Main Street Capital Corporation
(Exact name of registrant as specified in its charter)

n/a
(Former name, former address and former fiscal year, if changed since last report)

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 ý No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

The number of shares outstanding of the issuer's common stock as of ~~November 6, 2015~~May 5, 2016 was ~~50,130,534.~~51,221,175.


Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—~~September 30, 2015~~March 31, 2016 (unaudited) and December 31, ~~2014~~2015	1
	Consolidated Statements of Operations (unaudited)—Three ~~and nine~~ months ended ~~September 30,~~March 31, 2016 and 2015 ~~and 2014~~	2
	Consolidated Statements of Changes in Net Assets (unaudited)—~~Nine~~Three months ended ~~September 30,~~March 31, 2016 and 2015 ~~and 2014~~	3
	Consolidated Statements of Cash Flows (unaudited)—~~Nine~~Three months ended ~~September 30,~~March 31, 2016 and 2015 ~~and 2014~~	4
	Consolidated Schedule of Investments (unaudited)—~~September 30, 2015~~March 31, 2016	5
	Consolidated Schedule of Investments—December 31, ~~2014~~2015	3435
	Notes to Consolidated Financial Statements (unaudited)	5964
	Consolidated Financial Statement Schedule
	Consolidated Schedule of Investments in and Advances to Affiliates for the ~~Nine~~Three Months Ended ~~September 30, 2015~~March 31, 2016	~~101~~107
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	~~105~~111
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	131
Item 4.	Controls and Procedures	132

MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

(dollars in thousands, except shares and per share amounts)

	September 30, 2015			December 31, 2014			March 31, 2016			December 31, 2015

	(Unaudited)						(Unaudited)
ASSETS
Portfolio investments at fair value:
Control investments (cost: $402,302 and $342,847 as of September 30, 2015 and December 31, 2014, respectively)	$	568,025		$	469,846
Affiliate investments (cost: $312,016 and $266,243 as of September 30, 2015 and December 31, 2014, respectively)		322,497			278,675
Non-Control/Non-Affiliate investments (cost: $1,008,980 and $832,312 as of September 30, 2015 and December 31, 2014, respectively)		976,912			814,809
Control investments (cost: $361,823 and $387,727 as of March 31,2016 and December 31, 2015, respectively)							$	520,099		$	555,011
Affiliate investments (cost: $376,375 and $333,728 as of March 31, 2016 and December 31, 2015, respectively)								389,310			350,519
Non-Control/Non-Affiliate investments (cost: $974,053 and $945,187 as of March 31, 2016 and December 31, 2015, respectively)								908,662			894,466

Total portfolio investments (cost: $1,723,298 and $1,441,402 as of September 30, 2015 and December 31, 2014, respectively)		1,867,434			1,563,330
Marketable securities and idle funds investments (cost: $6,641 and $10,604 as of September 30, 2015 and December 31, 2014, respectively)		4,583			9,067
Total portfolio investments (cost: $1,712,251 and $1,666,642 as of March 31, 2016 and December 31, 2015, respectively)								1,818,071			1,799,996
Marketable securities and idle funds investments (cost: $1,778 and $5,407 as of March 31, 2016 and December 31, 2015, respectively)								1,519			3,693

Total investments (cost: $1,729,939 and $1,452,006 as of September 30, 2015 and December 31, 2014, respectively)		1,872,017			1,572,397
Total investments (cost: $1,714,029 and $1,672,049 as of March 31, 2016 and December 31, 2015, respectively)								1,819,590			1,803,689
Cash and cash equivalents		35,295			60,432			17,223			20,331
Interest receivable and other assets		27,031			23,273			31,786			27,737
Receivable for securities sold		8,245			23,133			11,458			9,901
Deferred financing costs (net of accumulated amortization of $8,324 and $6,462 as of September 30, 2015 and December 31, 2014, respectively)		12,779			14,550
Deferred financing costs (net of accumulated amortization of $9,608 and $8,965 as of March 31, 2016 and December 31, 2015, respectively)								12,651			13,267
Deferred tax asset, net								8,442			4,003

Total assets	$	1,955,367		$	1,693,785		$	1,901,150		$	1,878,928



LIABILITIES
Credit facility	$	346,000		$	218,000		$	306,000		$	291,000
SBIC debentures (par: $225,000 as of September 30, 2015 and December 31, 2014, par of $75,200 is recorded at a fair value of $73,804 and $72,981 as of September 30, 2015 and December 31, 2014, respectively)		223,604			222,781
SBIC debentures (par: $225,000 as of March 31, 2016 and December,31, 2015, par of $75,200 is recorded at a fair value of $74,006 and $73,860 as of March 31, 2016 and December 31, 2015, respectively)								223,806			223,660
4.50% Notes		175,000			175,000			175,000			175,000
6.125% Notes		90,740			90,823			90,655			90,738
Dividend payable								9,113			9,074
Interest payable								5,185			3,959
Accounts payable and other liabilities								5,847			12,292
Payable for securities purchased		5,453			14,773			8,546			2,311
Deferred tax liability, net		663			9,214
Dividend payable		9,014			7,663
Accounts payable and other liabilities		8,917			10,701
Interest payable		4,995			4,848

Total liabilities		864,386			753,803			824,152			808,034
Commitments and contingencies (Note M)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 50,079,178 and 45,079,150 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively)		500			451
Common stock, $0.01 par value per share (150,000,000 shares authorized; 50,767,218 and 50,413,744 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively)								508			504
Additional paid-in capital		998,123			853,606			1,026,233			1,011,467
Accumulated net investment income, net of cumulative dividends of $382,083 and $293,789 as of September 30, 2015 and December 31, 2014, respectively		13,927			23,665
Accumulated net realized gain from investments (accumulated net realized gain from investments of $31,284 before cumulative dividends of $62,945 as of September 30, 2015 and accumulated net realized gain from investments of $40,321 before cumulative dividends of $60,777 as of December 31, 2014)		(31,661	)		(20,456	)
Accumulated net investment income, net of cumulative dividends of $444,631 and $417,347 as of March 31, 2016 and December 31, 2015, respectively								7,061			7,181
Accumulated net realized gain from investments (accumulated net realized gain from investments of $32,608 before cumulative dividends of $68,658 as of March 31, 2016 and accumulated net realized gain from investments of $19,005 before cumulative dividends of $68,658 as of December 31, 2015)								(36,050	)		(49,653	)
Net unrealized appreciation, net of income taxes		110,092			82,716			79,246			101,395

Total net assets		1,090,981			939,982			1,076,998			1,070,894

Total liabilities and net assets	$	1,955,367		$	1,693,785		$	1,901,150		$	1,878,928



NET ASSET VALUE PER SHARE	$	21.79		$	20.85		$	21.18		$	21.24

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Operations

(dollars in thousands, except shares and per share amounts)

(Unaudited)

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Changes in Net Assets

(dollars in thousands, except shares)

(Unaudited)

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Cash Flows

(dollars in thousands)

(Unaudited)

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule Of Investments

~~September 30, 2015~~March 31, 2016

(dollars in thousands)

(Unaudited)

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value


Control Investments(5)

Access Media Holdings, LLC(10)	Private Cable Operator					Private Cable Operator
							5.00% Current / 5.00% PIK Secured Debt (Maturity—July 22, 2020)	$	21,825	$	21,825	$	20,651
							Preferred Member Units (5,265,000 units; 12% cumulative)				5,159		2,130
							Member Units (45 units)				1		—

											26,985		22,781

AmeriTech College, LLC						For-Profit Nursing and Healthcare College
							10% Secured Debt (Maturity—May 15, 2016)		514		514		514
		5.00% Current / 5.00% PIK Secured Debt (Maturity—October 22, 2018)	21,284	21,284	18,784		10% Secured Debt (Maturity—November 30, 2019)		489		489		489
		Preferred Member Units (12% cumulative)		3,201	3,201		10% Secured Debt (Maturity—January 31, 2020)		3,025		3,025		3,025
		Member Units (3,307,545 units)		1	—		Preferred Member Units (294 units; 5%)(8)				2,291		2,291

				24,486	21,985						6,319		6,319

ASC Interests, LLC	Recreational and Educational Shooting Facility					Recreational and Educational Shooting Facility
		11% Secured Debt (Maturity—July 31, 2018)	2,750	2,715	2,750		11% Secured Debt (Maturity—July 31, 2018)		2,250		2,225		2,250
		Member Units (1,500 units)(8)		1,500	2,230		Member Units (1,500 units)(8)				1,500		2,560

				4,215	4,980						3,725		4,810

Bond-Coat, Inc.	Casing and Tubing Coating Services					Casing and Tubing Coating Services
		12% Secured Debt (Maturity—December 28, 2017)	11,596	11,513	11,596		12% Secured Debt (Maturity—December 28, 2017)		11,596		11,530		11,596
		Common Stock (57,508 shares)		6,350	10,210		Common Stock (57,508 shares)				6,350		7,490

				17,863	21,806						17,880		19,086

Café Brazil, LLC	Casual Restaurant Group					Casual Restaurant Group
		Member Units (1,233 units)(8)		1,742	7,330		Member Units (1,233 units)(8)				1,742		6,570

CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos					Produces and Sells IT Training Certification Videos
		Member Units (416 units)(8)		1,300	38,890		Member Units (416 units)(8)				1,300		45,750

Ceres Management, LLC (Lambs Tire & Automotive)	Aftermarket Automotive Services Chain
		14% Secured Debt (Maturity—May 31, 2018)	8,070	8,070	8,070
		Member Units (5,460 units)		5,273	4,420
		9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (Maturity—October 1, 2025)	931	931	931
		Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8)		625	1,240

				14,899	14,661

CMS Minerals LLC	Oil & Gas Exploration & Production					Oil & Gas Exploration & Production
		Preferred Member Units (458 units)(8)		3,246	7,193		Preferred Member Units (458 units)(8)				2,530		5,750

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Datacom, LLC	Technology and Telecommunications Provider					Technology and Telecommunications Provider
		10.5% Secured Debt (Maturity—May 31, 2019)	11,205	11,117	11,117		5.25% Current / 5.25% PIK Secured Debt (Maturity—May 31, 2019)	11,256	11,178	10,810
		Class A Preferred Member Units (13,154 units)(8)		1,137	1,137		Class A Preferred Member Units (15% cumulative)(8)		1,181	1,224
		Class B Preferred Member Units (6,453 units)		6,030	5,570		Class B Preferred Member Units (6,453 units)		6,030	4,602

				18,284	17,824				18,389	16,636

Garreco, LLC	Manufacturer and Supplier of Dental Products					Manufacturer and Supplier of Dental Products
		14% Secured Debt (Maturity—January 12, 2018)	5,800	5,733	5,733		14% Secured Debt (Maturity—January 12, 2018)	5,800	5,745	5,745
		Member Units (1,200 units)(8)		1,200	1,470		Member Units (1,200 units)		1,200	1,090

				6,933	7,203				6,945	6,835

GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products					Manufacturer of Engineered Rubber Products
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—December 19, 2019)(9)	16,331	16,189	16,189		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—December 19, 2019)(9)	13,903	13,793	13,903
		Member Units (5,879 units)(8)		13,065	13,065		Member Units (5,879 units)		13,065	18,030

				29,254	29,254				26,858	31,933

Gulf Manufacturing, LLC	Manufacturer of Specialty Fabricated Industrial Piping Products					Manufacturer of Specialty Fabricated Industrial Piping Products
		9% PIK Secured Debt (Ashland Capital IX, LLC) (Maturity—June 30, 2017)	777	777	777		9% PIK Secured Debt (Ashland Capital IX, LLC) (Maturity—June 30, 2017)	777	777	777
		Member Units (438 units)(8)		2,980	15,130		Member Units (438 units)(8)		2,980	10,960

				3,757	15,907				3,757	11,737

Harrison Hydra-Gen, Ltd.	Manufacturer of Hydraulic Generators					Manufacturer of Hydraulic Generators
		12% Secured Debt (Maturity—December 4, 2015)	5,010	5,010	5,010		Common Stock (107,456 shares)		718	2,700
		Preferred Stock (8% cumulative)(8)		1,336	1,336
		Common Stock (107,456 shares)		718	2,300

				7,064	8,646

Hawthorne Customs and Dispatch Services, LLC	Facilitator of Import Logistics, Brokerage, and Warehousing					Facilitator of Import Logistics, Brokerage, and Warehousing
		Member Units (500 units)(8)		589	580		Member Units (500 units)(8)		589	280
		Member Units (Wallisville Real Estate, LLC) (588,210 units)(8)		1,215	2,220		Member Units (Wallisville Real Estate, LLC) (588,210 units)(8)		1,215	2,220

				1,804	2,800				1,804	2,500

Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)				Business Description	Type of Investment(2)(3)


HW Temps LLC	Temporary Staffing Solutions						Temporary Staffing Solutions
		LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity July 2, 2020)(9)		9,976	9,880	9,880		LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity July 2, 2020)(9)	9,976	9,888	9,888
		Preferred Member Units (3,200 units)(8)			3,942	3,942		Preferred Member Units (3,200 units)(8)		3,942	4,950

					13,822	13,822				13,830	14,838

Hydratec, Inc.	Designer and Installer of Micro-Irrigation Systems						Designer and Installer of Micro-Irrigation Systems
		Common Stock (7,095 shares)(8)			7,095	14,950		Common Stock (7,095 shares)(8)		7,095	15,410

IDX Broker, LLC	Provider of Marketing and CRM Tools for the Real Estate Industry						Provider of Marketing and CRM Tools for the Real Estate Industry
		LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity—November 15, 2018)(9)	��	25	25	25
		12.5% Secured Debt (Maturity—November 15, 2018)		11,350	11,276	11,350
		Member Units (5,400 units)			5,606	6,440

					16,907	17,815

Impact Telecom, Inc.	Telecommunications Services Provider
		LIBOR Plus 6.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (Maturity—May 31, 2018)(9)		1,575	1,570	1,570
		13% Secured Debt (Maturity—May 31, 2018)		22,500	15,893	15,893		12.5% Secured Debt (Maturity—November 15, 2018)	11,350	11,286	11,350
		Warrants (5,516,667 equivalent shares)			8,000	4,160		Member Units (5,400 units)		5,606	6,440

					25,463	21,623				16,892	17,790

Indianapolis Aviation Partners, LLC	Fixed Base Operator						Fixed Base Operator
		15% Secured Debt (Maturity—January 15, 2016)		3,100	3,079	3,100		15% Secured Debt (Maturity—July 15, 2016)	3,100	3,100	3,100
		Warrants (1,046 equivalent units)			1,129	2,540		Warrants (1,046 equivalent units)		1,129	2,540

					4,208	5,640				4,229	5,640

Jensen Jewelers of Idaho, LLC	Retail Jewelry Store						Retail Jewelry Store
		Prime Plus 6.75% (Floor 2.00%), Current Coupon 10.00%, Secured Debt (Maturity—November 14, 2016)(9)		4,205	4,169	4,205		Prime Plus 6.75% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (Maturity—November 14, 2016)(9)	4,405	4,386	4,405
		Member Units (627 units)(8)			811	4,750		Member Units (627 units)(8)		811	5,200

					4,980	8,955				5,197	9,605

Lamb's Venture, LLC							Aftermarket Automotive Services Chain
								11% Secured Debt (Maturity—May 31, 2018)	7,849	7,849	7,849
								Preferred Equity (non-voting)		328	328
								Member Units (742 units)		5,273	5,160
								9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (Maturity—October 1, 2025)	906	906	906
								Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8)		625	1,240

										14,981	15,483

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Lighting Unlimited, LLC	Commercial and Residential Lighting Products and Design Services					Commercial and Residential Lighting Products and Design Services
		8% Secured Debt (Maturity—August 22, 2016)	1,514	1,514	1,514		8% Secured Debt (Maturity—August 22, 2016)	1,514	1,514	1,514
		Preferred Equity (non-voting)		434	434		Preferred Equity (non-voting)		434	430
		Warrants (71 equivalent units)		54	40		Warrants (71 equivalent units)		54	30
		Member Units (700 units)(8)		100	420		Member Units (700 units)		100	260

				2,102	2,408				2,102	2,234

Marine Shelters Holdings, LLC (LoneStar Marine Shelters)	Fabricator of Marine and Industrial Shelters					Fabricator of Marine and Industrial Shelters
		6% Current / 6% PIK Secured Debt (Maturity—December 28, 2017)	8,781	8,688	8,688		12% PIK Secured Debt (Maturity—December 28, 2017)	9,330	9,252	8,910
		Preferred Member Units (3,810 units)		5,352	5,352		Preferred Member Units (3,810 units)		5,352	3,801

				14,040	14,040				14,604	12,711

MH Corbin Holding LLC						Manufacturer and distributor of traffic safety products
							10% Secured Debt (Maturity—August 31, 2020)	13,825	13,701	13,701
							Preferred Member Units (4,000 shares)		6,000	6,000

									19,701	19,701

Mid-Columbia Lumber Products, LLC	Manufacturer of Finger-Jointed Lumber Products					Manufacturer of Finger-Jointed Lumber Products
		10% Secured Debt (Maturity—December 18, 2017)	1,750	1,750	1,750		10% Secured Debt (Maturity—December 18, 2017)	1,750	1,750	1,750
		12% Secured Debt (Maturity—December 18, 2017)	3,900	3,900	3,900		12% Secured Debt (Maturity—December 18, 2017)	3,900	3,900	3,900
		Member Units (2,829 units)(8)		1,244	3,980		Member Units (2,829 units)		1,244	2,420
		9.5% Secured Debt (Mid-Columbia Real Estate, LLC) (Maturity—May 13, 2025)	893	893	893		9.5% Secured Debt (Mid—Columbia Real Estate, LLC) (Maturity—May 13, 2025)	870	870	870
		Member Units (Mid—Columbia Real Estate, LLC) (250 units)(8)		250	550		Member Units (Mid—Columbia Real Estate, LLC) (250 units)(8)		250	550

				8,037	11,073				8,014	9,490

MH Corbin Holding LLC	Manufacturer and distributor of traffic safety products
MSC Adviser I, LLC(16)						Third Party Investment Advisory Services
							Member Units (Fully diluted 100.0%)(8)		—	27,792

Mystic Logistics Holdings, LLC						Logistics and Distribution Services Provider for Large Volume Mailers
		10% Secured Debt (Maturity—August 31, 2020)	14,000	13,864	13,864		12% Secured Debt (Maturity—August 15, 2019)	9,448	9,292	9,448
		Preferred Member Units (4,000 shares)		6,000	6,000		Common Stock (5,873 shares)(8)		2,720	5,390

				19,864	19,864				12,012	14,838

MSC Adviser I, LLC(16)	Third Party Investment Advisory Services
		Member Units (Fully diluted 100.0%)(8)		—	32,305

Mystic Logistics, Inc	Logistics and Distribution Services Provider for Large Volume Mailers
		12% Secured Debt (Maturity—August 15, 2019)	9,448	9,273	9,448
		Common Stock (5,873 shares)(8)		2,720	6,580

				11,993	16,028

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


NAPCO Precast, LLC	Precast Concrete Manufacturing					Precast Concrete Manufacturing
		Prime Plus 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (Maturity—January 31, 2016)(9)	625	625	625
		Prime Plus 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (Maturity—February 1, 2016)(9)	2,923	2,921	2,923		Prime Plus 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (Maturity—February 1, 2019)(9)	3,069	3,039	3,069
		18% Secured Debt (Maturity—February 1, 2016)	4,468	4,460	4,468		18% Secured Debt (Maturity—February 1, 2019)	4,471	4,427	4,471
		Member Units (2,955 units)(8)		2,975	8,590		Member Units (2,955 units)(8)		2,975	9,060

				10,981	16,606				10,441	16,600

NRI Clinical Research, LLC	Clinical Research Service Provider					Clinical Research Service Provider
		14% Secured Debt (Maturity—September 8, 2017)	4,740	4,650	4,650		14% Secured Debt (Maturity—September 8, 2017)	4,510	4,443	4,443
		Warrants (251,723 equivalent units)		252	190		Warrants (251,723 equivalent units)		252	380
		Member Units (1,454,167 units)		765	1,052		Member Units (1,454,167 units)		765	1,422

				5,667	5,892				5,460	6,245

NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies					Manufacturer of Hoses, Fittings and Assemblies
		12% Secured Debt (Maturity—December 22, 2016)	13,224	12,885	12,885		6% Current / 6% PIK Secured Debt (Maturity—December 22, 2016)	13,293	13,082	13,082
		Warrants (14,331 equivalent units)		817	450		Warrants (14,331 equivalent units)		817	150
		Member Units (50,877 units)(8)		2,900	1,480		Member Units (50,877 units)		2,900	490

				16,602	14,815				16,799	13,722

OMi Holdings, Inc.	Manufacturer of Overhead Cranes					Manufacturer of Overhead Cranes
		Common Stock (1,500 shares)(8)		1,080	13,420		Common Stock (1,500 shares)		1,080	14,570

Pegasus Research Group, LLC (Televerde)	Provider of Telemarketing and Data Services					Provider of Telemarketing and Data Services
		Member Units (460 units)(8)		1,290	6,490		Member Units (460 units)(8)		1,290	8,030

PPL RVs, Inc.	Recreational Vehicle Dealer					Recreational Vehicle Dealer
		11.1% Secured Debt (Maturity—January 1, 2016)	9,710	9,710	9,710		11.1% Secured Debt (Maturity—July 1, 2016)	9,710	9,710	9,710
		Common Stock (1,962 shares)		2,150	8,710		Common Stock (1,962 shares)		2,150	10,060

				11,860	18,420				11,860	19,770

Principle Environmental, LLC	Noise Abatement Service Provider					Noise Abatement Service Provider
		12% Secured Debt (Maturity—April 30, 2017)	4,060	3,979	4,060		12% Secured Debt (Maturity—April 30, 2017)	4,060	4,060	4,060
		12% Current / 2% PIK Secured Debt (Maturity—April 30, 2017)	3,294	3,288	3,294		12% Current / 2% PIK Secured Debt (Maturity—April 30, 2017)	3,327	3,327	3,327
		Preferred Member Units (19,631 units)(8)		4,663	9,560		Preferred Member Units (19,631 units)(8)		4,663	4,600
		Warrants (1,036 equivalent units)		1,200	530		Warrants (1,036 equivalent units)		1,200	120

				13,130	17,444				13,250	12,107

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services					Provider of Rigsite Accommodation Unit Rentals and Related Services
		8% PIK Secured Debt (Maturity—June 8, 2020)	6,410	6,410	6,410		8% PIK Secured Debt (Maturity—June 8, 2020)	6,664	6,664	6,664
		Member Units (1,000 units)		568	2,638		Member Units (1,000 units)		568	2,638

				6,978	9,048				7,232	9,302

River Aggregates, LLC	Processor of Construction Aggregates					Processor of Construction Aggregates
		Zero Coupon Secured Debt (Maturity—June 30, 2018)	750	540	540		Zero Coupon Secured Debt (Maturity—June 30, 2018)	750	573	573
		Member Units (1,150 units)(8)		1,150	3,830		Member Units (1,150 units)(8)		1,150	4,090
		Member Units (RA Properties, LLC) (1,500 units)		369	2,360		Member Units (RA Properties, LLC) (1,500 units)		369	2,440

				2,059	6,730				2,092	7,103

SoftTouch Medical Holdings LLC	Home Provider of Pediatric Durable Medical Equipment					Home Provider of Pediatric Durable Medical Equipment
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—October 31, 2019)(9)	8,245	8,175	8,175		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—October 31, 2019)(9)	8,075	8,014	8,075
		Member Units (4,450 units)(8)		4,930	5,340		Member Units (4,450 units)(8)		4,930	7,480

				13,105	13,515				12,944	15,555

Southern RV, LLC	Recreational Vehicle Dealer
		13% Secured Debt (Maturity—August 8, 2018)	11,400	11,288	11,400
		Member Units (1,680 units)(8)		1,680	11,600
		13% Secured Debt (Southern RV Real Estate, LLC) (Maturity—August 8, 2018)	3,250	3,218	3,250
		Member Units (Southern RV Real Estate, LLC) (480 units)		480	540

				16,666	26,790

The MPI Group, LLC	Manufacturer of Custom Hollow Metal Doors, Frames and Accessories					Manufacturer of Custom Hollow Metal Doors, Frames and Accessories
		9% Secured Debt (Maturity—October 2, 2018)	2,924	2,921	2,920		9% Secured Debt (Maturity—October 2, 2018)	2,924	2,921	2,921
		Series A Preferred Units (2,500 units; 10% Cumulative)		2,500	980		Series A Preferred Units (2,500 units; 10% Cumulative)		2,500	690
		Warrants (1,424 equivalent units)		1,096	—		Warrants (1,424 equivalent units)		1,096	—
		Member Units (MPI Real Estate Holdings, LLC) (100% Fully diluted)(8)		2,300	2,230		Member Units (MPI Real Estate Holdings, LLC) (100% Fully diluted)(8)		2,300	2,300

				8,817	6,130				8,817	5,911

Travis Acquisition LLC						Manufacturer of Aluminum Trailers
							12% Secured Debt (Maturity—August 30, 2018)	3,398	3,360	3,398
							Member Units (7,282 units)		7,100	17,320

									10,460	20,718

Uvalco Supply, LLC						Farm and Ranch Supply Store
							9% Secured Debt (Maturity—January 1, 2019)	1,207	1,207	1,207
							Member Units (2,011 units)(8)		3,843	5,710

									5,050	6,917

Portfolio Company(1)	Business Description	Type of Investment(2)(3)					Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value


Affiliate Investments(6)

AFG Capital Group, LLC	Provider of Rent-to-Own Financing Solutions and Services						Provider of Rent-to-Own Financing Solutions and Services
								11% Secured Debt (Maturity—November 7, 2019)	$	12,960	$	12,629	$	12,808
								Warrants (42 equivalent units)				259		530
								Member Units (186 units)				1,200		2,180

												14,088		15,518

Barfly Ventures, LLC(10)							Casual Restaurant Group
		11% Secured Debt (Maturity—November 7, 2019)	12,560	12,199	12,199			12% Secured Debt (Maturity—August 31, 2020)		4,121		4,045		3,952
		Warrants (42 equivalent units)		259	410			Options (2 equivalent units)				397		470
		Member Units (186 units)		1,200	1,700			Warrant (1 equivalent unit)				473		240

				13,658	14,309							4,915		4,662

Boss Industries, LLC	Manufacturer and Distributor of Air, Power and Other Industrial Equipment						Manufacturer and Distributor of Air, Power and Other Industrial Equipment
		Preferred Member Units (2,242 units)(8)		2,203	2,543			Preferred Member Units (2,242 units)(8)				2,290		2,450

Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider						Financial Services and Cash Flow Solutions Provider
		13% Secured Debt (Maturity—April 18, 2017)	7,000	6,872	6,872			13% Secured Debt (Maturity—April 18, 2017)		7,000		6,910		7,000
		Warrants (22 equivalent shares)		200	1,020			Warrants (22 equivalent shares)				200		1,380
						��
				7,072	7,892							7,110		8,380

Buca C, LLC	Restaurants						Casual Restaurant Group
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—June 30, 2020)(9)	25,530	25,288	25,288			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—June 30, 2020)(9)		25,530		25,309		25,530
		Preferred Member Units (6 units)(8)		3,656	3,656			Preferred Member Units (6 units; 6% cumulative)(8)				3,766		5,770

				28,944	28,944							29,075		31,300

CAI Software LLC	Provider of Specialized Enterprise Resource Planning Software						Provider of Specialized Enterprise Resource Planning Software
		12% Secured Debt (Maturity—October 10, 2019)	4,973	4,930	4,930			12% Secured Debt (Maturity—October 10, 2019)		4,340		4,307		4,340
		Member Units (65,356 units)		654	840			Member Units (65,356 units)(8)				654		1,300

				5,584	5,770							4,961		5,640

Condit Exhibits, LLC	Tradeshow Exhibits / Custom Displays Provider
		Member Units (3,936 units)(8)		100	770

Congruent Credit Opportunities Funds(12)(13)	Investment Partnership
CapFusion, LLC							Business Lender
		LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)(8)		7,644	4,228			13% Secured Debt (Maturity—March 25, 2021)		9,600		8,302		8,302
		LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)		12,099	12,222			Warrants (1,600 equivalent units)				1,200		1,200

				19,743	16,450							9,502		9,502

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Chandler Signs Holdings, LLC(10)						Sign Manufacturer
							12% Secured Debt (Maturity—July 4, 2021)	4,500	4,456	4,456
							Class A Units (1,500,000 units)		1,500	1,500

									5,956	5,956

Condit Exhibits, LLC						Tradeshow Exhibits / Custom Displays Provider
							Member Units (3,936 units)(8)		100	1,010

Congruent Credit Opportunities Funds(12)(13)						Investment Partnership
							LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)(8)		5,778	1,649
							LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)		12,020	11,903

									17,798	13,552

Daseke, Inc.	Specialty Transportation Provider					Specialty Transportation Provider
		12% Current / 2.5% PIK Secured Debt (Maturity—July 31, 2018)	21,118	20,849	21,118		12% Current / 2.5% PIK Secured Debt (Maturity—July 31, 2018)	21,388	21,156	21,388
		Common Stock (19,467 shares)		5,213	22,660		Common Stock (19,467 shares)		5,213	22,660

				26,062	43,778				26,369	44,048

Dos Rios Partners(12)(13)	Investment Partnership					Investment Partnership
		LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)(8)		3,104	2,031		LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)		4,174	2,582
		LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)(8)		986	648		LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)		1,325	988

				4,090	2,679				5,499	3,570

East Teak Fine Hardwoods, Inc.	Distributor of Hardwood Products					Distributor of Hardwood Products
		Common Stock (5,000 shares)		480	860		Common Stock (6,250 shares)(8)		480	860

East West Copolymer & Rubber, LLC	Manufacturer of Synthetic Rubbers					Manufacturer of Synthetic Rubbers
		12% Secured Debt (Maturity—October 17, 2019)	9,600	9,456	9,456		12% Secured Debt (Maturity—October 17, 2019)	9,600	9,470	9,470
		Warrants (2,014,799 equivalent units)		50	50		Warrants (2,510,790 equivalent units)		50	50

				9,506	9,506				9,520	9,520

EIG Traverse Co-Investment, L.P.(12)(13)						Investment Partnership
							LP Interests (Fully diluted 6.6%)(8)		9,805	9,805

Freeport Financial Funds(12)(13)	Investment Partnership					Investment Partnership
		LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.9%)(8)		5,974	5,974		LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)(8)		5,974	5,768
		LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.4%)		759	759		LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%)(8)		3,564	3,564

				6,733	6,733				9,538	9,332

Gault Financial, LLC (RMB Capital, LLC)	Purchases and Manages Liquidation of Distressed Assets
		10% Secured Debt (Maturity—November 21, 2016)	13,046	12,858	10,891
		Warrants (29,025 equivalent units)		400	—

				13,258	10,891

Glowpoint, Inc.	Provider of Cloud Managed Video Collaboration Services
		8% Secured Debt (Maturity—October 18, 2018)	21	18	18
		12% Secured Debt (Maturity—October 18, 2018)	9,000	8,924	8,924
		Common Stock (7,711,517 shares)		3,958	4,460

				12,900	13,402

Guerdon Modular Holdings, Inc.	Multi-Family and Commercial Modular Construction Company
		11% Secured Debt (Maturity—August 13, 2019)	10,400	10,273	10,273
		Common Stock (170,577 shares)		2,983	2,590

				13,256	12,863

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Gault Financial, LLC (RMB Capital, LLC)						Purchases and Manages Liquidation of Distressed Assets
							10% Secured Debt (Maturity—November 21, 2016)	13,046	12,936	10,969
							Warrants (29,025 equivalent units)		400	—

									13,336	10,969

Glowpoint, Inc.						Provider of Cloud Managed Video Collaboration Services
							8% Secured Debt (Maturity—October 18, 2018)	400	397	397
							12% Secured Debt (Maturity—October 18, 2018)	9,000	8,934	8,640
							Common Stock (7,711,517 shares)		3,958	3,010

									13,289	12,047

Guerdon Modular Holdings, Inc.						Multi-Family and Commercial Modular Construction Company
							LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—August 13, 2019)(9)	960	946	946
							13% Secured Debt (Maturity—August 13, 2019)	10,400	10,300	10,300
							Common Stock (212,033 shares)		2,983	1,210

									14,229	12,456

Houston Plating and Coatings, LLC	Provider of Plating and Industrial Coating Services					Provider of Plating and Industrial Coating Services
		Member Units (248,082 units)(8)		996	10,820		Member Units (248,082 units)(8)		996	6,080

Indianhead Pipeline Services, LLC	Provider of Pipeline Support Services
I-45 SLF LLC(12)(13)						Investment Partnership
							Member units (Fully diluted 20.0%; 24.4% profits interest)(8)		9,200	9,036

Indianhead Pipeline Services,��LLC						Provider of Pipeline Support Services
		12% Secured Debt (Maturity—February 6, 2017)	6,225	6,046	6,046		12% Secured Debt (Maturity—February 6, 2017)	5,775	5,660	5,660
		Preferred Member Units (33,819 units; 8% cumulative)		2,302	2,302		Preferred Member Units (33,819 units; 8% cumulative)(8)		2,320	2,569
		Warrants (31,928 equivalent units)		459	—		Warrants (31,928 equivalent units)		459	—
		Member Units (14,732 units)		1	—		Member Units (14,732 units)		1	—

				8,808	8,348				8,440	8,229

KBK Industries, LLC	Manufacturer of Specialty Oilfield and Industrial Products					Manufacturer of Specialty Oilfield and Industrial Products
		12.5% Secured Debt (Maturity—September 28, 2017)	6,200	6,170	6,200		12.5% Secured Debt (Maturity—September 28, 2017)	5,900	5,878	5,900
		Member Units (250 units)(8)		341	4,090		Member Units (250 units)(8)		341	3,510

				6,511	10,290				6,219	9,410

L.F. Manufacturing Holdings, LLC(10)	Manufacturer of Fiberglass Products
		Member Units (2,000,000 units)(8)		2,019	1,790

MPS Denver, LLC	Specialty Card Printing
		Member Units (13,800 units)		1,130	1,130

OnAsset Intelligence, Inc.	Provider of Transportation Monitoring / Tracking Products and Services
		12% PIK Secured Debt (Maturity—December 31, 2015)	3,887	3,887	3,887
		Preferred Stock (912 shares; 7% cumulative)(8)		1,981	1,380
		Warrants (5,333 equivalent shares)		1,919	—

				7,787	5,267

OPI International Ltd.(13)	Provider of Man Camp and Industrial Storage Services
		10% Unsecured Debt (Maturity—April 8, 2018)	244	244	244
		Common Stock (20,766,317 shares)		1,371	3,200

				1,615	3,444

PCI Holding Company, Inc.	Manufacturer of Industrial Gas Generating Systems
		Preferred Stock (1,500,000 shares; 20% cumulative)(8)		2,625	4,750

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


L.F. Manufacturing Holdings, LLC(10)						Manufacturer of Fiberglass Products
							Member Units (2,179,001 units)(8)		2,019	1,670

MPS Denver, LLC						Specialty Card Printing
							Member Units (13,800 units)		1,130	840

OnAsset Intelligence, Inc.						Provider of Transportation Monitoring / Tracking Products and Services
							12% PIK Secured Debt (Maturity—December 31, 2015)(17)	4,129	4,129	4,129
							Preferred Stock (912 shares; 7% cumulative)		1,981	1,380
							Warrants (5,333 equivalent shares)		1,919	—

									8,029	5,509

OPI International Ltd.(13)						Provider of Man Camp and Industrial Storage Services
							10% Unsecured Debt (Maturity—April 8, 2018)	473	473	473
							Common Stock (20,766,317 shares)		1,371	3,200

									1,844	3,673

PCI Holding Company, Inc.						Manufacturer of Industrial Gas Generating Systems
							12% Secured Debt (Maturity—March 31, 2019)	13,000	12,870	12,870
							Preferred Stock (1,500,000 shares; 20% cumulative)(8)		2,904	4,090

									15,774	16,960

Radial Drilling Services Inc.	Oil and Gas Lateral Drilling Technology Provider					Oil and Gas Lateral Drilling Technology Provider
		12% Secured Debt (Maturity—November 22, 2016)	4,200	3,936	2,000		12% Secured Debt (Maturity—November 22, 2016)(14)	4,200	3,946	1,505
		Warrants (316 equivalent shares)		758	—		Warrants (316 equivalent shares)		758	—

				4,694	2,000				4,704	1,505

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	Provider of Rigsite Accommodation Unit Rentals and Related Services					Provider of Rigsite Accommodation Unit Rentals and Related Services
		12% Secured Debt (Maturity—January 8, 2018)(14)(18)	30,785	30,281	250		12% Secured Debt (Maturity—January 8, 2018)(14)(18)	30,785	30,281	250
		Preferred Member Units (250 units)		2,500	—		Preferred Member Units (250 units)		2,500	—

				32,781	250				32,781	250

Samba Holdings, Inc.	Provider of Intelligent Driver Record Monitoring Software and Services
		12.5% Secured Debt (Maturity—November 17, 2016)	25,665	25,522	25,665
		Common Stock (170,963 shares)		2,087	20,410

				27,609	46,075

Tin Roof Acquisition Company	Casual Restaurant Group
		12% Secured Debt (Maturity—November 13, 2018)	14,100	13,898	13,898
		Class C Preferred Stock (Fully diluted 10.0%; 10% cumulative)(8)		2,415	2,415

				16,313	16,313

Universal Wellhead Services Holdings, LLC(10)	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
		Class A Units (4,000,000 units; 4.5% cumulative)(8)		4,000	3,091

Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions
		10.5% Secured Debt (Maturity—January 26, 2020)	17,500	16,139	16,139
		Warrants (950,618 equivalent units)		1,400	1,400
		Preferred Member Units (4,876,670 units)		14,000	14,000

				31,539	31,539

Subtotal Affiliate Investments (17.2% of total investments at fair value)				312,016	322,497

Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value


Samba Holdings, Inc.	Provider of Intelligent Driver Record Monitoring Software and Services
		12.5% Secured Debt (Maturity—November 17, 2016)		23,762		23,684		23,762
		Common Stock (170,963 shares)				2,087		30,220

						25,771		53,982

Tin Roof Acquisition Company	Casual Restaurant Group
		12% Secured Debt (Maturity—November 13, 2018)		13,889		13,717		13,717
		Class C Preferred Stock (Fully diluted 10.0%; 10% cumulative)(8)				2,539		2,539

						16,256		16,256

UniTek Global Services, Inc.(11)	Provider of Outsourced Infrastructure Services
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—January 13, 2019)(9)		2,826		2,826		2,812
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50% / 1.00% PIK, Current Coupon Plus PIK 10.50%, Secured Debt (Maturity—January 13, 2019)(9)		1,264		1,264		1,258
		15% PIK Unsecured Debt (Maturity—July 13, 2019)		666		666		662
		Preferred Stock (4,935,377 shares)				4,935		5,800
		Common Stock (705,054 shares)				—		1,120

						9,691		11,652

Universal Wellhead Services Holdings, LLC(10)	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
		Class A Preferred Units (4,000,000 units; 4.5% cumulative)(8)				4,000		2,020

Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions
		10.5% Secured Debt (Maturity—January 26, 2020)		17,500		16,261		16,261
		Preferred Member Units (4,876,670 units)				14,000		14,000
		Warrants (950,618 equivalent units)				1,400		1,400

						31,661		31,661
			��
Subtotal Affiliate Investments (21.4% of total investments at fair value)					$	376,375	$	389,310

Portfolio Company(1)		Business Description	Type of Investment(2)(3)					Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value


Non-Control/Non-Affiliate Investments(7)	Non-Control/Non-Affiliate Investments(7)						Non-Control/Non-Affiliate Investments(7)

AccuMED Corp.(10)								Medical Device Contract Manufacturer
									LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—October 29, 2020)(9)	$	10,352	$	10,255	$	10,255

Adams Publishing Group, LLC(10)								Local Newspaper Operator
									LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—November 3, 2020)(9)		9,263		9,097		9,089

Ahead, LLC(10)								IT Infrastructure Value Added Reseller
									LIBOR Plus 6.50%, Current Coupon 7.10%, Secured Debt (Maturity—November 2, 2020)		14,813		14,398		14,442

Allflex Holdings III Inc.(11)		Manufacturer of Livestock Identification Products						Manufacturer of Livestock Identification Products
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—July 19, 2021)(9)	10,150	10,077	10,029			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—July 19, 2021)(9)		10,150		10,082		9,757

AM General LLC(11)		Specialty Vehicle Manufacturer						Specialty Vehicle Manufacturer
			LIBOR Plus 9.00% (Floor 1.25%), Current Coupon 10.25%, Secured Debt (Maturity—March 22, 2018)(9)	2,256	2,218	1,914			LIBOR Plus 9.00% (Floor 1.25%), Current Coupon 10.25%, Secured Debt (Maturity—March 22, 2018)(9)		2,175		2,145		1,620

AM3 Pinnacle Corporation(10)		Provider of Comprehensive Internet, TV and Voice Services for Multi- Dwelling Unit Properties						Provider of Comprehensive Internet, TV and Voice Services for Multi-Dwelling Unit Properties
			Common Stock (60,240 shares)		2,000	—			Common Stock (60,240 shares)				2,000		—

American Seafoods Group, LLC(11)		Catcher-Processor of Alaskan Pollock						Catcher-Processor of Alaskan Pollock
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—August 19, 2021)(9)	10,000	9,988	9,950			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—August 19, 2021)(9)		9,875		9,864		9,616

AmeriTech College, LLC		For-Profit Nursing and Healthcare College
			10% Secured Debt (Maturity—November 30, 2019)	489	489	489
			10% Secured Debt (Maturity—January 31, 2020)	3,025	3,025	2,668

					3,514	3,157

AMF Bowling Centers, Inc.(11)		Bowling Alley Operator						Bowling Alley Operator
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—September 18, 2021)(9)	7,927	7,818	7,908			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—September 18, 2021)(9)		7,887		7,786		7,769

Anchor Hocking, LLC(11)		Household Products Manufacturer
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—June 4, 2018)(9)	2,312	2,312	2,323
			Member Units (440,620 units)		4,928	3,415

					7,240	5,738

AP Gaming I, LLC(10)		Developer, Manufacturer, and Operator of Gaming Machines
			LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—December 20, 2020)(9)	11,343	11,128	11,210

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Anchor Hocking, LLC(11)						Household Products Manufacturer
							LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—June 4, 2018)(9)	2,294	2,294	2,128
							Member Units (440,620 units)		4,928	3,084

									7,222	5,212

AP Gaming I, LLC(10)						Developer, Manufacturer, and Operator of Gaming Machines
							LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—December 20, 2020)(9)	11,314	11,116	10,522

Apex Linen Service, Inc.						Industrial Launderers
							LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—October 30, 2022)(9)	1,600	1,600	1,600
							13% Secured Debt (Maturity—October 30, 2022)	12,000	11,927	11,927

									13,527	13,527

Applied Products, Inc.(10)	Adhesives Distributor					Adhesives Distributor
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 30, 2019)(9)	5,850	5,794	5,794		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 30, 2019)(9)	4,684	4,642	4,565

Arcus Hunting LLC.(10)	Manufacturer of Bowhunting and Archery Products and Accessories					Manufacturer of Bowhunting and Archery Products and Accessories
		LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—November 13, 2019)(9)	10,875	10,758	10,758		LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—November 13, 2019)(9)	11,973	11,826	11,826

Artel, LLC(11)	Provider of Secure Satellite Network and IT Solutions					Provider of Secure Satellite Network and IT Solutions
		LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—November 27, 2017)(9)	8,204	8,073	7,589		LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—November 27, 2017)(9)	7,634	7,404	6,527

ATS Workholding, Inc.(10)	Manufacturer of Machine Cutting Tools and Accessories					Manufacturer of Machine Cutting Tools and Accessories
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—March 10, 2019)(9)	6,571	6,528	6,528		LIBOR Plus 7.50% (Floor 1.00%), Default Interest 2.00%, Current Coupon 10.50%, Secured Debt (Maturity—March 10, 2019)(9)	6,412	6,376	6,153

ATX Networks Corp.(11)(13)	Provider of Radio Frequency Management Equipment
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 14, 2021)(9)	14,963	14,673	14,888

Barfly Ventures, LLC(10)	Casual Restaurant Group
		12% Secured Debt (Maturity—August 31, 2020)	4,121	4,039	4,039
		Warrants (1 equivalent share)		473	473

				4,512	4,512

Berry Aviation, Inc.(10)	Airline Charter Service Operator
		12.00% Current / 1.75% PIK Secured Debt (Maturity—January 30, 2020)	5,627	5,576	5,576
		Common Stock (553 shares)		400	400

				5,976	5,976

Bioventus LLC(10)	Production of Orthopedic Healing Products
		LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—April 10, 2020)(9)	5,000	4,914	4,950

Blackbrush Oil and Gas LP(11)	Oil & Gas Exploration
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—July 30, 2021)(9)	4,000	3,974	3,403

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


ATX Networks Corp.(11)(13)						Provider of Radio Frequency Management Equipment
							LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 14, 2021)(9)	14,888	14,620	14,739

Berry Aviation, Inc.(10)						Airline Charter Service Operator
							12.00% Current / 1.75% PIK Secured Debt (Maturity—January 30, 2020)	5,627	5,581	5,581
							Common Stock (553 shares)		400	490

									5,981	6,071

Bioventus LLC(10)						Production of Orthopedic Healing Products
							LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—April 10, 2020)(9)	5,000	4,921	4,925

Blackbrush Oil and Gas LP(11)						Oil & Gas Exploration
							LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—July 30, 2021)(9)	4,000	3,976	3,097

Blackhawk Specialty Tools LLC(11)	Oilfield Equipment & Services					Oilfield Equipment & Services
		LIBOR Plus 5.25% (Floor 1.25%), Current Coupon 6.50%, Secured Debt (Maturity—August 1, 2019)(9)	5,975	5,947	5,587		LIBOR Plus 5.25% (Floor 1.25%), Current Coupon 6.50%, Secured Debt (Maturity—August 1, 2019)(9)	5,809	5,785	4,793

Blue Bird Body Company(11)	School Bus Manufacturer					School Bus Manufacturer
		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—June 26, 2020)(9)	9,845	9,724	9,827		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—June 26, 2020)(9)	2,632	2,602	2,607

Bluestem Brands, Inc.(11)(13)	Multi-Channel Retailer of General Merchandise					Multi-Channel Retailer of General Merchandise
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—November 6, 2020)(9)	13,820	13,522	13,637		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—November 6, 2020)(9)	13,444	13,193	11,915

Brainworks Software, LLC(10)	Advertising Sales and Newspaper Circulation Software					Advertising Sales and Newspaper Circulation Software
		Prime Plus 7.25% (Floor 3.25%), Current Coupon 10.50%, Secured Debt (Maturity—July 22, 2019)(9)	626	619	619		Prime Plus 7.25% (Floor 3.25%), Current Coupon 10.75%, Secured Debt (Maturity—July 22, 2019)(9)	626	620	620
		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—July 22, 2019)(9)	6,224	6,161	6,161		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—July 22, 2019)(9)	6,146	6,091	6,012

				6,780	6,780				6,711	6,632

Brightwood Capital Fund III, LP(12)(13)	Investment Partnership					Investment Partnership
		LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.6%)(8)		11,250	11,250		LP Interests (Fully diluted 1.6%)(8)		11,250	10,988

Brundage-Bone Concrete Pumping, Inc.(11)	Construction Services Provider
		10.375% Secured Debt (Maturity—September 1, 2021)	2,500	2,500	2,513

Calloway Laboratories, Inc.(10)	Health Care Testing Facilities
		17% PIK Secured Debt (Maturity—September 30, 2016)(14)	7,381	7,332	—
		Warrants (125,000 equivalent shares)		17	—

				7,349	—

Cengage Learning Acquisitions, Inc.(11)	Provider of Educational Print and Digital Services
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—March 31, 2020)(9)	9,744	9,705	9,683

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Brundage-Bone Concrete Pumping, Inc.(11)						Construction Services Provider
							10.375% Secured Debt (Maturity—September 1, 2021)	3,000	2,983	3,000

Calloway Laboratories, Inc.(10)						Health Care Testing Facilities
							17% PIK Secured Debt (Maturity—September 30, 2016)(14)	7,324	7,275	—
							Warrants (125,000 equivalent shares)		17	—

									7,292	—

Cengage Learning Acquisitions, Inc.(11)						Provider of Educational Print and Digital Services
							LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—March 31, 2020)(9)	3,214	3,199	3,206

Cenveo Corporation(11)	Provider of Commercial Printing, Envelopes, Labels, Printed Office Products					Provider of Commercial Printing, Envelopes, Labels, and Printed Office Products
		6% Secured Debt (Maturity—August 1, 2019)	10,000	8,639	8,400		6% Secured Debt (Maturity—August 1, 2019)	5,230	4,330	3,805

CGSC of Delaware Holdings Corp.(11)(13)	Insurance Brokerage Firm					Insurance Brokerage Firm
		LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—October 16, 2020)(9)	2,000	1,978	1,700		LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—October 16, 2020)(9)	2,000	1,979	1,987

Charlotte Russe, Inc(11)	Fast-Fashion Retailer to Young Women					Fast-Fashion Retailer to Young Women
		LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (Maturity—May 22, 2019)(9)	14,346	14,047	11,958		LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (Maturity—May 22, 2019)(9)	14,346	14,083	7,704

Clarius ASIG, LLC(10)	Prints & Advertising Film Financing					Prints & Advertising Film Financing
		15% PIK Secured Debt (Maturity—September 14, 2014)(17)	615	612	615		15% PIK Secured Debt (Maturity—September 14, 2014)(17)	488	488	488

Clarius BIGS, LLC(10)	Prints & Advertising Film Financing					Prints & Advertising Film Financing
		15% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)	3,500	3,500	888		15% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)	3,317	3,317	398

Compact Power Equipment, Inc.	Equipment / Tool Rental					Equipment / Tool Rental
		12% Secured Debt (Maturity—October 1, 2017)	4,100	4,089	4,100		12% Secured Debt (Maturity—October 1, 2017)	4,100	4,091	4,100
		Series A Preferred Stock (4,298,435 shares)(8)		1,079	2,930		Series A Preferred Stock (4,298,435 shares)		1,079	3,130

				5,168	7,030				5,170	7,230

Compuware Corporation(11)	Provider of Software and Supporting Services
		LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—December 15, 2019)(9)	14,438	14,076	13,983

Covenant Surgical Partners, Inc.(11)	Ambulatory Surgical Centers
		8.75% Secured Debt (Maturity—August 1, 2019)	1,000	1,000	1,002

CRGT Inc.(11)	Provider of Custom Software Development
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—December 19, 2020)(9)	14,259	14,026	14,224

CST Industries Inc.(11)	Storage Tank Manufacturer
		LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity—May 22, 2017)(9)	8,670	8,633	8,626

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Compuware Corporation(11)						Provider of Software and Supporting Services
							LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—December 15, 2019)(9)	14,367	14,040	13,914

Covenant Surgical Partners, Inc.(11)						Ambulatory Surgical Centers
							8.75% Secured Debt (Maturity—August 1, 2019)	800	800	768

CRGT Inc.(11)						Provider of Custom Software Development
							LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—December 19, 2020)(9)	7,595	7,480	7,576

CST Industries Inc.(11)						Storage Tank Manufacturer
							LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity—May 22, 2017)(9)	7,784	7,760	7,726

Darr Equipment LP(10)	Heavy Equipment Dealer					Heavy Equipment Dealer
		11.75% Current / 2% PIK Secured Debt (Maturity—April 15, 2020)	20,601	20,050	20,050		11.75% Current / 2% PIK Secured Debt (Maturity -April 15, 2020)	20,811	20,305	19,815
		Warrants (915,734 equivalent units)		474	410		Warrants (915,734 equivalent units)		474	180

				20,524	20,460				20,779	19,995

Digital River, Inc.(11)	Provider of Outsourced e-Commerce Solutions and Services					Provider of Outsourced e-Commerce Solutions and Services
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—February 12, 2021)(9)	15,000	14,831	15,000		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—February 12, 2021)(9)	10,184	10,080	9,993

Digity Media LLC(11)	Radio Station Operator
		LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity—February 8, 2019)(9)	6,588	6,535	6,539

Drilling Info, Inc.	Information Services for the Oil and Gas Industry
Drilling Info Holdings, Inc.						Information Services for the Oil and Gas Industry
		Common Stock (3,788,865 shares)		1,335	9,920		Common Stock (3,788,865 shares)		1,335	10,400

ECP-PF Holdings Group, Inc.(10)	Fitness Club Operator					Fitness Club Operator
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—November 26, 2019)(9)	5,625	5,577	5,577		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—November 26, 2019)(9)	5,625	5,582	5,495

EnCap Energy Fund Investments(12)(13)	Investment Partnership
EIG Fund Investments(12)(13)						Investment Partnership
		LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)(8)		3,629	2,722		LP Interests (EIG Global Private Debt fund-A, L.P.) (Fully diluted 0.5%)		2,780	2,780
		LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.) (Fully diluted 0.4%)		2,140	1,002
		LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)		2,850	2,420
		LP Interests (EnCap Flatrock Midstream Fund X, L.P.) (Fully diluted 0.1%)		433	433
		LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)(8)		7,205	7,635
		LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)		423	423

				16,680	14,635

Energy and Exploration Partners, LLC(11)	Oil & Gas Exploration & Production
		LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—January 22, 2019)(9)	9,390	9,048	7,168

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


EnCap Energy Fund Investments(12)(13)						Investment Partnership
							LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)(8)		3,855	1,933
							LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)		2,214	810
							LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)		2,960	2,677
							LP Interests (Encap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)		1,070	1,070
							LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)(8)		6,638	7,493
							LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)(8)		1,018	1,040

									17,755	15,023

Energy and Exploration Partners, LLC(11)						Oil & Gas Exploration & Production
							LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—September 7, 2016)(9)(14)	1,132	1,106	1,129
							LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—January 22, 2019)(9)(14)	18,390	9,948	2,176

									11,054	3,305

Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft)(11)(13)	Technology-based Performance Support Solutions					Technology-based Performance Support Solutions
		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—April 28, 2022)(9)	7,000	6,833	6,020		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—April 28, 2022)(9)	7,000	6,842	3,325

Extreme Reach, Inc.(11)	Integrated TV and Video Advertising Platform					Integrated TV and Video Advertising Platform
		LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—February 7, 2020)(9)	14,353	14,338	14,299		LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—February 7, 2020)(9)	8,285	8,277	8,271

Flavors Holdings Inc.(11)	Global Provider of Flavoring and Sweetening Products and Solutions					Global Provider of Flavoring and Sweetening Products and Solutions
		LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—April 3, 2020)(9)	11,484	11,134	10,896		LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—April 3, 2020)(9)	13,011	12,532	11,710

Fram Group Holdings, Inc.(11)	Manufacturer of Automotive Maintenance Products
		LIBOR Plus 5.50% (Floor 1.50%), Current Coupon 7.00%, Secured Debt (Maturity—July 29, 2017)(9)	9,652	9,531	8,445
		LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00%, Secured Debt (Maturity—January 29, 2018)(9)	700	698	376

				10,229	8,821

GI KBS Merger Sub LLC(11)	Outsourced Janitorial Services to Retail/Grocery Customers
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—October 29, 2021)(9)	2,978	2,971	2,940
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—April 29, 2022)(9)	800	785	804

				3,756	3,744

Grace Hill, LLC(10)	Online Training Tools for the Multi-Family Housing Industry
		LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—August 15, 2019)(9)	9,498	9,403	9,503

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Great Circle Family Foods, LLC(10)

Quick Service Restaurant Franchise

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—October 28, 2019)(9)
7,899 7,829 7,829

Grupo Hima San Pablo, Inc.(11)

Tertiary Care Hospitals

LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.50%, Secured Debt (Maturity—January 31, 2018)(9)
4,875 4,823 4,534

13.75% Secured Debt (Maturity—July 31, 2018)
2,000 1,938 1,840

6,761 6,374

GST Autoleather, Inc.(11)

Automotive Leather Manufacturer

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—July 10, 2020)(9)
9,900 9,818 9,752

Guitar Center, Inc.(11)

Musical Instruments Retailer

6.5% Secured Debt (Maturity—April 15, 2019)
9,000 8,590 8,280

Halcon Resources Corporation(11)(13)

Oil & Gas Exploration & Production

9.75% Unsecured Debt (Maturity—July 15, 2020)
6,925 6,371 2,355

Hojeij Branded Foods, LLC(10)

Multi-Airport, Multi- Concept Restaurant Operator

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—July 27, 2021)(9)
5,357 5,305 5,305

Horizon Global Corporation(11)

Auto Parts Manufacturer

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 30, 2021)(9)
9,875 9,684 9,801

Hostway Corporation(11)

Managed Services and Hosting Provider

LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity—December 13, 2019)(9)
11,254 11,175 11,198

Hunter Defense Technologies, Inc.(11)

Provider of Military and Commercial Shelters and Systems

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—August 5, 2019)(9)
9,500 9,424 9,512

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Fram Group Holdings, Inc.(11)	Manufacturer of Automotive Maintenance Products
		LIBOR Plus 5.50% (Floor 1.50%), Current Coupon 7.00%, Secured Debt (Maturity—July 29, 2017)(9)	9,267	9,181	8,556
		LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00%, Secured Debt (Maturity—January 29, 2018)(9)	700	699	485

				9,880	9,041

GI KBS Merger Sub LLC(11)	Outsourced Janitorial Services to Retail/Grocery Customers
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—October 29, 2021)(9)	3,950	3,894	3,743
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—April 29, 2022)(9)	800	786	760

				4,680	4,503

Grace Hill, LLC(10)	Online Training Tools for the Multi-Family Housing Industry
		Prime Plus 5.25% (Floor 1.00%), Current Coupon 8.75%, Secured Debt (Maturity—August 15, 2019)(9)	332	317	332
		LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—August 15, 2019)(9)	11,609	11,510	11,609

				11,827	11,941

Great Circle Family Foods, LLC(10)	Quick Service Restaurant Franchise
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—October 28, 2019)(9)	7,799	7,737	7,737

Grupo Hima San Pablo, Inc.(11)	Tertiary Care Hospitals
		LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.50%, Secured Debt (Maturity—January 31, 2018)(9)	4,850	4,809	4,607
		13.75% Secured Debt (Maturity—July 31, 2018)	2,000	1,947	1,840

				6,756	6,447

GST Autoleather, Inc.(11)	Automotive Leather Manufacturer
		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—July 10, 2020)(9)	9,850	9,776	9,505

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

ICON Health & Fitness, Inc.(11)

Producer of Fitness Products

11.875% Secured Debt (Maturity—October 15, 2016)
6,956 6,893 6,782

iEnergizer Limited(11)(13)

Provider of Business Outsourcing Solutions

LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—May 1, 2019)(9)
8,404 8,316 7,774

Indivior Finance LLC(11)(13)

Specialty Pharmaceutical Company Treating Opioid Dependence

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—December 19, 2019)(9)
7,219 6,829 6,840

Infinity Acquisition Finance Corp.(11)

Application Software for Capital Markets

7.25% Unsecured Debt (Maturity—August 1, 2022)
4,000 4,000 3,580

Inn of the Mountain Gods Resort and Casino(11)

Hotel & Casino Owner & Operator

9.25% Secured Debt (Maturity—November 30, 2020)
3,851 3,703 3,581

Insurance Technologies, LLC(10)

Illustration and Sales-automation platforms

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—December 1, 2019)(9)
4,870 4,821 4,821

Intertain Group Limited(11)(13)

Business-to-Consumer Online Gaming Operator

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—April 8, 2022)(9)
11,700 11,510 11,759

iPayment, Inc.(11)

Provider of Merchant Acquisition

LIBOR Plus 5.25% (Floor 1.50%), Current Coupon 6.75%, Secured Debt (Maturity—May 8, 2017)(9)
15,026 14,980 14,789

iQor US Inc.(11)

Business Process Outsourcing Services Provider

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—April 1, 2021)(9)
9,912 9,736 8,128

irth Solutions, LLC

Provider of Damage Prevention Information Technology Services

Member Units (27,893 units)
1,441 1,441

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Guitar Center, Inc.(11)	Musical Instruments Retailer
		6.5% Secured Debt (Maturity—April 15, 2019)	12,250	11,532	11,025

Halcon Resources Corporation(11)	Oil & Gas Exploration & Production
		9.75% Unsecured Debt (Maturity—July 15, 2020)	6,925	6,394	1,229

Hojeij Branded Foods, LLC(10)	Multi-Airport, Multi-Concept Restaurant Operator
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—July 27, 2021)(9)	5,459	5,412	5,412

Horizon Global Corporation(11)	Auto Parts Manufacturer
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 30, 2021)(9)	9,625	9,452	9,264

Hostway Corporation(11)	Managed Services and Hosting Provider
		LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity—December 13, 2019)(9)	11,028	10,961	10,918

Hunter Defense Technologies, Inc.(11)	Provider of Military and Commercial Shelters and Systems
		LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity—August 5, 2019)(9)	6,414	6,369	5,292

Hygea Holdings, Corp.(10)	Provider of Physician Services
		LIBOR Plus 9.25%, Current Coupon 9.87%, Secured Debt (Maturity—February 24, 2019)	8,000	7,352	7,352
		Warrants (4,880,735 equivalent shares)		369	369

				7,721	7,721

ICON Health & Fitness, Inc.(11)	Producer of Fitness Products
		11.875% Secured Debt (Maturity—October 15, 2016)	7,956	7,842	7,200

iEnergizer Limited(11)(13)	Provider of Business Outsourcing Solutions
		LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—May 1, 2019)(9)	7,816	7,744	6,839

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Jackmont Hospitality, Inc.(10)

Family-owned TGIF Franchisee

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—May 26, 2021)(9)
4,237 4,216 4,216

Joerns Healthcare, LLC(11)

Manufacturer and Distributor of Health Care Equipment & Supplies

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—May 9, 2020)(9)
14,880 14,781 14,806

John Deere Landscapes LLC(10)

Distributor of Landscaping Supplies

LIBOR Plus 4.00% (Floor 1.00%), Current Coupon 5.00%, Secured Debt (Maturity—December 23, 2019)(9)
8,508 8,180 8,508

JSS Holdings, Inc.(11)

Aircraft Maintenance Program Provider

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—August 31, 2021)(9)
13,500 13,233 13,298

Kendra Scott, LLC(11)

Jewelry Retail Stores

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—July 17, 2020)(9)
10,000 9,904 9,975

Keypoint Government Solutions, Inc.(11)

Provider of Pre-Employment Screening Services

LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—November 13, 2017)(9)
6,514 6,473 6,514

LaMi Products, LLC(10)

General Merchandise Distribution

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 16, 2020)(9)
4,563 4,532 4,532

Lansing Trade Group LLC(11)

Commodity Merchandiser

9.25% Unsecured Debt (Maturity—February 15, 2019)
6,000 6,000 5,775

Larchmont Resources, LLC(11)

Oil & Gas Exploration & Production

LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity—August 7, 2019)(9)
7,852 7,535 6,674

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Indivior Finance LLC(11)(13)	Specialty Pharmaceutical Company Treating Opioid Dependence
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—December 19, 2019)(9)	7,031	6,689	6,703

Industrial Container Services, LLC(10)	Steel Drum Reconditioner
		LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—December 31, 2018)(9)	4,987	4,987	4,987

Infinity Acquisition Finance Corp.(11)	Application Software for Capital Markets
		7.25% Unsecured Debt (Maturity—August 1, 2022)	4,000	4,000	3,440

Inn of the Mountain Gods Resort and Casino(11)	Hotel & Casino Owner & Operator
		9.25% Secured Debt (Maturity—November 30, 2020)	3,851	3,714	3,562

Insurance Technologies, LLC(10)	Illustration and Sales-automation Platforms
		LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—December 1, 2019)(9)	4,739	4,697	4,697

Intertain Group Limited(11)(13)	Business-to-Consumer Online Gaming Operator
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—April 8, 2022)(9)	7,938	7,817	7,859

iPayment, Inc.(11)	Provider of Merchant Acquisition
		LIBOR Plus 5.25% (Floor 1.50%), Current Coupon 6.75%, Secured Debt (Maturity—May 8, 2017)(9)	15,026	14,993	14,359

iQor US Inc.(11)	Business Process Outsourcing Services Provider
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—April 1, 2021)(9)	9,862	9,700	8,087

irth Solutions, LLC	Provider of Damage Prevention Information Technology Services
		Member Units (27,893 units)		1,441	1,520

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Leadrock Properties, LLC

Real Estate Investment

10% Secured Debt (Maturity—May 4, 2026)
1,440 1,416 1,416

Legendary Pictures Funding, LLC(10)

Producer of TV, Film, and Comic Content

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—April 22, 2020)(9)
7,500 7,366 7,462

LKCM Headwater Investments I, L.P.(12)(13)

Investment Partnership

LP Interests (Fully diluted 2.3%)(8)
2,250 4,625

Looking Glass Investments, LLC(12)(13)

Specialty Consumer Finance

9% Unsecured Debt (Maturity—June 30, 2020)
188 188 188

Member Units (3 units)
125 125

Member Units (LGI Predictive Analytics LLC) (190,712 units)
188 188

501 501

MediMedia USA, Inc.(11)

Provider of Healthcare Media and Marketing

LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity—November 20, 2018)(9)
7,772 7,708 7,500

Messenger, LLC(10)

Supplier of Specialty Stationery and Related Products to the Funeral Industry

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—December 5, 2019)(9)
15,772 15,666 15,772

Milk Specialties Company(11)

Processor of Nutrition Products

LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—November 9, 2018)(9)
5,200 5,177 5,202

Minute Key, Inc.

Operator of Automated Key Duplication Kiosks

10% Current / 2% PIK Secured Debt (Maturity—September 19, 2019)
10,122 9,770 9,770

Warrants (1,437,409 equivalent units)
280 280

10,050 10,050

Miramax Film NY, LLC(11)

Motion Picture Producer and Distributor

Class B Units (12% cumulative)(8)
864 864

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Jackmont Hospitality, Inc.(10)	Franchisee of Casual Dining Restaurants
		LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25% / 2.50% PIK, Current Coupon Plus PIK 7.75%, Secured Debt (Maturity—May 26, 2021)(9)	4,431	4,412	4,263

Joerns Healthcare, LLC(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—May 9, 2020)(9)	14,805	14,716	14,675

JSS Holdings, Inc.(11)	Aircraft Maintenance Program Provider
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—August 31, 2021)(9)	14,381	14,062	13,662

Kendra Scott, LLC(11)	Jewelry Retail Stores
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—July 17, 2020)(9)	5,801	5,750	5,786

Keypoint Government Solutions, Inc.(11)	Provider of Pre-Employment Screening Services
		LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—November 13, 2017)(9)	6,092	6,062	6,061

LaMi Products, LLC(10)	General Merchandise Distribution
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 16, 2020)(9)	10,735	10,645	10,735

Lansing Trade Group LLC(11)	Commodity Merchandiser
		9.25% Unsecured Debt (Maturity—February 15, 2019)	6,000	6,000	5,670

Larchmont Resources, LLC(11)	Oil & Gas Exploration & Production
		LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity—August 7, 2019)(9)	7,784	7,503	3,581

Leadrock Properties, LLC	Real Estate Investment
		10% Secured Debt (Maturity—May 4, 2026)	1,440	1,416	1,416

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Mood Media Corporation(11)(13)

Provider of Electronic Equipment

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—May 1, 2019)(9)
14,996 14,860 14,665

Motor Coach Industries International, Inc.(10)

Motor Coach Manufacturer

LIBOR Plus 6.50% (Floor 0.50%), Current Coupon 7.00%, Secured Debt (Maturity—July 1, 2020)(9)
10,000 9,964 9,964

New Media Holdings II LLC(11)(13)

Local Newspaper Operator

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—June 4, 2020)(9)
14,813 14,570 14,761

North Atlantic Trading Company, Inc.(11)

Marketer/Distributor of Tobacco Products

LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—January 13, 2020)(9)
10,366 10,289 10,288

Novitex Intermediate, LLC(11)

Provider of Document Management Services

LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity—July 7, 2020)(9)
8,747 8,579 8,310

Ospemifene Royalty Sub LLC (QuatRx)(10)

Estrogen-Deficiency Drug Manufacturer and Distributor

11.5% Secured Debt (Maturity—November 15, 2026)
5,071 5,071 5,071

Panolam Industries International, Inc.(11)

Decorative Laminate Manufacturer

LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—August 23, 2017)(9)
9,613 9,564 9,517

Paris Presents Incorporated(11)

Branded Cosmetic and Bath Accessories

LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—December 31, 2021)(9)
2,000 1,963 2,000

Parq Holdings Limited Partnership(11)(13)

Hotel & Casino Operator

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—December 17, 2020)(9)
7,500 7,364 7,444

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Legendary Pictures Funding, LLC(10)	Producer of TV, Film, and Comic Content
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—April 22, 2020)(9)	7,500	7,378	7,369

LKCM Headwater Investments I, L.P.(12)(13)	Investment Partnership
		LP Interests (Fully diluted 2.3%)		2,500	4,065

Looking Glass Investments, LLC(12)(13)	Specialty Consumer Finance
		9% Unsecured Debt (Maturity—June 30, 2020)	188	188	188
		Member Units (2.5 units)		125	125
		Member Units (LGI Predictive Analytics LLC) (190,712 units)(8)		188	188

				501	501

MediMedia USA, Inc.(11)	Provider of Healthcare Media and Marketing
		LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity—November 20, 2018)(9)	7,772	7,719	7,597

Messenger, LLC(10)	Supplier of Specialty Stationery and Related Products to the Funeral Industry
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—September 9, 2020)(9)	15,583	15,487	15,497

Milk Specialties Company(11)	Processor of Nutrition Products
		LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—November 9, 2018)(9)	730	727	731

Minute Key, Inc.	Operator of Automated Key Duplication Kiosks
		10% Current / 2% PIK Secured Debt (Maturity—September 19, 2019)	15,462	15,102	15,102
		Warrants (1,437,409 equivalent units)		280	280

				15,382	15,382

Mood Media Corporation(11)(13)	Provider of Electronic Equipment
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—May 1, 2019)(9)	14,919	14,798	13,970

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Permian Holdings, Inc.(11)

Storage Tank Manufacturer

10.5% Secured Debt (Maturity—January 15, 2018)
2,755 2,737 1,529

Pernix Therapeutics Holdings, Inc.(10)

Pharmaceutical Royalty— Anti-Migraine

12% Secured Debt (Maturity—August 1, 2020)
3,818 3,818 4,062

PeroxyChem LLC(11)

Chemical Manufacturer

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—February 28, 2020)(9)
8,855 8,716 8,855

Pike Corporation(11)

Construction and Maintenance Services for Electric Transmission and Distribution Infrastructure

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—June 22, 2022)(9)
15,000 14,654 14,813

Point.360(10)

Fully Integrated Provider of Digital Media Services

Common Stock (163,658 shares)
273 156

Warrants (65,463 equivalent shares)
69 13

342 169

Primesight Limited(10)(13)

Outdoor Advertising Operator

10% Secured Debt (Maturity—October 22, 2016)
8,456 8,419 7,711

Prowler Acquisition Corp.(11)

Specialty Distributor to the Energy Sector

LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—January 28, 2020)(9)
2,696 2,293 2,345

PT Network, LLC(10)

Provider of Outpatient Physical Therapy and Sports Medicine Services

LIBOR Plus 7.75% (Floor 1.50%), Current Coupon 9.25%, Secured Debt (Maturity—November 1, 2018)(9)
14,159 14,042 14,042

QBS Parent, Inc.(11)

Provider of Software and Services to the Oil & Gas Industry

LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity—August 7, 2021)(9)
11,417 11,328 11,375

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


New Media Holdings II LLC(11)(13)	Local Newspaper Operator
		LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—June 4, 2020)(9)	14,763	14,481	14,441

North American Lifting Holdings, Inc.(11)	Crane Service Provider
		LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—November 27, 2020)(9)	2,086	1,655	1,544

North Atlantic Trading Company, Inc.(11)	Marketer/Distributor of Tobacco Products
		LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—January 13, 2020)(9)	9,475	9,412	9,380

Novitex Intermediate, LLC(11)	Provider of Document Management Services
		LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity—July 7, 2020)(9)	8,637	8,487	7,859

Ospemifene Royalty Sub LLC (QuatRx)(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
		11.5% Secured Debt (Maturity—November 15, 2026)(14)	5,071	5,071	3,324

Panolam Industries International, Inc.(11)	Decorative Laminate Manufacturer
		LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity—August 23, 2017)(9)	9,330	9,294	9,237

Paris Presents Incorporated(11)	Branded Cosmetic and Bath Accessories
		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—December 31, 2021)(9)	2,000	1,966	1,960

Parq Holdings Limited Partnership(11)(13)	Hotel & Casino Operator
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—December 17, 2020)(9)	7,500	7,374	7,144

Permian Holdings, Inc.(11)	Storage Tank Manufacturer
		10.5% Secured Debt (Maturity—January 15, 2018)	2,755	2,740	964

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Raley's(11)

Family-owned Supermarket Chain in California

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—May 18, 2022)(9)
7,159 7,021 7,159

RCHP, Inc.(11)

Regional Non-Urban Hospital Owner/Operator

LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25%, Secured Debt (Maturity—April 23, 2019)(9)
7,462 7,429 7,403

LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—October 23, 2019)(9)
4,000 3,951 4,035

11,380 11,438

Relativity Media, LLC(10)

Full-Scale Film and Television Production and Distribution

17% PIK Secured Debt (Maturity—May 30, 2015)(14)(18)
7,980 7,980 2,882

Class A Units (260,194 units)
292 —

8,272 2,882

Relevant Solutions, LLC (f/k/a LKCM Distribution Holdings, L.P.)

