services1.5 2.1 Diversified Financial Services1.5 1.5 
Food Products1.6 2.0 
Internet & Catalog RetailInternet & Catalog Retail1.4 1.6 Internet & Catalog Retail1.3 1.3 
Health Care Equipment & SuppliesHealth Care Equipment & Supplies1.3 0.3 Health Care Equipment & Supplies1.3 1.3 
Food & Staples RetailingFood & Staples Retailing1.2 0.8 Food & Staples Retailing1.1 1.2 
Hotels, Restaurants & LeisureHotels, Restaurants & Leisure1.1 1.1 
ChemicalsChemicals1.2 1.7 Chemicals1.0 1.1 
Computers & Peripherals1.2 1.3 
Oil, Gas & Consumable Fuels1.1 1.8 
Electronic Equipment, Instruments & Components1.1 1.4 
Hotels, Restaurants & Leisure1.1 1.4 
Household ProductsHousehold Products1.0 0.4 
Household Durables0.8 1.0 
Life Sciences Tools & Services0.5 1.4 
Other (1)Other (1)3.9 4.0 Other (1)3.3 3.1 
100.0 %100.0 %100.0 %100.0 %
____________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined LMM, portfolio investments, Private Loan portfolio investments and Middle Market portfolio investments at each date.
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(Unaudited)


Fair Value:Fair Value:September 30, 2022December 31, 2021Fair Value:June 30, 2023December 31, 2022
MachineryMachinery8.9 %8.5 %Machinery8.3 %8.4 %
Internet Software & ServicesInternet Software & Services7.4 6.8 
Diversified Consumer ServicesDiversified Consumer Services7.0 5.9 Diversified Consumer Services7.1 6.8 
Internet Software & Services6.9 6.4 
Construction & EngineeringConstruction & Engineering5.6 5.7 
Commercial Services & SuppliesCommercial Services & Supplies6.3 5.5 Commercial Services & Supplies5.2 6.1 
Construction & Engineering6.1 7.7 
Professional ServicesProfessional Services5.1 3.8 
Health Care Providers & ServicesHealth Care Providers & Services4.7 4.3 
DistributorsDistributors4.5 4.7 Distributors4.5 5.5 
Health Care Providers & Services4.3 3.6 
IT ServicesIT Services4.4 3.1 
Computers & PeripheralsComputers & Peripherals3.8 3.0 
TobaccoTobacco3.3 3.4 
Specialty RetailSpecialty Retail3.1 3.5 
MediaMedia2.9 3.0 
Leisure Equipment & ProductsLeisure Equipment & Products4.1 4.0 Leisure Equipment & Products2.8 4.0 
Professional Services3.9 3.9 
Specialty Retail3.7 4.1 
Tobacco3.4 2.2 
IT Services3.2 3.3 
Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods2.8 1.8 
Energy Equipment & ServicesEnergy Equipment & Services2.7 2.7 
SoftwareSoftware2.1 2.1 
Containers & PackagingContainers & Packaging3.1 2.5 Containers & Packaging1.9 2.8 
Media3.0 2.2 
Energy Equipment & Services2.8 2.8 
Aerospace & DefenseAerospace & Defense2.2 1.7 Aerospace & Defense1.7 2.2 
Software2.0 2.0 
Textiles, Apparel & Luxury Goods1.9 2.1 
Food ProductsFood Products1.7 1.8 
Building ProductsBuilding Products1.9 2.2 Building Products1.6 1.9 
Computers & Peripherals1.9 2.2 
Electrical EquipmentElectrical Equipment1.6 1.0 
Auto ComponentsAuto Components1.5 1.6 
Diversified Telecommunication ServicesDiversified Telecommunication Services1.5 1.8 
Diversified Financial ServicesDiversified Financial Services1.7 2.3 Diversified Financial Services1.4 1.7 
Diversified Telecommunication Services1.7 2.5 
Food Products1.7 1.9 
Internet & Catalog RetailInternet & Catalog Retail1.5 1.5 Internet & Catalog Retail1.2 1.3 
Construction MaterialsConstruction Materials1.1 1.0 
Air Freight & LogisticsAir Freight & Logistics1.1 0.9 
Health Care Equipment & SuppliesHealth Care Equipment & Supplies1.0 1.0 
ChemicalsChemicals0.9 1.1 
Food & Staples RetailingFood & Staples Retailing1.2 0.8 Food & Staples Retailing0.8 1.1 
Chemicals1.1 1.6 
Health Care Equipment & Supplies1.0 0.1 
Communications Equipment1.0 1.5 
Construction Materials1.0 1.1 
Oil, Gas & Consumable Fuels0.9 1.4 
Hotels, Restaurants & Leisure0.8 1.0 
Life Sciences Tools & Services0.4 1.3 
Other (1)Other (1)4.9 5.5 Other (1)5.2 4.8 
100.0 100.0 100.0 %100.0 %
____________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined LMM, portfolio investments, Private Loan portfolio investments and Middle Market portfolio investments at each date.
At SeptemberJune 30, 20222023 and December 31, 2021,2022, 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
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(Unaudited)


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. 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 SeptemberJune 30, 20222023 and December 31, 2021,2022, Main Street had no single investment that qualified as a significant subsidiary under either the investment or income tests.
NOTE D—D — EXTERNAL INVESTMENT MANAGER
As discussed further in Note A.1—A.1. — Organization and Basis of Presentation—Presentation — Organization and Note C—C — Fair Value Hierarchy for Investments—Investments — Portfolio Composition—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, a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments (the “Private Loan Fund”). The External Investment Manager entered into an Investment Management Agreement in December 2020 with the Private Loan Fund, pursuant to which the External Investment Manager provides investment advisory and management services to the Private Loan 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—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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(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
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(Unaudited)


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 SeptemberJune 30, 20222023 and 2021,2022, the total contribution to Main Street’s net investment income was $5.0$8.5 million and $4.2$5.2 million, respectively. For the ninesix months ended SeptemberJune 30, 20222023 and 2021,2022, the total contribution to Main Street’s net investment income was $15.2$16.6 million and $11.6$10.3 million, respectively.
Summarized financial information from the separate financial statements of the External Investment Manager as of SeptemberJune 30, 20222023 and December 31, 20212022 and for the three and ninesix months ended SeptemberJune 30, 20222023 and 20212022 is as follows:
As ofAs of
As of
June 30,
2023
As of
December 31, 2022
September 30, 2022December 31, 2021(dollars in thousands)
(dollars in thousands)
Cash$309 $— 
Accounts receivable - advisory clientsAccounts receivable - advisory clients5,917 5,595 Accounts receivable - advisory clients$10,416 $8,130 
Intangible AssetIntangible Asset29,500 29,500 Intangible Asset29,500 29,500 
Total assetsTotal assets$35,726 $35,095 Total assets$39,916 $37,630 
Accounts payable to MSCC and its subsidiariesAccounts payable to MSCC and its subsidiaries$4,588 $3,288 Accounts payable to MSCC and its subsidiaries$7,557 $4,455 
Dividend payable to MSCC and its subsidiariesDividend payable to MSCC and its subsidiaries1,638 2,307 Dividend payable to MSCC and its subsidiaries2,859 3,675 
EquityEquity29,500 29,500 Equity29,500 29,500 
Total liabilities and equityTotal liabilities and equity$35,726 $35,095 Total liabilities and equity$39,916 $37,630 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Three Months Ended
September 30,
Nine Months Ended
September 30,
Three Months Ended
June 30,
Six Months Ended
June 30,
20222021202220212023202220232022
(dollars in thousands)(dollars in thousands)
Management fee incomeManagement fee income$5,472 $4,592 $16,337 $12,707 Management fee income$5,544 $5,421 $11,014 $10,865 
Incentive feesIncentive fees(182)19 45 19 Incentive fees3,663 90 6,967 227 
Administrative services feesAdministrative services fees154 — 458 — Administrative services fees151 153 302 304 
Total revenuesTotal revenues5,444 4,611 16,840 12,726 Total revenues9,358 5,664 18,283 11,396 
Expenses allocated from MSCC or its subsidiaries:Expenses allocated from MSCC or its subsidiaries:Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costsSalaries, share-based compensation and other personnel costs(2,660)(2,278)(7,572)(6,394)Salaries, share-based compensation and other personnel costs(4,897)(2,653)(9,165)(4,913)
Other G&A expensesOther G&A expenses(674)(450)(2,041)(1,286)Other G&A expenses(791)(809)(1,520)(1,366)
Total allocated expensesTotal allocated expenses(3,334)(2,728)(9,613)(7,680)Total allocated expenses(5,688)(3,462)(10,685)(6,279)
Pre-tax incomePre-tax income2,110 1,883 7,227 5,046 Pre-tax income3,670 2,202 7,598 5,117 
Tax expenseTax expense(472)(424)(1,605)(1,138)Tax expense(811)(492)(1,683)(1,134)
Net incomeNet income$1,638 $1,459 $5,622 $3,908 Net income$2,859 $1,710 $5,915 $3,983 

NOTE E—E — DEBT
Summary of debt as of SeptemberJune 30, 20222023 is as follows:
Outstanding
Balance		Unamortized Debt
Issuance
(Costs)/Premiums (2)		Recorded ValueEstimated Fair
Value (1)
(in thousands)
Credit Facility$561,000 $— $561,000 $561,000 
3.00% Notes due 2026500,000 (1,996)498,004 422,715 
5.20% Notes due 2024450,000 863 450,863 444,114 
SBIC Debentures350,000 (6,382)343,618 288,546 
4.50% Notes due 2022185,000 (101)184,899 184,819 
Total Debt$2,046,000 $(7,616)$2,038,384 $1,901,194 
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)
Corporate Facility$410,000 $— $410,000 $410,000 
SPV Facility170,000 — 170,000 170,000 
July 2026 Notes500,000 (1,601)498,399 440,345 
May 2024 Notes450,000 454 450,454 442,926 
SBIC Debentures350,000 (6,057)343,943 290,232 
December 2025 Notes150,000 (1,294)148,706 153,929 
Total Debt$2,030,000 $(8,498)$2,021,502 $1,907,432 
____________________
(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—Policies — Fair Value of Financial Instruments.
(2)The unamortized debt issuance costs for the Credit Facility are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the 3.00% Notes due 2026, 5.20% Notes due 2024, 4.50% Notes due 2022 and SBIC Debentures are reflected as contra-liabilities on the Consolidated Balance Sheets.Instruments.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Summary of debt as of December 31, 20212022 is as follows:
Outstanding
Balance		Unamortized Debt
Issuance
(Costs)/Premiums (2)		Recorded ValueEstimated Fair
Value (1)
(in thousands)
Credit Facility$320,000 $— $320,000 $320,000 
3.00% Notes due 2026500,000 (2,391)497,609 502,285 
5.20% Notes due 2024450,000 1,272 451,272 480,767 
SBIC Debentures350,000 (7,269)342,731 328,206 
4.50% Notes due 2022185,000 (556)184,444 190,043 
Total Debt$1,805,000 $(8,944)$1,796,056 $1,821,301 
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 Facility200,000 — 200,000 200,000 
July 2026 Notes500,000 (1,864)498,136 434,250 
May 2024 Notes450,000 727 450,727 444,749 
SBIC Debentures350,000 (6,086)343,914 290,204 
December 2025 Notes100,000 (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—Policies — Fair Value of Financial Instruments.
(2)The unamortized debt issuance costs for the Credit Facility are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the 3.00% Notes due 2026, 5.20% Notes due 2024, 4.50% Notes due 2022 and SBIC Debentures are reflected as contra-liabilities on the Consolidated Balance Sheets.Instruments.
Summarized interest expense for the three and ninesix months ended SeptemberJune 30, 20222023 and 20212022 is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(dollars in thousands)
Credit Facility$6,551 $1,574 $11,249 $3,948 
3.00% Notes due 20263,882 2,487 11,645 7,124 
5.20% Notes due 20245,714 5,714 17,141 17,141 
SBIC Debentures2,855 2,704 8,482 8,002 
4.50% Notes due 20222,233 2,233 6,699 6,699 
Total Interest Expense$21,234 $14,711 $55,216 $42,914 
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(dollars in thousands)
Corporate Facility$7,898 $2,640 $14,508 $4,698 
SPV Facility3,511 — 6,941 — 
July 2026 Notes3,882 3,882 7,763 7,763 
May 2024 Notes5,714 5,713 11,427 11,428 
SBIC Debentures2,718 2,827 5,470 5,627 
December 2025 Notes3,031 — 5,643 — 
December 2022 Notes— 2,233 — 4,466 
Total Interest Expense$26,754 $17,295 $51,752 $33,982 
Corporate Facility
Main Street maintains the Corporate Facility to provide additional liquidity to support its investment and operational activities. As of June 30, 2023, the Corporate Facility included total commitments of $980.0 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 June 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


commitments under the Corporate Facility. 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 June 30, 2023, the interest rate on the Corporate Facility was 7.1%. The average interest rate for borrowings under the Corporate Facility was 7.0% and 2.7% for the three months ended June 30, 2023 and 2022, respectively, and 6.7% and 2.3% for the six months ended June 30, 2023 and 2022, respectively. As of June 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 June 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 June 30, 2023, the interest rate on the SPV Facility was 7.8%. The average interest rate for borrowings under the SPV Facility was 7.6% for the three months ended June 30, 2023, and 7.4% for the six months ended June 30, 2023. As of June 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 June 30, 2023 and December 31, 2022 are as follows:
Balance Sheets
(dollars in thousands)
June 30, 2023December 31, 2022
(Unaudited)
ASSETS
Investments at fair value:
Non-Control Investments (cost: $318,309 and $314,752 as of June 30, 2023 and December 31, 2022, respectively)$320,629 $316,507 
Cash and cash equivalents8,200 10,838 
Interest and dividend receivable and other assets2,748 2,828 
Accounts receivable to MSCC and its subsidiaries— 556 
Receivable for securities sold— 369 
Deferred financing costs (net of accumulated amortization of $426 and $141 as of June 30, 2023 and December 31, 2022, respectively)2,568 2,630 
Total assets334,145 333,728 
LIABILITIES
SPV Facility$170,000 $200,000 
Accounts payable and other liabilities7,032 112 
Interest payable1,138 1,272 
Total liabilities178,170 201,384 
NET ASSETS
Contributed capital138,163 126,010 
Total undistributed earnings17,812 6,334 
Total net assets155,975 132,344 
Total liabilities and net assets$334,145 $333,728 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


MSCC Funding statement of operations for the three and six months ended June 30, 2023 are as follows:
Statement of Operations
(dollars in thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2023
INVESTMENT INCOME:
Interest, fee and dividend income:
Non‑Control/Non‑Affiliate investments$9,873 $18,590 
Total investment income9,873 18,590 
EXPENSES:
Interest(3,512)(6,940)
Management Fee to MSCC(410)(686)
General and administrative(19)(51)
Total expenses(3,941)(7,677)
NET INVESTMENT INCOME5,932 10,913 
NET UNREALIZED APPRECIATION:
Non‑Control/Non‑Affiliate investments1,956 565 
Total net unrealized appreciation1,956 565 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$7,888 $11,478 
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 June 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 June 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 atas of both SeptemberJune 30, 20222023 and December 31, 2021.2022. 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 SeptemberJune 30, 20222023 and December 31, 2021.2022, respectively. The first principal maturity due under the existing SBIC debentures is in 2023,2024, and the weighted-average remaining duration as of SeptemberJune 30, 20222023 was 5.45.1 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 SeptemberJune 30, 2022,2023, 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$171.8 million that was net of unamortized debt issuance costs of
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


$3.1 $3.2 million and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of $171.7$172.2 million that was net of unamortized debt issuance costs of $3.3$2.8 million.
Credit FacilityDecember 2025 Notes
In December 2022, Main Street maintains the Credit Facility to provideissued $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 liquidity to support its investment$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, operational activities. As of September 30, 2022, the Credit Facility included total commitments of $920.0 million from a diversified group of 18 lenders, held a maturity date in August 2027 and contained an accordion featuretogether with the rightDecember 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 requestthe 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 increase in commitments underincreased rate from the facility from newdate 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 existing lendersuntil the date on which the sameBelow 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 the existing commitments up to a totalwell as customary events of $1.4 billion.default with customary cure and notice periods.
As of SeptemberJune 30, 2022, borrowings under the Credit 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 Credit Facility. The Credit 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. As of September 30, 2022, the Credit Facility contained certain affirmative and negative covenants, including but not limited to: (i) maintaining minimum liquidity, (ii) maintaining an interest coverage ratio of at least 2.0 to 1.0, (iii) maintaining a 1940 Act asset coverage ratio of at least 1.5 to 1.0, (iv) maintaining a minimum tangible net worth and (v) maintaining a minimum asset coverage ratio of 200% with respect to the consolidated assets (with certain limitations on the contribution of equity in financing subsidiaries as specified therein) of MSCC and the guarantors under the Credit Facility to the secured debt of MSCC and the guarantors.
As of September 30, 2022, the interest rate on the Credit Facility was 4.5%. The average interest rate for borrowings under the Credit Facility was 4.1% and 2.0% for the three months ended September 30, 2022 and 2021, respectively, and 2.9% and 2.0% for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022,2023, Main Street was in compliance with all financial covenants and other requirements of the Credit Facility.December 2025 Notes.
4.50%December 2022 Notes due 2022
In November 2017, Main Street issued $185.0 million in aggregate principal amount of 4.50% unsecured notes due December 1, 2022 (the “4.50%“December 2022 Notes”) at an issue price of 99.16%. The 4.50%December 2022 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness; senior to any of its future indebtedness that expressly provides it is subordinated to the 4.50% Notes; effectively subordinated to all of its existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds. The 4.50% Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The 4.50% Notes bearbore interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. The total net proceeds from the 4.50% Notes, resulting from the issue price and after underwriting discounts and estimated offering expenses payable, were $182.2 million. Main Street may from time to time repurchase the 4.50% Notes in accordance with the 1940 Act and the rules promulgated thereunder.
The indenture governing the 4.50% Notes (the “4.50% Notes Indenture”) contains certain covenants, including covenants requiring Main Street’s compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 4.50% Notes and the trustee if Main Street ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 4.50% Notes Indenture. As of September 30,In December 2022, Main Street was in compliance with these covenants.
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Notes torepaid the Consolidated Financial Statements (Continued)
(Unaudited)


5.20% Notes due 2024
In April 2019, Main Street issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the “5.20% Notes”) at an issue price of 99.125%. Subsequently, in December 2019, Main Street issued an additional $75.0 million aggregateentire principal amount of the 5.20%issued and outstanding December 2022 Notes at an issue price of 105.0%par value plus the accrued and in July 2020, Main Street issued an additional $125.0 million aggregate principal amount at an issue price of 102.674%. The 5.20% Notes issued in December 2019 and July 2020 have identical terms as, and are a part of a single series with, the 5.20% Notes issued in April 2019. The 5.20% Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness; senior to any of its future indebtedness that expressly provides it is subordinated to the 5.20% Notes; effectively subordinated to all of its existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds. The 5.20% Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The 5.20% Notes bear interest at a rate of 5.20% per year payable semiannually on May 1 and November 1 of each year. The total net proceeds from the 5.20% Notes, resulting from the issue price and after net issue price premiums and estimated offering expenses payable, were $451.4 million. Main Street may from time to time repurchase the 5.20% Notes in accordance with the 1940 Act and the rules promulgated thereunder.
The indenture governing the 5.20% Notes (the “5.20% Notes Indenture”) contains certain covenants, including covenants requiring Main Street’s compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 5.20% Notes and the trustee if Main Street ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 5.20% Notes Indenture. As of September 30, 2022, Main Street was in compliance with these covenants.
3.00% Notes due 2026
In January 2021, Main Street issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “3.00% 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 3.00% Notes at an issue price of 101.741%. The 3.00% Notes issued in October 2021 have identical terms as, and are a part of a single series with, the 3.00% Notes issued in January 2021. The 3.00% Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness; senior to any of its future indebtedness that expressly provides it is subordinated to the 3.00% Notes; effectively subordinated to all of its existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds. The 3.00% Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The 3.00% Notes bear interest at a rate of 3.00% per year payable semiannually on January 14 and July 14 of each year. The total net proceeds from the 3.00% Notes, resulting from the issue price and after net issue price premiums and estimated offering expenses payable, were $498.3 million. Main Street may from time to time repurchase the 3.00% Notes in accordance with the 1940 Act and the rules promulgated thereunder.
The indenture governing the 3.00% Notes (the “3.00% Notes Indenture”) contains certain covenants, including covenants requiring Main Street’s compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 3.00% Notes and the trustee if Main Street ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 3.00% Notes Indenture. As of September 30, 2022, Main Street was in compliance with these covenants.unpaid interest.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


NOTE F—F — FINANCIAL HIGHLIGHTS
Nine Months Ended September 30,
Per Share Data:20222021
NAV at the beginning of the period$25.29 $22.35 
Net investment income (1)2.31 1.92 
Net realized gain (1)(2)0.05 0.15 
Net unrealized appreciation (depreciation) (1)(2)(0.28)1.71 
Income tax provision (1)(2)(0.24)(0.33)
Net increase in net assets resulting from operations (1)1.84 3.45 
Dividends paid from net investment income(2.19)(1.85)
Distributions from capital gains— — 
Dividends paid(2.19)(1.85)
Accretive effect of stock offerings (issuing shares above NAV per share)0.98 0.26 
Accretive effect of DRIP issuance (issuing shares above NAV per share)0.08 0.06 
Other (3)(0.06)0.01 
NAV at the end of the period$25.94 $24.27 
Market value at the end of the period$33.64 $41.10 
Shares outstanding at the end of the period76,308,83069,408,645

The following is a schedule of financial highlights of Main Street for the six months ended June 30, 2023 and 2022:
Six Months Ended June 30,
Per Share Data:20232022
NAV at the beginning of the period$26.86 $25.29 
Net investment income (1)2.08 1.47 
Net realized loss (1)(2)(1.30)(0.02)
Net unrealized appreciation (depreciation) (1)(2)1.75 (0.14)
Income tax benefit (provision) (1)(2)(0.21)(0.21)
Net increase in net assets resulting from operations (1)2.32 1.10 
Dividends paid from net investment income(1.75)(1.44)
Dividends paid(1.75)(1.44)
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)0.31 0.48 
Accretive effect of DRIP issuance (issuing shares above NAV per share)0.05 0.05 
Other (3)(0.09)(0.11)
NAV at the end of the period$27.69 $25.37 
Market value at the end of the period$40.03 $38.53 
Shares outstanding at the end of the period81,431,00673,517,558
____________________
(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 taxestax 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.
Nine Months Ended September 30,
20222021
(dollars in thousands)
NAV at end of period$1,979,420 $1,684,307 
Average NAV$1,876,771 $1,586,020 
Average outstanding debt$1,880,100 $1,264,680 
Ratio of total expenses, including income tax expense, to average NAV (1)(2)5.92 %6.19 %
Ratio of operating expenses to average NAV (2)(3)4.99 %4.76 %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)2.05 %2.05 %
Ratio of net investment income to average NAV (2)9.03 %8.29 %
Portfolio turnover ratio (2)12.46 %20.69 %
Total investment return (2)(4)(20.81)%33.57 %
Total return based on change in NAV (2)(5)7.56 %15.61 %
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(Unaudited)


