0001396440Clad-Rex Steel,0001396440ATS Operating, LLC, Secured Debt 22023-01-012023-06-3022023-12-310001396440us-gaap:RelatedPartyMembermain:MSCIncomeMember2023-05-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2023-01-012023-03-31
Table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
xþQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023March 31, 2024
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 xþ 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 xþ 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 filerxþAccelerated 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 xþ
The number of shares outstanding of the issuer’s common stock as of August 3, 2023May 6, 2024 was 82,428,020.85,715,621.


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TABLE OF CONTENTS
Item 5.


Table of contents
MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
June 30,
2023
December 31, 2022
(Unaudited)
March 31,
2024
March 31,
2024
December 31, 2023
(Unaudited)
ASSETS
ASSETS
ASSETSASSETS
Investments at fair value:Investments at fair value:
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)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)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)4,210,543 4,102,177 
Investments at fair value:
Investments at fair value:
Control investments (cost: $1,453,666 and $1,435,131 as of March 31, 2024 and December 31, 2023, respectively)
Control investments (cost: $1,453,666 and $1,435,131 as of March 31, 2024 and December 31, 2023, respectively)
Control investments (cost: $1,453,666 and $1,435,131 as of March 31, 2024 and December 31, 2023, respectively)
Affiliate investments (cost: $614,825 and $575,894 as of March 31, 2024 and December 31, 2023, respectively)
Non‑Control/Non‑Affiliate investments (cost: $1,879,039 and $1,714,935 as of March 31, 2024 and December 31, 2023, respectively)
Total investments (cost: $3,947,530 and $3,725,960 as of March 31, 2024 and December 31, 2023, respectively)
Cash and cash equivalentsCash and cash equivalents70,886 49,121 
Interest and dividend receivable and other assetsInterest and dividend receivable and other assets117,749 82,731 
Receivable for securities soldReceivable for securities sold13,959 381 
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 
Deferred financing costs (net of accumulated amortization of $12,850 and $12,329 as of March 31, 2024 and December 31, 2023, respectively)
Total assetsTotal assets$4,420,238 $4,241,885 
LIABILITIESLIABILITIES
Credit FacilitiesCredit Facilities$580,000 $607,000 
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)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)343,943 343,914 
December 2025 Notes (par: $150,000 and $100,000 as of June 30, 2023 and December 31, 2022, respectively)148,706 99,325 
Credit Facilities
Credit Facilities
July 2026 Notes (par: $500,000 as of both March 31, 2024 and December 31, 2023)
May 2024 Notes (par: $450,000 as of both March 31, 2024 and December 31, 2023)
March 2029 Notes (par: $350,000 as of March 31, 2024)
SBIC debentures (par: $286,200 and $350,000 as of March 31, 2024 and December 31, 2023, respectively)
December 2025 Notes (par: $150,000 as of both March 31, 2024 and December 31, 2023)
Accounts payable and other liabilitiesAccounts payable and other liabilities48,502 52,092 
Accounts payable and other liabilities
Accounts payable and other liabilities
Interest payable
Interest payable
Interest payableInterest payable15,355 16,580 
Dividend payableDividend payable18,729 17,676 
Deferred tax liability, netDeferred tax liability, net61,202 47,849 
Total liabilitiesTotal liabilities2,165,290 2,133,299 
Commitments and contingencies (Note K)Commitments and contingencies (Note K)Commitments and contingencies (Note K)
NET ASSETSNET ASSETS
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 
Common stock, $0.01 par value per share (150,000,000 shares authorized; 85,144,062 and 84,830,679 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)
Common stock, $0.01 par value per share (150,000,000 shares authorized; 85,144,062 and 84,830,679 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)
Common stock, $0.01 par value per share (150,000,000 shares authorized; 85,144,062 and 84,830,679 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)
Additional paid‑in capitalAdditional paid‑in capital2,132,041 2,030,531 
Total undistributed earnings
Total undistributed earnings
Total undistributed earningsTotal undistributed earnings122,093 77,271 
Total net assetsTotal net assets2,254,948 2,108,586 
Total liabilities and net assetsTotal liabilities and net assets$4,420,238 $4,241,885 
NET ASSET VALUE PER SHARENET ASSET VALUE PER SHARE$27.69 $26.86 
The accompanying notes are an integral part of these consolidated financial statements
1

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended
June 30,
2023202220232022
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
2024
2024
2024
INVESTMENT INCOME:
INVESTMENT INCOME:
INVESTMENT INCOME:INVESTMENT INCOME:
Interest, fee and dividend income:Interest, fee and dividend income:
Interest, fee and dividend income:
Interest, fee and dividend income:
Control investments
Control investments
Control investmentsControl investments$47,979 $36,808 $96,841 $69,385 
Affiliate investmentsAffiliate investments20,999 11,893 38,455 25,810 
Affiliate investments
Affiliate investments
Non‑Control/Non‑Affiliate investments
Non‑Control/Non‑Affiliate investments
Non‑Control/Non‑Affiliate investmentsNon‑Control/Non‑Affiliate investments58,605 36,499 112,542 69,401 
Total investment incomeTotal investment income127,583 85,200 247,838 164,596 
Total investment income
Total investment income
EXPENSES:
EXPENSES:
EXPENSES:EXPENSES:
InterestInterest(26,754)(17,295)(51,752)(33,982)
Interest
Interest
Compensation
Compensation
CompensationCompensation(12,188)(8,807)(23,300)(16,076)
General and administrativeGeneral and administrative(4,514)(4,238)(8,591)(7,464)
General and administrative
General and administrative
Share‑based compensation
Share‑based compensation
Share‑based compensationShare‑based compensation(4,087)(3,596)(8,187)(6,414)
Expenses allocated to the External Investment ManagerExpenses allocated to the External Investment Manager5,688 3,462 10,686 6,279 
Expenses allocated to the External Investment Manager
Expenses allocated to the External Investment Manager
Total expenses
Total expenses
Total expensesTotal expenses(41,855)(30,474)(81,144)(57,657)
NET INVESTMENT INCOMENET INVESTMENT INCOME85,728 54,726 166,694 106,939 
NET INVESTMENT INCOME
NET INVESTMENT INCOME
NET REALIZED GAIN (LOSS):
NET REALIZED GAIN (LOSS):
NET REALIZED GAIN (LOSS):NET REALIZED GAIN (LOSS):
Control investmentsControl investments(48,111)— (51,077)— 
Control investments
Control investments
Affiliate investmentsAffiliate investments9,997 47 (16,267)739 
Affiliate investments
Affiliate investments
Non‑Control/Non‑Affiliate investments
Non‑Control/Non‑Affiliate investments
Non‑Control/Non‑Affiliate investmentsNon‑Control/Non‑Affiliate investments(37,392)(5,111)(36,542)(2,467)
Total net realized lossTotal net realized loss(75,506)(5,064)(103,886)(1,728)
Total net realized loss
Total net realized loss
NET UNREALIZED APPRECIATION (DEPRECIATION):
NET UNREALIZED APPRECIATION (DEPRECIATION):
NET UNREALIZED APPRECIATION (DEPRECIATION):NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investmentsControl investments75,779 4,822 92,940 13,101 
Control investments
Control investments
Affiliate investments
Affiliate investments
Affiliate investmentsAffiliate investments(11,469)1,731 21,672 4,772 
Non‑Control/Non‑Affiliate investmentsNon‑Control/Non‑Affiliate investments40,631 (31,146)25,447 (27,714)
Non‑Control/Non‑Affiliate investments
Non‑Control/Non‑Affiliate investments
Total net unrealized appreciation (depreciation)104,941 (24,593)140,059 (9,841)
Total net unrealized appreciation
Total net unrealized appreciation
Total net unrealized appreciation
INCOME TAXES:
INCOME TAXES:
INCOME TAXES:INCOME TAXES:
Federal and state income, excise and other taxesFederal and state income, excise and other taxes(1,671)(809)(3,407)(2,118)
Federal and state income, excise and other taxes
Federal and state income, excise and other taxes
Deferred taxes
Deferred taxes
Deferred taxesDeferred taxes(6,976)(9,511)(13,353)(13,299)
Income tax provisionIncome tax provision(8,647)(10,320)(16,760)(15,417)
Income tax provision
Income tax provision
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONSNET 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$1.06 $0.75 $2.08 $1.47 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED
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$1.32 $0.20 $2.32 $1.10 
WEIGHTED AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED
80,807,86173,304,61980,190,63072,512,793
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED

The accompanying notes are an integral part of these consolidated financial statements
2

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)
Common StockAdditional
Paid-In
Capital
Total
Undistributed
(Overdistributed)
Earnings
Total Net
Asset Value
Number of
Shares
Par
Value
Balances at December 31, 202170,737,021$707 $1,736,346 $51,793 $1,788,846 
Public offering of common stock, net of offering costs1,502,43015 63,507 — 63,522 
Share‑based compensation— 2,818 — 2,818 
Dividend reinvestment114,0434,812 — 4,813 
Amortization of directors’ deferred compensation— 147 — 147 
Issuance of restricted stock, net of forfeited shares16,913— — — — 
Dividends to stockholders— 109 (51,804)(51,695)
Net increase resulting from operations— — 65,203 65,203 
Balances at March 31, 202272,370,407$723 $1,807,739 $65,192 $1,873,654 
Common StockCommon StockAdditional
Paid-In
Capital
Total
Undistributed
(Overdistributed)
Earnings
Total Net
Asset Value
Number of
Shares
Balances at December 31, 2022
Balances at December 31, 2022
Balances at December 31, 2022
Public offering of common stock, net of offering costsPublic offering of common stock, net of offering costs662,82825,626 — 25,633 
Share‑based compensationShare‑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)
Dividend reinvestmentDividend reinvestment132,1564,999 — 5,000 
Amortization of directors’ deferred compensationAmortization of directors’ deferred compensation— 130 — 130 
Issuance of restricted stock, net of forfeited sharesIssuance of restricted stock, net of forfeited shares467,238(5)— — 
Dividends to stockholdersDividends to stockholders— 114 (52,818)(52,704)
Net increase resulting from operationsNet increase resulting from operations— — 14,749 14,749 
Balances at June 30, 202273,517,558$735 $1,837,305 $27,123 $1,865,163 
Net increase resulting from operations
Net increase resulting from operations
Balances at March 31, 2023
Balances at December 31, 202278,506,816$784 $2,030,531 $77,271 $2,108,586 
Public offering of common stock, net of offering costs1,058,91411 40,885 — 40,896 
Share‑based compensation— 4,100 — 4,100 
Purchase of vested stock for employee payroll tax withholding(10,489)— (404)— (404)
Dividend reinvestment199,2827,806 — 7,808 
Amortization of directors’ deferred compensation— 121 — 121 
Issuance of restricted stock, net of forfeited shares39,566— — — — 
Dividends to stockholders— 136 (67,913)(67,777)
Net increase resulting from operations— — 79,592 79,592 
Balances at March 31, 202379,794,089$797 $2,083,175 $88,950 $2,172,922 
Public offering of common stock, net of offering costs1,096,51411 43,193 — 43,204 
Share‑based compensation— 4,087 — 4,087 
Purchase of vested stock for employee payroll tax withholding(140,569)(1)(5,545)— (5,546)
Dividend reinvestment174,8916,878 — 6,880 
Amortization of directors’ deferred compensation— 109 — 109 
Issuance of restricted stock, net of forfeited shares506,081(5)— — 
Dividends to stockholders— 149 (73,373)(73,224)
Net increase resulting from operations— — 106,516 106,516 
Balances at June 30, 202381,431,006$814 $2,132,041 $122,093 $2,254,948 
Balances at December 31, 2023
Balances at December 31, 2023
Balances at December 31, 2023
Public offering of common stock, net of offering costs
Share‑based compensation
Purchase of vested stock for employee payroll tax withholding
Dividend reinvestment
Amortization of directors’ deferred compensation
Issuance of restricted stock, net of forfeited shares
Dividends to stockholders
Net increase resulting from operations
Net increase resulting from operations
Net increase resulting from operations
Balances at March 31, 2024
The accompanying notes are an integral part of these consolidated financial statements
3

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended
June 30,
20232022
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
2024
CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM OPERATING ACTIVITIESCASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operationsNet 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:
Net increase in net assets resulting from operations
Net increase in net assets resulting from operations
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies
Investments in portfolio companies
Investments in portfolio companiesInvestments 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 companies291,557381,697
Proceeds from sales and repayments of debt investments in portfolio companies
Proceeds from sales and repayments of debt investments in portfolio companies
Proceeds from sales and return of capital of equity investments in portfolio companiesProceeds from sales and return of capital of equity investments in portfolio companies31,05730,293
Net unrealized (appreciation) depreciation(140,059)9,841
Proceeds from sales and return of capital of equity investments in portfolio companies
Proceeds from sales and return of capital of equity investments in portfolio companies
Net unrealized appreciation
Net unrealized appreciation
Net unrealized appreciation
Net realized loss
Net realized loss
Net realized lossNet realized loss103,8861,728
Accretion of unearned incomeAccretion of unearned income(9,900)(7,354)
Accretion of unearned income
Accretion of unearned income
Payment-in-kind interest
Payment-in-kind interest
Payment-in-kind interestPayment-in-kind interest(5,219)(2,364)
Cumulative dividendsCumulative dividends(717)(1,062)
Cumulative dividends
Cumulative dividends
Share-based compensation expense
Share-based compensation expense
Share-based compensation expenseShare-based compensation expense8,1876,414
Amortization of deferred financing costsAmortization of deferred financing costs1,5821,372
Amortization of deferred financing costs
Amortization of deferred financing costs
Deferred tax provision
Deferred tax provision
Deferred tax provisionDeferred tax provision13,35313,299
Changes in other assets and liabilities:Changes in other assets and liabilities:
Changes in other assets and liabilities:
Changes in other assets and liabilities:
Interest and dividend receivable and other assets
Interest and dividend receivable and other assets
Interest and dividend receivable and other assetsInterest and dividend receivable and other assets(34,644)(3,686)
Interest payableInterest payable(1,225)42
Interest payable
Interest payable
Accounts payable and other liabilities
Accounts payable and other liabilities
Accounts payable and other liabilitiesAccounts payable and other liabilities(3,360)(10,216)
Deferred fees and otherDeferred fees and other2,3821,037
Deferred fees and other
Deferred fees and other
Net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities
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 ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs
Proceeds from public offering of common stock, net of offering costs
Proceeds from public offering of common stock, net of offering costsProceeds from public offering of common stock, net of offering costs84,10089,155
Proceeds from public offering of December 2025 NotesProceeds from public offering of December 2025 Notes50,000
Proceeds from public offering of December 2025 Notes
Proceeds from public offering of December 2025 Notes
Proceeds from public offering of March 2029 Notes
Proceeds from public offering of March 2029 Notes
Proceeds from public offering of March 2029 Notes
Dividends paidDividends paid(125,260)(94,071)
Proceeds from issuance of SBIC debentures16,000
Dividends paid
Dividends paid
Repayments of SBIC debentures
Repayments of SBIC debentures
Repayments of SBIC debenturesRepayments of SBIC debentures(16,000)
Proceeds from credit facilities243,000303,000
Repayments on credit facilities(270,000)(243,000)
Proceeds from Credit Facilities
Proceeds from Credit Facilities
Proceeds from Credit Facilities
Repayments on Credit Facilities
Repayments on Credit Facilities
Repayments on Credit Facilities
Debt issuance costs, netDebt issuance costs, net(1,807)
Debt issuance costs, net
Debt issuance costs, net
Purchases of vested stock for employee payroll tax withholding
Purchases of vested stock for employee payroll tax withholding
Purchases of vested stock for employee payroll tax withholdingPurchases of vested stock for employee payroll tax withholding(5,950)(4,895)
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 equivalents21,76510,754
Net cash provided by (used in) financing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIODCASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD49,12132,629
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS AT END OF PERIOD
CASH AND CASH EQUIVALENTS AT END OF PERIOD
CASH AND CASH EQUIVALENTS AT END OF PERIODCASH AND CASH EQUIVALENTS AT END OF PERIOD$70,886$43,383
Supplemental cash flow disclosures:Supplemental cash flow disclosures:
Supplemental cash flow disclosures:
Supplemental cash flow disclosures:
Interest paidInterest paid$51,333$32,505
Interest paid
Interest paid
Taxes paid
Taxes paid
Taxes paidTaxes paid$5,909$4,920
Non-cash financing activities: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$14,688$9,813
Value of shares issued pursuant to the DRIP
Value of shares issued pursuant to the DRIP
The accompanying notes are an integral part of these consolidated financial statements
4

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
June 30, 2023March 31, 2024
(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 (28)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)
Control Investments (5)
Analytical Systems Keco Holdings, LLCAnalytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt (9) (25)8/16/2019L+10.00%8/16/2024$— $(2)$(2)
Analytical Systems Keco Holdings, LLC
Secured Debt (9)8/16/201915.25%L+10.00%8/16/20244,525 4,444 4,444 
Preferred Member Units8/16/20193,20014.13%3,200 — 
Preferred Member Units5/20/20212,4272,427 4,070 
Warrants (27)8/16/20194208/16/2029316 — 
10,385 8,512 
Analytical Systems Keco Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Preferred Member Units
Warrants
10,193
ASC Interests, LLCASC 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 1,597 
Member Units8/1/20131,5001,594 510 
3,643 2,507 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Member Units
3,728
ATS Workholding, LLCATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and Accessories
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 2,855 719 
Preferred Member Units11/16/20173,725,8623,726 — 
8,608 1,202 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
8,817
Barfly Ventures, LLCBarfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00%10/31/2024711 711 711 
Member Units10/26/2020371,584 3,040 
2,295 3,751 
Secured Debt
Secured Debt
Secured Debt
Member Units
2,295
Batjer TopCo, LLCBatjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt (25)3/7/20223/7/2027— (7)— 
Secured Debt3/7/202210.00%3/7/202710,575 10,497 10,575 
Preferred Stock (8)3/7/20224,0734,095 6,150 
14,585 16,725 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Stock
15,322
Bolder Panther Group, LLCBolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt (9) (28) (44)12/31/202014.37%SF+9.19%10/31/202797,875 97,328 97,875 
Class B Preferred Member Units (8)12/31/2020140,0008.00%14,000 31,120 
111,328 128,995 
Secured Debt
Secured Debt
Secured Debt
Class B Preferred Member Units
116,945
Brewer Crane Holdings, LLCBrewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
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 6,360 
9,996 12,013 
Bridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions Provider
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
9,654
5

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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 (29)7/25/201613.00%12/11/20241,000 1,000 1,000 
Preferred Member Units (8) (29)7/25/201617,7421,000 1,000 
Warrants (27)7/25/2016827/25/20262,132 4,450 
12,945 15,263 
Bridge Capital Solutions Corporation
Bridge Capital Solutions Corporation
Bridge Capital Solutions Corporation
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Warrants
Preferred Member Units
12,945
Café Brazil, LLCCafé Brazil, LLCCasual Restaurant Group
Member Units (8)6/9/20061,2331,742 2,130 
Member Units
Member Units
Member Units
California Splendor Holdings LLCCalifornia Splendor Holdings LLCProcessor of Frozen Fruits
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 23,435 
Preferred Member Units (8)7/31/20193,67115.00%15.00%4,295 4,295 
43,028 55,730 
California Splendor Holdings LLC
California Splendor Holdings LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Preferred Member Units
48,554
CBT Nuggets, LLCCBT Nuggets, LLCProduces and Sells IT Training Certification Videos
Member Units (8)6/1/20064161,300 50,570 
Member Units
Member Units
Member Units
Centre Technologies Holdings, LLCCentre 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)1/4/201914.25%L+9.00%1/4/202615,030 14,966 15,030 
Preferred Member Units1/4/201913,3096,122 10,400 
21,088 25,430 
Centre Technologies Holdings, LLC
Centre Technologies Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
27,839
Chamberlin Holding LLCChamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt (9) (25) (28)2/26/2018SF+6.00%2/26/2026— (77)— 
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 23,940 
Member Units (8) (29)11/2/20181,047,1461,773 2,830 
29,538 43,177 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Member Units
Member Units
28,658
Charps, LLCCharps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202010.00%1/31/20265,694 4,661 5,694 
Preferred Member Units (8)2/3/20171,8291,963 13,800 
6,624 19,494 
Unsecured Debt
Unsecured Debt
Unsecured Debt
Preferred Member Units
6,762
Clad-Rex Steel, LLCClad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt (25)10/28/2022 1/15/2024— — — 
Secured Debt 12/20/201611.50% 1/15/20249,720 9,698 9,634 
Secured Debt12/20/201610.00%12/20/20361,031 1,022 1,022 
Member Units (8)12/20/20167177,280 6,380 
Member Units (29)12/20/2016800509 1,129 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
6

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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)
18,509 18,165 
Member Units
Member Units
Member Units
Member Units
17,332
Cody Pools, Inc.Cody Pools, Inc.Designer of Residential and Commercial Pools   Cody Pools, Inc.Designer of Residential and Commercial Pools    
  Secured Debt (25)3/6/202012/17/2026— (12)— 
  Secured Debt3/6/202012.50%12/17/202646,312 46,273 46,312 
Preferred Member Units (8) (29)3/6/20205878,317 65,120 
54,578 111,432 
Preferred Member Units
49,709
Colonial Electric Company LLCColonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt (25)3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/202622,680 22,549 22,049 
Preferred Member Units6/27/2023960960 2,400 
Preferred Member Units3/31/202117,2807,680 7,680 
31,189 32,129 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Preferred Member Units
28,611
CompareNetworks Topco, LLCCompareNetworks Topco, LLCInternet Publishing and Web Search Portals
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 16,380 
6,839 21,249 
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
5,068
Compass Systems & Sales, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
24,496
Copper Trail Fund InvestmentsCopper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP) (30)7/17/201738.75%588 588 
LP Interests (CTMH, LP)
LP Interests (CTMH, LP)
LP Interests (CTMH, LP)
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 
Preferred Member Units5/5/202355615,000 15,000 
43,720 43,720 
Cybermedia Technologies, LLC
Cybermedia Technologies, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
43,044
Datacom, LLCDatacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025720 716 716 
Secured Debt3/31/202110.00%12/31/20258,487 8,132 7,732 
Preferred Member Units (8)3/31/20219,0002,610 2,350 
11,458 10,798 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
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 
24,234 24,568 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt(25)2/13/2018 2/13/2026— (74)— 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
11,144
7

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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 
Digital Products Holdings LLC
Digital Products Holdings LLC
Digital Products Holdings LLC
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
22,828
Direct Marketing Solutions, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Stock
33,405
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 
Common Stock10/3/20222855,726 6,090 
Common Stock (29)10/3/20229391,558 1,670 
32,163 32,639 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
Common Stock
31,693
Gamber-Johnson Holdings, LLCGamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt (9) (25) (28) (41)6/24/2016SF+8.50%1/1/2028— — — 
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 70,160 
77,041 129,838 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Member Units
69,929
Garreco, LLCGarreco, LLCManufacturer and Supplier of Dental Products
Secured Debt (9) (42)7/15/201312.00%L+10.00%1/31/20243,272 3,272 3,272 
Member Units 7/15/20131,2001,200 1,580 
4,472 4,852 
Secured Debt
Secured Debt
Secured Debt
Member Units
4,288
GRT Rubber Technologies LLCGRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/21/201811.17%L+6.00%12/21/20231,300 1,300 1,300 
Secured Debt12/19/201413.17%L+8.00%10/29/202640,493 40,336 40,493 
Member Units 12/19/20145,87913,065 44,440 
54,701 86,233 
Gulf Manufacturing, LLCManufacturer of Specialty Fabricated Industrial Piping Products
Member Units(8)8/31/20074382,980 8,000 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Member Units
55,831
Gulf Publishing Holdings, LLCGulf 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 
Member Units4/29/20163,6813,681 — 
11,681 6,064 
Harris Preston Fund Investments(12) (13)Investment Partnership
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
Member Units
11,681
8

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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 
Harris Preston Fund Investments
Harris Preston Fund Investments
Harris Preston Fund Investments
LP Interests (2717 MH, L.P.)
LP Interests (2717 MH, L.P.)
LP Interests (2717 MH, L.P.)
LP Interests (2717 HPP-MS, L.P.)
3,593
Harrison Hydra-Gen, Ltd.Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock6/4/2010107,456718 3,490 
Common Stock
Common Stock
Common Stock
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, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/202318,006,40718,300 18,300 
IG Investor, LLC
IG Investor, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
50,883
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 13,510 
3,259 15,960 
Johnson Downie Opco, LLCExecutive Search Services
Secured Debt (9) (25)12/10/2021L+11.50%12/10/2026— (12)— 
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 6,550 
12,909 16,388 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Member Units
2,711
JorVet Holdings, LLCJorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202725,650 25,458 25,458 
Preferred Equity(8)3/28/2022107,40610,741 10,741 
36,199 36,199 
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
36,237
KBK Industries, LLCKBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
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 
Secured Debt
Secured Debt
Secured Debt
Member Units
5,248
Kickhaefer Manufacturing Company, LLCKickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/202620,599 20,569 20,569 
Secured Debt10/31/20189.00%10/31/20483,860 3,824 3,824 
Preferred Equity10/31/201858112,240 7,730 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
Member Units
36,803
Metalforming Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
9

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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, 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 
Common Stock
Common Stock
Common Stock
29,950
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 
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Preferred Member Units
15,720
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 
Secured Debt
Secured Debt
Secured Debt
LP Interests
16,250
MS Private Loan Fund II, LP
Secured Debt
Secured Debt
Secured Debt
LP Interests
31,158
MSC Adviser I, LLCMSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013100%29,500 133,970 
Member Units
Member Units
Member Units
MSC Income Fund, Inc.MSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity(8)5/2/2022350,4512,750 2,688 
MSC Income Fund, Inc.
MSC Income Fund, Inc.
Common Equity
Common Equity
Common Equity
Mystic Logistics Holdings, LLCMystic 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 27,150 
8,466 32,896 
Mystic Logistics Holdings, LLC
Mystic Logistics Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
8,446
NAPCO Precast, LLCNAPCO Precast, LLCPrecast Concrete Manufacturing
Member Units1/31/20082,9552,975 12,710 
Member Units
Member Units
Member Units
Nebraska Vet AcquireCo, LLCNebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider
Secured Debt12/31/202012.00%12/31/202521,294 21,166 21,294 
Secured Debt12/31/202012.00%12/31/202510,500 10,445 10,500 
Preferred Member Units(8)12/31/20206,9876,987 12,790 
38,598 44,584 
Nebraska Vet AcquireCo, LLC
Nebraska Vet AcquireCo, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
43,137
NexRev LLCNexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
10

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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(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 
19,577
19,577
19,577
NRP Jones, LLCNRP 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 
Secured Debt
Secured Debt
Secured Debt
Member Units
Member Units
5,797
NuStep, LLCNuStep, 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Preferred Member Units
34,291
OMi Topco, LLCOMi 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 
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
13,022
Orttech Holdings, LLCOrttech 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Stock
31,856
Pearl Meyer Topco LLCPearl 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
69,545
Pinnacle TopCo, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
43,099
PPL RVs, Inc.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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
Common Stock
21,848
11

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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)
Common Stock1/27/20211,0371,200 500 
12,726 16,797 
Principle Environmental, LLC
Principle Environmental, LLC
Principle Environmental, LLC
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Common Stock
12,744
Quality Lease Service, LLCQuality Lease Service, LLCProvider of Rigsite Accommodation Unit Rentals and Related Services
Member Units6/8/20151,0007,546 460 
Member Units
Member Units
Member Units
River Aggregates, LLCRiver Aggregates, LLCProcessor of Construction Aggregates
Member Units(29)12/20/20131,500369 3,620 
River Aggregates, LLC
River Aggregates, LLC
Member Units
Member Units
Member Units
Robbins Bros. Jewelry, Inc.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 
Robbins Bros. Jewelry, Inc.
Robbins Bros. Jewelry, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
44,525
Tedder Industries, LLCTedder 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Preferred Member Units
Preferred Member Units
27,510
Televerde, LLCTeleverde, 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 
Preferred Stock
Preferred Stock
Preferred Stock
Member Units
2,008
Trantech Radiator Topco, LLCTrantech 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
12,489
Vision Interests, Inc.Vision Interests, Inc.Manufacturer / Installer of Commercial Signage
Series A Preferred Stock(8)12/23/20113,000,0003,000 3,000 
Series A Preferred Stock
Series A Preferred Stock
Series A Preferred Stock
Volusion, LLCVolusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt3/31/202310.00%3/31/20252,100 2,100 2,100 
Volusion, LLC
Volusion, LLC
Secured Debt
Secured Debt
Secured Debt
12

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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)
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 
Preferred Member Units
Preferred Member Units
Preferred Member Units
Preferred Member Units
Preferred Member Units
Common Stock
26,307
VVS Holdco LLCVVS 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
40,289
Ziegler’s NYPD, LLCZiegler’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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Warrants
7,634
Subtotal Control Investments (81.5% of net assets at fair value)
Affiliate Investments (6)Affiliate Investments (6)
AAC Holdings, Inc.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 
AAC Holdings, Inc.
AAC Holdings, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
Warrants
18,775
Boccella Precast Products LLCBoccella 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 
Secured Debt
Secured Debt
Secured Debt
Member Units
2,576
Buca C, LLCBuca C, LLCCasual Restaurant Group
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
21,750
Career Team Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
24,219
13

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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, 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 
Classic H&G Holdings, LLC
Classic H&G Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
28,755
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 
LP Interests (Congruent Credit Opportunities Fund
III, LP)
LP Interests (Congruent Credit Opportunities Fund
III, LP)
LP Interests (Congruent Credit Opportunities Fund
III, LP)
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 
DMA Industries, LLC
DMA Industries, LLC
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
24,638
Dos Rios PartnersDos Rios Partners(12) (13)Investment Partnership
LP Interests (Dos Rios Partners, LP)(30)4/25/201320.24%6,313 9,138 
LP Interests (Dos Rios Partners - A, LP)(30)4/25/20136.43%2,005 2,852 
8,318 11,990 
LP Interests (Dos Rios Partners, LP)
LP Interests (Dos Rios Partners, LP)
LP Interests (Dos Rios Partners, LP)
LP Interests (Dos Rios Partners - A, LP)
8,318
Dos Rios Stone Products LLCDos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining Quarries
Class A Preferred Units(29)6/27/20162,000,0002,000 1,580 
Class A Preferred Units
Class A Preferred Units
Class A Preferred Units
EIG Fund InvestmentsEIG Fund Investments(12) (13)Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) (30)11/6/20155,000,0001,021 974 
EIG Fund Investments
EIG Fund Investments
LP Interests (EIG Global Private Debt Fund-A, L.P.)
LP Interests (EIG Global Private Debt Fund-A, L.P.)
LP Interests (EIG Global Private Debt Fund-A, L.P.)
Flame King Holdings, LLCFlame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity(8)10/29/20219,36010,400 24,350 
Flame King Holdings, LLC
Flame King Holdings, LLC
Preferred Equity
Preferred Equity
Preferred Equity
Freeport Financial FundsFreeport Financial Funds(12) (13)Investment Partnership
Freeport Financial Funds
Freeport Financial Funds
LP Interests (Freeport Financial SBIC Fund LP)
LP Interests (Freeport Financial SBIC Fund LP)
LP Interests (Freeport Financial SBIC Fund LP)
LP Interests (Freeport First Lien Loan Fund III LP)
7,019
GFG Group, LLC
Secured Debt
Secured Debt
Secured Debt
14

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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 (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 
Preferred Member Units
Preferred Member Units
Preferred Member Units
14,207
Gulf Manufacturing, LLCGulf Manufacturing, LLC(13) (21)Manufacturer of Specialty Fabricated Industrial Piping Products  
Secured Debt
Secured Debt
Member Units
42,538
Harris Preston Fund InvestmentsHarris 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 
LP Interests (HPEP 3, L.P.)
LP Interests (HPEP 3, L.P.)
LP Interests (HPEP 3, L.P.)
LP Interests (HPEP 4, L.P.)
LP Interests (423 COR, L.P.)
LP Interests (423 HAR, L.P.)
8,219
Hawk Ridge Systems, LLCHawk 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Preferred Member Units
49,592
Houston Plating and Coatings, LLCHouston 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 
Unsecured Convertible Debt
Unsecured Convertible Debt
Unsecured Convertible Debt
Member Units
5,352
Independent Pet Partners Intermediate Holdings, LLC
Common Equity
Common Equity
Common Equity
Infinity X1 Holdings, LLCInfinity 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 
Infinity X1 Holdings, LLC
Infinity X1 Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
21,557
Integral Energy ServicesIntegral 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 
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
Common Stock
14,590
15

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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)
Common Stock8/20/20219,9681,356 820 
16,916 16,395 
Iron-Main Investments, LLCIron-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 
Iron-Main Investments, LLC
Iron-Main Investments, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
48,718
ITA Holdings Group, LLCITA 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Warrants
10,650
Johnson Downie Opco, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
27,697
OnAsset Intelligence, Inc.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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Unsecured Debt
Preferred Stock
Common Stock
Warrants
12,683
Oneliance, LLCOneliance, 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 
Secured Debt
Secured Debt
Secured Debt
Preferred Stock
6,462
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)Provider of Rigsite Accommodation Unit Rentals and Related Services
Preferred Member Units1/8/20132502,500 — 
Preferred Member Units
Preferred Member Units
Preferred Member Units
SI East, LLCSI 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 
SI East, LLC
SI East, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
16

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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)
Preferred Member Units
Preferred Member Units
Preferred Member Units
56,942
Slick Innovations, LLC
Secured Debt
Secured Debt
Secured Debt
Common Stock
18,679
Student Resource Center, LLC
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
4,884
Superior Rigging & Erecting Co.
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
24,938
The Affiliati Network, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Stock
Preferred Stock
13,708
UnionRock Energy Fund II, LP
LP Interests
LP Interests
LP Interests
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 
UnionRock Energy Fund III, LP
UnionRock Energy Fund III, LP
UnionRock Energy Fund III, LP
LP Interests
LP Interests
LP Interests
UniTek Global Services, Inc.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 
UniTek Global Services, Inc.
UniTek Global Services, Inc.
Secured Convertible Debt
Secured Convertible Debt
Secured Convertible Debt
Secured Convertible Debt
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock
Common Stock
19,171
Universal Wellhead Services Holdings, LLCUniversal 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)
June 30, 2023March 31, 2024
(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 (28)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)
Subtotal Affiliate Investments (25.0% of net assets at fair value)$539,826 $563,125 
Preferred Member Units
Preferred Member Units
Preferred Member Units
Member Units
5,032
Urgent DSO LLC
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
12,758
World Micro Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
15,879
Subtotal Affiliate Investments (26.5% of net assets at fair value)
Non-Control Investments (7)Non-Control Investments (7)
AB Centers Acquisition CorporationAB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
AB Centers Acquisition Corporation
AB Centers Acquisition Corporation
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
24,644
Acumera, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Warrants
24,382
Adams Publishing Group, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
28,446
ADS Tactical, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt (9) (25)9/6/2022 P+5.00%9/6/2028$— $(68)$(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 
AMEREQUIP LLC
AMEREQUIP LLC
AMEREQUIP LLC
Common Stock
Common Stock
Common Stock
38,387 39,072 
American Health Staffing Group, Inc.American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
American Health Staffing Group, Inc.
American Health Staffing Group, Inc.
18

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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 (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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
6,491
American Nuts, LLCAmerican 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
32,311
American Teleconferencing Services, Ltd.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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
16,747
ArborWorks, LLCArborWorks, 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
Preferred Equity
Common Equity
25,337
Archer Systems, LLCArcher 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 
Common Stock
Common Stock
Common Stock
53,571 54,665 
ATS Operating, LLCATS 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 
ATS Operating, LLC
ATS Operating, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
14,400
AVEX Aviation Holdings, LLCAVEX 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
24,655
Berry Aviation, Inc.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 
Preferred Member Units
Preferred Member Units
Preferred Member Units
Preferred Member Units
Preferred Member Units
293
19

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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)
Bettercloud, Inc.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 
Bettercloud, Inc.
Bettercloud, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
29,436
Binswanger Enterprises, LLCBinswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 180 
Member Units
Member Units
Member Units
Bluestem Brands, Inc.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 10/1/2020723,1842,265 
Warrants(27)10/19/2022163,29510/19/20321,036 510 
5,090 7,318 
Bluestem Brands, Inc.
Bluestem Brands, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
Warrants
7,434
Bond Brand Loyalty ULCBond 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
Common Equity
13,118
BP Loenbro Holdings Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
28,412
Brainworks Software, LLCBrainworks 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
7,817
Brightwood Capital Fund InvestmentsBrightwood 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 
LP Interests (Brightwood Capital Fund III, LP)
LP Interests (Brightwood Capital Fund III, LP)
LP Interests (Brightwood Capital Fund III, LP)
LP Interests (Brightwood Capital Fund IV, LP)
20