Distributor of Industrial Process Equipment

12% Current / 2.5% PIK Secured Debt (Maturity— December 23, 2018)
16,417 16,299 16,417

Renaissance Learning, Inc.(11)

Technology-based K-12 Learning Solutions

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—April 11, 2022)(9)
3,000 2,974 2,920

RGL Reservoir Operations Inc.(11)(13)

Oil & Gas Equipment and Services

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—August 13, 2021)(9)
3,960 3,857 1,584

RLJ Entertainment, Inc.(10)

Movie and TV Programming Licensee and Distributor

LIBOR Plus 8.75% (Floor 0.25%), Current Coupon 9.00%, Secured Debt (Maturity—September 11, 2019)(9)
9,455 9,449 9,449

SAExploration, Inc.(10)(13)

Geophysical Services Provider

Common Stock (6,472 shares)
65 27

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Pernix Therapeutics Holdings, Inc.(10)	Pharmaceutical Royalty
		12% Secured Debt (Maturity—August 1, 2020)	3,547	3,547	3,321

Pike Corporation(11)	Construction and Maintenance Services for Electric Transmission and Distribution Infrastructure
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—June 22, 2022)(9)	14,000	13,694	13,883

Point.360(10)	Fully Integrated Provider of Digital Media Services
		Warrants (65,463 equivalent shares)		69	—
		Common Stock (163,658 shares)		273	105

				342	105

Prowler Acquisition Corp.(11)	Specialty Distributor to the Energy Sector
		LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—January 28, 2020)(9)	6,578	5,368	4,604

PT Network, LLC(10)	Provider of Outpatient Physical Therapy and Sports Medicine Services
		LIBOR Plus 7.75% (Floor 1.00%), Current Coupon 8.75%, Secured Debt (Maturity—June 30, 2016)(9)	1,095	1,095	1,095
		LIBOR Plus 7.75% (Floor 1.50%), Current Coupon 9.25%, Secured Debt (Maturity—November 1, 2018)(9)	11,986	11,902	11,863

				12,997	12,958

QBS Parent, Inc.(11)	Provider of Software and Services to the Oil & Gas Industry
		LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity—August 7, 2021)(9)	11,360	11,277	11,246

Raley's(11)	Family-owned supermarket chain in California
		LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—May 18, 2022)(9)	5,029	4,937	5,016

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Sage Automotive Interiors, Inc(11)

Automotive Textiles Manufacturer

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 8, 2021)(9)
3,000 2,973 2,978

Salient Partners L.P.(11)

Provider of Asset Management Services

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—June 9, 2021)(9)
7,500 7,356 7,387

Sotera Defense Solutions, Inc.(11)

Defense Industry Intelligence Services

LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity—April 21, 2017)(9)
10,156 9,882 9,395

Stardust Finance Holdings, Inc.(11)

Manufacturer of Diversified Building Products

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—March 13, 2022)(9)
12,438 12,264 12,352

Subsea Global Solutions, LLC(10)

Underwater Maintenance and Repair Services

LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—March 17, 2020)(9)
4,560 4,506 4,506

SUNE Utility Bridge Capital LLC(10)(13)

Renewable Power Developer

LIBOR Plus 7.00%, Current Coupon 7.29%, Secured Debt (Maturity—March 30, 2016)
5,000 4,924 4,924

Synagro Infrastructure Company, Inc(11)

Waste Management Services

LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—August 22, 2020)(9)
4,714 4,644 4,337

Targus Group International(11)

Distributor of Protective Cases for Mobile Devices

LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00% / 1.00% PIK, Current Coupon Plus PIK 12.00%, Secured Debt (Maturity—May 24, 2016)(9)
4,258 4,263 3,193

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


RCHP, Inc.(11)	Regional Non-Urban Hospital Owner/Operator
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—April 23, 2019)(9)	5,448	5,427	5,427
		LIBOR Plus 10.25% (Floor 1.00%), Current Coupon 11.25%, Secured Debt (Maturity—October 23, 2019)(9)	4,000	3,956	4,040

				9,383	9,467

Renaissance Learning, Inc.(11)	Technology-based K-12 Learning Solutions
		LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—April 11, 2022)(9)	3,000	2,976	2,678

RGL Reservoir Operations Inc.(11)(13)	Oil & Gas Equipment and Services
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—August 13, 2021)(9)	3,940	3,845	1,005

RLJ Entertainment, Inc.(10)	Movie and TV Programming Licensee and Distributor
		LIBOR Plus 8.75% (Floor 0.25%), Current Coupon 9.37%, Secured Debt (Maturity—September 11, 2019)(9)	9,253	9,253	9,103

RM Bidder, LLC(10)	Acquisition Vehicle
		Warrants (327,532 equivalent units)		425	300
		Member Units (2,779 units)		46	44

				471	344

SAExploration, Inc.(10)(13)	Geophysical Services Provider
		Common Stock (6,472 shares)		65	27

Sage Automotive Interiors, Inc(11)	Automotive Textiles Manufacturer
		LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 8, 2021)(9)	3,000	2,975	2,970

Salient Partners L.P.(11)	Provider of Asset Management Services
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—June 9, 2021)(9)	7,369	7,238	7,148

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Sotera Defense Solutions, Inc.(11)						Defense Industry Intelligence Services
							LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity—April 21, 2017)(9)	10,082	9,891	9,326

Stardust Finance Holdings, Inc.(11)						Manufacturer of Diversified Building Products
							LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—March 13, 2022)(9)	12,375	12,213	12,282

Subsea Global Solutions, LLC(10)						Underwater Maintenance and Repair Services
							LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—March 17, 2020)(9)	5,533	5,484	5,410

Synagro Infrastructure Company, Inc(11)						Waste Management Services
							LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—August 22, 2020)(9)	4,714	4,650	3,830

Targus International, LLC(11)						Distributor of Protective Cases for Mobile Devices
							15% PIK Secured Debt (Maturity—December 31, 2019)	1,019	1,019	1,019
							Common Stock (Targus Cayman HoldCo Limited) (249,614 shares)(13)		2,555	2,555

									3,574	3,574

TeleGuam Holdings, LLC(11)	Cable and Telecom Services Provider					Cable and Telecom Services Provider
		LIBOR Plus 4.00% (Floor 1.25%), Current Coupon 5.25%, Secured Debt (Maturity—December 10, 2018)(9)	7,995	7,981	7,985		LIBOR Plus 4.00% (Floor 1.25%), Current Coupon 5.25%, Secured Debt (Maturity—December 10, 2018)(9)	7,931	7,919	7,872
		LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity—June 10, 2019)(9)	2,500	2,483	2,494		LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity—June 10, 2019)(9)	10,500	10,425	10,420

				10,464	10,479				18,344	18,292

Templar Energy LLC(11)	Oil & Gas Exploration & Production					Oil & Gas Exploration & Production
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—November 25, 2020)(9)	4,000	3,960	1,817		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—November 25, 2020)(9)	4,000	3,962	450

The Tennis Channel, Inc.(10)	Television-Based Sports Broadcasting					Television-Based Sports Broadcasting
		Warrants (114,316 equivalent shares)		235	301		Warrants (114,316 equivalent shares)		235	—

The Topps Company, Inc.(11)	Trading Cards & Confectionary
		LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—October 2, 2018)(9)	1,965	1,952	1,936

TOMS Shoes, LLC(11)	Global Designer, Distributor, and Retailer of Casual Footwear
		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—October 30, 2020)(9)	4,975	4,539	4,652

Travel Leaders Group, LLC(11)	Travel Agency Network Provider
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—December 7, 2020)(9)	12,927	12,824	12,959

UniTek Global Services, Inc.(11)	Provider of Outsourced Infrastructure Services
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—January 13, 2019)(9)	2,826	2,826	2,812
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—January 13, 2019)(9)	1,376	1,376	1,370
		15% PIK Unsecured Debt (Maturity—July 13, 2019)	618	618	615
		Common Stock (705,054 shares)		—	290
		Preferred Stock (4,935,377 shares)		4,935	5,430

				9,755	10,517

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Universal Fiber Systems, LLC(10)	Manufacturer of Synthetic Fibers
The Topps Company, Inc.(11)						Trading Cards & Confectionary
							LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—October 2, 2018)(9)	1,955	1,944	1,921

TOMS Shoes, LLC(11)						Global Designer, Distributor, and Retailer of Casual Footwear
							LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—October 30, 2020)(9)	4,963	4,563	3,269

Travel Leaders Group, LLC(11)						Travel Agency Network Provider
							LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—December 7, 2020)(9)	9,479	9,409	9,443

UniRush, LLC						Provider of Prepaid Debit Card Solutions
							12% Secured Debt (Maturity—February 1, 2019)	12,000	10,690	10,690
							Warrants (444,725 equivalent units)		1,250	1,250

		LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25%, Secured Debt (Maturity—January 31, 2019)(9)	1,821	1,817	1,821				11,940	11,940

US Joiner Holding Company(11)	Marine Interior Design and Installation					Marine Interior Design and Installation
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—April 16, 2020)(9)	7,388	7,358	7,314		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—April 16, 2020)(9)	10,208	10,132	10,055

Vantage Oncology, LLC(11)	Outpatient Radiation Oncology Treatment Centers
Valley Healthcare Group, LLC						Provider of Durable Medical Equipment
		9.5% Secured Debt (Maturity—June 15, 2017)	12,050	11,920	10,785		LIBOR Plus 12.50% (Floor 0.50%), Current Coupon 13.00%, Secured Debt (Maturity—December 29, 2020)(9)	10,400	10,301	10,301

Virtex Enterprises, LP(10)	Specialty, Full-Service Provider of Complex Electronic Manufacturing Services					Specialty, Full-Service Provider of Complex Electronic Manufacturing Services
		12% Secured Debt (Maturity—December 27, 2018)	1,667	1,507	1,507		12% Secured Debt (Maturity—December 27, 2018)	1,667	1,526	1,526
		Preferred Class A Units (14 units; 5% cumulative)(8)		333	512		Preferred Class A Units (14 units; 5% cumulative)(8)		333	553
		Warrants (11 equivalent units)		186	135		Warrants (11 equivalent units)		185	167

				2,026	2,154				2,044	2,246

Vision Solutions, Inc.(11)	Provider of Information Availability Software					Provider of Information Availability Software
		LIBOR Plus 8.00% (Floor 1.50%), Current Coupon 9.50%, Secured Debt (Maturity—July 23, 2017)(9)	5,000	4,984	5,000		LIBOR Plus 8.00% (Floor 1.50%), Current Coupon 9.50%, Secured Debt (Maturity—July 23, 2017)(9)	5,000	4,989	4,625

Western Dental Services, Inc.(11)	Dental Care Services
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—November 1, 2018)(9)	5,355	5,351	4,699

Wilton Brands LLC(11)	Specialty Housewares Retailer
		LIBOR Plus 7.25% (Floor 1.25%), Current Coupon 8.50%, Secured Debt (Maturity—August 30, 2018)(9)	1,615	1,597	1,581

Worley Claims Services, LLC(10)	Insurance Adjustment Management and Services Provider
		LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 31, 2020)(9)	6,451	6,395	6,418

Portfolio Company(1)		Business Description	Type of Investment(2)(3)	Cost(4)		Fair Value			Business Description	Cost(4)		Fair Value


Marketable Securities and Idle Funds Investments	Marketable Securities and Idle Funds Investments							Marketable Securities and Idle Funds Investments

PennantPark Investment Corporation(13)(15)		Business Development Company
			Common Stock (343,149 shares)(8)		3,629		2,220

Triangle Capital Corporation(13)(15)		Business Development Company
			Common Stock (71,481 shares)(8)		1,606		1,178

Other Marketable Securities and Idle Funds Investments(13)(15)		Investments in Marketable Securities and Diversified, Registered Bond Funds							Investments in Marketable Securities and Diversified, Registered Bond Funds
					1,406		1,185
0									0	$	1,778	$	1,519

Subtotal Marketable Securities and Idle Funds Investments (0.2% of total investments at fair value)					6,641		4,583
Subtotal Marketable Securities and Idle Funds Investments (0.1% of total investments at fair value)								Subtotal Marketable Securities and Idle Funds Investments (0.1% of total investments at fair value)		$	1,778	$	1,519

Total Investments, September 30, 2015				$	1,729,939	$	1,872,017
Total Investments, March 31, 2016								Total Investments, March 31, 2016		$	1,714,029	$	1,819,590

(1): All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note B 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 Agreement or in support of the SBA-guaranteed debentures issued by the Funds.
(2): Debt investments are income producing, unless otherwise noted. Equity and warrants are non-income producing, unless otherwise noted.
(3): See Note C for a summary of geographic location of portfolio companies.
(4): Principal is net of repayments. Cost is net of repayments and accumulated unearned income.
(5): Control investments are defined by the Investment Company Act of 1940, as amended ("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% 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. Variable rate loans bear interest at a rate that may be determined by reference to either LIBOR (which can include one-, two-, three- or six-month LIBOR) or Prime, at the borrower's option, which rates reset periodically based on the terms of the loan agreement.
(10): Private Loan portfolio investment. See Note B for a description of Private Loan portfolio investments.
(11): Middle Market portfolio investment. See Note B for a description of Middle Market portfolio investments.
(12): Other Portfolio investment. See Note B for a description of Other Portfolio investments.
(13): Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14): Non-accrual and non-income producing investment.
(15): Marketable securities and idle fund investments.
(16): External Investment Manager. Investment is not encumbered as security for the Company's Credit Agreement 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): Portfolio company is in a bankruptcy process and, as such, the maturity date of our debt investments in this portfolio company will not be finally determined until such process is complete. As noted in footnote (14), our debt investments in this portfolio company are on non-accrual status.

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule Of Investments

December 31, ~~2014~~2015

(dollars in thousands)

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value


Control Investments(5)

Access Media Holdings, LLC(10)						Private Cable Operator
							5.00% Current / 5.00% PIK Secured Debt (Maturity—July 22, 2020)	$	21,554	$	21,554	$	20,380
							Preferred Member Units (4,500,000 units; 12% cumulative)				4,394		2,000
							Member Units (45 units)				1		—

											25,949		22,380

AmeriTech College, LLC						For-Profit Nursing and Healthcare College
							10% Secured Debt (Maturity—May 15, 2016)		514		514		514
							10% Secured Debt (Maturity—November 30, 2019)		489		489		489
							10% Secured Debt (Maturity—January 31, 2020)		3,025		3,025		3,025
							Preferred Member Units (294 units; 5%)(8)				2,291		2,291

											6,319		6,319

ASC Interests, LLC	Recreational and Educational Shooting Facility					Recreational and Educational Shooting Facility
		11% Secured Debt (Maturity—July 31, 2018)	3,000	2,954	3,000		11% Secured Debt (Maturity—July 31, 2018)		2,500		2,470		2,500
		Member Units (1,500 units)(8)		1,500	1,970		Member Units (1,500 units)(8)				1,500		2,230

				4,454	4,970						3,970		4,730

Bond-Coat, Inc.	Casing and Tubing Coating Services					Casing and Tubing Coating Services
		12% Secured Debt (Maturity—December 28, 2017)	13,570	13,446	13,570		12% Secured Debt (Maturity—December 28, 2017)		11,596		11,521		11,596
		Common Stock (57,508 shares)		6,350	11,210		Common Stock (57,508 shares)				6,350		9,140

				19,796	24,780						17,871		20,736

Café Brazil, LLC	Casual Restaurant Group					Casual Restaurant Group
		Member Units (1,233 units)(8)		1,742	6,980		Member Units (1,233 units)(8)				1,742		7,330

California Healthcare Medical Billing, Inc.	Outsourced Billing and Revenue Cycle Management
		9% Secured Debt (Maturity—October 17, 2016)	8,703	8,568	8,703
		Warrants (466,947 equivalent shares)		1,193	3,480
		Common Stock (207,789 shares)		1,177	1,460

				10,938	13,643

CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos					Produces and Sells IT Training Certification Videos
		Member Units (416 units)(8)		1,300	27,200		Member Units (416 units)(8)				1,300		42,120

Ceres Management, LLC (Lambs Tire & Automotive)	Aftermarket Automotive Services Chain
CMS Minerals LLC						Oil & Gas Exploration & Production
		14% Secured Debt (Maturity—May 31, 2018)	3,916	3,916	3,916		Preferred Member Units (458 units)(8)				2,967		6,914
		Class B Member Units (12% cumulative)(8)		4,048	4,048
		Member Units (5,460 units)		5,273	2,510
		9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (Maturity—October 1, 2025)	968	968	968
		Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8)		625	1,240

				14,830	12,682

Datacom, LLC	Technology and Telecommunications Provider
		10.5% Secured Debt (Maturity—May 31, 2019)	11,205	11,103	11,103
		Preferred Member Units (6,453 units)		6,030	6,030

				17,133	17,133

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Datacom, LLC						Technology and Telecommunications Provider
							10.5% Secured Debt (Maturity—May 31, 2019)	11,205	11,122	10,970
							Class A Preferred Member Units (15% cumulative)(8)		1,181	1,181
							Class B Preferred Member Units (6,453 units)		6,030	5,079

									18,333	17,230

Garreco, LLC	Manufacturer and Supplier of Dental Products					Manufacturer and Supplier of Dental Products
		14% Secured Debt (Maturity—January 12, 2018)	5,400	5,320	5,320		14% Secured Debt (Maturity—January 12, 2018)	5,800	5,739	5,739
		Member Units (1,200 units)(8)		1,200	1,360		Member Units (1,200 units)		1,200	1,270

				6,520	6,680				6,939	7,009

GRT Rubber Technologies LLC	Engineered Rubber Product Manufacturer					Manufacturer of Engineered Rubber Products
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—December 19, 2019)(9)	16,750	16,585	16,585		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—December 19, 2019)(9)	16,122	15,988	15,988
		Member Units (5,879 units)		13,065	13,065		Member Units (5,879 units)		13,065	15,580

				29,650	29,650				29,053	31,568

Gulf Manufacturing, LLC	Manufacturer of Specialty Fabricated Industrial Piping Products					Manufacturer of Specialty Fabricated Industrial Piping Products
		9% PIK Secured Debt (Ashland Capital IX, LLC) (Maturity—June 30, 2017)	744	744	744		9% PIK Secured Debt (Ashland Capital IX, LLC) (Maturity—June 30, 2017)	777	777	777
		Member Units (438 units)(8)		2,980	16,540		Member Units (438 units)(8)		2,980	13,770

				3,724	17,284				3,757	14,547

Harrison Hydra-Gen, Ltd.	Manufacturer of Hydraulic Generators					Manufacturer of Hydraulic Generators
		12% Secured Debt (Maturity—June 4, 2015)	5,487	5,409	5,487		9% Secured Debt (Maturity—January 8, 2016)	5,010	5,010	5,010
		Preferred Stock (8% cumulative)(8)		1,260	1,260		Preferred Stock (8% cumulative)(8)		1,361	1,361
		Common Stock (105,880 shares)		718	1,830		Common Stock (107,456 shares)		718	2,600

				7,387	8,577				7,089	8,971

Hawthorne Customs and Dispatch Services, LLC	Facilitator of Import Logistics, Brokerage, and Warehousing					Facilitator of Import Logistics, Brokerage, and Warehousing
		Member Units (500 units)(8)		589	370		Member Units (500 units)(8)		589	460
		Member Units (Wallisville Real Estate, LLC) (588,210 units)(8)		1,215	2,220		Member Units (Wallisville Real Estate, LLC) (588,210 units)(8)		1,215	2,220

				1,804	2,590				1,804	2,680

Hydratec, Inc.	Designer and Installer of Micro-Irrigation Systems
		Common Stock (7,095 shares)(8)		7,095	13,720

IDX Broker, LLC	Provider of Marketing and CRM Tools for the Real Estate Industry
		LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity—November 18, 2018)(9)	125	125	125
		12.5% Secured Debt (Maturity—November 18, 2018)	10,571	10,483	10,571
		Member Units (5,029 units)		5,029	5,450

				15,637	16,146

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Impact Telecom, Inc.	Telecommunications Services Provider
HW Temps LLC						Temporary Staffing Solutions
		LIBOR Plus 6.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (Maturity—May 31, 2018)(9)	1,575	1,569	1,569		LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity July 2, 2020)(9)	9,976	9,884	9,884
							Preferred Member Units (3,200 units)(8)		3,942	3,942

									13,826	13,826

Hydratec, Inc.						Designer and Installer of Micro-Irrigation Systems
							Common Stock (7,095 shares)(8)		7,095	14,950

IDX Broker, LLC						Provider of Marketing and CRM Tools for the Real Estate Industry
		13% Secured Debt (Maturity—May 31, 2018)	22,500	15,515	15,515		12.5% Secured Debt (Maturity—November 15, 2018)	11,350	11,281	11,350
		Warrants (5,516,667 equivalent shares)		8,000	4,160		Member Units (5,400 units)		5,606	6,440

				25,084	21,244				16,887	17,790

Indianapolis Aviation Partners, LLC	Fixed Base Operator					Fixed Base Operator
		15% Secured Debt (Maturity—January 15, 2015)	3,100	3,100	3,100		15% Secured Debt (Maturity—January 15, 2016)	3,100	3,095	3,100
		Warrants (1,046 equivalent units)		1,129	2,540		Warrants (1,046 equivalent units)		1,129	2,540

				4,229	5,640				4,224	5,640

Jensen Jewelers of Idaho, LLC	Retail Jewelry Store					Retail Jewelry Store
		Prime Plus 6.75% (Floor 3.25%), Current Coupon 10.00%, Secured Debt (Maturity—November 14, 2016)(9)	3,655	3,618	3,655		Prime Plus 6.75% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (Maturity—November 14, 2016)(9)	4,055	4,028	4,055
		Member Units (627 units)(8)		811	3,580		Member Units (627 units)(8)		811	4,750

				4,429	7,235				4,839	8,805

Lamb's Venture, LLC						Aftermarket Automotive Services Chain
							11% Secured Debt (Maturity—May 31, 2018)	7,962	7,961	7,962
							Preferred Equity (non-voting)		328	328
							Member Units (742 units)		5,273	4,690
							9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (Maturity—October 1, 2025)	919	919	919
							Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8)		625	1,240

									15,106	15,139

Lighting Unlimited, LLC	Commercial and Residential Lighting Products and Design Services					Commercial and Residential Lighting Products and Design Services
		8% Secured Debt (Maturity—August 22, 2015)	1,550	1,550	1,550		8% Secured Debt (Maturity—August 22, 2016)	1,514	1,514	1,514
		Preferred Equity (non-voting)		439	439		Preferred Equity (non-voting)		434	430
		Warrants (71 equivalent units)		54	40		Warrants (71 equivalent units)		54	40
		Member Units (700 units)(8)		100	360		Member Units (700 units)(8)		100	350

				2,143	2,389				2,102	2,334

Marine Shelters Holdings, LLC (LoneStar Marine Shelters)	Fabricator of Marine and Industrial Shelters
		12% Secured Debt (Maturity—December 28, 2017)	10,250	10,112	10,112
		Preferred Member Units (2,669 units)		3,750	3,750

				13,862	13,862

Mid-Columbia Lumber Products, LLC	Manufacturer of Finger-Jointed Lumber Products
		10% Secured Debt (Maturity—December 18, 2017)	1,750	1,750	1,750
		12% Secured Debt (Maturity—December 18, 2017)	3,900	3,900	3,900
		Member Units (2,829 units)(8)		1,244	10,180
		9.5% Secured Debt (Mid-Columbia Real Estate, LLC) (Maturity—May 13, 2025)	927	927	927
		Member Units (Mid-Columbia Real Estate, LLC) (250 units)(8)		250	550

				8,071	17,307

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Marine Shelters Holdings, LLC (LoneStar Marine Shelters)						Fabricator of Marine and Industrial Shelters
							12% PIK Secured Debt (Maturity—December 28, 2017)	9,053	8,967	8,870
							Preferred Member Units (3,810 units)		5,352	4,881

									14,319	13,751

MH Corbin Holding LLC						Manufacturer and distributor of traffic safety products
							10% Secured Debt (Maturity—August 31, 2020)	14,000	13,869	13,869
							Preferred Member Units (4,000 shares)		6,000	6,000

									19,869	19,869

Mid-Columbia Lumber Products, LLC						Manufacturer of Finger-Jointed Lumber Products
							10% Secured Debt (Maturity—December 18, 2017)	1,750	1,750	1,750
							12% Secured Debt (Maturity—December 18, 2017)	3,900	3,900	3,900
							Member Units (2,829 units)		1,244	2,580
							9.5% Secured Debt (Mid-Columbia Real Estate, LLC) (Maturity—May 13, 2025)	881	881	881
							Member Units (Mid-Columbia Real Estate, LLC) (250 units)(8)		250	550

									8,025	9,661

MSC Adviser I, LLC(16)	Third Party Investment Advisory Services					Third Party Investment Advisory Services
		Member Units (Fully diluted 100.0%)(8)		—	15,580		Member Units (Fully diluted 100.0%)(8)		—	27,272

Mystic Logistics, Inc	Logistics and Distribution Services Provider for Large Volume Mailers
Mystic Logistics Holdings, LLC						Logistics and Distribution Services Provider for Large Volume Mailers
		12% Secured Debt (Maturity—August 15, 2019)	10,000	9,790	9,790		12% Secured Debt (Maturity—August 15, 2019)	9,448	9,282	9,448
		Common Stock (5,873 shares)		2,720	2,720		Common Stock (5,873 shares)(8)		2,720	5,970

				12,510	12,510				12,002	15,418

NAPCO Precast, LLC	Precast Concrete Manufacturing					Precast Concrete Manufacturing
		Prime Plus 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (Maturity—September 1, 2015)(9)	625	615	625		Prime Plus 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (Maturity—January 31, 2016)(9)	625	625	625
		Prime Plus 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (Maturity—February 1, 2016)(9)	2,923	2,915	2,923		Prime Plus 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (Maturity—February 1, 2016)(9)	3,380	3,379	3,380
		18% Secured Debt (Maturity—February 1, 2016)	4,468	4,440	4,468		18% Secured Debt (Maturity—February 1, 2016)	4,924	4,923	4,924
		Member Units (2,955 units)(8)		2,975	7,560		Member Units (2,955 units)(8)		2,975	8,590

				10,945	15,576				11,902	17,519

NRI Clinical Research, LLC	Clinical Research Service Provider
		14% Secured Debt (Maturity—September 8, 2016)	4,889	4,779	4,779
		Warrants (251,723 equivalent units)		252	160
		Member Units (671,233 units)		671	722

				5,702	5,661

NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		12% Secured Debt (Maturity—December 22, 2016)	12,100	11,590	11,590
		Warrants (14,331 equivalent units)		817	970
		Member Units (50,877 units)(8)		2,900	3,190

				15,307	15,750

OMi Holdings, Inc.	Manufacturer of Overhead Cranes
		Common Stock (1,500 shares)(8)		1,080	13,420

Pegasus Research Group, LLC (Televerde)	Provider of Telemarketing and Data Services
		Member Units (460 units)(8)		1,290	5,860

PPL RVs, Inc.	Recreational Vehicle Dealer
		11.1% Secured Debt (Maturity—June 10, 2015)	7,860	7,848	7,860
		Common Stock (1,961 shares)		2,150	8,160

				9,998	16,020

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


NRI Clinical Research, LLC						Clinical Research Service Provider
							14% Secured Debt (Maturity—September 8, 2017)	4,617	4,539	4,539
							Warrants (251,723 equivalent units)		252	340
							Member Units (1,454,167 units)		765	1,342

									5,556	6,221

NRP Jones, LLC						Manufacturer of Hoses, Fittings and Assemblies
							12% Secured Debt (Maturity—December 22, 2016)	13,224	12,948	12,948
							Warrants (14,331 equivalent units)		817	450
							Member Units (50,877 units)		2,900	1,480

									16,665	14,878

OMi Holdings, Inc.						Manufacturer of Overhead Cranes
							Common Stock (1,500 shares)		1,080	13,640

Pegasus Research Group, LLC (Televerde)						Provider of Telemarketing and Data Services
							Member Units (460 units)(8)		1,290	6,840

PPL RVs, Inc.						Recreational Vehicle Dealer
							11.1% Secured Debt (Maturity—July 1, 2016)	9,710	9,710	9,710
							Common Stock (1,962 shares)		2,150	9,770

									11,860	19,480

Principle Environmental, LLC	Noise Abatement Service Provider					Noise Abatement Service Provider
		12% Secured Debt (Maturity—April 30, 2017)	4,060	3,813	4,060		12% Secured Debt (Maturity—April 30, 2017)	4,060	4,039	4,060
		12% Current / 2% PIK Secured Debt (Maturity—April 30, 2017)	3,244	3,227	3,244		12% Current / 2% PIK Secured Debt (Maturity—April 30, 2017)	3,310	3,309	3,310
		Preferred Member Units (19,631 units)		4,663	11,830		Preferred Member Units (19,631 units)(8)		4,663	6,060
		Warrants (1,036 equivalent units)		1,200	720		Warrants (1,036 equivalent units)		1,200	310

				12,903	19,854				13,211	13,740

River Aggregates, LLC	Processor of Construction Aggregates
		Zero Coupon Secured Debt (Maturity—June 30, 2018)	750	468	468
		12% Secured Debt (Maturity—June 30, 2018)	500	500	500
Quality Lease Service, LLC						Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units (1,150 units)(8)		1,150	2,570		8% PIK Secured Debt (Maturity—June 8, 2020)	6,538	6,538	6,538
		Member Units (RA Properties, LLC) (1,500 units)		369	369		Member Units (1,000 units)		568	2,638

				2,487	3,907				7,106	9,176

SoftTouch Medical Holdings LLC	Home Provider of Pediatric Durable Medical Equipment
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—October 31, 2019)(9)	8,500	8,417	8,417
		Member Units (4,526 units)		5,015	5,015

				13,432	13,432

Southern RV, LLC	Recreational Vehicle Dealer
		13% Secured Debt (Maturity—August 8, 2018)	11,400	11,266	11,400
		Member Units (1,680 units)(8)		1,680	4,920
		13% Secured Debt (Southern RV Real Estate, LLC) (Maturity—August 8, 2018)	3,250	3,212	3,250
		Member Units (Southern RV Real Estate, LLC) (480 units)		480	470

				16,638	20,040

The MPI Group, LLC	Manufacturer of Custom Hollow Metal Doors, Frames and Accessories
		9% Secured Debt (Maturity—October 8, 2018)	2,724	2,724	2,724
		Series A Preferred Units (2,500 units; 10% Cumulative)		2,500	980
		Warrants (1,424 equivalent units)		1,096	—
		Member Units (MPI Real Estate Holdings, LLC) (100% Fully diluted)(8)		2,300	2,300

				8,620	6,004

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


River Aggregates, LLC						Processor of Construction Aggregates
							Zero Coupon Secured Debt (Maturity—June 30, 2018)	750	556	556
							Member Units (1,150 units)(8)		1,150	3,830
							Member Units (RA Properties, LLC) (1,500 units)		369	2,360

									2,075	6,746

SoftTouch Medical Holdings LLC						Home Provider of Pediatric Durable Medical Equipment
							LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—October 31, 2019)(9)	8,075	8,010	8,010
							Member Units (4,450 units)(8)		4,930	5,710

									12,940	13,720

Southern RV, LLC						Recreational Vehicle Dealer
							13% Secured Debt (Maturity—August 8, 2018)	11,400	11,296	11,400
							Member Units (1,680 units)(8)		1,680	15,100
							13% Secured Debt (Southern RV Real Estate, LLC) (Maturity—August 8, 2018)	3,250	3,220	3,250
							Member Units (Southern RV Real Estate, LLC) (480 units)		480	1,200

									16,676	30,950

The MPI Group, LLC						Manufacturer of Custom Hollow Metal Doors, Frames and Accessories
							9% Secured Debt (Maturity—October 2, 2018)	2,924	2,921	2,921
							Series A Preferred Units (2,500 units; 10% Cumulative)		2,500	690
							Warrants (1,424 equivalent units)		1,096	—
							Member Units (MPI Real Estate Holdings, LLC) (100% Fully diluted)(8)		2,300	2,230

									8,817	5,841

Travis Acquisition LLC	Manufacturer of Aluminum Trailers					Manufacturer of Aluminum Trailers
		12% Secured Debt (Maturity—August 30, 2018)	4,693	4,617	4,693		12% Secured Debt (Maturity—August 30, 2018)	3,513	3,471	3,513
		Member Units (7,282 units)		7,100	13,650		Member Units (7,282 units)		7,100	14,480

				11,717	18,343				10,571	17,993

Uvalco Supply, LLC	Farm and Ranch Supply Store					Farm and Ranch Supply Store
		9% Secured Debt (Maturity—January 1, 2019)	1,802	1,802	1,802		9% Secured Debt (Maturity—January 1, 2019)	1,314	1,314	1,314
		Member Units (1,006 units)(8)		1,113	3,500		Member Units (2,011 units)(8)		3,843	5,460

				2,915	5,302				5,157	6,774

Vision Interests, Inc.	Manufacturer / Installer of Commercial Signage
		13% Secured Debt (Maturity—December 23, 2016)	3,204	3,169	3,154
		Series A Preferred Stock (3,000,000 shares)		3,000	3,250
		Common Stock (1,126,242 shares)		3,706	100

				9,875	6,504

Ziegler's NYPD, LLC	Casual Restaurant Group
		Prime Plus 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 1, 2018)(9)	1,500	1,491	1,491
		9% Current / 9% PIK Secured Debt (Maturity—October 1, 2018)	5,509	5,509	4,880
		Warrants (587 equivalent units)		600	—

				7,600	6,371

Subtotal Control Investments (29.9% of total investments at fair value)				342,847	469,846

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Affiliate Investments(6)

AFG Capital Group, LLC

Provider of Rent-to-Own Financing Solutions and Services

11% Secured Debt (Maturity—November 7, 2019)
6,800 6,465 6,465

Warrants (42 equivalent units)
259 259

Member Units (186 units)
1,200 1,200

7,924 7,924

Boss Industries, LLC

Manufacturer and Distributor of Air, Power and Other Industrial Equipment

Preferred Member Units (2,242 units)
2,000 2,000

Bridge Capital Solutions Corporation

Financial Services and Cash Flow Solutions Provider

13% Secured Debt (Maturity—April 18, 2017)
6,000 5,837 5,837

Warrants (19 equivalent shares)
200 710

6,037 6,547

Brightwood Capital Fund III, LP(12)(13)

Investment Partnership

LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 9.1%)(8)
8,448 8,448

CAI Software LLC

Provider of Specialized Enterprise Resource Planning Software

12% Secured Debt (Maturity—October 10, 2019)
5,400 5,348 5,348

Member Units (65,356 units)
654 654

6,002 6,002

Condit Exhibits, LLC

Tradeshow Exhibits / Custom Displays Provider

Member Units (3,936 units)(8)
100 610

Congruent Credit Opportunities Funds(12)(13)

Investment Partnership

LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)(8)
18,575 18,378

LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)
7,734 7,734

26,309 26,112

Daseke, Inc.

Specialty Transportation Provider

12% Current / 2.5% PIK Secured Debt (Maturity—July 31, 2018)
20,723 20,403 20,723

Common Stock (19,467 shares)
5,213 13,780

25,616 34,503

Portfolio Company(1)	Business Description	Type of Investment(2)(3)		Cost(4)		Fair Value


Vision Interests, Inc.	Manufacturer / Installer of Commercial Signage
		13% Secured Debt (Maturity—December 23, 2016)	3,071		3,052		3,052
		Series A Preferred Stock (3,000,000 shares)			3,000		3,550
		Common Stock (1,126,242 shares)			3,706		210

					9,758		6,812

Ziegler's NYPD, LLC	Casual Restaurant Group
		6.5% Secured Debt (Maturity—October 1, 2019)	1,000		992		992
		12% Secured Debt (Maturity—October 1, 2019)	500		500		500
		14% Secured Debt (Maturity—October 1, 2019)	2,750		2,750		2,750
		Warrants (587 equivalent units)			600		50
		Preferred Member Units (10,072 units)			2,834		3,400

					7,676		7,692

Subtotal Control Investments (30.8% of total investments at fair value)				$	387,727	$	555,011

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Dos Rios Partners(12)(13)

Investment Partnership

LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)(8)
2,325 2,325

LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)(8)
738 738

3,063 3,063

East Teak Fine Hardwoods, Inc.

Distributor of Hardwood Products

Common Stock (5,000 shares)(8)
480 860

East West Copolymer & Rubber, LLC

Manufacturer of Synthetic Rubbers

12% Secured Debt (Maturity—October 17, 2019)
9,600 9,436 9,436

Warrants (1,823,278 equivalent units)
50 50

9,486 9,486

Freeport Financial SBIC Fund LP(12)(13)

Investment Partnership

LP Interests (Fully diluted 9.9%)(8)
4,677 4,677

Gault Financial, LLC (RMB Capital, LLC)

Purchases and Manages Liquidation of Distressed Assets

10% Secured Debt (Maturity—November 21, 2016)
13,046 12,749 10,782

Warrants (29,025 equivalent units)
400 —

13,149 10,782

Glowpoint, Inc.

Provider of Cloud Managed Video Collaboration Services

8% Secured Debt (Maturity—October 18, 2018)
400 396 396

12% Secured Debt (Maturity—October 18, 2018)
9,000 8,909 8,909

Common Stock (7,711,517 shares)
3,958 8,480

13,263 17,785

Guerdon Modular Holdings, Inc.

Multi-Family and Commercial Modular Construction Company

11% Secured Debt (Maturity—August 13, 2019)
11,200 11,044 11,044

Common Stock (213,221 shares)
2,400 2,400

13,444 13,444

Houston Plating and Coatings, LLC

Provider of Plating and Industrial Coating Services

Member Units (248,082 units)(8)
996 11,470

Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value


Affiliate Investments(6)

AFG Capital Group, LLC	Provider of Rent-to-Own Financing Solutions and Services
		11% Secured Debt (Maturity—November 7, 2019)	$	12,960	$	12,611	$	12,790
		Warrants (42 equivalent units)				259		490
		Member Units (186 units)				1,200		2,020

						14,070		15,300

Boss Industries, LLC	Manufacturer and Distributor of Air, Power and Other Industrial Equipment
		Preferred Member Units (2,242 units)(8)				2,246		2,586

Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		13% Secured Debt (Maturity—April 18, 2017)		7,000		6,890		6,890
		Warrants (22 equivalent shares)				200		1,300

						7,090		8,190

Buca C, LLC	Casual Restaurant Group
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—June 30, 2020)(9)		25,530		25,299		25,299
		Preferred Member Units (6 units; 6% cumulative)(8)				3,711		3,711

						29,010		29,010

CAI Software LLC	Provider of Specialized Enterprise Resource Planning Software
		12% Secured Debt (Maturity—October 10, 2019)		4,661		4,624		4,661
		Member Units (65,356 units)				654		1,000

						5,278		5,661

Condit Exhibits, LLC	Tradeshow Exhibits /Custom Displays Provider
		Member Units (3,936 units)(8)				100		1,010

Congruent Credit Opportunities Funds(12)(13)	Investment Partnership
		LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)(8)				6,612		2,834
		LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)				12,020		12,024

						18,632		14,858

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Indianhead Pipeline Services, LLC

Provider of Pipeline Support Services

12% Secured Debt (Maturity—February 6, 2017)
6,900 6,625 6,625

Preferred Member Units (28,905 units; 8% cumulative)(8)
1,960 1,960

Warrants (38,193 equivalent units)
459 —

Member Units (14,732 units)
1 —

9,045 8,585

irth Solutions, LLC

Provider of Damage Prevention Information Technology Services

Member Units (128 units)(8)
624 3,960

KBK Industries, LLC

Specialty Manufacturer of Oilfield and Industrial Products

12.5% Secured Debt (Maturity—September 28, 2017)
8,250 8,198 8,250

Member Units (250 units)(8)
341 6,120

8,539 14,370

L.F. Manufacturing Holdings, LLC(10)

Manufacturer of Fiberglass Products

Member Units (2,000,000 units)(8)
2,019 2,374

MPS Denver, LLC

Specialty Card Printing

Member Units (13,800 units)
1,130 1,130

OnAsset Intelligence, Inc.