Six Months Ended June 30,
20232022
(dollars in thousands)
NAV at end of period$2,254,948$1,865,163
Average NAV$2,178,819$1,842,554
Average outstanding debt$1,991,714$1,793,857
Ratio of total expenses, including income tax expense, to average NAV (1)(2)2.32 %3.97 %
Ratio of operating expenses to average NAV (2)(3)1.92 %3.13 %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)0.69 %1.28 %
Ratio of net investment income to average NAV (2)3.93 %5.80 %
Portfolio turnover ratio (2)7.76 %10.48 %
Total investment return (2)(4)13.26 %(10.96)%
Total return based on change in NAV (2)(5)5.05 %4.47 %
____________________
(1)Total expenses are the sum of operating expenses and net income tax provision/benefit.provision. Net income tax provision/benefitprovision includes the accrual of net deferred tax provision/benefitprovision relating to the net unrealized appreciation/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
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(Unaudited)


deferred tax provision/benefitprovision in calculating its total expenses even though these net deferred taxes are not currently payable/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 $9.6$10.7 million and $7.7$6.3 million for the ninesix months ended SeptemberJune 30, 20222023 and 2021,2022, 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 net asset valueNAV was calculated using the sum of ending net asset valueNAV plus dividends to stockholders and other non-operating changes during the period, as divided by the beginning net asset value.NAV. Non-operating changes include any items that affect net asset valueNAV 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—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 $0.215$0.225 per share, totaling $48.1$54.3 million, or $0.675 per share, for the three months ended June 30, 2023, and $107.9 million, or $1.35 per share, for the six months ended June 30, 2023, compared to aggregate regular monthly dividends of $47.1 million, or $0.645 per share, for the three months ended SeptemberJune 30, 2022, and $141.2$93.1 million, or $1.94$1.29 per share, for the ninesix months ended SeptemberJune 30, 2022 compared to aggregate regular monthly dividends of $42.3 million, or $0.615 per share, for the three months ended September 30, 2021, and $126.2 million, or $1.85 per share, for the nine months ended September 30, 2021.2022. Main Street also paid a supplemental dividend of $7.6$18.2 million, or $0.10$0.225 per share, during the three months ended SeptemberJune 30, 2022,2023, and $18.5$32.2 million, or $0.25$0.40 per share, during the ninesix months ended SeptemberJune 30, 2022. Main Street did not pay a2023, compared to supplemental dividenddividends paid of $5.5 million, or $0.075 per share, during the three or nine months ended SeptemberJune 30, 2021.2022, and $10.9 million, or $0.15 per share, during the six months ended June 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,
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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) 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.
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(Unaudited)


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 ninesix months ended SeptemberJune 30, 20222023 and 2021.2022.
Nine Months Ended September 30,Six Months Ended June 30,
2022202120232022
(estimated, dollars in thousands)(estimated, dollars in thousands)
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations$135,287 $236,413 Net increase in net assets resulting from operations$186,107 $79,953 
Book-tax difference from share-based compensation expenseBook-tax difference from share-based compensation expense(3,456)(5,436)Book-tax difference from share-based compensation expense(7,646)(6,906)
Net unrealized (appreciation) depreciationNet unrealized (appreciation) depreciation19,922 (117,072)Net unrealized (appreciation) depreciation(140,059)9,841 
Income tax provisionIncome tax provision17,477 22,691 Income tax provision16,760 15,417 
Pre-tax book income not consolidated for tax purposes(28,333)(35,701)
Pre-tax book (income) loss not consolidated for tax purposesPre-tax book (income) loss not consolidated for tax purposes44,328 (9,249)
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimatesBook income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates24,026 6,027 Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates45,352 13,568 
Estimated taxable income (1)Estimated taxable income (1)164,923 106,922 Estimated taxable income (1)144,842 102,624 
Taxable income earned in prior year and carried forward for distribution in current yearTaxable income earned in prior year and carried forward for distribution in current year50,834 24,350 Taxable income earned in prior year and carried forward for distribution in current year49,216 50,834 
Taxable income earned prior to period end and carried forward for distribution next periodTaxable income earned prior to period end and carried forward for distribution next period(71,128)(18,959)Taxable income earned prior to period end and carried forward for distribution next period(71,501)(64,509)
Dividend payable as of period end and paid in the following periodDividend payable as of period end and paid in the following period16,789 14,553 Dividend payable as of period end and paid in the following period18,729 15,673 
Total distributions accrued or paid to common stockholdersTotal distributions accrued or paid to common stockholders$161,418 $126,866 Total distributions accrued or paid to common stockholders$141,286 $104,622 
____________________
(1)Main Street’sMSCC’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 Main StreetMSCC 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,
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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.
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(Unaudited)


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 ninesix months ended SeptemberJune 30, 20222023 and 2021 (amounts in thousands):2022:
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended June 30,Six Months Ended June 30,
20222021202220212023202220232022
Current tax expense (benefit):
(dollars in thousands)
Current tax expense:Current tax expense:
FederalFederal$66 $(239)$182 $(99)Federal$158 $64 $298 $115 
StateState496 1,056 1,110 1,712 State433 71 1,289 614 
ExciseExcise978 136 2,366 629 Excise1,080 674 1,820 1,389 
Total current tax expenseTotal current tax expense1,540 953 3,658 2,242 Total current tax expense1,671 809 3,407 2,118 
Deferred tax expense (benefit):
Deferred tax expense:Deferred tax expense:
FederalFederal125 7,989 10,098 15,284 Federal6,444 7,166 12,250 9,973 
StateState395 3,342 3,721 5,165 State532 2,345 1,103 3,326 
Total deferred tax expenseTotal deferred tax expense520 11,331 13,819 20,449 Total deferred tax expense6,976 9,511 13,353 13,299 
Total income tax provisionTotal income tax provision$2,060 $12,284 $17,477 $22,691 Total income tax provision$8,647 $10,320 $16,760 $15,417 
The net deferred tax liability at SeptemberJune 30, 20222023 and December 31, 20212022 was $43.5$61.2 million and $29.7$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 SeptemberJune 30, 2022,2023, 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—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 ninesix months ended SeptemberJune 30, 2022,2023, Main Street sold 3,429,9042,148,490 shares of its common stock at a weighted-average price of $40.99$39.52 per share and raised $140.6$84.9 million of gross proceeds under the ATM Program. Net proceeds were $139.2$84.1 million after commissions to the selling agents on shares sold and offering costs. As of SeptemberJune 30, 2022,2023, sales transactions representing 153,023404,330 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the net asset valueNAV per share. In March 2022, Main Street entered into new distribution agreements to sell up to 15,000,000 shares through the ATM Program. As of SeptemberJune 30, 2022, 12,440,1622023, 8,314,194 shares remained available for sale under the ATM Program.
During the year ended December 31, 2021, Main Street sold 2,332,795 shares of its common stock at a weighted-average price of $42.71 per share and raised $99.6 million of gross proceeds under the ATM Program. Net proceeds were $98.4 million after commissions to the selling agents on shares sold and offering costs. As of December 31, 2021, sales transactions representing 36,136 shares had not settled and are not included in shares issued
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 outstandingraised $212.4 million of gross proceeds under the ATM Program. Net proceeds were $209.9 million after commissions to the selling agents on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operationssold and in the shares used to calculate the net asset value per share.

offering costs.
During Augustthe year ended December 31, 2022, Main Street completed a public equity offering (the “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—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 ninesix months ended SeptemberJune 30, 20222023 and 20212022 is as follows:
Nine Months Ended September 30,Six Months Ended June 30,
2022202120232022
($ in millions)(dollars in thousands)
DRIP participationDRIP participation$16.4 $11.4 DRIP participation$14,688 $9,813 
Shares issued for DRIPShares issued for DRIP410,415293,647Shares issued for DRIP374,173246,199

NOTE J—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 SeptemberJune 30, 2022.2023.
Restricted stock authorized under the plan5,000,000
Less net restricted stock granted during:(552,077)
Nine months ended September 30, 2022(10,256)
Restricted stock available for issuance as of SeptemberJune 30, 202220234,989,7444,447,923
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As of SeptemberJune 30, 2022,2023, 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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.
Restricted stock authorized under the plan300,000
Less net restricted stock granted during:(7,525)
Nine months ended September 30, 2022(4,590)
Restricted stock available for issuance as of SeptemberJune 30, 20222023295,410292,475
For the three months ended SeptemberJune 30, 20222023 and 2021,2022, Main Street recognized total share-based compensation expense of $3.6$4.1 million and $2.9$3.6 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors. For the ninesix months ended SeptemberJune 30, 20222023 and 2021,2022, Main Street recognized total share-based compensation expense of $10.0$8.2 million and $8.0$6.4 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.
Summarized RSA activity for the six months ended June 30, 2023 is as follows:
Six Months Ended June 30, 2023
NumberWeighted-Average Grant-Date Fair Value
Restricted Stock Awards (RSAs):of Shares( $ per share)
Non-vested, December 31, 2022817,401 $38.78 
Granted (1)544,533 39.42 
Vested (1)(2)(398,914)39.20 
Forfeited(11,486)40.50 
Non-vested, June 30, 2023951,534 $40.48 
Aggregate intrinsic value as of June 30, 2023 (in thousands)$38,090 (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 June 30, 2023 and $40.03 per share, the closing price of our common stock on June 30, 2023.

The total fair value of RSAs that vested during the six months ended June 30, 2023 and 2022 was $15.6 million and $10.3 million, respectively.
As of SeptemberJune 30, 2022,2023, there was $25.0$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 2.42.7 years as of SeptemberJune 30, 2022.2023.
NOTE K—K — COMMITMENTS AND CONTINGENCIES
At SeptemberJune 30, 2022,2023, 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, LP300 
3,300 
Freeport Fund Investments
Freeport First Lien Loan Fund III LP4,871 
Freeport Financial SBIC Fund LP3,285 
8,156 
Harris Preston Fund Investments
HPEP 4, L.P.8,104 
HPEP 3, L.P.1,555 
HPEP 423 COR, LP600 
2717 HPP-MS, LP56 
10,315 
MS Private Loan Fund I, LP750 
UnionRock Energy Fund II, LP1,957 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Freeport Fund Investments
Freeport First Lien Loan Fund III LP6,733 
Freeport Financial SBIC Fund LP3,841 
10,574 
Harris Preston Fund Investments
HPEP 4, L.P.7,204 
HPEP 3, L.P.1,555 
HPEP 423 COR, LP600 
2717 MH, L.P.52 
9,411 
MS Private Loan Fund I, LP750 
UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP9,850 
UnionRock Energy Fund II, LP1,907 
11,757 
     Total Equity Commitments (1)(2)$24,47835,792 
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
Xenon Arc,Dalton US Inc.$32,400 
Dalton US Inc.19,314 
CaseWorthy, Inc.10,45216,463 
HEADLANDS OP-CO LLC10,125 
MS Private Loan Fund I, LP10,000 
PTL US Bidco, IncXenon Arc, Inc.9,5429,408 
Power System Solutions9,255 
JTI Electrical & Mechanical, LLC8,421 
AB Centers Acquisition Corporation8,103 
AMEREQUIP LLC.7,704 
NinjaTrader,SI East, LLC7,4727,500 
Paragon Healthcare, Inc.PTL US Bidco, Inc6,4907,156 
Archer Systems, LLC6,3157,115 
Veregy Consolidated, Inc.5,875
SI East, LLC5,250 
Watterson Brands, LLC5,028 
Bolder Panther Group, LLC5,000 
Pearl Meyer Topco LLC5,000 
NWN Corporation4,819 
Robbins Bros. Jewelry, Inc.4,500 
South Coast Terminals Holdings, LLC4,465 
AB Centers AcquisitionNWN Corporation4,4484,379 
Winter Services LLCDirect Marketing Solutions, Inc.4,4444,250 
Adams Publishing Group, LLCCody Pools, Inc.4,3354,214 
Bettercloud, Inc.4,189 
MonitorUS Holding, LLC3,614 
Microbe Formulas, LLC3,601 
MB2 Dental Solutions, LLC3,500 
GRT Rubber Technologies LLC3,350 
SPAU Holdings, LLC3,194 
Cody Pools,Paragon Healthcare, Inc.2,950 
AVEX Aviation Holdings, LLC2,880 
Batjer TopCo, LLC2,700 
GULF PACIFIC ACQUISITION, LLC2,525 
Infolinks Media Buyco, LLC2,520 
Engineering Research & Consulting, LLC2,501 
Nebraska Vet AcquireCo, LLC2,500 
Mako Steel, LP2,414 
West Star Aviation Acquisition, LLC2,411 
VVS Holdco, LLC2,400 
Centre Technologies Holdings, LLC2,4004,110 
IG Parent CorporationInvestor, LLC2,0574,000 
NexRev LLC4,000 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


PPL RVs,Watterson Brands, LLC3,917 
Microbe Formulas, LLC3,601 
Classic H&G Holdco, LLC3,440 
VVS Holdco, LLC3,200 
Imaging Business Machines, L.L.C.2,965 
MetalForming AcquireCo, LLC2,795 
Batjer TopCo, LLC2,700 
IG Parent Corporation2,500 
Nebraska Vet AcquireCo, LLC2,500 
Superior Rigging & Erecting Co.2,500 
CaseWorthy, Inc.2,0002,459 
The Affiliati Network,West Star Aviation Acquisition, LLC2,411 
Centre Technologies Holdings, LLC2,400 
Channel Partners Intermediateco, LLC2,275 
GS HVAM Intermediate, LLC2,273 
SPAU Holdings, LLC2,235 
Winter Services LLC2,222 
AVEX Aviation Holdings, LLC2,210 
ITA Holdings Group, LLC2,174 
ArborWorks, LLC2,128 
GRT Rubber Technologies LLC2,050 
Bluestem Brands, Inc.2,019 
Cybermedia Technologies, LLC2,000 
Evergreen North America Acquisitions,Engineering Research & Consulting, LLC1,8541,965 
ATS Operating,GULF PACIFIC ACQUISITION, LLC1,8001,919 
Career Team AcquirecoAcumera, Inc.1,885 
Elgin AcquireCo, LLC1,8001,877 
Johnson Downie Opco, LLC1,800 
Burning Glass Intermediate Holding Company, Inc.NinjaTrader, LLC1,7041,750 
ChamberlinRTIC Subsidiary Holdings, LLC1,644 
MonitorUS Holding, LLC1,623 
Trantech Radiator Topco, LLC1,600 
Colonial Electric Company LLC1,600 
Trantech Radiator Topco,Chamberlin Holding LLC1,600 
Roof Opco, LLC1,556 
Burning Glass Intermediate Holding Company, Inc.1,549 
Pearl Meyer Topco LLC1,500 
Bond Brand Loyalty ULC1,427 
Career Team Holdings, LLC1,350 
American Health Staffing Group, Inc.1,333
Escalent, Inc.1,326 
Evergreen North America Acquisitions, LLC1,313 
Mako Steel, LP1,278 
RA Outdoors LLC1,278 
Project Eagle Holdings, LLC1,250 
Gamber-Johnson Holdings, LLC1,200 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


KMS,Eastern Wholesale Fence LLC1,0861,115 
Channel Partners Intermediateco,ATS Operating, LLC1,0321,080 
RTIC SubsidiaryInfolinks Media Buyco, LLC1,008 
Orttech Holdings, LLC890 
Hawk Ridge Systems, LLC815 
Acumera, Inc.801800 
Mystic Logistics Holdings, LLC800 
Orttech Holdings,Adams Publishing Group, LLC800788 
Project BarFly, LLC760 
DTE Enterprises,Inspire Aesthetics Management, LLC750 
Student Resource Center, LLC750555 
Jensen Jewelers of Idaho, LLC500 
Flip Electronics LLCInvincible Boat Company, LLC.491457 
Interface Security Systems, L.L.C439 
ASC Interests, LLC400 
Flame King Holdings, LLC400 
Gulf Publishing Holdings,Clad-Rex Steel, LLC400 
Wall Street Prep, Inc.400 
Invincible Boat Company, LLC.Gulf Publishing Holdings, LLC353400 
Hawk Ridge Systems, LLC334 
ASC Interests, LLC300 
Jackmont Hospitality, Inc.237 
AAC Holdings, Inc.200 
SIB Holdings, LLC267 
Dynamic Communities, LLC250 
Classic H&G Holdco, LLC240 
Datacom, LLC227160 
Acousti Engineering Company of Florida53
Interface Security Systems, L.L.C1 
      Total Loan Commitments270,384248,577 
      Total Commitments$294,862284,369 
____________________
(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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 Facility)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 SeptemberJune 30, 2022.
Main Street has one operating lease for its office space. The lease commenced May 15, 2017 and expires March 31, 2034. It contains two five-year extension options for a final expiration date of March 31, 2044.
In accordance with ASC 842, Main Street has recorded this lease as a right-of-use asset and a lease liability and records lease expense on a straight-line basis.
Total operating lease cost incurred by Main Street for each of the three months ended September 30, 2022 and 2021 was $0.2 million and for each of the nine months ended September 30, 2022 and 2021 was $0.5 million. As of September 30, 2022, the asset related to the operating lease was $3.4 million and is included in the interest receivable and other assets balance on the Consolidated Balance Sheets. The lease liability was $4.0 million and is included in the accounts payable and other liabilities balance on the Consolidated Balance Sheets. As of September 30, 2022, the remaining lease term was 5.3 years and the discount rate was 4.2%.
The following table shows future minimum payments under Main Street’s operating lease as of September 30, 2022 (in thousands):
For the Years Ended December 31,Amount
2022$197 
2023804 
2024818 
2025832 
2026846 
Thereafter933 
Total$4,430 
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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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


NOTE L—L — RELATED PARTY TRANSACTIONS
As discussed further in Note D—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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


September June 30, 2022,2023, Main Street had a receivable of $6.2$10.5 million due from the External Investment Manager, which included (i) $4.6$7.6 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—D — External Investment Manager) and (ii) $1.6$2.9 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—A.1 — Organization and Basis of Presentation—Presentation — Organization and Note D—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. Each of Main Street’s purchasepurchases 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 SeptemberJune 30, 2022,2023, Main Street owned 94,697350,452 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 SeptemberJune 30, 2022,2023, Main Street has funded $14.3 million of its limited partner commitment and Main Street’s unfunded commitment was $0.7 million.$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. 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


defined in Section 2(a)(19) of the 1940 Act. As of SeptemberJune 30, 2022,2023, there were no borrowings outstanding under the PL Fund 2022 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


effective on January 1, 2016 and replaced the Deferred Compensation Plan for Non-Employee Directors previously adopted by the Board of Directors in June 2013 (the “2013 Deferred Compensation Plan”). 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. 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 and are also able to direct investments made on their behalf among investment alternatives permitted from time to time under the plan, including phantom Main Street stock units. As of SeptemberJune 30, 2022, $14.02023, $18.4 million of compensation, plus net unrealized gains and losses and investment income, and minus previous distributions, was deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). Of this amount, $5.4$6.8 million is deferred into phantom Main Street stock units, representing 161,814170,008 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. 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.
NOTE M—M — SUBSEQUENT EVENTS
In November 2022,July 2023, Main Street expanded its total commitments under the Corporate Facility from $980.0 million to $995.0 million. The commitment increase was executed under the accordion feature of the Corporate Facility which allows for an increase up $1.4 billion in total commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments.

In August 2023, Main Street declared a supplemental cash dividend of $0.10$0.275 per share payable in December 2022.September 2023. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that Main Street declared for the fourththird quarter of 20222023 of $0.22$0.23 per share for each of October, NovemberJuly, August and December 2022.September 2023.
In November 2022,August 2023, Main Street also declared regular monthly dividends of $0.225$0.235 per share for each month of January, FebruaryOctober, November and MarchDecember of 2023. These regular monthly dividends equal a total of $0.675$0.705 per share for the firstfourth quarter of 2023, representing a 4.7%6.8% increase from the regular monthly dividends paid in the firstfourth quarter of 2022. Including the regular monthly and supplemental dividends declared for the third and fourth quarter of 2022 and first quarterquarters of 2023, Main Street will have paid $35.795$38.54 per share in cumulative dividends since its October 2007 initial public offering.