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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)
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 
LP Interests (Brightwood Capital Fund V, LP)
LP Interests (Brightwood Capital Fund V, LP)
LP Interests (Brightwood Capital Fund V, LP)
12,640
Burning Glass Intermediate Holding Company, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
20,025
CAI Software LLCCAI 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 
Preferred Equity
Preferred Equity
Preferred Equity
Preferred Equity
2,142
CaseWorthy, Inc.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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
14,144
Central Moloney, LLC
Secured Debt
Secured Debt
Secured Debt
14,226 14,343 
Channel Partners Intermediateco, LLCChannel 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 
Channel Partners Intermediateco, LLC
Channel Partners Intermediateco, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
44,306
Clarius BIGS, LLCClarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt (14) (17)9/23/201415.00%15.00%1/5/20152,696 2,696 22 
Secured Debt
Secured Debt
Secured Debt
Computer Data Source, LLCComputer 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 
Computer Data Source, LLC
Computer Data Source, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
22,780
Construction Supply Investments, LLCConstruction 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)
June 30, 2023March 31, 2024
(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 (28)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
Member Units
Member Units
Member Units 12/29/2016861,6183,335 24,435 
Corel Corporation
Corel Corporation
Corel Corporation
Secured Debt
Secured Debt
Secured Debt
CQ Fluency, LLC
CQ Fluency, LLC
CQ Fluency, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
10,822
Dalton US Inc.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 
Common Stock
Common Stock
Common Stock
17,587 18,019 
DTE Enterprises, LLCDTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
DTE Enterprises, LLC
DTE Enterprises, LLC
Class AA Preferred Member Units (non-voting)
Class AA Preferred Member Units (non-voting)
Class AA Preferred Member Units (non-voting)
Class A Preferred Member Units
2,092
Dynamic Communities, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
Preferred Equity
Common Equity
4,041
Eastern Wholesale Fence LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
27,692
Emerald Technologies Acquisition Co, Inc.
Secured Debt
Secured Debt
Secured Debt
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 Debt12/20/20227/17/2023
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)
June 30, 2023March 31, 2024
(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 (28)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 (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 
EnCap Energy Fund Investments
EnCap Energy Fund Investments
EnCap Energy Fund Investments
LP Interests (EnCap Energy Capital Fund VIII, L.P.)
LP Interests (EnCap Energy Capital Fund VIII, L.P.)
LP Interests (EnCap Energy Capital Fund VIII, L.P.)
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)
LP Interests (EnCap Energy Capital Fund IX, L.P.)
LP Interests (EnCap Energy Capital Fund X, L.P.)
LP Interests (EnCap Energy Capital Fund XII, L.P.)
LP Interests (EnCap Flatrock Midstream Fund II, L.P.)
LP Interests (EnCap Flatrock Midstream Fund III, L.P.)
27,775
Engineering Research & Consulting, LLCEngineering 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
16,396
Escalent, Inc.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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
26,216
Event Holdco, LLCEvent 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
48,493
Fuse, LLCFuse, 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 
Secured Debt
Secured Debt
Secured Debt
Common Stock
2,066
Garyline, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
32,665
GS HVAM Intermediate, LLCGS HVAM Intermediate, LLC(10)Specialized Food Distributor
23

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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 (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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
13,108
GULF PACIFIC ACQUISITION, LLCGULF 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
4,276
HDC/HW Intermediate HoldingsHDC/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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
2,945
HEADLANDS OP-CO LLCHEADLANDS 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
22,927
HOWLCO LLCHOWLCO 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 
Secured Debt
Secured Debt
Secured Debt
Hybrid Promotions, LLCHybrid 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 
Hybrid Promotions, LLC
Hybrid Promotions, LLC
Secured Debt
Secured Debt
Secured Debt
IG Parent CorporationIG 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 
IG Parent Corporation
IG Parent Corporation
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
15,087
Imaging Business Machines, L.L.C.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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
24

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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)
22,471
22,471
22,471
Implus Footcare, LLCImplus 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 
Secured Debt
Secured Debt
Secured Debt
21,006 20,993 
Infolinks Media Buyco, LLCInfolinks 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 
Infolinks Media Buyco, LLC
Infolinks Media Buyco, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
9,048
Insight Borrower Corporation
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
14,527
Inspire Aesthetics Management, LLCInspire 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
11,200
Interface Security Systems, L.L.CInterface 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
9,072
Intermedia Holdings, Inc.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 
Secured Debt
Secured Debt
Secured Debt
Invincible Boat Company, LLC.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 
Invincible Boat Company, LLC.
Invincible Boat Company, LLC.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
16,858
INW Manufacturing, LLCINW 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 
Secured Debt
Secured Debt
Secured Debt
25

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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)
Isagenix International, LLCIsagenix 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 
Isagenix International, LLC
Common Equity4/13/2023186,322— — 
2,050 2,074 
Isagenix International, LLC
Secured Debt
Secured Debt
Secured Debt
Common Equity
2,696
Jackmont Hospitality, Inc.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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
3,027
Joerns Healthcare, LLCJoerns 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
Common Stock
9,981
JTI Electrical & Mechanical, LLCJTI 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
47,553
KMS, LLCKMS, 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
8,355
Lightbox Holdings, L.P.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 
Secured Debt
Secured Debt
Secured Debt
LKCM Headwater Investments I, L.P.LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests (8) (30)1/25/20132.27%1,746 3,354 
LKCM Headwater Investments I, L.P.
LKCM Headwater Investments I, L.P.
LP Interests
LP Interests
LP Interests
LL Management, Inc.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 
LL Management, Inc.
LL Management, Inc.
Secured Debt
Secured Debt
Secured Debt
26

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
29,554
LLFlex, LLCLLFlex, 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 
Secured Debt
Secured Debt
Secured Debt
Logix Acquisition Company, LLCLogix 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 
Logix Acquisition Company, LLC
Logix Acquisition Company, LLC
Secured Debt
Secured Debt
Secured Debt
Looking Glass Investments, LLCLooking Glass Investments, LLC(12) (13)Specialty Consumer Finance
Member Units7/1/20153125 25 
Looking Glass Investments, LLC
Looking Glass Investments, LLC
Member Units
Member Units
Member Units
Mako Steel, LPMako Steel, LP(10)Self-Storage Design & Construction
Mako Steel, LP
Mako Steel, LP
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
19,078
Microbe Formulas, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
21,825
Mills Fleet Farm Group, LLC
Secured Debt
Secured Debt
Secured Debt
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 
Mini Melts of America, LLC
Mini Melts of America, LLC
Mini Melts of America, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
11,592
MonitorUS Holding, LLCMonitorUS 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)— 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
27

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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 (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 
Unsecured Debt
Unsecured Debt
Unsecured Debt
Common Stock
32,290
NinjaTrader, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
28,462
Obra Capital, IncObra Capital, Inc(11)Alternative Asset Manager
Secured Debt(28)10/10/201911.22%SF+6.00%10/1/202618,230 17,243 13,763 
Secured Debt
Secured Debt
Secured Debt
Ospemifene Royalty Sub LLCOspemifene 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 
Ospemifene Royalty Sub LLC
Ospemifene Royalty Sub LLC
Secured Debt
Secured Debt
Secured Debt
21,571 22,129 
Power System SolutionsPower 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 
Power System Solutions
Power System Solutions
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
25,074
PrimeFlight Aviation ServicesPrimeFlight 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
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
9,225
PTL US Bidco, Inc
Secured Debt
Secured Debt
Secured Debt
Secured Debt
24,300
Purge Rite, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
12,859
RA Outdoors LLC
Secured Debt
Secured Debt
Secured Debt
28

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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
Secured Debt
Secured Debt
14,561
Research Now Group, Inc. and Survey Sampling International, LLC
Secured Debt
Secured Debt
Secured Debt
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 
Richardson Sales Solutions
Richardson Sales Solutions
Richardson Sales Solutions
Secured Debt
Secured Debt
Secured Debt
Secured Debt
40,324
Roof Opco, LLCRoof 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
6,659
RTIC Subsidiary Holdings, LLCRTIC 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
16,820
Rug Doctor, LLC.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
Secured Debt
Secured Debt
Secured Debt
Secured Debt
13,683
South Coast Terminals Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Equity
33,704
SPAU Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
17,038
Stellant Systems, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
16,837
29

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 (28)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 (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, LLCTeam 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 
Team Public Choices, LLC
Team Public Choices, LLC
Secured Debt
Secured Debt
Secured Debt
Tectonic Financial, LLCTectonic Financial, LLCFinancial Services Organization
Common Stock(8)5/15/2017200,0002,000 5,170 
Tectonic Financial, LLC
Tectonic Financial, LLC
Common Stock
Common Stock
Common Stock
Tex Tech Tennis, LLCTex Tech Tennis, LLC(10)Sporting Goods & Textiles
Tex Tech Tennis, LLC
Tex Tech Tennis, LLC
Preferred Equity
Preferred Equity
Preferred Equity
Preferred Equity(29)7/7/20211,000,0001,000 2,040 
Titan Meter Midco Corp.
Titan Meter Midco Corp.
Titan Meter Midco Corp.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Equity
34,102
U.S. TelePacific Corp.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
3,677
USA DeBusk LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
36,237
UserZoom Technologies, Inc.
Secured Debt
Secured Debt
Secured Debt
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Veregy Consolidated, Inc.
Veregy Consolidated, Inc.
Veregy Consolidated, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
17,194
Vistar Media, Inc.
Preferred Stock
Preferred Stock
Preferred Stock
Secured Debt (9) (28)6/1/20236.00%SF+1.00%6.00%5/2/20279,457 3,903 3,924 
Vitesse Systems
Vitesse Systems
Vitesse Systems
Secured Debt
Secured Debt
Secured Debt
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)
June 30, 2023March 31, 2024
(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 (28)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(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, LLCVORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity(8)11/30/20211,038,4621,038 3,810 
VORTEQ Coil Finishers, LLC
VORTEQ Coil Finishers, LLC
Common Equity
Common Equity
Common Equity
Wall Street Prep, Inc.Wall Street Prep, Inc.(10)Financial Training Services
Wall Street Prep, Inc.
Wall Street Prep, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
4,030
Watterson Brands, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
30,833
West Star Aviation Acquisition, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Common Stock
19,589
Winter Services LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
19,395
Xenon Arc, Inc.
Secured Debt
Secured Debt
Secured Debt
Secured Debt
60,943
YS Garments, LLC
Secured Debt
Secured Debt
Secured Debt
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)— 
Zips Car Wash, LLC
Zips Car Wash, LLC
Zips Car Wash, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(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 
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)
21,626 21,381 
Short-term portfolio investments(39)
Secured Debt8.68%103,103 103,308 103,383 
Subtotal Non-Control/Non-Affiliate Investments (72.8% of net assets at fair value)$1,879,039 $1,830,866 
Total Portfolio Investments, March 31, 2024 (180.8% of net assets at fair value)$3,947,530 $4,548,027 
Money market funds (included in cash and cash equivalents) (31)
Dreyfus Government Cash Management (36)$45,214 $45,214 
Fidelity Government Fund (37)3,566 3,566 
Fidelity Treasury (38)3,079 3,079 
Total money market funds$51,859 $51,859 
32

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(dollars in thousands)
(Unaudited)
___________________
(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — DeferredSummary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.
(3)See Note C—Fair Value Hierarchy for Investments—Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5)Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(6)Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(8)Income producing through dividends or distributions.
(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 91%93% of the loans (based on the par amount) contain LIBOR or Term SOFR (“SOFR”) floors which range between 0.50% and 2.00%5.25%, with a weighted-average floor of 1.08%1.21%.
(10)Private Loan portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Private Loan portfolio investments.
(11)Middle Market portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Middle Market portfolio investments.
(12)Other Portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Other Portfolio investments.
(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)Non-accrual and non-income producing debt investment.
(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(16)External Investment Manager. Investment is not encumbered as security for the Company's Credit Facilities or in support of the SBA-guaranteed debentures issued by the Funds.
(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of June 30, 2023.March 31, 2024.
(20)All portfolio company headquarters are based in the United States, unless otherwise noted.
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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023March 31, 2024
(dollars in thousands)
(Unaudited)
(21)Portfolio company headquarters are located outside of the United States.
(22)In connection withThe Company has entered into an intercreditor agreement that entitles the Company's debt investment in Staples Canada ULC and in an attemptCompany to mitigate any potential adverse change in foreign exchange rates during the term“last out” tranche of the Company’s investment,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 maintainsreceives a forward foreign currency contract with Cadence Bank to lend $15.5 million Canadian Dollarshigher interest rate than the contractual stated interest rate of SOFR+8.09% (Floor 1.50%) per the credit agreement and receive $12.0 million U.S. Dollars with a settlement datethe Consolidated Schedule of September 14, 2023. The unrealized appreciation on the forward foreign currency contract was $0.3 million as of June 30, 2023.Investments above reflects such higher rate.
(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of 11.25%12.45% 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 June 30, 2023.March 31, 2024. The position may earn a nominal unused facility fee on committed amounts.
(26)Warrants areEach new draw or funding on the facility has a different floating rate reset date. The rate presented in equivalent units withrepresents a strike priceweighted-average rate for borrowings under the facility, as of $14.28 per unit.March 31, 2024.
(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
(28)A majority of the variable rate loans in the Company’s investment portfolioInvestment Portfolio (defined below) 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 June 30, 2023,March 31, 2024, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%0.43%.
(29)Shares/Units represent ownership in a related Real Estate or HoldCo entity.
(30)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(31)Short-term portfolio investments. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of short-term portfolio investments.Money market fund interests included in cash and cash equivalents.
(32)As of June 30, 2023, borrowings under the loan facility bore interest at SOFR+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 June 30, 2023.
(33)As of June 30, 2023, borrowings under the loan facility bore interest at SOFR+6.25% (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.
(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 June 30, 2023.March 31, 2024.
(35)As of June 30, 2023, borrowings under the loan facility bore interest at SOFR+8.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of June 30, 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.
34

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
June 30, 2023
(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)(33)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.
(42)(34)Index based floating interest rate is subject to contractual maximum base rate of 2.00%1.50%.
(43)(35)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.
(44)(36)The Company has entered into an intercreditor agreement that entitlesEffective yield as of March 31, 2024 was approximately 4.94% on the CompanyDreyfus Government Cash Management.
(37)Effective yield as of March 31, 2024 was approximately 4.97% on the Fidelity Government Fund.
(38)Effective yield as of March 31, 2024 was approximately 4.95% on the Fidelity Treasury.
(39)Short-term portfolio investments. See Note C—Fair Value Hierarchy for Investments and Debentures—Portfolio Composition for a description of short-term portfolio investments. Short-term portfolio investments bear interest at index based floating interest rates which range from SOFR plus 2.75% to the “last out” trancheSOFR plus 4.00%, with SOFR floors which range from 0% to 0.75% (with a weighted average SOFR floor of the first lien secured loans, whereby the “first out” tranche will receive priorityapproximately 0.39%) and resulting interest rates which range from 8.08% to 9.44% as to the “last out” trancheof March 31, 2024, with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual statedweighted-average interest rate of SOFR+8.00% (Floor 1.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.8.68%.


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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
December 31, 20222023
(dollars in thousands)

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)
Control Investments (5)
Analytical Systems Keco Holdings, LLCAnalytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(9) (25)8/16/2019L+10.00%8/16/2024$— $(3)$(3)
Analytical Systems Keco Holdings, LLC
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 
Analytical Systems Keco Holdings, LLC
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Preferred Member Units
Warrants
10,246
ASC Interests, LLCASC 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
Member Units
3,727
ATS Workholding, LLCATS 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Member Units
8,647
Barfly Ventures, LLCBarfly 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 
Secured Debt
Secured Debt
Secured Debt
Member Units
2,295
Batjer TopCo, LLCBatjer 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 
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Secured Debt
Preferred Stock
14,867
Bolder Panther Group, LLCBolder 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 
Secured Debt
Secured Debt
Secured Debt
Class B Preferred Member Units
110,078
Brewer Crane Holdings, LLCBrewer 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 
35

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

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)1/9/201815.46%L+10.00%1/9/20255,498 5,498 5,498 
Preferred Member Units(8)1/9/20182,9504,280 5,620 
9,778 11,118 
Bridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions Provider
Secured Debt7/25/201613.00%12/11/20248,813 8,813 8,813 
Secured Debt7/25/201613.00%12/11/20241,000 1,000 1,000 
Warrants(27)7/25/2016827/25/20262,132 4,290 
Preferred Member Units(8) (29)7/25/201617,7421,000 1,000 
12,945 15,103 
Café Brazil, LLCCasual Restaurant Group
Member Units(8)6/9/20061,2331,742 1,980 
California Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt(8) (9)3/30/201815.69%SF+10.00%7/29/202628,000 27,965 27,655 
Preferred Member Units(8)7/31/20193,67115.00%15.00%4,601 4,601 
Preferred Member Units(8)3/30/20186,15710,775 15,695 
43,341 47,951 
CBT Nuggets, LLCProduces and Sells IT Training Certification Videos
Member Units(8)6/1/20064161,300 50,130 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt(9) (25)1/4/2019SF+9.00%1/4/2026— — — 
Secured Debt(9)1/4/201914.48%SF+9.00%1/4/202617,574 17,512 17,574 
Preferred Member Units1/4/201913,3096,122 11,040 
23,634 28,614 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (25)2/26/2018SF+6.00%2/26/2026— (195)— 
Secured Debt(9)2/26/201813.49%SF+8.00%2/26/202615,620 15,617 15,620 
Member Units(8)2/26/20184,34711,440 29,320 
Member Units(8) (29)11/2/20181,047,1461,773 2,860 
28,635 47,800 
Charps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202010.00%1/31/20265,694 4,678 5,694 
Preferred Member Units(8)2/3/20171,8291,963 15,690 
6,641 21,384 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt(25)10/28/20221/15/2024— — — 
36

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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
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 Debt12/20/201611.50%1/15/20248,560 8,560 8,422 
Secured Debt12/20/201610.00%12/20/20361,013 1,004 1,004 
Member Units(8)12/20/20167177,280 5,200 
Member Units(29)12/20/2016800509 1,129 
17,353 15,755 
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(25)3/6/202012/17/2026— (11)— 
Secured Debt3/6/202012.50%12/17/202642,073 42,042 42,073 
Preferred Member Units(8) (29)3/6/20205878,317 72,470 
50,348 114,543 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(25)3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/202622,050 21,946 21,627 
Preferred Member Units6/27/2023960960 2,400 
Preferred Member Units3/31/202117,2807,680 7,680 
30,586 31,707 
CompareNetworks Topco, LLCInternet Publishing and Web Search Portals
Secured Debt(9) (17) (25)1/29/2019SF+9.00%1/29/2022— — — 
Secured Debt(9)1/29/201914.48%SF+9.00%1/29/20243,454 3,454 3,454 
Preferred Member Units(8)1/29/20191,9751,975 14,450 
5,429 17,904 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt(25)11/22/202311/22/2028— — — 
Secured Debt11/22/202313.50%11/22/202817,200 17,034 17,034 
Preferred Equity11/22/20237,4547,454 7,454 
24,488 24,488 
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(8) (30)7/17/201738.75%568 568 
Cybermedia Technologies, LLCIT and Digital Services Provider
Secured Debt(25)5/5/20235/5/2028— — — 
Secured Debt5/5/202313.00%5/5/202828,638 28,389 28,389 
Preferred Member Units5/5/202355615,000 15,000 
43,389 43,389 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025450 447 447 
Secured Debt3/31/202110.00%12/31/20258,352 8,073 7,587 
Preferred Member Units3/31/20219,0002,610 70 
37

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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) (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 
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)
11,130 8,104 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt(9)4/1/201815.38%SF+10.00%4/27/202614,873 14,758 14,690 
Preferred Member Units(8)4/1/20183,8579,501 9,835 
24,259 24,525 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt2/13/201814.00%2/13/20261,233 1,174 1,233 
Secured Debt12/27/202214.00%2/13/202625,543 25,457 25,543 
Preferred Stock(8)2/13/20188,4008,400 20,740 
35,031 47,516 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt(9) (25)10/3/2022SF+6.00%10/3/2027— (7)(7)
Secured Debt10/3/202212.00%10/3/202718,773 18,632 18,632 
Secured Debt10/3/20229.00%10/3/20526,313 6,252 6,252 
Common Stock10/3/20222855,726 6,090 
Common Stock(29)10/3/20229391,558 1,670 
32,161 32,637 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt(9) (25) (41)6/24/2016SF+7.50%1/1/2028— — — 
Secured Debt(9) (41)12/15/202210.50%SF+7.50%1/1/202854,078 53,813 54,078 
Member Units(8)6/24/20169,04217,692 96,710 
71,505 150,788 
Garreco, LLCManufacturer and Supplier of Dental Products
Secured Debt(9) (42)7/15/20139.50%SF+8.00%1/31/20243,088 3,088 3,088 
Member Units7/15/20131,2001,200 1,580 
4,288 4,668 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/21/201811.48%SF+6.00%10/29/20262,400 2,394 2,400 
Secured Debt12/19/201413.48%SF+8.00%10/29/202640,493 40,360 40,493 
Member Units12/19/20145,87913,065 44,440 
55,819 87,333 
Gulf Manufacturing, LLCManufacturer of Specialty Fabricated Industrial Piping Products
Member Units(8)8/31/20074382,980 9,070 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
38

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)9/29/2017SF+9.50%7/1/2027— — — 
Secured Debt7/1/202212.50%7/1/20272,400 2,400 2,284 
Preferred Equity7/1/202263,7205,600 2,460 
Member Units4/29/20163,6813,681 — 
11,681 4,744 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(8) (30)10/1/201749.26%3,345 6,050 
LP Interests (2717 HPP-MS, L.P.)(30)3/11/202249.26%248 315 
3,593 6,365 
Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock6/4/2010107,456718 4,660 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt(25)6/21/20236/21/2028— (35)(35)
Secured Debt6/21/202313.00%6/21/202837,264 36,934 36,934 
Common Equity6/21/202314,40014,400 14,400 
51,299 51,299 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt(17) (25)8/29/2017P+6.75%11/14/2023— — — 
Secured Debt(9) (17)11/14/200615.25%P+6.75%11/14/20231,998 1,998 1,998 
Member Units(8)11/14/2006627811 12,420 
2,809 14,418 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202725,650 25,483 25,483 
Preferred Equity(8)3/28/2022107,40610,741 10,741 
36,224 36,224 
KBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
Secured Debt2/24/20239.00%2/24/20284,700 4,662 4,700 
Member Units(8)1/23/2006325783 22,770 
5,445 27,470 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/202619,799 19,774 19,774 
Secured Debt10/31/20189.00%10/31/20483,840 3,805 3,805 
Preferred Equity10/31/201858112,240 9,690 
Member Units(29)10/31/2018800992 2,730 
36,811 35,999 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
39

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)10/19/202210/19/2024— — — 
Secured Debt10/19/202212.75%10/19/202723,802 23,623 23,623 
Preferred Equity(8)10/19/20225,915,5858.00%8.00%6,035 6,035 
Common Stock10/19/20221,537,2191,537 1,500 
31,195 31,158 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt(17)8/31/201513.00%12/31/20225,400 5,400 5,022 
Preferred Member Units3/15/201966,0004,400 330 
Preferred Member Units9/1/20154,0006,000 — 
15,800 5,352 
MS 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 14,527 
14,250 14,527 
MS Private Loan Fund II, LP(12) (13)Investment Partnership
Secured Debt(9)9/5/20238.88%SF+3.50%9/5/202523,500 23,367 23,367 
LP Interests(30)9/5/202313.37%1,561 1,561 
24,928 24,928 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013100%29,500 174,063 
MSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity(8)5/2/20221,290,26710,000 10,025 
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 26,390 
8,466 32,136 
NAPCO Precast, LLCPrecast Concrete Manufacturing
Member Units1/31/20082,9552,975 11,730 
Nebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider
Secured Debt(9) (25)12/31/2020SF+7.00%12/31/2025— — — 
Secured Debt12/31/202012.00%12/31/202525,794 25,673 25,794 
Secured Debt12/31/202012.00%12/31/202510,500 10,456 10,500 
Preferred Member Units(8)12/31/20206,9876,987 15,020 
43,116 51,314 
40

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt(25)2/28/20182/28/2025— — — 
Secured Debt2/28/201810.00%2/28/20259,811 9,751 9,751 
Preferred Member Units(8)2/28/2018103,144,1868,213 6,350 
17,964 16,101 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies
Secured Debt12/21/201712.00%3/20/20252,080 2,080 2,080 
Member Units12/22/201165,962114 53 
Member Units(8)12/22/20113,603 1,466 
5,797 3,599 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/201711.98%SF+6.50%1/31/20253,600 3,600 3,600 
Secured Debt1/31/201712.00%1/31/202518,440 18,426 18,426 
Preferred Member Units11/2/20222,0622,062 5,150 
Preferred Member Units1/31/201740610,200 9,240 
34,288 36,416 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%8/31/202612,750 12,682 12,750 
Preferred Member Units(8)4/1/20089001,080 36,380 
13,762 49,130 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt(9) (25)7/30/2021SF+11.00%7/31/2026— — — 
Secured Debt(9)7/30/202116.48%SF+11.00%7/31/202622,040 21,925 22,040 
Preferred Stock(8) (29)7/30/202110,00010,000 17,050 
31,925 39,090 
Pearl Meyer Topco LLCProvider of Executive Compensation Consulting Services
Secured Debt4/27/202012.00%12/31/20273,500 3,497 3,500 
Secured Debt4/27/202012.00%12/31/202720,000 19,956 20,000 
Secured Debt4/27/202012.00%12/31/202727,681 27,601 27,681 
Preferred Equity(8)4/27/202015,06113,000 44,090 
64,054 95,271 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt12/21/20238.00%12/31/2028460 444 444 
Secured Debt12/21/202313.00%12/31/202830,640 30,339 30,339 
Preferred Equity12/21/202344012,540 12,540 
43,323 43,323 
PPL RVs, Inc.Recreational Vehicle Dealer
41

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)10/31/2019SF+8.75%11/15/2027— (7)— 
Secured Debt(9)11/15/201614.23%SF+8.75%11/15/202719,877 19,697 19,877 
Common Stock6/10/20102,0002,150 16,980 
Common Stock(29)6/14/2022238,421238 368 
22,078 37,225 
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt(25)2/1/201111/15/2026— — — 
Secured Debt7/1/201113.00%11/15/20265,897 5,829 5,829 
Preferred Member Units(8)2/1/201121,8065,709 10,750 
Common Stock1/27/20211,0371,200 510 
12,738 17,089 
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 3,710 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(25)12/15/202112/15/2026— (26)(26)
Secured Debt12/15/202112.50%12/15/202634,110 33,909 30,798 
Preferred Equity12/15/202111,07011,070 — 
44,953 30,772 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(17)8/31/201812.00%8/31/20231,840 1,840 1,726 
Secured Debt(17)8/31/201812.00%8/31/202315,200 15,200 14,262 
Preferred Member Units8/28/20236,605661 — 
Preferred Member Units2/1/20235,643564 — 
Preferred Member Units8/31/20185449,245 — 
27,510 15,988 
Televerde, LLCProvider of Telemarketing and Data Services
Preferred Stock1/26/2022248718 1,794 
Member Units(8)1/6/20114601,290 4,734 
2,008 6,528 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(25)5/31/20195/31/2024— (1)— 
Secured Debt5/31/201912.00%5/31/20247,920 7,911 7,920 
Common Stock(8)5/31/20196154,655 12,740 
42

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)
12,565 20,660 
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 
Preferred Member Units3/31/20235,097,5958,646 7,250 
Preferred Member Units3/31/2023142,512— — 
Preferred Member Units1/26/20154,876,67014,000 — 
Common Stock3/31/20231,802,7802,576 — 
27,322 9,350 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt(9) (17) (25)12/1/2021SF+6.00%12/1/2023— — — 
Secured Debt12/1/202111.50%12/1/202628,200 28,035 28,035 
Preferred Equity(8) (29)12/1/202112,24012,240 12,240 
40,275 40,275 
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 2,080 
Preferred Member Units6/30/201510,0722,834 — 
Warrants(27)7/1/201558710/1/2025600 — 
7,634 3,475 
Subtotal Control Investments (81.0% of net assets at fair value)$1,435,131 $2,006,698 
Affiliate Investments (6)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt1/31/202318.00%18.00%6/25/2025$423 $419 $418 
Secured Debt12/11/202018.00%18.00%6/25/202514,053 13,970 13,895 
Common Stock12/11/2020593,9283,148 — 
Warrants(27)12/11/2020554,35312/11/2025— — 
17,537 14,313 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027320 320 320 
Member Units6/30/20172,160,0002,256 1,990 
2,576 2,310 
Buca C, LLCCasual Restaurant Group
Secured Debt(17)6/30/201512.00%8/31/202316,980 16,980 12,144 
Preferred Member Units6/30/201566.00%6.00%4,770 — 
43

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)
21,750 12,144 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9)12/17/202111.38%SF+6.00%12/17/2026900 881 881 
Secured Debt12/17/202113.00%12/17/202620,025 19,906 19,906 
Common Stock12/17/2021450,0004,500 4,500 
25,287 25,287 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/202011.69%SF+6.00%3/12/20254,560 4,560 4,560 
Secured Debt3/12/20208.00%3/12/202519,274 19,224 19,274 
Preferred Member Units(8)3/12/20201545,760 16,000 
29,544 39,834 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund
  III, LP)
(8) (30)2/4/201512.49%4,778 4,352 
DMA Industries, LLCDistributor of aftermarket ride control products
Secured Debt11/19/202112.00%11/19/202618,800 18,685 18,800 
Preferred Equity11/19/20215,9445,944 7,660 
24,629 26,460 
Dos Rios Partners(12) (13)Investment Partnership
LP Interests (Dos Rios Partners, LP)(30)4/25/201320.24%6,313 8,443 
LP Interests (Dos Rios Partners - A, LP)(30)4/25/20136.43%2,005 2,631 
8,318 11,074 
Dos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining Quarries
Class A Preferred Units(29)6/27/20162,000,0002,000 1,580 
EIG Fund Investments(12) (13)Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.)(8) (30)11/6/20155,000,000808 760 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity(8)10/29/20219,36010,400 27,900 
Freeport Financial Funds(12) (13)Investment Partnership
44

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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
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%2,859 3,012 
LP Interests (Freeport First Lien Loan Fund III LP)(8) (30)7/31/20155.95%4,160 3,704 
7,019 6,716 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%3/31/20269,345 9,302 9,345 
Preferred Member Units(8)3/31/20212264,900 11,460 
14,202 20,805 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.)(30)8/9/20178.22%2,296 4,225 
LP Interests (HPEP 4, L.P.)(30)7/12/202211.61%3,773 3,773 
LP Interests (423 COR, L.P.)(8) (30)6/2/202222.93%1,400 1,869 
LP Interests (423 HAR, L.P.)(30)6/2/202315.60%750 996 
8,219 10,863 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201611.65%SF+6.00%1/15/20261,974 1,972 1,974 
Secured Debt12/2/201612.50%1/15/202645,256 45,144 45,256 
Preferred Member Units12/2/20162262,850 17,460 
Preferred Member Units(29)12/2/2016226150 920 
50,116 65,610 
Houston Plating and Coatings, LLCProvider of Plating and Industrial Coating Services
Unsecured Convertible Debt5/1/20178.00%10/2/20243,000 3,000 2,880 
Member Units(8)1/8/2003322,2972,352 3,340 
5,352 6,220 
I-45 SLF LLC(12) (13)Investment Partnership
Member Units (Fully diluted 20.0%; 21.75% profits
  interest)
(8)10/20/201520,200 13,490 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/202318,006,40718,300 17,690 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202313.00%3/31/202817,550 17,403 17,403 
45

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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 Equity3/31/202380,0004,000 4,000 
21,403 21,403 
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202113.16%SF+7.50%8/20/202614,485 14,323 13,891 
Preferred Equity12/7/20233,18810.00%10.00%227 300 
Common Stock8/20/20219,9681,356 160 
15,906 14,351 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.50%1/31/20284,514 4,487 4,487 
Secured Debt9/1/202113.50%1/31/20282,940 2,922 2,922 
Secured Debt11/15/202113.50%1/31/20288,944 8,944 8,944 
Secured Debt11/15/202113.50%1/31/202819,624 19,503 19,503 
Secured Debt1/31/202313.50%1/31/202810,562 10,273 10,273 
Common Stock8/3/2021203,0162,756 2,680 
48,885 48,809 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt(9)6/21/202316.59%SF+9.00%2.00%6/21/2027826 816 816 
Secured Debt(9)6/21/202316.59%SF+9.00%2.00%6/21/2027711 697 697 
Secured Debt(9)6/21/202315.59%SF+8.00%2.00%6/21/20274,362 3,430 3,430 
Secured Debt(9)6/21/202317.59%SF+10.00%2.00%6/21/20274,362 3,430 3,430 
Warrants(27)6/21/2023193,3076/21/20332,091 2,091 
10,464 10,464 
Johnson Downie Opco, LLCExecutive Search Services
Secured Debt(25)12/10/202112/10/2026— (18)— 
Secured Debt12/10/202115.00%12/10/202624,207 24,066 24,207 
Preferred Equity12/10/20213,3103,635 9,620 
27,683 33,827 
OnAsset Intelligence, Inc.Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt(14)4/18/201112.00%12.00%12/31/20244,415 4,415 1,493 
Secured Debt(14)5/10/201312.00%12.00%12/31/20242,116 2,116 716 
Secured Debt(14)3/21/201412.00%12.00%12/31/2024983 983 332 
Secured Debt(14)5/20/201412.00%12.00%12/31/2024964 964 326 
Unsecured Debt(14)6/5/201710.00%10.00%12/31/2024305 305 305 
Preferred Stock4/18/20119127.00%7.00%1,981 — 
Common Stock4/15/2021635830 — 
Warrants(27)4/18/20114,6995/10/20251,089 — 
12,683 3,172 
Oneliance, LLCConstruction Cleaning Company
Secured Debt(9) (17) (25)8/6/2021SF+11.00%8/6/2023— — — 
Secured Debt(9)8/6/202116.48%SF+11.00%8/6/20265,440 5,411 5,350 
46

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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 Stock8/6/20211,1281,128 1,128 
6,539 6,478 
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 Debt8/31/201811.25%6/16/20281,125 1,108 1,125 
Secured Debt(23)6/16/202312.47%6/16/202854,536 54,295 54,536 
Preferred Member Units(8)8/31/20181651,525 19,170 
56,928 74,831 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/202711,440 11,345 11,440 
Common Stock9/13/201870,000456 2,310 
11,801 13,750 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt(14)12/31/20228.50%8.50%12/31/20275,327 4,884 3,190 
Preferred Equity12/31/20225,907,649— — 
4,884 3,190 
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services
Secured Debt8/31/202012.00%8/31/202520,500 20,427 20,427 
Preferred Member Units8/31/20201,6364,500 5,940 
24,927 26,367 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt8/9/202113.00%8/9/2026160 150 150 
Secured Debt8/9/202113.00%8/9/20267,521 7,475 7,347 
Preferred Stock9/1/2023172,110172 172 
Preferred Stock(8)8/9/20211,280,0006,400 6,400 
14,197 14,069 
UnionRock Energy Fund II, LP(12) (13)Investment Partnership
LP Interests(30)6/15/202011.11%3,719 5,694 
UnionRock Energy Fund III, LP(12) (13)Investment Partnership
LP Interests(30)6/6/202325.00%2,493 2,838 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services
Secured Convertible Debt1/1/202115.00%15.00%6/30/20281,714 1,714 3,889 
Secured Convertible Debt1/1/202115.00%15.00%6/30/2028840 840 1,908 
47