Provider of Transportation Monitoring / Tracking Products and Services

12% PIK Secured Debt (Maturity—March 31, 2015)
3,553 3,553 3,553

Preferred Stock (912 shares; 7% cumulative)(8)
1,947 2,700

Warrants (5,333 equivalent shares)
1,919 —

7,419 6,253

OPI International Ltd.(13)

Provider of Man Camp and Industrial Storage Services

Common Stock (20,766,317 shares)
1,371 4,971

PCI Holding Company, Inc.

Manufacturer of Industrial Gas Generating Systems

Preferred Stock (1,500,000 shares; 20% cumulative)(8)
2,259 4,430

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Daseke, Inc.	Specialty Transportation Provider
		12% Current / 2.5% PIK Secured Debt (Maturity—July 31, 2018)	21,253	21,003	21,253
		Common Stock (19,467 shares)		5,213	22,660

				26,216	43,913

Dos Rios Partners(12)(13)	Investment Partnership
		LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)		3,104	2,031
		LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)		986	648

				4,090	2,679

East Teak Fine Hardwoods, Inc.	Distributor of Hardwood Products
		Common Stock (6,250 shares)(8)		480	860

East West Copolymer & Rubber, LLC	Manufacturer of Synthetic Rubbers
		12% Secured Debt (Maturity—October 17, 2019)	9,600	9,463	9,463
		Warrants (2,510,790 equivalent units)		50	50

				9,513	9,513

EIG Traverse Co-Investment, L.P.(12)(13)	Investment Partnership
		LP Interests (Fully diluted 6.6%)(8)		4,755	4,755

Freeport Financial Funds(12)(13)	Investment Partnership
		LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.9%)(8)		5,974	6,045
		LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.4%)		2,077	2,077

				8,051	8,122

Gault Financial, LLC (RMB Capital, LLC)	Purchases and Manages Liquidation of Distressed Assets
		10% Secured Debt (Maturity—November 21, 2016)	13,046	12,896	10,930
		Warrants (29,025 equivalent units)		400	—

				13,296	10,930

Glowpoint, Inc.	Provider of Cloud Managed Video Collaboration Services
		8% Secured Debt (Maturity—October 18, 2018)	400	397	397
		12% Secured Debt (Maturity—October 18, 2018)	9,000	8,929	8,929
		Common Stock (7,711,517 shares)		3,958	3,840

				13,284	13,166

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)	Principal(4)


Quality Lease and Rental Holdings, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
Guerdon Modular Holdings, Inc.						Multi-Family and Commercial Modular Construction Company
							13% Secured Debt (Maturity—August 13, 2019)		10,400	10,280	10,280
							Common Stock (170,577 shares)			2,983	1,990

										13,263	12,270

Houston Plating and Coatings, LLC						Provider of Plating and Industrial Coating Services
							Member Units (248,082 units)(8)			996	8,440

I-45 SLF LLC(12)(13)						Investment Partnership
							Member units (Fully diluted 20.0%; 24.4% profits interest)			7,200	7,200

Indianhead Pipeline Services, LLC						Provider of Pipeline Support Services
							12% Secured Debt (Maturity—February 6, 2017)		6,000	5,853	5,853
		8% Secured Debt (Maturity—October 1, 2014)(14)(18)	157	157	157		Preferred Member Units (33,819 units; 8% cumulative)			2,302	2,302
		12% Secured Debt (Maturity—January 8, 2018)(14)(18)	36,577	36,073	11,500		Warrants (31,928 equivalent units)			459	—
		Preferred Member Units (Rocaciea, LLC) (250 units)		2,500	—		Member Units (14,732 units)			1	—

				38,730	11,657					8,615	8,155

Radial Drilling Services Inc.	Oil and Gas Technology Provider
KBK Industries, LLC						Manufacturer of Specialty Oilfield and Industrial Products
		12% Secured Debt (Maturity—November 22, 2016)	4,200	3,792	3,792		12.5% Secured Debt (Maturity—September 28, 2017)		5,900	5,875	5,900
		Warrants (316 equivalent shares)		758	—		Member Units (250 units)(8)			341	3,680

				4,550	3,792					6,216	9,580

Samba Holdings, Inc.	Provider of Intelligent Driver Record Monitoring Software and Services
L.F. Manufacturing Holdings, LLC(10)						Manufacturer of Fiberglass Products
		12.5% Secured Debt (Maturity—November 17, 2016)	26,418	26,188	26,418		Member Units (2,179,001 units)(8)			2,019	1,485
		Common Stock (170,963 shares)		2,087	6,030

MPS Denver, LLC						Specialty Card Printing
				28,275	32,448		Member Units (13,800 units)			1,130	1,130
								��
SYNEO, LLC	Manufacturer of Automation Machines, Specialty Cutting Tools and Punches
OnAsset Intelligence, Inc.						Provider of Transportation Monitoring / Tracking Products and Services
		12% Secured Debt (Maturity—July 13, 2016)	2,700	2,674	2,674		12% PIK Secured Debt (Maturity—December 31, 2015)(17)		4,006	4,006	4,006
		Member Units (1,177 units)(8)		1,097	801		Preferred Stock (912 shares; 7% cumulative)(8)			1,981	1,380
		10% Secured Debt (Leadrock Properties, LLC) (Maturity—May 4, 2026)	1,440	1,415	1,415		Warrants (5,333 equivalent shares)			1,919	—

				5,186	4,890					7,906	5,386

Tin Roof Acquisition Company	Casual Restaurant Group
		12% Secured Debt (Maturity—November 30, 2018)	14,100	13,861	13,861
		Class C Preferred Stock (Fully diluted 10.0%; 10% cumulative)(8)		2,241	2,241

				16,102	16,102

Subtotal Affiliate Investments (17.7% of total investments at fair value)				266,243	278,675

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


OPI International Ltd.(13)	Provider of Man Camp and Industrial Storage Services
		10% Unsecured Debt (Maturity—April 8, 2018)	473	473	473
		Common Stock (20,766,317 shares)		1,371	3,200

				1,844	3,673

PCI Holding Company, Inc.	Manufacturer of Industrial Gas Generating Systems
		Preferred Stock (1,500,000 shares; 20% cumulative)(8)		2,762	4,887

Radial Drilling Services Inc.	Oil and Gas Lateral Drilling Technology Provider
		12% Secured Debt (Maturity—November 22, 2016)(14)	4,200	3,941	1,500
		Warrants (316 equivalent shares)		758	—

				4,699	1,500

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	Provider of Rigsite Accommodation Unit Rentals and Related Services
		12% Secured Debt (Maturity—January 8, 2018)(14)(18)	30,785	30,281	250
		Preferred Member Units (250 units)		2,500	—

				32,781	250

Samba Holdings, Inc.	Provider of Intelligent Driver Record Monitoring Software and Services
		12.5% Secured Debt (Maturity—November 17, 2016)	24,662	24,553	24,662
		Common Stock (170,963 shares)		2,087	30,220

				26,640	54,882

Tin Roof Acquisition Company	Casual Restaurant Group
		12% Secured Debt (Maturity—November 13, 2018)	13,994	13,807	13,807
		Class C Preferred Stock (Fully diluted 10.0%; 10% cumulative)(8)		2,477	2,477

				16,284	16,284

Portfolio Company(1)	Business Description	Type of Investment(2)(3)		Cost(4)		Fair Value


UniTek Global Services, Inc.(11)	Provider of Outsourced Infrastructure Services
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—January 13, 2019)(9)	2,826		2,826		2,812
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50% / 1.00% PIK, Current Coupon Plus PIK 10.50%, Secured Debt (Maturity—January 13, 2019)(9)	1,261		1,261		1,255
		15% PIK Unsecured Debt (Maturity—July 13, 2019)	641		641		638
		Preferred Stock (4,935,377 shares)			4,935		5,540
		Common Stock (705,054 shares)			—		—

					9,663		10,245

Universal Wellhead Services Holdings, LLC(10)	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
		Class A Preferred Units (4,000,000 units; 4.5% cumulative)(8)			4,000		3,000

Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions
		10.5% Secured Debt (Maturity—January 26, 2020)	17,500		16,199		16,199
		Preferred Member Units (4,876,670 units)			14,000		14,000
		Warrants (950,618 equivalent units)			1,400		1,400

					31,599		31,599

Subtotal Affiliate Investments (19.4% of total investments at fair value)				$	333,728	$	350,519

Portfolio Company(1)		Business Description	Type of Investment(2)(3)					Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value


Non-Control/Non-Affiliate Investments(7)	Non-Control/Non-Affiliate Investments(7)						Non-Control/Non-Affiliate Investments(7)

Accuvant Finance, LLC(11)		Cyber Security Value Added Reseller
AccuMED, Corp.(10)								Medical Device Contract Manufacturer
									LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—October 29, 2020)(9)	$	9,750	$	9,648	$	9,648

Adams Publishing Group, LLC(10)								Local Newspaper Operator
									LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—November 3, 2020)(9)		9,506		9,329		9,328

Ahead, LLC(10)								IT Infrastructure Value Added Reseller
			LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity—October 22, 2020)(9)	5,597	5,546	5,583			LIBOR Plus 6.50%, Current Coupon 6.76%, Secured Debt (Maturity—November 2, 2020)		15,000		14,562		14,625

Allflex Holdings III Inc.(11)		Manufacturer of Livestock Identification Products						Manufacturer of Livestock Identification Products
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—July 19, 2021)(9)	6,000	5,937	5,888			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—July 19, 2021)(9)		10,150		10,080		10,008

AM General LLC(11)		Specialty Vehicle Manufacturer						Specialty Vehicle Manufacturer
			LIBOR Plus 9.00% (Floor 1.25%), Current Coupon 10.25%, Secured Debt (Maturity—March 22, 2018)(9)	2,550	2,496	2,282			LIBOR Plus 9.00% (Floor 1.25%), Current Coupon 10.25%, Secured Debt (Maturity—March 22, 2018)(9)		2,256		2,221		1,867

AM3 Pinnacle Corporation(10)		Provider of Comprehensive Internet, TV and Voice Services for Multi-Dwelling Unit Properties						Provider of Comprehensive Internet, TV and Voice Services for Multi-Dwelling Unit Properties
			10% Secured Debt (Maturity—October 22, 2018)	21,002	20,863	20,863			Common Stock (60,240 shares)				2,000		—
			Common Stock (60,240 shares)		2,000	1,840

					22,863	22,703

AmeriTech College, LLC		For-Profit Nursing and Healthcare College
			10% Secured Debt (Maturity—November 30, 2019)	979	979	979
			10% Secured Debt (Maturity—January 31, 2020)	6,050	6,050	6,050

American Seafoods Group, LLC(11)								Catcher-Processor of Alaskan Pollock
					7,029	7,029			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—August 19, 2021)(9)		9,975		9,963		9,892

AMF Bowling Centers, Inc.(11)		Bowling Alley Operator						Bowling Alley Operator
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—September 18, 2021)(9)	4,988	4,915	4,913			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—September 18, 2021)(9)		7,907		7,802		7,835

Anchor Hocking, LLC(11)		Household Products Manufacturer						Household Products Manufacturer
			LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75% / 1.75% PIK, Current Coupon Plus PIK 9.50%, Secured Debt (Maturity—May 21, 2020)(9)	10,916	10,842	6,559			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—June 4, 2018)(9)		2,306		2,306		2,179
									Member Units (440,620 units)				4,928		3,250
AP Gaming I, LLC(10)		Developer, Manufacturer, and Operator of Gaming Machines

			LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—December 20, 2020)(9)	6,930	6,744	6,930							7,234		5,429

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Applied Products, Inc.(10)

Adhesives Distributor

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 30, 2019)(9)
6,236 6,170 6,170

Aptean, Inc.(11)

Enterprise Application Software Provider

LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25%, Secured Debt (Maturity—February 26, 2020)(9)
7,667 7,642 7,450

Artel, LLC(11)

Land-Based and Commercial Satellite Provider

LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—November 27, 2017)(9)
4,594 4,549 4,548

ATS Workholding, Inc.(10)

Manufacturer of Machine Cutting Tools and Accessories

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—March 10, 2019)(9)
6,558 6,506 6,506

Beers Enterprises, Inc.(10)

Provider of Broadcast Video Transport Services

Prime Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—March 19, 2019)(9)
6,263 6,210 6,210

Bioventus LLC(10)

Production of Orthopedic Healing Products

LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—April 10, 2020)(9)
5,000 4,903 4,987

Blackbrush Oil and Gas LP(11)

Oil & Gas Exploration

LIBOR Plus 6.50%, (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—July 30, 2021)(9)
4,000 3,971 3,320

Blackhawk Specialty Tools LLC(11)

Oilfield Equipment & Services

LIBOR Plus 5.25% (Floor 1.25%), Current Coupon 6.50%, Secured Debt (Maturity—August 1, 2019)(9)
6,224 6,189 6,131

Blue Bird Body Company(11)

School Bus Manufacturer

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—June 26, 2020)(9)
11,500 11,339 11,443

Bluestem Brands, Inc.(11)

Multi-Channel Retailer of General Merchandise

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—November 6, 2020)(9)
7,500 7,213 7,237

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


AP Gaming I, LLC(10)	Developer, Manufacturer, and Operator of Gaming Machines
		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—December 20, 2020)(9)	11,314	11,108	10,946

Apex Linen Service, Inc.	Industrial Launderers
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—October 30, 2022)(9)	1,600	1,600	1,600
		13% Secured Debt (Maturity—October 30, 2022)	12,000	11,926	11,926

				13,526	13,526

Applied Products, Inc.(10)	Adhesives Distributor
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 30, 2019)(9)	5,813	5,759	5,683

Arcus Hunting LLC.(10)	Manufacturer of Bowhunting and Archery Products and Accessories
		LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—November 13, 2019)(9)	9,540	9,429	9,429

Artel, LLC(11)	Provider of Secure Satellite Network and IT Solutions
		LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—November 27, 2017)(9)	7,854	7,585	6,716

ATS Workholding, Inc.(10)	Manufacturer of Machine Cutting Tools and Accessories
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—March 10, 2019)(9)	6,492	6,452	6,230

ATX Networks Corp.(11)(13)	Provider of Radio Frequency Management Equipment
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 14, 2021)(9)	14,925	14,647	14,701

Barfly Ventures, LLC(10)	Casual Restaurant Group
		12% Secured Debt (Maturity—August 31, 2020)	4,121	4,042	4,042
		Warrant (1 equivalent unit)		473	473

				4,515	4,515

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Brainworks Software, LLC(10)

Advertising Sales and Production and Newspaper Circulation Software

LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—July 22, 2019)(9)
6,263 6,182 6,182

Brasa Holdings Inc.(11)

Upscale Full Service Restaurants

LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00%, Secured Debt (Maturity—January 20, 2020)(9)
2,143 2,128 2,121

Brundage-Bone Concrete Pumping, Inc.(11)

Construction Services Provider

10.375% Secured Debt (Maturity—September 1, 2021)
2,500 2,500 2,556

Calloway Laboratories, Inc.(10)

Health Care Testing Facilities

12% PIK Secured Debt (Maturity—September 30, 2015)(14)
7,225 7,176 2,878

Warrants (125,000 equivalent shares)
17 —

7,193 2,878

Cedar Bay Generation Company LP(11)

Coal-Fired Cogeneration Plant

LIBOR Plus 5.00% (Floor 1.25%), Current Coupon 6.25%, Secured Debt (Maturity—April 23, 2020)(9)
2,476 2,457 2,458

Cengage Learning Acquisitions, Inc.(11)

Provider of Educational Print and Digital Services

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—March 31, 2020)(9)
4,000 3,990 3,975

CGSC of Delaware Holdings Corp.(11)(13)

Insurance Brokerage Firm

LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—October 16, 2020)(9)
2,000 1,975 1,780

Charlotte Russe, Inc(11)

Fast-Fashion Retailer to Young Women

LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (Maturity—May 22, 2019)(9)
4,938 4,900 4,822

CHI Overhead Doors, Inc.(11)

Manufacturer of Overhead Garage Doors

LIBOR Plus 9.50%, (Floor 1.50%), Current Coupon 11.00%, Secured Debt (Maturity—September 18, 2019)(9)
2,500 2,467 2,475

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Berry Aviation, Inc.(10)	Airline Charter Service Operator
		12.00% Current / 1.75% PIK Secured Debt (Maturity—January 30, 2020)	5,627	5,578	5,578
		Common Stock (553 shares)		400	400

				5,978	5,978

Bioventus LLC(10)	Production of Orthopedic Healing Products
		LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—April 10, 2020)(9)	5,000	4,917	4,925

Blackbrush Oil and Gas LP(11)	Oil & Gas Exploration
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—July 30, 2021)(9)	4,000	3,975	3,230

Blackhawk Specialty Tools LLC(11)	Oilfield Equipment & Services
		LIBOR Plus 5.25% (Floor 1.25%), Current Coupon 6.50%, Secured Debt (Maturity—August 1, 2019)(9)	5,892	5,866	5,450

Blue Bird Body Company(11)	School Bus Manufacturer
		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—June 26, 2020)(9)	4,702	4,646	4,669

Bluestem Brands, Inc.(11)(13)	Multi-Channel Retailer of General Merchandise
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—November 6, 2020)(9)	13,632	13,358	12,780

Brainworks Software, LLC(10)	Advertising Sales and Newspaper Circulation Software
		Prime Plus 7.25% (Floor 3.25%), Current Coupon 10.75%, Secured Debt (Maturity—July 22, 2019)(9)	626	620	620
		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—July 22, 2019)(9)	6,185	6,126	6,012

				6,746	6,632

Brightwood Capital Fund III, LP(12)(13)	Investment Partnership
		LP Interests (Fully diluted 1.6%)(8)		11,250	11,125

Brundage-Bone Concrete Pumping, Inc.(11)	Construction Services Provider
		10.375% Secured Debt (Maturity—September 1, 2021)	2,500	2,500	2,438

Calloway Laboratories, Inc.(10)	Health Care Testing Facilities
		17% PIK Secured Debt (Maturity—September 30, 2016)(14)	7,324	7,275	—
		Warrants (125,000 equivalent shares)		17	—

				7,292	—

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Cengage Learning Acquisitions, Inc.(11)						Provider of Educational Print and Digital Services
							LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—March 31, 2020)(9)	9,720	9,672	9,502

Cenveo Corporation(11)						Provider of Commercial Printing, Envelopes, Labels, and Printed Office Products
							6% Secured Debt (Maturity—August 1, 2019)	5,230	4,544	3,687

CGSC of Delaware Holdings Corp.(11)(13)						Insurance Brokerage Firm
							LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—October 16, 2020)(9)	2,000	1,979	1,900

Charlotte Russe, Inc(11)						Fast-Fashion Retailer to Young Women
							LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (Maturity—May 22, 2019)(9)	14,346	14,065	10,031

Clarius ASIG, LLC(10)	Prints & Advertising Film Financing					Prints & Advertising Film Financing
		12% PIK Secured Debt (Maturity—September 14, 2014)(17)	2,723	2,663	2,723		15% PIK Secured Debt (Maturity—September 14, 2014)(17)	620	620	620

Clarius BIGS, LLC(10)	Prints & Advertising Film Financing					Prints & Advertising Film Financing
		12% PIK Secured Debt (Maturity—January 5, 2015)(14)	4,400	4,285	1,848		15% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)	3,386	3,386	563

Compact Power Equipment, Inc.	Equipment / Tool Rental
Compact Power Equipment, Inc.						Equipment / Tool Rental
		12% Secured Debt (Maturity—October 1, 2017)	4,100	4,085	4,100		12% Secured Debt (Maturity—October 1, 2017)	4,100	4,090	4,100
		Series A Preferred Stock (4,298,435 shares; 8% cumulative)(8)		1,079	2,401		Series A Preferred Stock (4,298,435 shares)		1,079	2,930

									5,169	7,030

Compuware Corporation(11)						Provider of Software and Supporting Services
				5,164	6,501		LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—December 15, 2019)(9)	14,751	14,395	13,998

Covenant Surgical Partners, Inc.(11)	Ambulatory Surgical Centers					Ambulatory Surgical Centers
		8.75% Secured Debt (Maturity—August 1, 2019)	2,000	2,000	2,020		8.75% Secured Debt (Maturity—August 1, 2019)	800	800	780

CRGT Inc.(11)	Provider of Custom Software Development					Provider of Custom Software Development
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—December 19, 2020)(9)	10,000	9,800	9,850		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—December 19, 2020)(9)	10,168	10,009	10,118

CST Industries Inc.(11)	Storage Tank Manufacturer
		LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity—May 22, 2017)(9)	7,109	7,050	7,037

Darr Equipment LP(10)	Heavy Equipment Dealer
		11.75% Current / 2% PIK Secured Debt (Maturity—April 15, 2020)	20,291	19,676	19,676
		Warrants (915,734 equivalent units)		474	474

				20,150	20,150

Digity Media LLC(11)	Radio Station Operator
		LIBOR Plus 5.00% (Floor 1.25%), Current Coupon 6.25%, Secured Debt (Maturity—February 10, 2019)(9)	7,406	7,335	7,387

Drilling Info, Inc.	Information Services for the Oil and Gas Industry
		Common Stock (3,788,865 shares)		1,335	9,920

ECP-PF Holdings Group, Inc.(10)	Fitness Club Operator
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—November 26, 2019)(9)	5,625	5,570	5,570

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

EnCap Energy Fund Investments(12)(13)

Investment Partnership

LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)(8)
3,430 3,240

LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)(8)
1,561 1,325

LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)
1,654 1,477

LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 1.0%)(8)
4,586 4,567

LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.8%)
184 184

11,415 10,793

Energy and Exploration Partners, LLC(11)

Oil & Gas Exploration & Production

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—January 22, 2019)(9)
9,461 9,054 6,788

e-Rewards, Inc.(11)

Provider of Digital Data Collection

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—October 29, 2018)(9)
12,687 12,518 12,560

Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft)(11)

Technology-based Performance Support Solutions

LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—April 28, 2022)(9)
3,000 2,979 2,845

FC Operating, LLC(10)

Christian Specialty Retail Stores

LIBOR Plus 10.75% (Floor 1.25%), Current Coupon 12.00%, Secured Debt (Maturity—November 14, 2017)(9)
5,400 5,330 4,132

FishNet Security, Inc.(11)

Information Technology Value-Added Reseller

LIBOR Plus 5.00% (Floor 1.25%), Current Coupon 6.25%, Secured Debt (Maturity—November 30, 2017)(9)
7,840 7,791 7,840

Flavors Holdings Inc.(11)

Global Provider of Flavoring and Sweetening Products and Solutions

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—April 30, 2020)(9)
4,938 4,746 4,728

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


CST Industries Inc.(11)	Storage Tank Manufacturer
		LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity—May 22, 2017)(9)	8,227	8,197	8,145

Darr Equipment LP(10)	Heavy Equipment Dealer
		11.75% Current / 2% PIK Secured Debt (Maturity—April 15, 2020)	20,706	20,178	19,688
		Warrants (915,734 equivalent units)		474	410

				20,652	20,098

Digital River, Inc.(11)	Provider of Outsourced e-Commerce Solutions and Services
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—February 12, 2021)(9)	8,667	8,588	8,580

Digity Media LLC(11)	Radio Station Operator
		LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity—February 8, 2019)(9)	6,588	6,539	6,506

Drilling Info Holdings, Inc.	Information Services for the Oil and Gas Industry
		Common Stock (3,788,865 shares)		1,335	9,920

ECP-PF Holdings Group, Inc.(10)	Fitness Club Operator
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—November 26, 2019)(9)	5,625	5,579	5,492

EIG Fund Investments(12)(13)	Investment Partnership
		LP Interests (EIG Global Private Debt fund-A, L.P.) (Fully diluted 0.5%)		718	718

EnCap Energy Fund Investments(12)(13)	Investment Partnership
		LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)(8)		3,762	2,765
		LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)		2,194	1,056
		LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)		3,075	3,826
		LP Interests (Encap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)		692	692
		LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)(8)		7,350	10,738
		LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)		464	892

				17,537	19,969

Portfolio Company(1)	Business Description	Type of Investment(2)(3)				Business Description	Type of Investment(2)(3)


Energy and Exploration Partners, LLC(11)						Oil & Gas Exploration & Production
							8.75% Secured Debt (Maturity—January 23, 2016)(14)	221	221	221
							LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—January 22, 2019)(9)(14)	9,390	9,048	2,371

									9,269	2,592

Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft)(11)(13)						Technology-based Performance Support Solutions
							LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—April 28, 2022)(9)	7,000	6,838	4,673

Extreme Reach, Inc.(11)						Integrated TV and Video Advertising Platform
							LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—February 7, 2020)(9)	8,875	8,866	8,731

Flavors Holdings Inc.(11)						Global Provider of Flavoring and Sweetening Products and Solutions
							LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—April 3, 2020)(9)	11,333	11,004	10,086

Fram Group Holdings, Inc.(11)	Manufacturer of Automotive Maintenance Products					Manufacturer of Automotive Maintenance Products
		LIBOR Plus 5.00% (Floor 1.50%), Current Coupon 6.50%, Secured Debt (Maturity—July 29, 2017)(9)	5,935	5,928	5,907		LIBOR Plus 5.50% (Floor 1.50%), Current Coupon 7.00%, Secured Debt (Maturity—July 29, 2017)(9)	9,652	9,547	7,275
		LIBOR Plus 9.00% (Floor 1.50%), Current Coupon 10.50%, Secured Debt (Maturity—January 29, 2018)(9)	700	698	684		LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00%, Secured Debt (Maturity—January 29, 2018)(9)	700	699	350

				6,626	6,591				10,246	7,625

GI KBS Merger Sub LLC(11)	Outsourced Janitorial Services to Retail/Grocery Customers					Outsourced Janitorial Services to Retail/Grocery Customers
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—April 29, 2022)(9)	800	784	796		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—October 29, 2021)(9)	3,960	3,901	3,742
							LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—April 29, 2022)(9)	800	786	792
Grace Hill, LLC(10)	Online Training Tools for the Multi-Family Housing Industry
		LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—August 15, 2019)(9)	9,546	9,436	9,436

Grupo Hima San Pablo, Inc.(11)	Tertiary Care Hospitals
		LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.50%, Secured Debt (Maturity—January 31, 2018)(9)	4,913	4,846	4,775
		13.75% Secured Debt (Maturity—July 31, 2018)	2,000	1,925	1,920

				6,771	6,695				4,687	4,534

GST Autoleather, Inc.(11)	Automotive Leather Manufacturer
		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—July 10, 2020)(9)	9,975	9,882	9,825

Guitar Center, Inc.(11)	Musical Instruments Retailer
		6.5% Secured Debt (Maturity—April 15, 2019)	7,000	6,817	6,020

Halcon Resources Corporation(11)(13)	Oil & Gas Exploration & Production
		9.75% Unsecured Debt (Maturity—July 15, 2020)	6,925	6,335	5,194

Hostway Corporation(11)	Managed Services and Hosting Provider
		LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity—December 13, 2019)(9)	9,750	9,671	9,652
		LIBOR Plus 8.75% (Floor 1.25%), Current Coupon 10.00%, Secured Debt (Maturity—December 11, 2020)(9)	5,000	4,917	4,950

				14,588	14,602

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Hunter Defense Technologies, Inc.(11)

Provider of Military and Commercial Shelters and Systems

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—August 5, 2019)(9)
9,875 9,783 9,752

ICON Health & Fitness, Inc.(11)

Producer of Fitness Products

11.875% Secured Debt (Maturity—October 15, 2016)
4,385 4,323 4,122

iEnergizer Limited(11)(13)

Provider of Business Outsourcing Solutions

LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—May 1, 2019)(9)
10,029 9,905 9,277

Infinity Acquisition Finance Corp.(11)

Application Software for Capital Markets

7.25% Unsecured Debt (Maturity—August 1, 2022)
4,000 4,000 3,620

Inn of the Mountain Gods Resort and Casino(11)

Hotel & Casino Owner & Operator

9.25% Secured Debt (Maturity—November 30, 2020)
3,851 3,687 3,697

iQor US Inc.(11)

Business Process Outsourcing Services Provider

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—April 1, 2021)(9)
9,987 9,789 9,288

Jackson Hewitt Tax Service Inc.(11)

Tax Preparation Service Provider

LIBOR Plus 8.50% (Floor 1.50%), Current Coupon 10.00%, Secured Debt (Maturity—October 16, 2017)(9)
4,509 4,396 4,509

Joerns Healthcare, LLC(11)

Manufacturer and Distributor of Health Care Equipment & Supplies

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—May 9, 2020)(9)
9,950 9,853 9,838

John Deere Landscapes LLC(10)

Distributor of Landscaping Supplies

LIBOR Plus 4.00% (Floor 1.00%), Current Coupon 5.00%, Secured Debt (Maturity—December 23, 2019)(9)
8,573 8,193 8,193

Keypoint Government Solutions, Inc.(11)

Provider of Pre-Employment Screening Services

LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—November 13, 2017)(9)
4,726 4,668 4,702

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Grace Hill, LLC(10)	Online Training Tools for the Multi-Family Housing Industry
		LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—August 15, 2019)(9)	9,450	9,361	9,450

Great Circle Family Foods, LLC(10)	Quick Service Restaurant Franchise
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—October 28, 2019)(9)	7,849	7,783	7,783

Grupo Hima San Pablo, Inc.(11)	Tertiary Care Hospitals
		LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.50%, Secured Debt (Maturity—January 31, 2018)(9)	4,863	4,816	4,668
		13.75% Secured Debt (Maturity—July 31, 2018)	2,000	1,942	1,860

				6,758	6,528

GST Autoleather, Inc.(11)	Automotive Leather Manufacturer
		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—July 10, 2020)(9)	9,875	9,797	9,529

Guitar Center, Inc.(11)	Musical Instruments Retailer
		6.5% Secured Debt (Maturity—April 15, 2019)	11,000	10,442	9,240

Halcon Resources Corporation(11)	Oil & Gas Exploration & Production
		9.75% Unsecured Debt (Maturity—July 15, 2020)	6,925	6,382	2,008

Hojeij Branded Foods, LLC(10)	Multi-Airport, Multi-Concept Restaurant Operator
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—July 27, 2021)(9)	5,344	5,294	5,294

Horizon Global Corporation(11)	Auto Parts Manufacturer
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 30, 2021)(9)	9,750	9,568	9,677

Hostway Corporation(11)	Managed Services and Hosting Provider
		LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity—December 13, 2019)(9)	11,179	11,105	11,067

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Lansing Trade Group LLC(11)

Commodity Merchandiser

9.25% Unsecured Debt (Maturity—February 15, 2019)
6,000 6,000 5,610

Larchmont Resources, LLC(11)

Oil & Gas Exploration & Production

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—August 7, 2019)(9)
6,895 6,842 6,636

LKCM Distribution Holdings, L.P.

Distributor of Industrial Process Equipment

12% Current / 2.5% PIK Secured Debt (Maturity— December 23, 2018)
16,417 16,278 16,417

LKCM Headwater Investments I, L.P.(12)(13)

Investment Partnership

LP Interests (Fully diluted 2.3%)(8)
2,250 5,764

MAH Merger Corporation(11)

Sports-Themed Casual Dining Chain

LIBOR Plus 4.50% (Floor 1.25%), Current Coupon 5.75%, Secured Debt (Maturity—July 19, 2019)(9)
7,258 7,198 7,276

MediMedia USA, Inc.(11)

Provider of Healthcare Media and Marketing

LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity—November 20, 2018)(9)
5,411 5,292 5,289

Messenger, LLC(10)

Supplier of Specialty Stationary and Related Products to the Funeral Industry

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—December 5, 2019)(9)
13,639 13,518 13,518

Milk Specialties Company(11)

Processor of Nutrition Products

LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity—November 9, 2018)(9)
7,847 7,806 7,670

Minute Key, Inc.