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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
SeptemberJune 30, 20222023
(dollars in thousands)
(unaudited)

CompanyCompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2021 Fair Value (13)		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2022 Fair Value (13)		CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount 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)		June 30,
2023 Fair Value (13)
Majority-owned investmentsMajority-owned investmentsMajority-owned investments
ASK (Analytical Systems Keco Holdings, LLC)L+10.00%Secured Debt(8)$— $— $4 $(4)$1 $— $(3)
Analytical Systems Keco Holdings, LLCAnalytical Systems Keco Holdings, LLCL+10.00%Secured Debt(8)$— $— $3 $(3)$1 $— $(2)
12.63%L+10.00%Secured Debt(8)— — 506 4,740 65 210 4,595 15.25%L+10.00%Secured Debt(8)— — 379 4,545 39 140 4,444 
12.63%Preferred Member Units(8)— — — — — — — 14.13%Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— (1,050)— 4,894 — 1,050 3,844 Preferred Member Units(8)— 566 — 3,504 566 — 4,070 
Warrants(8)— — — — — — — Warrants(8)— — — — — — — 
Brewer Crane Holdings, LLCBrewer Crane Holdings, LLC12.56%L+10.00%Secured Debt(9)— — 649 8,037 19 1,972 6,084 Brewer Crane Holdings, LLC15.17%L+10.00%Secured Debt(9)— (63)429 5,964 — 311 5,653 
Preferred Member Units(9)— (2,040)795 7,710 — 2,040 5,670 Preferred Member Units(9)— (720)60 7,080 — 720 6,360 
Café Brazil, LLCCafé Brazil, LLCMember Units(8)— (200)178 2,570 — 200 2,370 Café Brazil, LLCMember Units(8)— (80)103 2,210 — 80 2,130 
California Splendor Holdings LLCCalifornia Splendor Holdings LLC12.38%L+10.00%Secured Debt(9)— 52 2,467 27,915 85 — 28,000 California Splendor Holdings LLC15.25%L+10.00%Secured Debt(9)— (7)2,127 28,000 7 7 28,000 
Preferred Member Units(9)— 7,750 188 13,275 7,750 — 21,025 Preferred Member Units(9)— (2,060)125 25,495 — 2,060 23,435 
15.00%15.00%Preferred Member Units(9)— — 792 9,510 792 6,449 3,853 15.00%15.00%Preferred Member Units(9)— — 301 3,994 301 — 4,295 
Clad-Rex Steel, LLCClad-Rex Steel, LLC12.13%L+9.50%Secured Debt(5)— — 898 10,401 29 — 10,430 Clad-Rex Steel, LLC Secured Debt (12)(5)— — 1 — — — — 
10.00%Secured Debt(5)— — 81 1,071 — 24 1,047 11.50% Secured Debt(5)— (64)621 10,440 18 824 9,634 
Member Units(5)— (760)595 10,250 — 760 9,490 10.00%Secured Debt(5)— — 52 1,039 — 17 1,022 
Member Units(5)— 80 — 530 80 — 610 Member Units(5)— (1,840)275 8,220 — 1,840 6,380 
Member Units(5)— 220 — 610 519 — 1,129 
CMS Minerals InvestmentsCMS Minerals InvestmentsMember Units(9)— 331 150 1,974 331 415 1,890 CMS Minerals InvestmentsMember Units(9)99 (366)44 1,670 99 1,769 — 
Cody Pools, Inc.Cody Pools, Inc.L+10.50%Secured Debt(8)— — 84 (13)2,866 2,864 (11)Cody Pools, Inc.Secured Debt (12)(8)— 12 2 — — — — 
13.63%L+10.50%Secured Debt(8)— (66)4,044 42,497 66 1,338 41,225 12.50%Secured Debt(8)— 39 582 — 46,312 — 46,312 
Preferred Member Units(8)— 9,570 3,710 47,640 9,570 — 57,210 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)— 6,940 1,446 58,180 6,940 — 65,120 
CompareNetworks Topco, LLCCompareNetworks Topco, LLCL+9.00%Secured Debt(9)— — — — — — — CompareNetworks Topco, LLCL+9.00%Secured Debt(9)— — — — — — — 
14.25%L+9.00%Secured Debt(9)— (5)355 5,241 5 377 4,869 
Preferred Member Units(9)— (3,450)158 19,830 — 3,450 16,380 
Cybermedia Technologies, LLCCybermedia Technologies, LLCSecured Debt (12)(6)— — 2 — — — — 
11.63%L+9.00%Secured Debt(9)— (13)468 6,477 13 1,140 5,350 13.00%Secured Debt(6)— — 1,042 — 28,720 — 28,720 
Preferred Member Units(9)— 6,570 474 12,000 6,570 — 18,570 Preferred Member Units(6)— — — — 15,000 — 15,000 
Datacom, LLCDatacom, LLC7.50%Secured Debt(8)— — — — 223 — 223 Datacom, LLC7.50%Secured Debt(8)— — 18 223 583 90 716 
7.50%Secured Debt(8)— 160 624 7,668 284 203 7,749 10.00%Secured Debt(8)— — 507 7,789 78 135 7,732 
Preferred Member Units(8)— 60 72 2,610 60 — 2,670 Preferred Member Units(8)— (320)— 2,670 — 320 2,350 
Direct Marketing Solutions, Inc.Direct Marketing Solutions, Inc.13.63%L+11.00%Secured Debt(9)— 14 102 (22)4,272 850 3,400 Direct Marketing Solutions, Inc. Secured Debt (12)(9)— (14)23 — 14 14 — 
13.63%L+11.00%Secured Debt(9)— (53)2,322 24,070 53 1,073 23,050 13.00%Secured Debt(9)— (35)1,876 27,267 35 837 26,465 
Preferred Stock(9)— 3,870 1,029 18,350 3,870 — 22,220 Preferred Stock(9)— 1,130 343 22,220 1,130 — 23,350 
Gamber-Johnson Holdings, LLC10.63%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 LLC10.56%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, LLC12.25%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, LLC11.50%Secured Debt(5)— — 1,818 20,324 37 — 20,361 
Elgin AcquireCo, LLCElgin AcquireCo, LLCSF+6.00%Secured Debt (12)(5)— — 4 (9)1 — (8)
9.00%Secured Debt(5)— — 265 3,876 1 26 3,851 12.00%Secured Debt(5)— — 1,151 18,594 19 — 18,613 
Member Units(5)— (3,060)— 12,310 — 3,060 9,250 9.00%Secured Debt(5)— — 287 6,294 1 21 6,274 
Member Units(5)— — 84 2,460 — — 2,460 Common Stock(5)— 364 — 7,603 364 1,877 6,090 
Market Force Information, LLC13.38%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 Common Stock(5)— 112 — 1,558 112 — 1,670 
Gamber-Johnson Holdings, LLCGamber-Johnson Holdings, LLCSF+8.50%Secured Debt (12)(5)— — 3 — — — — 
11.00%SF+8.00%Secured Debt(5)— (64)3,598 64,078 64 4,464 59,678 
100108
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2021 Fair Value (13)		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2022 Fair Value (13)
Member Units(9)— — — — — — — 
MH Corbin Holding LLC13.00%Secured Debt(5)— (1,220)795 5,934 9 3,234 2,709 
Preferred Member Units(5)— — — — — — — 
Preferred Member Units(5)— — — — — — — 
MSC Adviser I, LLCMember Units(8)— (27,910)5,620 140,400 — 27,910 112,490 
Mystic Logistics Holdings, LLC10.00%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, LLC12.00%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, LLCSecured 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, LLCMember 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, LLC8.00%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, LLC12.00%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, LLC13.00%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, LLC5.00%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, LLC7.00%Secured Debt(5)— — 38 710 1 — 711 
Member Units(5)— 1,390 — 1,930 1,390 — 3,320 
Batjer TopCo, LLCSecured Debt(8)— — 4 — 451 459 (8)
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount 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)		June 30,
2023 Fair Value (13)
Member Units(5)— 19,270 2,904 50,890 19,270 — 70,160 
GRT Rubber Technologies LLC11.17%L+6.00%Secured Debt (12)(8)— — 66 670 630 — 1,300 
13.17%L+8.00%Secured Debt(8)— (23)2,624 40,493 23 23 40,493 
Member Units(8)— — 84 44,440 — — 44,440 
Gulf Publishing Holdings, LLCL+9.50%Secured Debt (12)(8)— — — — — — — 
12.50%Secured Debt(8)— — 151 2,284 — — 2,284 
Preferred Equity(8)— — — 3,780 — — 3,780 
Member Units(8)— — — — — — — 
IG Investor, LLCSecured Debt (12)(6)— — 84 — 761 800 (39)
13.00%Secured Debt(6)— — 896 — 37,333 — 37,333 
Common Equity(6)— — — — 15,096 — 15,096 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— — — — 18,300 — 18,300 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — — — — — — 
15.00%P+6.75%Secured Debt(9)— (3)183 2,450 3 3 2,450 
Member Units(9)— (1,460)626 14,970 — 1,460 13,510 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 1,407 20,374 195 — 20,569 
9.00%Secured Debt(5)— — 175 3,842 1 19 3,824 
Preferred Equity(5)— 510 — 7,220 510 — 7,730 
Member Units(5)— (70)60 2,850 — 70 2,780 
Market Force Information, LLCL+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 AcquireCo, LLCSecured Debt (12)(7)— — 5 — — — — 
12.75%Secured Debt(7)— — 1,518 23,576 23 — 23,599 
8.00%8.00%Preferred Equity(7)— 118 148 6,010 235 — 6,245 
Common Stock(7)— (137)619 1,537 — 137 1,400 
MH Corbin Holding LLC13.00%Secured Debt(5)— 1,150 392 4,548 1,150 195 5,503 
Preferred Member Units(5)— — — — — — — 
Preferred Member Units(5)— — — — — — — 
MSC Adviser I, LLCMember Units(8)— 11,040 5,916 122,930 11,040 — 133,970 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — 2 — — — — 
10.00%Secured Debt(6)— — 289 5,746 — — 5,746 
Common Stock(6)— 4,320 1,977 22,830 4,320 — 27,150 
OMi Topco, LLC12.00%Secured Debt(8)— (25)952 15,750 25 1,525 14,250 
Preferred Member Units(8)— 6,500 1,350 22,810 6,500 — 29,310 
PPL RVs, Inc.L+8.75%Secured Debt(8)— (1)1 — 1 1 — 
13.63%L+8.75%Secured Debt(8)— (39)1,365 21,655 39 1,404 20,290 
Common Stock(8)— (880)157 18,950 — 880 18,070 
Common Stock(8)— 12 — 238 12 — 250 
Principle Environmental, LLCSecured Debt(8)— — — — — — — 
13.00%Secured Debt(8)— — 397 5,806 11 — 5,817 
Preferred Member Units(8)— (1,940)429 12,420 — 1,940 10,480 
Common Stock(8)— (90)— 590 — 90 500 
Quality Lease Service, LLCMember Units(7)— (98)— 525 33 98 460 
101109
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2021 Fair Value (13)		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2022 Fair Value (13)
11.00%Secured Debt(8)— — — — — — — 
11.00%Secured Debt(8)— — 824 — 10,927 — 10,927 
Preferred Stock(8)— — — — 4,095 — 4,095 
Bolder Panther Group, LLCL+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 Corporation13.00%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, LLCMember Units(9)— (2,370)2,471 50,620 — 2,370 48,250 
Centre Technologies Holdings, LLCL+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 LLC8.63%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, LLC10.00%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 LLCSecured 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 Energy Fund I, LP - CTMHLP Interests (CTMH, LP)(9)— — — 710 — — 710 
Digital Products Holdings LLC12.63%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, LLC9.25%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, LLC9.50%L+8.00%Secured Debt(8)— — 290 4,196 — 370 3,826 
Member Units(8)— (280)321 2,270 — 280 1,990 
Gulf Manufacturing, LLCMember Units(8)— 170 1,365 5,640 170 — 5,810 
Gulf Publishing Holdings, LLCL+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, LLC14.13%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, LLC12.00%Secured Debt(9)— — 1,881 — 25,419 — 25,419 
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount 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)		June 30,
2023 Fair Value (13)
Robbins Bros. Jewelry, Inc.  Secured Debt (12)(9)— — 16 (35)4 — (31)
12.50%  Secured Debt(9)— (444)2,255 35,404 40 1,119 34,325 
Preferred Equity(9)— (8,740)— 14,880 — 8,740 6,140 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— (2)4 — 2 2 — 
12.00%Secured Debt(7)— (9)487 7,920 9 9 7,920 
Common Stock(7)— 3,970 58 7,800 3,970 — 11,770 
Volusion, LLC10.00%Secured Debt(8)— — 54 — 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)— (706)— — 11,446 706 10,740 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— (2,576)— — 2,576 2,576 — 
Warrants(8)— 2,576 — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 27 450 — — 450 
6.50%Secured Debt(8)— — 33 945 — — 945 
14.00%Secured Debt(8)— (215)194 2,676 — 215 2,461 
Preferred Member Units(8)— (170)— 240 — 170 70 
Warrants(8)— — — — — — — 
Other controlled investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)1,677 (675)141 7,552 2,077 3,283 6,346 
LP Interests (2717 HPP-MS, L.P.) (12)(8)— 67 — 248 67 — 315 
ASC Interests, LLC13.00%Secured Debt (12)(8)— — 27 400 — — 400 
13.00%Secured Debt(8)— (52)108 1,649 — 52 1,597 
Member Units(8)— (384)— 800 94 384 510 
ATS Workholding, LLC5.00%Secured Debt(9)— (277)— 634 126 277 483 
5.00%Secured Debt(9)— (286)— 1,005 — 286 719 
Preferred Member Units(9)— — — — — — — 
Barfly Ventures, LLC7.00%Secured Debt (12)(5)— — 44 711 — — 711 
Member Units(5)— (280)— 3,320 — 280 3,040 
Batjer TopCo, LLCSecured Debt (12)(8)— 7 1 (8)8 — — 
Secured Debt (12)(8)— — — — — — — 
10.00%Secured Debt(8)— 78 583 10,933 92 450 10,575 
Preferred Stock(8)— 2,055 574 4,095 2,055 — 6,150 
Bolder Panther Group, LLC  Secured Debt(9)— — 1 — — — — 
14.37%SF+9.19%Secured Debt(9)— (71)6,976 99,194 71 1,390 97,875 
8.00%Class B Preferred Member Units(9)— (300)2,137 31,420 — 300 31,120 
Bridge Capital Solutions Corporation13.00%Secured Debt(6)— — 576 8,813 — — 8,813 
13.00%Secured Debt(6)— — 65 1,000 — — 1,000 
Preferred Member Units(6)— — 50 1,000 — — 1,000 
102110
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2021 Fair Value (13)		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2022 Fair Value (13)
Common Stock(9)— — 468 — 10,741 — 10,741 
KBK Industries, LLCMember Units(5)— 770 1,007 13,620 770 — 14,390 
MS Private Loan FundLP Interests(8)— 20 437 2,581 11,770 — 14,351 
MSC Income Fund, Inc.Common Equity(8)— 11 15 — 761 — 761 
NAPCO Precast, LLCMember Units(8)— (2,380)4 13,560 — 2,380 11,180 
Nebraska Vet AcquireCo, LLC (NVS)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 LLC11.00%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, LLC12.00%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, LLC9.13%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, LLCL+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 LLCSecured 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, LLCMember Units(8)— 180 — 3,280 180 — 3,460 
Tedder Industries, LLC12.00%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, LLCMember 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 LLC8.63%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 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 
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount 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)		June 30,
2023 Fair Value (13)
Warrants(6)— 46 — 1,828 46 — 1,874 
Warrants(6)— 64 — 2,512 64 — 2,576 
CBT Nuggets, LLCMember Units(9)— 1,570 1,647 49,002 1,568 — 50,570 
Centre Technologies Holdings, LLCL+9.00%Secured Debt (12)(8)— — 6 — — — — 
14.25%L+9.00%Secured Debt(8)— 64 1,058 14,954 76 — 15,030 
Preferred Member Units(8)— 1,700 60 8,700 1,700 — 10,400 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— 77 4 — — — — 
13.36%SF+8.00%Secured Debt(8)— (6)1,092 16,945 6 544 16,407 
Member Units(8)— 1,020 1,491 22,920 1,020 — 23,940 
Member Units(8)— 120 46 2,710 120 — 2,830 
Charps, LLC10.00%Unsecured Debt(5)— (17)300 5,694 17 17 5,694 
Preferred Member Units(5)— 460 246 13,340 460 — 13,800 
Colonial Electric Company LLCSecured Debt(6)— — 47 — 1,600 1,600 — 
12.00%Secured Debt(6)— (500)1,406 23,151 28 1,130 22,049 
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 InvestmentsLP Interests (CTMH, LP)(9)— — — 588 — — 588 
Digital Products Holdings LLC15.25%SF+10.00%Secured Debt(5)— — 1,141 15,523 — 790 14,733 
Preferred Member Units(5)— — 100 9,835 — — 9,835 
Garreco, LLC12.00%L+10.00%Secured Debt(8)— — 218 3,826 — 554 3,272 
Member Units(8)— (220)25 1,800 — 220 1,580 
Gulf Manufacturing, LLCMember Units(8)— 1,210 1,351 6,790 1,210 — 8,000 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 210 — 3,280 210 — 3,490 
Johnson Downie Opco, LLCL+11.50%Secured Debt (12)(8)— (2)6 — 2 2 — 
16.75%L+11.50%Secured Debt(8)— (11)827 9,999 11 172 9,838 
Preferred Equity(8)— 1,010 91 5,540 1,010 — 6,550 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 1,573 25,432 26 — 25,458 
Preferred Equity(9)— — 512 10,741 — — 10,741 
KBK Industries, LLC9.00%Secured Debt(5)— 49 320 — 6,000 700 5,300 
Member Units(5)— (3,210)6,496 15,570 — 3,210 12,360 
MS Private Loan FundSecured Debt (12)(8)— — 13 — — — — 
Secured Debt(8)— — — — — — — 
LP Interests (12)(8)— (198)776 14,833 — 198 14,635 
MSC Income Fund, Inc.Common Equity(8)— (65)32 753 2,000 65 2,688 
NAPCO Precast, LLCMember Units(8)— 880 — 11,830 880 — 12,710 
Nebraska Vet AcquireCo, LLCL+7.00%Secured Debt (12)(5)— — 5 — — — — 
12.00%Secured Debt(5)— 6 1,258 20,094 1,200 — 21,294 
12.00%Secured Debt(5)— (11)644 10,500 11 11 10,500 
Preferred Member Units(5)— 5,090 302 7,700 5,090 — 12,790 
NexRev LLCSecured Debt (12)(8)— — — — — — — 
10.00%Secured Debt(8)— 1,500 616 8,477 1,545 1,654 8,368 
Preferred Member Units(8)— 2,340 151 1,110 2,340 — 3,450 
NRP Jones, LLC12.00%Secured Debt(5)— — 126 2,080 — — 2,080 
Member Units(5)— (750)36 4,615 — 750 3,865 
103111
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2021 Fair Value (13)		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2022 Fair Value (13)
Warrants(7)— (1,865)— 1,940 — 1,865 75 
AFG Capital Group, LLCPreferred 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 
10.00%10.00%Unsecured Debt(6)— 260 242 1,963 502 — 2,465 
Common Stock(6)— — — — — — — 
BBB Tank Services, LLC13.56%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 LLC10.00%Secured Debt(6)— — 24 320 — — 320 
Member Units(6)— (1,510)73 4,830 — 1,510 3,320 
Buca C, LLC9.00%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, LLC8.63%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, LLCClass A Units(8)— 510 — 460 510 — 970 
Classic H&G Holdings, LLC8.38%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 FundsLP Interests (Congruent Credit Opportunities Fund
  III, LP)		(8)— (63)427 9,959 — 2,105 7,854 
DMA Industries, LLC12.00%Secured Debt(7)— 175 1,961 20,993 207 — 21,200 
Preferred Equity(7)— 1,316 — 5,944 1,316 — 7,260 
Dos Rios PartnersLP 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 LLCClass A Preferred Units(8)— (290)— 640 — 290 350 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)11 — 46 547 1,093 170 1,470 
Freeport Financial SBIC Fund LPLP 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, LLC8.38%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 
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount 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)		June 30,
2023 Fair Value (13)
Member Units(5)— (31)(2)175 — 30 145 
NuStep, LLC11.75%L+6.50%Secured Debt(5)— — 251 4,399 — — 4,399 
12.00%Secured Debt(5)— — 1,119 18,414 6 — 18,420 
Preferred Member Units(5)— 340 — 8,040 340 — 8,380 
Preferred Member Units(5)— — — 5,150 — — 5,150 
Orttech Holdings, LLCL+11.00%Secured Debt (12)(5)— — — — — — — 
16.25%L+11.00%Secured Debt(5)— 142 1,863 23,429 171 800 22,800 
Preferred Stock(5)— 4,810 537 11,750 4,810 — 16,560 
Pearl Meyer Topco LLC12.00%Secured Debt (12)(6)— 4 142 — 3,500 — 3,500 
12.00%Secured Debt(6)— 40 534 — 13,500 — 13,500 
12.00%Secured Debt(6)— (35)1,722 28,681 35 1,035 27,681 
Preferred Equity(6)— 830 5,708 43,260 830 — 44,090 
River Aggregates, LLCMember Units(8)— — — 3,620 — — 3,620 
Tedder Industries, LLC12.00%Secured Debt(9)— — 111 1,840 — — 1,840 
12.00%Secured Debt(9)— — 923 15,120 7 — 15,127 
Preferred Member Units(9)— (1,391)— 7,681 — 1,391 6,290 
Preferred Member Units(9)— 178 — — 533 — 533 
Televerde, LLCMember Units(8)— 674 592 5,408 674 — 6,082 
Preferred Stock(8)— — — 1,794 — — 1,794 
Vision Interests, Inc.Series A Preferred Stock(9)— — 168 3,000 — — 3,000 
VVS Holdco LLCL+6.00%Secured Debt (12)(5)— — 15 (21)11 — (10)
11.50%Secured Debt(5)— — 1,768 30,161 39 1,242 28,958 
Preferred Equity(5)— (100)215 11,940 — 100 11,840 
UnionRock Energy Fund III, LPLP Interests (12)(9)— — — — 150 — 150 
— — — — — — — 
— — — — — — — 
Other— — — — — — — 
Amounts related to investments transferred to or from other 1940 Act classification during the period— — (171)(14,914)— — — 
Total Control investments$(51,077)$92,940 $96,841 $1,703,172 $338,651 $173,038 $1,883,699 
Affiliate Investments
423 HAR, LPLP Interests (423 HAR, L.P.)(8)$— $— $— $— $750 $— $750 
AAC Holdings, Inc.18.00%18.00%Secured Debt (12)(7)— (16)27 — 376 16 360 
18.00%18.00%Secured Debt(7)— (558)1,149 11,550 1,149 558 12,141 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
AFG Capital Group, LLCPreferred 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 — 
Common Stock(6)3,248 (3,270)— 3,270 3,248 6,518 — 
BBB Tank Services, LLC16.17%L+11.00%Unsecured Debt(8)— — 63 800 — — 800 
16.17%L+11.00%Unsecured Debt(8)— 116 317 2,086 116 — 2,202 
Member Units(8)— — — — — — — 
104112
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2021 Fair Value (13)		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2022 Fair Value (13)
Preferred Member Units(9)— 230 — 770 230 — 1,000 
Houston Plating and Coatings, LLC8.00%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 
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, LLC12.50%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, LLCPreferred 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, LLC13.56%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 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)12.00%Secured Debt(8)(67)— — — — — — 
Preferred Member Units(8)— — — — — — — 
SI East, LLC (Stavig)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, LLC11.00%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, LLC9.75%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 
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount 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)		June 30,
2023 Fair Value (13)
15.00% Preferred Stock (non-voting)(8)— — — — — — — 
Boccella Precast Products LLC10.00%Secured Debt(6)— — 16 320 — — 320 
Member Units(6)— (620)41 2,970 — 620 2,350 
Buca C, LLC12.00%Secured Debt(7)— — 1,044 12,337 — 373 11,964 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
Career Team Holdings, LLC11.25%L+6.00%Secured Debt (12)(6)— — 10 (9)451 — 442 
12.50%Secured Debt(6)— — 1,293 20,090 20 — 20,110 
Common Stock(6)— — — 4,500 — — 4,500 
Chandler Signs Holdings, LLCClass A Units(8)1,797 (290)60 1,790 1,797 3,587 — 
Classic H&G Holdings, LLC11.25%L+6.00%Secured Debt (12)(6)— — 260 4,560 — — 4,560 
8.00%Secured Debt(6)— (21)797 19,274 21 21 19,274 
Preferred Member Units(6)— (6,410)4,745 24,637 — 6,407 18,230 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— (223)316 7,657 — 2,095 5,562 
DMA Industries, LLC12.00%Secured Debt(7)— (21)1,272 21,200 21 1,221 20,000 
Preferred Equity(7)— — — 7,260 — — 7,260 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)757 156 — 9,127 915 904 9,138 
LP Interests (Dos Rios Partners - A, LP)(8)241 — — 2,898 241 287 2,852 
Dos Rios Stone Products LLCClass A Preferred Units(8)— 250 — 1,330 250 — 1,580 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)16 — 43 1,013 16 55 974 
Flame King Holdings, LLCL+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)— 6,770 2,050 17,580 6,770 — 24,350 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP) (12)(5)— 145 — 3,483 145 — 3,628 
LP Interests (Freeport First Lien Loan Fund III LP) (12)(5)— — 291 5,848 — 536 5,312 
GFG Group, LLC9.00%Secured Debt(5)— (12)525 11,345 12 12 11,345 
Preferred Member Units(5)— 1,170 102 7,140 1,170 — 8,310 
Hawk Ridge Systems, LLC11.53%SF+6.00%Secured Debt (12)(9)— — 173 3,185 4,581 4,100 3,666 
12.50%Secured Debt(9)— 4 2,173 37,800 4,142 — 41,942 
Preferred Member Units(9)— — 131 17,460 — — 17,460 
Preferred Member Units(9)— — — 920 — — 920 
Houston Plating and Coatings, LLC8.00%Unsecured Convertible Debt(8)— (170)121 3,000 — 170 2,830 
Member Units(8)— 1,160 2 2,400 1,160 — 3,560 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 283 — 4,331 283 508 4,106 
105113
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2021 Fair Value (13)		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2022 Fair Value (13)
The Affiliati Network, LLCSecured 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, LPLP 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)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Common Stock(6)— — — — — — — 
Volusion, LLC11.50%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 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 
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount 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)		June 30,
2023 Fair Value (13)
LP Interests (HPEP 4, L.P.) (12)(8)— — — 2,332 464 — 2,796 
LP Interests (423 COR, LP) (12)(8)— — 117 1,400 — — 1,400 
I-45 SLF LLCMember Units (Fully diluted 20.0%; 21.75% profits interest)(8)— (1,207)1,123 11,758 1,200 1,207 11,751 
Infinity X1 Holdings, LLC13.00%Secured Debt(9)— — 790 — 17,832 — 17,832 
Preferred Equity(9)— — — — 4,000 — 4,000 
Integral Energy Services13.04%L+7.50%Secured Debt(8)— (227)1,036 15,769 33 227 15,575 
Common Stock(8)— (460)21 1,280 — 460 820 
Iron-Main Investments, LLC13.50%Secured Debt(5)— — 307 4,500 4 20 4,484 
13.50%Secured Debt(5)— — 214 3,130 3 14 3,119 
13.50%Secured Debt(5)— — 600 8,944 — — 8,944 
13.50%Secured Debt(5)— — 1,337 19,559 17 88 19,488 
13.50%Secured Debt(5)— — 890 — 10,857 38 10,819 
Common Stock(5)— — — 1,798 958 — 2,756 
ITA Holdings Group, LLCSF+9.00%2.00%Secured Debt (12)(8)— — 12 — — 12 (12)
SF+9.00%2.00%Secured Debt (12)(8)— — — — — 10 (10)
15.38%SF+8.00%2.00%Secured Debt(8)— — 84 — 3,252 — 3,252 
17.38%SF+10.00%2.00%Secured Debt(8)— — 86 — 3,252 — 3,252 
Warrants(8)— — — — 2,091 — 2,091 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— (127)— 569 — 128 441 
12.00%12.00%Secured Debt(8)— (130)— 580 — 130 450 
12.00%12.00%Secured Debt(8)— (280)— 1,249 — 280 969 
12.00%12.00%Secured Debt(8)— (584)— 2,606 — 584 2,022 
10.00%10.00%Unsecured Debt(8)— — — 305 — — 305 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCL+11.00%Secured Debt(7)— — — — — — — 
16.25%L+11.00%Secured Debt(7)— (61)447 5,559 6 141 5,424 
Preferred Stock(7)— — — 1,056 72 — 1,128 
Quality Lease Service, LLCSecured Debt(8)(29,526)29,865 — — 29,865 29,865 — 
Preferred Member Units(8)— — — — — — — 
SI East, LLCSecured Debt (12)(7)— — 14 — — — — 
12.78%Secured Debt(7)— 268 568 — 54,536 — 54,536 
Secured Debt(7)— (79)3,885 89,786 — 89,786 — 
Preferred Member Units(7)— 1,823 639 13,650 2,130 — 15,780 
Slick Innovations, LLC14.00%Secured Debt(6)— (22)980 13,840 22 822 13,040 
Common Stock(6)— 320 — 1,530 320 — 1,850 
Student Resource Center, LLC8.50%  8.50%Secured Debt(6)— — 216 4,556 214 — 4,770 
Preferred Equity(6)— — — — — — — 
Superior Rigging & Erecting Co.12.00%Secured Debt(7)— — 1,285 21,378 27 1,000 20,405 
Preferred Member Units(7)— 1,140 — 4,500 1,140 — 5,640 
114
Table of contentsSchedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2023
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1) (10) (11)GeographyAmount 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)		June 30,
2023 Fair Value (13)
The Affiliati Network, LLCSecured Debt(9)— — 12 106 1,962 2,080 (12)
13.00%Secured Debt(9)— (129)607 9,442 15 729 8,728 
Preferred Stock(9)— — 80 6,400 — — 6,400 
UnionRock Energy Fund II, LPLP Interests (12)(9)— (964)25 5,855 531 1,162 5,224 
UniTek Global Services, Inc.SF+7.50% Secured Debt(6)— 22 (2)382 25 407 — 
SF+7.50% Secured Debt(6)— 96 282 1,712 112 1,824 — 
15.00%15.00%Secured Convertible Debt(6)— 1,380 187 4,592 1,567 — 6,159 
20.00%20.00%Preferred Stock(6)— (221)221 2,833 221 221 2,833 
20.00%20.00%Preferred Stock(6)— 1,668 — 1,991 1,668 — 3,659 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Common Stock(6)— — — — — — — 
Universal Wellhead Services Holdings, LLC14.00%14.00%Preferred Member Units(8)— — — 220 — — 220 
Member Units(8)— — — — — — — 
World Micro Holdings, LLC13.00%Secured Debt(7)— — 948 14,140 14 — 14,154 
 Preferred Equity(7)— — 139 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$(16,267)$21,672 $38,455 $618,359 $175,201 $215,521 $563,125 
____________________
(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.
(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.
106115
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20222023
(dollars in thousands)
(unaudited)
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of SeptemberJune 30, 20222023 for control investments located in this region was $346,535.$453,692. This represented 21.7%24.1% of net assets as of SeptemberJune 30, 2022.2023. The fair value as of SeptemberJune 30, 20222023 for affiliate investments located in this region was $67,491.$78,205. This represented 12.2%13.9% of net assets as of SeptemberJune 30, 2022.2023.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of SeptemberJune 30, 20222023 for control investments located in this region was $144,681.$283,469. This represented 9.0%15.0% of net assets as of SeptemberJune 30, 2022.2023. The fair value as of SeptemberJune 30, 20222023 for affiliate investments located in this region was $105,372.$102,097. This represented 19.1%18.1% of net assets as of SeptemberJune 30, 2022.2023.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of SeptemberJune 30, 20222023 for control investments located in this region was $16,360.$51,394. This represented 1.0%2.7% of net assets as of SeptemberJune 30, 2022.2023. The fair value as of SeptemberJune 30, 20222023 for affiliate investments located in this region was $196,507.$172,637. This represented 35.6%30.7% of net assets as of SeptemberJune 30, 2022.2023.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of SeptemberJune 30, 20222023 for control investments located in this region was $593,513.$655,449. This represented 37.1%34.8% of net assets as of SeptemberJune 30, 2022.2023. The fair value as of SeptemberJune 30, 20222023 for affiliate investments located in this region was $99,261.$79,676. This represented 18.0%14.1% of net assets as of SeptemberJune 30, 2022.2023.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of SeptemberJune 30, 20222023 for control investments located in this region was $498,340.$439,695. This represented 31.2%23.3% of net assets as of SeptemberJune 30, 2022.2023. The fair value as of SeptemberJune 30, 20222023 for affiliate investments located in this region was $83,950.$130,510. This represented 15.2%23.2% of net assets as of SeptemberJune 30, 2022.2023.
(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 SeptemberJune 30, 20222023 (see Note K)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.
107116
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
SeptemberJune 30, 20212022
(dollars in thousands)
(unaudited)
CompanyCompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2020
Fair Value		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2021
Fair Value		CompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount 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)		June 30,
2022
Fair Value
Majority-owned investmentsMajority-owned investmentsMajority-owned investments
ASK (Analytical Systems Keco Holdings, LLC)Preferred Member Units(8)$— $(3,200)$— $3,200 $— $3,200 $— 
Analytical Systems Keco Holdings, LLCAnalytical Systems Keco Holdings, LLC12.00%L+10.00%Secured Debt(8)$— $— $339 $4,736 $45 $140 $4,641 
Preferred Member Units(8)— 2,356 — — 4,783 — 4,783 Preferred Member Units(8)— (576)— 4,894 — 576 4,318 
Warrants(8)— (10)— 10 — 10 — 
Brewer Crane Holdings, LLCBrewer Crane Holdings, LLC11.06%L+10.00%Secured Debt(9)— — 448 8,037 12 248 7,801 
12.00%L+10.00%Secured Debt(8)— — 520 4,873 134 220 4,787 Preferred Member Units(9)— (660)530 7,710 — 660 7,050 
Café Brazil, LLCCafé Brazil, LLCMember Units(8)— 540 470 2,030 540 — 2,570 Café Brazil, LLCMember Units(8)— (50)99 2,570 — 50 2,520 
California Splendor Holdings LLCCalifornia Splendor Holdings LLCPreferred Member Units(9)— 4,564 188 6,241 4,564 — 10,805 California Splendor Holdings LLC11.00%L+10.00%Secured Debt(9)— 56 1,578 27,915 85 — 28,000 
11.00%L+10.00%Secured Debt(9)— 36 2,579 35,832 196 8,129 27,899 15.00%15.00%Preferred Member Units(9)— — 652 9,510 652 6,449 3,713 
15.00%15.00%Preferred Member Units(9)— — 939 8,255 939 — 9,194 Preferred Member Units(9)— 6,020 125 13,275 6,020 — 19,295 
Clad-Rex Steel, LLCClad-Rex Steel, LLCMember Units(5)— — — 530 — — 530 Clad-Rex Steel, LLC10.63%L+9.50%Secured Debt(5)— — 574 10,401 20 — 10,421 
Member Units(5)— 1,640 2,181 8,610 1,640 — 10,250 10.00%Secured Debt(5)— — 54 1,071 — 16 1,055 
10.00%Secured Debt(5)— — 83 1,100 — 22 1,078 Member Units(5)— 80 — 530 80 — 610 
10.50%L+9.50%Secured Debt(5)— — 878 10,853 — 460 10,393 Member Units(5)— — 764 10,250 — — 10,250 
CMS Minerals InvestmentsCMS Minerals InvestmentsMember Units(9)— 453 22 1,624 454 195 1,883 CMS Minerals InvestmentsMember Units(9)— 447 69 1,974 447 147 2,274 