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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 Stock(8)8/29/20191,133,10220.00%20.00%2,609 2,833 
Preferred Stock8/21/20181,521,12220.00%20.00%2,188 3,698 
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— — 
18,942 12,328 
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%1,032 150 
Member Units(29)12/7/20164,000,0004,000 — 
5,032 150 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202213.00%12/12/202712,123 12,028 12,028 
Preferred Equity(8)12/12/20223,8453,845 3,845 
15,873 15,873 
Subtotal Affiliate Investments (24.8% of net assets at fair value)$575,894 $615,002 
Non-Control Investments (7)
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
Secured Debt(9) (25)9/6/2022P+5.00%9/6/2028$— $(62)$— 
Secured Debt(9)9/6/202211.43%SF+6.00%9/6/20281,921 1,894 1,921 
Secured Debt(9)9/6/202211.43%SF+6.00%9/6/202819,817 19,303 19,817 
Secured Debt(9)6/21/202311.43%SF+6.00%9/6/20281,372 1,305 1,372 
22,440 23,110 
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt(9) (25)6/7/2023SF+7.50%6/7/2028— (2)(2)
Secured Debt(9)6/7/202312.98%SF+7.50%6/7/202824,796 24,526 24,796 
Warrants(43)6/7/202317,5255/19/2028— 110 
24,524 24,904 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt(9) (41)3/11/202211.00%SF+7.00%1.00%3/11/20277,841 7,841 7,684 
Secured Debt(9) (41)3/11/202211.00%SF+7.00%1.00%3/11/202721,207 21,168 20,784 
29,009 28,468 
ADS Tactical, Inc.(11)Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt(9)3/29/202111.22%SF+5.75%3/19/202610,952 10,856 10,860 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
48

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)8/31/2022SF+7.40%8/31/2027— (108)(108)
Secured Debt(9)8/31/202212.76%SF+7.40%8/31/202728,422 28,018 28,422 
Common Stock(8)8/31/20222351,844 2,120 
29,754 30,434 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (25)11/19/2021P+5.00%11/19/2026— (8)(8)
Secured Debt(9)11/19/202113.50%P+5.00%11/19/20266,550 6,512 6,550 
6,504 6,542 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/11/202215.29%SF+9.75%15.29%4/10/20266,462 6,413 5,495 
Secured Debt(9)3/11/202215.29%SF+9.75%15.29%4/10/202610,507 10,413 8,922 
Secured Debt(9) (14)3/11/202217.29%SF+11.75%17.29%4/10/20265,705 5,645 3,369 
Secured Debt(9) (14)3/11/202217.29%SF+11.75%17.29%4/10/20269,283 9,169 5,482 
31,640 23,268 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt(14) (17)9/17/20214/7/20232,980 2,980 134 
Secured Debt(14) (17)5/19/20166/8/202314,370 13,706 647 
16,686 781 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt11/6/202315.00%15.00%11/6/20281,907 1,907 1,907 
Secured Debt(9)11/6/202312.04%SF+6.50%12.04%11/6/20287,149 7,149 7,149 
Preferred Equity11/6/202332,50714,060 14,060 
Preferred Equity11/6/202332,507— — 
Common Equity11/9/20213,898234 — 
23,350 23,116 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock8/11/20221,387,8321,388 2,230 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9)1/18/202212.16%SF+6.50%1/18/2027360 360 360 
Secured Debt(9)1/18/202211.16%SF+5.50%1/18/20276,660 6,660 6,660 
Secured Debt(9)1/18/202213.16%SF+7.50%1/18/20276,660 6,660 6,660 
Common Stock1/18/2022720,000720 670 
14,400 14,350 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt(9) (25)12/23/2022SF+7.25%12/23/2027— (120)(38)
Secured Debt(9)12/23/202212.76%SF+7.25%12/23/202724,602 23,816 24,080 
Common Equity(8)12/15/2021984965 892 
24,661 24,934 
49

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units(29)11/12/2019122,416— 200 
Preferred Member Units(8) (29)7/6/20181,548,387— 2,560 
— 2,760 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt(9) (25)6/30/2022SF+7.25%6/30/2028— (62)(62)
Secured Debt(9)6/30/202212.64%SF+7.25%6.25%6/30/202829,403 29,006 27,550 
28,944 27,488 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 120 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)10/19/202216.00%P+7.50%15.00%8/28/20251,885 1,885 1,767 
Secured Debt(9)8/28/202013.96%SF+8.50%12.96%8/28/20253,676 3,076 3,446 
Common Stock10/1/2020723,184550 
Warrants(27)10/19/2022163,29510/19/20321,036 120 
5,998 5,883 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt(9) (25)5/1/2023SF+7.00%5/1/2028— (25)(25)
Secured Debt(9)5/1/202311.54%SF+6.00%5/1/20286,405 6,294 6,405 
Secured Debt(9)5/1/202313.54%SF+8.00%5/1/20286,405 6,294 6,405 
Preferred Equity5/1/2023571571 500 
Common Equity5/1/2023571— — 
13,134 13,285 
Brainworks Software, LLC(10)Advertising Sales and Newspaper Circulation Software
Secured Debt(9) (14) (17)8/12/201415.75%P+7.25%7/22/2019761 761 761 
Secured Debt(9) (14) (17)8/12/201415.75%P+7.25%7/22/20197,056 7,056 1,075 
7,817 1,836 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP)(30)7/21/20141.55%6,527 4,080 
LP Interests (Brightwood Capital Fund IV, LP)(8) (30)10/26/20160.59%4,350 4,358 
LP Interests (Brightwood Capital Fund V, LP)(8) (30)7/12/20210.82%2,000 2,448 
12,877 10,886 
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt(9)6/14/202110.46%SF+5.00%6/10/2026465 445 465 
50

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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)10/1/2020723,1844,860 
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 
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)6/14/202110.46%SF+5.00%6/10/202819,681 19,455 19,681 
19,900 20,146 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity12/13/20211,788,5271,789 1,789 
Preferred Equity12/13/2021596,176— — 
1,789 1,789 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Secured Debt(9) (25)5/18/2022SF+6.00%5/18/2027— (8)(8)
Secured Debt(9)5/18/202211.61%SF+6.00%5/18/20277,933 7,872 7,933 
Secured Debt(9)5/18/202211.61%SF+6.00%5/18/20276,102 6,061 6,102 
Common Equity12/30/2022245,926246 246 
14,171 14,273 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9) (51)2/7/202212.60%SF+7.00%2/7/20272,071 1,901 1,988 
Secured Debt(9)2/7/202212.66%SF+7.00%2/7/202736,540 36,077 35,064 
Secured Debt(9)6/24/202212.66%SF+7.00%2/7/20272,024 1,999 1,943 
Secured Debt(9)3/27/202312.66%SF+7.00%2/7/20274,893 4,792 4,695 
44,769 43,690 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt(14) (17)9/23/20141/5/20152,677 2,677 16 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9) (34)8/6/202113.52%SF+8.00%8/6/20265,000 4,948 4,848 
Secured Debt(9)8/6/202113.52%SF+8.00%8/6/202618,313 18,119 17,757 
23,067 22,605 
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
Member Units12/29/2016861,6183,335 23,135 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt(9) (25)12/27/2023SF+7.00%6/27/2027— (66)(66)
Secured Debt(9) (25)12/27/2023SF+7.00%6/27/2027— (66)(66)
Secured Debt(9)12/27/202312.45%SF+7.00%6/27/202711,250 10,920 10,920 
10,788 10,788 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock8/16/2022515720 830 
51

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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
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)
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting)(8)4/13/201810.00%10.00%1,284 1,284 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776 260 
2,060 1,544 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202210.45%SF+5.00%10.45%12/31/20262,071 1,912 1,912 
Secured Debt(9)12/20/202212.45%SF+7.00%12.45%12/31/20262,113 1,880 1,859 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241— — 
Common Equity12/20/20221,250,000— — 
3,920 3,831 
Eastern Wholesale Fence LLC(10)Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt(9)11/19/202013.50%SF+8.00%10/30/2025967 930 927 
Secured Debt(9)11/19/202013.50%SF+8.00%10/30/20254,792 4,758 4,596 
Secured Debt(9)11/19/202013.50%SF+8.00%10/30/20259,557 9,483 9,167 
Secured Debt(9)4/20/202113.50%SF+8.00%10/30/20251,982 1,964 1,901 
Secured Debt(9)10/14/202113.50%SF+8.00%10/30/202510,846 10,747 10,403 
27,882 26,994 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/202211.79%SF+6.25%12/29/20278,965 8,841 8,158 
EnCap Energy Fund Investments(12) (13)Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.)(8) (30)1/22/20150.14%3,567 1,918 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)
(8) (30)1/21/20150.38%1,980 899 
LP Interests (EnCap Energy Capital Fund IX, L.P.)(8) (30)1/22/20150.10%3,564 1,720 
LP Interests (EnCap Energy Capital Fund X, L.P.)(8) (30)3/25/20150.15%6,742 5,858 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.)(8) (30)3/30/20150.84%5,083 1,413 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.)(8) (30)3/27/20150.25%4,495 4,056 
25,431 15,864 
52

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)
Engineering Research & Consulting, LLC(10)Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt(9) (25)5/23/2022P+5.50%5/23/2027— (35)— 
Secured Debt(9)5/23/202211.98%SF+6.50%5/23/202816,134 15,899 16,134 
15,864 16,134 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt(9) (25)4/7/2023SF+8.00%4/7/2029— (35)(35)
Secured Debt(9)4/7/202313.45%SF+8.00%4/7/202926,313 25,620 26,313 
Common Equity4/7/2023649,794663 730 
26,248 27,008 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202112.61%SF+7.00%12/22/20263,692 3,670 3,626 
Secured Debt(9)12/22/202112.61%SF+7.00%12/22/202644,169 43,905 43,373 
47,575 46,999 
Fuse, LLC(11)Cable Networks Operator
Secured Debt6/30/201912.00%12/31/20261,810 1,810 1,320 
Common Stock6/30/201910,429256 — 
2,066 1,320 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt(9) (25)11/10/2023SF+6.75%11/10/2028— (256)(256)
Secured Debt(9)11/10/202312.22%SF+6.75%11/10/202832,471 31,529 31,529 
Common Equity11/10/2023705,882706 706 
31,979 31,979 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor
Secured Debt(9) (52)10/18/201911.96%SF+6.50%4/2/20251,545 1,542 1,545 
Secured Debt(9) (25)10/18/2019SF+6.50%4/2/2025— (9)(9)
Secured Debt(9)10/18/201911.96%SF+6.50%4/2/202510,624 10,605 10,624 
Secured Debt(9)9/15/202311.96%SF+6.50%4/2/2025952 952 952 
Secured Debt(9)12/22/202311.96%SF+6.50%4/2/2025227 224 227 
13,314 13,339 
GULF PACIFIC ACQUISITION, LLC(10)Rice Processor and Merchandiser
Secured Debt(9) (47)9/30/202211.28%SF+5.75%9/30/2028454 438 454 
Secured Debt(9)9/30/202211.38%SF+5.75%9/30/2028301 286 301 
Secured Debt(9)9/30/202211.25%SF+5.75%9/30/20283,615 3,558 3,615 
4,282 4,370 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9) (17)12/21/201814.34%SF+9.50%14.34%12/21/2023370 370 336 
Secured Debt(9) (17)12/21/201814.34%SF+9.50%14.34%12/21/20233,751 3,751 3,406 
4,121 3,742 
53

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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
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)
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt(9) (25)8/1/2022SF+6.50%8/1/2027— (48)(48)
Secured Debt(9)8/1/202211.86%SF+6.50%8/1/20276,733 6,622 6,733 
Secured Debt(9)8/1/202211.86%SF+6.50%8/1/202716,622 16,384 16,622 
22,958 23,307 
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt(9)8/19/202111.53%SF+6.00%10/23/202625,162 25,162 24,397 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202115.91%SF+8.25%2.00%6/30/20267,167 7,031 6,581 
IG Parent Corporation(11)Software Engineering
Secured Debt(9) (25)7/30/2021SF+5.75%7/30/2026— (20)— 
Secured Debt(9)7/30/202110.96%SF+5.50%7/30/20289,399 9,294 9,399 
Secured Debt(9)7/30/202110.96%SF+5.50%7/30/20284,953 4,899 4,953 
14,173 14,352 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt(9) (33)6/8/202312.41%SF+7.00%6/30/20281,581 1,500 1,571 
Secured Debt(9)6/8/202312.45%SF+7.00%6/30/202820,768 20,217 20,637 
Common Equity6/8/20238491,166 1,110 
22,883 23,318 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201714.25%SF+7.75%1.00%7/31/202418,645 18,600 17,334 
Industrial Services Acquisition, LLC(10)Industrial Cleaning Services
Secured Debt(9) (37)8/13/202112.22%SF+6.75%8/13/20261,390 1,367 1,390 
Secured Debt(9)8/13/202112.22%SF+6.75%8/13/202619,044 18,842 19,044 
Preferred Member Units(8) (29)1/31/201814410.00%10.00%138 178 
Preferred Member Units(8) (29)5/17/20198020.00%20.00%102 120 
Member Units(29)6/17/2016900900 690 
21,349 21,422 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt(9)11/1/202111.21%SF+5.75%11/1/20261,504 1,480 1,504 
Secured Debt(9)11/1/202111.21%SF+5.75%11/1/20267,752 7,663 7,752 
9,143 9,256 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
54

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)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 — 
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)7/19/2023SF+6.25%7/19/2028— (70)(70)
Secured Debt(9) (25)7/19/2023SF+6.25%7/19/2029— (57)(57)
Secured Debt(9)7/19/202311.65%SF+6.25%7/19/202914,406 14,009 14,258 
Common Equity7/19/2023131,100656 656 
14,538 14,787 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt(9) (35)4/3/202313.53%SF+8.00%4/3/2028790 770 776 
Secured Debt(9)4/3/202313.55%SF+8.00%4/3/20287,308 7,146 7,177 
Secured Debt(9)6/14/202313.55%SF+8.00%4/3/20282,940 2,879 2,887 
Common Equity4/3/2023131,569417 240 
11,212 11,080 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(17) (32)12/9/202115.48%SF+10.00%8/7/20231,835 1,835 1,781 
Secured Debt(9) (14) (17)8/7/201912.46%SF+7.00%12.46%8/7/20237,313 7,237 431 
Common Stock12/7/20212,143— — 
9,072 2,212 
Intermedia Holdings, Inc.(11)Unified Communications as a Service
Secured Debt(9)8/3/201811.47%SF+6.00%7/19/202520,201 20,172 19,570 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/201912.00%SF+6.50%8/28/2025519 516 509 
Secured Debt(9)8/28/201912.00%SF+6.50%8/28/202516,812 16,747 16,515 
17,263 17,024 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt(9)5/19/202111.36%SF+5.75%3/25/20276,656 6,544 5,325 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9)4/13/202311.04%SF+5.50%8.54%4/14/20282,615 2,374 2,301 
Common Equity4/13/2023186,322— — 
2,374 2,301 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9) (26)10/26/202212.46%SF+7.00%11/4/2024835 823 835 
Secured Debt(9)11/8/202112.46%SF+7.00%11/4/20241,974 1,974 1,974 
Preferred Equity11/8/20212,826,667110 1,090 
2,907 3,899 
55

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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
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)
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt(9) (14)11/15/202123.63%SF+18.00%23.63%1/31/20242,431 2,431 2,074 
Secured Debt(9) (14)8/21/201921.63%SF+16.00%21.63%8/21/20242,057 2,038 143 
Secured Debt(9) (14)8/21/201921.63%SF+16.00%21.63%8/21/20241,978 1,959 137 
Common Stock8/21/2019472,5794,429 — 
10,857 2,354 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt(9) (49)12/22/202111.64%SF+6.00%12/22/20263,137 3,036 3,137 
Secured Debt(9)12/22/202111.61%SF+6.00%12/22/202636,000 35,562 36,000 
Common Equity12/22/20211,684,2111,684 1,710 
40,282 40,847 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9)10/4/202114.75%SF+9.25%10/4/20261,034 1,002 943 
Secured Debt(9)10/4/202114.75%SF+9.25%10/4/20267,448 7,365 6,782 
8,367 7,725 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt5/9/201910.62%SF+5.00%5/9/202614,325 14,237 13,895 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests(30)1/25/20132.27%1,746 2,988 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt(9)5/2/201912.71%SF+7.25%9/25/20247,960 7,940 7,960 
Secured Debt(9)5/2/201912.71%SF+7.25%9/25/20245,246 5,231 5,246 
Secured Debt(9)11/20/202012.71%SF+7.25%9/25/20242,803 2,796 2,803 
Secured Debt(9)2/26/202112.71%SF+7.25%9/25/20241,056 1,053 1,056 
Secured Debt(9)5/12/202212.71%SF+7.25%9/25/202410,694 10,658 10,694 
27,678 27,759 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202115.54%SF+9.00%1.00%8/16/20264,428 4,338 3,979 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9)1/8/201813.25%P+4.75%12/22/202423,921 23,082 18,778 
Looking Glass Investments, LLC(12) (13)Specialty Consumer Finance
Member Units7/1/20153125 25 
56

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)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 
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)
Mako Steel, LP(10)Self-Storage Design & Construction
Secured Debt(9) (25)3/15/2021SF+6.75%3/15/2026— (28)— 
Secured Debt(9)3/15/202112.28%SF+6.75%3/15/202615,049 14,914 15,049 
14,886 15,049 
MB2 Dental Solutions, LLC(11)Dental Partnership Organization
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20272,803 2,785 2,803 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20273,925 3,899 3,925 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20273,464 3,440 3,464 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20277,796 7,727 7,796 
17,851 17,988 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt(9) (25)4/4/2022SF+6.25%4/3/2028— (51)(51)
Secured Debt(9)4/4/202211.46%SF+6.00%4/3/202822,168 21,855 22,168 
21,804 22,117 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt(9)10/24/201812.52%SF+7.00%12/31/202618,152 17,883 17,524 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt(9) (25)11/30/2023SF+6.25%11/30/2028— (42)(42)
Secured Debt(9) (25)11/30/2023SF+6.25%11/30/2028— (16)(16)
Secured Debt(9)11/30/202310.64%SF+5.25%11/30/20284,941 4,825 4,825 
Secured Debt(9)11/30/202312.64%SF+7.25%11/30/20284,941 4,820 4,820 
Common Equity11/30/2023459,657460 460 
10,047 10,047 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt5/24/202214.00%4.00%5/24/20273,889 3,839 3,938 
Secured Debt5/24/202214.00%4.00%5/24/202710,211 10,068 11,164 
Secured Debt5/24/202214.00%4.00%5/24/202717,213 16,987 17,213 
Common Stock8/30/202244,445,814889 678 
31,783 32,993 
NBG Acquisition Inc(11)Wholesaler of Home Décor Products
Secured Debt(14)4/28/20174/26/20243,849 3,834 115 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt(9) (25)12/18/2019SF+7.00%12/18/2026— (9)(8)
57

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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 
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)12/18/2019SF+7.00%12/18/2026— — — 
Secured Debt(9)12/18/201912.54%SF+7.00%12/18/202620,467 20,255 20,467 
Secured Debt(9)12/18/202312.52%SF+7.00%12/18/20267,222 7,089 7,222 
27,335 27,681 
Obra Capital, Inc. (f/k/a Vida Capital, Inc.)(11)Alternative Asset Manager
Secured Debt10/10/201911.47%SF+6.00%10/1/202617,373 16,558 14,897 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt(14)7/8/201311/15/20264,443 4,443 57 
Paragon Healthcare, Inc.(10)Infusion Therapy Treatment Provider
Secured Debt(9) (25)1/19/2022SF+5.75%1/19/2027— (79)— 
Secured Debt(9) (48)1/19/202211.24%SF+5.75%1/19/20273,204 3,135 3,186 
Secured Debt(9)1/19/202211.25%SF+5.75%1/19/202718,597 18,265 18,490 
21,321 21,676 
Power System Solutions(10)Backup Power Generation
Secured Debt(9) (25)6/7/2023SF+6.75%6/7/2028— (82)(82)
Secured Debt(9) (25)6/7/2023SF+6.75%6/7/2028— (82)(82)
Secured Debt(9)6/7/202312.12%SF+6.75%6/7/202818,418 17,930 18,418 
Common Equity6/7/20231,2341,234 1,160 
19,000 19,414 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt(9)5/1/202312.28%SF+6.85%5/1/20297,960 7,750 7,960 
Secured Debt(9)9/7/202312.20%SF+6.85%5/1/2029760 738 760 
8,488 8,720 
PTL US Bidco, Inc(10) (13) (21)Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells
Secured Debt(9) (39)8/19/202212.80%SF+7.25%8/19/20273,022 2,885 2,998 
Secured Debt(9)8/19/202212.88%SF+7.25%8/19/202726,478 26,084 26,263 
28,969 29,261 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Secured Debt(9) (25)10/2/2023SF+8.00%10/2/2028— (47)(47)
Secured Debt(9)10/2/202313.70%SF+8.00%10/2/20289,844 9,610 9,610 
Preferred Equity10/2/20233,281,2503,281 3,281 
12,844 12,844 
58

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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)
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)
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt(9) (37)4/8/202112.22%SF+6.75%4/8/2026824 816 772 
Secured Debt(9)4/8/202112.21%SF+6.75%4/8/202613,369 13,280 12,512 
14,096 13,284 
Research Now Group, Inc. and Survey Sampling International, LLC(11)Provider of Outsourced Online Surveying
Secured Debt(9)12/29/201711.14%SF+5.50%12/20/202419,704 19,595 14,715 
Richardson Sales Solutions(10)Business Services
Secured Debt(9) (36)8/24/202318.47%SF+6.50%8/24/20283,167 3,087 3,109 
Secured Debt(9)8/24/202311.88%SF+6.50%8/24/202840,102 38,858 39,376 
41,945 42,485 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt(9) (25)8/27/2021SF+6.50%8/27/2026— (8)— 
Secured Debt(9)8/27/202112.16%SF+6.50%8/27/20263,376 3,328 3,314 
Secured Debt(9)8/27/202114.16%SF+8.50%8/27/20263,376 3,328 3,266 
6,648 6,580 
RTIC Subsidiary Holdings, LLC(10)Direct-To-Consumer eCommerce Provider of Outdoor Products
Secured Debt(9)9/1/202013.21%SF+7.75%9/1/2025548 536 534 
Secured Debt(9)9/1/202013.19%SF+7.75%9/1/202514,323 14,260 13,951 
Secured Debt(9)9/1/202013.19%SF+7.75%9/1/2025574 572 559 
15,368 15,044 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9)7/16/202113.54%SF+6.00%2.00%11/16/20255,769 5,749 5,744 
Secured Debt(9)7/16/202113.54%SF+6.00%2.00%11/16/20258,121 8,059 8,086 
13,808 13,830 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt(9)12/10/202111.46%SF+6.00%12/13/2026446 394 394 
Secured Debt(9)12/10/202111.70%SF+6.00%12/13/202634,886 34,472 34,886 
Common Equity12/10/2021863,636864 836 
35,730 36,116 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt(9) (25)7/1/2022SF+8.00%7/1/2027— (45)— 
Secured Debt(9)7/1/202213.72%SF+8.00%7/1/202715,728 15,506 15,728 
Common Stock7/1/2022638,710639 500 
16,100 16,228 
Stellant Systems, Inc.(11)Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt(9)10/22/202111.04%SF+5.50%10/1/20287,527 7,475 7,527 
59

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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 
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)11/7/202311.28%SF+5.75%10/1/20288,978 8,717 8,977 
16,192 16,504 
Team Public Choices, LLC(11)Home-Based Care Employment Service Provider
Secured Debt(9)12/22/202010.88%SF+5.00%12/18/202714,804 14,588 14,717 
Tectonic Financial, LLCFinancial Services Organization
Common Stock(8)5/15/2017200,0002,000 5,030 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(29)7/7/20211,000,0001,000 2,840 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt(9) (14)6/1/202312.53%SF+7.15%6.00%5/2/20279,298 3,585 3,333 
Secured Debt(14)6/1/20235/2/2027946 20 — 
3,605 3,333 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services
Secured Debt(9)10/22/201911.46%SF+6.00%9/8/202623,101 22,817 23,101 
Secured Debt(9)7/19/202311.96%SF+6.50%9/8/20269,017 8,862 9,017 
Secured Debt(9)11/21/202311.96%SF+6.50%9/8/20264,689 4,601 4,689 
36,280 36,807 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt(9)1/11/202312.99%SF+7.50%4/5/20294,000 3,899 4,000 
Veregy Consolidated, Inc.(11)Energy Service Company
Secured Debt(9) (25)11/9/2020SF+5.25%11/3/2025— (408)(408)
Secured Debt(9)11/9/202011.64%SF+6.00%11/3/202717,433 17,195 15,775 
16,787 15,367 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 2,180 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt(9)12/22/202312.63%SF+7.00%12/22/202842,500 41,455 41,455 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
60

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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 
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 Equity(8)11/30/20211,038,4621,038 2,570 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt(9) (25)7/19/2021SF+7.00%7/19/2026— (4)(4)
Secured Debt(9)7/19/202112.54%SF+7.00%7/19/20263,723 3,685 3,723 
Common Stock7/19/2021400,000400 731 
4,081 4,450 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt(9) (49)12/17/202111.50%SF+6.00%12/17/20261,853 1,825 1,853 
Secured Debt(9)12/17/202111.50%SF+6.00%12/17/2026386 364 386 
Secured Debt(9)12/17/202111.50%SF+6.00%12/17/202615,886 15,736 15,886 
Secured Debt(9)12/17/202111.50%SF+6.00%12/17/202612,707 12,585 12,707 
30,510 30,832 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt(9) (50)3/1/202211.34%SF+6.00%3/1/20282,405 2,365 2,405 
Secured Debt(9)3/1/202211.35%SF+6.00%3/1/202810,658 10,512 10,658 
Secured Debt(9)11/3/202311.35%SF+6.00%3/1/20285,303 5,199 5,303 
Common Stock3/1/20221,541,4001,541 2,990 
19,617 21,356 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt(9) (40)11/19/202112.64%SF+7.00%11/19/20262,222 2,198 2,222 
Secured Debt(9)11/19/202112.66%SF+7.00%11/19/20262,067 2,036 2,067 
Secured Debt(9)11/19/202112.66%SF+7.00%11/19/20269,300 9,193 9,300 
13,427 13,589 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(9) (25)12/17/2021SF+5.25%12/17/2026— (163)— 
Secured Debt(9)12/17/202111.22%SF+5.75%12/17/202724,057 23,713 24,057 
Secured Debt(9)12/17/202111.25%SF+5.75%12/17/202737,828 37,336 37,828 
60,886 61,885 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9)8/22/201813.00%SF+7.50%8/9/202611,167 10,970 10,220 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt(9) (38)2/11/202212.71%SF+7.25%3/1/202417,279 17,246 16,380 
Secured Debt(9) (38)2/11/202212.71%SF+7.25%3/1/20244,331 4,327 4,067 
21,573 20,447 
Subtotal Non-Control/Non-Affiliate Investments (67.2% of net assets at fair value)$1,714,935 $1,664,571 
61

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 20222023
(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
62

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(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 
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)
Total Portfolio Investments, December 31, 2023 (173.0% of net assets at fair value)$3,725,960 $4,286,271 
Money market funds (included in cash and cash equivalents) (31)
Dreyfus Government Cash Management (44)$13,476 $13,476 
Fidelity Government Fund (45)1,678 1,678 
Fidelity Treasury (46)70 70 
Total money market funds$15,224 $15,224 
____________________
(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 Credit Facilities or in support of the SBA-guaranteed debentures issued by the Funds.
(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.
(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5)Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(6)Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(8)Income producing through dividends or distributions.
(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 66%96% of these floating rate loans (based on the par amount) contain LIBOR or Term SOFR (“SOFR”) floors which range between 0.50% and 2.00%, with a weighted-average floor of 1.04%1.20%.
(10)Private Loan portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
(11)Middle Market portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Middle Market portfolio investments.
(12)Other Portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Other Portfolio investments.
(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)Non-accrual and non-income producing debt investment.
(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
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Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

(16)External Investment Manager. Investment is not encumbered as security for the Company’s Credit Facilities or in support of the SBA-guaranteed debentures issued by the Funds.
(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”)PIK interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of December 31, 2022.2023.
(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 withThe Company has entered into an intercreditor agreement that entitles the Company’s debt investment in Staples Canada ULC and in an attemptCompany to mitigate any potential adverse change in foreign exchange rates during the term“last out” tranche of the Company’s investment,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 maintainsreceives a forward foreign currency contract with Cadence Bank to lend $16.9 million Canadian Dollarshigher interest rate than the contractual stated interest rate of SOFR plus 8.00% (Floor 1.50%) per the credit agreement and receive $13.1 million U.S. Dollars with a settlement datethe Consolidated Schedule of September 14, 2023. The unrealized appreciation on the forward foreign currency contract was $0.6 million as of December 31, 2022.Investments above reflects such higher rate.
(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR+6.00% (Floor 1.00%)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 December 31, 2022.2023. The position may earn a nominal unused facility fee on committed amounts.
(26)Warrants areAs of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (Floor 1.00%). Each new draw or funding on the facility has a different floating rate reset date. The rate presented in equivalent units withrepresents a strike priceweighted-average rate for borrowings under the facility, as of $14.28 per unit.December 31, 2023.
(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 (defined below) 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, 2022,2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.35%0.43%.
(30)(29)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)(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.Money market fund interests included in cash and cash equivalents.
(33)(32)As of December 31, 2022,2023, borrowings under the loan facility bore interest at SOFR+7.25% (Floor 1.00%)10.00%. 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. RevolvingRLOC 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, 2022.2023.
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Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

(33)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (Floor 1.50%). 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, 2023.
(34)As of December 31, 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 December 31, 2023.
(35)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 2.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2023.
(36)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.50% (Floor 2.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2023.
(37)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.75% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2023.
(38)As of December 31, 2023, borrowings under the loan facility bore 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 December 31, 2023.
(39)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.25% (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, 2023.
(40)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (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, 2023.
(41)Index based floating interest rate is subject to contractual maximum base rate of 2.50%3.00%.
(37)(42)Index based floating interest rate is subject to contractual maximum base rate of 1.50%.
(38)(43)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.
(39)(44)Portfolio company is in a bankruptcy process and,Effective yield as such,of December 31, 2023 was approximately 4.98% on 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.Dreyfus Government Cash Management.
(40)(45)The Company has entered into an intercreditor agreement that entitlesEffective yield as of December 31, 2023 was approximately 5.01% on 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.Fidelity Government Fund.
(41)(46)Effective yield as of December 31, 2023 was approximately 4.99% on the Fidelity Treasury.
(47)As of December 31, 2022,2023, 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 December 31, 2022.2023.
(42)(48)As of December 31, 2022,2023, borrowings under the loan facility bore interest at SOFR+6.25%5.75% (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 December 31, 2023.
(49)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.00% (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, 2022.2023.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

(50)As of December 31, 2022,2023, borrowings under the loan facility bore interest at LIBOR+8.00%SOFR+6.00% (0.75%). 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 December 31, 2023.
(51)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (Floor 2.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2023.
(52)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(44)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+10.00%. RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(45)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+7.25% (Floor 0.75%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(46)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
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Consolidated Schedule of Investments (Continued)
December 31, 2022
(dollars in thousands)
(47)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+5.75% (Floor 1.00%). Delayed draw term loan facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.
(48)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+7.75% (Floor 1.25%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.2023.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements
(Unaudited)
NOTE A — ORGANIZATION AND BASIS OF PRESENTATION
1.Organization
Main Street Capital Corporation (“MSCC”, or, together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market (“LMM”) companies and debt capital to middle market (“Middle Market”) companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States and in secured debt investments of Middle Market companies generally headquartered in the United States.
MSCC was formed in March 2007 to operate as an internally managed business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Because MSCC is internally managed, all of the executive officers and other employees are employed by MSCC. Therefore, MSCC does not pay any external investment advisory fees, but instead directly incurs the operating costs associated with employing investment and portfolio management professionals.
MSCC wholly owns several investment funds, including Main Street Mezzanine Fund, LP (“MSMF”) and Main Street Capital III, LP (“MSC III” and, together with MSMF, the “Funds”), and each of their general partners. The Funds are each licensed as a Small Business Investment Company (“SBIC”) by the United States Small Business Administration (“SBA”).
MSC Adviser I, LLC (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of Main Street to provide investment management and other services to parties other than Main Street (“External Parties”) and receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission (“SEC”) to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.
MSCC has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSCC generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.
Main StreetMSCC has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSCC to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSCC also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).
Unless otherwise noted or the context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and “Main Street” refer to MSCC and its consolidated subsidiaries, which include the Funds, the Taxable Subsidiaries and the Structured Subsidiaries.
2.Basis of Presentation
Main Street’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies (“ASC 946”). For each of the periods presented herein, Main Street’s consolidated financial statements include the accounts of MSCC and its consolidated subsidiaries. The Investment“Investment
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MAIN STREET CAPITAL CORPORATION
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 — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition for additional discussion of Main Street’s Investment Portfolio and definitions for the defined terms Private Loan and Other Portfolio). Main Street’s results of operations for the three and six months ended June 30,March 31, 2024 and 2023, and 2022, cash flows for the sixthree months ended June 30,March 31, 2024 and 2023, and 2022, and financial position as of June 30, 2023March 31, 2024 and December 31, 2022,2023, are presented on a consolidated basis. The effects of all intercompany transactions between MSCC and its consolidated subsidiaries have been eliminated in consolidation.
The accompanying unaudited consolidated financial statements of Main Street are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022.2023. 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 six months ended June 30, 2023March 31, 2024 are not necessarily indicative of the operating results to be expected for the full year. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Principles of Consolidation
Under ASC 946, Main Street is precluded from consolidating other entities in which Main Street has equity investments, including those in which it has a controlling interest, unless the other entity is another investment company. An exception to this general principle in ASC 946 occurs if Main Street holds a controlling interest in an operating company that provides all or substantially all of its services directly to Main Street. Accordingly, as noted above, MSCC’s consolidated financial statements include the financial position and operating results for the Funds, the Taxable Subsidiaries and the Structured Subsidiaries. Main Street has determined that none of its portfolio investments qualify for this exception, including the investment in the External Investment Manager. Therefore, Main Street’s Investment Portfolio is carried on the Consolidated Balance Sheets at fair value, as discussed further in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, with any adjustments to fair value recognized as “Net Unrealized Appreciation (Depreciation)” until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a “Net Realized Gain (Loss),” in both cases on the Consolidated Statements of Operations.
Portfolio Investment Classification
Main Street classifies its Investment Portfolio in accordance with the requirements of the 1940 Act. Under the 1940 Act, (a) “Control Investments” are defined as investments in which Main Street owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate Investments” are defined as investments in which Main Street owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation and (c) “Non-Control/Non-Affiliate Investments” are defined as investments that are neither Control Investments nor Affiliate Investments. For purposes of determining the classification of its Investment Portfolio, Main Street has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the External Investment Manager.
NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.Valuation of the Investment Portfolio
Main Street accounts for its Investment Portfolio at fair value. As a result, Main Street follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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