Operator of Automated Key Duplication Kiosks

10% Current / 2% PIK Secured Debt (Maturity—September 19, 2019)
4,023 3,985 3,985

Miramax Film NY, LLC(11)

Motion Picture Producer and Distributor

Class B Units (12% cumulative)(8)
792 792

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Hunter Defense Technologies, Inc.(11)	Provider of Military and Commercial Shelters and Systems
		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—August 5, 2019)(9)	6,414	6,366	6,350

ICON Health & Fitness, Inc.(11)	Producer of Fitness Products
		11.875% Secured Debt (Maturity—October 15, 2016)	6,956	6,907	6,608

iEnergizer Limited(11)(13)	Provider of Business Outsourcing Solutions
		LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—May 1, 2019)(9)	8,110	8,030	7,502

Indivior Finance LLC(11)(13)	Specialty Pharmaceutical Company Treating Opioid Dependence
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—December 19, 2019)(9)	7,125	6,759	6,697

Industrial Container Services, LLC(10)	Steel Drum Reconditioner
		LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—December 31, 2018)(9)	5,000	5,000	5,000

Infinity Acquisition Finance Corp.(11)	Application Software for Capital Markets
		7.25% Unsecured Debt (Maturity—August 1, 2022)	4,000	4,000	3,440

Inn of the Mountain Gods Resort and Casino(11)	Hotel & Casino Owner & Operator
		9.25% Secured Debt (Maturity—November 30, 2020)	3,851	3,708	3,562

Insurance Technologies, LLC(10)	Illustration and Sales-automation Platforms
		LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—December 1, 2019)(9)	4,804	4,759	4,759

Intertain Group Limited(11)(13)	Business-to-Consumer Online Gaming Operator
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—April 8, 2022)(9)	9,938	9,782	9,883

iPayment, Inc.(11)	Provider of Merchant Acquisition
		LIBOR Plus 5.25% (Floor 1.50%), Current Coupon 6.75%, Secured Debt (Maturity—May 8, 2017)(9)	15,026	14,986	14,446

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Modern VideoFilm, Inc.(10)

Post-Production Film Studio

LIBOR Plus 3.50% (Floor 1.50%), Current Coupon 5.00% / 8.50% PIK, Current Coupon Plus PIK 13.50%, Secured Debt (Maturity—September 25, 2017)(9)(14)
6,302 6,119 1,954

Warrants (1,375 equivalent shares)
151 1

6,270 1,955

Mood Media Corporation(11)(13)

Provider of Electronic Equipment

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—May 1, 2019)(9)
12,193 12,053 11,964

MP Assets Corporation(11)

Manufacturer of Battery Components

LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—December 19, 2019)(9)
4,416 4,378 4,394

New Media Holdings II LLC(11)(13)

Local Newspaper Operator

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—June 4, 2020)(9)
14,925 14,649 14,776

Nice-Pak Products, Inc.(11)

Pre-Moistened Wipes Manufacturer

LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—June 18, 2015)(9)
12,541 12,518 12,478

North Atlantic Trading Company, Inc.(11)

Marketer/Distributor of Tobacco Products

LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—January 13, 2020)(9)
7,426 7,361 7,305

Novitex Intermediate, LLC(11)

Provider of Document Management Services

LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity—July 7, 2020)(9)
5,985 5,929 5,746

Ospemifene Royalty Sub LLC (QuatRx)(10)

Estrogen-Deficiency Drug Manufacturer and Distributor

11.5% Secured Debt (Maturity—November 15, 2026)
5,205 5,205 5,205

Panolam Industries International, Inc.(11)

Decorative Laminate Manufacturer

LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—August 23, 2017)(9)
6,994 6,949 6,889

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


iQor US Inc.(11)	Business Process Outsourcing Services Provider
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—April 1, 2021)(9)	9,887	9,718	7,942

irth Solutions, LLC	Provider of Damage Prevention Information Technology Services
		Member Units (27,893 units)		1,441	1,441

Jackmont Hospitality, Inc.(10)	Franchisee of Casual Dining Restaurants
		LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25% / 2.50% PIK, Current Coupon Plus PIK 7.75%, Secured Debt (Maturity—May 26, 2021)(9)	4,357	4,337	4,188

Joerns Healthcare, LLC(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—May 9, 2020)(9)	14,805	14,711	14,703

JSS Holdings, Inc.(11)	Aircraft Maintenance Program Provider
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—August 31, 2021)(9)	14,566	14,230	13,765

Kendra Scott, LLC(11)	Jewelry Retail Stores
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—July 17, 2020)(9)	5,875	5,821	5,831

Keypoint Government Solutions, Inc.(11)	Provider of Pre-Employment Screening Services
		LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—November 13, 2017)(9)	6,303	6,268	6,271

LaMi Products, LLC(10)	General Merchandise Distribution
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 16, 2020)(9)	4,729	4,699	4,699

Lansing Trade Group LLC(11)	Commodity Merchandiser
		9.25% Unsecured Debt (Maturity—February 15, 2019)	6,000	6,000	5,625

Larchmont Resources, LLC(11)	Oil & Gas Exploration & Production
		LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity—August 7, 2019)(9)	7,807	7,508	5,543

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Parq Holdings Limited Partnership(11)(13)

Hotel & Casino Operator

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—December 17, 2020)(9)
6,226 6,078 6,108

Permian Holdings, Inc.(11)

Storage Tank Manufacturer

10.5% Secured Debt (Maturity—January 15, 2018)
2,755 2,728 2,066

Pernix Therapeutics Holdings, Inc.(10)(13)

Pharmaceutical Royalty— Anti-Migraine

12% Secured Debt (Maturity—August 1, 2020)
4,000 4,000 4,000

PeroxyChem LLC(11)

Chemical Manufacturer

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—February 28, 2020)(9)
8,933 8,774 8,843

Philadelphia Energy Solutions Refining and Marketing LLC(11)

Oil & Gas Refiner

LIBOR Plus 5.00% (Floor 1.25%), Current Coupon 6.25%, Secured Debt (Maturity—April 4, 2018)(9)
2,948 2,917 2,785

Pike Corporation(11)

Construction and Maintenance Services for Electric Transmission and Distribution Infrastructure

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—June 22, 2022)(9)
15,000 14,628 14,825

Polyconcept Financial B.V.(11)

Promotional Products to Corporations and Consumers

LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity—June 28, 2019)(9)
4,325 4,311 4,309

Primesight Limited(10)(13)

Outdoor Advertising Operator

10% Secured Debt (Maturity—October 22, 2016)
8,869 8,806 8,284

Printpack Holdings, Inc.(11)

Manufacturer of Flexible and Rigid Packaging

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—May 29, 2020)(9)
5,468 5,417 5,450

PT Network, LLC(10)

Provider of Outpatient Physical Therapy and Sports Medicine Services

LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.50%, Secured Debt (Maturity—November 1, 2018)(9)
11,946 11,828 11,828

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Leadrock Properties, LLC	Real Estate Investment
		10% Secured Debt (Maturity—May 4, 2026)	1,440	1,416	1,416

Legendary Pictures Funding, LLC(10)	Producer of TV, Film, and Comic Content
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—April 22, 2020)(9)	7,500	7,372	7,425

LKCM Headwater Investments I, L.P.(12)(13)	Investment Partnership
		LP Interests (Fully diluted 2.3%)		2,500	4,875

Looking Glass Investments, LLC(12)(13)	Specialty Consumer Finance
		9% Unsecured Debt (Maturity—June 30, 2020)	188	188	188
		Member Units (2.5 units)		125	125
		Member Units (LGI Predictive Analytics LLC) (190,712 units)(8)		188	188

				501	501

MediMedia USA, Inc.(11)	Provider of Healthcare Media and Marketing
		LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity—November 20, 2018)(9)	7,772	7,714	7,422

Messenger, LLC(10)	Supplier of Specialty Stationery and Related Products to the Funeral Industry
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—September 9, 2020)(9)	15,583	15,483	15,583

Milk Specialties Company(11)	Processor of Nutrition Products
		LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—November 9, 2018)(9)	792	789	792

Minute Key, Inc.	Operator of Automated Key Duplication Kiosks
		10% Current / 2% PIK Secured Debt (Maturity—September 19, 2019)	14,186	13,817	13,817
		Warrants (1,437,409 equivalent units)		280	280

				14,097	14,097

Miramax Film NY, LLC(11)	Motion Picture Producer and Distributor
		Member Units (500,000 units)(8)		864	864

Mood Media Corporation(11)(13)	Provider of Electronic Equipment
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—May 1, 2019)(9)	14,957	14,827	14,266

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

QBS Parent, Inc.(11)

Provider of Software and Services to the Oil & Gas Industry

LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity—August 7, 2021)(9)
10,000 9,905 9,825

RCHP, Inc.(11)

Regional Non-Urban Hospital Owner/Operator

LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—October 23, 2019)(9)
4,000 3,945 3,990

Recorded Books Inc.(11)

Audiobook and Digital Content Publisher

LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25%, Secured Debt (Maturity—January 31, 2020)(9)
12,031 11,925 11,941

Relativity Media, LLC(10)

Full-Scale Film and Television Production and Distribution

10% Secured Debt (Maturity—May 30, 2015)
5,787 5,772 5,801

15% PIK Secured Debt (Maturity—May 30, 2015)
7,410 7,347 7,558

Class A Units (260,194 units)
292 1,086

13,411 14,445

Renaissance Learning, Inc.(11)

Technology-based K-12 Learning Solutions

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—April 11, 2022)(9)
3,000 2,972 2,880

RGL Reservoir Operations Inc.(11)(13)

Oil & Gas Equipment and Services

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—August 13, 2021)(9)
3,990 3,876 3,219

RLJ Entertainment, Inc.(10)

Movie and TV Programming Licensee and Distributor

LIBOR Plus 8.75% (Floor 0.25%), Current Coupon 9.00%, Secured Debt (Maturity—September 11, 2019)(9)
11,399 11,318 11,318

SAExploration, Inc.(10)(13)

Geophysical Services Provider

Common Stock (6,472 shares)(8)
65 27

Sage Automotive Interiors, Inc(11)

Automotive Textiles Manufacturer

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 8, 2021)(9)
3,000 2,971 2,985

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


New Media Holdings II LLC(11)(13)	Local Newspaper Operator
		LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—June 4, 2020)(9)	9,788	9,635	9,703

North American Lifting Holdings, Inc.(11)	Crane Service Provider
		LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—November 27, 2020)(9)	997	835	733

North Atlantic Trading Company, Inc.(11)	Marketer/Distributor of Tobacco Products
		LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—January 13, 2020)(9)	9,676	9,607	9,603

Novitex Intermediate, LLC(11)	Provider of Document Management Services
		LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity—July 7, 2020)(9)	8,692	8,532	8,192

Ospemifene Royalty Sub LLC (QuatRx)(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
		11.5% Secured Debt (Maturity—November 15, 2026)	5,071	5,071	3,780

Panolam Industries International, Inc.(11)	Decorative Laminate Manufacturer
		LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—August 23, 2017)(9)	9,472	9,429	9,424

Paris Presents Incorporated(11)	Branded Cosmetic and Bath Accessories
		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—December 31, 2021)(9)	2,000	1,965	1,960

Parq Holdings Limited Partnership(11)(13)	Hotel & Casino Operator
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—December 17, 2020)(9)	7,500	7,369	7,200

Permian Holdings, Inc.(11)	Storage Tank Manufacturer
		10.5% Secured Debt (Maturity—January 15, 2018)	2,755	2,738	1,047

Pernix Therapeutics Holdings, Inc.(10)	Pharmaceutical Royalty
		12% Secured Debt (Maturity—August 1, 2020)	3,818	3,818	3,777

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Sagittarius Restaurants LLC (d/b/a Del Taco)(11)

Mexican/American QSR Restaurant Chain

LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—October 1, 2018)(9)
4,591 4,572 4,562

SCE Partners, LLC(10)

Hotel & Casino Operator

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—August 14, 2019)(9)
7,481 7,421 7,519

Sotera Defense Solutions, Inc.(11)

Defense Industry Intelligence Services

LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity—April 21, 2017)(9)
10,984 10,564 10,160

Symphony Teleca Services, Inc.(11)

Outsourced Product Development

LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity—August 7, 2019)(9)
14,000 13,870 13,930

Synagro Infrastructure Company, Inc(11)

Waste Management Services

LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—August 22, 2020)(9)
6,913 6,798 6,822

Targus Group International(11)

Distributor of Protective Cases for Mobile Devices

LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00% / 1.00% PIK, Current Coupon Plus PIK 12.00%, Secured Debt (Maturity—May 24, 2016)(9)
4,288 4,299 3,495

TeleGuam Holdings, LLC(11)

Cable and Telecom Services Provider

LIBOR Plus 4.00% (Floor 1.25%), Current Coupon 5.25%, Secured Debt (Maturity—December 10, 2018)(9)
6,830 6,813 6,796

LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity—June 10, 2019)(9)
2,500 2,480 2,512

9,293 9,308

Templar Energy LLC(11)

Oil & Gas Exploration & Production

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—November 25, 2020)(9)
5,000 4,945 3,615

The Tennis Channel, Inc.(10)

Television-Based Sports Broadcasting

Warrants (114,316 equivalent shares)
235 301

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Pike Corporation(11)	Construction and Maintenance Services for Electric Transmission and Distribution Infrastructure
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—June 22, 2022)(9)	15,000	14,663	14,712

Point.360(10)	Fully Integrated Provider of Digital Media Services
		Warrants (65,463 equivalent shares)		69	9
		Common Stock (163,658 shares)		273	144

				342	153

Prowler Acquisition Corp.(11)	Specialty Distributor to the Energy Sector
		LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—January 28, 2020)(9)	4,411	3,734	3,749

PT Network, LLC(10)	Provider of Outpatient Physical Therapy and Sports Medicine Services
		LIBOR Plus 7.75% (Floor 1.50%), Current Coupon 9.25%, Secured Debt (Maturity—November 1, 2018)(9)	12,047	11,954	11,771

QBS Parent, Inc.(11)	Provider of Software and Services to the Oil & Gas Industry
		LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity—August 7, 2021)(9)	11,389	11,303	11,332

Raley's(11)	Family-owned supermarket chain in California
		LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—May 18, 2022)(9)	5,094	4,999	5,069

RCHP, Inc.(11)	Regional Non-Urban Hospital Owner/Operator
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—April 23, 2019)(9)	5,448	5,426	5,448
		LIBOR Plus 10.25% (Floor 1.00%), Current Coupon 11.25%, Secured Debt (Maturity—October 23, 2019)(9)	4,000	3,954	3,953

				9,380	9,401

Renaissance Learning, Inc.(11)	Technology-based K-12 Learning Solutions
		LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—April 11, 2022)(9)	3,000	2,975	2,835

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

The Topps Company, Inc.(11)

Trading Cards & Confectionary

LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—October 2, 2018)(9)
1,980 1,964 1,930

Therakos, Inc.(11)

Immune System Disease Treatment

LIBOR Plus 5.75% (Floor 1.25%), Current Coupon 7.00%, Secured Debt (Maturity—December 27, 2017)(9)
6,278 6,178 6,255

TOMS Shoes, LLC(11)

Global Designer, Distributor, and Retailer of Casual Footwear

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—October 30, 2020)(9)
5,000 4,511 4,625

Travel Leaders Group, LLC(11)

Travel Agency Network Provider

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—December 5, 2018)(9)
12,445 12,305 12,445

UniTek Global Services, Inc.(11)

Provider of Outsourced Infrastructure Services

LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00% / 4.00% PIK, Current Coupon Plus PIK 15.00%, Secured Debt (Maturity—April 15, 2018)(9)(14)
10,776 10,173 7,942

5% Current / 2.25% PIK Secured Debt (Maturity—August 13, 2019)(14)
640 640 640

Warrants (267,302 equivalent shares)
449 —

11,262 8,582

Universal Fiber Systems, LLC(10)

Manufacturer of Synthetic Fibers

LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25%, Secured Debt (Maturity—January 31, 2019)(9)
5,094 5,084 5,082

Universal Wellhead Services Holdings, LLC(10)

Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry

Class A Units (4,000,000 units)
4,000 4,000

US Joiner Holding Company(11)

Marine Interior Design and Installation

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—April 16, 2020)(9)
7,444 7,410 7,332

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


RGL Reservoir Operations Inc.(11)(13)	Oil & Gas Equipment and Services
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—August 13, 2021)(9)	3,950	3,851	1,534

RLJ Entertainment, Inc.(10)	Movie and TV Programming Licensee and Distributor
		LIBOR Plus 8.75% (Floor 0.25%), Current Coupon 9.16%, Secured Debt (Maturity—September 11, 2019)(9)	9,354	9,353	9,203

RM Bidder, LLC(10)	Acquisition Vehicle
		Warrants (327,532 equivalent units)		425	363
		Member Units (2,779 units)		46	45

				471	408

SAExploration, Inc.(10)(13)	Geophysical Services Provider
		Common Stock (6,472 shares)		65	27

Sage Automotive Interiors, Inc(11)	Automotive Textiles Manufacturer
		LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 8, 2021)(9)	3,000	2,974	2,970

Salient Partners L.P.(11)	Provider of Asset Management Services
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—June 9, 2021)(9)	7,388	7,251	7,240

Sotera Defense Solutions, Inc.(11)	Defense Industry Intelligence Services
		LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity—April 21, 2017)(9)	10,119	9,886	9,360

Stardust Finance Holdings, Inc.(11)	Manufacturer of Diversified Building Products
		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—March 13, 2022)(9)	12,406	12,239	12,065

Subsea Global Solutions, LLC(10)	Underwater Maintenance and Repair Services
		LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—March 17, 2020)(9)	4,887	4,836	4,762

Portfolio Company(1)
Business Description
Type of Investment(2)(3)
Principal(4)
Cost(4)
Fair Value

Vantage Oncology, LLC(11)

Outpatient Radiation Oncology Treatment Centers

9.5% Secured Debt (Maturity—June 5, 2017)
7,000 7,000 6,790

Virtex Enterprises, LP(10)

Specialty, Full-Service Provider of Complex Electronic Manufacturing Services

12% Secured Debt (Maturity—December 27, 2018)
1,667 1,479 1,479

Preferred Class A Units (14 units; 5% cumulative)(8)
344 344

Warrants (11 equivalent units)
186 186

2,009 2,009

Vision Solutions, Inc.(11)

Provider of Information Availability Software

LIBOR Plus 8.00% (Floor 1.50%), Current Coupon 9.50%, Secured Debt (Maturity—July 23, 2017)(9)
5,000 4,941 4,872

Western Dental Services, Inc.(11)

Dental Care Services

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—November 1, 2018)(9)
5,395 5,391 5,153

Wilton Brands LLC(11)

Specialty Housewares Retailer

LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity—August 30, 2018)(9)
1,750 1,727 1,636

Worley Claims Services, LLC(10)

Insurance Adjustment Management and Services Provider

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 31, 2020)(9)
6,500 6,437 6,533

Zilliant Incorporated

Price Optimization and Margin Management Solutions

Warrants (952,500 equivalent shares)
1,071 1,071

Subtotal Non-Control/Non-Affiliate Investments (51.8% of total investments at fair value)
832,312 814,809

Total Portfolio Investments, December 31, 2014
1,441,402 1,563,330

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Synagro Infrastructure Company, Inc(11)	Waste Management Services
		LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—August 22, 2020)(9)	4,714	4,647	4,124

Targus Group International(11)	Distributor of Protective Cases for Mobile Devices
		LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00% / 1.00% PIK, Current Coupon Plus PIK 12.00%, Secured Debt (Maturity—May 24, 2016)(9)(14)	4,258	4,263	3,119

TeleGuam Holdings, LLC(11)	Cable and Telecom Services Provider
		LIBOR Plus 4.00% (Floor 1.25%), Current Coupon 5.25%, Secured Debt (Maturity—December 10, 2018)(9)	7,975	7,961	7,935
		LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity—June 10, 2019)(9)	2,500	2,484	2,487

				10,445	10,422

Templar Energy LLC(11)	Oil & Gas Exploration & Production
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—November 25, 2020)(9)	4,000	3,962	485

The Tennis Channel, Inc.(10)	Television-Based Sports Broadcasting
		Warrants (114,316 equivalent shares)		235	301

The Topps Company, Inc.(11)	Trading Cards & Confectionary
		LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—October 2, 2018)(9)	1,960	1,948	1,923

TOMS Shoes, LLC(11)	Global Designer, Distributor, and Retailer of Casual Footwear
		LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—October 30, 2020)(9)	4,963	4,545	3,387

Travel Leaders Group, LLC(11)	Travel Agency Network Provider
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—December 7, 2020)(9)	8,700	8,638	8,613

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


US Joiner Holding Company(11)	Marine Interior Design and Installation
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—April 16, 2020)(9)	7,369	7,341	7,295

Valley Healthcare Group, LLC	Provider of Durable Medical Equipment
		LIBOR Plus 12.50% (Floor 0.50%), Current Coupon 13.00%, Secured Debt (Maturity—December 29, 2020)(9)	10,400	10,297	10,297

Vantage Oncology, LLC(11)	Outpatient Radiation Oncology Treatment Centers
		9.5% Secured Debt (Maturity—June 15, 2017)	12,050	11,938	10,182

Virtex Enterprises, LP(10)	Specialty, Full-Service Provider of Complex Electronic Manufacturing Services
		12% Secured Debt (Maturity—December 27, 2018)	1,667	1,516	1,516
		Preferred Class A Units (14 units; 5% cumulative)(8)		333	512
		Warrants (11 equivalent units)		186	135

				2,035	2,163

Vision Solutions, Inc.(11)	Provider of Information Availability Software
		LIBOR Plus 8.00% (Floor 1.50%), Current Coupon 9.50%, Secured Debt (Maturity—July 23, 2017)(9)	5,000	4,987	4,750

Western Dental Services, Inc.(11)	Dental Care Services
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—November 1, 2018)(9)	4,904	4,901	4,303

Wilton Brands LLC(11)	Specialty Housewares Retailer
		LIBOR Plus 7.25% (Floor 1.25%), Current Coupon 8.50%, Secured Debt (Maturity—August 30, 2018)(9)	1,540	1,524	1,475

Worley Claims Services, LLC(10)	Insurance Adjustment Management and Services Provider
		LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 31, 2020)(9)	6,435	6,381	6,210

YP Holdings LLC(11)	Online and Offline Advertising Operator
		LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity—June 4, 2018)(9)	2,455	2,435	2,382

(1): All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note B 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 Agreement or in support of the SBA-guaranteed debentures issued by the Funds.
(2): Debt investments are income producing, unless otherwise noted. Equity and warrants are non-income producing, unless otherwise noted.
(3): See Note C for a summary of geographic location of portfolio companies.
(4): Principal is net of repayments. Cost is net of repayments and accumulated unearned income.
(5): Control investments are defined by the Investment Company Act of 1940, as amended ("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% 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. Variable rate loans bear interest at a rate that may be determined by reference to either LIBOR (which can include one-, two-, three- or six-month LIBOR) or Prime, at the borrower's option, which rates reset periodically based on the terms of the loan agreement.
(10): Private Loan portfolio investment. See Note B for a description of Private Loan portfolio investments.
(11): Middle Market portfolio investment. See Note B for a description of Middle Market portfolio investments.
(12): Other Portfolio investment. See Note B for a description of Other Portfolio investments.
(13): Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14): Non-accrual and non-income producing investment.
(15): Marketable securities and idle fund investments.
(16): External Investment Manager. Investment is not encumbered as security for the Company's Credit Agreement 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): Portfolio company is in a bankruptcy process and, as such, the maturity date of our debt investments in this portfolio company will not be finally determined until such process is complete. As noted in footnote (14), our debt investments in this portfolio company are on non-accrual status.

MAIN STREET CAPITAL CORPORATION

Notes to Consolidated Financial Statements

(Unaudited)

Main Street Capital Corporation ("MSCC") is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market ("LMM") companies and debt capital to middle market ("Middle Market") companies. The portfolio investments of MSCC and its consolidated subsidiaries are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSCC seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives within its LMM portfolio. MSCC and its consolidated subsidiaries invest 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"). MSCC wholly owns several investment funds, including Main Street Mezzanine Fund, LP ("MSMF") and Main Street Capital II, LP ("MSC II" 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"). 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.

MSC Adviser I, LLC (the "External Investment Manager") was formed in November 2013 as a wholly owned subsidiary of MSCC to provide investment management and other services to parties other than MSCC and its subsidiaries or their portfolio companies ("External Parties") and ~~receive~~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 ("RIA") under Investment Advisers Act of 1940, as amended (the "Advisers Act"). Since the External Investment Manager conducts all of its investment management activities for External Parties, it 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.

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 will not pay corporate-level U.S. federal income taxes on any net ordinary 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. The External Investment Manager is also a direct wholly owned subsidiary that has elected to be a taxable entity. The Taxable Subsidiaries and the External Investment Manager are each taxed at their normal corporate tax rates based on their taxable income.

Unless otherwise noted or the context otherwise indicates, the terms "we," "us," ~~"our"~~"our," the "Company" and "Main Street" refer to MSCC and its consolidated subsidiaries, which include the Funds and the Taxable Subsidiaries.

Main Street's financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). For each of the periods presented herein, Main Street's consolidated financial statements include the accounts of MSCC and its consolidated subsidiaries. The Investment Portfolio, as used herein, refers to all of Main Street's investments in LMM portfolio companies, investments in Middle Market portfolio companies, Private Loan portfolio investments, Other Portfolio investments, and the investment in the External Investment Manager, but excludes all "Marketable securities and idle funds investments" (see Note C—Fair Value Hierarchy for Investments and Debentures—Portfolio Composition—Portfolio Investment Composition for additional discussion of Main Street's Investment Portfolio and definitions for the terms ~~LMM, Middle Market,~~ Private Loan and Other Portfolio). "Marketable securities and idle funds investments" are classified as financial instruments and are reported separately on Main Street's consolidated balance sheets and consolidated schedules of investments due to the nature of such investments (see Note B.11.). Main Street's results of operations ~~for the three~~ and ~~nine months ended September 30, 2015 and 2014,~~ cash flows for the ~~nine~~three months ended ~~September 30,~~March 31, 2016 and 2015 ~~and 2014,~~ and financial position as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, are presented on a consolidated basis. The effects of all intercompany transactions between Main Street and its consolidated subsidiaries have been eliminated in consolidation. ~~Certain reclassifications have been made to prior period balances to conform to the current presentation, including reclassifying the expenses charged to the External Investment Manager.~~

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 Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2016 and 2015 ~~and 2014~~ are not necessarily indicative of the operating results to be expected for the full year. Also, the unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, ~~2014.~~2015. 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 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.

Under regulations pursuant to Article 6 of Regulation S-X applicable to BDCs and Accounting Standards Codification ("Codification" or "ASC") 946,Financial Services—Investment Companies ("ASC 946"), Main Street is precluded from consolidating other entities in which Main Street has equity investments, including those in which it has a controlling interest, unless the other entity is another investment company. An exception to this general principle in ASC 946 occurs if Main Street holds a controlling interest in an operating company that provides all or substantially all of its services directly to Main Street or to its portfolio companies. Accordingly, as noted above, MSCC's consolidated financial statements include the financial position and operating results for the Funds and the Taxable Subsidiaries. MSCC's consolidated financial statements also include the financial position and operating results for MSCC's wholly owned operating subsidiary, Main Street Capital Partners, LLC, ("MSCP"),

Subsidiaries. MSCC's consolidated financial statements also include the financial position and operating results for MSCC's wholly owned operating subsidiary, Main Street Capital Partners, LLC, ("MSCP"), as the wholly owned subsidiary provides all of its services directly or indirectly to Main Street or its portfolio companies. Main Street has determined that all of its portfolio investments do not qualify for this exception, including the investment in the External Investment Manager. Therefore, Main Street's Investment Portfolio is carried on the consolidated balance sheet at fair value, as discussed further in Note B, with any adjustments to fair value recognized as "Net Change in Unrealized Appreciation (Depreciation)" on the consolidated statements of operations until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a "Net Realized Gain (Loss)."

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% 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.

Main Street accounts for its Investment Portfolio at fair value. As a result, Main Street follows the provisions of the Financial Accounting Standards Board ("FASB") ASC 820,Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires 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 private, LMM companies and more liquid debt securities issued by Middle Market companies that are generally larger in size than the 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 which have been originated through strategic relationships with other investment funds on a collaborative basis, and are often referred to in the debt markets as "club deals." Private Loan investments are typically similar in size, structure, terms and conditions to investments Main Street holds in its LMM portfolio and Middle Market portfolio. Main Street's portfolio also includes Other Portfolio investments which primarily consist of investments that are not consistent with the typical profiles for its LMM portfolio investments, Middle Market portfolio investments or Private Loan portfolio investments, including investments which may be managed by third parties. Main Street's portfolio investments may be subject to restrictions on resale.

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 and a 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") for its LMM debt investments. For Middle Market portfolio investments, 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 Middle Market and Private Loan 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 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.~~fund and adjusts the fair value for other factors that would affect the fair value of the investment. All of the valuation approaches for Main Street's portfolio investments estimate the value of the investment as if Main Street were to sell, or exit, the investment as of the measurement date.

These valuation approaches consider the value associated with Main Street's ability to control the capital structure of the portfolio company, as well as the timing of a potential exit. For valuation purposes, "control" portfolio investments are composed of debt and equity securities in companies for which Main Street has a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company's board of directors. For valuation purposes, "non-control" portfolio investments are generally composed of debt and equity securities in companies for which Main Street does not have a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company's board of directors.

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 using 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, private 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. ~~The~~Due to SEC deadlines for Main Street's quarterly and annual financial reporting, the operating results of a portfolio company ~~may include unaudited, projected, budgeted or pro forma financial information and~~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 its determination. 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 investments. Main Street's estimate of the expected repayment date of its debt securities is generally the legal 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 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. However,~~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 ~~may consider~~considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of Main Street's investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, and expected future cash flows available to equity holders, including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding Main Street's ability to realize the full NAV of its interests in the investment fund.

Pursuant to its internal valuation process and the requirements under the 1940 Act, Main Street performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its LMM portfolio companies, Main Street, among other things, consults with a nationally recognized independent financial advisory services firm. The nationally recognized independent financial advisory services firm analyzes and provides observations, recommendations and ~~recommendations~~an assurance certification regarding the

Company's determinations of the fair value of its LMM portfolio company investments. The nationally recognized independent financial advisory services firm is generally consulted relative to Main Street's investments in each LMM portfolio company at least once every calendar year, and for Main Street's investments in new

LMM portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders' best interest, to consult with the nationally recognized independent financial advisory services firm on its investments in one or more LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street's investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from its independent financial advisory services firm in arriving at Main Street's determination of fair value on its investments in a total of 4411 LMM portfolio companies for the ~~nine~~three months ended ~~September 30, 2015,~~March 31, 2016, representing approximately ~~75%~~18% of the total LMM portfolio at fair value as of ~~September 30, 2015,~~March 31, 2016, and on a total of 4215 LMM portfolio companies for the ~~nine~~three months ended ~~September 30, 2014,~~March 31, 2015, representing approximately ~~74%~~23% of the total LMM portfolio at fair value as of ~~September 30, 2014.~~March 31, 2015. Excluding investments in new LMM portfolio companies which have not been in the Investment Portfolio for at least twelve months subsequent to the initial investment as of ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ as applicable, and investments in the LMM portfolio companies that were not reviewed because their equity is publicly traded, the percentage of the LMM portfolio reviewed and certified by the independent financial advisory services firm for the ~~nine~~three months ended ~~September 30,~~March 31, 2016 and 2015 was 19% and ~~2014 was 82% and 83%~~27% of the total LMM portfolio at fair value as of ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ respectively.

For valuation purposes, all of Main Street's Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. ~~The Company does~~Because almost all of the Middle Market portfolio investments are typically valued using third party quotes or other independent pricing services (including 98% and 99% of the Middle Market portfolio investments as of March 31, 2016 and December 31, 2015, respectively), we do not generally consult with any financial advisory services firms in connection with determining the fair value of ~~its~~our Middle Market ~~debt~~ investments.

For valuation purposes, all of Main Street's Private Loan portfolio investments are non-control investments. For Private Loan portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Private Loan debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Private Loan equity investments in a current hypothetical sale using the Waterfall valuation method.

In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its Private Loan portfolio companies, Main Street, among other things, consults with a nationally recognized independent financial advisory services firm. The nationally recognized independent financial advisory services firm analyzes and provides observations and recommendations and an

assurance certification regarding the Company's determinations of the fair value of its Private Loan portfolio company investments. The nationally recognized independent financial advisory services firm is generally consulted relative to Main Street's investments in each Private Loan portfolio company at least once every calendar year, and for Main Street's investments in new Private Loan portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders' best interest, to consult with the nationally recognized independent financial advisory services firm on its investments in one or more Private Loan portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street's investment in a Private Loan portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from its independent financial advisory services firm in arriving at its determination of fair value on its investments in a total of 10 Private Loan portfolio companies for the three months ended March 31, 2016, representing approximately 36% of the total Private Loan portfolio at fair value as of March 31, 2016. Excluding its investments in new Private Loan portfolio companies which have not been in the Investment Portfolio for at least twelve months subsequent to the most recent investment decision as of March 31, 2016 and its investments in the Private Loan portfolio companies that were not reviewed because the investment is publicly traded or quoted by banks, the percentage of the Private Loan portfolio reviewed and certified by its independent financial advisory services firm for the three months ended March 31, 2016 was 51% of the total Private Loan portfolio at fair value as of March 31, 2016.

For valuation purposes, all of Main Street's Other Portfolio investments are non-control investments. Main Street's Other Portfolio investments comprised approximately ~~3.0%~~4.3% and ~~3.8%~~4.2%, respectively, of Main Street's Investment Portfolio at fair value as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014.~~2015. 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 its investments using the NAV valuation method. For Other Portfolio debt 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 Other Portfolio debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method. For Other Portfolio debt investments for which third-party quotes or other independent pricing are available and appropriate, Main Street determines the fair value of these investments through obtaining third party quotes or other independent pricing to the extent that these inputs are available and appropriate to determine fair value.

For valuation purposes, Main Street's investment in the External Investment Manager is a control investment. Market quotations are not readily available for this investment, and as a result, Main Street determines the fair value of the External Investment Manager using the Waterfall valuation method under the market approach. In estimating the enterprise value, Main Street analyzes various factors, including the entity's historical and projected financial results, as well as its size, marketability and performance relative to the population of market comparables. This valuation approach estimates the value of the investment as if Main Street were to sell, or exit, the investment. In addition, Main Street considers the value associated with Main Street's ability to control the capital structure of the company, as well as the timing of a potential exit.

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 ~~a standard internal~~an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its LMM portfolio companies. This system takes into account both quantitative and qualitative factors of the LMM portfolio company and the investments held therein.

The Board of Directors of Main Street has the final responsibility for overseeing, reviewing and approving, in good faith, Main Street's determination of the fair value for its Investment Portfolio, as well as its valuation procedures, consistent with 1940 Act requirements. Main Street believes its Investment Portfolio as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014~~2015 approximates fair value as of those dates based on the markets in which Main Street operates and other conditions in existence on those reporting dates.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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., the financial statements include investments in the Investment Portfolio whose values have been estimated by Main Street with the oversight, review and approval 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 significantly from the values that would have been determined had a readily available market for the investments existed, and it is reasonably possible that the differences could be material.

Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value.

At ~~September 30, 2015,~~March 31, 2016, cash balances totaling ~~$31.4~~$14.5 million exceeded ~~FDIC~~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.

Marketable securities and idle funds investments include intermediate-term secured debt investments, independently rated debt investments and publicly traded debt and equity investments. See the consolidated schedule of investments for more information on Marketable securities and idle funds investments.

Main Street records 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 Main Street's valuation ~~policy,~~policies, Main Street evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if Main Street otherwise does not expect the debtor to be able to service all of its debt or other obligations, 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 or other obligations, or if a loan or debt security is fully impaired, sold or written off, Main Street removes it from non-accrual status.

Main Street holds certain debt and preferred equity instruments in its Investment Portfolio that contain payment-in-kind ("PIK") interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.9. 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 ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ (i) approximately ~~2.2%~~3.1% and ~~2.5%~~2.2%, respectively, of Main Street's total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately ~~1.2%~~0.8% and ~~1.8%, respectively, of Main Street's total investment income was attributable to cumulative dividend income~~

not paid currently in cash. For the nine months ended September 30, 2015 and 2014, (i) approximately 2.1% and 3.9%, respectively, of Main Street's total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately 1.0% ~~and 1.4%~~, respectively, of Main Street's total investment income was attributable to cumulative dividend income not paid currently in cash.

As of ~~September 30,~~March 31, 2016, Main Street's total Investment Portfolio had six investments on non-accrual status, which comprised approximately 0.5% of its fair value and 3.8% of its cost .. As of December 31, 2015, Main Street's total Investment Portfolio had ~~four~~six investments on non-accrual status, which included one fully-impaired debt investment and comprised approximately 0.2% of its fair value and 3.0% of its cost. As of December 31, 2014, Main Street's total Investment Portfolio had five investments with positive fair value on non-accrual status, which comprised approximately ~~1.7%~~0.4% of its fair value and ~~4.7%~~3.7% of its cost.

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 deferred and accreted into ~~interest~~ income over the life of the financing.

A presentation of the investment income Main Street received from its Investment Portfolio in each of the periods presented is as follows:

Deferred financing costs include SBIC debenture commitment fees and SBIC debenture leverage fees on the SBIC debentures which are not accounted for under the fair value option under ASC 825 (as discussed further in Note B.11.). These fees are approximately 3.4% of the total ~~commitment~~comitment and ~~draw~~drawn amounts, as applicable. These deferred financing costs have been capitalized and are being amortized into interest expense over the ten year term of each debenture agreement.

Deferred financing costs also include commitment fees and other costs related to Main Street's multi-year investment credit facility (the "Credit ~~Facility",~~Facility," as discussed further in Note F) and its notes (as discussed further in Note G). These costs have been capitalized and are amortized into interest expense over the term of the individual instrument.

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 interest income based on the effective interest method over the life of the financing.

In connection with its portfolio debt investments, Main Street sometimes receives nominal cost warrants ~~("nominal~~or warrants with an exercise price below the fair value of the underlying equity (together, "nominal cost equity") that are valued as part of the negotiation process with the particular portfolio company. When Main Street receives nominal cost equity, Main Street allocates its cost basis in its investment between its debt security and its nominal cost equity at the time of origination based on amounts negotiated with the particular portfolio company. The allocated amounts are based upon the fair value of the nominal cost equity, which is then used to determine the allocation of cost to the debt security. Any discount recorded on a debt investment resulting from this allocation is reflected as unearned income, which is netted against the applicable debt investment, and accreted into interest income based on the effective interest method 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 based on the effective interest method 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 based on the effective interest method over the life of the debt investment.

To maintain RIC tax treatment (as discussed in Note B.9.) below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the interest income. For the three months ended ~~September 30,~~March 31, 2016 and 2015, approximately 2.6% and 2014, approximately 2.3% and 2.3%, respectively, of Main Street's total investment income was attributable to interest income for the accretion of discounts associated with debt investments, net of any premium reduction. For the nine months ended September 30, 2015 and 2014, approximately 2.7% and 3.4%2.8%, respectively, of Main Street's total investment income was attributable to interest income for the accretion of discounts associated with debt investments, net of any premium reduction.

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.

Effective January 1, 2016, Main Street elected early adoption of ASU 2016-09,Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09," as discussed further below in Note B.13.). ASU 2016-09 requires that all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement and no longer delay recognition of a tax benefit until the tax benefit is realized through a reduction to taxes payable. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. Additionally, ASU 2016-09 allows an entity to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest, net of forfeitures, (current GAAP) or account for forfeitures when they occur. Amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value should be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. As such, Main Street has recorded a $1.8 million adjustment to "Net Unrealized Appreciation, Net of Income Taxes" on the consolidated balance sheet to capture the cumulative tax effect as of January 1, 2016. The company has elected to account for forfeitures as they occur and this change had no impact on its consolidated financial statements. The additional amendments (cash flows classification, minimum statutory tax withholding requirements and classification of awards as either a liability or equity) did not have an effect on Main Street's consolidated financial statements.

pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its ~~investment~~"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 ~~qualify for pass-through tax treatment and~~ maintain its RIC ~~status.~~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 12 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.~~year or (ii) fifteenth day of the ninth month following the close of the year which generated such taxable income.

The Taxable Subsidiaries hold certain portfolio 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-income" requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with Main Street for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street's consolidated financial statements as portfolio investments and recorded at fair value. 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 its book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax expense, or benefit, if any, and the related tax assets and liabilities, are reflected in Main Street's consolidated financial statements.

MSCC's wholly owned subsidiary MSCP is included in Main Street's consolidated financial statements for financing reporting purposes. For tax purposes, MSCP has elected to be treated as a taxable entity, and therefore is not consolidated with MSCC for income tax purposes and is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. The taxable income, or loss, of MSCP may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax expense, or benefit, if any, and the related tax assets and liabilities, are reflected in Main Street's consolidated financial statements.

The Taxable Subsidiaries and MSCP 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 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 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.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

10. Net Realized Gains or Losses and Net Change in 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 change in 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.

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. Marketable securities and idle funds investments may include investments in certificates of deposit, U.S. government agency securities, independently rated debt investments, diversified bond funds and publicly traded debt and equity investments and the fair value determination for these investments under the provisions of ASC 820 generally consists of Level 1 and 2 observable inputs, similar in nature to those discussed further in Note C.

As part of Main Street's acquisition of the majority of the equity interests of MSC II in January 2010 (the "MSC II Acquisition"), Main Street elected the fair value option under ASC 825,Financial Instruments ("ASC 825") relating to accounting for debt obligations at their fair value, for the MSC II SBIC debentures acquired (the "Acquired Debentures") as part of the acquisition accounting related to the MSC II Acquisition and values those obligations as discussed further in Note C. In order to provide for a more consistent basis of presentation, Main Street has continued to elect the fair value option for SBIC debentures issued by MSC II subsequent to the MSC II Acquisition. When the fair value option is elected for a given SBIC debenture, the deferred loan costs associated with the debenture are fully expensed in the current period to "Net Change in Unrealized Appreciation (Depreciation)—SBIC debentures" as part of the fair value adjustment. Interest incurred in connection with SBIC debentures which are valued at fair value is included in interest expense.