Cody Pools, Inc.Cody Pools, Inc.Preferred Member Units(8)— 15,450 1,602 14,940 15,450 — 30,390 Cody Pools, Inc.12.25%L+10.50%Secured Debt(8)— (45)2,702 42,484 2,910 3,757 41,637 
12.25%L+10.50%Secured Debt(8)— 6 1,400 14,216 8,000 4,169 18,047 Preferred Member Units(8)— 3,550 1,749 47,640 3,550 — 51,190 
CompareNetworks Topco, LLCCompareNetworks Topco, LLC10.13%L+9.00%Secured Debt(9)— (10)308 6,477 10 746 5,741 
Preferred Member Units(9)— 5,230 316 12,000 5,230 — 17,230 
Datacom, LLCDatacom, LLC8.00%Secured Debt(8)(1,800)185 — 1,615 185 1,800 — Datacom, LLC7.50%Secured Debt(8)— — 416 7,668 84 135 7,617 
Preferred Member Units(8)(1,294)1,294 — — 1,294 1,294 — 
Preferred Member Units(8)(6,030)6,030 — — 6,030 6,030 — 
10.50%10.50%Secured Debt(8)(1,801)1,945 1 10,531 1,945 12,476 — 
Preferred Member Units(8)— — — — 2,610 — 2,610 
5.00%Secured Debt(8)— — 564 — 8,288 81 8,207 Preferred Member Units(8)— 60 48 2,610 60 — 2,670 
Direct Marketing Solutions, Inc.Direct Marketing Solutions, Inc.Preferred Stock(9)— (2,230)672 19,380 — 2,230 17,150 Direct Marketing Solutions, Inc.12.13%L+11.00%Secured Debt(9)— (20)1,551 24,048 1,317 687 24,678 
12.00%L+11.00%Secured Debt(9)— — 1,401 15,006 28 235 14,799 Preferred Stock(9)— 3,200 686 18,350 3,200 — 21,550 
Gamber-Johnson Holdings, LLCGamber-Johnson Holdings, LLCMember Units(5)— 32 3,744 52,490 2,880 — 55,370 Gamber-Johnson Holdings, LLC10.50%L+8.00%Secured Debt(5)— (11)1,100 21,598 11 11 21,598 
9.00%L+7.00%Secured Debt(5)— (31)1,435 19,838 830 30 20,638 Member Units(5)— (3,400)360 49,700 — 3,400 46,300 
GRT Rubber Technologies LLCGRT Rubber Technologies LLCMember Units(8)— — 3,636 44,900 — — 44,900 GRT Rubber Technologies LLC9.06%L+8.00%Secured Debt(8)— (22)1,676 38,885 22 22 38,885 
7.10%L+7.00%Secured Debt(8)— — 904 16,775 — — 16,775 Member Units(8)— — 2,441 46,190 — — 46,190 
Jensen Jewelers of Idaho, LLCJensen Jewelers of Idaho, LLCMember Units(9)— 3,640 1,264 7,620 3,640 — 11,260 Jensen Jewelers of Idaho, LLC10.00%P+6.75%Secured Debt(9)— (4)130 2,550 4 104 2,450 
10.00%P+6.75%Secured Debt(9)— (10)244 3,400 10 660 2,750 Member Units(9)— 2,700 1,376 12,420 2,700 — 15,120 
Kickhaefer Manufacturing Company, LLCKickhaefer Manufacturing Company, LLCMember Units(5)— 50 75 1,160 50 — 1,210 Kickhaefer Manufacturing Company, LLC11.50%Secured Debt(5)— — 1,205 20,324 25 — 20,349 
Member Units(5)— — — 12,240 — — 12,240 9.00%Secured Debt(5)— — 177 3,876 1 17 3,860 
11.50%Secured Debt(5)— — 1,915 22,269 44 2,000 20,313 Member Units(5)— (70)— 12,310 — 70 12,240 
9.00%Secured Debt(5)— — 266 3,909 — 24 3,885 Member Units(5)— — 55 2,460 — — 2,460 
Market Force Information, LLCMarket Force Information, LLC12.00%L+11.00%Secured Debt(9)— — 282 1,600 1,800 — 3,400 Market Force Information, LLC12.13%L+11.00%Secured Debt(9)— — 217 3,400 1,000 — 4,400 
12.00%12.00%Secured Debt(9)— (2,403)— 13,562 — 2,403 11,159 12.00%12.00%Secured Debt(9)— (1,405)— 8,936 — 1,405 7,531 
MH Corbin Holding LLCMH Corbin Holding LLCPreferred Member Units(5)— (2,370)— 2,370 — 2,370 — MH Corbin Holding LLC13.00%Secured Debt(5)— (1,495)540 5,934 9 1,655 4,288 
13.00%Secured Debt(5)— (2,059)854 8,280 25 2,299 6,006 
MSC Adviser I, LLCMSC Adviser I, LLCMember Units(8)— 11,320 3,908 116,760 11,320 — 128,080 MSC Adviser I, LLCMember Units(8)— (22,080)3,983 140,400 — 22,080 118,320 
Mystic Logistics Holdings, LLCMystic Logistics Holdings, LLCCommon Stock(6)— (1,820)548 8,990 — 1,820 7,170 Mystic Logistics Holdings, LLC10.00%Secured Debt(6)— (1)312 6,378 1 281 6,098 
12.00%Secured Debt(6)— — 622 6,723 7 24 6,706 Common Stock(6)— 7,370 1,596 8,840 7,370 — 16,210 
OMi Holdings, Inc.Preferred Member Units(8)— (170)1,330 20,380 — 170 20,210 
OMi Topco, LLCOMi Topco, LLC12.00%Secured Debt(8)— (29)1,099 18,000 29 1,279 16,750 
12.00%Secured Debt(8)— 176 550 — 18,000 — 18,000 Preferred Member Units(8)— 90 1,197 20,210 90 — 20,300 
PPL RVs, Inc.PPL RVs, Inc.Common Stock(8)— 2,190 805 11,500 2,190 — 13,690 PPL RVs, Inc.7.97%L+7.00%Secured Debt(8)— 251 683 12,381 9,264 2,000 19,645 
Common Stock(8)— 4,130 462 14,360 4,130 — 18,490 
Principle Environmental, LLCPrinciple Environmental, LLC13.00%Secured Debt(8)— — 86 1,465 6 1,000 471 
13.00%Secured Debt(8)— — 399 5,808 12 — 5,820 
108117
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20212022
(dollars in thousands)
(unaudited)
CompanyCompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2020
Fair Value		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2021
Fair Value		CompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount 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)		June 30,
2022
Fair Value
7.50%L+7.00%Secured Debt(8)— (21)708 11,806 790 221 12,375 Preferred Member Units(8)— 370 437 11,160 370 — 11,530 
Principle Environmental, LLCWarrants(8)— 330 — 870 330 1,200 — 
Common Stock(8)— (490)— — 1,200 490 710 
Preferred Member Units(8)— (920)— 10,500 — 920 9,580 
13.00%Secured Debt(8)— (62)649 6,397 18 63 6,352 Common Stock(8)— 30 — 710 30 — 740 
Quality Lease Service, LLCQuality Lease Service, LLCMember Units(7)— (180)— 4,460 — 1,430 3,030 Quality Lease Service, LLCMember Units(7)— 76 — 2,149 76 1,150 1,075 
Robbins Bros. Jewelry, Inc.Robbins Bros. Jewelry, Inc.12.00%L+11.00%Secured Debt(9)— — 2,241 35,956 43 225 35,774 
Preferred Equity(9)— 4,670 279 11,070 4,670 — 15,740 
Trantech Radiator Topco, LLCTrantech Radiator Topco, LLCCommon Stock(7)— 620 87 6,030 620 — 6,650 Trantech Radiator Topco, LLC12.00%Secured Debt(7)— (12)528 8,712 14 412 8,314 
12.00%Secured Debt(7)— — 811 8,644 14 — 8,658 Common Stock(7)— (570)58 8,660 — 570 8,090 
Ziegler’s NYPD, LLCZiegler’s NYPD, LLCPreferred Member Units(8)— 350 — 1,780 350 — 2,130 Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 38 625 — — 625 
12.00%Secured Debt(8)— — 57 625 — — 625 6.50%Secured Debt(8)— — 33 1,000 — — 1,000 
14.00%Secured Debt(8)— — 292 2,750 — — 2,750 14.00%Secured Debt(8)— — 194 2,750 — — 2,750 
6.50%Secured Debt(8)— 21 49 979 21 — 1,000 Preferred Member Units(8)— (450)— 2,130 — 450 1,680 
Other controlled investmentsOther controlled investmentsOther controlled investments
2717 MH, L.P.2717 MH, L.P.LP Interests (2717 HPP-MS, L.P.)(8)— — — 250 — 250 — 2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)— 1,408 — 3,971 2,583 — 6,554 
LP Interests (2717 MH, L.P.)(8)— 585 — 2,702 689 — 3,391 LP Interests (2717 HPP-MS, L.P.)(8)— — — — 244 — 244 
ASC Interests, LLCASC Interests, LLCMember Units(8)— (400)— 1,120 — 400 720 ASC Interests, LLC13.00%Secured Debt(8)— — 13 200 — 30 170 
13.00%Secured Debt(8)— — 193 1,715 116 — 1,831 13.00%Secured Debt(8)— — 120 1,636 12 — 1,648 
Member Units(8)— 80 — 720 80 — 800 
ATS Workholding, LLCATS Workholding, LLC5.00%Secured Debt(9)— (304)— 3,347 — 472 2,875 ATS Workholding, LLC5.00%Secured Debt(9)— — — 3,005 — 66 2,939 
Barfly Ventures, LLCBarfly Ventures, LLCMember Units(5)— 346 — 1,584 346 — 1,930 Barfly Ventures, LLC7.00%Secured Debt(5)— — 25 711 — — 711 
7.00%Secured Debt(5)— — 58 343 367 — 710 Member Units(5)— 470 — 1,930 470 — 2,400 
Batjer TopCo, LLCBatjer TopCo, LLC11.00%Secured Debt(8)— — 512 — 11,372 459 10,913 
Member Units(8)— — — — 4,073 — 4,073 
Bolder Panther Group, LLCBolder Panther Group, LLC10.50%L+9.00%Secured Debt(9)— 329 2,582 27,225 11,775 — 39,000 Bolder Panther Group, LLC10.50%L+9.00%Secured Debt(9)— (39)2,491 39,000 10,233 39 49,194 
14.00%Class A Preferred Member Units(9)— — 1,067 10,194 — — 10,194 
8.00%Class B Preferred Member Units(9)— 6,310 2,087 14,000 6,310 — 20,310 
9.50%L+8.00%Secured Debt(9)— — 36 — 500 500 — 
Bond-Coat, Inc.Common Stock(8)(2,320)4,310 — 2,040 4,310 6,350 — 
Brewer Crane Holdings, LLCPreferred Member Units(9)— (1,570)397 5,850 — 1,570 4,280 
11.00%L+10.00%Secured Debt(9)— — 708 8,513 15 372 8,156 Class B Preferred Member Units(9)— 2,760 276 23,170 2,760 — 25,930 
Bridge Capital Solutions CorporationBridge Capital Solutions CorporationPreferred Member Units(6)— — 75 1,000 — — 1,000 Bridge Capital Solutions Corporation13.00%Secured Debt(6)— — 576 8,813 — — 8,813 
Warrants(6)— 840 — 3,220 840 — 4,060 13.00%Secured Debt(6)— — 65 1,000 — — 1,000 
13.00%Secured Debt(6)— — 100 998 2 — 1,000 Preferred Member Units(6)— — 50 1,000 — — 1,000 
13.00%Secured Debt(6)— — 1,279 8,403 410 — 8,813 Warrants(6)— 200 — 4,060 200 — 4,260 
CBT Nuggets, LLCCBT Nuggets, LLCMember Units(9)— 6,540 1,901 46,080 6,540 — 52,620 CBT Nuggets, LLCMember Units(9)— (2,720)1,647 50,620 — 2,720 47,900 
Centre Technologies Holdings, LLCCentre Technologies Holdings, LLCPreferred Member Units(8)— (320)90 6,160 — 320 5,840 Centre Technologies Holdings, LLC12.00%L+10.00%Secured Debt(8)— 507 838 8,864 7,903 1,826 14,941 
12.00%L+10.00%Secured Debt(8)— — 969 11,549 28 2,059 9,518 Preferred Member Units(8)— 768 60 5,840 1,050 — 6,890 
Chamberlin Holding LLCChamberlin Holding LLCMember Units(8)— 160 51 1,270 160 — 1,430 Chamberlin Holding LLC9.13%L+8.00%Secured Debt(8)— (35)845 17,817 35 386 17,466 
Member Units(8)— (3,930)3,707 28,070 — 3,930 24,140 Member Units(8)— (1,630)348 24,140 — 1,630 22,510 
9.00%L+8.00%Secured Debt(8)— 18 1,117 15,212 4,000 1,395 17,817 Member Units(8)— — 34 1,540 — — 1,540 
Charps, LLCCharps, LLCPreferred Member Units(5)— 3,720 2,120 10,520 3,720 — 14,240 Charps, LLC10.00%Unsecured Debt(5)— (27)309 5,694 27 27 5,694 
10.00%Unsecured Debt(5)— (382)846 8,475 282 3,723 5,034 Preferred Member Units(5)— (540)417 13,990 — 540 13,450 
Colonial Electric Company LLCColonial Electric Company LLC12.00%Secured Debt(6)— — 1,703 24,351 1,630 630 25,351 
15.00%Secured Debt(5)— — 4 669 — 669 — Preferred Member Units(6)— (190)805 9,130 — 190 8,940 
Copper Trail Fund InvestmentsCopper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 710 — — 710 
Digital Products Holdings LLCDigital Products Holdings LLC11.13%L+10.00%Secured Debt(5)— — 929 16,801 23 661 16,163 
Preferred Member Units(5)— — 100 9,835 — — 9,835 
109118
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20212022
(dollars in thousands)
(unaudited)
CompanyCompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2020
Fair Value		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2021
Fair Value		CompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount 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)		June 30,
2022
Fair Value
Colonial Electric Company LLCPreferred Member Units(6)— 780 200 — 8,460 — 8,460 
Flame King Holdings, LLCFlame King Holdings, LLC7.50%L+6.50%Secured Debt(9)— 68 288 6,324 1,276 — 7,600 
12.00%Secured Debt(6)— — 1,938 — 24,969 315 24,654 12.00%L+11.00%Secured Debt(9)— 183 1,300 20,996 204 — 21,200 
CompareNetworks Topco, LLCPreferred Member Units(9)— 5,220 316 6,780 5,220 — 12,000 
10.00%L+9.00%Secured Debt(9)— (16)609 7,954 15 1,492 6,477 
Copper Trail Energy Fund I, LP - CTMHLP Interests (CTMH, LP)(9)— — — 747 — 37 710 
Digital Products Holdings LLCPreferred Member Units(5)— — 150 9,835 — — 9,835 
11.00%L+10.00%Secured Debt(5)— — 1,494 18,077 33 990 17,120 Preferred Equity(9)— 3,010 559 10,400 3,010 — 13,410 
Garreco, LLCGarreco, LLCMember Units(8)— 800 — 1,410 800 — 2,210 Garreco, LLC9.00%L+8.00%Secured Debt(8)— — 190 4,196 — — 4,196 
9.00%L+8.00%Secured Debt(8)— — 308 4,519 — — 4,519 Member Units(8)— 220 321 2,270 220 — 2,490 
Gulf Manufacturing, LLCGulf Manufacturing, LLCMember Units(8)— 1,130 1,210 4,510 1,130 — 5,640 Gulf Manufacturing, LLCMember Units(8)— (130)985 5,640 — 130 5,510 
Gulf Publishing Holdings, LLCGulf Publishing Holdings, LLC10.50%L+9.50%5.25%Secured Debt(8)— — 17 250 14 7 257 Gulf Publishing Holdings, LLC10.60%5.25%Secured Debt(8)— — 7 257 — — 257 
12.50%6.25%Secured Debt(8)— (2,012)1,065 12,044 849 2,431 10,462 12.50%6.25%Secured Debt(8)— (2,188)426 9,717 — 2,188 7,529 
Harrison Hydra-Gen, Ltd.Harrison Hydra-Gen, Ltd.Common Stock(8)— (1,920)— 5,450 — 1,920 3,530 Harrison Hydra-Gen, Ltd.Common Stock(8)— (200)— 3,530 — 200 3,330 
J&J Services, Inc.Preferred Stock(7)— 2,720 — 12,680 2,720 — 15,400 
Johnson Downie Opco, LLCJohnson Downie Opco, LLC13.00%L+11.50%Secured Debt(8)— 92 755 11,344 115 1,038 10,421 
Preferred Equity(8)— 2,730 566 3,150 2,730 — 5,880 
JorVet Holdings, LLCJorVet Holdings, LLC12.00%Secured Debt(9)— — 1,082 — 25,406 — 25,406 
11.50%Secured Debt(7)— (30)1,084 12,800 30 2,030 10,800 Common Stock(9)— — 54 — 10,741 — 10,741 
KBK Industries, LLCKBK Industries, LLCMember Units(5)— 420 456 13,200 420 — 13,620 KBK Industries, LLCMember Units(5)— 310 685 13,620 310 — 13,930 
MS Private Loan FundMS Private Loan FundLP Interests(8)— — — — 1,000 — 1,000 MS Private Loan FundLP Interests(8)— (544)191 2,581 8,750 544 10,787 
MSC Income Fund, Inc.MSC Income Fund, Inc.Common Equity(8)— — — — 750 — 750 
NAPCO Precast, LLCNAPCO Precast, LLCMember Units(8)— (1,730)4 13,560 — 1,730 11,830 
Nebraska Vet AcquireCo, LLCNebraska Vet AcquireCo, LLC12.00%Secured Debt(5)— — 649 10,412 11 — 10,423 
5.00%Unsecured Debt(8)— — 642 — 33,866 3,575 30,291 12.00%Secured Debt(5)— — 548 4,829 6,544 — 11,373 
MSC Income Fund Inc.5.00%Unsecured Debt(8)— 352 1,603 — 60,000 — 60,000 
NAPCO Precast, LLCMember Units(8)— (2,540)1,823 16,100 — 2,540 13,560 
Nebraska Vet AcquireCo, LLC (NVS)Preferred Member Units(5)— — — 6,500 — — 6,500 
12.00%Secured Debt(5)— — 979 10,395 13 — 10,408 Preferred Member Units(5)— — — 7,700 — — 7,700 
NexRev LLCNexRev LLCPreferred Member Units(8)— 1,810 60 1,470 1,810 — 3,280 NexRev LLC11.00%Secured Debt(8)— (1,703)1,222 14,045 — 5,783 8,262 
11.00%Secured Debt(8)— (1,351)1,417 16,727 28 2,005 14,750 
NRI Clinical Research, LLCMember Units(9)8,786 (4,835)2,805 5,600 — 5,600 — 
Warrants(9)— (1,238)— 1,490 — 1,490 — 
9.00%Secured Debt(9)— (48)380 5,620 48 5,668 — Preferred Member Units(8)— (3,080)40 2,690 — 1,750 940 
NRP Jones, LLCNRP Jones, LLCMember Units(5)— 3,619 (45)2,821 3,619 — 6,440 NRP Jones, LLC12.00%Secured Debt(5)— — 126 2,080 — — 2,080 
12.00%Secured Debt(5)— — 189 2,080 — — 2,080 Member Units(5)— (970)198 6,440 — 970 5,470 
NuStep, LLCNuStep, LLCPreferred Member Units(5)— 2,720 — 10,780 2,720 — 13,500 NuStep, LLC7.63%L+6.50%Secured Debt(5)— — 110 1,720 1,480 — 3,200 
10.50%Secured Debt(5)— 17 1,507 17,193 47 — 17,240 12.00%Secured Debt(5)— 28 1,043 17,240 1,200 — 18,440 
7.50%L+6.50%Secured Debt(5)— — 25 — 2,000 400 1,600 Preferred Member Units(5)— (1,940)— 13,500 — 1,940 11,560 
Orttech Holdings, LLCOrttech Holdings, LLCPreferred Stock(5)— — — — 12,600 1,000 11,600 Orttech Holdings, LLC12.00%L+11.00%Secured Debt(5)— — 1,494 24,150 29 400 23,779 
12.00%L+11.00%Secured Debt(5)— — 767 — 24,183 — 24,183 Preferred Stock(5)— — 386 10,000 — — 10,000 
Pearl Meyer Topco LLCPearl Meyer Topco LLCMember Units(6)— 5,539 1,949 15,940 5,540 — 21,480 Pearl Meyer Topco LLC12.00%Secured Debt(6)— (61)1,942 32,674 1,561 5,554 28,681 
12.00%Secured Debt(6)— 258 3,223 37,202 310 3,838 33,674 Member Units(6)— 12,780 2,856 26,970 12,780 — 39,750 
Pegasus Research Group, LLCMember Units(8)— (1,550)— 8,830 — 1,550 7,280 
River Aggregates, LLCRiver Aggregates, LLCMember Units(8)— 160 125 3,240 160 — 3,400 River Aggregates, LLCMember Units(8)— 100 — 3,280 100 — 3,380 
Tedder Industries, LLCTedder Industries, LLCPreferred Member Units(9)— — — 8,136 — — 8,136 Tedder Industries, LLC12.00%Secured Debt(9)— — 961 15,141 44 — 15,185 
12.00%Secured Debt(9)— — 1,486 16,301 2,032 1,600 16,733 12.00%Secured Debt(9)— — 102 1,040 800 — 1,840 
UnionRock Energy Fund II, LPLP Interests(9)— 2,407 — 2,894 3,781 220 6,455 
Preferred Member Units(9)— (1,487)— 8,579 222 1,487 7,314 
Televerde, LLCTeleverde, LLCMember Units(8)— (2,135)— 7,280 — 2,135 5,145 
Preferred Stock(8)— 1,076 — — 1,794 — 1,794 
Vision Interests, Inc.Vision Interests, Inc.Series A Preferred Stock(9)— (160)— 3,160 — 160 3,000 Vision Interests, Inc.Series A Preferred Stock(9)— — 144 3,000 — — 3,000 
VVS Holdco LLCVVS Holdco LLC11.50%Secured Debt(5)— — 1,821 31,269 34 1,201 30,102 
Preferred Equity(5)— 240 200 11,840 240 — 12,080 
13.00%Secured Debt(9)— — 200 2,028 — — 2,028 
OtherOtherOther
Amounts related to investments transferred to or from other 1940 Act classification during the periodAmounts related to investments transferred to or from other 1940 Act classification during the period— — 57 41,748 — — — 
Total Control investmentsTotal Control investments$— $13,101 $69,385 $1,489,257 $176,645 $85,996 $1,538,158 
110119
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20212022
(dollars in thousands)
(unaudited)
CompanyCompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2020
Fair Value		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2021
Fair Value		CompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2021
Fair Value		Gross
Additions(3)		Gross
Reductions(4)		June 30,
2022
Fair Value
Amounts related to investments transferred from other 1940 Act classification during the period— — — — — — — 
Total Control investments$(4,459)$65,756 $85,904 $1,113,725 $340,046 $117,553 $1,336,218 
Affiliate InvestmentsAffiliate InvestmentsAffiliate Investments
AAC Holdings, Inc.AAC Holdings, Inc.Common Stock(7)$— $(1,038)$— $3,148 $— $1,038 $2,110 AAC Holdings, Inc.18.00%8.00%Secured Debt(7)$— $(150)$970 $9,794 $296 $— $10,090 
Warrants(7)— (968)— 2,938 — 968 1,970 Common Stock(7)— (1,279)— 2,079 — 1,279 800 
18.00%8.00%Secured Debt(7)— (89)1,329 9,187 744 223 9,708 Warrants(7)— (1,200)— 1,940 — 1,200 740 
AFG Capital Group, LLCAFG Capital Group, LLCPreferred Member Units(8)— 1,570 200 5,810 1,570 — 7,380 AFG Capital Group, LLC10.00%Secured Debt(8)— — 2 144 — 144 — 
10.00%Secured Debt(8)— — 26 491 — 260 231 Preferred Member Units(8)— 1,040 — 7,740 1,040 — 8,780 
ATX Networks Corp.ATX Networks Corp.10.00%10.00%Secured Debt(6)— — — — 1,963 — 1,963 ATX Networks Corp.8.92%L+7.50%Secured Debt(6)— (309)388 7,092 228 1,133 6,187 
8.50%L+7.50%Secured Debt(6)— — — — 7,092 — 7,092 10.00%10.00%Unsecured Debt(6)— 120 159 1,963 437 158 2,242 
8.75%L+6.25%1.50%Secured Debt(6)(4,528)1,133 — 12,263 1,521 13,784 — 
BBB Tank Services, LLCBBB Tank Services, LLCMember Units(8)— (280)— 280 — 280 — BBB Tank Services, LLC12.06%L+11.00%Unsecured Debt(8)— (209)290 2,507 — 209 2,298 
12.00%L+11.00%Unsecured Debt(8)— (1,000)464 4,722 27 1,001 3,748 Preferred Stock (non-voting)(8)— — — — — — — 
15.00%15.00%Preferred Stock (non-voting)(8)— (162)11 151 11 162 — Member Units(8)— — — — — — — 
Boccella Precast Products LLCBoccella Precast Products LLCMember Units(6)— (1,210)379 6,040 — 1,210 4,830 Boccella Precast Products LLC10.00%Secured Debt(6)— — 16 320 — — 320 
10.00%Secured Debt(6)— — 1 — 320 — 320 Member Units(6)— (320)70 4,830 — 320 4,510 
Brightwood Capital Fund Investments - Fund VLP Interests (Brightwood Capital Fund V, LP)(6)— — — — 1,000 — 1,000 
Buca C, LLCBuca C, LLC10.25%L+9.25%Secured Debt(7)— (373)1,264 14,256 487 373 14,370 Buca C, LLC10.37%L+9.25%Secured Debt(7)— — 1,036 14,370 — 1,221 13,149 
CAI Software LLCMember Units(6)— 7,321 1,900 7,190 7,321 1,921 12,590 
Career Team Holdings, LLCCareer Team Holdings, LLC12.50%Secured Debt(6)— — 1,296 20,050 20 — 20,070 
12.50%Secured Debt(6)— (1)5,547 47,474 23,601 4,474 66,601 Class A Common Units(6)— — — 4,499 1 — 4,500 
Chandler Signs Holdings, LLCChandler Signs Holdings, LLCClass A Units(8)— (810)— 1,460 — 810 650 Chandler Signs Holdings, LLCClass A Units(8)— 160 — 460 160 — 620 
Charlotte Russe, IncCommon Stock(9)(3,141)3,141 — — 3,141 3,141 — 
Classic H&G Holdings, LLCClassic H&G Holdings, LLCPreferred Member Units(6)— 4,110 820 9,510 4,110 — 13,620 Classic H&G Holdings, LLC7.00%L+6.00%Secured Debt(6)— — 349 4,000 7,920 6,360 5,560 
7.00%L+6.00%Secured Debt(6)— — 26 — 1,400 — 1,400 8.00%Secured Debt(6)— (21)797 19,274 21 21 19,274 
8.00%Secured Debt(6)— (73)1,807 24,800 73 5,599 19,274 Preferred Member Units(6)— 8,530 947 15,260 8,530 — 23,790 
Congruent Credit Opportunities FundsCongruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund
 II, LP)		(8)(4,449)4,355 — 94 4,355 4,449 — Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— (63)300 9,959 — 1,660 8,299 
DMA Industries, LLCDMA Industries, LLC12.00%Secured Debt(7)— 186 1,300 20,993 207 — 21,200 
LP Interests (Congruent Credit Opportunities Fund
 III, LP)		(8)— (96)583 11,540 — 1,137 10,403 Preferred Equity(7)— 976 — 5,944 976 — 6,920 
Copper Trail Energy Fund I, LPLP Interests (Copper Trail Energy Fund I, LP)(9)(203)379 378 1,782 379 2,161 — 
Dos Rios PartnersDos Rios PartnersLP Interests (Dos Rios Partners - A, LP)(8)— 1,450 — 1,720 1,450 — 3,170 Dos Rios PartnersLP Interests (Dos Rios Partners - A, LP)(8)— (546)— 3,280 — 546 2,734 
LP Interests (Dos Rios Partners, LP)(8)— 4,567 — 5,417 4,567 — 9,984 LP Interests (Dos Rios Partners, LP)(8)— (1,719)— 10,329 — 1,719 8,610 
Dos Rios Stone Products LLCDos Rios Stone Products LLCClass A Preferred Units(8)— (340)— 1,250 — 340 910 Dos Rios Stone Products LLCClass A Preferred Units(8)— (290)— 640 — 290 350 
East Teak Fine Hardwoods, Inc.Common Stock(7)(80)180 100 300 180 480 — 
EIG Fund InvestmentsEIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)9 92 35 526 125 177 474 EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)11 — 28 547 — 158 389 
Freeport Financial SBIC Fund LPFreeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP)(5)— 869 — 5,264 869 — 6,133 Freeport Financial SBIC Fund LPLP 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)242 7,231 — 436 6,795 
GFG Group, LLCGFG Group, LLC9.00%Secured Debt(5)— (13)675 12,545 13 13 12,545 
Preferred Member Units(5)— — 378 6,990 — — 6,990 
Hawk Ridge Systems, LLCHawk Ridge Systems, LLC7.13%L+6.00%Secured Debt(9)— — 94 2,585 — — 2,585 
8.00%Secured Debt(9)— (16)1,416 34,800 16 16 34,800 
Preferred Member Units(9)— 5,350 704 14,680 5,350 — 20,030 
Preferred Member Units(9)— 280 — 771 279 — 1,050 
Houston Plating and Coatings, LLCHouston Plating and Coatings, LLC8.00%Unsecured Convertible Debt(8)— (210)121 2,960 — 210 2,750 
Member Units(8)— (690)16 3,210 — 690 2,520 
HPEP 3, L.P.HPEP 3, L.P.LP Interests (HPEP 3, L.P.)(8)779 (21)(80)4,712 — 381 4,331 
111120
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20212022
(dollars in thousands)
(unaudited)
CompanyCompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2020
Fair Value		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2021
Fair Value		CompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount 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)		June 30,
2022
Fair Value
LP Interests (Freeport First Lien Loan Fund III LP)(5)— 66 613 10,321 66 3,156 7,231 LP Interests (423 COR, LP)(8)— — — — 1,400 — 1,400 
GFG Group, LLC.Preferred Member Units(5)— 2,090 460 — 6,990 — 6,990 
12.00%12.00% Secured Debt(5)— — 1,211 — 15,631 3,200 12,431 
Hawk Ridge Systems, LLCPreferred Member Units(9)— 270 — 420 270 — 690 
Preferred Member Units(9)— 5,130 691 8,030 5,130 — 13,160 
7.00%L+6.00%Secured Debt(9)— — 23 — 2,585 — 2,585 
9.00%Secured Debt(9)— (25)1,366 18,400 25 25 18,400 
Houston Plating and Coatings, LLCMember Units(8)— (1,620)180 5,080 — 1,620 3,460 
8.00%Unsecured Convertible Debt(8)— — 182 2,900 — — 2,900 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.)(8)— 803 — 3,258 1,177 252 4,183 
I-45 SLF LLCI-45 SLF LLC
Member Units (Fully diluted 20.0%; 24.40% profits
 interest) (8)
(8)— 413 1,386 15,787 1,215 2,000 15,002 I-45 SLF LLCMember Units (Fully diluted 20.0%; 21.75% profits interest)(8)— (1,438)943 14,387 — 1,438 12,949 
Iron-Main Investments, LLCIron-Main Investments, LLCCommon Stock(5)— — — — 1,027 — 1,027 Iron-Main Investments, LLC12.50%Secured Debt(5)— — 204 3,170 3 — 3,173 
12.50%Secured Debt(5)— — 98 — 3,168 — 3,168 12.50%Secured Debt(5)— — 294 4,557 4 — 4,561 
13.00%Secured Debt(5)— — 191 — 4,555 — 4,555 12.50%Secured Debt(5)— — 1,839 28,749 20 — 28,769 
Common Stock(5)— — — 1,798 — — 1,798 
L.F. Manufacturing Holdings, LLCL.F. Manufacturing Holdings, LLCMember Units(8)— 50 — 2,050 50 — 2,100 L.F. Manufacturing Holdings, LLCPreferred Member Units (non-voting)(8)— — 8 107 8 — 115 
14.00%14.00%Preferred Member Units (non-voting)(8)— — 10 93 10 — 103 Member Units(8)— 590 224 2,560 590 — 3,150 
Meisler Operating LLCCommon Stock(5)17,048 (7,414)— 16,010 — 16,010 — 
OnAsset Intelligence, Inc.OnAsset Intelligence, Inc.Common Stock(8)— (830)— — 830 830 — OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— (155)28 935 28 155 808 
12.00%12.00%Secured Debt(8)— (158)29 954 29 158 825 
Warrants(8)— 830 — — 830 830 — 12.00%12.00%Secured Debt(8)— (341)62 2,055 62 341 1,776 
10.00%10.00%Unsecured Debt(8)— — 6 64 129 6 187 12.00%12.00%Secured Debt(8)— (710)129 4,286 129 711 3,704 
12.00%12.00%Secured Debt(8)— — 685 7,301 686 — 7,987 10.00%10.00%Unsecured Debt(8)— — 5 191 11 5 197 
Oneliance, LLCOneliance, LLCPreferred Stock(7)— — — — 1,056 — 1,056 Oneliance, LLC12.06%L+11.00%Secured Debt(7)— — 344 5,547 6 — 5,553 
12.00%L+11.00%Secured Debt(7)— — 162 — 5,545 — 5,545 Preferred Stock(7)— — — 1,056 — — 1,056 
PCI Holding Company, Inc.Preferred Stock(9)— (203)2,852 4,130 — 4,130 — 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)12.00%Secured Debt(8)(694)— — — — — — 
SI East, LLC (Stavig)Preferred Member Units(7)— 5,422 2,102 9,780 5,422 4,782 10,420 
Quality Lease Service, LLCQuality Lease Service, LLC12.00%Secured Debt(8)(51)— — — — — — 
SI East, LLCSI East, LLC10.25%Secured Debt(7)— (36)3,751 65,850 36 1,525 64,361 
10.25%Secured Debt(7)— (74)2,332 32,962 34,500 3,862 63,600 Preferred Member Units(7)— 1,260 345 11,570 1,260 — 12,830 
Slick Innovations, LLCSlick Innovations, LLCCommon Stock(6)— 180 — 1,330 180 — 1,510 Slick Innovations, LLC13.00%Secured Debt(6)— (28)340 5,320 28 708 4,640 
Warrants(6)— 40 — 360 40 — 400 Common Stock(6)— 130 — 1,510 130 — 1,640 
13.00%Secured Debt(6)— (33)545 5,720 33 433 5,320 Warrants(6)— 40 — 400 40 — 440 
Sonic Systems International, LLCSonic Systems International, LLCCommon Stock(8)— — 26 — 1,070 — 1,070 Sonic Systems International, LLC8.50%L+7.50%Secured Debt(8)— (233)565 11,757 3,737 234 15,260 
8.50%L+7.50%Secured Debt(8)— — 111 — 11,747 — 11,747 Common Stock(8)— 64 21 1,070 350 — 1,420 
Superior Rigging & Erecting Co.Superior Rigging & Erecting Co.Preferred Member Units(7)— — — 4,500 — — 4,500 Superior Rigging & Erecting Co.12.00%Secured Debt(7)— — 1,320 21,332 23 — 21,355 
12.00%Secured Debt(7)— — 1,982 21,298 25 — 21,323 Preferred Member Units(7)— — — 4,500 — — 4,500 
The Affiliati Network, LLCThe Affiliati Network, LLCPreferred Stock(9)— — — — 6,400 — 6,400 The Affiliati Network, LLC11.83%Secured Debt(9)— — 794 13,096 2,187 3,640 11,643 
10.00%Secured Debt(9)— — 2 — 381 — 381 Preferred Stock(9)— — 302 6,400 — — 6,400 
11.83%Secured Debt(9)— — 421 — 13,862 239 13,623 
UnionRock Energy Fund II, LPUnionRock Energy Fund II, LPLP Interests(9)— (997)55 6,123 1,324 3,582 3,865 
UniTek Global Services, Inc.UniTek Global Services, Inc.15.00%15.00%Secured Convertible Debt(6)— 966 105 — 2,249 87 2,162 UniTek Global Services, Inc.9.07%L+5.50%2.00%Secured Debt(6)— (9)18 371 8 13 366 
20.00%20.00%Preferred Stock(6)— 737 — 375 737 — 1,112 9.07%L+5.50%2.00%Secured Debt(6)— (47)88 1,852 42 66 1,828 
20.00%20.00%Preferred Stock(6)— (230)230 2,833 230 230 2,833 15.00%15.00%Secured Convertible Debt(6)— 72 95 2,375 309 96 2,588 
8.50%L+5.50%2.00%Secured Debt(6)— 114 183 2,425 243 454 2,214 Preferred Stock(6)— (181)181 2,833 181 181 2,833 
Preferred Stock(6)— 393 — 1,498 393 — 1,891 
Volusion, LLCVolusion, LLC11.50%Secured Debt(8)— — 992 17,434 — 350 17,084 
8.00%Unsecured Convertible Debt(8)— — 16 409 — — 409 
Preferred Member Units(8)— (3,060)— 5,989 — 3,059 2,930 
OtherOther— — — — — — — 
112121
Table of contents                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20212022
(dollars in thousands)
(unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)		December 31,
2020
Fair Value		Gross
Additions(3)		Gross
Reductions(4)		September 30,
2021
Fair Value
Volusion, LLCPreferred Member Units(8)— — — 5,990 — — 5,990 
11.50%Secured Debt(8)— 991 1,736 19,243 991 2,800 17,434 
8.00%Unsecured Convertible Debt(8)— 118 24 291 118 — 409 
Other— — — — — — — 
Amounts related to investments transferred from other 1940 Act classification during the period— — — (12,263)— — — 
Total Affiliate investments$3,962 $30,518 $34,785 $366,301 $195,509 $88,934 $485,139 
CompanyTotal RateBase RateSpreadPIK RateType of Investment(1)(10)(11)GeographyAmount 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)		June 30,
2022
Fair Value
Amounts related to investments transferred to or from other 1940 Act classification during the period— 139 1,302 32,597 — — — 
Total Affiliate investments$739 $4,772 $25,810 $549,214 $37,832 $36,388 $518,061 
________________
(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 SeptemberJune 30, 20212022 for control investments located in this region was $297,953.$341,821. This represented 25.9%22.2% of net assets as of SeptemberJune 30, 2021.2022. The fair value as of SeptemberJune 30, 20212022 for affiliate investments located in this region was $41,535.$68,747. This represented 13.9%13.3% of net assets as of SeptemberJune 30, 2021.2022.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of SeptemberJune 30, 20212022 for control investments located in this region was $117,017.$140,103. This represented 10.8%9.1% of net assets as of SeptemberJune 30, 2021.2022. The fair value as of SeptemberJune 30, 20212022 for affiliate investments located in this region was $144,241.$102,679. This represented 21.7%19.8% of net assets as of SeptemberJune 30, 2021.2022.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of SeptemberJune 30, 20212022 for control investments located in this region was $44,538.$17,479. This represented 1.2%1.1% of net assets as of SeptemberJune 30, 2021.2022. The fair value as of SeptemberJune 30, 20212022 for affiliate investments located in this region was $134,602.$162,554. This represented 40.5%31.4% of net assets as of SeptemberJune 30, 2021.2022.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2022 for control investments located in this region was $588,039. This represented 38.2% of net assets as of June 30, 2022. The fair value as of June 30, 2022 for affiliate investments located in this region was $103,708. This represented 20.0% of net assets as of June 30, 2022.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
SeptemberJune 30, 20212022
(dollars in thousands)
(unaudited)
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2021 for control investments located in this region was $573,437. This represented 44.4% of net assets as of September 30, 2021. The fair value as of September 30, 2021 for affiliate investments located in this region was $109,522. This represented 20.5% of net assets as of September 30, 2021.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of SeptemberJune 30, 20212022 for control investments located in this region was $303,273.$450,716. This represented 37.3%29.3% of net assets as of SeptemberJune 30, 2021.2022. The fair value as of SeptemberJune 30, 20212022 for affiliate investments located in this region was $55,239.$80,373. This represented 17.3%15.5% of net assets as of SeptemberJune 30, 2021.2022.
(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 SeptemberJune 30, 20212022 (see Note K)K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
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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, 2021,2022, filed with the Securities and Exchange Commission (“SEC”) on February 25, 202224, 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, 2021,2022, 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, 2021,2022, 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. 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
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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.
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”).
ECONOMIC UPDATE