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.
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 (the “Financial Advisory Firm”). The Financial Advisory Firm analyzes and provides observations, recommendations and an assurance certification regarding the Company’sMain Street’s determinations of the fair value of its LMM portfolio company investments. The Financial Advisory Firm is generally consulted relative to Main Street’s investments in each LMM portfolio company at least once every calendar year, and for Main Street’s investments in new LMM portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street’s investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from the Financial Advisory Firm in arriving at Main Street’sits determination of fair value onfor its investments in a total of 3717 and 19 LMM portfolio companies forduring the sixthree months ended June 30,March 31, 2024 and 2023, respectively, representing 52%24% and 30% of the total LMM portfolio at fair value as of June 30,March 31, 2024 and 2023, and on arespectively. A total of 3669 LMM portfolio companies forwere reviewed and certified by the sixFinancial Advisory Firm during the trailing twelve months ended June 30, 2022,March 31, 2024, representing 54%95% of the total LMM portfolio at fair value as of June 30, 2022.March 31, 2024. Excluding its investments in LMM portfolio companies that, as of June 30, 2023 and 2022, as applicable,March 31, 2024, 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 percentage99% of the LMM portfolio at fair value was reviewed and certified by the Financial Advisory Firm forduring the sixtrailing twelve months ended June 30, 2023 and 2022 was 55% and 61% of the total LMM portfolio at fair value, respectively.March 31, 2024.
For valuation purposes, allthe significant majority of Main Street’s Private Loan portfolio investments are non-control investments. For Private Loan portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Private Loan debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Private Loan equity investments in a current hypothetical sale using the Waterfall valuation method.
In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its Private Loan portfolio companies, Main Street, among other things, consults with the Financial Advisory Firm. The Financial Advisory Firm analyzes and provides observations and recommendations and an assurance certification regarding Main Street’s determinations of the fair value of its Private Loan portfolio company investments. The Financial Advisory Firm is generally consulted relative to Main Street’s investments in each Private Loan portfolio company at least once every calendar year, and for Main Street’s investments in new Private Loan portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more Private Loan portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street’s investment in a Private Loan portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value onfor its investments in a total of 3317 and 19 Private Loan portfolio companies forduring the sixthree months ended June 30,March 31, 2024 and 2023, respectively, representing 49%27% and 25% of the total Private Loan portfolio at fair value as of June 30,March 31, 2024 and 2023, and on arespectively. A total of 2959 Private Loan portfolio companies forwere reviewed and certified by the sixFinancial Advisory Firm during the trailing twelve months ended June 30, 2022,March 31, 2024, representing 44%79% of the total Private Loan portfolio at fair value as of June 30, 2022.March 31, 2024. Excluding its investments in Private Loan portfolio companies that, as of June 30, 2023 and 2022, as applicable,March 31, 2024, 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 percentage94% of the Private Loan portfolio at fair value was reviewed and certified by the Financial Advisory Firm forduring the sixtrailing twelve months ended June 30, 2023 and 2022 was 53% and 67% of the total Private Loan portfolio at fair value, respectively.March 31, 2024.
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
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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. Main Street generally consults on a limited basis with the Financial Advisory Firm in connection with determining the fair value of its Middle Market portfolio investments due to the nature of these investments. The vast majority (90% and 89%(98% as of June 30, 2023both March 31, 2024 and December 31, 2022, respectively)2023) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent pricing services or (ii) Main Street has consulted with and received an assurance certification from the Financial Advisory Firm within the last twelve months or (iii) are new investments that have not been in the Investment Portfolio for at least twelve months subsequent to the initial investment.months.
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, allthe majority of Main Street’s Other Portfolio investments are non-control investments. Main Street’s Other Portfolio investments comprised 2.6%3.1% and 2.8%3.3% of Main Street’s Investment Portfolio at fair value as of June 30, 2023March 31, 2024 and December 31, 2022,2023, 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.comparables, and the valuations for comparable publicly traded companies and private transactions involving comparable companies. 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.basis, including as of March 31, 2024 and December 31, 2023.
Due to the inherent uncertainty in the valuation process, Main Street’s determination of fair value for its Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. Main Street determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.
Main Street uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its LMM, Private Loan and Middle Market portfolio companies. This system takes into account both quantitative and qualitative factors of each LMM, Private Loan and Middle Market portfolio company.
In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act which permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Main Street’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of its executive officers to serve as the Board of Directors’ valuation designee. Main Street believes its Investment Portfolio as of June 30, 2023March 31, 2024 and December 31, 20222023 approximates fair value as of those dates based on the markets in which it operates and other conditions in existence on those reporting dates.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


2.Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, the consolidated financial statements include investments in the Investment Portfolio whose values have been estimated by Main Street, pursuant to valuation policies and procedures approved and overseen by Main Street’s Board of Directors, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the Investment Portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.
Macroeconomic factors, including pandemics, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions and risingchanging market index interest rates, and the related effect on the U.S. and global economies, have impacted, and may continue to impact, the businesses and operating results of certain of Main Street’s portfolio companies. As a result of these and other current effects of macroeconomic factors, as well as the uncertainty regarding the extent and duration of their impact, the valuation of Main Street’s Investment Portfolio has and may continue to experience increased volatility.
3.Cash and Cash Equivalents
Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value.
At June 30, 2023March 31, 2024 and December 31, 2022,2023, the Company had $51.9 million and $15.2 million, respectively, of cash equivalents invested in AAA-rated money market funds pending investment in the Company’s primary investment strategies. These highly liquid investments are included in the Consolidated Schedule of Investments.
At March 31, 2024 and December 31, 2023, cash balances totaling $46.0$58.0 million (excluding amounts invested in AAA rated money market funds) and $46.3$40.1 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 when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution. Main Street evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if Main Street otherwise does not expect the debtor to be able to service its debt obligation, Main Street will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, Main Street removes it from non-accrual status.
As of June 30, 2023,March 31, 2024, investments on non-accrual status comprised 0.5% of Main Street’s total Investment Portfolio had nine investments on non-accrual status, which comprised 0.3% of itsat fair value and 1.7% of its2.0% at cost. As of December 31, 2022,2023, investments on non-accrual status comprised 0.6% of Main Street’s total Investment Portfolio had 12 investments on non-accrual status, which comprised 0.6% of itsat fair value and 3.7% of its2.3% at cost.
Main Street holds certain debt and preferred equity instruments in its Investment Portfolio that contain payment-in-kind (“PIK”)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.B.10. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though
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Notes to the Consolidated Financial Statements (Continued)
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below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the PIK interest and cumulative dividends in cash. 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 June 30,March 31, 2024 and 2023, 3.2% and 2022, (i) 1.8% and 1.7%2.4%, 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 each of the sixthree months ended June 30,March 31, 2024 and 2023, and 2022, (i) 2.1% and 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.
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
June 30,
Six Months Ended
June 30,
2023202220232022
(dollars in thousands)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
2024
2024
2024
(dollars in thousands)
(dollars in thousands)
(dollars in thousands)
Interest, fee and dividend income:Interest, fee and dividend income:
Interest incomeInterest income$97,273 $63,984 $190,666 $123,426 
Interest income
Interest income
Dividend income
Dividend income
Dividend incomeDividend income25,599 17,913 49,821 34,535 
Fee incomeFee income4,711 3,303 7,351 6,635 
Fee income
Fee income
Total interest, fee and dividend incomeTotal interest, fee and dividend income$127,583 $85,200 $247,838 $164,596 
Total interest, fee and dividend income
Total interest, fee and dividend income
5.Deferred Financing Costs
Deferred financing costs include commitment fees and other direct costs related to Main Street’s multi-year revolving credit facility (the “Corporate Facility”) and special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) and its unsecured notes, as well as the commitment fees and leverage fees (3.4% of the total commitment and draw amounts, as applicable) on the SBIC debentures. See further discussion of Main Street’s debt in Note E — Debt. Deferred financing costs in connection with the Credit Facilities are capitalized as an asset. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the principal amount outstanding.
6.Equity Offering Costs
The Company’s offering costs are charged against the proceeds from equity offerings when the proceeds are received.
7.Unearned Income—Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value
Main Street capitalizes debt origination fees received in connection with financings and reflects such fees as unearned income netted against the applicable debt investments. The unearned income from the fees is accreted into income over the life of the financing.
In connection with its portfolio debt investments, Main Street sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are
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valued as part of the negotiation process with the particular portfolio company. When Main Street receives nominal cost equity, it allocates its cost basis in its investment between its debt security and its nominal cost equity at the time of
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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.B.10. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the interest income. For each of the three months ended June 30,March 31, 2024 and 2023, and 2022, 1.8% and 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 six months ended June 30, 2023 and 2022, 1.8% and 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.amortization.
8.Share-Based Compensation
Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, Main Street measures the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.
Main Street recognizes all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) as income tax expense or benefit in the income statement and does not delay recognition of a tax benefit until the tax benefit is realized through a reduction to taxes payable. As such, the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Additionally, Main Street has elected to account for forfeitures as they occur.
9.    Deferred Compensation Plan
The Main Street Capital Corporation Deferred Compensation Plan (the “Deferred Compensation Plan”) allows directors and certain employees to defer receipt of some or all of their cash compensation or directors’ fees in accordance with plan terms. Deferred Compensation Plan participants elect one or more investment options, including phantom Main Street stock units, interests in affiliated funds and various mutual funds, where their deferred amounts are notionally invested, and Main Street invests the deferred amounts through a trust (except for phantom Main Street stock units), pending distribution.
Compensation deferred under the Deferred Compensation Plan is recognized on the same basis as such compensation would have been recognized if not deferred. The appreciation (depreciation) in the fair value of deferred compensation plan assets is reflected in Main Street's Consolidated Statements of Operations as unrealized appreciation (depreciation), with the recognition of a corresponding and offsetting deferred compensation expense or (benefit), respectively. Deferred compensation expense or (benefit) does not result in a net cash impact to Main Street upon settlement. Investments in the trust are recognized on the Consolidated Balance Sheets as an asset of Main Street (other assets) and as a deferred compensation liability (other liabilities).
Phantom Main Street stock units under the Deferred Compensation Plan are not issued shares of Main Street common stock and are not included as outstanding on the Consolidated Statements of Changes in Net Assets until such shares are actually distributed to the participant, 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. Additional phantom stock units from dividends on phantom stock units are included in the Consolidated Statements of
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Changes in Net Assets as an increase to dividends to stockholders offset by a corresponding increase to additional paid-in capital.

10.    Income Taxes
MSCC has elected to be treated for U.S. federal income tax purposes as a RIC. MSCC’s taxable income includes the taxable income generated by MSCC and certain of its subsidiaries, including the Funds and Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSCC generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) the filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
The Taxable Subsidiaries primarily hold certain equity investments for Main Street. The Taxable Subsidiaries permit Main Street to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with Main Street for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street’s consolidated financial statements as portfolio
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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.
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11.    Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation
Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the Investment Portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.
11.
12.     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.
Main Street’s debt instruments, including all revolving and term debt and secured and unsecured debt, are accounted for on a historical cost basis as applicable under U.S. GAAP. As also required under U.S. GAAP, Main Street discloses the estimated fair value of its debt obligations in Note E — Debt. 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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MAIN STREET CAPITAL CORPORATION
NotesNote E — Debt are considered to be Level 2 according to the Consolidated Financial Statements (Continued)
(Unaudited)

ASC 820 fair value hierarchy.

12.13.    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.
13.14.    Recently Issued or Adopted Accounting Standards
In March 2020, the FASB issued ASU 2020-04, Reference rate reform (Topic 848) — Facilitation of the effects of reference rate reform on financial reporting. The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and also with certain lenders. Many of these agreements include language for choosing an alternative successor rate if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The Company adopted this amendment in March 2020 and plans to apply the amendments in this update to account for contract modifications due to changes in reference rates when LIBOR reference is no longer used.
In November 2022, the FASB issued ASU 2022-06, Reference rate reform (Topic 848) — Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 after which entities will no longer be permitted to apply the relief in Topic 848. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 and extended by ASU 2022-06 during the six months ended June 30, 2023 and the year ended December 31, 2022,2023, the effect of which was not material to the consolidated financial statements and the notes thereto. TheFor the current year, the Company will continue tono longer utilize the optional expedients provided by ASU 2020-04, and extended byas LIBOR is no longer referenced in any of its contracts. ASU 2022-06 through December 31, 2024. The Company does not expect ASU 2022-06 to have a material impact to the consolidated financial statements and the notes thereto.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update provide that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this update also require additional disclosures for equity securities subject to contractual sales restrictions. ASU 2022-03 is effective for years beginning after December 15, 2023, though early adoption is permitted. The Company elected to early adopt ASU 2022-03 as of December 31, 2022 and it did not have a material impact on the consolidated financial statements and the notes thereto.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024. Early adoption is permitted, however the Company has not elected to adopt this provision as of the date of the financial statements contained in this report. The Company is still assessing the impact of the new guidance. However, it does not expect ASU 2023-09 to have a material impact on the consolidated financial statements and the notes thereto.
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


From time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.
NOTE C — FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION
ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. Main Street accounts for its investments at fair value.
Fair Value Hierarchy
In accordance with ASC 820, Main Street has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Investments recorded on Main Street’s Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:
Level 1—Investments whose values are based on unadjusted quoted prices for identical assets in an active market that Main Street has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).
Level 2—Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment. Level 2 inputs include the following:
Quoted prices for similar assets in active markets (for example, investments in restricted stock);
Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);
Pricing models whose inputs are observable for substantially the full term of the investment (for example, market interest rate indices); and
Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.
Level 3—Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.
As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
As of June 30, 2023March 31, 2024 and December 31, 2022,2023, 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
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


consisted of unobservable inputs. As a result, all of Main Street’s LMM portfolio investments were categorized as Level 3 as of June 30, 2023March 31, 2024 and December 31, 2022.2023.
As of June 30, 2023March 31, 2024 and December 31, 2022,2023, 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 June 30, 2023March 31, 2024 and December 31, 2022.2023.
As of June 30, 2023March 31, 2024 and December 31, 2022,2023, 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 June 30, 2023March 31, 2024 and December 31, 2022.2023.
As of June 30, 2023March 31, 2024 and December 31, 2022,2023, Main Street’s Other Portfolio investments consisted of illiquid securities issued by privately held entities and the fair value determination for these investments primarily consisted of
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MAIN STREET CAPITAL CORPORATION
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 June 30, 2023March 31, 2024 and December 31, 2022.2023.
As of DecemberMarch 31, 2022,2024, Main Street held oneseveral short-term portfolio investment, which was ainvestments consisting primarily of secured debt investment.investments. The fair value determination for this investmentthese investments consisted of available observable inputs in non-active markets sufficient to determine the fair value of the investment.investments. As a result, Main Street’s short-term portfolio investment wasinvestments were categorized as Level 2 as of March 31, 2024. As of December 31, 2022.2023, Main Street did not hold any short-term portfolio investments.

As of March 31, 2024 and December 31, 2023, all money market funds included in cash and cash equivalents were valued using Level 1 inputs.
The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:
Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;
Current and projected financial condition of the portfolio company;
Current and projected ability of the portfolio company to service its debt obligations;
Type and amount of collateral, if any, underlying the investment;
Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;
Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);
Pending debt or capital restructuring of the portfolio company;
Projected operating results of the portfolio company;
Current information regarding any offers to purchase the investment;
Current ability of the portfolio company to raise any additional financing as needed;
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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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MAIN STREET CAPITAL CORPORATION
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 June 30, 2023March 31, 2024 and December 31, 2022:2023:
Type of
Investment
Type of
Investment
Fair Value as of
June 30, 2023
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange(3)Weighted Average(3)Median(3)Type of
Investment
Fair Value as of
March 31, 2024
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange (4)Weighted Average (4)Median (4)
Equity investmentsEquity investments$1,279,510 Discounted cash flowWACC9.2% - 22.3%14.4 %15.1 %Equity investments$1,447,635 Discounted cash flowDiscounted cash flowWACC9.3% - 22.4%14.3 %15.1 %
Market comparable / Enterprise valueEBITDA multiple (1)4.5x - 8.4x (2)6.7x6.1x
Market comparable / Enterprise valueMarket comparable / Enterprise valueEBITDA multiple (1) (3)4.5x - 8.9x (2)7.1x6.3x
Debt investmentsDebt investments$2,718,508 Discounted cash flowRisk adjusted discount factor6.1% - 16.8% (2)10.4 %11.0 %Debt investments$2,808,138 Discounted cash flowDiscounted cash flowRisk adjusted discount factor (5)9.4% - 18.4% (2)12.9 %12.7 %
Expected principal recovery percentage0.0% - 100.0%99.7 %100.0 %
Expected principal recovery percentageExpected principal recovery percentage0.0% - 100.0%99.4 %100.0 %
Debt investmentsDebt investments$212,525 Market approachThird-party quote4.0 - 97.588.494.0Debt investments$188,871 Market approachMarket approachThird-party quote38.3 - 100.590.995.9
Total Level 3 investmentsTotal 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 2.0x - 15.7x and the range for risk adjusted discount factor is 3.8%5.0% - 33.5%31.9%.
(3)The fair value of the equity investment in the External Investment Manager is based on a fee multiple of 7.5x. The fair value determination is based on a discounted, blended multiple based on the multiples for similar businesses in active markets and actual multiples used in private transactions.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


(4)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 
(5)Discount rate includes the effect of the standard SOFR base rate, as applicable.
Type of Investment
Fair Value as of December 31, 2023
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange (4)Weighted Average (4)Median (4)
Equity investments$1,402,354 Discounted cash flowWACC9.7% - 22.7%14.5 %15.5 %
Market comparable / Enterprise valueEBITDA multiple (1) (3)4.8x - 8.9x (2)7.1x6.4x
Debt investments$2,720,425 Discounted cash flowRisk adjusted discount factor (5)9.8% - 18.0% (2)12.9 %13.0 %
Expected principal recovery percentage0.0% - 100.0%99.7 %100.0 %
Debt investments$163,492 Market approachThird-party quote3.0 - 100.089.892.4
Total Level 3 investments$4,286,271 
____________________
(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%7.0% - 43.3%31.6%.
(3)The fair value of the equity investment in the External Investment Manager is based on a fee multiple of 7.2x. The fair value determination is based on a discounted, blended multiple based on the multiples for similar businesses in active markets and actual multiples used in private transactions.
(4)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
(5)Discount rate includes the effect of the standard SOFR base rate, as applicable.
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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.
The following tables provide a summary of changes in fair value of Main Street’s Level 3 portfolio investments for the six-month periodsthree months ended June 30,March 31, 2024 and 2023 and 2022 (amounts in thousands):
Type of InvestmentType 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
Type of Investment
Fair Value
as of
December 31, 2023
Transfers Into Level 3 HierarchyRedemptions/ RepaymentsNew InvestmentsNet Changes from Unrealized to RealizedNet Unrealized Appreciation (Depreciation)Other(1)
Fair Value
as of
March 31, 2024
DebtDebt$2,928,196 $— $(421,050)$376,859 $100,164 $(23,390)$(29,746)$2,931,033 
EquityEquity1,166,643 — (35,199)48,210 4,126 56,358 32,322 1,272,460 
Equity WarrantEquity Warrant5,434 — — 2,091 — 2,101 (2,576)7,050 
$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, 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
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
March 31, 2023
DebtDebt$2,509,568 $— $(351,315)$508,045 $3,656 $(60,605)$(1,333)$2,608,016 
EquityEquity1,043,709 — (27,338)34,765 (1,977)51,451 1,333 1,101,943 
Equity WarrantEquity Warrant6,560 — — — — (610)— 5,950 
$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 June 30, 2023March 31, 2024 and December 31, 2022,2023, Main Street’s investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:
Fair Value Measurements
(in thousands)
At June 30, 2023Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fair Value MeasurementsFair Value Measurements
(in thousands)(in thousands)
At March 31, 2024At March 31, 2024Fair 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$2,170,226 $— $— $2,170,226 
Private Loan portfolio investmentsPrivate Loan portfolio investments1,499,309 — — 1,499,309 
Middle Market portfolio investmentsMiddle Market portfolio investments295,854 — — 295,854 
Other Portfolio investmentsOther Portfolio investments111,184 — — 111,184 
External Investment ManagerExternal Investment Manager133,970 — — 133,970 
Short-term portfolio investments
Total investmentsTotal investments$4,210,543 $— $— $4,210,543 
Fair Value Measurements
(in thousands)
At December 31, 2022Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fair Value MeasurementsFair Value Measurements
(in thousands)(in thousands)
At December 31, 2023At December 31, 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$2,060,459 $— $— $2,060,459 
Private Loan portfolio investmentsPrivate Loan portfolio investments1,471,466 — — 1,471,466 
Middle Market portfolio investmentsMiddle Market portfolio investments329,119 — — 329,119 
Other Portfolio investmentsOther Portfolio investments116,299 — — 116,299 
External Investment ManagerExternal Investment Manager122,930 — — 122,930 
Short-term portfolio investments1,904 — 1,904 — 
Total investmentsTotal investments$4,102,177 $— $1,904 $4,100,273 
Total investments
Total investments
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 primarily through its LMM and Private Loan and Middle Market investment strategies.
Main Street’s LMM investment strategy is focused on investments in secured debt equity warrants and direct equity investments in privately held, LMM companies based in the United States. Main Street’s LMM portfolio companies generally have annual revenues between $10 million and $150 million, and its LMM investments generally range in size from $5 million to $75$100 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 makes direct equity investments and/or receives nominally priced equity warrants and/or makes direct equity investments in connection with a debt investment.
Main Street’s private loan (“Private Loan”) investment strategy is focused on investments in privately held companies that are generally consistent with the size of its LMM portfolio companies or Middle Market portfolio companies, and its Private Loan investments generally range in size from $10 million to $75 million. Main Street’s Private Loan investments primarily consist of debt securities that have primarily been originated directly by Main Street or, to a lesser extent, through its strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Private Loan investments are typically made to support a company owned by or in the 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 alongsideco-invest with the sponsor in the equity securities of its Private Loan portfolio companies.
Main Street’sStreet has also historically maintained a Middle Market investment strategy which is focused on investments in syndicated loans to or debt securities in Middle Market companies, which Main Street defines as companies with annual revenues between $150 million and $1.5 billion, and its Middle Market investments generally range in size from $3 million to $25 million. Main Street’s Middle Market portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date. Over the last few years, Main Street has been de-emphasizing this strategy and expects to continue to do so in the future.
Main Street’s other portfolio (“Other Portfolio”) investments primarily consist of investments that are not consistent with the typical profiles for its LMM, Private Loan or Middle Market portfolio investments, including investments which may be managed by third parties. In the Other Portfolio, Main Street may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds. For Other Portfolio investments, Main Street generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be liquidated over a five to ten-year period.
Based upon Main Street’s liquidity and capital structure management activities, Main Street’s Investment Portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be liquidated in one year or less. These short-term portfolio investments are not expected to be a significant portion of the overall Investment Portfolio.
Main Street’s external asset management business is conducted through its External Investment Manager. The External Investment Manager earns management fees based on the assets under management for External Parties and may earn incentive fees, or a carried interest, based on the performance of the assets managed. Main Street entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income Fund, Inc. (“MSC Income”). and its other clients. 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 June 30,March 31, 2024 and 2023 and 2022 are net of expenses allocated to the External Investment Manager of $5.7$5.6 million and $3.5 million, respectively, and for the six months ended June 30, 2023 and 2022 of $10.7 million and $6.3$5.0 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 six months ended June 30,March 31, 2024 and 2023, and 2022, Main Street did not record investment income from any single portfolio company in excess of 10% of total investment income.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The following tables provide a summary of Main Street’s investments in the LMM, Private Loan and Middle Market portfolios as of June 30, 2023March 31, 2024 and December 31, 20222023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed further below).
As of June 30, 2023
LMM (a)Private LoanMiddle Market
(dollars in millions)
As of March 31, 2024As of March 31, 2024
LMM (a)LMM (a)Private LoanMiddle Market
(dollars in millions)(dollars in millions)
Number of portfolio companiesNumber of portfolio companies79 88 28 
Fair valueFair value$2,170.2 $1,499.3 $295.9 
CostCost$1,720.9 $1,519.9 $352.9 
Debt investments as a % of portfolio (at cost)Debt investments as a % of portfolio (at cost)72.0 %96.1 %92.9 %Debt investments as a % of portfolio (at cost)72.5 %94.7 %91.0 %
Equity investments as a % of portfolio (at cost)Equity investments as a % of portfolio (at cost)28.0 %3.9 %7.1 %Equity investments as a % of portfolio (at cost)27.5 %5.3 %9.0 %
% of debt investments at cost secured by first priority lien% of debt investments at cost secured by first priority lien99.2 %99.5 %99.2 %% of debt investments at cost secured by first priority lien99.2 %99.9 %99.0 %
Weighted-average annual effective yield (b)Weighted-average annual effective yield (b)12.9 %12.6 %11.8 %Weighted-average annual effective yield (b)12.8 %12.8 %12.9 %
Average EBITDA (c)Average EBITDA (c)$8.0 $30.5 $67.6 
____________________
(a)At June 30, 2023,March 31, 2024, 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,March 31, 2024, 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 March 31, 2024 including debt investments on non-accrual status was 12.7% for its LMM portfolio, 12.4% for its Private Loan portfolio and 11.4% 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 four LMM portfolio companies, two 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.
As of December 31, 2023
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies80 87 23 
Fair value$2,273.0 $1,453.5 $243.7 
Cost$1,782.9 $1,470.1 $294.4 
Debt investments as a % of portfolio (at cost)72.0 %94.7 %91.4 %
Equity investments as a % of portfolio (at cost)28.0 %5.3 %8.6 %
% of debt investments at cost secured by first priority lien99.2 %100.0 %99.1 %
Weighted-average annual effective yield (b)13.0 %12.9 %12.5 %
Average EBITDA (c)$8.2 $27.2 $64.2 
____________________
(a)At December 31, 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%.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 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,December 31, 2023 including debt investments on non-accrual status was 12.8%12.9% for its LMM portfolio, 12.3%12.5% 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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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 2022, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on Main Street’s debt portfolio as of December 31, 2022 including debt investments on non-accrual status was 11.6% for its LMM portfolio, 11.2% for its Private Loan portfolio and 10.3% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
For the three months ended June 30,March 31, 2024 and 2023, and 2022, Main Street achieved an annualized total return on investments of 16.7% and 6.5%, respectively. For the six months ended June 30, 2023 and 2022, Main Street achieved an annualized total return on investments of 15.1% and 9.2%13.4%, respectively. For the year ended December 31, 2022,2023, Main Street achieved a total return on investments of 11.1%16.3%. 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 June 30, 2023,March 31, 2024, Main Street had Other Portfolio investments in 1514 entities, collectively totaling $111.2$139.8 million in fair value and $119.4$141.2 million in cost basis and which comprised 2.6%3.1% and 3.2%3.6% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2022,2023, Main Street had Other Portfolio investments in 1415 entities, collectively totaling $116.3$142.0 million in fair value and $120.4$149.1 million in cost basis and which comprised 2.8%3.3% and 3.2%4.0% of Main Street’s Investment Portfolio at fair value and cost, respectively.
As of March 31, 2024, Main Street had short-term portfolio investments in 11 entities, collectively totaling $103.4 million in fair value and $103.3 million in cost basis and which comprised 2.3% and 2.6% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2023, Main Street held no short-term portfolio investments.
As discussed further in Note A.1. — Organization and Basis of Presentation — Organization, Main Street holds an investment in the External Investment Manager, a wholly-owned subsidiary that is treated as a portfolio investment. As of June 30, 2023,March 31, 2024, this investment had a fair value of $134.0$185.3 million and a cost basis of $29.5 million, which comprised 3.2%4.1% and 0.8%0.7% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2022,2023, this investment had a fair value of $122.9$174.1 million and a cost basis of $29.5 million, which comprised 3.0%4.1% and 0.8% of Main Street’s Investment Portfolio at fair value and cost, respectively.
The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of June 30, 2023March 31, 2024 and December 31, 20222023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed above).
Cost:June 30, 2023December 31, 2022
First lien debt83.8 %85.0 %
Equity15.5 14.2 
Second lien debt0.3 0.3 
Equity warrants0.2 0.2 
Other0.2 0.3 
100.0 %100.0 %
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Fair Value:June 30, 2023December 31, 2022
First lien debt73.3 %75.2 %
Equity25.9 24.1 
Second lien debt0.4 0.3 
Equity warrants0.2 0.1 
Other0.2 0.3 
100.0 %100.0 %
excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed above).
Cost:March 31, 2024December 31, 2023
First lien debt83.0 %82.7 %
Equity16.5 16.8 
Second lien debt0.1 0.1 
Equity warrants0.2 0.2 
Other0.2 0.2 
100.0 %100.0 %
Fair Value:March 31, 2024December 31, 2023
First lien debt71.6 %71.6 %
Equity27.8 27.8 
Second lien debt0.2 0.2 
Equity warrants0.2 0.2 
Other0.2 0.2 
100.0 %100.0 %
The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments by geographic region of the United States and other countries at cost and fair value as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of June 30, 2023March 31, 2024 and December 31, 20222023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.
Cost:Cost:June 30, 2023December 31, 2022Cost:March 31, 2024December 31, 2023
WestWest25.6 %28.5 %West26.7 %25.8 %
NortheastNortheast21.6 19.0 
SouthwestSouthwest19.3 20.1 
MidwestMidwest16.0 16.3 
SoutheastSoutheast15.1 14.0 
Canada
Other Non-United StatesOther Non-United States1.7 1.5 
Canada0.7 0.6 
100.0 %100.0 %
100.0 100.0 %100.0 %
Fair Value:Fair Value:June 30, 2023December 31, 2022Fair Value:March 31, 2024December 31, 2023
WestWest26.2 %28.7 %West26.0 %25.4 %
SouthwestSouthwest21.3 21.4 
NortheastNortheast21.0 18.8 
MidwestMidwest16.3 16.6 
SoutheastSoutheast13.0 12.4 
Canada
Other Non-United StatesOther Non-United States1.6 1.5 
Canada0.6 0.6 
100.0 %100.0 %
100.0 100.0 %100.0 %
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Main Street’s LMM, Private Loan and Middle Market portfolio investments are in companies conducting business in a variety of industries. The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments by industry at cost and fair value as of June 30, 2023March 31, 2024 and December 31, 20222023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager).
Cost:Cost:June 30, 2023December 31, 2022Cost:March 31, 2024December 31, 2023
Internet Software & ServicesInternet Software & Services8.9 %8.0 %Internet Software & Services7.4 %7.6 %
MachineryMachinery7.2 7.4 
Professional Services
IT Services
Construction & Engineering
Diversified Consumer Services
Commercial Services & SuppliesCommercial Services & Supplies6.1 6.7 
Construction & Engineering5.7 5.8 
Health Care Providers & ServicesHealth Care Providers & Services5.0 4.7 
Diversified Consumer Services4.9 4.5 
IT Services4.9 3.3 
Professional Services4.5 4.2 
DistributorsDistributors4.2 5.1 
Textiles, Apparel & Luxury Goods3.3 1.9 
Leisure Equipment & Products3.1 4.5 
Containers & Packaging
Energy Equipment & ServicesEnergy Equipment & Services3.1 3.7 
TobaccoTobacco3.1 3.1 
Leisure Equipment & Products
Textiles, Apparel & Luxury Goods
Electrical Equipment
Aerospace & Defense
Computers & PeripheralsComputers & Peripherals2.7 2.2 
Specialty RetailSpecialty Retail2.5 3.2 
MediaMedia2.4 2.4 
SoftwareSoftware2.0 1.9 
Building ProductsBuilding Products1.8 1.9 
Aerospace & Defense1.8 2.3 
Containers & Packaging1.7 2.6 
Diversified Telecommunication Services1.7 1.9 
Food Products
Diversified Financial Services
Food & Staples Retailing
Auto ComponentsAuto Components1.6 1.7 
Food Products1.6 1.6 
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components1.6 1.6 
Electrical Equipment1.5 1.0 
Health Care Equipment & Supplies
Internet & Catalog Retail
Communications EquipmentCommunications Equipment1.5 1.8 
Diversified Financial Services1.5 1.5 
Internet & Catalog Retail1.3 1.3 
Health Care Equipment & Supplies1.3 1.3 
Food & Staples Retailing1.1 1.2 
Hotels, Restaurants & LeisureHotels, Restaurants & Leisure1.1 1.1 
Household Products
ChemicalsChemicals1.0 1.1 
Household Products1.0 0.4 
Other (1)3.3 3.1 
100.0 %100.0 %
Other
100.0 100.0 %100.0 %
____________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined LMM, Private Loan and Middle Market portfolio investments at each date.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Fair Value:Fair Value:June 30, 2023December 31, 2022Fair Value:March 31, 2024December 31, 2023
MachineryMachinery8.3 %8.4 %Machinery8.6 %8.8 %
Diversified Consumer Services
Professional Services
Internet Software & ServicesInternet Software & Services7.4 6.8 
Diversified Consumer Services7.1 6.8 
Construction & EngineeringConstruction & Engineering5.6 5.7 
Commercial Services & Supplies5.2 6.1 
Professional Services5.1 3.8 
Health Care Providers & Services4.7 4.3 
Distributors4.5 5.5 
IT ServicesIT Services4.4 3.1 
Computers & PeripheralsComputers & Peripherals3.8 3.0 
Distributors
Health Care Providers & Services
Commercial Services & Supplies
Containers & Packaging
TobaccoTobacco3.3 3.4 
Energy Equipment & Services
Specialty RetailSpecialty Retail3.1 3.5 
Electrical Equipment
Aerospace & Defense
MediaMedia2.9 3.0 
Leisure Equipment & ProductsLeisure Equipment & Products2.8 4.0 
Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods2.8 1.8 
Energy Equipment & Services2.7 2.7 
SoftwareSoftware2.1 2.1 
Containers & Packaging1.9 2.8 
Aerospace & Defense1.7 2.2 
Diversified Financial Services
Food ProductsFood Products1.7 1.8 
Building ProductsBuilding Products1.6 1.9 
Electrical Equipment1.6 1.0 
Auto ComponentsAuto Components1.5 1.6 
Diversified Telecommunication Services1.5 1.8 
Diversified Financial Services1.4 1.7 
Food & Staples Retailing
Air Freight & Logistics
Internet & Catalog RetailInternet & Catalog Retail1.2 1.3 
Construction MaterialsConstruction Materials1.1 1.0 
Air Freight & Logistics1.1 0.9 
Health Care Equipment & SuppliesHealth Care Equipment & Supplies1.0 1.0 
Chemicals0.9 1.1 
Food & Staples Retailing0.8 1.1 
Other (1)5.2 4.8 
100.0 %100.0 %
Other
100.0 100.0 %100.0 %
____________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined LMM, Private Loan and Middle Market portfolio investments at each date.
At June 30, 2023March 31, 2024 and December 31, 2022,2023, 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–A — Organization and Basis of
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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


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 June 30, 2023March 31, 2024 and December 31, 2022,2023, Main Street had no single investment that qualified as a significant subsidiary under either the investment or income tests.
NOTE D — EXTERNAL INVESTMENT MANAGER
As discussed further in Note A.1. — Organization and Basis of Presentation — Organization and Note C — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition, the External Investment Manager provides investment management and other services to External Parties. The External Investment Manager is accounted for as a portfolio investment of MSCC since the External Investment Manager conducts all of its investment management activities for External Parties.
The External Investment Manager serves as the investment adviser and administrator to MSC Income Fund, Inc. (“MSC Income”) pursuant to an Investment Advisory and Administrative Services Agreement entered into in October 2020 between the External Investment Manager and MSC Income (the “Advisory Agreement”). Under the Advisory Agreement, the External Investment Manager earns a 1.75% annual base management fee on MSC Income’s average total assets, an incentive fee equal to 20% of pre-investment fee net investment income above a specified investment return hurdle rate and a 20% incentive fee on cumulative net realized capital gains in exchange for providing advisory services to MSC Income.