Basic and diluted per share calculations are computed utilizing the ~~weighted- average~~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 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.

In May 2014, the FASB issued Accounting Standards Update 2014-09,Revenue from Contracts with Customers (Topic 606). ASU 2014-9 supersedes the revenue recognition requirements under ASC Topic 605,Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount,

timing and uncertainty of revenue that is recognized. The FASB tentatively decided to defer the effective date of the new revenue standard for public entities under U.S. GAAP for one year. If finalized, the new guidance will be effective for the annual reporting period beginning after December 15, 2017, including interim periods within that reporting period. Early adoption would be permitted for annual reporting periods beginning after December 15, 2016. Main Street is currently evaluating the impact the adoption of this new accounting standard will have on its financial statements.

~~In April 2015, the FASB issued ASU 2015-03,~~~~Simplifying the Presentation of Debt Issuance Costs~~, which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. It is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The impact of the adoption of this new accounting standard on Main Street's consolidated financial statements is currently being evaluated.

In May 2015, the FASB issued ASU 2015-07,Fair Value Measurements—Disclosures for Certain Entities that Calculate Net Asset Value per Share. This amendment updates guidance intended to eliminate the diversity in practice surrounding how investments measured at net asset value under the practical expedient with future redemption dates have been categorized in the fair value hierarchy. Under the updated guidance, investments for which fair value is measured at net asset value per share using the practical expedient should no longer be categorized in the fair value hierarchy, while investments for which fair value is measured at net asset value per share but the practical expedient is not applied should continue to be categorized in the fair value hierarchy. The updated guidance requires retrospective adoption for all periods presented and is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this standard during the three months ended March 31, 2016. There was no impact of the adoption of this new accounting standard on our consolidated financial statements as none of our investments are measured through the use of the practical expedient.

In February 2016, the FASB issued ASU 2016-02,Leases, which requires lessees to recognize on the balance sheet a right-of-use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. The standard requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities may elect to apply. The new guidance is effective for annual periods beginning after December 15, 2018, and interim periods therein. Early application is permitted. The impact of the adoption of this new accounting standard on Main Street's consolidated financial statements is currently being evaluated.

In March 2016, the FASB issued ASU 2016-09, which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification

of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for annual periods beginning after December 15, 2016, and interim periods therein. Early application is permitted. The Company elected to early adopt this standard during the three months ended March 31, 2016. See further discussion of the impact of the adoption of this standard in Note B.8.

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by Main Street as of the specified effective date. Main Street believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its financial statements upon adoption.

NOTE C—FAIR VALUE HIERARCHY FOR INVESTMENTS AND DEBENTURES—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.

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).

Investments recorded on Main Street's balance sheet are categorized based on the inputs to the valuation techniques as follows:

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). Main Street conducts reviews of fair value hierarchy classifications on a quarterly basis. During the classification process, Main Street may determine that it is appropriate to transfer investments between fair value hierarchy Levels. These transfers occur when Main Street has concluded that it is appropriate for the classification of an individual asset to be changed due to a change in the factors used to determine the selection of the Level. Any such changes are deemed to be effective during the quarter in which the transfer occurs.

As of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, all ~~except for one~~ of Main Street's LMM portfolio investments except for the debt and equity investments in one portfolio company consisted of illiquid securities issued by private companies. ~~The remaining investment was~~Those investments which were the exceptions were in a company with publicly traded ~~equity security.~~equity. As a result, the fair value determination for the LMM portfolio investments primarily consisted of unobservable inputs. The fair value determination for the publicly traded equity security consisted of observable inputs in non-active markets for which sufficient observable inputs were available to determine the fair value. As a result, all of Main Street's LMM

portfolio investments were categorized as Level 3 as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, except for the one publicly traded equity security which was categorized as Level 2.

As of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, Main Street's Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street's Middle Market portfolio investments were categorized as Level 3 as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014.~~2015.

As of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, Main Street's Private Loan portfolio investments primarily consisted of investments in interest-bearing secured debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street's Private Loan portfolio investments were categorized as Level 3 as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014.~~2015.

As of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, Main Street's Other Portfolio investments consisted of illiquid securities issued by private companies. The fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main Street's Other Portfolio investments were categorized as Level 3 as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014.~~2015.

As of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, Main Street's Marketable securities and idle funds investments consisted primarily of investments in publicly traded debt and equity investments. The fair value determination for these investments consisted of a combination of observable inputs in active markets for which sufficient observable inputs were available to determine the fair value of these investments. As a result, all of Main Street's Marketable securities and idle funds investments were categorized as Level 1 as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014.~~2015.

The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:

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, Middle Market, Private Loan and Other Portfolio debt securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (described in Note B.1.—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.~~

appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.

The following ~~table provides~~tables provide a summary of the significant unobservable inputs used to fair value Main Street's Level 3 portfolio investments as of ~~September 30,~~March 31, 2016 and December 31, 2015:

~~The following table provides a summary of the significant unobservable inputs used to fair value Main Street's Level 3 portfolio investments as of December 31, 2014:~~

The following ~~table provides~~tables provide a summary of changes in fair value of Main Street's Level 3 portfolio investments for the ~~nine months~~three month periods ended ~~September 30,~~March 31, 2016 and 2015 (amounts in thousands). Net ~~unrealized~~

unrealized appreciation (depreciation) is included in the ~~Net~~net change in unrealized appreciation (depreciation)—portfolio investments on the consolidated statements of operations.

The following table provides a summary of changes in fair value of Main Street's Level 3 portfolio investments for the nine months ended September 30, 2014 (amounts in thousands). All transfers that occurred between fair value hierarchy levels during the nine months ended September 30, 2014 were transfers out of Level 2 into Level 3 as certain investments were deemed to trade infrequently. Net unrealized appreciation (depreciation) is included in the Net change in unrealized appreciation (depreciation)—portfolio investments on the consolidated statements of operations.

As of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, the fair value determination for the SBIC debentures recorded at fair value primarily consisted of unobservable inputs. As a result, the SBIC debentures which are recorded at fair value were categorized as Level 3. Main Street determines the fair value of these instruments primarily using a Yield-to-Maturity approach that analyzes the discounted cash flows of interest and principal for each SBIC debenture recorded at fair value based on estimated market interest rates for debt instruments of similar structure, terms, and maturity. Main Street's estimate of the expected repayment date of principal for each SBIC debenture recorded at fair value is the legal maturity date of the instrument. The significant unobservable inputs used in the fair value measurement of Main Street's SBIC debentures recorded at fair value are the estimated market interest rates used to fair value each debenture using the yield valuation technique described above. Significant increases (decreases) in the ~~Yield- to-Maturity~~Yield-to-Maturity valuation inputs in isolation would result in a significantly lower (higher) fair value measurement.

The following tables provide a summary of the significant unobservable inputs used to fair value Main Street's Level 3 SBIC debentures as of March 31, 2016 and December 31, 2015 (amounts in thousands):

The following ~~table provides a summary of the significant unobservable inputs used to fair value Main Street's Level 3 SBIC debentures as of September 30, 2015 (amounts in thousands):~~

~~The following table provides a summary of the significant unobservable inputs used to fair value Main Street's Level 3 SBIC debentures as of December 31, 2014 (amounts in thousands):~~

~~The following table provides~~tables provide a summary of changes for the Level 3 SBIC debentures recorded at fair value for the ~~nine months~~three month periods ended ~~September 30,~~March 31, 2016 and 2015 (amounts in thousands):

~~The following table provides a summary of changes for the Level 3 SBIC debentures recorded at fair value for the nine months ended September 30, 2014 (amounts in thousands):~~

At March 31, 2016 and December 31, 2015, Main Street's investments and SBIC debentures at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:

~~At September 30, 2015 and December 31, 2014, Main Street's investments and SBIC debentures at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:~~

Main Street's ~~lower middle market ("LMM")~~LMM portfolio investments primarily consist of 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 $50 million. The LMM debt investments are typically secured by either a first or second priority lien on

the assets of the portfolio company, ~~primarily~~generally bear interest at fixed rates, and generally have a term of between five and seven years from the original investment date. In most LMM portfolio investments, Main Street receives nominally priced equity warrants and/or makes direct equity investments in connection with a debt investment.

Main Street's ~~middle market ("~~Middle ~~Market")~~Market portfolio investments primarily consist of direct investments in or secondary purchases of interest- bearing debt securities in privately held companies based in the United States that are generally larger in size than the companies included in Main Street's LMM portfolio. Main Street's Middle Market portfolio companies generally have annual revenues between $150 million and $1.5 billion, and its Middle Market investments generally range in size from $3 million to $15 million. Main Street's Middle Market portfolio debt investments are generally secured by either a first or second 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's private loan ("Private Loan") portfolio investments are primarily debt securities which have been originated through strategic relationships with other investment funds on a collaborative basis, and are often referred to in the debt markets as "club deals." Private Loan investments are typically similar in size, structure, terms and conditions to investments Main Street holds in its LMM portfolio and Middle Market portfolio. Main Street's Private Loan portfolio debt investments are generally secured by either a first or second 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's other portfolio ("Other Portfolio") investments primarily consist of investments which are not consistent with the typical profiles for LMM, Middle Market and Private Loan 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.

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 of the funds under management and may earn incentive fees, or a carried interest, based on the performance of the funds managed. Main Street has entered into an agreement ~~to provide~~with the External Investment Manager ~~with asset management service support~~to share employees in connection with its asset management business generally, and specifically for its relationship with HMS Income Fund, Inc. ("HMS Income"). Through this agreement, Main Street ~~provides management and other services to~~shares employees with the External Investment Manager, ~~as well as access to Main Street's employees,~~including their related infrastructure, business relationships, management expertise and capital raising capabilities. In the first quarter of 2014, Main Street began ~~charging~~allocating cost to the External Investment Manager pursuant to the ~~cost for these services.~~sharing agreement. Main Street's total expenses for the three months ended ~~September 30,~~March 31, 2016 and 2015 ~~and 2014~~ are net of ~~expenses charged~~the costs allocated to the External Investment Manager of ~~$1.1~~$1.2 million and $0.6 million, respectively. Main Street's total expenses for the nine months ended September 30, 2015 and 2014 are net of expenses charged to the External Investment Manager of $3.1 million and $1.3$0.8 million, respectively.

Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ Main Street did not record investment income from any single portfolio company in excess of 10% of total investment income.

The following tables provide a summary of Main Street's investments in the LMM, Middle Market and Private Loan portfolios as of March 31, 2016 and December 31, 2015 (this information excludes the Other Portfolio investments and the External Investment Manager which are discussed further below):

As of ~~September 30, 2015,~~March 31, 2016, Main Street had Other Portfolio investments in ~~seven~~ten companies, collectively totaling approximately ~~$56.9~~$78.7 million in fair value and approximately ~~$61.2~~$86.6 million in cost basis and which comprised approximately ~~3.0%~~4.3% of Main Street's Investment Portfolio at fair value. As of December 31, ~~2014,~~2015, Main Street had Other Portfolio investments in ~~six~~ten companies, collectively totaling approximately ~~$58.9~~$74.8 million in fair value and approximately ~~$56.2~~$75.2 million in cost basis and which comprised approximately ~~3.8%~~4.2% of Main Street's Investment Portfolio at fair value.

As discussed further in Note A.1., Main Street holds an investment in the External Investment Manager, a wholly owned subsidiary that is treated as a portfolio investment. As of ~~September 30,~~March 31, 2016, there was no cost basis in this investment and the investment had a fair value of $27.8 million, which comprised 1.5% of Main Street's Investment Portfolio at fair value. As of December 31, 2015, there was no cost basis in this investment and the investment had a fair value of ~~$32.3~~$27.3 million, which comprised ~~1.7%~~1.5% of Main Street's Investment Portfolio at fair value. ~~As of December 31, 2014, there was no cost basis in this investment and the investment had a fair value of $15.6 million, which comprised 1.0% of Main Street's Investment Portfolio at fair value.~~

The following tables summarize the composition of Main Street's total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments, as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014~~2015 (this information excludes the Other Portfolio investments and the External Investment Manager).

The following tables summarize the composition of Main Street's total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments by geographic region of the United States and other countries at cost and fair value as a percentage of the total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments, as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014~~2015 (this information excludes the Other

Portfolio investments and the External Investment Manager). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.

Main Street's LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments are in companies conducting business in a variety of industries. The following tables summarize the composition of Main Street's total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments by industry at cost and fair value

as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014~~2015 (this information excludes the Other Portfolio investments and the External Investment Manager).

Cost:

Hotels, Restaurants & Leisure	7.7%	5.6%	7.6%	7.9%
Energy Equipment & Services	7.0%	8.3%	7.3%	7.3%
Machinery			5.9%	5.7%
Media	6.0%	8.3%	5.9%	5.6%
Machinery	5.4%	6.5%
IT Services	5.2%	5.9%	4.9%	5.1%
Construction & Engineering			4.5%	4.6%
Software			4.2%	4.5%
Electronic Equipment, Instruments & Components			4.2%	4.3%
Specialty Retail	5.0%	4.7%	4.0%	5.1%
Software	4.7%	5.4%
Construction & Engineering	4.3%	5.3%
Diversified Telecommunication Services	4.3%	4.0%
Health Care Providers & Services	4.2%	4.9%	3.8%	4.1%
Internet Software & Services	3.6%	1.9%	3.7%	3.1%
Electronic Equipment, Instruments & Components	3.3%	3.0%
Diversified Consumer Services	3.1%	2.9%	3.3%	3.7%
Commercial Services & Supplies			3.2%	3.3%
Health Care Equipment & Supplies			3.1%	3.1%
Diversified Telecommunication Services			2.8%	2.9%
Diversified Financial Services			2.8%	2.3%
Auto Components	2.6%	2.3%	2.6%	2.7%
Food Products	2.5%	1.8%	2.4%	2.4%
Commercial Services & Supplies	2.2%	1.0%
Oil, Gas & Consumable Fuels	2.1%	2.5%	2.2%	2.1%
Diversified Financial Services	2.1%	1.0%
Building Products			2.2%	1.9%
Pharmaceuticals	1.8%	1.8%	1.8%	1.9%
Building Products	1.8%	1.1%
Health Care Equipment & Supplies	1.8%	2.1%
Professional Services	1.8%	1.1%	1.8%	1.9%
Road & Rail	1.6%	1.8%	1.6%	1.6%
Consumer Finance			1.6%	0.8%
Leisure Equipment & Products			1.3%	1.1%
Air Freight & Logistics			1.1%	1.1%
Aerospace & Defense	1.2%	1.2%	1.0%	1.0%
Leisure Equipment & Products	1.2%	0.5%
Automobile	1.2%	0.8%
Chemicals	1.1%	1.3%
Air Freight & Logistics	1.1%	0.9%
Distributors	1.1%	1.0%
Trading Companies & Distributors	1.0%	1.2%
Textiles, Apparel & Luxury Goods	0.6%	1.3%
Other(1)	7.4%	8.6%	9.2%	8.9%

	100.0%	100.0%	100.0%	100.0%


					��

Fair Value:

Hotels, Restaurants & Leisure	7.5%	5.6%	7.7%	7.8%
Machinery	6.5%	8.1%	7.1%	7.0%
Software			5.7%	5.9%
Energy Equipment & Services	6.1%	7.9%	5.6%	6.0%
Specialty Retail	5.7%	4.9%
Software	5.5%	5.5%
Diversified Consumer Services			5.5%	5.7%
Media	5.2%	7.7%	5.5%	5.1%
Diversified Consumer Services	5.0%	4.4%
Construction & Engineering	4.9%	5.5%	5.0%	5.1%
IT Services	4.8%	5.4%	4.5%	4.6%
Specialty Retail			4.2%	6.0%
Electronic Equipment, Instruments & Components			3.7%	3.7%
Internet Software & Services			3.5%	2.9%
Health Care Providers & Services			3.2%	3.3%
Commercial Services & Supplies			3.1%	3.1%
Health Care Equipment & Supplies			3.0%	2.9%
Auto Components			3.0%	2.8%
Diversified Financial Services			2.8%	2.2%
Road & Rail			2.6%	2.6%
Diversified Telecommunication Services	3.8%	3.8%	2.5%	2.7%
Health Care Providers & Services	3.5%	4.4%
Internet Software & Services	3.3%	2.3%
Auto Components	2.8%	2.5%
Electronic Equipment, Instruments & Components	2.7%	2.5%
Road & Rail	2.5%	2.3%
Food Products	2.4%	1.6%	2.2%	2.1%
Diversified Financial Services	2.1%	1.0%
Commercial Services & Supplies	2.1%	1.0%
Building Products			2.0%	1.6%
Professional Services			1.8%	1.7%
Pharmaceuticals	1.7%	1.7%	1.6%	1.7%
Health Care Equipment & Supplies	1.7%	1.9%
Professional Services	1.7%	1.0%
Consumer Finance			1.3%	0.6%
Air Freight & Logistics			1.2%	1.3%
Leisure Equipment & Products			1.2%	1.1%
Oil, Gas & Consumable Fuels	1.6%	1.9%	1.0%	1.2%
Building Products	1.6%	0.9%
Air Freight & Logistics	1.2%	0.8%
Aerospace & Defense	1.1%	1.1%
Leisure Equipment & Products	1.1%	0.4%
Distributors	1.1%	1.0%
Automobile	1.1%	0.8%
Chemicals	1.0%	1.2%
Trading Companies & Distributors	0.9%	1.1%
Paper & Forest Products	0.7%	1.2%
Textiles, Apparel & Luxury Goods	0.5%	1.2%
Other(1)	6.6%	7.4%	9.5%	9.3%

	100.0%	100.0%	100.0%	100.0%

At ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, Main Street had no portfolio investment that was greater than 10% of the Investment Portfolio at fair value.

Main Street's investments are generally in small and mid-sized companies in a variety of industries. 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 these unconsolidated controlled portfolio companies, there are three tests utilized to determine if any of Main Street's Control Investments (as defined in Note A, including those unconsolidated controlled portfolio companies in which Main Street does not own greater than 50% of the voting securities) are considered significant subsidiaries: the investment test, the asset test and the income test. Rule 3-09 of Regulation S-X, as interpreted by the SEC, requires Main Street to include 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 if any of the three tests exceed 20% of Main Street's total investments at fair value, total assets or total income, respectively. Rule 4-08(g) of Regulation S-X requires summarized financial information of a Control Investment in an annual report if any of the three tests exceeds 10% of Main Street's annual total amounts and summarized financial information in a quarterly report if any of the three tests exceeds 20% of Main Street's year-to-date total amounts.

As of March 31, 2016, Main Street had no single Control Investment that represented greater than 20% of its total Investment Portfolio at fair value and no single investment whose total assets represented greater than 20% of its total assets. After performing the income test for the three months ended March 31, 2016, Main Street determined that its income from three of its Control Investments individually generated more than 20% of its total income, primarily due to the unrealized appreciation that was recognized on the investments during the three months ended March 31, 2016. As such, GRT Rubber Technologies LLC and Travis Acquisition LLC were considered significant subsidiaries at the 20% level as of March 31, 2016. Additionally, CBT Nuggets, LLC, an unconsolidated portfolio company that was a Control Investment, but which was not majority-owned by Main Street, was also considered a significant subsidiary at the 20% level as of March 31, 2016.

The following table shows the summarized financial information for CBT Nuggets, LLC:

The following table shows the summarized financial information for GRT Rubber Technologies LLC:

The following table shows the summarized financial information for Travis Acquisition LLC:

As discussed further in Note A.1., 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 ~~parties outside of MSCC and its consolidated subsidiaries.~~External Parties.

During May 2012, Main Street entered into an investment sub-advisory agreement with HMS Adviser, LP ("HMS Adviser"), which is the investment advisor to HMS Income, ~~Fund, Inc. ("HMS Income"),~~ a non-publicly traded

BDC whose registration statement on Form N-2 was declared effective by the SEC in June 2012, to provide certain investment advisory services to HMS Adviser. In December 2013, after obtaining required no-action relief from the SEC to allow it to own a registered investment adviser, Main Street assigned the sub-advisory agreement to the External Investment Manager since the fees received from such arrangement could otherwise have negative consequences on MSCC's ability to meet the source-of-income requirement necessary for it to maintain its RIC tax treatment. Under the investment sub-advisory agreement, the External Investment Manager is entitled to 50% of the base management fee and the incentive fees earned by HMS Adviser under its advisory agreement with HMS Income. Based upon several fee waiver agreements with HMS Income and HMS Adviser, the External Investment Manager did not begin accruing the base management fee and incentive fees, if any, until January 1, 2014. Beginning January 1, ~~2015,~~2016, the External Investment Manager conditionally agreed to waive a limited amount of the ~~base management fee and~~ incentive fees otherwise earned during the ~~year~~three months ended ~~December~~March 31, ~~2015.~~2016. During the three months ended ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ the External Investment Manager earned ~~$2.1~~$2.3 million and $0.8 million, respectively, of management fees (net of fees waived, if any) under the sub-advisory agreement with HMS Adviser. During the nine months ended September 30, 2015 and 2014, the External Investment Manager earned $5.5 million and $1.7$1.4 million, respectively, of management fees (net of fees waived, if any) under the sub-advisory agreement with HMS Adviser.

The investment in the External Investment Manager is accounted for using fair value accounting, with the fair value determined by Main Street and approved, in good faith, by Main Street's Board of Directors. 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.). Any change in fair value of the investment in the External Investment Manager is recognized on Main Street's consolidated statement of operations in "Net Change in Unrealized Appreciation (Depreciation)—Portfolio investments".

The External Investment Manager has elected, for tax purposes, to be treated as a taxable entity, is not consolidated with Main Street for income tax purposes and is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. The External Investment Manager has elected to be treated as a taxable entity to enable it to receive fee income and to allow MSCC to continue to comply with the "source-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. 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 ~~provides services to~~shares employees with the External Investment Manager and ~~charges the expenses necessary~~allocates costs related to ~~perform these services~~such shared employees to the External Investment Manager generally based on a

combination of the direct time spent, new investment origination activity and assets under management, depending on the nature of the expense. For the three months ended ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ Main Street ~~charged $1.1~~allocated $1.2 million and ~~$0.6 million of total expenses, respectively, to the External Investment Manager. For the nine months ended September 30, 2015 and 2014, Main Street charged $3.1 million and $1.3~~$0.8 million of total expenses, respectively, to the External Investment Manager. The total contribution of the External Investment Manager to Main Street's net investment income consists of the combination of the expenses ~~charged~~allocated to the External Investment Manager and dividend income from the External Investment Manager. For the three months ended ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ the total contribution to net investment income was ~~$1.8~~$1.9 million and ~~$0.7~~$1.2 million, respectively. ~~For the nine months ended September 30, 2015 and 2014, the total contribution to net investment income was $4.7 million and $1.5 million, respectively.~~

Summarized financial information from the separate financial statements of the External Investment Manager as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 is as follows:

Summarized financial information from the separate financial statements of the External Investment Manager as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 is as follows:

SBIC debentures payable were $225.0 million at both ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, respectively. SBIC debentures provide for interest to be paid semi-annually, with principal due at the applicable 10-year maturity date of each debenture. The weighted-average annual interest rate on the SBIC debentures was 4.2% as of both ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014.~~2015. The first principal maturity due under the existing SBIC debentures is in 2017, and the remaining weighted-average duration as of ~~September 30, 2015~~March 31, 2016 was approximately ~~5.8~~5.3 years. For the three months ended ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ Main Street recognized interest expense attributable to the SBIC debentures of $2.5 million in each period, ~~respectively. For the nine months ended September 30, 2015 and 2014, Main Street recognized interest expense attributable to the SBIC debentures of $7.4 million and $7.0 million,~~ respectively. Main Street has incurred upfront leverage and other miscellaneous fees of approximately 3.4% of the debenture principal amount. In accordance with SBA regulations, the Funds are precluded from incurring additional non-SBIC debt without the prior approval of the SBA. The Funds are subject to annual compliance examinations by the SBA. There have been no historical findings resulting from these examinations.

As of ~~September 30, 2015,~~March 31, 2016, the recorded value of the SBIC debentures was ~~$223.6~~$223.8 million which consisted of (i) ~~$73.8~~$74.0 million recorded at fair value, or ~~$1.4~~$1.2 million less than the $75.2 million face value of the SBIC debentures held in MSC II, and (ii) $149.8 million reported at face value and held in MSMF. As of ~~September 30, 2015,~~March 31, 2016, if Main Street had adopted the fair value option under ASC 825 for all of its SBIC debentures, Main Street estimates the fair value of its SBIC debentures would be approximately ~~$211.1~~$211.8 million, or ~~$13.9~~$13.2 million less than the $225.0 million face value of the SBIC debentures.

Main Street maintains the Credit Facility to provide additional liquidity to support its investment and operational activities. The Credit Facility ~~provides for~~includes total commitments of $555.0 million from a diversified group of ~~fifteen~~fourteen lenders and matures in September ~~2019 and was amended during April 2015 to increase the total commitments from $572.5 million to $597.5 million and increase the~~2020. The Credit Facility also contains an accordion feature ~~of the Credit Facility from $650.0 million to $750.0 million. The accordion feature~~which allows Main Street to increase the total commitments under the facility up to $750.0 million from new and existing lenders on the same terms and conditions as the existing commitments.

Borrowings under the Credit Facility bear interest, subject to Main Street's election, on a per annum basis at a rate equal to ~~(i)~~ the applicable LIBOR rate ~~(0.20%~~(0.44% as of ~~September 30, 2015)~~March 31, 2016) plus ~~2.00%,~~(i) 1.875% (or the applicable base rate (Prime Rate of 3.5% as of March 31, 2016) plus 0.875%) as long as Main Street maintains an investment grade rating and meets certain agreed upon excess collateral and maximum leverage requirements, (ii) 2.0% (or the applicable base rate plus 1.0%) if Main Street maintains an investment grade rating but, does not meet certain excess collateral and maximum leverage requirements or (iii) 2.25% (or the applicable base rate plus 1.25%) if Main Street does not maintain an investment grade rating) or (ii) the applicable base rate (Prime Rate of 3.25% as of September 30, 2015) plus 1.00%, as long as Main Street maintains an investment grade rating (or 1.25% if Main Street does not maintain an investment grade rating).rating. Main Street pays unused commitment fees of 0.25% per annum on the unused lender commitments under the Credit Facility. The Credit Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership ~~and~~or assets of the Funds and the External Investment Manager. The Credit Facility contains certain affirmative and negative covenants, ~~including:~~including but not limited to: (i) maintaining a minimum availability of at least 10% of the borrowing base, (ii) maintaining an interest coverage ratio of at least 2.0 to 1.0, (iii) maintaining an asset coverage ratio of at least 1.5 to 1.0, and (iv) maintaining a minimum tangible net worth. Main Street is in compliance with these covenants. The Credit Facility is provided on a revolving basis through its final maturity date in September ~~2019,~~2020, and

contains two, one-year extension options which could extend the final maturity by up to two years, subject to certain conditions, including lender approval.

At ~~September 30, 2015,~~March 31, 2016, Main Street had ~~$346.0~~$306.0 million in borrowings outstanding under the Credit Facility. As of ~~September 30, 2015,~~March 31, 2016, if Main Street had adopted the fair value option under ASC 825 for its Credit Facility, Main Street estimates its fair value would approximate its recorded value. Main Street recognized interest expense related to the Credit Facility, including unused commitment fees and amortization of deferred loan costs, of ~~$2.2~~$2.1 million and ~~$2.0~~$1.7 million for the three months ended ~~September 30,~~March 31, 2016 and 2015, ~~and 2014, respectively and of $5.5 million and $5.3 million, respectively, for the nine months ended September 30, 2015 and 2014.~~respectively. As of ~~September 30, 2015,~~March 31, 2016, the interest rate on the Credit Facility was ~~2.2%,~~2.3% which is consistent with the average interest rate for the three months ended ~~September 30, 2015.~~March 31, 2016. Main Street was in compliance with all financial covenants of the Credit Facility.

In April 2013, Main Street issued $92.0 million, including the underwriters full exercise of their option to purchase additional principal amounts to cover over-allotments, in aggregate principal amount of 6.125% Notes due 2023 (the "6.125% Notes"). The 6.125% Notes are unsecured obligations and rank pari passu with Main Street's current and future unsecured indebtedness; senior to any of its future indebtedness that expressly provides it is subordinated to the 6.125% Notes; effectively subordinated to all of its existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds. The 6.125% Notes mature on April 1, 2023, and may be redeemed in whole or in part at any time or from time to time at Main Street's option on or after April 1, 2018. The 6.125% Notes bear interest at a rate of 6.125% per year payable quarterly on January 1, April 1, July 1 and October 1 of each year. The total net proceeds to Main Street from the 6.125% Notes, after underwriting discounts and estimated offering expenses payable by Main Street, were approximately $89.0 million. Main Street has listed the 6.125% Notes on the New York Stock Exchange under the trading symbol "MSCA". Main Street may from time to time repurchase the 6.125% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of ~~September 30, 2015,~~March 31, 2016, the outstanding balance of the 6.125% Notes was $90.7 million. As of ~~September 30, 2015,~~March 31, 2016, if Main Street had adopted the fair value option under ASC 825 for the 6.125% Notes, Main Street estimates the fair value would be approximately ~~$92.0~~$92.1 million. Main Street recognized interest expense related to the 6.125% Notes, including amortization of deferred loan costs, of $1.5 million for each of the three months ended ~~September 30, 2015~~March 31, 2016 and 2014. Main Street recognized interest expense related to the 6.125% Notes, including amortization of deferred loan costs, of $4.4 million for each of the nine months ended September 30, 2015 and 2014.2015.

The indenture governing the 6.125% Notes (the "6.125% Notes Indenture") contains certain covenants, including covenants requiring Main Street's compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 6.125% Notes and the Trustee if Main Street ceases to be subject to the reporting requirements of the Securities Exchange Act of 1934. These covenants are subject to limitations and exceptions that are described in the 6.125% Notes Indenture.

In November 2014, Main Street issued $175.0 million in aggregate principal amount of 4.50% unsecured notes due 2019 (the "4.50% Notes") at an issue price of 99.53%. The 4.50% Notes are unsecured obligations and rank pari passu with Main Street's current and future unsecured indebtedness; senior to any of its future indebtedness that expressly provides it is subordinated to the 4.50% Notes; effectively subordinated to all of its existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds. The 4.50% Notes mature on December 1, 2019, and may be redeemed in whole or in part at any time at Main Street's option subject to certain make whole provisions. The 4.50% Notes bear interest at a rate of 4.50% per year payable semi-annually on June 1 and December 1 of each year. The total net proceeds from the

4.50% Notes, resulting from the issue price and after underwriting discounts and estimated offering expenses payable by us, were approximately $171.2 million. Main Street may from time to time repurchase the 4.50% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of ~~September 30, 2015,~~March 31, 2016, the outstanding balance of the 4.50% Notes was $175.0 million. As of ~~September 30, 2015,~~March 31, 2016, if Main Street had adopted the fair value option under ASC 825 for the 4.50% Notes, Main Street estimates its fair value would be approximately ~~$179.4~~$180.0 million. Main Street recognized interest expense related to the 4.50% Notes, including amortization of deferred loan costs, of $2.1 million ~~and $6.4 million~~ for each of the three months ended March 31, 2016 and ~~nine months ended September 30, 2015, respectively.~~2015.

The indenture governing the 4.50% Notes (the "4.50% Notes Indenture") contains certain covenants, including covenants requiring Main Street's compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 4.50% Notes and the Trustee if Main Street ceases to be subject to the reporting requirements of the Securities Exchange Act of 1934. These covenants are subject to limitations and exceptions that are described in the 4.50% Notes Indenture. Main Street is in compliance with these covenants.

Main Street paid regular monthly dividends of $0.170 per share for each month of January through March 2015 and $0.175 for each month of April through September 2015, totaling approximately $26.2 million, or $0.525 per share, for the three months ended September 30, 2015, and $75.4 million, or $1.560 per share, for the nine months ended September 30, 2015. The third quarter 2015 regular

Main Street paid regular monthly dividends of $0.180 per share in each month of January through March 2016, totaling $27.2 million, or $0.540 per share, for the three months ended March 31, 2016. The first quarter 2016 regular monthly dividends represent a ~~6.1%~~5.9% increase from the regular monthly dividends paid for the ~~third~~first quarter of 2014. Additionally, Main Street paid a $0.275 per share supplemental semi-annual dividend, totaling $13.7 million, in June 2015 compared to $12.3 million, or $0.275 per share, paid in June 2014. The regular monthly dividends equaled a total of approximately $22.2 million, or $0.495 per share, for2015. For the three months ended ~~September 30, 2014, and $63.3~~March 31, 2015, Main Street paid total regular monthly dividends of $23.0 million, or ~~$1.485~~$0.510 per ~~share, for the nine months ended September 30, 2014.~~share.

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, which are treated as disregarded entities for tax purposes. As a RIC, MSCC generally will not pay ~~corporate-level~~corporate level U.S. federal income taxes on any net ordinary income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its ~~investment~~"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 ~~qualify for pass-through tax treatment and~~ maintain its RIC ~~status.~~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 12 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.~~year or (ii) fifteenth day of the ninth month following the close of the year which generated such taxable income.

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 capital gains, but may also include qualified dividends or return of capital.

Listed below is a reconciliation of "Net increase in net assets resulting from operations" to taxable income and to total distributions declared to common stockholders for the ~~nine~~three months ended ~~September 30, 2015~~March 31, 2016 and ~~2014.~~2015.

MSCC's wholly owned subsidiary MSCP is included in Main Street's consolidated financial statements for financing reporting purposes. For tax purposes, MSCP has elected to be treated as a

taxable entity, and therefore is not consolidated with MSCC for income tax purposes and is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. The taxable income, or loss, of MSCP may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax expense, or benefit, if any, and the related tax assets and liabilities, are reflected in Main Street's consolidated financial statements.

The income tax expense, or benefit, and the related tax assets and liabilities, generated by the Taxable Subsidiaries and MSCP, if any, are reflected in Main Street's consolidated financial statements. For the three months ended ~~September 30, 2015,~~March 31, 2016, Main Street recognized a net income tax benefit of ~~$3.2~~$2.3 million, principally consisting of deferred tax benefit of ~~$2.7~~$2.6 million which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries including changes in net operating loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book tax differences, ~~and~~partially offset by a ~~$0.5~~$0.4 million ~~benefit in~~provision for other current taxes which is primarily related to a ~~$0.7~~$0.3 million ~~benefit~~provision for current U.S. federal income and state taxes, ~~partially offset by $0.2~~and a $0.1 million accrual for excise tax on our estimated spillover taxable income. For the ~~nine~~three months ended ~~September 30,~~March 31, 2015, Main Street recognized a net income tax benefit of ~~$7.0~~$0.3 million which principally consisted of a deferred tax benefit of ~~$8.5~~$0.7 million, primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries including changes in net operating loss carryforwards, changes in net unrealized appreciation or depreciation and temporary book tax differences,partially offset by $1.5 million in other current taxes, which principally consists of $0.8 million of accruals for current U.S. federal income and state taxes, and a $0.7 million accrual for excise tax. For the three months ended September 30, 2014, Main Street recognized a net income tax provision of $3.0 million, which principally consisted of deferred taxes of $2.0 million, and $1.0$0.4 million of accruals for current U.S. federal income and excise taxes, state and other taxes. ~~For the nine months ended September 30, 2014, Main Street recognized a~~

The net ~~income~~deferred tax ~~provision of~~asset at March 31, 2016 and December 31, 2015 was $8.4 million and $4.0 million, respectively, primarily related to ~~deferred taxes of $6.6 million, which is primarily the result of deferred taxes on~~net operating loss carryforwards, timing differences in net unrealized appreciation ~~on several of the~~or depreciation and other temporary book tax differences relating to portfolio investments held ~~in our~~by the Taxable ~~Subsidiaries and other taxes of $1.8 million. As of September 30, 2015,~~Subsidiaries. In addition, Main Street ~~had~~recorded a ~~capital loss carryforward~~one-time $1.8 million increase to deferred tax assets for previously unrecognized excess tax benefits associated with share-based compensation due to the early adoption of ~~$5.5 million.~~the new accounting standard ASU 2016-09 (See further discussion in Note B.8). For federal income tax purposes, the capital loss carryforward ~~will expire~~of $8.0 million in ~~2020. The timing and manner in which Main Street will utilize any net loss carryforwards in any year, or in total, may be limited in the future under the provisions of the Code.~~

The net deferred tax liability at September 30, 2015 and December 31, 2014 was $0.7 million and $9.2 million, respectively, primarily related to timing differences from net unrealized appreciation of portfolio investments held by the Taxable Subsidiaries ~~partially offset~~as of December 31, 2015 was fully utilized during the three months ended March 31, 2016.

During November 2015, Main Street entered into a program (the "ATM Program") with underwriters through which it can sell, by means of at-the-market offerings from time to time, up to 1,000,000 shares of its common stock. During the first quarter of 2016, Main Street sold 321,714 shares of its common stock at a weighted-average price of $31.01 per share and raised $10.0 million of gross proceeds under the ATM Program. Net proceeds were $9.8 million after commissions to the underwriter on shares sold and offering costs. As of March 31, 2016, sales transactions representing 78,782 shares had not settled and are not included in shares issued and outstanding on the face of the consolidated balance sheet, but are included in the weighted average shares outstanding on the consolidated statement of operations and in the shares used to calculate net ~~loss carryforwards (primarily resulting from historical realized losses on portfolio investments held by~~asset value per share. As of March 31, 2016, 537,718 shares were available for sale under the ~~Taxable Subsidiaries), basis differences~~ATM Program.