The recent disruption ofUnless otherwise noted or the U.S.context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and global economies, including supply chain delays, labor“Main Street” refer to MSCC and material availability constraints, price increases and other impacts of inflation, cost and availability of capitalits consolidated subsidiaries, which include the Funds, the Taxable Subsidiaries and the effects of the COVID-19 pandemic and geopolitical events, has had, and threatens to continue to have, adverse consequences for our business and operating results, and the businesses and operating results of our portfolio companies. During the quarter ended September 30, 2022, we continued to work collectively with our employees and portfolio companies to navigate these significant challenges. Neither our management team nor our Board of Directors is able to predict the full impact of the economic disruption, including its duration and the magnitude. As such, while we will continue to monitor the evolving situation, we are unable to predict with any certainty the extent to which these events, or any future impacts, will negatively affect our portfolio companies’ operating results and financial condition or the impact that such disruptions may have on our results of operations and financial condition in the future.Structured Subsidiaries.
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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 lower middle market (“LMM”),LMM, Private Loan (as defined below) and middle market (“Middle Market”)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 participations.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”“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 generallyprimarily consist of loansdebt 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 andthrough investments that are often referred to in the debt markets as “club deals.”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 invest alongside 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
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be managed by third parties. 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 MSC Adviser I, LLC (the “External Investment Manager”). We have 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”) and its other clients. Through this agreement, we share employees with theManager. The External Investment Manager including their related infrastructure, business relationships,earns management expertisefees based on the assets of the funds under management and capital raising capabilities.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 Funds.Structured Subsidiaries. MSCC, the Taxable Subsidiaries, the Funds and the FundsStructured Subsidiaries share the same investment strategies and criteria, although they are subject to different regulatory regimes.regimes (see Regulation). An investor’s return in MSCC will depend, in part, on the Taxable Subsidiaries’, the Funds’ and the Funds’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,
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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 andor 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. Ourmanaged, 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.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% and 1.5%, for the trailing twelve months ended SeptemberJune 30, 20222023 and 2021,2022, respectively, and 1.5%1.4% for the year ended December 31, 2021.2022. 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 each of the trailing twelve months ended SeptemberJune 30, 2023 and 2022, respectively, and 2021, and 3.4%3.3% for the year ended December 31, 2021.2022. 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 an Investment Management Agreement with MS Private Loan Fund I, LP, a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments (the “Private Loan Fund”), pursuant to which the External Investment Manager provides investment advisory and management services to the Private Loan Fund in exchange for an asset-based fee and certain incentive fees. The
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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.
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 $5.0$8.5 million and $4.2$5.2 million for the three months ended SeptemberJune 30, 2023 and 2022, respectively. During the three months ended June 30, 2023 and 2021, respectively. The2022, the External Investment Manager earned base management fee income of $5.5 million and $4.6$5.4 million, during the three months ended September 30, 2022 and 2021, respectively. During the three months ended September 30, 2022, the External Investment Manager did not earnrespectively, incentive fee income. Incentive fee income earned in the three months ended September 30, 2021 was not significant. During the three months ended September 30, 2022, the External Investment Manager earned $0.2of $3.7 million in administrative services fee income. Noand $0.1 million, respectively, and administrative services fee income was earnedof $0.2 million in the three months ended September 30, 2021.each period. Our total expenses are net of expenses allocated to the External Investment Manager for the three months ended SeptemberJune 30, 2023 and 2022 and 2021 of $3.3$5.7 million and $2.7$3.5 million, respectively. The total contribution to our net investment income was $15.2$16.6 million and $11.6$10.3 million for the ninesix months ended SeptemberJune 30, 2023 and 2022, respectively. During the six months ended June 30, 2023 and 2021,
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respectively. The2022, the External Investment Manager earned base management fee income of $16.3$11.0 million and $12.7$10.9 million, during the nine months ended September 30, 2022 and 2021, respectively. Incentiverespectively, incentive fee income earned during the nine months ended September 30, 2022of $7.0 million and 2021,$0.2 million, respectively, was not significant. During the nine months ended September 30, 2022, the External Investment Manager earned $0.5 million in administrative services fee income. Noand administrative services fee income was earnedof $0.3 million in the nine months ended September 30, 2021.each period. Our total expenses are net of expenses allocated to the External Investment Manager for the ninesix months ended SeptemberJune 30, 2023 and 2022 and 2021 of $9.6$10.7 million and $7.7$6.3 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 and other 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. Additional information regarding the operation of the co-investment program is set forth in the order granting exemptive relief, which may be reviewed on the SEC’s website at www.sec.gov. In addition to the co-investment program described above, we also co-invest in syndicated deals and other transactions where only price is the only negotiated point by us and our affiliates.
INVESTMENT PORTFOLIO SUMMARY
The following tables provide a summary of our investments in the LMM, Private Loan and Middle Market portfolios as of SeptemberJune 30, 20222023 and December 31, 20212022 (this information excludes the Other Portfolio investments, short-term portfolio investments and the External Investment Manager which are discussed further below):
As of September 30, 2022As of June 30, 2023
LMM (a)Private LoanMiddle MarketLMM (a)Private LoanMiddle Market
(dollars in millions)(dollars in millions)
Number of portfolio companiesNumber of portfolio companies75 87 33 Number of portfolio companies79 88 28 
Fair valueFair value$1,910.9 $1,476.9 $354.3 Fair value$2,170.2 $1,499.3 $295.9 
CostCost$1,593.7 $1,523.8 $419.4 Cost$1,720.9 $1,519.9 $352.9 
Debt investments as a % of portfolio (at cost)Debt investments as a % of portfolio (at cost)73.0 %97.1 %94.4 %Debt investments as a % of portfolio (at cost)72.0 %96.1 %92.9 %
Equity investments as a % of portfolio (at cost)Equity investments as a % of portfolio (at cost)27.0 %2.9 %5.6 %Equity investments as a % of portfolio (at cost)28.0 %3.9 %7.1 %
% of debt investments at cost secured by first priority lien% of debt investments at cost secured by first priority lien99.1 %99.9 %98.8 %% of debt investments at cost secured by first priority lien99.2 %99.5 %99.2 %
Weighted-average annual effective yield (b)Weighted-average annual effective yield (b)11.8 %9.9 %9.6��%Weighted-average annual effective yield (b)12.9 %12.6 %11.8 %
Average EBITDA (c)Average EBITDA (c)$7.7 $41.9 $70.7 Average EBITDA (c)$8.0 $30.5 $67.6 
____________________
(a)At SeptemberJune 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 June 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
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status. The weighted-average annual effective yield on our debt portfolio as of June 30, 2023 including debt investments on non-accrual status was 12.8% for our LMM portfolio, 12.3% for our Private Loan portfolio and 10.8% 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 LoanMiddle Market
(dollars in millions)
Number of portfolio companies788531
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 lien99.1 %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
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(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%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of September 30,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 September 30,December 31, 2022 including debt investments on non-accrual status was 11.1%11.6% for our LMM portfolio, 9.6%11.2% for our Private Loan portfolio and 9.1%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
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metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
As of December 31, 2021
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies737536
Fair value$1,716.4$1,141.8$395.2
Cost$1,455.7$1,157.5$440.9
Debt investments as a % of portfolio (at cost)70.9 %95.7 %93.3 %
Equity investments as a % of portfolio (at cost)29.1 %4.3 %6.7 %
% of debt investments at cost secured by first priority lien99.0 %98.7 %98.7 %
Weighted-average annual effective yield (b)11.2 %8.2 %7.5 %
Average EBITDA (c)$6.2$41.3$76.0
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(a)At December 31, 2021, 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 December 31, 2021, 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, 2021 including debt investments on non-accrual status was 10.6% for our LMM portfolio, 8.0% for our Private Loan portfolio and 6.9% 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 three LMM portfolio companies, three Private Loan portfolio companies and one Middle Market portfolio company, 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 SeptemberJune 30, 20222023 and 2021,2022, we achieved an annualized total return on investments of 10.5%16.7% and 18.0%6.5%, respectively. For each of the ninesix months ended SeptemberJune 30, 2023 and 2022, and 2021, weMain Street achieved an annualized total return on investments of 9.6%15.1% and 16.6%9.2%, respectively. For the year ended December 31, 2021,2022, we achieved a total return on investments of 16.6%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 SeptemberJune 30, 2022,2023, we had Other Portfolio investments in 14 companies,15 entities, collectively totaling $117.0$111.2 million in fair value and $121.3$119.4 million in cost basis and which comprised 2.9%2.6% and 3.3%3.2% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2021,2022, we had Other Portfolio investments in 13 companies,14 entities, collectively totaling $166.1$116.3 million in fair value and $173.7$120.4 million in cost basis and which comprised 4.7%2.8% and 5.3%3.2% of our Investment Portfolio at fair value and cost, respectively.
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As previously discussed, the External Investment Manager is a wholly-owned subsidiary that is treated as a portfolio investment. As of SeptemberJune 30, 2022,2023, this investment had a fair value of $112.5$134.0 million and a cost basis of $29.5 million, which comprised 2.8%3.2% and 0.8% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2021,2022, this investment had a fair value of $140.4$122.9 million and a cost basis of $29.5 million, which comprised 3.9%3.0% and 0.9%0.8% of our Investment Portfolio at fair value and cost, respectively.
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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—B — Summary of Significant Accounting Policiesto 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 both SeptemberJune 30, 20222023 and December 31, 2021,2022, our Investment Portfolio valued at fair value represented 96%95% 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. 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 portfolioInvestment 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 adopted the Valuation Procedures effective April 1, 2021. We believe our Investment Portfolio as of SeptemberJune 30, 20222023 and December 31, 20212022 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. In accordance with our valuation policies, we evaluate accrued interest and
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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
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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—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 SeptemberJune 30, 2023 and 2022, (i) 1.8% and 2021,1.7%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.2% and 0.2%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the six months ended June 30, 2023 and 2022, (i) 1.2%2.1% and 2.1%1.4%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and 0.6%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2022 and 2021, (i) 1.3% and 3.0%, respectively,
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INVESTMENT PORTFOLIO COMPOSITION
The following tables summarize the composition of our total combined LMM, portfolio investments, Private Loan portfolio investments and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, portfolio investments, Private Loan portfolio investments and Middle Market portfolio investments as of SeptemberJune 30, 20222023 and December 31, 20212022 (this information excludes the Other Portfolio investments, short-term portfolio investments and the External Investment Manager).
Cost:Cost:September 30, 2022December 31, 2021Cost:June 30, 2023December 31, 2022
First lien debtFirst lien debt85.4 %82.5 %First lien debt83.8 %85.0 %
EquityEquity13.9 16.2 Equity15.5 14.2 
Second lien debtSecond lien debt0.1 0.6 Second lien debt0.3 0.3 
Equity warrantsEquity warrants0.2 0.3 Equity warrants0.2 0.2 
OtherOther0.4 0.4 Other0.2 0.3 
100.0 %100.0 %100.0 %100.0 %
Fair Value:Fair Value:September 30, 2022December 31, 2021Fair Value:June 30, 2023December 31, 2022
First lien debtFirst lien debt76.1 %74.3 %First lien debt73.3 %75.2 %
EquityEquity23.2 24.6 Equity25.9 24.1 
Second lien debtSecond lien debt0.2 0.5 Second lien debt0.4 0.3 
Equity warrantsEquity warrants0.1 0.2 Equity warrants0.2 0.1 
OtherOther0.4 0.4 Other0.2 0.3 
100.0 %100.0 %100.0 %100.0 %
Our LMM, portfolio investments, Private Loan portfolio investments and Middle Market portfolio investments carry a number of risks including: (1) investing in companies which may have limited operating histories and financial
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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 “ItemItem 1A. Risk Factors—Factors — Risks Related to our Investments”Investments contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 20212022 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 SeptemberJune 30, 2022, our total Investment Portfolio had 11 investments on non-accrual status, which comprised 0.8% of its fair value and 3.7% of its cost. As of December 31, 2021,2023, our total Investment Portfolio had nine investments on non-accrual status, which comprised 0.7%0.3% of its fair value and 3.3%1.7% of its cost. As of December 31, 2022, our total Investment Portfolio had 12 investments on non-accrual status, which comprised 0.6% of its fair value and 3.7% of its 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 SeptemberJune 30, 20222023 and September 30, 20212022
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 SeptemberJune 30, 20222023 and September 30, 2021.2022.
Three Months Ended
September 30,		Net ChangeThree Months Ended
June 30,		Net Change
20222021Amount%20232022Amount%
(dollars in thousands)(dollars in thousands)
Total investment incomeTotal investment income$98,387 $76,779 $21,608 28 %Total investment income$127,583 $85,200 $42,383 50 %
Total expensesTotal expenses(35,939)(27,475)(8,464)31 %Total expenses(41,855)(30,474)(11,381)37 %
Net investment incomeNet investment income62,448 49,304 13,144 27 %Net investment income85,728 54,726 31,002 57 %
Net realized gain from investments5,031 8,305 (3,274)NM
Net realized loss from investmentsNet realized loss from investments(75,506)(5,064)(70,442)NM
Net unrealized appreciation (depreciation) from investmentsNet unrealized appreciation (depreciation) from investments(10,081)38,631 (48,712)NMNet unrealized appreciation (depreciation) from investments104,941 (24,593)129,534 NM
Income tax provisionIncome tax provision(2,060)(12,284)10,224 NMIncome tax provision(8,647)(10,320)1,673 NM
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations$55,338 $83,956 $(28,618)(34)%Net increase in net assets resulting from operations$106,516 $14,749 $91,767 622 %
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June 30,		Net Change
20232022Amount%
(dollars in thousands, except per share amounts)
Net investment income$85,728 $54,726 $31,002 57 %
Share‑based compensation expense4,087 3,596 491 14 %
Deferred compensation expense (benefit)513 (1,225)1,738 NM
Distributable net investment income (a)$90,328 $57,097 $33,231 58 %
Net investment income per share—Basic and diluted$1.06 $0.75 $0.31 41 %
Distributable net investment income per share—Basic and diluted (a)$1.12 $0.78 $0.34 44 %
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Three Months Ended
September 30,		Net Change
20222021Amount%
(dollars in thousands, except per share amounts)
Net investment income$62,448 $49,304 $13,144 27 %
Share‑based compensation expense3,617 2,869 748 26 %
Deferred compensation benefit(298)(22)(276)NM
Distributable net investment income (a)$65,767 $52,151 $13,616 26 %
Net investment income per share—Basic and diluted$0.83 $0.71 $0.12 17 %
Distributable net investment income per share—Basic and diluted (a)$0.88 $0.76 $0.12 16 %
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NM    — Net changeChange % 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 SeptemberJune 30, 20222023 was $98.4$127.6 million, a 28%50% increase from the $76.8$85.2 million of total investment income for the corresponding period of 2021.2022. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
September 30,		Net ChangeThree Months Ended
June 30,		Net Change
20222021Amount%20232022Amount%
(dollars in thousands)(dollars in thousands)
Interest incomeInterest income$75,023 $50,468 $24,555 49 %(a)Interest income$97,273 $63,984 $33,289 52 %(a)
Dividend incomeDividend income19,424 23,012 (3,588)(16)%(b)Dividend income25,599 17,913 7,686 43 %(b)
Fee incomeFee income3,940 3,299 641 19 %(c)Fee income4,711 3,303 1,408 43 %(c)
Total investment incomeTotal investment income$98,387 $76,779 $21,608 28 %(d)Total investment income$127,583 $85,200 $42,383 50 %(d)
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(a)The increase in interest income was primarily due to (i) higher average levels ofan increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from (a) net origination activityincreases in the fourth quarterbenchmark index rates, (ii) higher average levels of 2021 of $209.7 million and $290.4 million in our LMM and Private Loan portfolios, respectively, and (b) net origination activity of $136.9 million and $360.8 million in our LMM and Private Loan portfolios, respectively, for the nine months ended September 30, 2022 and (ii) an increase in floating interest rates onincome producing Investment Portfolio debt investments based upon theand (iii) an increase in market index rates to which such floating interest rates are indexed. These increases were partially offset by a $3.3 million decrease in accelerated, prepayment, repricing and other activity related to certain investment portfolio debt investments.rate spreads on new investments over the last twelve months.
(b)The decreaseincrease in dividend income from Investment Portfolio equity investments was primarily a result of a $4.7(i) $3.8 million decreaseincrease related to dividend income considered to be less consistent or non-recurring, partially offset by(ii) an increase in dividend income from the External Investment Manager and (iii) continued strong dividend income from a variety of portfolio companies and the improved operating results, financial condition and liquidity positions of certain of our portfolio companies.
(c)The increase in fee income was primarily related to (i) a $1.5$1.3 million increase related to higher originations of Investment Portfolio investments as discussed above, partially offset byand (ii) a $0.8$0.1 million decreaseincrease in fees received from refinancing and prepayment of debt investments.
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(d)The increase in total investment income includes a net reductionincrease of $8.0$3.4 million in the impact of certain income considered less consistent or non-recurring, including a $4.7$3.8 million decreaseincrease in dividend income, andpartially offset by a $3.3$0.4 million decrease in total accelerated prepayment repricing and other activity related to certain Investment Portfolio debt investments.
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Expenses
Total expenses for the three months ended SeptemberJune 30, 20222023 were $35.9$41.9 million, a 31%37% increase from the $27.5$30.5 million in the corresponding period of 2021.2022. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
September 30,		Net ChangeThree Months Ended
June 30,		Net Change
20222021Amount%20232022Amount%
(dollars in thousands)(dollars in thousands)
Cash compensationCash compensation$10,702 $9,599 $1,104 11 %(a)Cash compensation$11,675 $10,032 $1,643 16 %(a)
Deferred compensation plan expense (benefit)Deferred compensation plan expense (benefit)(298)(22)(276)NM(b)Deferred compensation plan expense (benefit)513 (1,225)1,738 142 %(b)
CompensationCompensation10,404 9,576 828 9 %Compensation12,188 8,807 3,381 38 %
General and administrativeGeneral and administrative4,018 3,047 971 32 %General and administrative4,514 4,238 276 7 %
InterestInterest21,234 14,711 6,523 44 %(c)Interest26,754 17,295 9,459 55 %(c)
Share-based compensationShare-based compensation3,617 2,869 748 26 %Share-based compensation4,087 3,596 491 14 %
Gross expensesGross expenses39,273 30,204 9,070 30 %Gross expenses47,543 33,936 13,607 40 %
Expenses allocated to the External Investment ManagerExpenses allocated to the External Investment Manager(3,334)(2,728)(606)22 %Expenses allocated to the External Investment Manager(5,688)(3,462)(2,226)64 %(d)
Total expensesTotal expenses$35,939 $27,476 $8,464 31 %Total expenses$41,855 $30,474 $11,381 37 %
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(a)The increase in cash compensation was primarily related to increased headcount,incentive compensation accruals, increased base compensation rates and incentive compensation accruals.increased headcount to support our growing Investment Portfolio and asset management activities.
(b)The changeincrease in the non-cash deferred compensation plan expense was due to the comparable period reduction toa result of compensation expense recorded in the second quarter of 2023 resulting from a decreasean increase in the fair value of deferred compensation plan assets and corresponding liabilities of the Main Street Capital Corporation Deferred Compensation plan (see “Related Party Transactions and Agreements” below) (the “Deferred Compensation Plan”) in the third quarter of 2022 compared to an increasea decrease in compensation expense resulting from a decrease in such fair values in the corresponding period of 2021.2022.
(c)The increase in interest expense was primarily related to (i) an increased borrowings to supportweighted average interest rate on our investment activity, including borrowings underdebt obligations resulting from an increased average interest rate on our multi-year revolving credit facility (our “Credit(the “Corporate Facility”) and an aggregate of $200.0 millionspecial purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) due to increases in principal amountbenchmark index rates and the addition of our 3.00%SPV Facility and the December 2025 Notes (as defined in “—Liquidity and Capital Resources—Capital Resources” below) issued in October 2021at higher contractual interest rates than debt obligations repaid with such borrowing proceeds and (ii) increased average outstanding borrowings to fund our investment activity and support the growth of our Investment Portfolio.
(d)The increase in expenses allocated to the External Investment Manager was primarily related to increased interest rateoverall operating costs at Main Street, an increase in assets under our Credit Facility as a resultmanagement and the positive operating results from the assets managed for clients of increases to market index rates.the External Investment Manager.
Net Investment Income
Net investment income for the three months ended SeptemberJune 30, 20222023 increased 27%57% to $62.4$85.7 million, or $0.83$1.06 per share, compared to net investment income of $49.3$54.7 million, or $0.71$0.75 per share, forin the corresponding period of 2021.2022. 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 these changes and the impact of the increase in weighted average shares outstanding for the three months ended SeptemberJune 30, 2022,2023, primarily due to (i) shares issued over the last twelve months through our our(i) public offering in August 2022 and our ATM Program (as defined in “—Liquidity and Capital Resources—Capital Resources” below),at-the-market (“ATM”) program, (ii) shares issued through our equity incentive plans and (iii) shares issued through our dividend reinvestment plan, in each case over the last twelve months.plan. The increase in net investment income on a per share basis includes a $0.12$0.04 per share decreaseincrease in investment income considered less consistent or non-recurring, aspartially offset by an increase in deferred compensation expense of $0.02 per share resulting from the comparable period difference in the change in fair value of deferred compensation plan assets and corresponding liabilities, both of which are discussed above.
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Distributable Net Investment Income
Distributable net investment income for the three months ended SeptemberJune 30, 20222023 increased 26%58% to $65.8$90.3 million, or $0.88$1.12 per share, compared with $52.2$57.1 million, or $0.76$0.78 per share, in the corresponding period of 2021.2022. The
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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 net impact of the increase in weighted average shares outstanding for the three months ended SeptemberJune 30, 2022, primarily due to (i) shares issued through our our public offering in August 2022 and our ATM Program, (ii) shares issued through our equity incentive plans and (iii) shares issued through our dividend reinvestment plan, in each case over the last twelve months.2023 as discussed above. The increase in distributable net investment income on a per share basis includes a $0.12$0.04 per share decreaseincrease in investment income considered less consistent or non-recurring, as discussed above.
Net Realized Gain (Loss) from Investments
The following table provides a summary of the primary components of the total net realized gainloss on investments of $5.0$75.5 million for the three months ended SeptemberJune 30, 2022:2023.
Three Months Ended September 30, 2022Three Months Ended June 30, 2023
Full ExitsPartial ExitsRestructuresOther (a)TotalFull ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)
(dollars in thousands)(dollars in thousands)
LMM portfolioLMM portfolio$— —$— —$(5,822)1$— $(5,822)LMM portfolio$(42,056)2$— —$— —$160 $(41,896)
Private Loan portfolioPrivate Loan portfolio8,855 3— —— —257 9,112 Private Loan portfolio1,797 1— —(16,303)1(184)(14,690)
Middle Market portfolioMiddle Market portfolio1,038 1— —— —153 1,191 Middle Market portfolio(9,634)1— —(13,520)2— (23,154)
Other PortfolioOther Portfolio— —550 1— —— 550 Other Portfolio— —4,266 3— —3 4,269 
Short-term portfolioShort-term portfolio— —— —— —— — Short-term portfolio— —— —— —(35)(35)
Total net realized gain/(loss)Total net realized gain/(loss)$9,893 4$550 1$(5,822)1$410 $5,031 Total net realized gain/(loss)$(49,893)4$4,266 3$(29,823)3$(56)$(75,506)
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(a)Other activity includes realized gains and losses from transactions involving eightten 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 depreciationappreciation of $10.1$104.9 million for the three months ended SeptemberJune 30, 2022:2023.
Three Months Ended September 30, 2022Three Months Ended June 30, 2023
LMM(a)Private
Loan		Middle
Market		OtherTotalLMM (a)Private
Loan		Middle
Market		OtherTotal
(dollars in millions)(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 periodAccounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$5.8 $(9.0)$(1.0)$(0.6)$(4.8)Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$41,592 $14,694 $23,154 $(4,233)$75,207 
Net unrealized appreciation (depreciation) relating to portfolio investments4.1 1.6 (8.6)(2.4)(b)(5.3)
Net unrealized appreciation relating to portfolio investmentsNet unrealized appreciation relating to portfolio investments23,007 631 4,523 1,573 (b)29,734 
Total net unrealized appreciation (depreciation) relating to portfolio investmentsTotal net unrealized appreciation (depreciation) relating to portfolio investments$9.9 $(7.4)$(9.6)$(3.0)$(10.1)Total net unrealized appreciation (depreciation) relating to portfolio investments$64,599 $15,325 $27,677 $(2,660)$104,941 
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(a)Includes unrealized appreciation on 2835 LMM portfolio investments and unrealized depreciation on 2823 LMM portfolio investments.
(b)Other includesIncludes (i) $5.8$1.3 million of unrealized depreciationappreciation relating to the External Investment Manager, and (ii) $0.3$0.5 million of unrealized depreciationappreciation relating to the assets of the Deferred Compensation Plan,deferred compensation plan, partially offset by $3.6$0.3 million of net unrealized appreciationdepreciation relating to the Other Portfolio.