As described more fully in Note L — Related Party Transactions, the External Investment Manager also serves as the investment adviser and administrator to MS Private Loan Fund I, LP (the “Private Loan Fund”) and MS Private Loan Fund II, LP (the “Private Loan Fund II”), each a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments (the “Private Loan Fund”).investments. The External Investment Manager entered into an Investment Management Agreementinvestment management agreements in December 2020 with the Private Loan Fund and in September 2023 with the Private Loan Fund II, pursuant to which the External Investment Manager provides investment advisory and management services to the Private Loan Fundeach fund in exchange for an asset-based fee and certain incentive fees. The External Investment Manager may also advise other clients, including funds and separately managed accounts, pursuant to advisory and services agreements with such clients in exchange for asset-based and incentive fees.
The External Investment Manager provides administrative services for certain External Party clients that, to the extent not waived, are reported as administrative services fees. The administrative services fees generally represent expense reimbursements for a portion of the compensation, overhead and related expenses for certain professionals directly attributable to performing administrative services for clients. These fees are recognized as other revenue in the period in which the related services are rendered.
Main Street determines the fair value of the External Investment Manager using the Waterfall valuation method under the market approach (see further discussion in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio). Any change in fair value of the investment in the External Investment Manager is recognized on Main Street’s Consolidated Statements of Operations in “Net Unrealized Appreciation (Depreciation) — Control investments.”
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
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Notes to the Consolidated Financial Statements (Continued)
(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 activityactivities 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 June 30,March 31, 2024 and 2023, and 2022, the total contribution to Main Street’s net investment income was $8.5$8.6 million and $5.2 million, respectively. For the six months ended June 30, 2023 and 2022, the total contribution to Main Street’s net investment income was $16.6 million and $10.3$8.1 million, respectively.
Summarized financial information from the separate financial statements of the External Investment Manager as of June 30, 2023March 31, 2024 and December 31, 20222023 and for the three and six months ended June 30,March 31, 2024 and 2023 and 2022 is as follows:
As of
March 31,
2024
As of
March 31,
2024
As of
December 31, 2023
(dollars in thousands)(dollars in thousands)
As of
June 30,
2023
As of
December 31, 2022
(dollars in thousands)
Accounts receivable - advisory clients
Accounts receivable - advisory clients
Accounts receivable - advisory clientsAccounts receivable - advisory clients$10,416 $8,130 
Intangible AssetIntangible Asset29,500 29,500 
Total assetsTotal assets$39,916 $37,630 
Accounts payable to MSCC and its subsidiariesAccounts payable to MSCC and its subsidiaries$7,557 $4,455 
Accounts payable to MSCC and its subsidiaries
Accounts payable to MSCC and its subsidiaries
Dividend payable to MSCC and its subsidiariesDividend payable to MSCC and its subsidiaries2,859 3,675 
EquityEquity29,500 29,500 
Total liabilities and equityTotal liabilities and equity$39,916 $37,630 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
(dollars in thousands)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
2024
2024
2024
(dollars in thousands)
(dollars in thousands)
(dollars in thousands)
Management fee incomeManagement fee income$5,544 $5,421 $11,014 $10,865 
Incentive feesIncentive fees3,663 90 6,967 227 
Incentive fees
Incentive fees
Administrative services fees
Administrative services fees
Administrative services feesAdministrative services fees151 153 302 304 
Total revenuesTotal revenues9,358 5,664 18,283 11,396 
Total revenues
Total revenues
Expenses allocated from MSCC or its subsidiaries:
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(4,897)(2,653)(9,165)(4,913)
Salaries, share-based compensation and other personnel costs
Salaries, share-based compensation and other personnel costs
Other G&A expenses
Other G&A expenses
Other G&A expensesOther G&A expenses(791)(809)(1,520)(1,366)
Total allocated expensesTotal allocated expenses(5,688)(3,462)(10,685)(6,279)
Total allocated expenses
Total allocated expenses
Other direct G&A expenses
Other direct G&A expenses
Other direct G&A expenses
Total expenses
Total expenses
Total expenses
Pre-tax income
Pre-tax income
Pre-tax incomePre-tax income3,670 2,202 7,598 5,117 
Tax expenseTax expense(811)(492)(1,683)(1,134)
Tax expense
Tax expense
Net incomeNet income$2,859 $1,710 $5,915 $3,983 
Net income
Net income

NOTE E — DEBT
Summary of Main Street’s debt as of June 30,March 31, 2024 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)
Corporate Facility$313,000 $— $313,000 $313,000 
SPV Facility10,000 — 10,000 10,000 
July 2026 Notes500,000 (1,206)498,794 466,270 
May 2024 Notes450,000 45 450,045 449,933 
March 2029 Notes350,000 (3,531)346,469 356,223 
SBIC Debentures286,200 (5,187)281,013 220,824 
December 2025 Notes150,000 (906)149,094 148,998 
Total Debt$2,059,200 $(10,785)$2,048,415 $1,965,248 
____________________
(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, March 2029 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.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Summary of Main Street’s debt as of December 31, 2023 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)
Outstanding
Balance
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)(dollars in thousands)
Corporate FacilityCorporate Facility$410,000 $— $410,000 $410,000 
SPV FacilitySPV Facility170,000 — 170,000 170,000 
July 2026 NotesJuly 2026 Notes500,000 (1,601)498,399 440,345 
May 2024 NotesMay 2024 Notes450,000 454 450,454 442,926 
SBIC DebenturesSBIC Debentures350,000 (6,057)343,943 290,232 
December 2025 NotesDecember 2025 Notes150,000 (1,294)148,706 153,929 
Total DebtTotal 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 — Fair Value of Financial Instruments.
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Summary of debt as of December 31, 2022 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)
Corporate Facility$407,000 $— $407,000 $407,000 
SPV 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.B.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
Summarized interest expense for the three and six months ended June 30,March 31, 2024 and 2023 and 2022 is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(dollars in thousands)
Three Months Ended March 31,
Three Months Ended March 31,
Three Months Ended March 31,
2024
2024
2024
(dollars in thousands)
(dollars in thousands)
(dollars in thousands)
Corporate FacilityCorporate Facility$7,898 $2,640 $14,508 $4,698 
SPV FacilitySPV Facility3,511 — 6,941 — 
SPV Facility
SPV Facility
July 2026 Notes
July 2026 Notes
July 2026 NotesJuly 2026 Notes3,882 3,882 7,763 7,763 
May 2024 NotesMay 2024 Notes5,714 5,713 11,427 11,428 
May 2024 Notes
May 2024 Notes
March 2029 Notes
March 2029 Notes
March 2029 Notes
SBIC Debentures
SBIC Debentures
SBIC DebenturesSBIC Debentures2,718 2,827 5,470 5,627 
December 2025 NotesDecember 2025 Notes3,031 — 5,643 — 
December 2022 Notes— 2,233 — 4,466 
December 2025 Notes
December 2025 Notes
Total Interest ExpenseTotal Interest Expense$26,754 $17,295 $51,752 $33,982 
Total Interest Expense
Total Interest Expense
Corporate Facility
Main Street maintains the Corporate Facility to provide additional liquidity to support its investment and operational activities. As of June 30, 2023,March 31, 2024, the Corporate Facility included total commitments of $980.0$995.0 million from a diversified group of 18 lenders and contained an accordion feature with the right to request an increase in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $1.4 billion. The revolving period under the Corporate Facility expires in August 2026 and the Corporate Facility is scheduled to mature in August 2027.
As of June 30, 2023,March 31, 2024, 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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MAIN STREET CAPITAL CORPORATION
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,March 31, 2024, the interest rate on the Corporate Facility was 7.1%7.3%. The average interest rate for borrowings under the Corporate Facility was 7.0%7.3% and 2.7%6.5% for the three months ended June 30,March 31, 2024 and 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,March 31, 2024, Main Street was in compliance with all financial covenants of the Corporate Facility.
SPV Facility
In November 2022 and December 2022,Main Street, through MSCC Funding I, LLC (“MSCC Funding”), a wholly-owned Structured Subsidiary that primarily holds originated loandebt investments, entered into (i)maintains the SPV Facility with MSCC as collateral managerto finance its investment 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.operational activities. As of June 30, 2023,March 31, 2024, the SPV Facility included total commitments of $255.0$430.0 million from a diversified group of six lenders and contained 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,March 31, 2024, the interest rate on the SPV Facility was 7.8%7.9%. The average interest rate for borrowings under the SPV Facility was 7.6%7.9% and 7.1% for the three months ended June 30,March 31, 2024 and 2023, and 7.4% for the six months ended June 30, 2023.respectively. As of June 30, 2023,March 31, 2024, MSCC Funding was in compliance with all financial covenants of the SPV Facility.

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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


MSCC FundingFunding’s balance sheets as of June 30, 2023March 31, 2024 and December 31, 20222023 are as follows:
Balance Sheets
(dollars in thousands)
June 30, 2023December 31, 2022
(Unaudited)
March 31, 2024March 31, 2024December 31, 2023
(Unaudited)
ASSETSASSETS
ASSETS
ASSETS
Investments at fair value:
Investments at fair value:
Investments at fair value: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 
Non-Control Investments (cost: $303,482 and $315,373 as of March 31, 2024 and December 31, 2023, respectively)
Non-Control Investments (cost: $303,482 and $315,373 as of March 31, 2024 and December 31, 2023, respectively)
Non-Control Investments (cost: $303,482 and $315,373 as of March 31, 2024 and December 31, 2023, respectively)
Cash and cash equivalentsCash and cash equivalents8,200 10,838 
Cash and cash equivalents
Cash and cash equivalents
Interest and dividend receivable and other assetsInterest 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 
Deferred financing costs (net of accumulated amortization of $1,028 and $783 as of March 31, 2024 and December 31, 2023, respectively)
Deferred financing costs (net of accumulated amortization of $1,028 and $783 as of March 31, 2024 and December 31, 2023, respectively)
Deferred financing costs (net of accumulated amortization of $1,028 and $783 as of March 31, 2024 and December 31, 2023, respectively)
Total assetsTotal assets334,145 333,728 
LIABILITIESLIABILITIES
SPV FacilitySPV Facility$170,000 $200,000 
Accounts payable and other liabilities7,032 112 
SPV Facility
SPV Facility
Accounts payable and other liabilities to affiliates
Interest payable
Interest payable
Interest payableInterest payable1,138 1,272 
Total liabilitiesTotal liabilities178,170 201,384 
Total liabilities
Total liabilities
NET ASSETSNET ASSETS
NET ASSETS
NET ASSETS
Contributed capital
Contributed capital
Contributed capitalContributed capital138,163 126,010 
Total undistributed earningsTotal undistributed earnings17,812 6,334 
Total undistributed earnings
Total undistributed earnings
Total net assetsTotal net assets155,975 132,344 
Total liabilities and net assetsTotal liabilities and net assets$334,145 $333,728 
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


MSCC Funding statementFunding’s statements of operations for the three and six months ended June 30,March 31, 2024 and 2023 are as follows:
StatementStatements of Operations
(dollars in thousands)
(Unaudited)
Three Months Ended March 31,Three Months Ended March 31,
202420242023
INVESTMENT INCOME:
Interest, fee and dividend income:
Interest, fee and dividend income:
Interest, fee and dividend income:
Three Months EndedSix Months Ended
Non‑Control/Non‑Affiliate investments
June 30, 2023
INVESTMENT INCOME:
Interest, fee and dividend income:
Non‑Control/Non‑Affiliate investments
Non‑Control/Non‑Affiliate investmentsNon‑Control/Non‑Affiliate investments$9,873 $18,590 
Total investment incomeTotal investment income9,873 18,590 
EXPENSES:EXPENSES:
InterestInterest(3,512)(6,940)
Interest
Interest
Management Fee to MSCCManagement Fee to MSCC(410)(686)
General and administrativeGeneral and administrative(19)(51)
Total expensesTotal expenses(3,941)(7,677)
NET INVESTMENT INCOMENET INVESTMENT INCOME5,932 10,913 
NET UNREALIZED APPRECIATION:
NET UNREALIZED APPRECIATION (DEPRECIATION):
NET UNREALIZED APPRECIATION (DEPRECIATION):
NET UNREALIZED APPRECIATION (DEPRECIATION):
Non‑Control/Non‑Affiliate investmentsNon‑Control/Non‑Affiliate investments1,956 565 
Total net unrealized appreciation1,956 565 
Non‑Control/Non‑Affiliate investments
Non‑Control/Non‑Affiliate investments
Total net unrealized depreciation
Total net unrealized depreciation
Total net unrealized depreciation
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONSNET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$7,888 $11,478 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
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,March 31, 2024, 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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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As of June 30, 2023,March 31, 2024, Main Street was in compliance with all covenants and other requirements of the May 2024 Notes.
March 2029 Notes
In January 2024, Main Street issued $350.0 million in aggregate principal amount of 6.95% unsecured notes due March 1, 2029 (the “March 2029 Notes”) at an issue price of 99.865%. The March 2029 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The March 2029 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The March 2029 Notes bear interest at a rate of 6.95% per year payable semiannually on March 1 and September 1 of each year.
As of March 31, 2024, Main Street was in compliance with all covenants and other requirements of the March 2029 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 $286.2 million and $350.0 million as of both June 30, 2023March 31, 2024 and December 31, 2022.2023, respectively. 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. On March 1, 2024, Main Street repaid $63.8 million of debentures that had reached maturity dates. The weighted-average annual interest rate on the SBIC debentures was 3.0%2.8% and 2.9%3.0% as of June 30, 2023March 31, 2024 and December 31, 2022,2023, respectively. The first principal maturity due under the existing SBIC debentures is in 2024,2027, and the weighted-average remaining duration as of June 30, 2023March 31, 2024 was 5.15.4 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 June 30, 2023,March 31, 2024, the SBIC debentures consisted of (i) $175.0$111.2 million par value of SBIC debentures outstanding issued by MSMF, with a recorded value of $171.8$108.4 million that was net of unamortized debt issuance costs of $3.2$2.8 million and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of $172.2$172.6 million that was net of unamortized debt issuance costs of $2.8$2.4 million.
December 2025 Notes
In December 2022, Main Street issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Series A Notes”) at par. In February 2023, Main Street issued an additional $50.0 million in aggregate principal amount of 7.53% Series B unsecured notes due December 23, 2025 (the “December 2025 Series B Notes” and, together with the December 2025 Series A Notes, the “December 2025 Notes”), at par. The December 2025 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The December 2025 Notes may be redeemed in whole or in part at any time at Main Street’s option at par plus accrued interest to the prepayment date, subject to certain make-whole provisions. The December 2025 Series A Notes and the December 2025 Series B Notes bear interest at a rate of 7.84% and 7.53% per year, respectively, payable semiannually on June 23 and December 23 of each year. In addition, Main Street is obligated to offer to repay the December 2025 Notes at par plus accrued and unpaid interest if certain change in control events occur. The December 2025 Notes will bear interest at an increased rate from the date that (i) the December 2025 Notes receive a below investment grade rating by a rating agency if there is one or two rating agencies providing ratings of the December 2025 Notes, or two-thirds of the rating agencies if there are three rating agencies who are rating the notes (a “Below Investment Grade Event”), or (ii) the ratio of the Company’s consolidated secured indebtedness (other than indebtedness of the Funds or any Structured Subsidiaries) to the value of its consolidated total assets is greater than 0.35 to 1.00 (a “Secured Debt Ratio Event”), to and until the date on which the Below Investment Grade Event and the Secured Debt Ratio Event are no longer continuing. The governing agreement for the December 2025 Notes contains customary terms and conditions for senior unsecured notes issued in a private placement, as well as customary events of default with customary cure and notice periods.
As of June 30, 2023, Main Street was in compliance with all covenants and other requirements of the December 2025 Notes.
December 2022 Notes
In November 2017, Main Street issued $185.0 million in aggregate principal amount of 4.50% unsecured notes due December 1, 2022 (the “December 2022 Notes”) at an issue price of 99.16%. The December 2022 Notes bore interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. In December 2022, Main Street repaid the entire principal amount of the issued and outstanding December 2022 Notes at par value plus the accrued and unpaid interest.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As of March 31, 2024, Main Street was in compliance with all covenants and other requirements of the December 2025 Notes.
NOTE F — FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights of Main Street for the sixthree months ended June 30, 2023March 31, 2024 and 2022:2023:
Six Months Ended June 30,
Three Months Ended March 31,Three Months Ended March 31,
Per Share Data:Per Share Data:20232022Per Share Data:20242023
NAV at the beginning of the periodNAV at the beginning of the period$26.86 $25.29 
Net investment income (1)Net investment income (1)2.08 1.47 
Net realized loss (1)(2)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 unrealized appreciation (1)(2)
Income tax provision (1)(2)
Net increase in net assets resulting from operations (1)Net increase in net assets resulting from operations (1)2.32 1.10 
Dividends paid from net investment incomeDividends paid from net investment income(1.75)(1.44)
Dividends paid
Dividends paid
Dividends paidDividends 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 periodImpact 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)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)Accretive effect of DRIP issuance (issuing shares above NAV per share)0.05 0.05 
Other (3)Other (3)(0.09)(0.11)
NAV at the end of the periodNAV at the end of the period$27.69 $25.37 
Market value at the end of the periodMarket value at the end of the period$40.03 $38.53 
Shares outstanding at the end of the periodShares outstanding at the end of the period81,431,00673,517,558Shares outstanding at the end of the period85,163,63379,794,089
____________________
(1)Based on weighted-average number of common shares outstanding for the period.
(2)Net realized gains or losses, net unrealized appreciation or depreciation, and income tax provision or benefit can fluctuate significantly from period to period.
(3)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Six Months Ended June 30,
20232022
(dollars in thousands)
Three Months Ended March 31,Three Months Ended March 31,
202420242023
(dollars in thousands)(dollars in thousands)
NAV at end of periodNAV at end of period$2,254,948$1,865,163NAV at end of period$2,515,970$2,172,922
Average NAVAverage NAV$2,178,819$1,842,554Average NAV$2,496,685$2,140,754
Average outstanding debtAverage outstanding debt$1,991,714$1,793,857Average outstanding debt$1,943,050$1,992,000
Ratio of total expenses, including income tax expense, to average NAV (1)(2)Ratio of total expenses, including income tax expense, to average NAV (1)(2)2.32 %3.97 %Ratio of total expenses, including income tax expense, to average NAV (1)(2)2.11 %2.21 %
Ratio of operating expenses to average NAV (2)(3)Ratio of operating expenses to average NAV (2)(3)1.92 %3.13 %Ratio of operating expenses to average NAV (2)(3)1.67 %1.84 %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)0.69 %1.28 %Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)0.60 %0.67 %
Ratio of net investment income to average NAV (2)Ratio of net investment income to average NAV (2)3.93 %5.80 %Ratio of net investment income to average NAV (2)3.60 %3.78 %
Portfolio turnover ratio (2)Portfolio turnover ratio (2)7.76 %10.48 %Portfolio turnover ratio (2)3.96 %1.54 %
Total investment return (2)(4)Total investment return (2)(4)13.26 %(10.96)%Total investment return (2)(4)11.93 %9.13 %
Total return based on change in NAV (2)(5)Total return based on change in NAV (2)(5)5.05 %4.47 %Total return based on change in NAV (2)(5)4.33 %3.77 %
____________________
(1)Total expenses are the sum of operating expenses and net income tax provision. Net income tax provision includes the accrual of net deferred tax provision relating to the net unrealized appreciation or depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may vary significantly from period to period. Main Street is required to include net deferred tax provision in calculating its total expenses even though these net deferred taxes are not currently payable or receivable.
(2)Not annualized.
(3)Unless otherwise noted, operating expenses include interest, compensation, general and administrative and share-based compensation expenses, net of expenses allocated to the External Investment Manager of $10.7$5.6 million and $6.3$5.0 million for the sixthree months ended June 30,March 31, 2024 and 2023, and 2022, respectively.
(4)Total investment return is based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by Main Street’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.
(5)Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to stockholders and other non-operating changes during the period, divided by the beginning NAV. Non-operating changes include any items that affect NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP and equity incentive plans and other miscellaneous items.
NOTE G — DIVIDENDS, DISTRIBUTIONS AND TAXABLE INCOME

Main Street currently pays regular monthly dividends to its stockholders and periodically pays supplemental dividends to its stockholders. Future dividends, if any, will be determined by its Board of Directors on a quarterly basis. Main Street paid regular monthly dividends of $0.225$0.24 per share, totaling $54.3$61.3 million, or $0.72 per share, for the three months ended March 31, 2024, compared to total regular monthly dividends of $53.6 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 June 30, 2022, and $93.1 million, or $1.29 per share, for the six months ended June 30, 2022.March 31, 2023. Main Street also paid a supplemental dividend of $18.2$25.6 million, or $0.225$0.30 per share, during the three months ended June 30, 2023, and $32.2 million, or $0.40 per share, during the six months ended June 30, 2023,March 31, 2024, compared to supplemental dividends paid of $5.5$14.0 million, or $0.075$0.175 per share, during the three months ended June 30, 2022, and $10.9 million, or $0.15 per share, during the six months ended June 30, 2022.March 31, 2023.
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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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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
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(Unaudited)


taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
The determination of the tax attributes for Main Street’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate (plus a 3.8% Medicare surtax, if applicable) on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and qualified dividends, but may also include either one or both of capital gains and return of capital.
Listed below is a reconciliation of “Net increase in net assets resulting from operations” to taxable income and to total distributions declared to common stockholders for the sixthree months ended June 30, 2023March 31, 2024 and 2022.2023.
Six Months Ended June 30,
20232022
(estimated, dollars in thousands)
Three Months Ended March 31,Three Months Ended March 31,
202420242023
(estimated, dollars in thousands)(estimated, dollars in thousands)
Net increase in net assets resulting from operationsNet 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(7,646)(6,906)
Net unrealized (appreciation) depreciation(140,059)9,841 
Net unrealized appreciation
Income tax provisionIncome tax provision16,760 15,417 
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 estimates45,352 13,568 
Estimated taxable income (1)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 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(71,501)(64,509)
Dividend payable as of period end and paid in the following periodDividend payable as of period end and paid in the following period18,729 15,673 
Total distributions accrued or paid to common stockholdersTotal distributions accrued or paid to common stockholders$141,286 $104,622 
____________________
(1)MSCC’s taxable income for each period is an estimate and will not be finally determined until the companyMSCC files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate.
The Taxable Subsidiaries primarily hold certain equity investments for Main Street. The Taxable Subsidiaries permit Main Street to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with MSCC for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss,
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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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The income tax expense (benefit)provision 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 six months ended June 30, 2023March 31, 2024 and 2022:2023:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(dollars in thousands)
Three Months Ended March 31,
Three Months Ended March 31,
Three Months Ended March 31,
2024
2024
2024
(dollars in thousands)
(dollars in thousands)
(dollars in thousands)
Current tax expense:Current tax expense:
FederalFederal$158 $64 $298 $115 
Federal
Federal
State
State
StateState433 71 1,289 614 
ExciseExcise1,080 674 1,820 1,389 
Excise
Excise
Total current tax expense
Total current tax expense
Total current tax expenseTotal current tax expense1,671 809 3,407 2,118 
Deferred tax expense:Deferred tax expense:
Deferred tax expense:
Deferred tax expense:
Federal
Federal
FederalFederal6,444 7,166 12,250 9,973 
StateState532 2,345 1,103 3,326 
State
State
Total deferred tax expense
Total deferred tax expense
Total deferred tax expenseTotal deferred tax expense6,976 9,511 13,353 13,299 
Total income tax provisionTotal income tax provision$8,647 $10,320 $16,760 $15,417 
Total income tax provision
Total income tax provision
The net deferred tax liability at June 30, 2023March 31, 2024 and December 31, 20222023 was $61.2$72.7 million and $47.8$63.9 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 June 30, 2023,March 31, 2024, 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 20342035 through 2037. Any net operating losses generated in 2018 and future periods are not subject to expiration and will carryforward indefinitely until utilized. Additionally, the Taxable Subsidiaries have interest expense limitation carryforwards which have an indefinite carryforward period.
NOTE H — COMMON STOCK
Main Street maintains a program with certain selling agents through which it can sell up to 15,000,000 shares of its common stock by means of at-the-market offerings from time to time (the “ATM Program”). During the sixthree months ended June 30, 2023,March 31, 2024, Main Street sold 2,148,490126,420 shares of its common stock at a weighted-average price of $39.52$45.51 per share and raised $84.9$5.8 million of gross proceeds under the ATM Program. Net proceeds were $84.1$5.7 million after commissions to the selling agents on shares sold and offering costs. As of June 30, 2023,March 31, 2024, sales transactions representing 404,33019,571 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 NAV 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 June 30, 2023, 8,314,194March 31, 2024, 5,186,804 shares remained available for sale under the ATM Program.
During the year ended December 31, 2023, Main Street sold 5,149,460 shares of its common stock at a weighted-average price of $39.94 per share and raised $205.7 million of gross proceeds under the ATM Program. Net proceeds were $203.3 million after commissions to the selling agents on shares sold and offering costs.
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(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 raised $212.4 million of gross proceeds under the ATM Program. Net proceeds were $209.9 million after commissions to the selling agents on shares sold and offering costs.
During the year ended December 31, 2022, 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 — 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 sixthree months ended June 30,March 31, 2024 and 2023 and 2022 is as follows:
Six Months Ended June 30,
20232022
(dollars in thousands)
Three Months Ended March 31,Three Months Ended March 31,
202420242023
(dollars in thousands)(dollars in thousands)
DRIP participationDRIP participation$14,688 $9,813 
Shares issued for DRIPShares issued for DRIP374,173246,199Shares issued for DRIP186,985199,282

NOTE J — SHARE-BASED COMPENSATION
Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards (“RSAs”), Main Street measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.
Main Street’s Board of Directors approves the issuance of shares of restricted stock to Main Street employees pursuant to the Main Street Capital Corporation 2022 Equity and Incentive Plan (the “Equity and Incentive Plan”). These shares generally vest over a three-year or five-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 June 30, 2023.March 31, 2024.
Restricted stock authorized under the plan5,000,000
Less net restricted stock granted(552,077)(559,998)
Restricted stock available for issuance as of June 30, 2023March 31, 20244,447,9234,440,002
As of June 30, 2023,March 31, 2024, 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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(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(7,525)
Restricted stock available for issuance as of June 30, 2023March 31, 2024292,475
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(Unaudited)


For each of the three months ended June 30,March 31, 2024 and 2023, and 2022, Main Street recognized total share-based compensation expense of $4.1 million, and $3.6 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors. For the six months ended June 30, 2023 and 2022, Main Street recognized total share-based compensation expense of $8.2 million and $6.4 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.
Summarized RSA activity for the sixthree months ended June 30, 2023March 31, 2024 is as follows:
Six Months Ended June 30, 2023
NumberWeighted-Average Grant-Date Fair Value
Three Months Ended March 31, 2024Three Months Ended March 31, 2024
NumberNumberWeighted-Average Grant-Date Fair Value
Restricted Stock Awards (RSAs):Restricted Stock Awards (RSAs):of Shares( $ per share)Restricted Stock Awards (RSAs):of Shares($ per share)
Non-vested, December 31, 2022817,401 $38.78 
Non-vested, December 31, 2023
Granted (1)Granted (1)544,533 39.42 
Vested (1)(2)Vested (1)(2)(398,914)39.20 
ForfeitedForfeited(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)
Non-vested, March 31, 2024
Aggregate intrinsic value as of March 31, 2024 (in thousands)
___________________________
(1)Restricted units generally vest over a three-year or five-year period from the grant date (as noted above).
(2)Vested shares included 151,058295 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, 2023March 31, 2024 and $40.03$47.31 per share, the closing price of our common stock on June 30, 2023.March 31, 2024.

The total fair value of RSAs that vested during the sixthree months ended June 30, 2023 and 2022March 31, 2024 was $15.6 million and $10.3 million, respectively.not significant.
As of June 30, 2023,March 31, 2024, there was $34.4$22.3 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 2.72.2 years as of June 30, 2023.March 31, 2024.
NOTE K — COMMITMENTS AND CONTINGENCIES
At June 30, 2023,March 31, 2024, 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, LP30065 
3,3003,065 
EnCap Equity - Fund XII, LP7,310 
Freeport Fund Investments
Freeport First Lien Loan Fund III LP8,340 
Freeport Financial SBIC Fund LP4,490 
12,830 
Harris Preston Fund Investments
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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.7,2048,378 
HPEP 3, L.P.1,5551,308 
HPEP 423 COR, LP600 
2717 MH, L.P.52 
9,41110,338 
MS Private Loan Fund I, LP750 
MS Private Loan Fund II, LP7,632 
UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP9,8507,500 
UnionRock Energy Fund II, LP1,9071,465 
11,7578,965 
     Total Equity Commitments (1)(2)$35,79250,890 
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
Dalton US Inc.MS Private Loan Fund II, LP$16,46322,000 
HEADLANDS OP-COComputer Data Source, LLC10,12510,000 
Garyline, LLC8,118 
MS Private Loan Fund I, LP10,0008,000 
Xenon Arc, Inc.CQ fluency, LLC9,4086,750 
Power System Solutions9,255 
JTI Electrical & Mechanical, LLC8,421 
AB Centers AcquisitionInsight Borrower Corporation8,1036,688 
AMEREQUIP LLC.7,704 
SI East, LLC7,500 
PTL US Bidco, Inc7,1566,520 
Archer Systems,SI East, LLC7,1156,375 
California Splendor Holdings LLC6,000 
BP Loenbro Holdings Inc.5,994 
Veregy Consolidated, Inc.5,875 
Robbins Bros. Jewelry, Inc.Richardson Sales Solutions4,5005,470 
Gulf Manufacturing, LLC5,000 
Channel Partners Intermediateco, LLC4,557 
South Coast Terminals Holdings, LLC4,465 
NWN CorporationClassic H&G Holdco, LLC4,3794,240 
Direct Marketing Solutions, Inc.4,250 
Cody Pools, Inc.4,214 
Bettercloud, Inc.4,189 
Paragon Healthcare, Inc.4,110 
IG Investor, LLC4,000 
NexRevAB Centers Acquisition Corporation3,910 
AVEX Aviation Holdings, LLC4,0003,684 
Mako Steel, LP3,651 
Microbe Formulas, LLC3,601 
Johnson Downie Opco, LLC3,600 
Titan Meter Midco Corp.3,598 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


HEADLANDS OP-CO LLC3,375 
VVS Holdco, LLC3,200 
Watterson Brands, LLC3,9173,175 
Microbe Formulas,Power System Solutions3,085 
Metalforming Holdings, 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,Career Team Holdings, LLC2,700 
IG Parent Corporation2,500 
Nebraska Vet AcquireCo, LLC2,500 
Superior Rigging & Erecting Co.2,500 
CaseWorthy, Inc.2,459 
West Star Aviation Acquisition,NexRev LLC2,4112,400 
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 
Engineering Research & Consulting, LLC1,965 
GULF PACIFIC ACQUISITION, LLC1,919 
Acumera, Inc.1,885 
Elgin AcquireCo, LLC1,877 
Johnson Downie Opco, LLC1,800 
NinjaTrader, LLC1,750 
RTIC Subsidiary Holdings, LLC1,644 
MonitorUS Holding, LLC1,623 
Trantech Radiator Topco, LLC1,600 
Chamberlin Holding LLC1,600 
Roof Opco, LLC1,556 
Burning Glass Intermediate Holding Company, Inc.1,5492,397 
Pearl MeyerEvergreen North America Acquisitions, LLC2,317 
SPAU Holdings, LLC2,235 
Engineering Research & Consulting, LLC2,064 
Cybermedia Technologies, LLC2,000 
Purge Rite, LLC1,969 
Elgin AcquireCo, LLC1,877 
Imaging Business Machines, L.L.C.1,779 
GULF PACIFIC ACQUISITION, LLC1,767 
NinjaTrader, LLC1,750 
Acousti Engineering Company of Florida1,730 
Batjer TopCo, LLC1,620 
Trantech Radiator Topco, LLC1,5001,600 
Chamberlin Holding LLC1,600 
Acumera, Inc.1,598 
Winter Services LLC1,556 
Mini Melts of America, LLC1,505 
Bluestem Brands, Inc.1,447 
ATS Operating, LLC1,440 
Bond Brand Loyalty ULC1,427 
Career Team Holdings,Pinnacle TopCo, LLC1,3501,380 
American Health Staffing Group, Inc.1,333 
Escalent, Inc.1,326 
Evergreen North America Acquisitions, LLCCaseWorthy, Inc.1,3131,230 
Mako Steel, LP1,278 
RA Outdoors LLC1,278 
Project Eagle Holdings, LLC1,250 
Gamber-Johnson Holdings, LLC1,200 
Clad-Rex Steel, LLC1,200 
JTI Electrical & Mechanical, LLC1,074 
ArborWorks, LLC997 
Invincible Boat Company, LLC.976 
GRT Rubber Technologies LLC950 
GS HVAM Intermediate, LLC909 
Orttech Holdings, LLC800 
Mystic Logistics Holdings, LLC800 
Roof Opco, LLC778 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Eastern Wholesale Fence LLC1,115 
ATS Operating, LLC1,080 
Infolinks Media Buyco, LLC1,008 
Orttech Holdings, LLC800 
Mystic Logistics Holdings, LLC800 
Adams Publishing Group, LLC788 
Project BarFly, LLC760 
Inspire Aesthetics Management,RTIC Subsidiary Holdings, LLC555753 
Jackmont Hospitality, Inc.710 
ITA Holdings Group, LLC640 
Analytical Systems Keco Holdings, LLC580 
Jensen Jewelers of Idaho, LLC500 
Invincible Boat Company, LLC.457 
Clad-Rex Steel, LLC400 
Wall Street Prep, Inc.400 
Gulf Publishing Holdings, LLC400 
Hawk Ridge Systems,Eastern Wholesale Fence LLC334372 
ASC Interests, LLC300 
Jackmont Hospitality, Inc.237 
AAC Holdings, Inc.200 
SIB Holdings,Inspire Aesthetics Management, LLC16050 
Acousti Engineering Company of FloridaAdams Publishing Group, LLC5322 
Interface Security Systems, L.L.C
      Total Loan Commitments$248,577237,148 
      Total Commitments$284,369288,038 
____________________
(1)This table excludes commitments related to six additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses. The Company does not expect any material future capital to be called on its commitment to these investments and as a result has excluded those commitments from this table.
(2)This table excludes commitments related to three additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses or for follow on investments in existing portfolio companies. The Company does not expect any material future capital to be called on its commitment to these investments to pay fund expenses, and based on representations from the fund manager, the Company does not expect any further capital will be called on its commitment for follow on investments. As a result, the Company has excluded those commitments from this table.
Main Street will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). Main Street follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. The Company had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of June 30, 2023.March 31, 2024.
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 — RELATED PARTY TRANSACTIONS
As discussed further in Note D — External Investment Manager, the External Investment Manager is treated as a wholly-owned portfolio company of Main Street and is included as part of Main Street’s Investment Portfolio. At June 30, 2023,March 31, 2024, Main Street had a receivable of $10.5$10.2 million due from the External Investment Manager, which included (i) $7.6$7.2 million related primarily to operating expenses incurred by Main Street as required to support the External Investment Manager’s business and amounts due from the External Investment Manager to Main Street under a tax sharing
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(Unaudited)


agreement (see further discussion in Note D — External Investment Manager) and (ii) $2.9$3.0 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.1A.1. — Organization and Basis of Presentation — Organization and Note D — External Investment Manager).
From time to time, Main Street may make investments in clients of the External Investment Manager in the form of debt or equity capital on terms approved by Main Street’s Board of Directors.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 May 2022,2023, Main Street purchased 94,697255,755 shares of MSC Income’s 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 20222023 dividend on such date. In MayAugust 2023, Main Street purchased an additional 255,755348,542 shares of MSC Income’s common stock from MSC Income at the share price at which shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its August 2023 dividend. In September 2023, Main Street purchased an additional 115,385 shares of MSC Income’s common stock at a price of $6.50 per share in the modified “Dutch Auction” tender offer commenced by MSC Income and Main Street in August 2023 to purchase, severally and not jointly, up to an aggregate of $3.5 million of shares from stockholders of MSC Income, subject to the conditions described in the offer to purchase dated August 16, 2023. In October 2023 Main Street purchased 475,888 shares of MSC Income’s common stock from MSC Income at the price shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for MSC Income’s October 2023 dividend on such date. In January 2024, Main Street purchased 314,070 shares of its common stock from MSC Income at the price shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its May 2023January 2024 dividend on such date. Each of Main Street’s purchases of MSC Income common stock was unanimously approved by the Board of Directors and MSC Income’s board of directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of each board. As of June 30, 2023,March 31, 2024, Main Street owned 350,4521,604,337 shares of MSC Income.Income’s common stock. 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 Agreementinvestment 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 June 30, 2023,March 31, 2024, Main Street has funded $14.3 million of its limited partner commitment and Main Street’s unfunded commitment was $0.7$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 defined in Section 2(a)(19) of the 1940 Act. As of March 31, 2024, there were $2.0 million of borrowings outstanding under the PL Fund 2022 Note.
In September 2023, the External Investment Manager entered into an investment management agreement with the Private Loan Fund II to provide investment advisory and management services in exchange for an asset-based fee and certain incentive fees. The Private Loan Fund II is a private investment fund exempt from registration under the 1940 Act
106

Table of contents
MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


that co-invests with Main Street in Main Street’s Private Loan investment strategy. In connection with the Private Loan Fund II’s initial closing in September 2023, Main Street committed to contribute up to $15.0 million (limited to 20% of total commitments) as a limited partner and is entitled to distributions on such interest. In addition, certain of Main Street’s officers and employees (and certain of their immediate family members) have made capital commitments to the Private Loan Fund II as limited partners and therefore have direct pecuniary interests in the Private Loan Fund II. As of March 31, 2024, Main Street has funded $3.3 million of its limited partner commitment and Main Street’s unfunded commitment was $7.6 million. Main Street’s limited partner commitment to the Private Loan Fund II was unanimously approved by the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act.
In September 2023, Main Street provided the Private Loan Fund II with a revolving line of credit pursuant to a Secured Revolving Promissory Note, dated September 5, 2023 (the “PL Fund II 2023 Note”), which provides for borrowings up to $50.0 million. Borrowings under the PL Fund II 2023 Note bear interest at a rate of SOFR plus 3.5% per annum, subject to a 2.0% SOFR floor, and mature on September 5, 2025. Available borrowings under the PL Fund II 2023 Note are subject to a 0.25% non-use fee. The borrowings are collateralized by all assets of the Private Loan Fund II. The PL Fund II 2023 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act. As of June 30, 2023,March 31, 2024, there were no$28.0 million of borrowings outstanding under the PL Fund 2022II 2023 Note.
In November 2015, Main Street’s Board
As described in Note B.9. — Summary of Directors approved and adopted the Main Street Capital CorporationSignificant Accounting Policies – Deferred Compensation Plan (the “2015 Deferred Compensation Plan”). The 2015 Deferred Compensation Plan became effective on January 1, 2016 and replaced, participants in 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 someelect one 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 amongmore investment alternatives permitted from time to time under the plan,options, including phantom Main Street stock units.units, interests in affiliated funds and various mutual funds, where their deferred amounts are notionally invested pending distribution pursuant to participant elections and plan terms. As of June 30, 2023, $18.4March 31, 2024, $21.9 million of compensation, plus net unrealized gains and losses and investment income, and minus previous distributions, was deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). Of this amount, $6.8Plan. As of March 31, 2024, $8.0 million iswas deferred into phantom Main Street stock units, representing 170,008168,131 shares of Main Street’s common stock. Any amountsIn addition, as of March 31, 2024, the Company had $13.9 million of funded investments from deferred under the plan represented by phantom Main Street stock units will not be issued or included as outstanding on the Consolidated Statements of Changescompensation 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 includedtrust, including $2.1 million in the Consolidated Statements of ChangesPrivate Loan Fund and $1.5 million in Net Assets as an increase to dividends to stockholders offset by a corresponding increase to additional paid-in capital.the Private Loan Fund II.
NOTE M — SUBSEQUENT EVENTS
In July 2023,May 2024, Main Street expanded its total commitments underrepaid at maturity the Corporate Facility from $980.0entire $450.0 million to $995.0 million. The commitment increase was executed under the accordion featureprincipal amount of the Corporate Facility which allows for an increase up $1.4 billion in total commitments underissued and outstanding May 2024 Notes at par value plus the facility from new and existing lendersaccrued unpaid interest. The repayment of the May 2024 Notes was funded through borrowings on the same terms and conditions as the existing commitments.