During the fourth quarter of ~~portfolio investments held by~~2015, Main Street sold 140,568 shares of its common stock at a weighted-average price of $31.98 per share and raised $4.5 million of gross proceeds under the ~~Taxable Subsidiaries which are "pass-through" entities for tax purposes and excess deductions resulting from the restricted stock plans (see further discussion in Note L).~~ATM

~~In accordance with~~Program. Net proceeds were $4.3 million after commissions to the ~~realization requirements of ASC 718,~~~~Compensation—Stock Compensation~~, Main Street uses tax law ordering when determining when tax benefits related to equity compensation greater than equity compensation recognized for financial reporting should be realized. For the nine months ended September 30, 2015, Main Street realized no increase to paid-in capital due to tax deductions related to equity compensation greater than equity compensation recognized for financial reporting compared to a $0.5 million increase for the corresponding period in 2014. Paid-in capital increases of $1.8 million will be recognized in future periods when such tax benefits are ultimately realized by reducing taxes payable.

During March 2015, Main Street completed a follow-on public equity offering of 4,370,000 shares of common stock, including the underwriters' full exercise of their option to purchase 570,000 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 $127.8 ~~million.~~

During April 2014, Main Street completed a follow-on public equity offering of 4,600,000 shares of common stock, including the underwriters' full exercise of their option to purchase 600,000 additional shares, at a price to the public of $31.50 per share, 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 $139.7 million.

Main Street's 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, the company's 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. 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.

For the ~~nine~~three months ended ~~September 30, 2015, $13.7~~March 31, 2016, $3.3 million of the total ~~$89.1~~$27.2 million in dividends paid to stockholders represented DRIP participation. During this period, the DRIP participation requirements were satisfied with the issuance of ~~444,957~~113,631 newly issued ~~shares and with the purchase of 3,131 shares of common stock in the open market.~~shares. For the ~~nine~~three months ended ~~September 30, 2014, $11.8~~March 31, 2015, $3.5 million of the total ~~$75.6~~$23.0 million in dividends paid to stockholders represented DRIP participation. During this period, the DRIP participation requirements were satisfied with the issuance of ~~333,657~~116,330 newly issued shares and with the purchase of ~~31,825~~3,131 shares of common stock in the open market. The shares disclosed above relate only to Main Street's DRIP and exclude any activity related to broker-managed dividend reinvestment plans.

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 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 2015 Equity and Incentive ~~Plan.~~Plan ("the Equity and Incentive Plan"). These shares generally vest over a three-year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances approved by Main Street's Board of Directors under the

Equity and Incentive Plan, net of shares forfeited, and the remaining shares of restricted stock available for issuance as of ~~September 30, 2015.~~March 31, 2016.

As of ~~September 30, 2015,~~March 31, 2016, the following table summarizes the restricted stock issued to Main Street's independent directors and the remaining shares of restricted stock available for issuance pursuant to the Main Street Capital Corporation 2015 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.

For the three months ended ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ Main Street recognized total share-based compensation expense of ~~$1.7~~$1.6 million and $1.2 million, respectively, related to the restricted stock issued to Main Street employees and independent directors, and for the nine months ended September 30, 2015 and 2014, Main Street recognized total share-based compensation expense of $4.6 million and $3.0$1.3 million, respectively, related to the restricted stock issued to Main Street employees and independent directors.

As of ~~September 30, 2015,~~March 31, 2016, there was ~~$13.7~~$10.5 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 approximately ~~2.3~~2.1 years as of ~~September 30, 2015.~~

At ~~September 30, 2015,~~March 31, 2016, Main Street had the following outstanding commitments (in thousands):

Amount
Investments with equity capital commitments that have not yet funded:

Encap Energy Fund Investments

EnCap Energy Capital Fund VIII, L.P.
$ 1,100
EnCap Energy Capital Fund VIII Co-Investors, L.P.
243
EnCap Energy Capital Fund IX, L.P.
2,150
EnCap Energy Capital Fund X, L.P.
9,587
EnCap Flatrock Midstream Fund II, L.P.
7,587
EnCap Flatrock Midstream Fund III, L.P.
7,077

$ 27,744
Congruent Credit Opportunities Funds

Congruent Credit Opportunities Fund II, LP
$ 8,488
Congruent Credit Opportunities Fund III, LP
17,901

$ 26,389
I-45 SLF LLC

$
17,000
Freeport Fund Investments

Freeport First Lien Loan Fund III LP
$ 11,741
Freeport Financial SBIC Fund LP
1,375

$ 13,116
Dos Rios Partners

Dos Rios Partners, LP
$ 4,486
Dos Rios Partners—A, LP
1,424

$ 5,910
Brightwood Capital Fund III, LP

$
3,750
LKCM Headwater Investments I, L.P.

$
2,750
Access Media Holdings, LLC

$
1,299

Total equity commitments
$ 97,958
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:

Volusion, LLC

$
7,000
Minute Key, Inc.
6,000
Barfly Ventures, LLC
4,594
Buca C, LLC
2,670
Applied Products, Inc.
2,000

	Amount

Investments with equity capital commitments that have not yet funded:
Encap Energy Fund Investments
EnCap Energy Capital Fund VIII, L.P.	$	857
EnCap Energy Capital Fund VIII Co-Investors, L.P.		140
EnCap Energy Capital Fund IX, L.P.		2,055
EnCap Energy Capital Fund X, L.P.		8,930
EnCap Flatrock Midstream Fund II, L.P.		7,888
EnCap Flatrock Midstream Fund III, L.P.		6,482

	$	26,352
Congruent Credit Opportunities Funds
Congruent Credit Opportunities Fund II, LP	$	8,488

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.

As discussed further in Note D, the External Investment Manager is treated as a wholly owned portfolio company of MSCC and is included as part of Main Street's Investment Portfolio. At ~~September 30, 2015,~~March 31, 2016, Main Street had a receivable of $2.3 million due from the External Investment Manager which included approximately ~~$1.7~~$1.6 million related primarily to operating expenses incurred by MSCC or its subsidiaries required to support the External Investment Manager's business, along with dividends declared but not paid by the External Investment Manager of approximately ~~$0.6~~$0.7 million.

In ~~June 2013,~~November 2015, Main ~~Street adopted a deferred compensation plan for the non-employee members of its~~Street's board of directors ~~which allows~~approved and adopted the Main Street Capital Corporation Deferred Compensation Plan (the "2015 Deferred Compensation Plan"). The 2015 Deferred Compensation Plan became effective on January 1, 2016 and replaced the Deferred Compensation Plan for Non-Employee Directors previously adopted by the board of directors ~~at their option to defer all or a portion of~~in June 2013 (the "2013 Deferred Compensation Plan"). Under the ~~fees paid for their services as~~2015 Deferred Compensation Plan, non-employee directors and ~~have such deferred~~certain key employees may defer receipt of some or all of their cash compensation and fees, ~~paid~~subject to certain limitations. Individuals participating in ~~shares~~the 2015 Deferred Compensation Plan receive distributions of their respective balances based on predetermined payout schedules or other events as defined by the plan and are also able to direct investments made on their behalf among investment alternatives permitted from time to time under the plan, including phantom Main Street ~~common~~ stock ~~within 90 days following the termination of a participant's service as a director.~~units. As of ~~September 30, 2015, $1.0~~March 31, 2016, $1.1 million of ~~directors'~~compensation and fees had been deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). Of this ~~plan. These~~amount, $1.05 million of this deferred compensation and fees was deferred into phantom Main Street stock units, representing 34,645 shares of our common stock. Any deferred amounts under the plan represented by our shares of common stock will not be issued or included as outstanding on the consolidated statement of changes in net assets until such

~~fees represented 32,190~~ shares ~~of Main Street common shares. These shares will not be issued or included as outstanding on~~are actually distributed to the ~~consolidated statement of changes~~participant in ~~net assets until each applicable participant's end of service as a director,~~accordance with the plan, but are included in operating expenses and ~~weighted-average~~weighted average shares outstanding on ~~Main Street's~~our consolidated statement of operations as earned.

In April 2016, Main Street led a new portfolio investment totaling $6.0 million of invested capital to facilitate the majority recapitalization of BBB Tank Services, LLC ("BBB"), with Main Street funding $4.8 million of the investment. Main Street's investment in BBB included a combination of first-lien, senior secured term debt and a direct equity investment. Main Street and its co-investor are also providing BBB an undrawn revolving line of credit to support its future working capital needs. Headquartered in Baytown, Texas, and founded in 2001, BBB provides products and services to the above-ground storage tank market. BBB's products and services include routine and emergency maintenance and repairs, replacement seals for floating roofs, application of protective coatings, and new tank construction and are provided primarily to owners of storage terminals that hold crude, refined petroleum products, chemicals and other commodities.

In April 2016, Safety Holdings, Inc., doing business as SambaSafety® ("SambaSafety"), completed a transaction with a private equity group to complete a majority recapitalization of SambaSafety. This transaction resulted in the repayment of Main Street's debt investment and the exit of Main Street's equity investment in SambaSafety. SambaSafety's innovative Software as a Service ("SaaS") solutions provide driver risk technology and information to employers, insurance, background screeners and fleet management companies. This enables companies with commercial and non-commercial fleets to easily identify and address unsafe driving behavior and take the appropriate actions necessary to maintain the safety of drivers, passengers and the communities in which they live and work. Additionally, SambaSafety solutions provide the insights insurance carriers need to accurately price risk throughout the insurance policy lifecycle. Main Street made its initial investment in SambaSafety in November 2011 and the majority recapitalization transaction resulted in realized value received by Main Street that is consistent with the fair market values for its investments in SambaSafety as of March 31, 2016.

In April 2016, Main Street led a new portfolio investment totaling $16.4 million of invested capital to facilitate the management-led buyout of Gulf Publishing Company ("Gulf") and The Petroleum Economist Limited ("Petroleum Economist", and together with Gulf, the "Companies"), with Main Street funding $13.1 million of the investment. Main Street's investment in the Companies included a combination of first-lien, senior secured term debt and a direct equity investment. Headquartered in Houston, Texas, Gulf Publishing Company was incorporated in 1916 by a team of oil company executives and oilfield equipment manufacturers as wildcat discoveries were being made along the Houston Ship Channel. Today, Gulf Publishing produces and distributes leading trade journals, industry research, databases, software, conferences and events designed for the needs of the energy industry.

During ~~October 2015,~~April 2016, Main Street declared a semi-annual supplemental cash dividend of $0.275 per share payable in ~~December 2015.~~June 2016. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that Main Street declared for the ~~fourth~~second quarter of ~~2015~~2016 of $0.180 per share for each of ~~October, November~~April, May and ~~December 2015.~~June 2016.

In October 2015, Main Street led a new portfolio investment totaling $15.5 million of invested capital in Apex Linen Service, Inc. ("Apex Linen") to fund Apex Linen's near-term growth opportunities, with Main Street funding $12.4 million of the investment. Main Street's investment in Apex Linen included a first-lien, senior secured term debt investment and a revolving line of credit. Main Street and its co-investor also provided a commitment for $2.5 million of additional first-lien, senior secured term debt in the near-term future upon the completion of certain conditions. In addition, Main Street and its co-investor are providing Apex Linen a conditional commitment beyond the $2.5 million of additional first-lien, senior secured term debt for additional capital to support its future growth opportunities. Headquartered in Las Vegas, Nevada, and founded in 2010 by long-established industry experts, Apex Linen provides commercial laundry and linen services to the hotel and gaming industry in the Las Vegas metropolitan area.

~~In November 2015,~~May 2016, Main Street declared regular monthly dividends of $0.180 per share for each month of ~~January, February~~July, August and ~~March~~September of 2016. These regular monthly dividends equal a total of $0.540 per share for the ~~first~~third quarter of 2016 and represent a ~~5.9%~~2.9% increase from the regular monthly dividends declared for the ~~first~~third quarter of 2015. Including the regular monthly dividends declared for the first quarter of 2016, Main Street will have paid ~~$16.420~~$17.775 per share in cumulative dividends since its October 2007 initial public offering.

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments inIn and Advances to Affiliates
~~Nine Months Ended September 30, 2015~~March 31, 2016
(dollars in thousands)
(Unaudited)

Company

Investments(1)
Amount of
Interest or
Dividends
Credited to
Income(2) December 31,
2014 Value Gross
Additions(3) Gross
Reductions(4) September 30,
2015
Fair Value
Control Investments

Access Media
5.00% Current / 5.00% PIK Secured Debt — 21,284 2,500 18,784
Holdings, LLC
Preferred Member Units — 3,201 — 3,201
Member Units — 1 1 —

ASC Interests, LLC
11% Secured Debt 247 3,000 11 261 2,750
Member Units 90 1,970 260 — 2,230

Bond-Coat, Inc.
12% Secured Debt 1,116 13,570 41 2,015 11,596
Common Stock 11,210 — 1,000 10,210

Café Brazil, LLC
Member Units 814 6,980 350 — 7,330
California Healthcare
9% Secured Debt 361 8,703 135 8,838 —
Medical Billing, Inc.
Warrants 3,480 — 3,480 —
Common Stock 1,460 — 1,460 —

CBT Nuggets, LLC
Member Units 3,517 27,200 11,690 — 38,890

Ceres Management, LLC
14% Secured Debt 415 3,916 4,424 270 8,070
(Lambs Tire &
Class B Member Units 376 4,048 376 4,424 —
Automotive)
Member Units 2,510 1,910 — 4,420
9.5% Secured Debt 68 968 — 37 931
Member Units 56 1,240 — — 1,240

CMS Minerals LLC
Preferred Member Units 896 — 7,672 479 7,193

Datacom, LLC
10.5% Secured Debt 950 11,103 14 — 11,117
8% Secured Debt 21 — 900 900 —
Preferred Member Units 10 6,030 1,137 460 6,707

Garreco, LLC
14% Secured Debt 618 5,320 413 — 5,733
Member Units (45 ) 1,360 110 — 1,470

GRT Rubber
LIBOR Plus 9.00% (Floor 1.00%) 1,363 16,585 23 419 16,189
Technologies LLC
Member Units 42 13,065 — — 13,065

Gulf Manufacturing, LLC
9% PIK Secured Debt 51 744 33 — 777
Member Units 543 16,540 — 1,410 15,130

Harrison Hydra-Gen, Ltd.
12% Secured Debt 546 5,487 78 555 5,010
Preferred Stock 76 1,260 76 — 1,336
Common Stock 1,830 470 — 2,300

Hawthorne Customs and
Member Units 54 370 210 — 580
Dispatch Services, LLC
Member Units 132 2,220 — — 2,220

HW Temps LLC
LIBOR Plus 9.50% (Floor 1.00%) 369 — 9,880 — 9,880
Preferred Member Units 184 — 3,942 — 3,942

Hydratec, Inc.
Common Stock 1,535 13,720 1,230 — 14,950
9% Secured Debt 4 — 500 500 —

IDX Broker, LLC
LIBOR Plus 6.50% (Floor 1.50%) 10 125 — 100 25
12.5% Secured Debt 1,088 10,571 793 14 11,350
Member Units 5,450 990 — 6,440

Impact Telecom, Inc.
LIBOR Plus 6.50% (Floor 2.00%) 118 1,569 1 — 1,570
13% Secured Debt 2,596 15,515 378 — 15,893
Warrants 4,160 — — 4,160

Indianapolis Aviation
15% Secured Debt 432 3,100 — — 3,100
Partners, LLC
Warrants 2,540 — — 2,540

Jensen Jewelers of
Prime Plus 6.75% (Floor 2.00%) 345 3,655 1,002 452 4,205
Idaho, LLC
Member Units 916 3,580 1,170 — 4,750

Lighting Unlimited, LLC
8% Secured Debt 92 1,550 — 36 1,514
Preferred Equity 439 — 5 434
Warrants 40 — — 40
Member Units 100 360 60 — 420

Marine Shelters
12% Secured Debt 930 10,112 178 1,602 8,688
Holdings, LLC (LoneStar
Preferred Member Units 3,750 1,602 — 5,352
Marine Shelters)

Company	Investment(1)

Control Investments
*Majority-owned investments*
Café Brazil, LLC	Member Units	203		7,330	—		760	6,570

GRT Rubber Technologies LLC	LIBOR Plus 9.00% (Floor 1.00%)	413		15,988	134		2,219	13,903
	Member Units	112		15,580	2,450		—	18,030

Hydratec, Inc.	Common Stock	455		14,950	460		—	15,410

IDX Broker, LLC	12.5% Secured Debt	365		11,350	5		5	11,350
	Member Units	—		6,440	—		—	6,440

Jensen Jewelers of Idaho, LLC	Prime Plus 6.75% (Floor 2.00%)	119		4,055	508		158	4,405
	Member Units	52		4,750	450		—	5,200

Lamb's Venture, LLC	11% Secured Debt	220		7,962	1		114	7,849
	Preferred Equity	—		328	—		—	328
	Member Units	—		4,690	470		—	5,160
	9.5% Secured Debt	22		919	—		13	906
	Member Units	14		1,240	—		—	1,240

Lighting Unlimited, LLC	8% Secured Debt	31		1,514	—		—	1,514
	Preferred Equity	—		430	—		—	430
	Warrants	—		40	—		10	30
	Member Units	(81	)	350	—		90	260

Mid-Columbia Lumber	10% Secured Debt	44		1,750	—		—	1,750
Products, LLC	12% Secured Debt	118		3,900	—		—	3,900
	Member Units	—		2,580	—		160	2,420
	9.5% Secured Debt	21		881	—		11	870
	Member Units	5		550	—		—	550

MSC Adviser I, LLC	Member Units	698		27,272	520		—	27,792

Mystic Logistics Holdings, LLC	12% Secured Debt	297		9,448	9		9	9,448
	Common Stock	8		5,970	—		580	5,390

NRP Jones, LLC	6% Current / 6% PIK Secured Debt	467		12,948	134		—	13,082
	Warrants	—		450	—		300	150
	Member Units	—		1,480	—		990	490

PPL RVs, Inc.	11.1% Secured Debt	272		9,710	—		—	9,710
	Common Stock	—		9,770	290		—	10,060

Principle Environmental, LLC	12% Secured Debt	144		4,060	21		21	4,060
	12% Current / 2% PIK Secured Debt	118		3,310	18		1	3,327
	Preferred Member Units	—		6,060	—		1,460	4,600
	Warrants	—		310	—		190	120

Quality Lease Service, LLC	8% PIK Secured Debt	126		6,538	126		—	6,664
	Member Units	—		2,638	—		—	2,638

Southern RV, LLC	13% Secured Debt	157		11,400	104		11,504	—
	Member Units	957		15,100	(1,417	)	13,683	—
	13% Secured Debt	45		3,250	30		3,280	—
	Member Units	—		1,200	—		1,200	—

The MPI Group, LLC	9% Secured Debt	66		2,921	—		—	2,921
	Series A Preferred Units	—		690	—		—	690
	Warrants	—		—	—		—	—
	Member Units	31		2,230	70			2,300

Travis Acquisition LLC	12% Secured Debt	108		3,513	5		120	3,398
	Member Units	25		14,480	2,840		—	17,320

Uvalco Supply, LLC	9% Secured Debt	28		1,314	—		107	1,207
	Member Units	51		5,460	250		—	5,710

Company	Investments(1)							Investment(1)	Amount of Interest, Fees or Dividends Credited to Income(2)		December 31, 2015 Value		Gross Additions(3)		Gross Reductions(4)		March 31, 2016 Fair Value

MH Corbin Holding LLC	10% Secured Debt	124		—	13,864	—	13,864
	Preferred Member Units	12		—	6,000	—	6,000

Mid-Columbia Lumber	10% Secured Debt	133		1,750	—	—	1,750
Products, LLC	12% Secured Debt	355		3,900	—	—	3,900
	Member Units	(56	)	10,180	—	6,200	3,980
	9.5% Secured Debt	65		927	—	34	893
	Member Units	18		550	—	—	550

MSC Adviser I, LLC	Member Units	1,519		15,580	16,725	—	32,305

Mystic Logistics, Inc	12% Secured Debt	940		9,790	210	552	9,448
	Common Stock	112		2,720	3,860	—	6,580

NAPCO Precast, LLC	Prime Plus 2.00% (Floor 7.00%)	257		625	10	10	625
	Prime Plus 2.00% (Floor 7.00%)	629		2,923	5	5	2,923
	18% Secured Debt			4,468	13	13	4,468
	Member Units	658		7,560	1,030	—	8,590

NRI Clinical	14% Secured Debt	590		4,779	19	148	4,650
Research, LLC	Warrants			160	30	—	190
	Member Units			722	380	50	1,052

NRP Jones, LLC	12% Secured Debt	1,370		11,590	1,471	176	12,885
	Warrants			970	—	520	450
	Member Units			3,190	—	1,710	1,480

OMi Holdings, Inc.	Common Stock			13,420	—	—	13,420

Pegasus Research	Member Units	336		5,860	630	—	6,490
Group, LLC (Televerde)

PPL RVs, Inc.	11.1% Secured Debt	865		7,860	2,112	262	9,710
	Common Stock			8,160	550	—	8,710

Principle	12% Secured Debt	536		4,060	166	166	4,060
Environmental, LLC	12% Current / 2% PIK Secured Debt	356		3,244	61	11	3,294
	Preferred Member Units	262		11,830	—	2,270	9,560
	Warrants			720	—	190	530

QLS Holdings, LLC	8% Secured Debt	160		—	6,410	—	6,410
	Member Units			—	2,638	—	2,638

River Aggregates, LLC	Zero Coupon Secured Debt	72		468	72	—	540
	12% Secure Debt	16		500	—	500	—
	Member Units	154		2,570	1,260	—	3,830
	Member Units			369	1,991	—	2,360

SoftTouch Medical	LIBOR Plus 9.00% (Floor 1.00%)	748		8,417	13	255	8,175
Holdings LLC	Member Units	525		5,015	410	85	5,340

Southern RV, LLC	13% Secured Debt	1,146		11,400	22	22	11,400
	Member Units	933		4,920	6,680	—	11,600
	13% Secured Debt	327		3,250	6	6	3,250
	Member Units			470	70	—	540

The MPI Group, LLC	9% Secured Debt	279		2,724	196	—	2,920
	Series A Preferred Units			980	—	—	980
	Warrants			—	—	—	—
	Member Units			2,300	—	70	2,230

Travis Acquisition LLC	12% Secured Debt	498		4,693	28	1,093	3,628
	Member Units			13,650	460	—	14,110

Uvalco Supply, LLC	9% Secured Debt	107		1,802	—	384	1,418
	Member Units	106		3,500	—	290	3,210

Vision Interests, Inc.	13% Secured Debt	325		3,154	27	66	3,115	13% Secured Debt		105		3,052		5		—		3,057
	Series A Preferred Stock			3,250	300	—	3,550	Series A Preferred Stock		—		3,550		—		—		3,550
	Common Stock			100	110	—	210	Common Stock		—		210		1		—		211

Ziegler's NYPD, LLC	6.5% Secured Debt	75		1,491	1	500	992	6.5% Secured Debt		17		992		—		—		992
	14% Secured Debt	296		4,880	629	2,759	2,750	12% Secured Debt		15		500		—		—		500
	12% Secured Debt	41		—	500	—	500	14% Secured Debt		97		2,750		—		—		2,750
	Warrants			—	—	—	—	Warrants		—		50		100		—		150
	Member Units			—	2,909	669	2,240	Preferred Member Units		—		3,400		—		—		3,400

*Other controlled investments*
Access Media Holdings, LLC								5.00% Current / 5.00% PIK Secured Debt	$	554	$	20,380	$	271			$	20,651
								Preferred Member Units		—		2,000		765		635		2,130
								Member Units		—		—		—		—		—

AmeriTech College, LLC								10% Secured Debt		13		514		—		—		514
								10% Secured Debt		12		489		—		—		489
								10% Secured Debt		76		3,025		—		—		3,025
								Preferred Member Units		29		2,291		—		—		2,291

ASC Interests, LLC								11% Secured Debt		75		2,500		5		255		2,250
								Member Units		35		2,230		330		—		2,560

Bond-Coat, Inc.								12% Secured Debt		360		11,596		8		8		11,596
								Common Stock		—		9,140		—		1,650		7,490

CBT Nuggets, LLC								Member Units		1,611		42,120		3,630		—		45,750

CMS Minerals LLC								Preferred Member Units		1,013		6,914		—		1,164		5,750

Datacom, LLC								5.25% Current / 5.25% PIK Secured Debt		317		10,970		56		216		10,810
								Class A Preferred Member Units		—		1,181		43		—		1,224
								Class B Preferred Member Units		—		5,079		—		477		4,602

Garreco, LLC								14% Secured Debt		212		5,739		6		—		5,745
								Member Units		5		1,270		—		180		1,090

Gulf Manufacturing, LLC								9% PIK Secured Debt		18		777		—		—		777
								Member Units		—		13,770		—		2,810		10,960

Harrison Hydra-Gen, Ltd.								9% Secured Debt		9		5,010		—		5,010		—
								Preferred Stock		2		1,361		2		1,363		—
								Common Stock		—		2,600		100		—		2,700

Hawthorne Customs and								Member Units		12		460		—		180		280
Dispatch Services, LLC								Member Units		35		2,220		—		—		2,220

HW Temps LLC								LIBOR Plus 9.50% (Floor 1.00%)		270		9,884		4		—		9,888
								Preferred Member Units		198		3,942		1,008		—		4,950

Indianapolis Aviation								15% Secured Debt		123		3,100		5		5		3,100
Partners, LLC								Warrants		—		2,540		—		—		2,540

Marine Shelters Holdings, LLC								12% PIK Secured Debt		285		8,870		285		245		8,910
(LoneStar Marine Shelters)								Preferred Member Units		—		4,881		—		1,080		3,801

MH Corbin Holding LLC								10% Secured Debt		358		13,869		7		175		13,701
								Preferred Member Units		35		6,000		—		—		6,000

NAPCO Precast, LLC								Prime Plus 2.00% (Floor 7.00%)		79		4,005		—		936		3,069
								18% Secured Debt		214		4,924		—		453		4,471
								Member Units		2		8,590		470		—		9,060

NRI Clinical Research, LLC								14% Secured Debt		173		4,539		12		108		4,443
								Warrants		—		340		40		—		380
								Member Units		—		1,342		80		—		1,422

OMi Holdings, Inc.								Common Stock		—		13,640		930		—		14,570

Pegasus Research Group,								Member Units		221		6,840		1,190		—		8,030
LLC (Televerde)

River Aggregates, LLC								Zero Coupon Secured Debt		17		556		17		—		573
								Member Units		115		3,830		260		—		4,090
								Member Units				2,360		80		—		2,440

SoftTouch Medical Holdings LLC								LIBOR Plus 9.00% (Floor 1.00%)		192		8,010		65		—		8,075
								Member Units		—		5,710		1,770		—		7,480

Other
Amounts from investments transferred from other 1940 Act classification during the period		339		—	—	—	—
Amounts related to investments transferred to or from other 1940 Act classification during the period										—		—		—		—		—

		36,264		469,846	148,413	50,234	568,025		$	12,615	$	555,011	$	19,023	$	53,935	$	520,099

Company	Investments(1)							Investment(1)	Amount of Interest, Fee or Dividends Credited to Income(2)			December 31, 2015 Value			Gross Additions(3)		Gross Reductions(4)		March 31, 2016 Fair Value

Affiliate Investments
AFG Capital Group, LLC	11% Secured Debt	1,069		6,465	5,734	—	12,199	11% Secured Debt	$	382		$	12,790		$	18	$	—	$	12,808
								Warrants		—			490			40		—		530
								Member Units		—			2,020			160		—		2,180

Barfly Ventures, LLC								12% Secured Debt		529			4,042			4		94		3,952
	Warrants			259	151	—	410	Options		—			—			470				470
	Member Units			1,200	500	—	1,700	Warrants		—			473			—		233		240

Boss Industries, LLC	Preferred Member Units	280		2,000	543	—	2,543	Preferred Member Units		43			2,586			43		179		2,450

Bridge Capital Solutions	13% Secured Debt	706		5,837	1,035	—	6,872	13% Secured Debt		249			6,890			110		—		7,000
Corporation	Warrants			710	310	—	1,020	Warrants		—			1,300			80		—		1,380

Buca C, LLC	LIBOR Plus 7.25% (Floor 1.00%)	815		—	25,288	—	25,288	LIBOR Plus 7.25% (Floor 1.00%)		546			25,299			231		—		25,530
	Preferred Member Units	56		—	3,656	—	3,656	Preferred Member Units		55			3,711			2,059		—		5,770

CAI Software LLC	12% Secured Debt	493		5,348	10	428	4,930	12% Secured Debt		139			4,661			4		325		4,340
	Member Units	—		654	186	—	840	Member Units		12			1,000			300		—		1,300

CapFusion, LLC								13% Secured Debt		150			—			8,302		—		8,302
								Warrants		—			—			1,200		—		1,200

Chandler Signs Holdings, LLC								12% Secured Debt		178			—			4,456		—		4,456
								Class A Units		—			—			1,500		—		1,500

Condit Exhibits, LLC	Member Units	18		610	160	—	770	Member Units		17			1,010			—		—		1,010

Congruent Credit	LP Interests (Fund II, LP)	1,081		18,378	—	14,150	4,228
Opportunities Funds	LP Interests (Fund III, LP)	—		7,734	4,488	—	12,222
Congruent Credit Opportunities								LP Interests (Fund II)		250			2,834			—		1,185		1,649
Funds								LP Interests (Fund III)		205			12,024			—		121		11,903

Daseke, Inc.	12% Current / 2.5% PIK Secured Debt	2,364		20,723	446	51	21,118	12% Current / 2.5% PIK Secured Debt		799			21,253			155		20		21,388
	Common Stock			13,780	8,880	—	22,660	Common Stock					22,660			—		—		22,660

Dos Rios Partners	LP Interests (Fund)	—		2,325	779	1,073	2,031	LP Interests (Fund)		—			2,031			1,070		519		2,582
	LP Interests (Fund A)	—		738	247	337	648	LP Interests (Fund A)		—			648			340		—		988

East Teak Fine	Common Stock	12		860	—	—	860
Hardwoods, Inc.
East Teak Fine Hardwoods, Inc.								Common Stock		4			860			—		—		860

East West Copolymer &	12% Secured Debt	893		9,436	20	—	9,456	12% Secured Debt		298			9,463			7		—		9,470
Rubber, LLC	Warrants			50	—	—	50	Warrants		—			50			—		—		50

Freeport Financial SBIC	LP Interests	150		—	759	—	759
Fund LP	LP Interests	313		4,677	1,297	—	5,974
EIG Traverse Co-Investment, L.P.								LP Interests		231			4,755			5,050		—		9,805

Gault Financial, LLC	10% Secured Debt	1,140		10,782	109	—	10,891
(RMB Capital, LLC)	Warrants			—	—	—	—
Freeport Financial Funds								LP Interests (Fund)		130			6,045			—		277		5,768
								LP Interests (Fund III)		98			2,077			1,487		—		3,564

Gault Financial, LLC (RMB								10% Secured Debt		383			10,930			39		—		10,969
Capital, LLC)								Warrants		—			—			—		—		—

Glowpoint, Inc.	8% Secured Debt	17		396	87	465	18	8% Secured Debt		10			397			—		—		397
	12% Secured Debt	838		8,909	15	—	8,924	12% Secured Debt		279			8,929			5		294		8,640
	Common Stock			8,480	158	4,178	4,460	Common Stock		—			3,840			—		830		3,010

Guerdon Modular	11% Secured Debt	992		11,044	29	800	10,273
Holdings, Inc.	Common Stock			2,400	583	393	2,590
Guerdon Modular Holdings, Inc.								LIBOR Plus 8.50% (Floor 1.00%)		15			(15	)		961		—		946
								13% Secured Debt		348			10,295			5		—		10,300
								Common Stock					1,990			—		780		1,210

Houston Plating and	Member Units	230		11,470	—	650	10,820	Member Units		(24	)		8,440			—		2,360		6,080
Coatings, LLC

I-45 SLF LLC								Member units		433			7,200			2,000		164		9,036

Indianhead Pipeline	12% Secured Debt	690		6,625	96	675	6,046	12% Secured Debt		209			5,853			32		225		5,660
Services, LLC	Preferred Member Units	52		1,960	342	—	2,302	Preferred Member Units		19			2,302			267		—		2,569
	Warrants			—	—	—	—	Warrants		—			—			—		—		—
	Member Units			—	—	—	—	Member Units		—			—			—		—		—

KBK Industries, LLC	12.5% Secured Debt	720		8,250	22	2,072	6,200	12.5% Secured Debt		182			5,900			3		3		5,900
	Member Units	159		6,120	—	2,030	4,090	Member Units		—			3,680			—		170		3,510

L.F. Manufacturing	Member Units	68		2,374	—	584	1,790	Member Units		—			1,485			185		—		1,670
Holdings, LLC

MPS Denver, LLC	Member Units			1,130	—	—	1,130	Member Units		—			1,130			—		290		840

OnAsset Intelligence, Inc.	12% PIK Secured Debt	335		3,553	334		3,887	12% PIK Secured Debt		123			4,006			123		—		4,129
	Preferred Stock	34		2,700	34	1,354	1,380	Preferred Stock		—			1,380			—		—		1,380
	Warrants			—	—	—	—	Warrants		—			—			—		—		—

OPI International Ltd.	10% Unsecured Debt	12		—	244	—	244	10% Unsecured Debt		12			473			—		—		473
	Common Stock			4,971	—	1,771	3,200	Common Stock		—			3,200			—		—		3,200

PCI Holding Company, Inc.	Preferred Stock	367		4,430	366	46	4,750

Rocaceia, LLC (Quality	12% Secured Debt			11,500	300	11,550	250
Lease and Rental	8% Secured Debt			157	—	157	—
Holdings, LLC)	Preferred Member Units			—	—	—	—

Radial Drilling	12% Secured Debt	526		3,792	144	1,936	2,000
Services Inc.	Warrants			—	—	—	—

Samba Holdings, Inc.	12.5% Secured Debt	2,570		26,418	88	841	25,665
	Common Stock			6,030	14,380	—	20,410

SYNEO, LLC	12% Secured Debt	182		2,674	26	2,700	—
	Member Units	(27	)	801	—	801	—

Company	Investments(1)							Investment(1)	Amount of Interest, Fee or Dividends Credited to Income(2)		December 31, 2015 Value			Gross Additions(3)		Gross Reductions(4)		March 31, 2016 Fair Value

Tin Roof Acquisition	12% Secured Debt	1,420		13,861	37	—	13,898
Company	Class C Preferred Stock	174		2,241	174	—	2,415
PCI Holding Company, Inc.								12% Secured Debt		134		—			12,870		—		12,870
								Preferred Stock		142		4,887			142		939		4,090

Radial Drilling Services Inc.								12% Secured Debt		5		1,500			5		—		1,505
								Warrants		—		—			—		—		—

Rocaceia, LLC (Quality Lease								12% Secured Debt		—		250			—		—		250
and Rental Holdings, LLC)								Preferred Member Units		—		—			—		—		—

Samba Holdings, Inc.								12.5% Secured Debt		791		24,662			32		932		23,762
								Common Stock		—		30,220			—		—		30,220

Tin Roof Acquisition Company								12% Secured Debt		436		13,807			15		105		13,717
								Class C Preferred Stock		63		2,477			62		—		2,539

UniTek Global Services, Inc.								LIBOR Plus 7.50% (Floor 1.00%)		61		2,812			—		—		2,812
								LIBOR Plus 8.50% (Floor 1.00%)		34		1,255			3		—		1,258
								15% PIK Unsecured Debt		26		638			24		—		662
								Preferred Stock		—		5,540			260		—		5,800
								Common Stock		—		—			1,120		—		1,120

Universal Wellhead Services	Class A Units	119		—	4,000	909	3,091	Class A Preferred Units		—		3,000			—		980		2,020
Holdings, LLC

Volusion, LLC	10.5% Secured Debt	1,049		—	16,139	—	16,139	10.5% Secured Debt		527		16,199			62		—		16,261
	Warrants			—	1,400	—	1,400	Preferred Member Units		—		14,000			—		—		14,000
	Preferred Member Units			—	14,000	—	14,000	Warrants		—		1,400			—		—		1,400

Other
Amounts from investments transferred from other 1940 Act classification during the period		(55	)	13,823	—	—	—
Amounts related to investments transferred to or from other 1940 Act classification during the period										—		(4,515	)		—		—		—

		19,862		278,675	107,596	49,951	322,497		$	8,523	$	350,519		$	45,301	$	11,025	$	389,310

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information in this section contains forward-looking statements that involve risks and uncertainties. Please see "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended December 31, ~~2014,~~2015, filed with the Securities and Exchange Commission (the "SEC") on February ~~27, 2015, and "Risk Factors" in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015, filed with the SEC on August 7, 2015,~~26, 2016, for a discussion of the uncertainties, risks and assumptions associated with these statements. You should read the following discussion in conjunction with the consolidated financial statements and related notes and other financial information included in the Annual Report on Form 10-K for the year ended December 31, ~~2014.~~2015.

Main Street Capital Corporation ("MSCC") is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market ("LMM") companies and debt capital to middle market ("Middle Market") companies. The portfolio investments of MSCC and its consolidated subsidiaries are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSCC seeks to partner with entrepreneurs, business owners and management teams and generally ~~provide~~provides "one stop" financing alternatives within its LMM portfolio. MSCC and its consolidated subsidiaries invest 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.