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The realized losses recognized in the second quarter were completed at a net realized fair value $2.4 million greater than the fair value for such investments at the end of the first quarter 2023.
Income Tax Benefit (Provision)Provision
The income tax provision for the three months ended SeptemberJune 30, 20222023 of $2.1$8.6 million principally consisted of (i) a current tax provision of $1.6 million, 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$7.0 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.differences and (ii) a current tax provision of $1.6 million, related to a $1.1 million provision for excise tax on our estimated undistributed taxable income and a $0.5 million provision for current U.S. federal and state income taxes. The income tax provision for the three months ended SeptemberJune 30, 20212022 of $12.3$10.3 million principally consisted of (i) a deferred tax provision of $11.3$9.5 million and (ii) a current tax provision of $1.0$0.8 million primarily related to a $0.9 million provision for current U.S. federal and state income taxes, and a $0.1$0.7 million provision for excise tax on our estimated undistributed taxable income.income and a $0.1 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 three months ended SeptemberJune 30, 20222023 was $55.3$106.5 million, or $0.74$1.32 per share, compared with $84.0$14.7 million, or $1.22$0.20 per share, during the three months ended SeptemberJune 30, 2021.2022. 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 SeptemberJune 30, 20222023 as compared to the three months ended SeptemberJune 30, 2021.2022.