Main Street’s Credit Facilities.
In August 2023,May 2024, Main Street declared a supplemental cash dividend of $0.275$0.30 per share payable in September 2023.June 2024. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that Main Street declared for the third quarter of 2023 of $0.23$0.24 per share for each of July, AugustApril, May and September 2023.June 2024, or total regular monthly dividends of $0.72 per share for the second quarter of 2024.
In August 2023,May 2024, Main Street also declared regular monthly dividends of $0.235$0.245 per share for each month of October, NovemberJuly, August and DecemberSeptember of 2023.2024. These regular monthly dividends equal a total of $0.705$0.735 per share for the fourththird quarter of 2023,2024, representing a 6.8%6.5% increase from the regular monthly dividends paid in the fourththird quarter of 2022.2023. Including the regular monthly and supplemental dividends declared for the thirdsecond and fourththird quarters of 2023,2024, Main Street will have paid $38.54$41.59 per share in cumulative dividends since its October 2007 initial public offering.


107

Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
June 30, 2023March 31, 2024
(dollars in thousands)
(unaudited)(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,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2023 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,
2023 Fair Value (13)
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2024 Fair Value (13)
Majority-owned investmentsMajority-owned investments
Analytical Systems Keco Holdings, LLCAnalytical Systems Keco Holdings, LLCL+10.00%Secured Debt(8)$— $— $$(3)$$— $(2)
15.25%L+10.00%Secured Debt(8)— — 379 4,545 39 140 4,444 
14.13%Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 566 — 3,504 566 — 4,070 
Warrants(8)— — — — — — — 
Analytical Systems Keco Holdings, LLC
Analytical Systems Keco Holdings, LLC
15.38%
14.13%
Preferred Member Units
Warrants
Brewer Crane Holdings, LLCBrewer Crane Holdings, LLC15.17%L+10.00%Secured Debt(9)— (63)429 5,964 — 311 5,653 
Preferred Member Units(9)— (720)60 7,080 — 720 6,360 
Preferred Member Units
Café Brazil, LLCCafé Brazil, LLCMember Units(8)— (80)103 2,210 — 80 2,130 
California Splendor Holdings LLCCalifornia Splendor Holdings LLC15.25%L+10.00%Secured Debt(9)— (7)2,127 28,000 28,000 
Preferred Member Units(9)— (2,060)125 25,495 — 2,060 23,435 
15.00%15.00%Preferred Member Units(9)— — 301 3,994 301 — 4,295 
Preferred Member Units
15.00%
Clad-Rex Steel, LLCClad-Rex Steel, LLC Secured Debt (12)(5)— — — — — — 
11.50% Secured Debt(5)— (64)621 10,440 18 824 9,634 
10.00%Secured Debt(5)— — 52 1,039 — 17 1,022 
Member Units(5)— (1,840)275 8,220 — 1,840 6,380 
Member Units(5)— 220 — 610 519 — 1,129 
CMS Minerals InvestmentsMember Units(9)99 (366)44 1,670 99 1,769 — 
12.00%
10.00%
Member Units
Member Units
Cody Pools, Inc.Cody Pools, Inc.Secured Debt (12)(8)— 12 — — — — 
12.50%Secured Debt(8)— 39 582 — 46,312 — 46,312 
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 
12.50%
Preferred Member Units
CompareNetworks Topco, LLCCompareNetworks Topco, LLCL+9.00%Secured Debt(9)— — — — — — — 
14.25%L+9.00%Secured Debt(9)— (5)355 5,241 377 4,869 
Preferred Member Units(9)— (3,450)158 19,830 — 3,450 16,380 
14.48%
Preferred Member Units
Cybermedia Technologies, LLCCybermedia Technologies, LLCSecured Debt (12)(6)— — — — — — 
13.00%Secured Debt(6)— — 1,042 — 28,720 — 28,720 
Preferred Member Units(6)— — — — 15,000 — 15,000 
13.00%
Preferred Member Units
Datacom, LLCDatacom, LLC7.50%Secured Debt(8)— — 18 223 583 90 716 
10.00%Secured Debt(8)— — 507 7,789 78 135 7,732 
Preferred Member Units(8)— (320)— 2,670 — 320 2,350 
10.00%
Preferred Member Units
Direct Marketing Solutions, Inc.Direct Marketing Solutions, Inc. Secured Debt (12)(9)— (14)23 — 14 14 — 
13.00%Secured Debt(9)— (35)1,876 27,267 35 837 26,465 
Preferred Stock(9)— 1,130 343 22,220 1,130 — 23,350 
14.00%
Preferred Stock
Elgin AcquireCo, LLCElgin AcquireCo, LLCSF+6.00%Secured Debt (12)(5)— — (9)— (8)
12.00%Secured Debt(5)— — 1,151 18,594 19 — 18,613 
9.00%Secured Debt(5)— — 287 6,294 21 6,274 
Common Stock(5)— 364 — 7,603 364 1,877 6,090 
Common Stock(5)— 112 — 1,558 112 — 1,670 
12.00%
9.00%
Common Stock
Common Stock
Gamber-Johnson Holdings, LLCGamber-Johnson Holdings, LLCSF+8.50%Secured Debt (12)(5)— — — — — — 
11.00%SF+8.00%Secured Debt(5)— (64)3,598 64,078 64 4,464 59,678 
10.00%
Member Units
GRT Rubber Technologies LLC
13.48%
108

Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2023March 31, 2024
(dollars in thousands)
(unaudited)(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,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2023 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,
2023 Fair Value (13)
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2024 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 
Member Units
Gulf Publishing Holdings, LLCGulf 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)— — — — — — — 
12.50%
Preferred Equity
Member Units
IG Investor, LLCIG 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 
13.00%
Common Equity
Jensen Jewelers of Idaho, LLCJensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — — — — — — 
15.00%P+6.75%Secured Debt(9)— (3)183 2,450 2,450 
Member Units(9)— (1,460)626 14,970 — 1,460 13,510 
15.25%
Member Units
Kickhaefer Manufacturing Company, LLCKickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 1,407 20,374 195 — 20,569 
9.00%Secured Debt(5)— — 175 3,842 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)— — — — — — 
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 
9.00%
Preferred Equity
Member Units
Metalforming Holdings, LLC
11.75%
8.00%
Common Stock
MH Corbin Holding LLCMH 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)— — — — — — — 
Preferred Member Units
Preferred Member Units
MSC Adviser I, LLCMSC Adviser I, LLCMember Units(8)— 11,040 5,916 122,930 11,040 — 133,970 
Mystic Logistics Holdings, LLCMystic Logistics Holdings, LLCSecured Debt (12)(6)— — — — — — 
10.00%Secured Debt(6)— — 289 5,746 — — 5,746 
Common Stock(6)— 4,320 1,977 22,830 4,320 — 27,150 
10.00%
Common Stock
OMi Topco, LLCOMi 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 
Preferred Member Units
PPL RVs, Inc.PPL RVs, Inc.L+8.75%Secured Debt(8)— (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 
14.23%
Common Stock
Common Stock
Principle Environmental, LLCPrinciple 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 
Preferred Member Units
Common Stock
Quality Lease Service, LLCQuality Lease Service, LLCMember Units(7)— (98)— 525 33 98 460 
Robbins Bros. Jewelry, Inc.
12.50%
Preferred Equity
Trantech Radiator Topco, LLC
13.50%
Common Stock
Volusion, LLC
Preferred Member Units
109

Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2023March 31, 2024
(dollars in thousands)
(unaudited)(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,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2023 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,
2023 Fair Value (13)
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2024 Fair Value (13)
Robbins Bros. Jewelry, Inc. Secured Debt (12)(9)— — 16 (35)— (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)— — 
12.00%Secured Debt(7)— (9)487 7,920 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 — — — — — 
Preferred Member Units
Preferred Member Units
Common Stock
Ziegler’s NYPD, LLCZiegler’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)— — — — — — — 
6.50%
14.00%
Preferred Member Units
Warrants
Other controlled investmentsOther controlled investments
2717 MH, L.P.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 
2717 MH, L.P.
2717 MH, L.P.
LP Interests (2717 HPP-MS, L.P.) (12)
ASC Interests, LLCASC 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 
13.00%
Preferred Member Units
Member Units
ATS Workholding, LLCATS 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)— — — — — — — 
5.00%
Preferred Member Units
Barfly Ventures, LLCBarfly Ventures, LLC7.00%Secured Debt (12)(5)— — 44 711 — — 711 
Member Units(5)— (280)— 3,320 — 280 3,040 
Member Units
Batjer TopCo, LLCBatjer TopCo, LLCSecured Debt (12)(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 
10.00%
10.00%
Preferred Stock
Bolder Panther Group, LLCBolder Panther Group, LLC Secured Debt(9)— — — — — — 
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 
8.00%
Bridge Capital Solutions CorporationBridge 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 
13.00%
Preferred Member Units
Warrants
Warrants
CBT Nuggets, LLC
Centre Technologies Holdings, LLC
14.48%
14.48%
Preferred Member Units
Chamberlin Holding LLC
13.49%
Member Units
Member Units
Charps, LLC
110

Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2023March 31, 2024
(dollars in thousands)
(unaudited)(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,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2023 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,
2023 Fair Value (13)
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2024 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)— — — — — — 
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 — — — — 
13.36%SF+8.00%Secured Debt(8)— (6)1,092 16,945 544 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 
Preferred Member Units
Colonial Electric Company LLCColonial 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 
12.00%
Preferred Member Units
Preferred Member Units
Compass Systems & Sales, LLC
13.50%
Preferred Equity
Copper Trail Fund InvestmentsCopper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 588 — — 588 
Digital Products Holdings LLCDigital 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 
Preferred Member Units
Garreco, LLCGarreco, 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 
Member Units
Harrison Hydra-Gen, Ltd.Harrison Hydra-Gen, Ltd.Common Stock(8)— 210 — 3,280 210 — 3,490 
Johnson Downie Opco, LLCL+11.50%Secured Debt (12)(8)— (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, LLCJorVet Holdings, LLC12.00%Secured Debt(9)— — 1,573 25,432 26 — 25,458 
Preferred Equity(9)— — 512 10,741 — — 10,741 
Preferred Equity
KBK Industries, LLCKBK 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 
Member Units
MS Private Loan Fund I, LP
LP Interests (12)
MS Private Loan Fund II, LP
LP Interests (12)
MSC Income Fund, Inc.MSC Income Fund, Inc.Common Equity(8)— (65)32 753 2,000 65 2,688 
NAPCO Precast, LLCNAPCO Precast, LLCMember Units(8)— 880 — 11,830 880 — 12,710 
Nebraska Vet AcquireCo, LLCNebraska Vet AcquireCo, LLCL+7.00%Secured Debt (12)(5)— — — — — — 
12.00%Secured Debt(5)— 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 
11.50%
11.50%
Preferred Member Units
NexRev LLCNexRev 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 
10.00%
Preferred Member Units
NRP Jones, LLCNRP Jones, LLC12.00%Secured Debt(5)— — 126 2,080 — — 2,080 
Member Units(5)— (750)36 4,615 — 750 3,865 
Member Units
Member Units
NuStep, LLC
12.00%
Preferred Member Units
Preferred Member Units
Orttech Holdings, LLC
16.48%
Preferred Stock
Pearl Meyer Topco LLC
12.00%
12.00%
111

Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2023March 31, 2024
(dollars in thousands)
(unaudited)(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,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2023 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,
2023 Fair Value (13)
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2024 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 — 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)— 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 
Preferred Equity
Pinnacle TopCo, LLC
13.00%
Preferred Equity
River Aggregates, LLCRiver Aggregates, LLCMember Units(8)— — — 3,620 — — 3,620 
Tedder Industries, LLCTedder Industries, LLC12.00%Secured Debt(9)— — 111 1,840 — — 1,840 
12.00%Secured Debt(9)— — 923 15,120 — 15,127 
Preferred Member Units(9)— (1,391)— 7,681 — 1,391 6,290 
Preferred Member Units(9)— 178 — — 533 — 533 
12.00%
Preferred Member Units
Preferred Member Units
Preferred Member Units
Televerde, LLCTeleverde, LLCMember Units(8)— 674 592 5,408 674 — 6,082 
Preferred Stock(8)— — — 1,794 — — 1,794 
Preferred Stock
Vision Interests, Inc.Vision Interests, Inc.Series A Preferred Stock(9)— — 168 3,000 — — 3,000 
VVS Holdco LLCVVS 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 
— — — — — — — 
— — — — — — — 
11.50%
Preferred Equity
OtherOther— — — — — — — 
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— — (171)(14,914)— — — 
Total Control investmentsTotal Control investments$(51,077)$92,940 $96,841 $1,703,172 $338,651 $173,038 $1,883,699 
Affiliate InvestmentsAffiliate Investments
423 HAR, LP423 HAR, LPLP Interests (423 HAR, L.P.)(8)$— $— $— $— $750 $— $750 
423 HAR, LP
423 HAR, LP
AAC Holdings, Inc.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)— — — — — — — 
18.00%
Common Stock
Warrants
Boccella Precast Products LLC
Member Units
Buca C, LLC
6.00%
Career Team Holdings, LLC
13.00%
Common Stock
Classic H&G Holdings, LLC
8.00%
Preferred Member Units
Congruent Credit Opportunities Funds
DMA Industries, LLC
Preferred Equity
112

Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2023March 31, 2024
(dollars in thousands)
(unaudited)(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,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2023 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,
2023 Fair Value (13)
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2024 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 PartnersDos 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 
LP Interests (Dos Rios Partners - A, LP)
Dos Rios Stone Products LLCDos Rios Stone Products LLCClass A Preferred Units(8)— 250 — 1,330 250 — 1,580 
EIG Fund InvestmentsEIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)16 — 43 1,013 16 55 974 
Flame King Holdings, LLCFlame 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 LPFreeport 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 
LP Interests (Freeport First Lien Loan Fund III LP) (12)
GFG Group, LLCGFG 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 
Preferred Member Units
Gulf Manufacturing, LLC
13.00%
Member Units
Hawk Ridge Systems, LLCHawk 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)— 2,173 37,800 4,142 — 41,942 
Preferred Member Units(9)— — 131 17,460 — — 17,460 
Preferred Member Units(9)— — — 920 — — 920 
12.50%
Preferred Member Units
Preferred Member Units
Houston Plating and Coatings, LLCHouston Plating and Coatings, LLC8.00%Unsecured Convertible Debt(8)— (170)121 3,000 — 170 2,830 
Member Units(8)— 1,160 2,400 1,160 — 3,560 
Member Units
HPEP 3, L.P.HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 283 — 4,331 283 508 4,106 
LP Interests (HPEP 4, L.P.) (12)
LP Interests (423 COR, L.P.) (12)
I-45 SLF LLC
Independent Pet Partners Intermediate Holdings, LLC
Infinity X1 Holdings, LLC
Preferred Equity
Integral Energy Services
10.00%
Common Stock
Iron-Main Investments, LLC
13.50%
13.50%
13.50%
13.50%
113

Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2023March 31, 2024
(dollars in thousands)
(unaudited)(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,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2023 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,
2023 Fair Value (13)
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2024 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 20 4,484 
13.50%Secured Debt(5)— — 214 3,130 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 
Common Stock
ITA Holdings Group, LLCITA 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 
16.53%
15.53%
17.53%
Warrants
Johnson Downie Opco, LLC
15.00%
Preferred Equity
OnAsset Intelligence, Inc.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)— — — — — — — 
12.00%
12.00%
12.00%
10.00%
7.00%
Common Stock
Warrants
Oneliance, LLCOneliance, LLCL+11.00%Secured Debt(7)— — — — — — — 
16.25%L+11.00%Secured Debt(7)— (61)447 5,559 141 5,424 
Preferred Stock(7)— — — 1,056 72 — 1,128 
16.48%
Preferred Stock
Quality Lease Service, LLCQuality Lease Service, LLCSecured Debt(8)(29,526)29,865 — — 29,865 29,865 — 
Preferred Member Units(8)— — — — — — — 
SI East, LLCSI 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 
12.45%
Preferred Member Units
Slick Innovations, LLCSlick Innovations, LLC14.00%Secured Debt(6)— (22)980 13,840 22 822 13,040 
Common Stock(6)— 320 — 1,530 320 — 1,850 
Common Stock
Student Resource Center, LLCStudent Resource Center, LLC8.50% 8.50%Secured Debt(6)— — 216 4,556 214 — 4,770 
Preferred Equity(6)— — — — — — — 
Preferred Equity
Superior Rigging & Erecting Co.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 
Preferred Member Units
The Affiliati Network, LLC
13.00%
Preferred Stock
Preferred Stock
UnionRock Energy Fund II, LP
UnionRock Energy Fund III, LP
UniTek Global Services, Inc.
15.00%
20.00%
20.00%
19.00%
13.50%
Common Stock
Universal Wellhead Services Holdings, LLC
114

Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2023March 31, 2024
(dollars in thousands)
(unaudited)(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,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2023 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,
2023 Fair Value (13)
Gross
Additions (3)
Gross
Reductions (4)
March 31,
2024 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)— — — — — — — 
Member Units
Urgent DSO LLC
9.00%
World Micro Holdings, LLCWorld Micro Holdings, LLC13.00%Secured Debt(7)— — 948 14,140 14 — 14,154 
 Preferred Equity(7)— — 139 3,845 — — 3,845 
OtherOther— — — — — — — 
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— — 171 14,914 — — — 
Total Affiliate investmentsTotal 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.
115

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)
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2023March 31, 2024 for control investments located in this region was $453,692.$526,552. This represented 24.1%20.9% of net assets as of June 30, 2023.March 31, 2024. The fair value as of June 30, 2023March 31, 2024 for affiliate investments located in this region was $78,205.$87,195. This represented 13.9%3.5% of net assets as of June 30, 2023.March 31, 2024.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of June 30, 2023March 31, 2024 for control investments located in this region was $283,469.$278,708. This represented 15.0%11.1% of net assets as of June 30, 2023.March 31, 2024. The fair value as of June 30, 2023March 31, 2024 for affiliate investments located in this region was $102,097.$118,933. This represented 18.1%4.7% of net assets as of June 30, 2023.March 31, 2024.
115

Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2023March 31, 2024 for control investments located in this region was $51,394.$51,001. This represented 2.7%2.0% of net assets as of June 30, 2023.March 31, 2024. The fair value as of June 30, 2023March 31, 2024 for affiliate investments located in this region was $172,637.$175,963. This represented 30.7%7.0% of net assets as of June 30, 2023.March 31, 2024.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2023March 31, 2024 for control investments located in this region was $655,449.$792,668. This represented 34.8%31.5% of net assets as of June 30, 2023.March 31, 2024. The fair value as of June 30, 2023March 31, 2024 for affiliate investments located in this region was $79,676.$146,767. This represented 14.1%5.8% of net assets as of June 30, 2023.March 31, 2024.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of June 30, 2023March 31, 2024 for control investments located in this region was $439,695.$402,283. This represented 23.3%16.0% of net assets as of June 30, 2023.March 31, 2024. The fair value as of June 30, 2023March 31, 2024 for affiliate investments located in this region was $130,510.$137,091. This represented 23.2%5.4% of net assets as of June 30, 2023.March 31, 2024.
(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 June 30, 2023March 31, 2024 (see Note K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
116

Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
June 30, 2022March 31, 2023
(dollars in thousands)
(unaudited)(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
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2022
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,
2022
Fair Value (13)
Gross
Additions (3)
Gross
Reductions (4)
March 31, 2023
Fair Value (13)
Majority-owned investmentsMajority-owned investments
Analytical Systems Keco Holdings, LLC12.00%L+10.00%Secured Debt(8)$— $— $339 $4,736 $45 $140 $4,641 
Preferred Member Units(8)— (576)— 4,894 — 576 4,318 
ASK (Analytical Systems Keco Holdings, LLC)
ASK (Analytical Systems Keco Holdings, LLC)
ASK (Analytical Systems Keco Holdings, LLC)
14.75%
14.13%
Preferred Member Units
Warrants
Brewer Crane Holdings, LLCBrewer Crane Holdings, LLC11.06%L+10.00%Secured Debt(9)— — 448 8,037 12 248 7,801 
Preferred Member Units(9)— (660)530 7,710 — 660 7,050 
Preferred Member Units
Café Brazil, LLCCafé Brazil, LLCMember Units(8)— (50)99 2,570 — 50 2,520 
California Splendor Holdings LLCCalifornia Splendor Holdings LLC11.00%L+10.00%Secured Debt(9)— 56 1,578 27,915 85 — 28,000 
15.00%15.00%Preferred Member Units(9)— — 652 9,510 652 6,449 3,713 
Preferred Member Units(9)— 6,020 125 13,275 6,020 — 19,295 
Preferred Member Units
15.00%
Clad-Rex Steel, LLCClad-Rex Steel, LLC10.63%L+9.50%Secured Debt(5)— — 574 10,401 20 — 10,421 
10.00%Secured Debt(5)— — 54 1,071 — 16 1,055 
Member Units(5)— 80 — 530 80 — 610 
Member Units(5)— — 764 10,250 — — 10,250 
13.79%
10.00%
Member Units
Member Units
CMS Minerals InvestmentsCMS Minerals InvestmentsMember Units(9)— 447 69 1,974 447 147 2,274 
Cody Pools, Inc.Cody Pools, Inc.12.25%L+10.50%Secured Debt(8)— (45)2,702 42,484 2,910 3,757 41,637 
Preferred Member Units(8)— 3,550 1,749 47,640 3,550 — 51,190 
15.50%
Preferred Member Units
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 
13.75%
Preferred Member Units
Datacom, LLCDatacom, LLC7.50%Secured Debt(8)— — 416 7,668 84 135 7,617 
Preferred Member Units(8)— 60 48 2,610 60 — 2,670 
10.00%
Preferred Member Units
Direct Marketing Solutions, Inc.Direct Marketing Solutions, Inc.12.13%L+11.00%Secured Debt(9)— (20)1,551 24,048 1,317 687 24,678 
Preferred Stock(9)— 3,200 686 18,350 3,200 — 21,550 
14.00%
Preferred Stock
Elgin AcquireCo, LLC
12.00%
9.00%
Common Stock
Common Stock
Gamber-Johnson Holdings, LLCGamber-Johnson Holdings, LLC10.50%L+8.00%Secured Debt(5)— (11)1,100 21,598 11 11 21,598 
Member Units(5)— (3,400)360 49,700 — 3,400 46,300 
11.50%
Member Units
GRT Rubber Technologies LLCGRT Rubber Technologies LLC9.06%L+8.00%Secured Debt(8)— (22)1,676 38,885 22 22 38,885 
Member Units(8)— — 2,441 46,190 — — 46,190 
Jensen Jewelers of Idaho, LLC10.00%P+6.75%Secured Debt(9)— (4)130 2,550 104 2,450 
Member Units(9)— 2,700 1,376 12,420 2,700 — 15,120 
Kickhaefer Manufacturing Company, LLC11.50%Secured Debt(5)— — 1,205 20,324 25 — 20,349 
9.00%Secured Debt(5)— — 177 3,876 17 3,860 
Member Units(5)— (70)— 12,310 — 70 12,240 
Member Units(5)— — 55 2,460 — — 2,460 
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)— (1,405)— 8,936 — 1,405 7,531 
MH Corbin Holding LLC13.00%Secured Debt(5)— (1,495)540 5,934 1,655 4,288 
MSC Adviser I, LLCMember Units(8)— (22,080)3,983 140,400 — 22,080 118,320 
Mystic Logistics Holdings, LLC10.00%Secured Debt(6)— (1)312 6,378 281 6,098 
Common Stock(6)— 7,370 1,596 8,840 7,370 — 16,210 
OMi Topco, LLC12.00%Secured Debt(8)— (29)1,099 18,000 29 1,279 16,750 
Preferred Member Units(8)— 90 1,197 20,210 90 — 20,300 
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, LLC13.00%Secured Debt(8)— — 86 1,465 1,000 471 
13.00%Secured Debt(8)— — 399 5,808 12 — 5,820 
12.66%
Member Units
Gulf Publishing Holdings, LLC
12.50%
Preferred Equity
117

Table of contentsSchedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2022March 31, 2023
(dollars in thousands)
(unaudited)(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
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2022
Fair Value
Preferred Member Units(8)— 370 437 11,160 370 — 11,530 
Common Stock(8)— 30 — 710 30 — 740 
Quality Lease Service, LLCMember Units(7)— 76 — 2,149 76 1,150 1,075 
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, LLC12.00%Secured Debt(7)— (12)528 8,712 14 412 8,314 
Common Stock(7)— (570)58 8,660 — 570 8,090 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 38 625 — — 625 
6.50%Secured Debt(8)— — 33 1,000 — — 1,000 
14.00%Secured Debt(8)— — 194 2,750 — — 2,750 
Preferred Member Units(8)— (450)— 2,130 — 450 1,680 
Other controlled investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)— 1,408 — 3,971 2,583 — 6,554 
LP Interests (2717 HPP-MS, L.P.)(8)— — — — 244 — 244 
ASC Interests, LLC13.00%Secured Debt(8)— — 13 200 — 30 170 
13.00%Secured Debt(8)— — 120 1,636 12 — 1,648 
Member Units(8)— 80 — 720 80 — 800 
ATS Workholding, LLC5.00%Secured Debt(9)— — — 3,005 — 66 2,939 
Barfly Ventures, LLC7.00%Secured Debt(5)— — 25 711 — — 711 
Member Units(5)— 470 — 1,930 470 — 2,400 
Batjer TopCo, LLC11.00%Secured Debt(8)— — 512 — 11,372 459 10,913 
Member Units(8)— — — — 4,073 — 4,073 
Bolder Panther Group, LLC10.50%L+9.00%Secured Debt(9)— (39)2,491 39,000 10,233 39 49,194 
Class B Preferred Member Units(9)— 2,760 276 23,170 2,760 — 25,930 
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 
Warrants(6)— 200 — 4,060 200 — 4,260 
CBT Nuggets, LLCMember Units(9)— (2,720)1,647 50,620 — 2,720 47,900 
Centre Technologies Holdings, LLC12.00%L+10.00%Secured Debt(8)— 507 838 8,864 7,903 1,826 14,941 
Preferred Member Units(8)— 768 60 5,840 1,050 — 6,890 
Chamberlin Holding LLC9.13%L+8.00%Secured Debt(8)— (35)845 17,817 35 386 17,466 
Member Units(8)— (1,630)348 24,140 — 1,630 22,510 
Member Units(8)— — 34 1,540 — — 1,540 
Charps, LLC10.00%Unsecured Debt(5)— (27)309 5,694 27 27 5,694 
Preferred Member Units(5)— (540)417 13,990 — 540 13,450 
Colonial Electric Company LLC12.00%Secured Debt(6)— — 1,703 24,351 1,630 630 25,351 
Preferred Member Units(6)— (190)805 9,130 — 190 8,940 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 710 — — 710 
Digital 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 
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)
March 31, 2023
Fair Value (13)
Member Units(8)— — — — — — — 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt(9)— — — — — — — 
14.50%P+6.75%Secured Debt(9)— (2)90 2,450 2,450 
Member Units(9)— (120)129 14,970 — 120 14,850 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 780 20,374 192 — 20,566 
9.00%Secured Debt(5)— — 88 3,842 — 3,833 
Preferred Equity(5)— — — 7,220 — — 7,220 
Member Units(5)— (70)29 2,850 — 70 2,780 
Market Force Information, LLC15.75%L+11.00%Secured Debt(9)— (6,725)260 6,090 635 6,725 — 
12.00%12.00%Secured Debt(9)— (1,610)— 1,610 — 1,610 — 
Member Units(9)— — — — — — — 
MetalForming AcquireCo, LLCSecured Debt(7)— — — — — — 
12.75%Secured Debt(7)— — 739 23,576 12 — 23,588 
8.00%8.00%Preferred Equity(7)— — 148 6,010 117 — 6,127 
Common Stock(7)— — 327 1,537 — — 1,537 
MH Corbin Holding LLC13.00%Secured Debt(5)— 952 196 4,548 952 116 5,384 
Preferred Member Units(5)— — — — — — — 
Preferred Member Units(5)— — — — — — — 
MSC Adviser I, LLCMember Units(8)— 9,720 3,057 122,930 9,720 — 132,650 
Mystic Logistics Holdings, LLCSecured Debt(6)— — — — — — 
10.00%Secured Debt(6)— — 144 5,746 — — 5,746 
Common Stock(6)— 2,180 992 22,830 2,180 — 25,010 
OMi Topco, LLC12.00%Secured Debt(8)— (13)485 15,750 13 763 15,000 
Preferred Member Units(8)— 2,290 675 22,810 2,290 — 25,100 
PPL RVs, Inc.L+7.00%Secured Debt(8)— — — — — — — 
11.38%L+7.00%Secured Debt(8)— (13)629 21,655 13 13 21,655 
Common Stock(8)— — 104 18,950 — — 18,950 
Common Stock(8)— (68)— 238 — 68 170 
Principle Environmental, LLCSecured Debt(8)— — — — — — — 
13.00%Secured Debt(8)— — 198 5,806 — 5,812 
Preferred Member Units(8)— (1,940)286 12,420 — 1,940 10,480 
Common Stock(8)— (90)— 590 — 90 500 
Quality Lease Service, LLCMember Units(7)— — — 525 — — 525 
Robbins Bros. Jewelry, Inc.Secured Debt(9)— — (35)— (33)
12.50%Secured Debt(9)— — 1,128 35,404 19 225 35,198 
Preferred Equity(9)— (4,950)— 14,880 — 4,950 9,930 
Trantech Radiator Topco, LLCSecured Debt(7)— (1)— — 
12.00%Secured Debt(7)— (5)242 7,920 7,920 
Common Stock(7)— 1,510 29 7,800 1,506 — 9,306 
Volusion, LLC10.00%Secured Debt(8)— — — — 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)— — — — — — — 
118

Table of contentsSchedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2022March 31, 2023
(dollars in thousands)
(unaudited)(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
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2022
Fair Value
Flame King Holdings, LLC7.50%L+6.50%Secured Debt(9)— 68 288 6,324 1,276 — 7,600 
12.00%L+11.00%Secured Debt(9)— 183 1,300 20,996 204 — 21,200 
Preferred Equity(9)— 3,010 559 10,400 3,010 — 13,410 
Garreco, LLC9.00%L+8.00%Secured Debt(8)— — 190 4,196 — — 4,196 
Member Units(8)— 220 321 2,270 220 — 2,490 
Gulf Manufacturing, LLCMember Units(8)— (130)985 5,640 — 130 5,510 
Gulf Publishing Holdings, LLC10.60%5.25%Secured Debt(8)— — 257 — — 257 
12.50%6.25%Secured Debt(8)— (2,188)426 9,717 — 2,188 7,529 
Harrison Hydra-Gen, Ltd.Common Stock(8)— (200)— 3,530 — 200 3,330 
Johnson 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, LLC12.00%Secured Debt(9)— — 1,082 — 25,406 — 25,406 
Common Stock(9)— — 54 — 10,741 — 10,741 
KBK Industries, LLCMember Units(5)— 310 685 13,620 310 — 13,930 
MS Private Loan FundLP Interests(8)— (544)191 2,581 8,750 544 10,787 
MSC Income Fund, Inc.Common Equity(8)— — — — 750 — 750 
NAPCO Precast, LLCMember Units(8)— (1,730)13,560 — 1,730 11,830 
Nebraska Vet AcquireCo, LLC12.00%Secured Debt(5)— — 649 10,412 11 — 10,423 
12.00%Secured Debt(5)— — 548 4,829 6,544 — 11,373 
Preferred Member Units(5)— — — 7,700 — — 7,700 
NexRev LLC11.00%Secured Debt(8)— (1,703)1,222 14,045 — 5,783 8,262 
Preferred Member Units(8)— (3,080)40 2,690 — 1,750 940 
NRP Jones, LLC12.00%Secured Debt(5)— — 126 2,080 — — 2,080 
Member Units(5)— (970)198 6,440 — 970 5,470 
NuStep, LLC7.63%L+6.50%Secured Debt(5)— — 110 1,720 1,480 — 3,200 
12.00%Secured Debt(5)— 28 1,043 17,240 1,200 — 18,440 
Preferred Member Units(5)— (1,940)— 13,500 — 1,940 11,560 
Orttech Holdings, LLC12.00%L+11.00%Secured Debt(5)— — 1,494 24,150 29 400 23,779 
Preferred Stock(5)— — 386 10,000 — — 10,000 
Pearl Meyer Topco LLC12.00%Secured Debt(6)— (61)1,942 32,674 1,561 5,554 28,681 
Member Units(6)— 12,780 2,856 26,970 12,780 — 39,750 
River Aggregates, LLCMember Units(8)— 100 — 3,280 100 — 3,380 
Tedder Industries, LLC12.00%Secured Debt(9)— — 961 15,141 44 — 15,185 
12.00%Secured Debt(9)— — 102 1,040 800 — 1,840 
Preferred Member Units(9)— (1,487)— 8,579 222 1,487 7,314 
Televerde, LLCMember Units(8)— (2,135)— 7,280 — 2,135 5,145 
Preferred Stock(8)— 1,076 — — 1,794 — 1,794 
Vision Interests, Inc.Series A Preferred Stock(9)— — 144 3,000 — — 3,000 
VVS 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 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— — 57 41,748 — — — 
Total Control investments$— $13,101 $69,385 $1,489,257 $176,645 $85,996 $1,538,158 
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)
March 31, 2023
Fair Value (13)
Preferred Member Units(8)— — — — 11,446 — 11,446 
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)— — 14 450 — — 450 
6.50%Secured Debt(8)— — 16 945 — — 945 
14.00%Secured Debt(8)— (215)96 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)631 (675)141 7,552 1,031 1,574 7,009 
LP Interests (2717 HPP-MS, L.P.)(8)— — — 248 — — 248 
ASC Interests, LLC13.00%Secured Debt(8)— — 13 400 — — 400 
13.00%Secured Debt(8)— — 54 1,649 — — 1,649 
Member Units(8)— (100)— 800 — 100 700 
ATS Workholding, LLC5.00%Secured Debt(9)— (132)— 634 21 132 523 
5.00%Secured Debt(9)— (186)— 1,005 — 185 820 
Preferred Member Units(9)— — — — — — — 
Barfly Ventures, LLC7.00%Secured Debt(5)— — 30 711 — — 711 
Member Units(5)— (280)— 3,320 — 283 3,037 
Batjer TopCo, LLCSecured Debt(8)— — — (8)— (7)
Secured Debt(8)— — — — — — — 
11.00%Secured Debt(8)— — 311 10,933 450 10,492 
Preferred Stock(8)— 2,055 167 4,095 2,055 — 6,150 
Bolder Panther Group, LLCSecured Debt(9)— — — — — — 
13.91%SF+9.22%Secured Debt(9)— (36)3,431 99,194 36 695 98,535 
8.00%Class B Preferred Member Units(9)— — 1,096 31,420 — — 31,420 
Bridge Capital Solutions Corporation13.00%Secured Debt(6)— — 286 8,813 — — 8,813 
13.00%Secured Debt(6)— — 32 1,000 — — 1,000 
Preferred Member Units(6)— — 25 1,000 — — 1,000 
Warrants(6)— — — 1,828 — — 1,828 
Warrants(6)— — — 2,512 — — 2,512 
CBT Nuggets, LLCMember Units(9)— 860 1,235 49,002 858 — 49,860 
Centre Technologies Holdings, LLCL+9.00%Secured Debt(8)— — — — — — 
13.75%L+9.00%Secured Debt(8)— — 517 14,954 — 14,960 
Preferred Member Units(8)— 560 30 8,700 560 — 9,260 
Chamberlin Holding LLCSF+6.00%Secured Debt(8)— — — — — — 
12.86%SF+8.00%Secured Debt(8)— (6)540 16,945 16,945 
Member Units(8)— (120)285 22,920 — 120 22,800 
Member Units(8)— 120 23 2,710 120 — 2,830 
Charps, LLC10.00%Unsecured Debt(5)— (9)149 5,694 5,694 
119