Comparison of the ninesix months ended SeptemberJune 30, 20222023 and September 30, 20212022
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 ninesix months ended SeptemberJune 30, 20222023 and September 30, 2021.2022.
Nine Months Ended
September 30,		Net ChangeSix Months Ended
June 30,		Net Change
20222021Amount%20232022Amount%
(dollars in thousands)(dollars in thousands)
Total investment incomeTotal investment income$262,981 $206,881 $56,100 27 %Total investment income$247,838 $164,596 $83,242 51 %
Total expensesTotal expenses(93,597)(75,424)(18,173)24 %Total expenses(81,144)(57,657)(23,487)41 %
Net investment incomeNet investment income169,384 131,457 37,927 29 %Net investment income166,694 106,939 59,755 56 %
Net realized gain from investments3,302 10,575 (7,273)NM
Net realized loss from investmentsNet realized loss from investments(103,886)(1,728)(102,158)NM
Net unrealized appreciation (depreciation) from investmentsNet unrealized appreciation (depreciation) from investments(19,922)117,072 (136,994)NMNet unrealized appreciation (depreciation) from investments140,059 (9,841)149,900 NM
Income tax provisionIncome tax provision(17,477)(22,691)5,214 NMIncome tax provision(16,760)(15,417)(1,343)NM
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations$135,287 $236,413 $(101,126)(43)%Net increase in net assets resulting from operations$186,107 $79,953 $106,154 133 %
Nine Months Ended
September 30,		Net ChangeSix Months Ended
June 30,		Net Change
20222021Amount%20232022Amount%
(dollars in thousands, except per share amounts)(dollars in thousands, except per share amounts)
Net investment incomeNet investment income$169,384 $131,457 $37,927 29 %Net investment income$166,694 $106,939 $59,755 56 %
Share‑based compensation expenseShare‑based compensation expense10,031 7,961 2,070 26 %Share‑based compensation expense8,187 6,414 1,773 28 %
Deferred compensation expense (benefit)Deferred compensation expense (benefit)(1,899)706 (2,605)NMDeferred compensation expense (benefit)889 (1,601)2,490 NM
Distributable net investment income (a)Distributable net investment income (a)$177,516 $140,124 $37,392 27 %Distributable net investment income (a)$175,770 $111,752 $64,018 57 %
Net investment income per share—Basic and dilutedNet investment income per share—Basic and diluted$2.31 $1.92 $0.39 20 %Net investment income per share—Basic and diluted$2.08 $1.47 $0.61 41 %
Distributable net investment income per share—Basic and diluted (a)Distributable net investment income per share—Basic and diluted (a)$2.42 $2.04 $0.38 19 %Distributable net investment income per share—Basic and diluted (a)$2.19 $1.54 $0.65 42 %
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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
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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
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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.
Investment Income
Total investment income for the ninesix months ended SeptemberJune 30, 20222023 was $263.0$247.8 million, a 27%51% increase from the $206.9$164.6 million of total investment income for the corresponding period of 2021.2022. The following table provides a summary of the changes in the comparable period activity.
Nine Months Ended
September 30,		Net ChangeSix Months Ended
June 30,		Net Change
20222021Amount%20232022Amount%
(dollars in thousands)(dollars in thousands)
Interest incomeInterest income$198,446 $139,882 $58,564 42 %(a)Interest income$190,666 $123,426 $67,240 54 %(a)
Dividend incomeDividend income53,959 59,328 (5,369)(9)%(b)Dividend income49,821 34,535 15,286 44 %(b)
Fee incomeFee income10,576 7,671 2,905 38 %(c)Fee income7,351 6,635 716 11 %
Total investment incomeTotal investment income$262,981 $206,881 $56,100 27 %(d)Total investment income$247,838 $164,596 $83,242 51 %(c)
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(a)The increase in interest income was primarily due to (i) higher average levels ofan increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from (a) net origination activityincreases in the fourth quarterbenchmark index rates, (ii) higher average levels of 2021 of $209.7 million and $290.4 million in our LMM and Private Loan portfolios, respectively, and (b) net origination activity of $136.9 million and $360.8 million in our LMM and Private Loan portfolios, respectively, for the nine months ended September 30, 2022 and (ii) an increase in floating interest rates onincome producing Investment Portfolio debt investments based uponand (iii) an increase in interest rate spreads on new investments over the increases in market index rates to which such floating interest rates are indexed. These increases were partially offset by a $0.3 million decrease in accelerated, prepayment, repricing and other activity related to certain investment portfolio debt investments.last twelve months.
(b)The decreaseincrease in dividend income from Investment Portfolio equity investments was primarily a result of (i) an $11.3$11.2 million decreaseincrease related to dividend income considered to be less consistent or non-recurring, partially offset by(ii) growth in dividend income from a variety of portfolio companies resulting from the improved operating results, financial condition and liquidity positions of certain of ourthose portfolio companies.companies, and (iii) a $1.9 million increase in dividend income from the External Investment Manager.
(c)The increase in fee income was primarily related to (i) a $2.7 million increase related to higher originations of Investment Portfolio investments as discussed above and (ii) a $0.2 million increase from refinancing and prepayment of debt investments.
(d)The increase in total investment income includes a net reductionincrease of $11.1$11.6 million in the impact of certain income considered less consistent or non-recurring, including (i) an $11.3 million decreaseincrease in dividend income and (ii) a $0.3 million decreaseincrease in accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.
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Expenses
Total expenses for the ninesix months ended SeptemberJune 30, 20222023 were $93.6$81.1 million, a 24%41% increase from the $75.4$57.7 million in the corresponding period of 2021.2022. The following table provides a summary of the changes in the comparable period activity.
Nine Months Ended
September 30,		Net ChangeSix Months Ended
June 30,		Net Change
20222021Amount%20232022Amount%
(dollars in thousands)(dollars in thousands)
Cash compensationCash compensation$28,379 $22,084 $6,295 29 %(a)Cash compensation$22,411 $17,677 $4,734 27 %(a)
Deferred compensation plan expense (benefit)Deferred compensation plan expense (benefit)(1,899)706 (2,605)(369)%(b)Deferred compensation plan expense (benefit)889 (1,601)2,490 (156)%(b)
CompensationCompensation26,480 22,790 3,690 16 %Compensation23,300 16,076 7,224 45 %
General and administrativeGeneral and administrative11,483 9,439 2,044 22 %General and administrative8,591 7,464 1,127 15 %
InterestInterest55,216 42,914 12,302 29 %(c)Interest51,752 33,982 17,770 52 %(c)
Share-based compensationShare-based compensation10,031 7,961 2,070 26 %Share-based compensation8,187 6,414 1,773 28 %(d)
Gross expensesGross expenses103,209 83,104 20,105 24 %Gross expenses91,830 63,936 27,894 44 %
Expenses allocated to the External Investment ManagerExpenses allocated to the External Investment Manager(9,613)(7,680)(1,933)25 %Expenses allocated to the External Investment Manager(10,686)(6,279)(4,407)70 %(e)
Total expensesTotal expenses$93,596 $75,424 $18,172 24 %Total expenses$81,144 $57,657 $23,487 41 %
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(a)The increase in cash compensation expense was primarily related to increased headcount,incentive compensation accruals, increased base compensation rates and incentive compensation accruals.increased headcount to support our growing Investment Portfolio and asset management activities.
(b)The change in the non-cash deferred compensation plan expense was duea result of compensation expense recorded in the six months ended June 30, 2023 resulting from an increase in the fair value of the deferred compensation plan assets and corresponding liabilities in the quarter compared to the comparable period reduction toa decrease in compensation expense resulting from a decrease in the fair value of Deferred Compensation Plan assets and corresponding liabilities in the third quarter of 2022 compared to an increase in such fair values in the corresponding period of 2021.2022.
(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, (b) the addition of the SPV Facility and (c) the addition of the December 2025 Notes at higher contractual interest rates than debt obligations repaid in December 2022 and (ii) increased average outstanding borrowings to supportfund our investment activity including borrowings underand support the growth of our Credit Facility and an aggregate of $200.0Investment Portfolio.
(d)Share-based compensation increased $1.8 million in principal amountthe six months ended June 30, 2023 from the comparable period of our 3.00% Notes issuedthe 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 October 2021expenses 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 (ii)(iii) the increased interest rate under our Credit Facility as a resultpositive operating results from the assets managed for clients of increases to market index rates.the External Investment Manager.
Net Investment Income
Net investment income for the ninesix months ended SeptemberJune 30, 20222023 increased 29%56% to $169.4$166.7 million, or $2.31$2.08 per share, compared to net investment income of $131.5$106.9 million, or $1.92$1.47 per share, for the corresponding period of 2021.2022. 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 these changes and the impact of the increase in weighted average shares outstanding for the ninesix months ended SeptemberJune 30, 2022,2023, primarily due to (i) shares issued over the last twelve months through our our(i) public offering in August 2022 and our ATM Program,program, (ii) shares issued through our equity incentive plans and (iii) shares issued through our dividend reinvestment plan, in each case over the last twelve months.plan. The increase in net investment income on a per share basis includes (i) a $0.17$0.14 per share decreaseincrease in investment income considered less consistent or non-recurring and (ii) a decreasean increase in deferred compensation expense of $0.04$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.
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Distributable Net Investment Income
Distributable net investment income for the ninesix months ended SeptemberJune 30, 20222023 increased 27%57% to $177.5$175.8 million, or $2.42$2.19 per share, compared with $140.1$111.8 million, or $2.04$1.54 per share, in the corresponding period of 2021.2022. 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 net impact of the increase in weighted average shares outstanding for the ninesix months ended SeptemberJune 30, 2022,2023, primarily due to (i) shares issued through our our public offering in August 2022 and our ATM Program, (ii) shares issued through our equity incentive plans and (iii) shares issued through our dividend reinvestment plan, in each
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case over the last twelve months.months as discussed above. The increase in distributable net investment income on a per share basis includes a $0.17$0.14 per share decreaseincrease in investment income considered less consistent or non-recurring, as discussed above.
Net Realized Gain (Loss) from Investments
The following table provides a summary of the primary components of the total net realized gainloss on investments of $3.3$103.9 million for the ninesix months ended SeptemberJune 30, 2022:2023.
Nine Months Ended September 30, 2022Six Months Ended June 30, 2023
Full ExitsPartial ExitsRestructuresOther (a)TotalFull ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)
(dollars in thousands)(dollars in thousands)
LMM portfolioLMM portfolio$— —$— —$(5,822)1$(458)$(6,280)LMM portfolio$(42,056)2$(29,526)1$(3,597)1$161 $(75,018)
Private Loan portfolioPrivate Loan portfolio10,415 4— —— —441 10,856 Private Loan portfolio2,665 2— —(16,303)1(313)(13,951)
Middle Market portfolioMiddle Market portfolio(5,031)2— —— —153 (4,878)Middle Market portfolio(6,386)2— —(13,520)256 (19,850)
Other PortfolioOther Portfolio— —3,119 2— —441 3,560 Other Portfolio— —4,897 3 — —71 4,968 
Short-term portfolioShort-term portfolio— —— —— —44 44 Short-term portfolio— —— —— —(35)(35)
Total net realized gain/(loss)$5,384 6$3,119 2$(5,822)1$621 $3,302 
Total net realized gain (loss)Total net realized gain (loss)$(45,777)6$(24,629)4$(33,420)4$(60)$(103,886)
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(a)Other activity includes realized gains and losses from transactions involving 1216 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 depreciationappreciation of $19.9$140.1 million for the ninesix months ended SeptemberJune 30, 2022:2023.
Nine Months Ended September 30, 2022Six Months Ended June 30, 2023
LMM(a)Private
Loan		Middle
Market		OtherTotalLMM (a)Private
Loan		Middle
Market		OtherTotal
(dollars in millions)(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 periodAccounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$6.8 $(11.5)$4.9 $(3.3)$(3.1)Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$74,531 $14,818 $19,906 $(4,931)$104,324 
Net unrealized appreciation (depreciation) relating to portfolio investmentsNet unrealized appreciation (depreciation) relating to portfolio investments49.8 (18.8)(24.3)(23.5)(b)(16.8)Net unrealized appreciation (depreciation) relating to portfolio investments34,171 (6,883)(4,386)12,833 (b)35,735 
Total net unrealized appreciation (depreciation) relating to portfolio investmentsTotal net unrealized appreciation (depreciation) relating to portfolio investments$56.6 $(30.3)$(19.4)$(26.8)$(19.9)Total net unrealized appreciation (depreciation) relating to portfolio investments$108,702 $7,935 $15,520 $7,902 $140,059 
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(a)Includes unrealized appreciation on 34 LMM portfolio investments and unrealized depreciation on 31 LMM portfolio investments.
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(b)Other includes (i) $27.9$11.0 million of unrealized depreciationappreciation relating to the External Investment Manager, and (ii) $2.2$0.9 million of net unrealized depreciationappreciation relating to the assets of the Deferred Compensation Plan partially offset by $6.6and (iii) $0.9 million of net unrealized appreciation relating to the Other Portfolio.
Income Tax Benefit (Provision)
The income tax provision for the ninesix months ended SeptemberJune 30, 20222023 of $17.5$16.8 million principally consisted of (i) a deferred tax provision of $13.8$13.4 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 $3.7$3.4 million
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related to a $2.4$1.8 million provision for excise tax on our estimated undistributed taxable income and a $1.3$1.6 million provision for current U.S. federal and state income taxes. The income tax provision for the ninesix months ended SeptemberJune 30, 20212022 of $22.7$15.4 million principally consisted of (i) a deferred tax provision of $20.4$13.3 million and (ii) a current tax provision of $2.2$2.1 million primarily related to a $1.6$1.4 million provision for excise tax on our estimated undistributed taxable income and a $0.7 million provision for current U.S. federal and state income taxes and a $0.6 million provision for excise tax in our estimated undistributed taxable income.taxes.
Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the ninesix months ended SeptemberJune 30, 20222023 was $135.3$186.1 million, or $1.84$2.32 per share, compared with $236.4$80.0 million, or $3.45$1.10 per share, during the ninesix months ended SeptemberJune 30, 2021.2022. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the ninesix months ended SeptemberJune 30, 20222023 as compared to the ninesix months ended SeptemberJune 30, 2021.2022.
Liquidity and Capital ResourcesLIQUIDITY AND CAPITAL RESOURCES
This “Liquidity and Capital Resources” section should be read in conjunction with the “Economic Update” section above.
Cash Flows
For the ninesix months ended SeptemberJune 30, 2022,2023, we realized a net increase in cash and cash equivalents of $28.5$21.8 million, which is the result of $285.9$47.7 million of cash provided by our financingoperating activities, partially offset by $257.3$25.9 million of cash used in our operatingfinancing activities.
The $257.3$47.7 million of cash used inprovided by our operating activities resulted primarily from (i) cash uses totaling $911.3 million for the funding of new and follow-on portfolio company investments and settlement of accruals for portfolio investments existing as of December 31, 2021 and (ii) cash payments of $18.8 million related to changes in other assets and liabilities, partially offset by (i) cash proceeds totaling $506.0$322.6 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 $166.7$160.6 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.costs, partially offset by (i) cash uses totaling $395.3 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 and (ii) cash payments of $40.2 million related to changes in other assets and liabilities.

The $285.9$25.9 million of cash provided byused in our financing activities principally consisted of (i) $194.5$125.3 million in net cash proceeds from equity offerings from our ATM Program and Equity Offering (both as described below) and direct stock purchase plan and (ii) $241.0 million in net proceeds from the Credit Facility, partially offset by (i) $143.1 million in cash dividends paid to stockholders andof our common stock, (ii) $4.9$27.0 million in net repayments from our Credit Facilities, (iii) $6.0 million for purchases of vested restricted stock from employees to satisfy their tax withholding requirements upon the vesting of such restricted stock.stock and (iv) $1.8 million in debt issuance costs, partially offset by (i) $84.1 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 SeptemberJune 30, 2022,2023, we had $61.2$70.9 million in cash and cash equivalents and $359.0$655.0 million of unused capacity under the Credit FacilityFacilities which we maintain to support our investment and operating activities. As of SeptemberJune 30, 2022,2023, our net asset valueNAV totaled $1,979.4$2,254.9 million, or $25.94$27.69 per share.
The Credit Facility provides additional liquidity to support our investment and operational activities. As of SeptemberJune 30, 2022, the Credit Facility included total commitments2023, we had $410.0 million outstanding and $570.0 million of $920.0 million from a diversified group of 18 lenders, held a maturity date in August 2027 and contained an accordion feature with the right to request an increase inundrawn commitments under the facility from newCorporate Facility, and existing lenders$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 the sameour Credit Facilities, including key terms and conditions as the existing commitments upfinancial covenants, refer to a totalNote E — Debt included in Item 1. Consolidated Financial Statements of $1.4 billion. As of September 30, 2022, borrowings under the Credit Facility bore interest, subject to our election and resettingthis Quarterly Report 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 we meet certain agreed upon excess collateral and maximum leverage requirements or (ii) 2.0% (or the applicable Prime Rate plus 1.0%) otherwise. We pay unused commitment fees of 0.25% per annum on the unused lender commitments under the Credit Facility. The Credit 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. As of September 30, 2022, the Credit Facility contained certain affirmative and negative covenants, including but not limited to: (i) maintaining minimum liquidity, (ii) maintaining an interest coverage ratio of at least 2.0 to 1.0, (iii) maintaining a 1940 Act asset coverage ratio of at least 1.5 to 1.0, (iv) maintaining a minimum tangible net worth andForm 10-Q.
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(v) maintaining a minimum asset coverage ratio of 200% with respect to the consolidated assets (with certain limitations on the contribution of equity in financing subsidiaries as specified therein) of MSCC and the guarantors under the Credit Facility to the secured debt of MSCC and the guarantors. As of September 30, 2022,In January 2021, we had $561.0issued $300.0 million in borrowings outstanding under the Credit Facility, the interest rate on the Credit Facility was 4.5% andaggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”). In October 2021, we wereissued an additional $200.0 million in compliance with all financial covenantsaggregate principal amount of the Credit Facility.July 2026 Notes. The outstanding aggregate principal amount of the July 2026 Notes was $500.0 million as of both June 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 June 30, 2023 and December 31, 2022.
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 SeptemberJune 30, 20222023 through our wholly-owned SBICs, which bear a weighted-average annual fixed interest rate of 2.9%3.0%, paid semiannually, and mature ten years from issuance. The first maturity related to our SBIC debentures occurs in 2023,March 2024, and the weighted-average remaining duration is 5.45.1 years as of SeptemberJune 30, 2022.2023. 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 November 2017,December 2022, we issued $185.0$100.0 million in aggregate principal amount of 4.50%7.84% Series A unsecured notes due December 1, 202223, 2025 (the “4.50%“December 2025 Notes”) at an issue price of 99.16%. The 4.50% Notes are unsecured obligations and rank pari passu with our current and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 4.50% Notes; effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under our Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, including without limitation, the indebtedness of the Funds. The 4.50% Notes may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. The 4.50% Notes bear interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. We may from time to time repurchase the 4.50% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of September 30, 2022, the outstanding principal balance of the 4.50% Notes was $185.0 million.
The indenture governing the 4.50% Notes (the “4.50% Notes Indenture”) contains certain covenants, including covenants requiring our compliance with (regardless of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring us to provide financial information to the holders of the 4.50% Notes and the trustee if we cease to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 4.50% Notes Indenture. As of September 30, 2022, we were in compliance with these covenants.
In April 2019, we issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the “5.20% Notes”) at an issue price of 99.125%. Subsequently, in December 2019,February 2023, we issued an additional $75.0$50.0 million in aggregate principal amount of the 5.20%December 2025 Notes bearing interest at an issue pricea fixed rate of 105.0%. Also, in July 2020, we issued an additional $125.0 million in7.53% per year. The outstanding aggregate principal amount of the 5.20%December 2025 Notes at an issue priceas of 102.674%. The 5.20% Notes issued inJune 30, 2023 and December 201931, 2022 was $150.0 million and July 2020 have identical terms as, and are a part of a single series with, the 5.20% Notes issued in April 2019. The aggregate net proceeds from the 5.20% Notes Notes issuances were used to repay a portion of the borrowings outstanding under the Credit Facility. The 5.20% Notes Notes are unsecured obligations and rank pari passu with our current and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 5.20% Notes; effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under our Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, including without limitation, the indebtedness of the Funds. The 5.20% Notes may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. The 5.20% Notes bear interest at a rate of 5.20% per year payable semiannually on May 1 and November 1 of each year. We may from time to time repurchase the 5.20% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of September 30, 2022, the outstanding principal balance of the 5.20% Notes was $450.0 million.
The indenture governing the 5.20% Notes (the “5.20% Notes Indenture”) contains certain covenants, including covenants requiring our compliance with (regardless of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring us to provide financial information to the holders of the 5.20% Notes and the trustee if we cease to be subject to the reporting
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requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 5.20% Notes Indenture. As of September 30, 2022, we were in compliance with these covenants.
In January 2021, we issued $300.0$100.0 million, in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “3.00% Notes”) at an issue price of 99.004%. In October 2021, we issued an additional $200.0 million in aggregate principal amount of the 3.00% Notes at an issue price of 101.741%. The 3.00% Notes issued in October 2021 have identical terms as, and are a part of a single series with, the 3.00% Notes issued in January 2021. The 3.00% Notes are unsecured obligations and rank pari passu with our current and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 3.00% Notes; effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under our Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, including without limitation, the indebtedness of the Funds. The 3.00% Notes may be redeemed in whole or in part at any time at our option subject to certain make whole provisions. The 3.00% Notes bear interest at a rate of 3.00% per year payable semiannually on January 14 and July 14 of each year. We may from time to time repurchase the 3.00% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of September 30, 2022, the outstanding principal balance of the 3.00% Notes was $500.0 million.
The indenture governing the 3.00% Notes (the “3.00% Notes Indenture”) contains certain covenants, including covenants requiring our compliance with (regardless of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring us to provide financial information to the holders of the 3.00% Notes and the trustee if we cease to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 3.00% Notes Indenture. As of September 30, 2022, we were in compliance with these covenants.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 ninesix months ended SeptemberJune 30, 2022,2023, we sold 3,429,9042,148,490 shares of our common stock at a weighted-average price of $40.99$39.52 per share and raised $140.6$84.9 million of gross proceeds under the ATM Program. Net proceeds were $139.2$84.1 million after commissions to the selling agents on shares sold and offering costs. As of SeptemberJune 30, 2022,2023, sales transactions representing 73,124404,330 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the net asset valueNAV per share. In March 2022, we entered into new distribution agreements to sell up to 15,000,000 shares through the ATM Program. As of SeptemberJune 30, 2022, 12,440,1622023, 8,314,194 shares remained available for sale under the ATM Program.
During the year ended December 31, 2021,2022, we sold 2,332,7955,407,382 shares of our common stock at a weighted-average price of $42.71$39.29 per share and raised $99.6$212.4 million of gross proceeds under the ATM Program. Net proceeds were $98.4$209.9 million after commissions to the selling agents on shares sold and offering costs. As of
During the year ended December 31, 2021, sales transactions representing 36,136 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the net asset value per share.

During August 2022, we completed a public equity offering (the “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 Facility,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
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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
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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 net asset valueNAV 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 net asset valueNAV per share of our common stock at our 2022 annual meeting2023 Annual Meeting of stockholders,Stockholders, and have not sought such authorization since 2012, because our common stock price per share has generally traded significantly above the net asset valueNAV per share of our common stock since 2011. We would therefore need future approval from our stockholders to issue shares below the then current net asset valueNAV per share.
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 SeptemberJune 30, 2022,2023, our BDC asset coverage ratio was 216%234%.
Although we have been able to secure access to additional liquidity, including through the Credit Facility,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 –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 quartersyears, as a result of the COVID-19 pandemic, recent geopolitical events, and the related 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 impactaffect 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 impacteffect on the fair value of our investments in these portfolio companies. The combined impacts of these impactstherefrom 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 SeptemberJune 30, 2022,2023, we had a total of $294.9$284.4 million in outstanding commitments comprised of (i) 7886 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) 11 investments with equity capital commitments that had not been fully called.
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with additional commitments not yet funded and (ii) ten investments with equity capital commitments that had not been fully called.
Contractual Obligations
As of SeptemberJune 30, 2022,2023, the future fixed commitments for cash payments in connection with our July 2026 Notes, the May 2024 Notes, SBIC debentures, the 4.50% Notes, the 5.20% Notes, the 3.00%December 2025 Notes, and rent obligations under our office lease for each of the next five years and thereafter are as follows (dollars in thousands):follows:
20222023202420252026ThereafterTotal
3.00% Notes due 2026$— $— $— $— $500,000 $— $500,000 
Interest due on 3.00% Notes due 2026— 15,017 15,000 15,000 15,000 — 60,017 
5.20% Notes due 2024— — 450,000 — — — 450,000 
Interest due on 5.20% Notes due 202411,700 23,400 11,700 — — — 46,800 
SBIC debentures— 16,000 63,800 — — 270,200 350,000 
Interest due on SBIC debentures— 9,960 8,455 7,228 7,228 15,565 48,436 
4.50% Notes due 2022185,000 — — — — — 185,000 
Interest due on 4.50% Notes due 20224,163 — — — — — 4,163 
Operating Lease Obligation (1)197 804 818 832 846 933 4,430 
Total$201,060 $65,181 $549,773 $23,060 $523,074 $286,698 $1,648,846 
20232024202520262027ThereafterTotal
(dollars in thousands)
July 2026 Notes$— $— $— $500,000 $— $— $500,000 
Interest due on July 2026 Notes7,517 15,000 15,000 15,000 — — 52,517 
May 2024 Notes— 450,000 — — — — 450,000 
Interest due on May 2024 Notes11,700 11,700 — — — — 23,400 
SBIC debentures— 63,800 — — 75,000 211,200 350,000 
Interest due on SBIC debentures5,125 9,327 8,094 8,094 7,378 14,337 52,355 
December 2025 Notes— — 150,000 — — — 150,000 
Interest due on December 2025 Notes5,803 11,605 11,637 — — — 29,045 
Operating Lease Obligation (1)
389 1,020 1,115 1,135 1,155 7,674 12,488 
Total$30,534 $562,452 $185,846 $524,229 $83,533 $233,211 $1,619,805 
____________________
(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 SeptemberJune 30, 2022,2023, we had $561.0$410.0 million in borrowings outstanding under our CreditCorporate Facility, and the CreditCorporate Facility is scheduled to mature in August 2027. As of June 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 and the Private Loan Fund, 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—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.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 K—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 November 2022,July 2023, we expanded our total commitments under the Corporate Facility from $980.0 million to $995.0 million. The commitment increase was executed under the accordion feature of the Corporate Facility which allows for an increase up to $1.4 billion in total commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments.

In August 2023, we declared a supplemental cash dividend of $0.10$0.275 per share payable in December 2022.September 2023. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that we declared for the fourththird quarter of 20222023 of $0.215$0.23 per share for each of July, August and September 2023 or total monthly cash dividends of $0.69 per share for the quarter. Total dividends declared for the third quarter of 2023 equal $0.965 per share, representing a 29.5% increase over the total dividends paid in the third quarter of 2022.
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In August 2023, we declared regular monthly dividends of $0.235 per share for each of October, November and December 2022 or total monthly cash dividends of $0.645 per share for the quarter.
In November 2022, we declared regular monthly dividends of $0.225 per share for each of January, February and March of 2023. These regular monthly dividends equal a total of $0.675$0.705 per share for the firstfourth quarter of 2022,2023, representing a 4.7%6.8% increase from the regular monthly dividends paid in the firstfourth quarter of 2022. Including the regular monthly and supplemental dividends declared for the third and fourth quarter of 2022 and first quarterquarters of 2023 we will have paid $35.795$38.54 per share in cumulative dividends since our October 2007 initial public offering.
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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 FacilityFacilities 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 “RiskRisk Factors—Risks Related to our Investments — Changes relating to the LIBOR calculation process, the phase-outThe interest rates of LIBOR and the use of replacement rates for LIBOR may adversely affect the valuesome of our portfolio securities.”investments are priced using a spread over LIBOR, which will be phased out in the future., “RiskRisk Factors — Risks Related to our InvestmentsBusiness and Structure — We are subject to risks associated with the current interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments.” and “RiskRisk 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, 20212022 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 SeptemberJune 30, 2022, 76%2023, 70% of our debt investment portfolioInvestment Portfolio (at cost) bore interest at floating rates, 92%91% of which were subject to contractual minimum interest rates. As of SeptemberJune 30, 2022, 73%2023, 71% 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 Facility;Facilities; however, the interest rates on our outstanding July 2026 Notes, May 2024 Notes, SBIC debentures, 4.50% Notes, 5.20% NotesDebentures and 3.00%December 2025 Notes which collectively comprise the majority of our outstanding debt, are fixed for the life of such debt. As of SeptemberJune 30, 2022,2023, 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 intends to operate 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 SeptemberJune 30, 2022.2023.
Basis Point ChangeBasis Point ChangeIncrease
(Decrease)
in Interest
Income		(Increase)
Decrease
in Interest
Expense		Increase
(Decrease) in Net
Investment
Income		Increase
(Decrease) in Net
Investment
Income per Share		Basis Point ChangeIncrease
(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)(dollars in thousands, except per share amounts)
(200)(200)$(46,228)$11,220 $(35,008)$(0.46)(200)$(41,406)$11,600 $(29,806)$(0.37)
(175)(175)$(40,828)$9,818 $(31,010)$(0.41)(175)(36,216)10,150 (26,066)(0.32)
(150)(150)$(35,227)$8,415 $(26,812)$(0.35)(150)(31,042)8,700 (22,342)(0.27)
(125)(125)(29,492)7,013 (22,479)(0.29)(125)(25,869)7,250 (18,619)(0.23)
(100)(100)(23,687)5,610 (18,077)(0.24)(100)(20,695)5,800 (14,895)(0.18)
(75)(75)(17,835)4,208 (13,627)(0.18)(75)(15,521)4,350 (11,171)(0.14)
(50)(50)(11,982)2,805 (9,177)(0.12)(50)(10,347)2,900 (7,447)(0.09)
(25)(25)(6,130)1,403 (4,727)(0.06)(25)(5,174)1,450 (3,724)(0.05)
25255,576 

(1,403)

4,173 

0.05 255,174 

(1,450)

3,724 

0.05 
505011,427 

(2,805)

8,622 

0.11 5010,347 

(2,900)

7,447 

0.09 
757517,280 

(4,208)

13,072 

0.17 7515,521 

(4,350)

11,171 

0.14 
10010023,132 

(5,610)

17,522 

0.23 10020,695 

(5,800)

14,895 

0.18 
12512528,984 

(7,013)

21,971 

0.29 12525,869 

(7,250)

18,619 

0.23 
15015034,837 

(8,415)

26,422 

0.35 15031,042 

(8,700)

22,342 

0.27 
17517540,689 (9,818)30,871 0.40 17536,216 (10,150)26,066 0.32 
20020046,541 (11,220)35,321 0.46 20041,390 (11,600)29,790 0.37 
30069,951 (16,830)53,121 0.70 
40093,360 (22,440)70,920 0.93 
Although we believe that this analysis is indicative of the impact of interest rate changes to our Net Investment Income as of SeptemberJune 30, 2022,2023, 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
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assume that all LIBOR, SOFR and Prime Raterate changes would be effective on the first day of the period. However, the contractual LIBOR, SOFR and Prime Raterate reset dates would vary throughout the period. The majority of our investments are based on contracts which reset quarterly, while our Credit Facility resetsFacilities reset monthly. The hypothetical results would also be impacted by the changes in the amount of debt outstanding under our Credit FacilityFacilities (with an increase (decrease) in the debt outstanding under the Credit FacilityFacilities 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 report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer, President, 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, President, 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 SeptemberJune 30, 20222023 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, “ItemItem 1A. Risk Factors”Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 20212022 that we filed with the SEC on February 25, 2022,24, 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 have beenare 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, 2021.
The risks described2022 and in our AnnualQuarterly Report on Form 10-K10-Q for the fiscal yearquarter ended DecemberMarch 31, 2021 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended SeptemberJune 30, 2022,2023, we issued 164,216174,891 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 SeptemberJune 30, 20222023, under the dividend reinvestment plan was $6.6$6.9 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).
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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
31.1
31.2
32.1
32.2
101.INS101The following financial information from our Quarterly Report on Form 10-Q for the second quarter of fiscal year 2023, filed with the SEC on August 4, 2023, formatted in Inline XBRL Instance Document -Extensible Business Reporting Language (iXBRL): (i) the instance document does not appearConsolidated Balance Sheets at June 30, 2023 and December 31, 2022, (ii) the Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022, (iii) the Consolidated Statements of Changes in Net Assets for the Interactive Data File because XBRL tags are embedded withinperiods ended June 30, 2023 and 2022, (iv) the Inline XBRL document.Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022, (v) the Consolidated Schedule of Investments for the periods ended June 30, 2023 and December 31, 2022, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the six months ended June 30, 2023 and 2022.
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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: NovemberAugust 4, 20222023Dwayne L. Hyzak
Chief Executive Officer
(principal executive officer)
/s/ JESSE E. MORRIS
Date: NovemberAugust 4, 20222023Jesse E. Morris
Chief Financial Officer and Chief Operating Officer
(principal financial officer)
/s/ LANCE A. PARKERRYAN R. NELSON
Date: NovemberAugust 4, 20222023Lance A. ParkerRyan R. Nelson
Vice President and Chief Accounting Officer
(principal accounting officer)
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