Table of contentsSchedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2022March 31, 2023
(dollars in thousands)
(unaudited)(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
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2022
Fair Value
Affiliate Investments
AAC Holdings, Inc.18.00%8.00%Secured Debt(7)$— $(150)$970 $9,794 $296 $— $10,090 
Common Stock(7)— (1,279)— 2,079 — 1,279 800 
Warrants(7)— (1,200)— 1,940 — 1,200 740 
AFG Capital Group, LLC10.00%Secured Debt(8)— — 144 — 144 — 
Preferred Member Units(8)— 1,040 — 7,740 1,040 — 8,780 
ATX Networks Corp.8.92%L+7.50%Secured Debt(6)— (309)388 7,092 228 1,133 6,187 
10.00%10.00%Unsecured Debt(6)— 120 159 1,963 437 158 2,242 
BBB Tank Services, LLC12.06%L+11.00%Unsecured Debt(8)— (209)290 2,507 — 209 2,298 
Preferred Stock (non-voting)(8)— — — — — — — 
Member Units(8)— — — — — — — 
Boccella Precast Products LLC10.00%Secured Debt(6)— — 16 320 — — 320 
Member Units(6)— (320)70 4,830 — 320 4,510 
Buca C, LLC10.37%L+9.25%Secured Debt(7)— — 1,036 14,370 — 1,221 13,149 
Career Team Holdings, LLC12.50%Secured Debt(6)— — 1,296 20,050 20 — 20,070 
Class A Common Units(6)— — — 4,499 — 4,500 
Chandler Signs Holdings, LLCClass A Units(8)— 160 — 460 160 — 620 
Classic H&G Holdings, LLC7.00%L+6.00%Secured Debt(6)— — 349 4,000 7,920 6,360 5,560 
8.00%Secured Debt(6)— (21)797 19,274 21 21 19,274 
Preferred Member Units(6)— 8,530 947 15,260 8,530 — 23,790 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— (63)300 9,959 — 1,660 8,299 
DMA Industries, LLC12.00%Secured Debt(7)— 186 1,300 20,993 207 — 21,200 
Preferred Equity(7)— 976 — 5,944 976 — 6,920 
Dos Rios PartnersLP Interests (Dos Rios Partners - A, LP)(8)— (546)— 3,280 — 546 2,734 
LP Interests (Dos Rios Partners, LP)(8)— (1,719)— 10,329 — 1,719 8,610 
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 — 28 547 — 158 389 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP)(5)— (52)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, 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, 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, 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.LP Interests (HPEP 3, L.P.)(8)779 (21)(80)4,712 — 381 4,331 
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)
March 31, 2023
Fair Value (13)
Preferred Member Units(5)— 210 196 13,340 210 — 13,550 
Colonial Electric Company LLCSecured Debt(6)— — — — — — 
12.00%Secured Debt(6)— — 704 23,151 14 315 22,850 
Preferred Member Units(6)— (960)(1,273)9,160 — 960 8,200 
Copper Trail Energy Fund I, LP - CTMHLP Interests (CTMH, LP)(9)— — — 588 — — 588 
Digital Products Holdings LLC14.75%L+10.00%Secured Debt(5)— — 564 15,523 329 15,203 
Preferred Member Units(5)— — 50 9,835 — — 9,835 
Garreco, LLC12.00%L+10.00%Secured Debt(8)— — 112 3,826 — 277 3,549 
Member Units(8)— (220)12 1,800 — 220 1,580 
Gulf Manufacturing, LLCMember Units(8)— 580 718 6,790 580 — 7,370 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 210 — 3,280 210 — 3,490 
Johnson Downie Opco, LLCL+11.50%Secured Debt(8)— (1)— — 
16.25%L+11.50%Secured Debt(8)— (5)407 9,999 9,999 
Preferred Equity(8)— 1,010 71 5,540 1,010 — 6,550 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 782 25,432 13 — 25,445 
Preferred Equity(9)— — 221 10,741 — — 10,741 
KBK Industries, LLC10.00%Secured Debt(5)— 56 184 — 6,000 250 5,750 
Member Units(5)— (3,590)6,134 15,570 — 3,590 11,980 
MS Private Loan FundSecured Debt(8)— — — — — — 
Secured Debt(8)— — — — — — — 
LP Interests(8)— (58)370 14,833 — 58 14,775 
MSC Income Fund, Inc.Common Equity(8)— 15 753 — 760 
NAPCO Precast, LLCMember Units(8)— 670 — 11,830 670 — 12,500 
Nebraska Vet AcquireCo, LLC (NVS)L+7.00%Secured Debt(5)— — — — — — 
12.00%Secured Debt(5)— (10)613 20,094 10 10 20,094 
12.00%Secured Debt(5)— (5)320 10,500 10,500 
Preferred Member Units(5)— 3,520 125 7,700 3,520 — 11,220 
NexRev LLCSecured Debt(8)— — — — — — — 
11.00%Secured Debt(8)— 1,000 320 8,477 1,022 629 8,870 
Preferred Member Units(8)— 1,880 131 1,110 1,880 — 2,990 
NRP Jones, LLC12.00%Secured Debt(5)— — 62 2,080 — — 2,080 
Member Units(5)— 279 13 4,615 278 — 4,893 
Member Units(5)— 11 (2)175 12 — 187 
NuStep, LLC11.25%L+6.50%Secured Debt(5)— — 122 4,399 — — 4,399 
12.00%Secured Debt(5)— — 556 18,414 — 18,417 
Preferred Member Units(5)— (410)— 8,040 — 410 7,630 
Preferred Member Units(5)— — — 5,150 — — 5,150 
Orttech Holdings, LLCL+11.00%Secured Debt(5)— — — — — — — 
15.75%L+11.00%Secured Debt(5)— — 924 23,429 17 800 22,646 
Preferred Stock(5)— 1,750 269 11,750 1,750 — 13,500 
Pearl Meyer Topco LLC12.00%Secured Debt(6)— 29 — 3,500 — 3,500 
12.00%Secured Debt(6)— 38 142 — 11,500 — 11,500 
12.00%Secured Debt(6)— (20)868 28,681 20 1,020 27,681 
Preferred Equity(6)— 280 2,879 43,260 280 — 43,540 
120

Table of contentsSchedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2022March 31, 2023
(dollars in thousands)
(unaudited)(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
Gross
Additions(3)
Gross
Reductions(4)
June 30,
2022
Fair Value
LP Interests (423 COR, LP)(8)— — — — 1,400 — 1,400 
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, LLC12.50%Secured Debt(5)— — 204 3,170 — 3,173 
12.50%Secured Debt(5)— — 294 4,557 — 4,561 
12.50%Secured Debt(5)— — 1,839 28,749 20 — 28,769 
Common Stock(5)— — — 1,798 — — 1,798 
L.F. Manufacturing Holdings, LLCPreferred Member Units (non-voting)(8)— — 107 — 115 
Member Units(8)— 590 224 2,560 590 — 3,150 
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 
12.00%12.00%Secured Debt(8)— (341)62 2,055 62 341 1,776 
12.00%12.00%Secured Debt(8)— (710)129 4,286 129 711 3,704 
10.00%10.00%Unsecured Debt(8)— — 191 11 197 
Oneliance, LLC12.06%L+11.00%Secured Debt(7)— — 344 5,547 — 5,553 
Preferred Stock(7)— — — 1,056 — — 1,056 
Quality Lease Service, LLC12.00%Secured Debt(8)(51)— — — — — — 
SI East, LLC10.25%Secured Debt(7)— (36)3,751 65,850 36 1,525 64,361 
Preferred Member Units(7)— 1,260 345 11,570 1,260 — 12,830 
Slick Innovations, LLC13.00%Secured Debt(6)— (28)340 5,320 28 708 4,640 
Common Stock(6)— 130 — 1,510 130 — 1,640 
Warrants(6)— 40 — 400 40 — 440 
Sonic Systems International, LLC8.50%L+7.50%Secured Debt(8)— (233)565 11,757 3,737 234 15,260 
Common Stock(8)— 64 21 1,070 350 — 1,420 
Superior Rigging & Erecting Co.12.00%Secured Debt(7)— — 1,320 21,332 23 — 21,355 
Preferred Member Units(7)— — — 4,500 — — 4,500 
The Affiliati Network, LLC11.83%Secured Debt(9)— — 794 13,096 2,187 3,640 11,643 
Preferred Stock(9)— — 302 6,400 — — 6,400 
UnionRock Energy Fund II, LPLP Interests(9)— (997)55 6,123 1,324 3,582 3,865 
UniTek Global Services, Inc.9.07%L+5.50%2.00%Secured Debt(6)— (9)18 371 13 366 
9.07%L+5.50%2.00%Secured Debt(6)— (47)88 1,852 42 66 1,828 
15.00%15.00%Secured Convertible Debt(6)— 72 95 2,375 309 96 2,588 
Preferred Stock(6)— (181)181 2,833 181 181 2,833 
Preferred Stock(6)— 393 — 1,498 393 — 1,891 
Volusion, 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 
Other— — — — — — — 
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)
March 31, 2023
Fair Value (13)
River Aggregates, LLCMember Units(8)— — — 3,620 — — 3,620 
Tedder Industries, LLC12.00%Secured Debt(9)— — 55 1,840 — — 1,840 
12.00%Secured Debt(9)— — 459 15,120 — 15,123 
Preferred Member Units(9)— (810)— 7,681 — 810 6,871 
Preferred Member Units(9)— 111 — — 333 — 333 
Televerde, LLCMember Units(8)— 1,191 171 5,408 1,191 — 6,599 
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(5)— — (21)— (15)
11.50%Secured Debt(5)— — 889 30,161 15 — 30,176 
Preferred Equity(5)— 100 38 11,940 100 — 12,040 
— — — — — — — 
— — — — — — — 
Other— — — — — — — 
Amounts related to investments transferred to or from other 1940 Act classification during the period— — (171)(14,914)— — — 
Total Control investments$(2,966)$17,161 $48,862 $1,703,172 $83,687 $55,770 $1,746,003 
Affiliate Investments
AAC Holdings, Inc.18.00%Secured Debt(7)$— $(6)$— $— $315 $$309 
18.00%18.00%Secured Debt(7)— (268)572 11,550 572 267 11,855 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
AFG Capital Group, LLCPreferred Member Units(8)— — — 9,400 — — 9,400 
ATX Networks Corp.L+7.50%Secured Debt(6)— (134)886 6,343 575 6,918 — 
10.00%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, LLC15.66%L+11.00%Unsecured Debt(8)— — 31 800 — — 800 
15.66%L+11.00%Unsecured Debt(8)— — 155 2,086 — — 2,086 
Member Units(8)— — — — — — — 
15.00%Preferred Stock (non-voting)(8)— — — — — — — 
Boccella Precast Products LLC10.00%Secured Debt(6)— — 320 — — 320 
Member Units(6)— (200)29 2,970 — 200 2,770 
Buca C, LLC12.00%Secured Debt(7)— — 521 12,337 — 375 11,962 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
Career Team Holdings, LLCL+6.00%Secured Debt(6)— — (9)(9)
12.50%Secured Debt(6)— — 643 20,090 10 — 20,100 
Common Stock(6)— — — 4,500 — — 4,500 
Chandler Signs Holdings, LLCClass A Units(8)— 210 36 1,790 210 — 2,000 
Classic H&G Holdings, LLC10.88%L+6.00%Secured Debt(6)— — 127 4,560 — — 4,560 
8.00%Secured Debt(6)— (11)396 19,274 11 11 19,274 
Preferred Member Units(6)— 1,062 780 24,637 1,063 — 25,700 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— — 123 7,657 — 876 6,781 
121

Table of contentsSchedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2022March 31, 2023
(dollars in thousands)
(unaudited)(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
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 
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)
March 31, 2023
Fair Value (13)
DMA Industries, LLC12.00%Secured Debt(7)— (11)647 21,200 11 11 21,200 
Preferred Equity(7)— — — 7,260 — — 7,260 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— 156 — 9,127 156 — 9,283 
LP Interests (Dos Rios Partners - A, LP)(8)— — — 2,898 — — 2,898 
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)14 — 19 1,013 15 52 976 
Flame King Holdings, LLC11.25%L+6.50%Secured Debt(9)— (4)215 7,600 7,600 
13.75%L+9.00%Secured Debt(9)— (11)730 21,200 11 11 21,200 
Preferred Equity(9)— 3,610 538 17,580 3,610 — 21,190 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP)(5)— — — 3,483 — — 3,483 
LP Interests (Freeport First Lien Loan Fund III LP)(5)— — 134 5,848 — 536 5,312 
GFG Group, LLC.9.00%Secured Debt(5)— (6)261 11,345 11,345 
Preferred Member Units(5)— 450 39 7,140 450 — 7,590 
Hawk Ridge Systems, LLC10.75%L+6.00%Secured Debt(9)— — 90 3,185 815 — 4,000 
10.00%Secured Debt(9)— (10)893 37,800 10 10 37,800 
Preferred Member Units(9)— — 65 17,460 — — 17,460 
Preferred Member Units(9)— — — 920 — — 920 
Houston Plating and Coatings, LLC8.00%Unsecured Convertible Debt(8)— (170)60 3,000 — 170 2,830 
Member Units(8)— 600 2,400 600 — 3,000 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.)(8)— 113 — 4,331 113 508 3,936 
LP Interests (HPEP 4, L.P.)(8)— — — 2,332 — — 2,332 
LP Interests (423 COR, LP)(8)— — 117 1,400 — — 1,400 
I-45 SLF LLCMember Units (Fully diluted 20.0%; 21.75% profits interest)(8)— — 528 11,758 1,200 — 12,958 
Infinity X1 Holdings, LLC13.00%Secured Debt(9)— — 183 — 17,823 — 17,823 
Preferred Equity(9)— — — — 4,000 — 4,000 
Iron-Main Investments, LLC13.50%Secured Debt(5)— — 151 4,500 — 4,502 
13.50%Secured Debt(5)— — 105 3,130 — 3,132 
13.50%Secured Debt(5)— — 294 8,944 — — 8,944 
13.50%Secured Debt(5)— — 658 19,559 — 19,568 
13.50%Secured Debt(5)— — 489 — 10,836 — 10,836 
Common Stock(5)— — — 1,798 958 — 2,756 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— (6)— 569 — 563 
12.00%12.00%Secured Debt(8)— (6)— 580 — 574 
12.00%12.00%Secured Debt(8)— (14)— 1,249 — 13 1,236 
122

Table of contentsSchedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)
March 31, 2023
Fair Value (13)
12.00%12.00%Secured Debt(8)— (28)— 2,606 — 29 2,577 
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)— — — — — — — 
15.75%L+11.00%Secured Debt(7)— — 219 5,559 80 5,482 
Preferred Stock(7)— — — 1,056 — — 1,056 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)Secured Debt(8)(29,526)29,865 — — 29,865 29,865 — 
Preferred Member Units(8)— — — — — — — 
SI East, LLC (Stavig)Secured Debt(7)— — — — — — 
9.50%Secured Debt(7)— (33)2,144 89,786 33 5,283 84,536 
Preferred Member Units(7)— — 343 13,650 — — 13,650 
Slick Innovations, LLC14.00%Secured Debt(6)— (9)492 13,840 249 13,600 
Common Stock(6)— 260 — 1,530 260 — 1,790 
Sonic Systems International, LLC12.26%L+7.50%Secured Debt(8)— (17)499 15,769 17 17 15,769 
Common Stock(8)— (50)11 1,280 — 50 1,230 
Student Resource Center, LLC13.69%L+8.50%Secured Debt(6)— — 108 4,556 — — 4,556 
Preferred Equity(6)— — — — — — — 
Superior Rigging & Erecting Co.12.00%Secured Debt(7)— — 652 21,378 17 1,000 20,395 
Preferred Member Units(7)— 470 — 4,500 470 — 4,970 
The Affiliati Network, LLCSecured Debt(9)— — 106 1,321 1,440 (13)
12.00%Secured Debt(9)— — 293 9,442 200 9,249 
Preferred Stock(9)— — 80 6,400 — — 6,400 
UnionRock Energy Fund II, LPLP Interests(9)— — — 5,855 530 197 6,188 
UniTek Global Services, Inc.14.22%SF+7.50%2.00%Secured Debt(6)— 23 12 382 25 — 407 
14.22%SF+7.50%2.00%Secured Debt(6)— 102 62 1,712 112 1,821 
15.00%15.00%Secured Convertible Debt(6)— 262 91 4,592 353 — 4,945 
20.00%20.00%Preferred Stock(6)— (107)107 2,833 107 107 2,833 
20.00%20.00%Preferred Stock(6)— 385 — 1,991 385 — 2,376 
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 — 218 
Member Units(8)— — — — — — — 
World Micro Holdings, LLC13.00%Secured Debt(7)— — 471 14,140 — 14,147 
Preferred Equity(7)— — — 3,845 — — 3,845 
Other— — — — — — — 
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Table of contentsSchedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)
March 31, 2023
Fair Value (13)
Amounts related to investments transferred to or from other 1940 Act classification during the period— — 171 14,914 — — — 
Total Affiliate investments$(26,264)$33,141 $17,456 $618,359 $81,567 $58,785 $626,227 
________________
(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 fromrelated 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.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2022March 31, 2023 for control investments located in this region was $341,821.$444,151. This represented 22.2%20.4% of net assets as of June 30, 2022.March 31, 2023. The fair value as of June 30, 2022March 31, 2023 for affiliate investments located in this region was $68,747.$77,468. This represented 13.3%3.6% of net assets as of June 30, 2022.March 31, 2023.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of June 30, 2022March 31, 2023 for control investments located in this region was $140,103.$163,180. This represented 9.1%7.5% of net assets as of June 30, 2022.March 31, 2023. The fair value as of June 30, 2022March 31, 2023 for affiliate investments located in this region was $102,679.$109,543. This represented 19.8%5.0% of net assets as of June 30, 2022.March 31, 2023.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2022March 31, 2023 for control investments located in this region was $17,479.$49,003. This represented 1.1%2.3% of net assets as of June 30, 2022.March 31, 2023. The fair value as of June 30, 2022March 31, 2023 for affiliate investments located in this region was $162,554.$200,667. This represented 31.4%9.2% of net assets as of June 30, 2022.March 31, 2023.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2022March 31, 2023 for control investments located in this region was $588,039.$639,016. This represented 38.2%29.5% of net assets as of June 30, 2022.March 31, 2023. The fair value as of June 30, 2022March 31, 2023 for affiliate investments located in this region was $103,708.$84,732. This represented 20.0%3.9% of net assets as of June 30, 2022.March 31, 2023.
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Table of contentsSchedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
June 30, 2022March 31, 2023
(dollars in thousands)
(unaudited)(Unaudited)
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of June 30, 2022March 31, 2023 for control investments located in this region was $450,716.$450,653. This represented 29.3%20.7% of net assets as of June 30, 2022.March 31, 2023. The fair value as of June 30, 2022March 31, 2023 for affiliate investments located in this region was $80,373.$153,817. This represented 15.5%7.1% of net assets as of June 30, 2022.March 31, 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 June 30, 2022March 31, 2023 (see Note K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Quarterly Report on Form 10-Q contains forward-looking statements regarding the plans and objectives of management for future operations and which relate to future events or our future performance or financial condition. Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including, without limitation the factors referenced in Item 1A entitled “Risk Factors” below in Part II of this Quarterly Report on Form 10-Q, if any, and discussed in Item 1A entitled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2022,2023, filed with the Securities and Exchange Commission (“SEC”) on February 24, 202323, 2024 and elsewhere in this Quarterly Report on Form 10-Q and our other SEC filings. Other factors that could cause actual results to differ materially include changes in the economy and future changes in laws or regulations and conditions in our operating areas.
We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to refer to any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including subsequent periodic and current reports.
This discussion should be read in conjunction with our consolidated financial statements as of December 31, 2022,2023, and for the year then ended, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, both contained in our Annual Report on Form 10-K for the year ended December 31, 2022,2023, as well as the consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) contained in this report.
ORGANIZATION
Main Street Capital Corporation (“MSCC”, or, together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market (“LMM”) companies and debt capital to middle market (“Middle Market”) companies. TheMain Street’s 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”).
Unless otherwise noted or the context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and “Main Street” refer to MSCC and its consolidated subsidiaries, which include the Funds, the Taxable Subsidiaries and the Structured Subsidiaries.
OVERVIEW OF OUR BUSINESS
Our principal investment objective is to maximize our portfolio’s total return by generating current income from our debt investments and current income and capital appreciation from our equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. We seek to achieve our investment objective through our LMM and Private Loan (as defined below) and Middle Market investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million and our LMM portfolio investments generally range in size from $5 million to $75$100 million. Our private loan (“Private Loan”) investment strategy involves investments in companies that are generally consistent with the size of the companies in our LMM and Middle Market investment strategies, and our Private Loan investments generally range in size from $10 million to $75 million. Our Middle Market investment strategy involves investments in companies that are generally larger in size than our LMM companies, with annual revenues typically between $150 million and $1.5 billion, and our Middle Market investments generally range in size from $3 million to $25 million.
We seek to fill the financing gap for LMM businesses, which, historically, have had limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM creates the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participation. Our ability to invest across a company’s capital structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options, or a “one stop”“one-stop” financing solution. Providing customized, “one-stop” financing solutions is important to LMM portfolio companies. We generally seek to partner directly with entrepreneurs, management teams and business owners in making our investments. Our LMM portfolio debt investments are generally secured by a first lien on the assets of the portfolio company and typically have a term of between five and seven years from the original investment date.
Private Loan investments primarily consist of debt securities that have primarily been originated directly by us or, to a lesser extent, through our strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. Our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are typically similar in size, structure, terms and conditions to investments we hold in our LMM portfolio and Middle Market portfolio. Our Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. We may also invest alongsideco-invest with the private equity sponsorsponsors 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.portfolio and that were issued through a syndicated process. 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. Over the last few years, Main Street has been de-emphasizing this strategy and expects to continue to do so in the future.
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”,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, short-term portfolio investments and our investment in the External Investment Manager.
Our external asset management business is conducted through the External Investment Manager. The External Investment Manager earns management fees based on the assets of the funds under management and may earn incentive fees, or a carried interest, based on the performance of the funds managed.
Our portfolio investments are generally made through MSCC, the Taxable Subsidiaries, the Funds and the Structured Subsidiaries. MSCC, the Taxable Subsidiaries, the Funds and the Structured Subsidiaries share the same investment strategies and criteria, although they are subject to different regulatory regimes (see Regulation).regimes. An investor’s return in MSCC will depend, in part, on the Taxable Subsidiaries’, the Funds’ and the Structured Subsidiaries’ investment returns as they are wholly-owned subsidiaries of MSCC.
The level of new portfolio investment activity will fluctuate from period to period based upon our view of the current economic fundamentals, our ability to identify new investment opportunities that meet our investment criteria, and our ability to consummate the identified opportunities. The level of new investment activity, and associated interest and fee income, will directly impact future investment income. In addition, the level of dividends paid by portfolio companies and the portion of our portfolio debt investments on non-accrual status will directly impact future investment income. While we intend to grow our portfolio and our investment income over the long term, our growth and our operating results may be more limited during depressed economic periods. However, we intend to appropriately manage our cost structure and liquidity position based on applicable economic conditions and our investment outlook. The level of realized gains or losses and unrealized appreciation or depreciation on our investments will also fluctuate depending upon portfolio activity, economic conditions and the performance of our individual portfolio companies. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results.
Because we are internally managed, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals. We believe that our internally managed structure provides us with a better alignment of interests between our management team and our employees and our shareholders and a beneficial operating expense structure when compared to other publicly traded and privately held investment firms which are externally managed, and our internally managed structure allows us the opportunity to leverage our non-interest operating expenses as we grow our Investment Portfolio and our External Investment Manager’s asset management business (as defined below). The ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.4%1.3% and 1.5%,1.4% for the trailing twelve months ended June 30,March 31, 2024 and 2023, and 2022, respectively, and 1.4%1.3% for the year ended December 31, 2022.2023. 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%3.5% for the trailing twelve months ended June 30,March 31, 2024 and 2023, and 2022, respectively, and 3.3%3.7% for the year ended December 31, 2022.2023. 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 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.

Additionally, the External Investment Manager has entered into an Investment Management Agreementinvestment management agreements with MS Private Loan Fund I, LP(the “Private Loan Fund”) and MS Private Loan Fund II, LP (the “Private Loan Fund II”), each a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments, (the “Private Loan Fund”), pursuant to which the External Investment Manager provides investment advisory and management services to the Private Loan Fundeach fund in exchange for an asset-based fee and certain incentive fees. The
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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 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. For the three months ended March 31, 2024 and 2023, the External Investment Manager earned $5.7 million and $5.5 million in base management fees, respectively, $3.9 million and $3.3 million in incentive fees, respectively, and $0.2 million of administrative service fee income for each of the three months ended March 31, 2024 and 2023.
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 and its other clients. Through this agreement, we share employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities, and we allocate the related expenses to the External Investment Manager pursuant to the sharing agreement. Our total expenses for the three months ended March 31, 2024 and 2023 are net of expenses allocated to the External Investment Manager of $5.6 million and $5.0 million, respectively.
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. TheManager For the three months ended March 31, 2024 and 2023, dividends paid to us by the External Investment Manager were $3.0 million and $3.1 million, respectively. For the three months ended March 31, 2024 and 2023, the total contribution of the External Investment Manager to our net investment income was $8.5$8.6 million and $5.2 million for the three months ended June 30, 2023 and 2022, respectively. During the three months ended June 30, 2023 and 2022, the External Investment Manager earned base management fee income of $5.5 million and $5.4 million, respectively, incentive fee income of $3.7 million and $0.1 million, respectively, and administrative services fee income of $0.2 million in each period. Our total expenses are net of expenses allocated to the External Investment Manager for the three months ended June 30, 2023 and 2022 of $5.7 million and $3.5 million, respectively. The total contribution to our net investment income was $16.6 million and $10.3 million for the six months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023 and 2022, the External Investment Manager earned base management fee income of $11.0 million and $10.9 million, respectively, incentive fee income of $7.0 million and $0.2 million, respectively, and administrative services fee income of $0.3 million in each period. Our total expenses are net of expenses allocated to the External Investment Manager for the six months ended June 30, 2023 and 2022 of $10.7 million and $6.3$8.1 million, respectively.
We have received an exemptive order from the SEC permitting co-investments among us, MSC Income and other funds and clients advised by the External Investment Manager in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. We have made co-investments with, and in the future intend to continue to make co-investments with MSC Income, the Private Loan Fund, the Private Loan Fund II and other funds and clients advised by the External Investment Manager, in accordance with the conditions of the order. The order requires, among other things, that we and the External Investment Manager consider whether each such investment opportunity is appropriate for us and the External Investment Manager’s advised clients, as applicable, and if it is appropriate, to propose an allocation of the investment opportunity between such parties. Because the External Investment Manager may receive performance-based fee compensation from funds and clients advised by the External Investment Manager, this may provide the Company and the External Investment Manager an incentive to allocate opportunities to other participating funds and clients instead of us. However, both we and the External Investment Manager have policies and procedures in place to manage this conflict, including oversight by the independent members of our Board of Directors. In addition to the co-investment program described above, we also co-invest in syndicated deals and other transactions where price is the only negotiated point by us and our affiliates.
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INVESTMENT PORTFOLIO SUMMARY
The following tables provide a summary of our investments in the LMM, Private Loan and Middle Market portfolios as of June 30, 2023March 31, 2024 and December 31, 20222023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager which are discussed further below):.
As of June 30, 2023
LMM (a)Private LoanMiddle Market
(dollars in millions)
As of March 31, 2024As of March 31, 2024
LMM (a)LMM (a)Private LoanMiddle Market
(dollars in millions)(dollars in millions)
Number of portfolio companiesNumber of portfolio companies79 88 28 
Fair valueFair value$2,170.2 $1,499.3 $295.9 
CostCost$1,720.9 $1,519.9 $352.9 
Debt investments as a % of portfolio (at cost)Debt investments as a % of portfolio (at cost)72.0 %96.1 %92.9 %Debt investments as a % of portfolio (at cost)72.5 %94.7 %91.0 %
Equity investments as a % of portfolio (at cost)Equity investments as a % of portfolio (at cost)28.0 %3.9 %7.1 %Equity investments as a % of portfolio (at cost)27.5 %5.3 %9.0 %
% of debt investments at cost secured by first priority lien% of debt investments at cost secured by first priority lien99.2 %99.5 %99.2 %% of debt investments at cost secured by first priority lien99.2 %99.9 %99.0 %
Weighted-average annual effective yield (b)Weighted-average annual effective yield (b)12.9 %12.6 %11.8 %Weighted-average annual effective yield (b)12.8 %12.8 %12.9 %
Average EBITDA (c)Average EBITDA (c)$8.0 $30.5 $67.6 
____________________
(a)At June 30,March 31, 2024, 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 March 31, 2024, 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 March 31, 2024 including debt investments on non-accrual status was 12.7% for our LMM portfolio, 12.4% for our Private Loan portfolio and 11.4% 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 four LMM portfolio companies, two 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.
As of December 31, 2023
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies808723
Fair value$2,273.0$1,453.5$243.7
Cost$1,782.9$1,470.1$294.4
Debt investments as a % of portfolio (at cost)72.0 %94.7 %91.4 %
Equity investments as a % of portfolio (at cost)28.0 %5.3 %8.6 %
% of debt investments at cost secured by first priority lien99.2 %100.0 %99.1 %
Weighted-average annual effective yield (b)13.0 %12.9 %12.5 %
Average EBITDA (c)$8.2$27.2$64.2
____________________
(a)At December 31, 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,December 31, 2023, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on our debt portfolio as of December 31, 2023 including
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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%12.9% for our LMM portfolio, 12.3%12.5% 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
____________________
(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 December 31, 2022, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on our debt portfolio as of December 31, 2022 including debt investments on non-accrual status was 11.6% for our LMM portfolio, 11.2% for our Private Loan portfolio and 10.3% for our Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
For the three months ended June 30,March 31, 2024 and 2023, and 2022, we achieved an annualized total return on investments of 16.7% and 6.5%, respectively. For each of the six months ended June 30, 2023 and 2022, Main Street achieved an annualized total return on investments of 15.1% and 9.2%13.4%, respectively. For the year ended December 31, 2022,2023, we achieved a total return on investments of 11.1%16.3%. 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 June 30, 2023,March 31, 2024, we had Other Portfolio investments in 1514 entities, collectively totaling $111.2$139.8 million in fair value and $119.4$141.2 million in cost basis and which comprised 2.6%3.1% and 3.2%3.6% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2022,2023, we had Other Portfolio investments in 1415 entities, collectively totaling $116.3$142.0 million in fair value and $120.4$149.1 million in cost basis and which comprised 2.8%3.3% and 3.2%4.0% of our Investment Portfolio at fair value and cost, respectively.
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March 31, 2024, we had short-term portfolio investments in 11 entities, collectively totaling $103.4 million in fair value and $103.3 million in cost basis and which comprised 2.3% and 2.6% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2023, we had no short-term portfolio investments.
As previously discussed, the External Investment Manager is a wholly-owned subsidiary that is treated as a portfolio investment. As of June 30, 2023,March 31, 2024, this investment had a fair value of $134.0$185.3 million and a cost basis of $29.5 million, which comprised 3.2%4.1% and 0.8%0.7% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2022,2023, this investment had a fair value of $122.9$174.1 million and a cost basis of $29.5 million, which comprised 3.0%4.1% and 0.8% of our Investment Portfolio at fair value and cost, respectively.
CRITICAL ACCOUNTING POLICIES
The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. Critical accounting policies are those that require management to make subjective or complex judgments about the effect of matters that are inherently uncertain and may change in subsequent periods. Changes that may be required in the underlying assumptions or estimates in these areas could have a material impact on our current and future financial condition and results of operations.
Management has discussed the development and selection of each critical accounting policy and estimate with the Audit Committee of the Board of Directors. Our critical accounting policies and estimates include the Investment Portfolio Valuation and Revenue Recognition policies described below. Our significant accounting policies are described in greater detail in Note B — Summary of Significant Accounting Policies to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Investment Portfolio Valuation
The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our Investment Portfolio and the related amounts of unrealized appreciation and depreciation. We consider this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of June 30, 2023both March 31, 2024 and December 31, 2022,2023, our Investment Portfolio valued at fair value represented 95% and 97%, respectively,96% 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
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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 Portfolio valuation process and procedures.
Due to the inherent uncertainty in the valuation process, our determination of fair value for our Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.
In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act which permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Our Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of our executive officers to serve as the Board of Directors’ valuation designee. We believe our Investment Portfolio as of June 30, 2023March 31, 2024 and December 31, 20222023 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, weWe 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 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.B.10. — Summary of Significant Accounting Policies — Income Taxes included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended June 30,March 31, 2024 and 2023, 3.2% and 2022, (i) 1.8% and 1.7%2.4%, 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 each of the sixthree months ended June 30,March 31, 2024 and 2023, and 2022, (i) 2.1% and 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.
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INVESTMENT PORTFOLIO COMPOSITION
The following tables summarize the composition of our total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments as of June 30, 2023March 31, 2024 and December 31, 20222023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager).
Cost:Cost:June 30, 2023December 31, 2022Cost:March 31, 2024December 31, 2023
First lien debtFirst lien debt83.8 %85.0 %First lien debt83.0 %82.7 %
EquityEquity15.5 14.2 
Second lien debtSecond lien debt0.3 0.3 
Equity warrantsEquity warrants0.2 0.2 
OtherOther0.2 0.3 
100.0 %100.0 %
100.0 100.0 %100.0 %
Fair Value:Fair Value:June 30, 2023December 31, 2022Fair Value:March 31, 2024December 31, 2023
First lien debtFirst lien debt73.3 %75.2 %First lien debt71.6 %71.6 %
EquityEquity25.9 24.1 
Second lien debtSecond lien debt0.4 0.3 
Equity warrantsEquity warrants0.2 0.1 
OtherOther0.2 0.3 
100.0 %100.0 %
100.0 100.0 %100.0 %
Our LMM, Private Loan and Middle Market portfolio investments carry a number of risks including: (1) investing in companies which may have limited operating histories and financial resources; (2) holding investments that generally are not publicly traded and which may be subject to legal and other restrictions on resale; and (3) other risks common to investing in below investment-grade debt and equity investments in our Investment Portfolio. Please see Item 1A. Risk Factors — Risks Related to our Investments contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 20222023 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, but not limited to, 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 June 30, 2023,March 31, 2024, investments on non-accrual status comprised 0.5% of our total Investment Portfolio had nine investments on non-accrual status, which comprised 0.3% of itsat fair value and 1.7% of its2.0% at cost. As of December 31, 2022,2023, investments on non-accrual status comprised 0.6% of our total Investment Portfolio had 12 investments on non-accrual status, which comprised 0.6% of itsat fair value and 3.7% of its2.3% at cost.
The operating results of our portfolio companies are impacted by changes in the broader fundamentals of the United States economy. In periods during which the United States economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements, to an increase in defaults on our debt investments or in realized losses on our investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on our equity investments. Consequently, we can provide no
assurance that the performance of certain portfolio companies will not be negatively impacted by future economic cycles or other conditions, which could also have a negative impact on our future results.
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DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
Comparison of the three months ended June 30,March 31, 2024 and 2023 and 2022
Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the three months ended June 30, 2023March 31, 2024 and 2022.2023.
Three Months Ended
June 30,
Net Change
20232022Amount%
(dollars in thousands)
Three Months Ended
March 31,
Three Months Ended
March 31,
Net Change
202420242023Amount%
(dollars in thousands)(dollars in thousands)
Total investment incomeTotal investment income$127,583 $85,200 $42,383 50 %Total investment income$131,606 $$120,254 $$11,352 %
Total expensesTotal expenses(41,855)(30,474)(11,381)37 %Total expenses(41,799)(39,287)(39,287)(2,512)(2,512)%
Net investment incomeNet investment income85,728 54,726 31,002 57 %Net investment income89,807 80,967 80,967 8,840 8,840 11 11 %
Net realized loss from investmentsNet realized loss from investments(75,506)(5,064)(70,442)NMNet realized loss from investments(12,367)(28,379)(28,379)16,012 16,012 NMNM
Net unrealized appreciation (depreciation) from investments104,941 (24,593)129,534 NM
Net unrealized appreciation from investmentsNet unrealized appreciation from investments40,647 35,118 5,529 NM
Income tax provisionIncome tax provision(8,647)(10,320)1,673 NMIncome tax provision(10,940)(8,114)(8,114)(2,826)(2,826)35 35 %
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations$106,516 $14,749 $91,767 622 %Net increase in net assets resulting from operations$107,147 $$79,592 $$27,555 35 35 %
Three Months Ended
June 30,
Net Change
20232022Amount%
(dollars in thousands, except per share amounts)
Three Months Ended
March 31,
Three Months Ended
March 31,
Net Change
202420242023Amount%
(dollars in thousands, except per share amounts)(dollars in thousands, except per share amounts)
Net investment incomeNet investment income$85,728 $54,726 $31,002 57 %Net investment income$89,807 $$80,967 $$8,840 11 11 %
Share‑based compensation expenseShare‑based compensation expense4,087 3,596 491 14 %Share‑based compensation expense4,103 4,100 4,100 — — %
Deferred compensation expense (benefit)513 (1,225)1,738 NM
Deferred compensation expense
Deferred compensation expense
Deferred compensation expense462 376 86 23 %
Distributable net investment income (a)Distributable net investment income (a)$90,328 $57,097 $33,231 58 %Distributable net investment income (a)$94,372 $$85,443 $$8,929 10 10 %
Net investment income per share—Basic and dilutedNet investment income per share—Basic and diluted$1.06 $0.75 $0.31 41 %Net investment income per share—Basic and diluted$1.05 $$1.02 $$0.03 %
Distributable net investment income per share—Basic and diluted (a)Distributable net investment income per share—Basic and diluted (a)$1.12 $0.78 $0.34 44 %
Distributable net investment income per share—Basic and diluted (a)
Distributable net investment income per share—Basic and diluted (a)$1.11 $1.07 $0.04 %
____________________
NM    Net Change % not meaningful
(a)Distributable net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impacts of share-based compensation expense and deferred compensation expense or benefit. We believe presenting distributable net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing our financial performance since share-based compensation does not require settlement in cash and deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing our financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the table above.
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Investment Income
Total investment income for the three months ended June 30, 2023March 31, 2024 was $127.6$131.6 million, a 50%9% increase from the $85.2$120.3 million of total investment income for the corresponding period of 2022.2023. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
June 30,
Net Change
20232022Amount%
(dollars in thousands)
Three Months Ended
March 31,
2024
2024
2024
(dollars in thousands)
(dollars in thousands)
(dollars in thousands)
Interest incomeInterest income$97,273 $63,984 $33,289 52 %(a)Interest income$100,106 $$93,392 $$6,714 %(a)
Dividend incomeDividend income25,599 17,913 7,686 43 %(b)Dividend income22,791 24,222 24,222 (1,431)(1,431)(6)(6)%(b)
Fee incomeFee income4,711 3,303 1,408 43 %(c)Fee income8,709 2,640 2,640 6,069 6,069 230 230 %(c)
Total investment incomeTotal investment income$127,583 $85,200 $42,383 50 %(d)Total investment income$131,606 $$120,254 $$11,352 %(d)
____________________
(a)The increase in interest income was primarily due to (i) an increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from increases in benchmark index rates (ii)and from higher average levels of income producing Investment Portfolio debt investments and (iii) an increase in interest rate spreads on new investments over the last twelve months.investments.
(b)The increasedecrease in dividend income from Investment Portfolio equity investments was primarily a result of a (i) $3.8decrease of $1.8 million increase related toin dividend income considered to be less consistent or non-recurring, (ii)from certain of our LMM portfolio companies, partially offset by an increase in dividend income from the External Investment Manager and (iii) continued strongOther Portfolio companies. The decrease includes a $5.3 million decrease in dividend income from a variety of portfolio companies.considered less consistent or non-recurring.
(c)The increase in fee income was primarily related to (i) a $1.3 million increase related to higher originations of Investment Portfolio investments and (ii) a $0.1$3.7 million increase in fees received from the refinancing and prepayment of debt investments.investments and (ii) a $1.8 million increase related to higher investment activities. The increase includes a $3.8 million increase in fee income considered less consistent or non-recurring.
(d)The increase in total investment income includes a net increasereduction of $3.4$1.8 million in the impact of certain income considered less consistent or non-recurring, including a $3.8 million increase in dividend income, partially offset by a $0.4 million decrease in total accelerated prepayment and other activity related to certain Investment Portfolio debt investments.as described above.
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Expenses
Total expenses for the three months ended June 30, 2023March 31, 2024 were $41.9$41.8 million, a 37%6% increase from the $30.5$39.3 million in the corresponding period of 2022.2023. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
June 30,
Net Change
20232022Amount%
(dollars in thousands)
Three Months Ended
March 31,
Three Months Ended
March 31,
Net Change
202420242023Amount%
(dollars in thousands)(dollars in thousands)
Cash compensationCash compensation$11,675 $10,032 $1,643 16 %(a)Cash compensation$11,797 $$10,735 $$1,062 10 10 %(a)
Deferred compensation plan expense (benefit)513 (1,225)1,738 142 %(b)
Deferred compensation plan expense
Compensation
Compensation
CompensationCompensation12,188 8,807 3,381 38 %
General and administrativeGeneral and administrative4,514 4,238 276 %
General and administrative
General and administrative
Interest
Interest
InterestInterest26,754 17,295 9,459 55 %(c)26,776 24,997 24,997 1,779 1,779 %(b)
Share-based compensationShare-based compensation4,087 3,596 491 14 %
Gross expensesGross expenses47,543 33,936 13,607 40 %
Gross expenses
Gross expenses
Expenses allocated to the External Investment Manager
Expenses allocated to the External Investment Manager
Expenses allocated to the External Investment ManagerExpenses allocated to the External Investment Manager(5,688)(3,462)(2,226)64 %(d)
Total expensesTotal expenses$41,855 $30,474 $11,381 37 %
Total expenses
Total expenses
____________________
(a)The increase in cash compensation expense was primarily related to increased incentive compensation accruals increased base compensation rates and increased headcount to support our growing Investment Portfolio and asset management activities.
(b)The increase in non-cash deferred compensation plan expense was a result of compensation expense recorded in the second quarter of 2023 resulting from an increase in the fair value of deferred compensation plan assets and corresponding liabilities in the quarter compared to a decrease in compensation expense resulting from a decrease in such fair values in the corresponding period of 2022.
(c)The increase in interest expense was primarily related to (i) an increased weighted average interest rate on our debt obligations resulting from the issuance of the $350.0 million in aggregate principal amount of 6.95% unsecured notes
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due March 1, 2029 (the “March 2029 Notes”) in January 2024 and an increased average interest rate on our floating rate multi-year revolving credit facility (the “Corporate Facility”) and special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) due to increases in benchmark index rates and the addition of our SPV Facility and the December 2025 Notes at 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 overall operating costs at Main Street, an increase in assets under management and the positive operating results from the assets managed for clients of the External Investment Manager.borrowings.
Net Investment Income
Net investment income for the three months ended June 30, 2023March 31, 2024 increased 57%11% to $85.7$89.8 million, or $1.06$1.05 per share, compared to net investment income of $54.7$81.0 million, or $0.75$1.02 per share, in the corresponding period of 2022.2023. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses, both as discussed above. The increase in net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the three months ended June 30, 2023,March 31, 2024, primarily due to shares issued oversince the last twelve monthsbeginning of the prior year through our (i) public offering in August 2022at-the-market program (“ATM Program”), (ii) dividend reinvestment plan and at-the-market (“ATM”) program, (ii)(iii) equity incentive plans and (iii) dividend reinvestment plan.plans. The increase in net investment income on a per share basis includesis after a $0.04$0.03 per share increasedecrease in investment income considered less consistent or non-recurring partially 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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nature.
Distributable Net Investment Income
Distributable net investment income for the three months ended June 30, 2023March 31, 2024 increased 58%10% to $90.3$94.4 million, or $1.12$1.11 per share, compared with $57.1$85.4 million, or $0.78$1.07 per share, in the corresponding period of 2022.2023. The increase in distributable net investment income was primarily due to the increased level of total investment income, partially offset by higher operating expenses, excluding the impact of share-based compensation expense and deferred compensation expense, (benefit), both as discussed above. The increase in distributable net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the three months ended June 30, 2023March 31, 2024 as discussed above. The increase in distributable net investment income on a per share basis includesis after a $0.04$0.03 per share increasedecrease in investment income considered less consistent or non-recurring as discussed above.in nature.
Net Realized Gain (Loss) from Investments
The following table provides a summary of the primary components of the total net realized loss on investments of $75.5$12.4 million for the three months ended June 30, 2023.March 31, 2024.
Three Months Ended June 30, 2023
Full ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)
(dollars in thousands)
Three Months Ended March 31, 2024Three Months Ended March 31, 2024
Full ExitsFull ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)
(dollars in thousands)(dollars in thousands)
LMM portfolioLMM portfolio$(42,056)2$— $— $160 $(41,896)
Private Loan portfolioPrivate Loan portfolio1,797 1— (16,303)1(184)(14,690)
Middle Market portfolioMiddle Market portfolio(9,634)1— (13,520)2— (23,154)
Other PortfolioOther Portfolio— 4,266 3— 4,269 
Short-term portfolio— — — (35)(35)
Total net realized gain/(loss)Total net realized gain/(loss)$(49,893)4$4,266 3$(29,823)3$(56)$(75,506)
Total net realized gain/(loss)
Total net realized gain/(loss)
____________________
(a)Other activity includes realized gains and losses from transactions involving ten11 portfolio companies which are not considered to be significant individually or in the aggregate.
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Net Unrealized Appreciation (Depreciation)
The following table provides a summary of the total net unrealized appreciation of $104.9$40.6 million for the three months ended June 30, 2023.March 31, 2024.
Three Months Ended June 30, 2023
LMM (a)Private
Loan
Middle
Market
OtherTotal
(dollars in thousands)
Three Months Ended March 31, 2024Three Months Ended March 31, 2024
LMM (a)LMM (a)Private
Loan
Middle
Market
OtherTotal
(dollars in thousands)(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$41,592 $14,694 $23,154 $(4,233)$75,207 
Net unrealized appreciation relating to portfolio investments23,007 631 4,523 1,573 (b)29,734 
Net unrealized appreciation (depreciation) relating to portfolio investments
Total net unrealized appreciation (depreciation) relating to portfolio investmentsTotal net unrealized appreciation (depreciation) relating to portfolio investments$64,599 $15,325 $27,677 $(2,660)$104,941 
____________________
(a)Includes unrealized appreciation on 3530 LMM portfolio investments and unrealized depreciation on 2318 LMM portfolio investments.

(b)Includes the reversal of $6.7 million of prior unrealized depreciation related to the previously noted $7.1 million realized loss on the full exit of an Other Portfolio investment.
(c)Includes (i) $1.3$11.2 million of unrealized appreciation relatingrelated to the External Investment Manager and (ii) $0.5 million of net unrealized appreciation relatingrelated to the assets of the deferred compensation plan, partially offset by $0.3$1.1 million of net unrealized depreciation relatingrelated 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 Provision
The income tax provision for the three months ended June 30, 2023March 31, 2024 of $8.6$10.9 million principally consisted of (i) a deferred tax provision of $7.0$8.8 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences and (ii) a current tax provision of $1.6$2.1 million, related to a $1.1$1.2 million provision for current U.S. federal and state income taxes and a $0.9 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. income.
The income tax provision for the three months ended June 30, 2022March 31, 2023 of $10.3$8.1 million principally consisted of (i) a deferred tax provision of $9.5$6.4 million and (ii) a current tax provision of $0.8$1.7 million primarily related to a $1.0 million provision for current U.S. federal and state income taxes and a $0.7 million provision for excise tax on our estimated undistributed taxable income and a $0.1 million provision for current U.S. federal and state income taxes.income.
Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the three months ended June 30, 2023March 31, 2024 was $106.5$107.1 million, or $1.32$1.26 per share, compared with $14.7$79.6 million, or $0.20$1.00 per share, during the three months ended June 30, 2022.March 31, 2023. 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 June 30, 2023March 31, 2024 as compared to the three months ended June 30, 2022.

Comparison of the six months ended June 30, 2023 and 2022
Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the six months ended June 30, 2023 and 2022.
Six Months Ended
June 30,
Net Change
20232022Amount%
(dollars in thousands)
Total investment income$247,838 $164,596 $83,242 51 %
Total expenses(81,144)(57,657)(23,487)41 %
Net investment income166,694 106,939 59,755 56 %
Net realized loss from investments(103,886)(1,728)(102,158)NM
Net unrealized appreciation (depreciation) from investments140,059 (9,841)149,900 NM
Income tax provision(16,760)(15,417)(1,343)NM
Net increase in net assets resulting from operations$186,107 $79,953 $106,154 133 %
Six Months Ended
June 30,
Net Change
20232022Amount%
(dollars in thousands, except per share amounts)
Net investment income$166,694 $106,939 $59,755 56 %
Share‑based compensation expense8,187 6,414 1,773 28 %
Deferred compensation expense (benefit)889 (1,601)2,490 NM
Distributable net investment income (a)$175,770 $111,752 $64,018 57 %
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)$2.19 $1.54 $0.65 42 %
____________________
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 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 six months ended June 30, 2023 was $247.8 million, a 51% increase from the $164.6 million of total investment income for the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.
Six Months Ended
June 30,
Net Change
20232022Amount%
(dollars in thousands)
Interest income$190,666 $123,426 $67,240 54 %(a)
Dividend income49,821 34,535 15,286 44 %(b)
Fee income7,351 6,635 716 11 %
Total investment income$247,838 $164,596 $83,242 51 %(c)
____________________
(a)The increase in interest income was primarily due to (i) an increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from increases in benchmark index rates, (ii) higher average levels of income producing Investment Portfolio debt investments and (iii) an increase in interest rate spreads on new investments over the last twelve months.
(b)The increase in dividend income from Investment Portfolio equity investments was primarily a result of (i) an $11.2 million increase related to dividend income considered to be less consistent or non-recurring, (ii) growth in dividend income from a variety of portfolio companies resulting from the improved operating results, financial condition and liquidity positions of those portfolio companies, and (iii) a $1.9 million increase in dividend income from the External Investment Manager.
(c)The increase in total investment income includes a net increase of $11.6 million in the impact of certain income considered less consistent or non-recurring, including (i) an $11.3 million increase in dividend income and (ii) a $0.3 million increase in accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.
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Expenses
Total expenses for the six months ended June 30, 2023 were $81.1 million, a 41% increase from the $57.7 million in the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.
Six Months Ended
June 30,
Net Change
20232022Amount%
(dollars in thousands)
Cash compensation$22,411 $17,677 $4,734 27 %(a)
Deferred compensation plan expense (benefit)889 (1,601)2,490 (156)%(b)
Compensation23,300 16,076 7,224 45 %
General and administrative8,591 7,464 1,127 15 %
Interest51,752 33,982 17,770 52 %(c)
Share-based compensation8,187 6,414 1,773 28 %(d)
Gross expenses91,830 63,936 27,894 44 %
Expenses allocated to the External Investment Manager(10,686)(6,279)(4,407)70 %(e)
Total expenses$81,144 $57,657 $23,487 41 %
____________________
(a)The increase in cash compensation was primarily related to increased incentive compensation accruals, increased base compensation rates and increased headcount to support our growing Investment Portfolio and asset management activities.
(b)The change in the non-cash deferred compensation plan expense was a result of compensation expense recorded in the 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 a decrease in compensation expense resulting from a decrease in such fair values in the corresponding period of 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 fund our investment activity and support the growth of our Investment Portfolio.
(d)Share-based compensation increased $1.8 million in the six months ended June 30, 2023 from the comparable period of the prior year, principally attributable to incentive based grants related to incentive compensation awards for 2022 and the accelerated vesting of certain prior incentive grants.

(e)The increase in expenses allocated to the External Investment Manager was primarily related to (i) increased overall operating costs at Main Street, (ii) an increase in assets under management and (iii) the positive operating results from the assets managed for clients of the External Investment Manager.
Net Investment Income
Net investment income for the six months ended June 30, 2023 increased 56% to $166.7 million, or $2.08 per share, compared to net investment income of $106.9 million, or $1.47 per share, for the corresponding period of 2022. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses, both as discussed above. The increase in net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the six months ended June 30, 2023, primarily due to shares issued over the last twelve months through our (i) public offering in August 2022 and ATM program, (ii) equity incentive plans and (iii) dividend reinvestment plan. The increase in net investment income on a per share basis includes (i) a $0.14 per share increase in investment income considered less consistent or non-recurring and (ii) an increase in deferred compensation expense of $0.03 per share resulting from the comparable period difference in the fair value of Deferred Compensation Plan assets and corresponding liabilities, both of which are discussed above.
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Distributable Net Investment Income
Distributable net investment income for the six months ended June 30, 2023 increased 57% to $175.8 million, or $2.19 per share, compared with $111.8 million, or $1.54 per share, in the corresponding period of 2022. The increase in distributable net investment income was primarily due to the increased level of total investment income, partially offset by higher operating expenses, excluding the impact of share-based compensation expense and deferred compensation expense (benefit), both as discussed above. The increase in distributable net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the six months ended June 30, 2023, primarily due to shares issued over the last twelve months as discussed above. The increase in distributable net investment income on a per share basis includes a $0.14 per share increase in investment income considered less consistent or non-recurring, as discussed above.
Net Realized Gain (Loss) from Investments
The following table provides a summary of the primary components of the total net realized loss on investments of $103.9 million for the six months ended June 30,March 31, 2023.
Six Months Ended June 30, 2023
Full ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)
(dollars in thousands)
LMM portfolio$(42,056)2$(29,526)1$(3,597)1$161 $(75,018)
Private Loan portfolio2,665 2— (16,303)1(313)(13,951)
Middle Market portfolio(6,386)2— (13,520)256 (19,850)
Other Portfolio— 4,897 — 71 4,968 
Short-term portfolio— — — (35)(35)
Total net realized gain (loss)$(45,777)6$(24,629)4$(33,420)4$(60)$(103,886)
____________________
(a)Other activity includes realized gains and losses from transactions involving 16 portfolio companies which are not considered to be significant individually or in the aggregate.
Net Unrealized Appreciation (Depreciation)
The following table provides a summary of the total net unrealized appreciation of $140.1 million for the six months ended June 30, 2023.
Six Months Ended June 30, 2023
LMM (a)Private
Loan
Middle
Market
OtherTotal
(dollars in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$74,531 $14,818 $19,906 $(4,931)$104,324 
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 investments$108,702 $7,935 $15,520 $7,902 $140,059 
____________________
(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) $11.0 million of unrealized appreciation relating to the External Investment Manager, (ii) $0.9 million of net unrealized appreciation relating to the assets of the Deferred Compensation Plan and (iii) $0.9 million of net unrealized appreciation relating to the Other Portfolio.
Income Tax Benefit (Provision)
The income tax provision for the six months ended June 30, 2023 of $16.8 million principally consisted of (i) a deferred tax provision of $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 $3.4 million related to a $1.8 million provision for excise tax on our estimated undistributed taxable income and a $1.6 million provision for current U.S. federal and state income taxes. The income tax provision for the six months ended June 30, 2022 of $15.4 million principally consisted of (i) a deferred tax provision of $13.3 million and (ii) a current tax provision of $2.1 million primarily related to a $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.
Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the six months ended June 30, 2023 was $186.1 million, or $2.32 per share, compared with $80.0 million, or $1.10 per share, during the six months ended June 30, 2022. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the six months ended June 30, 2023 as compared to the six months ended June 30, 2022.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
For the sixthree months ended June 30, 2023,March 31, 2024, we realized a net increase in cash and cash equivalents of $21.8$54.9 million, which is the net result of $47.7$118.1 million of cash used in our operating activities and $173.0 million of cash provided by our operating activities, partially offset by $25.9financing activities.
The $118.1 million of cash used in our financing activities.
The $47.7 million of cash provided by our operating activities resulted primarily from cash uses totaling $372.6 million for the funding of new and follow-on portfolio investments, partially offset by (i) cash proceeds totaling $322.6 $175.0
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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 $160.6$86.0 million, which is our distributable net investment income, excluding the non-cash effects of the accretion of unearned income, payment-in-kind interest income, cumulative dividends and the amortization expense for deferred financing costs, partially offset by (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.

costs.
The $25.9$173.0 million of cash used inprovided by our financing activities principally consisted of (i) $125.3$350.0 million in dividends paid to stockholderscash proceeds from the issuance of our common stock,the March 2029 Notes and (ii) $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 and (iv) $1.8 million in debt issuance costs, partially offset by (i) $84.1$5.7 million in net cash proceeds from equity offerings from our ATM Program, (as described below) and direct stock purchase plan and (ii) $50.0partially offset by (i) $78.2 million in cash proceeds from thedividends paid to our stockholders, (ii) $63.8 million in repayments of SBIC debentures, (iii) $37.0 million in net repayments on our Credit Facilities and (iv) $3.7 million in debt issuance of additional aggregate principal amount of the December 2025 Notes (as defined below).costs.
Capital Resources
As of June 30, 2023,March 31, 2024, we had $70.9$115.0 million in cash and cash equivalents and $655.0$1,102.0 million of unused capacity under the Credit Facilities which we maintain to support our investment and operating activities. As of June 30, 2023,March 31, 2024, our NAV totaled $2,254.9$2,516.0 million, or $27.69$29.54 per share.
As of June 30, 2023,March 31, 2024, we had $410.0$313.0 million outstanding and $570.0$682.0 million of undrawn commitments under the Corporate Facility, and $170.0$10.0 million outstanding and $85.0$420.0 million of undrawn commitments under our SPV Facility, both of which we estimated approximated fair value. Availability under our Credit Facilities is subject to certain leverage and borrowing base limitations, various covenants, reporting requirements and other customary requirements for similar credit facilities. For further information on our Credit Facilities, including key terms and financial covenants, refer to Note E — Debt included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
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In January 2021, we issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”). In October 2021, we issued an additional $200.0 million in aggregate principal amount of the July 2026 Notes. The outstanding aggregate principal amount of the July 2026 Notes was $500.0 million as of both June 30, 2023March 31, 2024 and December 31, 2022.2023.
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, 2023March 31, 2024 and December 31, 2022.2023.
In January 2024, we issued the March 2029 Notes. The outstanding aggregate principal amount of the March 2029 Notes was $350.0 million as of March 31, 2024.
In May 2024, we repaid the entire $450.0 million principal amount of the issued and outstanding May 2024 Notes at par value plus the accrued unpaid interest. The repayment of the May 2024 Notes was funded through borrowings on our Credit Facilities.
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. On March 1, 2024, Main Street repaid $63.8 million of debentures that had reached maturity dates. Under existing SBA-approved commitments, we had $350.0$286.2 million of outstanding SBIC debentures guaranteed by the SBA as of June 30, 2023March 31, 2024 through our wholly-owned SBICs, which bear a weighted-average annual fixed interest rate of 3.0%2.8%, paid semiannually, and mature ten years from issuance. The first maturity related to our SBIC debentures occurs in March 2024,2027, and the weighted-average remaining duration is 5.15.4 years as of June 30, 2023.March 31, 2024. Debentures guaranteed by the SBA have fixed interest rates that equal prevailing 10-year Treasury Note rates plus a market spread and have a maturity of ten years with interest payable semiannually. The principal amount of the debentures is not required to be paid before maturity, but may be pre-paid at any time with no prepayment penalty. We expect to maintain SBIC debentures under the SBIC program in the future, subject to periodic repayments and borrowings, in an amount up to the regulatory maximum amount for affiliated SBIC funds.
In December 2022, we issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Notes”). In February 2023, we issued an additional $50.0 million in aggregate principal amount of the December 2025 Notes bearing interest at a fixed rate of 7.53% per year. The outstanding aggregate principal amount of the December 2025 Notes as of June 30, 2023both March 31, 2024 and December 31, 20222023 was $150.0 million and $100.0 million, respectively.million.
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We maintain a programthe ATM Program with certain selling agents through which we can sell up to 15,000,000 shares of our common stock by means of at-the-market offerings from time to time (the “ATM Program”).time. During the sixthree months ended June 30, 2023,March 31, 2024, we sold 2,148,490126,420 shares of our common stock at a weighted-average price of $39.52$45.51 per share and raised $84.9$5.8 million of gross proceeds under the ATM Program. Net proceeds were $84.1$5.7 million after commissions to the selling agents on shares sold and offering costs. As of June 30, 2023,March 31, 2024, sales transactions representing 404,33019,571 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 NAV per share. As of June 30, 2023, 8,314,194March 31, 2024, 5,186,804 shares remained available for sale under the ATM Program. During the year ended December 31, 2022,2023, we sold 5,407,3825,149,460 shares of our common stock at a weighted-average price of $39.29$39.94 per share and raised $212.4$205.7 million of gross proceeds under the ATM Program. Net proceeds were $209.9$203.3 million after commissions to the selling agents on shares sold and offering costs.
During the year ended December 31, 2022, we completed a public equity offering (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 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 fundsshort-term investments. The primary investment objective of marketable securities and idle fundsshort-term 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,money market funds and certificates of deposit with financial institutions, diversified bond funds and publicly traded debt and equity investments. We may also invest in short-term portfolio investments that are atypical of our LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital and are more liquid
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than investments within the other portfolios.institutions. Short-term portfolio investments consist primarily of investments in secured debt investments and independently rated debt investments.
If our common stock trades below our NAV per share, we will generally not be able to issue additional common stock at the market price, unless our stockholders approve such a sale and our Board of Directors makes certain determinations. We did not seek stockholder authorization to sell shares of our common stock below the then current NAV per share of our common stock at our 20232024 Annual Meeting of Stockholders, and have not sought such authorization since 2012, because our common stock price per share has generally traded significantly above the NAV per share of our common stock since 2011. We would therefore need future approval from our stockholders to issue shares below the then current NAV per share.
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 June 30, 2023,March 31, 2024, our BDC asset coverage ratio was 234%241%.
Although we have been able to secure access to additional liquidity, including through the Credit Facilities, public and private debt issuances, leverage available through the SBIC program and equity offerings, there is no assurance that debt or equity capital will be available to us in the future on favorable terms, or at all.
Recently Issued or Adopted Accounting Standards
From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. We believe that the impact of recently issued standards and any that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. For a description of recently issued or adopted accounting standards, see Note B.13.B.14. — 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.
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Inflation
Inflation has not historically had a significant effect on our results of operations in any of the reporting periods presented herein. However, our portfolio companies have experienced, specifically including over the last few years, as a result of recent geopolitical events, supply chain and labor issues, and may continue to experience, the increasing impacts of inflation on their operating results, including periodic escalations in their costs for labor, raw materials and third-party services and required energy consumption. These issues and challenges related to inflation are receiving significant attention from our investment teams and the management teams of our portfolio companies as we work to manage these growing challenges. Prolonged or more severe impacts of inflation to our portfolio companies could continue to affect their operating profits and, thereby, increase their borrowing costs, and as a result negatively impact their ability to service their debt obligations and/or reduce their available cash for distributions. In addition, these factors could have a negative effect on the fair value of our investments in these portfolio companies. The combined impacts therefrom in turn could negatively affect our results of operations.
Off-Balance Sheet Arrangements
We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Consolidated Balance Sheets. At June 30, 2023,March 31, 2024, we had a total of $284.4$288.0 million in outstanding commitments comprised of (i) 8683 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) 1113 investments with equity capital commitments that had not been fully called.
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Contractual Obligations
As of June 30, 2023,March 31, 2024, the future fixed commitments for cash payments in connection with ourthe July 2026 Notes, the May 2024 Notes, the March 2029 Notes, SBIC debentures, the December 2025 Notes and rent obligations under our office lease for each of the next five years and thereafter are as follows:follows.
20232024202520262027ThereafterTotal
(dollars in thousands)
202420242025202620272028ThereafterTotal
(dollars in thousands)(dollars in thousands)
July 2026 NotesJuly 2026 Notes$— $— $— $500,000 $— $— $500,000 
Interest due on July 2026 NotesInterest due on July 2026 Notes7,517 15,000 15,000 15,000 — — 52,517 
May 2024 NotesMay 2024 Notes— 450,000 — — — — 450,000 
Interest due on May 2024 NotesInterest due on May 2024 Notes11,700 11,700 — — — — 23,400 
March 2029 Notes
Interest due on March 2029 Notes
SBIC debenturesSBIC debentures— 63,800 — — 75,000 211,200 350,000 
Interest due on SBIC debenturesInterest due on SBIC debentures5,125 9,327 8,094 8,094 7,378 14,337 52,355 
December 2025 NotesDecember 2025 Notes— — 150,000 — — — 150,000 
Interest due on December 2025 NotesInterest due on December 2025 Notes5,803 11,605 11,637 — — — 29,045 
Operating Lease Obligation (1)
Operating Lease Obligation (1)
389 1,020 1,115 1,135 1,155 7,674 12,488 
TotalTotal$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 June 30, 2023,March 31, 2024, we had $410.0$313.0 million in borrowings outstanding under our Corporate Facility, and the Corporate Facility is scheduled to mature in August 2027. As of June 30, 2023,March 31, 2024, we had $170.0$10.0 million in borrowings outstanding under our SPV Facility, and the SPV Facility is scheduled to mature in November 2027.
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Related Party Transactions and Agreements
We have entered into agreements and transactions with the External Investment Manager, MSC Income, the Private Loan Fund and the Private Loan Fund II, whereby we have made debt and equity investments and receive certain fees, expense reimbursements and investment income. See Note D — External Investment Manager and Note L — Related Party Transactions included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding these related party transactions and agreements.

In addition, we have a deferred compensation plan, whereby non-employee directors and certain key employees may defer receipt of some or all of their cash compensation and directors’ fees, subject to certain limitations. See Note L — Related Party Transactions included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding the deferred compensation plan.
Recent Developments
In July 2023,May 2024, we expanded our total commitments underrepaid the Corporate Facility from $980.0entire $450.0 million to $995.0 million. The commitment increase was executed under the accordion featureprincipal amount of the Corporate Facility which allows for an increase up to $1.4 billion in total commitments underissued and outstanding May 2024 Notes at par value plus the facility from new and existing lendersaccrued unpaid interest at maturity. The repayment of the May 2024 Notes was funded through borrowings on the same terms and conditions as the existing commitments.

Main Street’s Credit Facilities.
In August 2023,May 2024, we declared a supplemental cash dividend of $0.275$0.30 per share payable in September 2023.June 2024. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that we declared of $0.24 per share for each of April, May and June 2024 or total regular monthly dividends of $0.72 per share for the thirdsecond quarter of 20232024.
In May 2024, we also declared regular monthly dividends of $0.23$0.245 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 of 2023.2024. These regular monthly dividends equal a total of $0.705$0.735 per share for the fourththird quarter of 2023,2024, representing a 6.8%6.5% increase from the regular monthly dividends paid in the fourththird quarter of 2022.2023. Including the regular monthly and supplemental dividends declared for the thirdsecond and fourththird quarters of 20232024, we will have paid $38.54$41.59 per share in cumulative dividends since our October 2007 initial public offering.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are subject to financial market risks, including changes in interest rates, and changes in interest rates may affect both our interest expense on the debt outstanding under our Credit Facilities and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rate indices, including LIBOR, SOFR and Prime rates, to the extent that any debt investments include floating interest rates. SeeRisk Factors—Risks Related to our Investments — The interest rates of some of our investments are priced using a spread over LIBOR, which will be phased out in the future., Risk Factors — Risks Related to our Business and Structure — We are subject to risks associated with the interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments. and Risk Factors — Risks Related to Leverage — Because we borrow money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. included in our Annual Report on Form 10-K for the fiscal year ended December 31, 20222023 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 June 30, 2023, 70%March 31, 2024, 67% of our debt Investment Portfolio (at cost) bore interest at floating rates, 91%90% of which were subject to contractual minimum interest rates. As of June 30, 2023, 71%March 31, 2024, 84% of our debt obligations bore interest at fixed rates. Our interest expense will be affected by changes in the published SOFR rate in connection with our Credit Facilities; however, the interest rates on our outstanding July 2026 Notes, May 2024 Notes, March 2029 Notes, SBIC Debentures and December 2025 Notes, which collectively comprise the majority of our outstanding debt, are fixed for the life of such debt. As of June 30, 2023,March 31, 2024, 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 intendsexpects 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 June 30, 2023.March 31, 2024.
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)(dollars in thousands, except per share amounts)
(200)(200)$(41,406)$11,600 $(29,806)$(0.37)
(175)(175)(36,216)10,150 (26,066)(0.32)
(150)(150)(31,042)8,700 (22,342)(0.27)
(125)(125)(25,869)7,250 (18,619)(0.23)
(100)(100)(20,695)5,800 (14,895)(0.18)
(75)(75)(15,521)4,350 (11,171)(0.14)
(50)(50)(10,347)2,900 (7,447)(0.09)
(25)(25)(5,174)1,450 (3,724)(0.05)
25255,174 

(1,450)

3,724 

0.05 
505010,347 

(2,900)

7,447 

0.09 
757515,521 

(4,350)

11,171 

0.14 
10010020,695 

(5,800)

14,895 

0.18 
12512525,869 

(7,250)

18,619 

0.23 
15015031,042 

(8,700)

22,342 

0.27 
17517536,216 (10,150)26,066 0.32 
20020041,390 (11,600)29,790 0.37 
Although we believe that this analysis is indicative of the impact of interest rate changes to our Net Investment Income as of June 30, 2023,March 31, 2024, the analysis does not take into consideration future changes in the credit market, credit quality or other business or economic developments that could affect our Net Investment Income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above. The hypothetical results assume that all LIBOR, SOFR and Prime rate changes would be effective on the first day of the period. However, the contractual LIBOR, SOFR and Prime rate reset dates would vary throughout the period. The majority of our investments are based on contracts which reset quarterly, while our Credit Facilities reset monthly. The hypothetical results would also be impacted by the changes in the amount of debt outstanding under our Credit Facilities (with an increase (decrease) in the debt outstanding under the Credit Facilities resulting in an (increase) decrease in the hypothetical interest expense).
Item 4. Controls and Procedures
As of the end of the period covered by this quarterly report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer and Chief Accounting Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer and Chief Accounting Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act. There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2023March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 1. Legal Proceedings
We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors
You should carefully consider the risks described below and all other information contained in this Quarterly Report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 20222023 that we filed with the SEC on February 24, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 that we filed with the SEC on May 5, 2023,23, 2024, which could materially affect our business, financial condition and/or operating results.
There are no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended June 30, 2023,March 31, 2024, we issued 174,891186,985 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 June 30, 2023,March 31, 2024, under the dividend reinvestment plan was $6.9$8.4 million.
Upon vesting of restricted stock awarded pursuant to our employee equity compensation plan, shares may be withheld to meet applicable tax withholding requirements. Any withheld shares are treated as common stock purchases by the Company in our consolidated financial statements as they reduce the number of shares received by employees upon vesting (see “Purchase of vested stock for employee payroll tax withholding” in the Consolidated Statements of Changes in Net Assets for share amounts withheld).
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 2024, none of our directors or officers adopted or terminated any contract, instruction or written plans for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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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
10.14.1
4.2
31.1
31.2
32.1
32.2
101The following financial information from our Quarterly Report on Form 10-Q for the secondfirst quarter of fiscal year 2023,2024, filed with the SEC on August 4, 2023,May 10, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets at June 30, 2023March 31, 2024 and December 31, 2022,2023, (ii) the Consolidated Statements of Operations for the three and six months ended June 30,March 31, 2024 and 2023, and 2022, (iii) the Consolidated Statements of Changes in Net Assets for the periods ended June 30,March 31, 2024 and 2023, and 2022, (iv) the Consolidated Statements of Cash Flows for the sixthree months ended June 30,March 31, 2024 and 2023, and 2022, (v) the Consolidated Schedule of Investments for the periods ended June 30, 2023March 31, 2024 and December 31, 2022,2023, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the sixthree months ended June 30, 2023March 31, 2024 and 2022.2023.
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: August 4, 2023May 10, 2024Dwayne L. Hyzak
Chief Executive Officer
(principal executive officer)
/s/ JESSE E. MORRIS
Date: August 4, 2023May 10, 2024Jesse E. Morris
Chief Financial Officer and Chief Operating Officer
(principal financial officer)
/s/ RYAN R. NELSON
Date: August 4, 2023May 10, 2024Ryan R. Nelson
Chief Accounting Officer
(principal accounting officer)
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