MSC Adviser I, LLC (the "External Investment Manager") was formed in November 2013 as a wholly owned subsidiary of MSCC to provide investment management and other services to parties other than MSCC and its subsidiaries or their portfolio companies ("External Parties") and receive 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 ("RIA") under Investment Advisers Act of 1940, as amended (the "Advisers Act"). Since the External Investment Manager conducts all of its investment management activities for ~~parties outside of MSCC and its consolidated subsidiaries,~~External Parties, it 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.

be a taxable entity. The Taxable Subsidiaries and the External Investment Manager are each taxed at their normal corporate tax rates based on their taxable income.

Our principal investment objective is to maximize our portfolio's total return by generating current income from our debt investments 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. Our LMM companies generally have annual revenues between $10 million and $150 million, and our LMM portfolio investments generally range in size from $5 million to $50 million. Our Middle Market investments are made in businesses that are generally larger in size than our LMM portfolio 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 $15 million. Our private loan ("Private Loan") portfolio investments are primarily debt securities which have been originated through strategic relationships with other investment funds on a collaborative basis. 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 other portfolio ("Other Portfolio") investments primarily consist of investments which are not consistent with the typical profiles for our LMM, Middle Market or Private Loan portfolio investments, including investments which may 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.

Our external asset management business is conducted through our 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. We have entered into an agreement to provide the External Investment Manager with asset management service support in connection with its asset management business generally, and specifically for its relationship with HMS Income Fund, Inc. ("HMS Income"). Through this agreement, we provide management and other services to the External Investment Manager, as well as access to our employees, infrastructure, business relationships, management expertise and capital raising capabilities. In the first quarter of 2014, we began charging the External Investment Manager for these services. Our total expenses for the three months ended September 30, 2015 and 2014 are net of expenses charged to the External Investment Manager of $1.1 million and $0.6 million, respectively. Our total expenses for the nine months ended September 30, 2015 and 2014 are net of expenses charged to the External Investment Manager of $3.1 million and $1.3 million, respectively. The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses charged to the External Investment Manager and dividend income from the External Investment Manager. For the three months ended September 30, 2015 and 2014, the total contribution to net investment income was $1.8 million and $0.7 million, respectively. For the nine months ended September 30, 2015 and 2014, the total contribution to net investment income was $4.7 million and $1.5 million, respectively.

We seek to fill the financing gap for LMM businesses, which, historically, have had more limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM creates the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participations. Our ability to invest across a company's capital structure, from secured loans to equity securities, allows us to offer portfolio

companies a comprehensive suite of financing options, or a "one stop" financing solution. Providing customized, "one stop" financing solutions is important to LMM portfolio companies. We generally seek to partner directly with entrepreneurs, management teams and business owners in making our investments. Our LMM portfolio debt investments are generally secured by a first lien on the assets of the portfolio company and typically have a term of between five and seven years from the original investment date. We believe that our LMM investment strategy has limited correlation to the broader debt and equity markets.

~~In addition to our LMM investment strategy, we pursue investments in Middle Market companies.~~ Our Middle Market portfolio investments primarily consist of direct investments in or secondary purchases of interest bearing debt securities in privately held companies that are generally larger in size than the companies included in our LMM portfolio. Our Middle Market portfolio debt investments are generally secured by either a first or second priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.

Our Private Loan portfolio investments are primarily debt securities which have been originated through strategic relationships with other investment funds on a collaborative basis, and are often referred to in the debt markets as "club deals." 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 either a first or second 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.

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. 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 HMS Income Fund, Inc. ("HMS Income"). Through this agreement, we share employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities.

The following tables provide a summary of our investments in the LMM, Middle Market and Private Loan portfolios as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014~~2015 (this information excludes the Other Portfolio investments and the External Investment Manager which are discussed further below):

As of ~~September 30, 2015,~~March 31, 2016, we had Other Portfolio investments in ~~seven~~ten companies, collectively totaling approximately ~~$56.9~~$78.7 million in fair value and approximately ~~$61.2~~$86.6 million in cost basis and which comprised approximately ~~3.0%~~4.3% of our Investment Portfolio (as defined in "—Critical Accounting Policies—Basis of Presentation" below) at fair value. As of December 31, ~~2014,~~2015, we had Other Portfolio investments in ~~six~~ten companies, collectively totaling approximately ~~$58.9~~$74.8 million in fair value and approximately ~~$56.2~~$75.2 million in cost basis and which comprised approximately ~~3.8%~~4.2% of our Investment Portfolio at fair value.

As previously discussed, the External Investment Manager is a wholly owned subsidiary that is treated as a portfolio investment. As of ~~September 30,~~March 31, 2016, there was no cost basis in this investment and the investment had a fair value of $27.8 million, which comprised 1.5% of our Investment Portfolio at fair value. As of December 31, 2015, there was no cost basis in this investment and the investment had a fair value of ~~$32.3~~$27.3 million, which comprised ~~1.7%~~1.5% of our Investment Portfolio at fair value. ~~As of December 31, 2014, there was no cost basis in this investment and the investment had a fair value of $15.6 million, which comprised 1.0% of our Investment Portfolio at fair value.~~

Our portfolio investments are generally made through MSCC and the Funds. MSCC and the Funds share the same investment strategies and criteria, although they are subject to different regulatory regimes. An investor's return in MSCC will depend, in part, on the Funds' 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 ourselves.~~professionals. We believe that our internally managed structure provides us with 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. For each of the three months ended ~~September 30,~~March 31, 2016 and 2015, and 2014, the ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.3% and 1.4%, respectively, on an annualized basis. For the nine months ended September 30, 2015 and 2014, the ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.4% ~~and 1.5%, respectively,~~ on an annualized ~~basis and 1.4% for the year ended December 31, 2014.~~

The total investment return on our shares of common stock for the nine months ended September 30, 2015 and 2014 was (6.74%) and (1.06%), respectively. Total investment return is based on the purchase of our 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 and assumes reinvestment of dividends at prices obtained by our dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.basis.

During May 2012, we entered into an investment sub-advisory agreement with HMS Adviser, LP ("HMS Adviser"), which is the investment advisor to HMS Income, ~~Fund, Inc. ("HMS Income"),~~ a non-publicly traded BDC whose registration statement on Form N-2 was declared effective by the SEC in June 2012, to provide certain investment advisory services to HMS Adviser. In December 2013, after obtaining required no-action relief from the SEC to allow us to own a registered investment adviser, we assigned the sub-advisory agreement to the External Investment Manager since the fees received from such arrangement could otherwise have negative consequences on ~~MSCC's~~our ability to meet the source-of-income requirement necessary for us to maintain our RIC tax treatment. Under the investment sub-advisory agreement, the External Investment Manager is entitled to 50% of the base management fee and the incentive fees earned by HMS Adviser under its advisory agreement with HMS Income. Based upon several fee waiver agreements with HMS Income and HMS Adviser, the External Investment Manager did not begin accruing the base management fee and incentive fees, if any, until January 1, 2014. Beginning January 1, ~~2015,~~2016, the External Investment Manager conditionally agreed to waive a limited amount of the ~~base management fee and~~ incentive fees otherwise earned during the ~~year~~three months ended ~~December~~March 31, ~~2015.~~2016. During the three months ended ~~September 30,~~March 31, 2016 and 2015, ~~and~~

~~2014,~~ the External Investment Manager earned ~~$2.1~~$2.3 million and $0.8 million, respectively, of management fees (net of fees waived, if any) under the sub-advisory agreement with HMS Adviser. During the nine months ended September 30, 2015 and 2014, the External Investment Manager earned $5.5 million and $1.7$1.4 million, respectively, of management fees (net of fees waived, if any) under the sub-advisory agreement with HMS Adviser.

During April 2014, we received an exemptive order from the SEC permitting co-investments by us and HMS Income in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. We have made, and in the future intend to continue to make, such co-investments with HMS Income 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 HMS Income and, if it is appropriate, to propose an allocation of the investment opportunity between us and HMS Income. Because the External Investment Manager may receive performance-based fee compensation from HMS Income, this may provide it an incentive to allocate opportunities to HMS Income instead of us.

Our financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). For each of the periods presented herein, our consolidated financial statements include the accounts of MSCC and its consolidated subsidiaries. The Investment Portfolio, as used herein, refers to all of our investments in LMM portfolio companies, investments in Middle Market portfolio companies, Private Loan portfolio investments, Other Portfolio investments, and the investment in the External Investment Manager, but excludes all "Marketable securities and idle funds investments". "Marketable securities and idle funds investments" are classified as financial instruments and are reported separately on our consolidated balance sheets and consolidated schedules of investments due to the nature of such investments. Our results of operations ~~for the three~~ and ~~nine months ended September 30, 2015 and 2014,~~ cash flows for the ~~nine~~three months ended ~~September 30,~~March 31, 2016 and 2015 ~~and 2014,~~ and financial position as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014,~~2015, are presented on a consolidated basis. The effects of all intercompany transactions between us and our consolidated subsidiaries have been eliminated in consolidation. ~~Certain reclassifications have been made to prior period balances to conform to the current presentation, including reclassifying the expenses charged to the External Investment Manager.~~

Our accompanying unaudited consolidated financial statements are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2016 and 2015 ~~and 2014~~ are not necessarily indicative of the operating results to be expected for the full year. Also, the unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, ~~2014.~~2015. 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 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.

Under regulations pursuant to Article 6 of Regulation S-X applicable to BDCs and Accounting Standards Codification ("Codification" or "ASC") 946,Financial Services—Investment Companies

(" ("ASC 946"), we are precluded from consolidating other entities in which we have equity investments, including those in which we have a controlling interest, unless the other entity is another investment company. An exception to this general principle in ASC 946 occurs if we hold a controlling interest in an operating company that provides all or substantially all of its services directly to us or to ~~one~~any of our portfolio companies. Accordingly, as noted above, our consolidated financial statements include the financial position and operating results for the Funds and the Taxable Subsidiaries. Our consolidated financial statements also include the financial position and operating results for our wholly owned operating subsidiary, Main Street Capital Partners, LLC, ("MSCP"), as the wholly owned subsidiary provides all of its services directly or indirectly to Main Street or our portfolio companies. We have determined that all of our portfolio investments do not qualify for this exception, including the investment in the External Investment Manager. Therefore, our Investment Portfolio is carried on the consolidated balance sheet at fair value with any adjustments to fair value recognized as "Net Change in Unrealized Appreciation (Depreciation)" on the consolidated statements of operations until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a "Net Realized Gain (Loss)."

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. As of ~~September 30, 2015~~both March 31, 2016 and December 31, ~~2014,~~2015, our Investment Portfolio valued at fair value represented approximately 96% ~~and 92%~~ of our total ~~assets, respectively.~~assets. We are required to report our investments at fair value. We follow the provisions of FASB ASC 820,Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.

Our portfolio strategy calls for us to invest primarily in illiquid debt and equity securities issued by private, LMM companies and more liquid debt securities issued by Middle Market companies that are generally larger in size than See "Note B.1.—Valuation of the LMM companies. We categorize some of our investments in LMM companies and Middle Market companies as Private Loan investments which are investments, generally in debt instruments, that we originate on a collaborative basis with other investment funds, and are often referred toInvestment Portfolio" in the ~~debt markets as "club deals." Private Loan investments are typically similar in size, structure, terms and conditions~~notes to investments we hold in our LMM portfolio and Middle Market portfolio. Our portfolio also includes Other Portfolio investments which primarily consist of investments that are not consistent with the typical profilesconsolidated financial statements for our LMM portfolio investments, Middle Market portfolio investments or Private Loan portfolio investments, including investments which may be managed by third parties. Our portfolio investments may be subject to restrictions on resale.

LMM investments and Other Portfolio investments generally have no established trading market while Middle Market securities generally have established markets that are not active. Private Loan investments may include investments which have no established trading market or have established markets that are not active. We determine in good faith the fair value of our Investment Portfolio pursuant to a valuation policy in accordance with ASC 820 and a valuation process approved by our Board of Directors and in accordance with the 1940 Act. Our valuation policies and processes are intended to provide a consistent basis for determining the fair value of our Investment Portfolio.

~~For LMM portfolio investments, we generally review external events, including private mergers, sales and acquisitions involving comparable companies, and include these events in the valuation~~

process by using an enterprise value waterfall methodology ("Waterfall") for our LMM equity investments and an income approach using a yield-to-maturity model ("Yield-to-Maturity") for our LMM debt investments. For Middle Market portfolio investments, we primarily use quoted prices in the valuation process. We determine the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on our 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 Middle Market and Private Loan portfolio investments in debt securities for which we have determined that third-party quotes or other independent pricing are not available or appropriate, we generally estimate the fair value based on the assumptions that we believe hypothetical market participants would use to value the investment in a current hypothetical sale using the Yield-to-Maturity valuation method. For our Other Portfolio equity investments, we generally calculate the fair value of the investment primarily based on the net asset value ("NAV") of the fund. All of the valuation approaches for our portfolio investments estimate the value of the investment as if we were to sell, or exit, the investment as of the measurement date.

These valuation approaches consider the value associated with our 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 we 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. For valuation purposes, "non-control" portfolio investments are generally composed of debt and equity securities in companies for which we do 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, we estimate 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 perform a waterfall calculation by using 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, private companies are bought and sold based on multiples of 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, we analyze various factors including the portfolio company's historical and projected financial results. The operating results of a portfolio company 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 our determination. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, we also analyze the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, we allocate 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, we assume the loans are paid off at the principal amount in a change in control transaction and are not assumed by the buyer, which we believe is consistent with our past transaction history and standard industry practices.

Under the Yield-to-Maturity valuation method, we use 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 each of these portfolio investments. Our estimate of the expected repayment date of our debt securities is generally the legal maturity date of the instrument, as we generally intend to hold our loans and debt securities to maturity. The Yield-to-Maturity analysis considers changes in leverage levels, credit quality, portfolio company performance and other factors. We will use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of our general intent to hold our 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 we use to estimate the fair value of our 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, we 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, we measure the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date. However, in determining the fair value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemptiondetailed discussion of our 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 our ability to realize the full NAV of our interests in the investment fund.

~~Pursuant to our internal~~portfolio valuation process and the requirements under the 1940 Act, we perform valuation procedures on our portfolio investments quarterly. In addition to our internal valuation process, in determining the estimates of fair value for our investments in LMM portfolio companies, we, among other things, consult with a nationally recognized independent financial advisory services firm. The nationally recognized independent financial advisory services firm analyzes and provides observations and recommendations regarding our determinations of the fair value of our LMM portfolio company investments. The nationally recognized independent financial advisory services firm is generally consulted relative to our investments in each LMM portfolio company at least once in every calendar year, and for our investments in new LMM portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, we may determine that it is not cost-effective, and as a result is not in our stockholders' best interest, to consult with the nationally recognized independent financial advisory services firm on our investments in one or more LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of our investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. We consulted with our independent financial advisory services firm in arriving at our determination of fair value on our investments in a total of 44 LMM portfolio companies for the nine months ended September 30, 2015, representing approximately 75% of the total LMM portfolio at fair value as of September 30, 2015, and on a total of 42 LMM portfolio companies for the nine months ended September 30, 2014, representing approximately 74% of the total LMM portfolio at fair value as of September 30, 2014. Excluding our investments in new LMM portfolio companies which have not been in the Investment Portfolio for at least twelve months subsequent to the initial investment as of September 30, 2015 and 2014, as applicable, and our investments in the LMM portfolio companies that were not reviewed because their equity is publicly traded, the percentage of the LMM portfolio reviewed by our independent financial advisory services firm for the nine months ended September 30, 2015 and 2014 was 82% and 83% of the total LMM portfolio at fair value as of September 30, 2015 and 2014, respectively.

For valuation purposes, all of our Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, we use 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 we have determined that third-party quotes or other independent pricing are not available or appropriate, we generally estimate the fair value based on the assumptions that we believe hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. We do not generally consult with any financial advisory services firms in connection with determining the fair value of our Middle Market debt investments.

For valuation purposes, all of our Private Loan portfolio investments are non-control investments. For Private Loan portfolio investments for which we have determined that third-party quotes or other independent pricing are not available or appropriate, we generally estimate the fair value based on the assumptions that we believe 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. The nationally recognized independent financial advisory services firm analyzes and provides observations and recommendations regarding our determinations of the fair value of our Private Loan portfolio company investments.

For valuation purposes, all of our Other Portfolio investments are non-control investments. Our Other Portfolio investments comprised approximately 3.0% and 3.8%, respectively, of our Investment Portfolio at fair value as of September 30, 2015 and December 31, 2014. Similar to the LMM investment portfolio, market quotations for Other Portfolio equity investments are generally not readily available. For our Other Portfolio equity investments, we generally determine the fair value of our investments using the NAV valuation method. For Other Portfolio debt investments, we generally determine the fair value of these investments through obtaining third-party quotes or other independent pricing to the extent that these inputs are available and appropriate to determine fair value. For Other Portfolio debt investments for which we have determined that third-party quotes or other independent pricing are not available or appropriate, we generally estimate the fair value based on the assumptions that we believe hypothetical market participants would use to value such Other Portfolio debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method.

For valuation purposes, our investment in the External Investment Manager is a control investment. Market quotations are not readily available for this investment, and as a result, we determine the fair value of the External Investment Manager using the Waterfall valuation method under the market approach. In estimating the enterprise value, we analyze various factors, including the entity's historical and projected financial results, as well as its size, marketability and performance relative to the population of market comparables. This valuation approach estimates the value of the investment as if we were to sell, or exit, the investment. In addition, we consider the value associated with our ability to control the capital structure of the company, as well as the timing of a potential exit.

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.

Our Board of Directors has the final responsibility for overseeing, reviewing and approving, in good faith, our determination of the fair value for our Investment Portfolio and our valuation procedures, consistent with 1940 Act requirements. We believe our Investment Portfolio as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014~~2015 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.

We record interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded as dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. In accordance with our valuation policies, we evaluate accrued interest and 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 all of its debt or other obligations, 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 or other obligations, or if a loan or debt security is fully impaired, sold or written off, we remove it from non-accrual status.

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 deferred and accreted into interest income over the life of the financing.

We hold certain debt and preferred equity instruments in our 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 below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended ~~September 30,~~March 31, 2016 and 2015, ~~and 2014,~~ (i) approximately ~~2.2%~~3.1% and ~~2.5%~~2.2%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately ~~1.2%~~0.8% and ~~1.8%~~1.0%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2015 and 2014, (i) approximately 2.1% and 3.9%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately 1.0% and 1.4%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash.

We account for our share-based compensation plans using the fair value method, as prescribed by ASC 718,Compensation—Stock Compensation. Accordingly, for restricted stock awards, we measure the grant date fair value based upon the market price of our common stock on the date of the grant and amortize the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.

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, 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 income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its ~~investment~~"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 ~~qualify for pass-through tax treatment and~~ maintain its RIC ~~status.~~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 12 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.~~year or (ii) fifteenth day of the ninth month following the close of the year which generated such taxable income.

The Taxable Subsidiaries hold certain portfolio investments for us. The Taxable Subsidiaries permit us to hold equity investments in portfolio companies which are "pass-through" entities for tax purposes and to continue to comply with the "source-income" requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with us for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in our consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. This

income tax expense, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements.

MSCC's wholly owned subsidiary MSCP is included in our consolidated financial statements for financing reporting purposes. For tax purposes, MSCP has elected to be treated as a taxable entity, and therefore is not consolidated with MSCC for income tax purposes and is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. The taxable income, or loss, of MSCP may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax expense, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements.

Our LMM portfolio investments primarily consist of secured debt, equity warrants and direct equity investments in privately held, LMM companies based in the United States. Our LMM portfolio companies generally have annual revenues between $10 million and $150 million, and our LMM investments generally range in size from $5 million to $50 million. The LMM debt investments are typically secured by either a first or second priority lien on the assets of the portfolio company, generally bear interest at fixed rates, and generally have a term of between five and seven years from the original investment date. In most LMM portfolio companies, we receive nominally priced equity warrants and/or make direct equity investments in connection with a debt investment.

Our Middle Market portfolio investments primarily consist of direct investments in or secondary purchases of interest-bearing debt securities in privately held companies based in the United States that are generally larger in size than the companies included in our LMM portfolio. Our Middle Market portfolio companies generally have annual revenues between $150 million and $1.5 billion, and our Middle Market investments generally range in size from $3 million to $15 million. Our Middle Market portfolio debt investments are generally secured by either a first or second 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.

Our Other Portfolio investments primarily consist of investments which are not consistent with the typical profiles for LMM, Middle Market and Private Loan portfolio investments, including investments

which may be managed by third parties. In the 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.

Our external asset management business is conducted through ~~our~~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. We have entered into an agreement ~~to provide~~with the External Investment Manager ~~with asset management service support~~to share employees in connection with its asset management business generally, and specifically for its relationship with HMS ~~Income Fund, Inc. ("HMS Income").~~Income. Through this agreement, we ~~provide management and other services to~~share employees with the External Investment Manager, ~~as well as access to our employees,~~including their related infrastructure, business relationships, management expertise and capital raising capabilities. In the first quarter of 2014, we began ~~charging~~allocating costs to the External Investment Manager ~~for these services.~~pursuant to the sharing agreement. Our total expenses for the three months ended ~~September 30,~~March 31, 2016 and 2015 ~~and 2014~~ are net of expenses ~~charged~~allocated to the External Investment Manager of ~~$1.1~~$1.2 million and ~~$0.6 million, respectively. Our total expenses for the nine months ended September 30, 2015 and 2014 are net of expenses charged to the External Investment Manager of $3.1 million and $1.3~~$0.8 million, respectively. 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. 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 dividend income from the External Investment Manager. For the three months ended March 31, 2016 and 2015, the total contribution to our net investment income was $1.9 million and $1.2 million, respectively.

The following tables summarize the composition of our total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments as of ~~September 30, 2015~~

March 31, 2016 and December 31, ~~2014~~2015 (this information excludes the Other Portfolio investments and the External Investment Manager).

Our LMM portfolio investments, Middle Market portfolio investments and Private Loan 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 "Risk Factors—Risks Related to Our Investments" contained in our Form 10-K for the fiscal year ended December 31, ~~2014~~2015 and "Risk Factors" below for a more complete discussion of the risks involved with investing in our Investment Portfolio.

We utilize an internally developed investment rating system to rate the performance of each LMM portfolio company and to monitor our expected level of returns on each of our LMM investments in relation to our expectations for the portfolio company. The investment rating system takes into consideration various factors, including each investment's expected level of returns, ~~and~~ 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, ~~and~~ the portfolio company's future ~~outlook.~~outlook and other factors that are deemed to be significant to the portfolio company.

The following table shows the distribution of our LMM portfolio investments on the 1 to 5 investment rating scale at fair value as of ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014:~~2015:

Based upon our investment rating system, the weighted-average rating of our LMM portfolio was approximately 2.2 as of both ~~September 30, 2015~~March 31, 2016 and December 31, ~~2014.~~2015.

As of ~~September 30,~~March 31, 2016, our total Investment Portfolio had six investments on non-accrual status, which comprised approximately 0.5% of its fair value and 3.8% of our cost . As of December 31, 2015, our total Investment Portfolio had ~~four~~six investments on non-accrual status, which included one fully-impaired debt investment and comprised approximately 0.2% of its fair value and 3.0% of our cost. As of December 31, 2014, our total Investment Portfolio had five investments with positive fair value on non-accrual status, which comprised approximately ~~1.7%~~0.4% of its fair value and ~~4.7%~~3.7% of its cost.

The operating results of our portfolio companies are impacted by changes in the broader fundamentals of the United States economy. In the event that 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 and an increase in defaults. Consequently, we can provide no assurance that the performance of certain portfolio companies will not be negatively impacted by economic cycles or other conditions, which could also have a negative impact on our future results.

For the three months ended ~~September 30, 2015,~~March 31, 2016, total investment income was ~~$42.6~~$42.0 million, a ~~17%~~13% increase over the ~~$36.4~~$37.2 million of total investment income for the corresponding period of ~~2014.~~2015. This comparable period increase was principally attributable to (i) a ~~$6.5~~$2.1 million increase in interest income primarily ~~from~~related to higher average levels of portfolio debt investments, ~~and~~ (ii) a ~~$1.0~~$2.5 million increase in dividend income from Investment Portfolio equity investments ~~with these increases partially offset by~~and (iii) a ~~$1.4~~$0.5 million ~~decrease~~increase in fee income. The ~~$6.3~~$4.8 million increase in total investment income in the three

months ended ~~September 30, 2015~~March 31, 2016 includes a ~~$1.1 million net decrease in~~consistent amount of investment income ~~related to~~from accelerated prepayment and repricing activity ~~and other one-time fees~~ for certain Investment Portfolio debt investments ~~and a decrease of $0.4 million related to unusual dividend income activity during the period~~ when compared to the same period in ~~2014.~~2015.

For the three months ended ~~September 30, 2015,~~March 31, 2016, total expenses increased to ~~$14.7~~$14.8 million from ~~$11.5~~$13.7 million for the corresponding period of ~~2014.~~2015. This comparable period increase in operating expenses was principally attributable to (i) a ~~$2.3~~$0.4 million increase in interest expense, primarily ~~as a result of~~due to an increase in interest expense on the ~~issuance of our 4.50% Notes~~Credit Facility generally due ~~2019 (the "4.50% Notes")~~to the higher average balance outstanding on the Credit facility in ~~November 2014,~~three months ended March 31, 2016 when compared to the prior year, (ii) a ~~$0.7 million increase in compensation expense related to increases in the number of personnel, base compensation levels and incentive compensation accruals, (iii) a~~ $0.4 ~~million increase in share-based compensation expense, and (iv) a $0.3~~ million increase in general and other administrative expenses, (iii) a $0.3 million increase in compensation expense related primarily to increases in the number of personnel and base compensation levels and (iv) a $0.3 million increase in share-based compensation expense, with these increases partially offset by a ~~$0.5~~$0.3 million increase in the expenses ~~charged~~allocated to the External Investment Manager (see further discussion in "Overview"), in each case when compared to the prior year. For each of the three months ended ~~September 30,~~March 31, 2016 and 2015, the ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was ~~1.3% on an annualized basis, compared to~~ 1.4% on an annualized ~~basis for the three months ended September 30, 2014 and 1.4% for the year ended December 31, 2014.~~basis.

For the three months ended ~~September 30, 2015,~~March 31, 2016, distributable net investment income increased ~~13%~~16% to ~~$29.5~~$28.8 million, or ~~$0.59~~$0.57 per share, compared with ~~$26.1~~$24.8 million, or ~~$0.58~~$0.54 per share, in the corresponding period of ~~2014.~~2015. The increase in distributable net investment income was primarily due to the higher level of total investment income, partially offset by higher operating expenses as discussed above. Distributable net investment income on a per share basis for the three months ended ~~September 30, 2015~~March 31, 2016 reflects (i) a decrease of approximately $0.03 per share from the comparable period in 2014 attributable to the net decrease in the comparable levels of accelerated prepayment and repricing activity for certain Investment Portfolio debt investments, (ii) a decrease of approximately $0.01 per share attributable to the change in the unusual dividend income as discussed above and (iii) a greater number of average shares outstanding compared to the corresponding period in ~~2014~~2015 primarily due to the March 2015 equity ~~offering.~~offering, shares issued through the ATM Program (as defined in "—Liquidity and Capital Resources—Capital Resources" below) and shares issued pursuant to our dividend reinvestment plan.

Net investment income for the three months ended ~~September 30, 2015~~March 31, 2016 was ~~$27.9~~$27.2 million, or a ~~12%~~16% increase, compared to net investment income of ~~$24.9~~$23.5 million for the corresponding period of ~~2014.~~2015. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses as discussed above.

The net increase in net assets resulting from operations during the three months ended ~~September 30, 2015~~March 31, 2016 was ~~$20.7~~$16.8 million, or ~~$0.41~~$0.33 per share, compared with ~~$21.6~~$35.4 million, or ~~$0.48~~$0.77 per share, during the

three months ended ~~September 30, 2014.~~March 31, 2015. This $18.6 million decrease from the prior year period was primarily the result of a ~~$17.1~~$40.0 million decrease in net change in ~~the~~unrealized appreciation (depreciation) to net ~~realized gain/loss from investments from a net realized gain~~unrealized depreciation of ~~$15.7 million during the three months ended September 30, 2014 to a net realized loss of $1.3~~$26.2 million for the three months ended ~~September 30, 2015,~~March 31, 2016, partially offset by (i) a ~~$3.0~~$3.7 million increase in net investment income as discussed above, (ii) a ~~$7.0~~$15.7 million ~~improvement~~increase in the net ~~change in unrealized depreciation~~realized gain (loss) from investments from a net realized loss of $2.1 million during the three months ended March 31, 2015 to a net ~~unrealized depreciation~~realized gain of ~~$9.1~~$13.6 million for the three months ended ~~September 30, 2015,~~March 31, 2016 and (iii) a ~~$6.2~~$2.0 million ~~change~~increase in the income tax ~~benefit/provision~~benefit from the prior

~~year period to an income tax benefit of $3.2~~$13.6 million for the three months ended ~~September 30, 2015. The net realized loss of $1.3 million for the three months ended September 30, 2015~~March 31, 2016 was primarily the result of ~~the net realized losses on the restructure of a Private Loan investment of $6.0 million and on the exits of Marketable securities and idle funds investments of $1.1 million, partially offset by~~(i) the net realized gain on the exit of a LMM investment totaling $14.4 million and (ii) the net realized gain of ~~$6.0 million.~~$1.3 million due to activity in our Other Portfolio, partially offset by (i) the net realized loss of $1.6 million on the exit of a Marketable securities and idle funds investment and (ii) the net realized loss of $0.9 million relating to the restructure of a Middle Market investment.

The following table provides a summary of the total ~~net change in~~ unrealized depreciation of ~~$9.1~~$26.2 million for the three months ended ~~September 30, 2015:~~March 31, 2016:

The income tax benefit for the three months ended ~~September 30, 2015~~March 31, 2016 of ~~$3.2~~$2.3 million principally consisted of (i) a deferred tax benefit of ~~$2.7~~$2.6 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in net operating loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book tax differences, ~~and an~~partially offset by other current tax ~~benefit~~expense of ~~$0.5~~$0.4 million ~~which is primarily~~ related to ~~a $0.7 million benefit~~accruals for U.S. federal income and excise taxes, state and other ~~taxes, partially offset by $0.2 million in excise~~ taxes.

For the nine months ended September 30, 2015, total investment income was $121.1 million, a 19% increase over the $102.0 million of total investment income for the corresponding period of 2014. This comparable period increase was principally attributable to (i) a $15.7 million increase in interest income primarily related to $17.6 million of interest income from higher average levels of portfolio debt investments, (ii) a $1.2 million increase in fee income and (iii) a $1.9 million increase in dividend income from Investment Portfolio equity investments. The $19.1 million increase in total investment income in the nine months ended September 30, 2015 includes a decrease of $1.5 million of total

investment income related to higher accelerated prepayment and repricing activity and other one-time fees for certain Investment Portfolio debt investments when compared to the same period in 2014, which such decrease consisting of a decrease in interest income of $1.8 million relating to accelerated prepayments or repricing activity, partially offset by an increase in fee income of $0.3 million relating to such activity and other one-time transactions, and a decrease of $0.9 million related to unusual dividend income activity during the period when compared to the same period in 2014.

For the nine months ended September 30, 2015, total expenses increased to $42.5 million from $32.8 million for the corresponding period of 2014. This comparable period increase in operating expenses was principally attributable to (i) a $7.0 million increase in interest expense, primarily as a result of the issuance of our 4.50% Notes in November 2014 when compared to the prior year period, (ii) a $1.9 million increase in compensation expense related to increases in the number of personnel, base compensation levels and incentive compensation accruals, (iii) a $1.6 million increase in share-based compensation expense and (iv) a $1.0 million increase in general and other administrative expenses, with these increases partially offset by a $1.8 million increase in the expenses charged to the External Investment Manager (see further discussion in "Overview"), in each case when compared to the prior year. For the nine months ended September 30, 2015, the ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.4% on an annualized basis, compared to 1.5% on an annualized basis for the nine months ended September 30, 2014 and 1.4% for the year ended December 31, 2014.

For the nine months ended September 30, 2015, distributable net investment income increased 15% to $83.1 million, or $1.71 per share, compared with $72.2 million, or $1.68 per share, in the corresponding period of 2014. The increase in distributable net investment income was primarily due to the higher level of total investment income, partially offset by higher operating expenses as discussed above. Distributable net investment income on a per share basis for the nine months ended September 30, 2015 reflects (i) a decrease of approximately $0.04 per share from the comparable period in 2014 attributable to the net decrease in the comparable levels of accelerated prepayment and repricing activity for certain Investment Portfolio debt investments as discussed above, (ii) a decrease of approximately $0.02 per share attributable to the change in the unusual dividend income as discussed above and (iii) a greater number of average shares outstanding compared to the corresponding period in 2014 primarily due to the April 2014 and March 2015 equity offerings.

Net investment income for the nine months ended September 30, 2015 was $78.6 million, or a 14% increase, compared to net investment income of $69.2 million for the corresponding period of 2014. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses as discussed above.

The net increase in net assets resulting from operations during the nine months ended September 30, 2015 was $96.9 million, or $1.99 per share, compared with $78.8 million, or $1.83 per share, during the nine months ended September 30, 2014. This increase from the prior year period was primarily the result of (i) a $9.4 million increase in net investment income as discussed above and (ii) a $13.2 million increase in net change in unrealized appreciation to net unrealized appreciation of $20.4 million for the nine months ended September 30, 2015 and (iii) a $15.4 million change in the income tax benefit/provision from the prior year period to an income tax benefit of $7.0 million for the

nine months ended September 30, 2015, with these changes partially offset by a $19.8 million change in the net realized gain/loss from investments from a net realized gain of $10.8 million during the nine months ended September 30, 2014 to a net realized loss of $9.0 million for the nine months ended September 30, 2015. The net realized loss of $9.0 million for the nine months ended September 30, 2015 was primarily the result of the net realized losses on the restructure of two Middle Market investments of $9.1 million and of a Private Loan investment of $6.0 million, the exit of Private Loan investment of $4.7 million and exits of several Marketable securities and idle funds investments of $1.1 million, partially offset by the net realized gains on two exits of LMM investments totaling $9.3 million and from an Other Portfolio investment of $2.5 million.

~~The following table provides a summary of the total net change in unrealized appreciation of $20.4 million for the nine months ended September 30, 2015:~~

The income tax benefit for the nine months ended September 30, 2015 of $7.0 million principally consisted of a deferred tax benefit of $8.5 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries including changes in net operating loss carryforwards, changes in net unrealized appreciation/depreciation and temporary book tax differences, partially offset by other current taxes of $1.5 million, which includes $0.8 million related to accruals for U.S. federal income, state and other taxes and $0.7 million for excise taxes.

For the ~~nine~~three months ended ~~September 30, 2015,~~March 31, 2016, we experienced a net decrease in cash and cash equivalents in the amount of ~~$25.1~~$3.1 million, which is the net result of ~~$203.5~~$3.8 million of cash used for our operating activities and ~~$178.4~~$0.7 million of cash provided by financing activities.

During the period, we used ~~$203.5~~$3.8 million of cash for our operating activities, which resulted primarily from (i) cash flows we generated from the operating profits earned through our operating activities totaling ~~$74.8~~$25.9 million, which is our ~~$83.1~~$28.8 million of distributable net investment income, excluding the non-cash effects of the accretion of unearned income of ~~$6.5~~$1.9 million, payment-in-kind interest income of ~~$2.5~~$1.3 million, cumulative dividends of ~~$1.2~~$0.3 million and the amortization expense for deferred financing costs of ~~$1.9~~$0.6 million, (ii) cash uses totaling ~~$736.6~~$121.2 million which primarily resulted from (a) the funding of new portfolio company investments and settlement of accruals for portfolio investments existing as of December 31, ~~2014,~~2015, which together total ~~$727.1~~$113.9 million, (b) the funding of new Marketable securities and idle funds investments and settlement of accruals for Marketable securities and idle funds investments existing as of December 31, 2014, which together total $4.5 million, (c) $2.9$5.5 million related to decreases in payables and accruals and (d) increases in other assets of ~~$2.1~~$1.8 million, and (iii) cash proceeds totaling ~~$458.3~~$91.5 million from (a) ~~$451.2~~$90.9 million in cash proceeds from the repayments of debt investments and sales of equity investments and (b) ~~$7.1~~$0.6 million of cash proceeds from the sale of Marketable securities and idle funds investments.

During the ~~nine~~three months ended ~~September 30, 2015, $178.4~~March 31, 2016, $0.7 million in cash was provided by financing activities, which principally consisted of (i) ~~$127.8 million in net cash proceeds from a public equity offering in March 2015 and (ii) $128.0~~$15.0 million in net cash proceeds from the Credit Facility and (ii) $9.8 million in net cash proceeds from the ATM Program, partially offset by (iii) ~~$75.5~~$24.0 million in cash dividends paid to stockholders and (iv) ~~$1.7 million for the purchase of vested restricted stock from employees to satisfy their tax withholding requirements and (v) $0.2~~$0.1 million for payment of deferred loan costs, SBIC debenture fees and other costs.

As of ~~September 30, 2015,~~March 31, 2016, we had ~~$35.3~~$17.2 million in cash and cash equivalents, ~~$4.6~~$1.5 million in Marketable securities and idle funds investments and ~~$251.5~~$249.0 million of unused capacity under the Credit Facility, which we maintain to support our investment and operating activities. As of ~~September 30, 2015,~~March 31, 2016, our net asset value totaled ~~$1,091.0~~$1,077.0 million, or ~~$21.79~~$21.18 per share.

The Credit Facility, which provides ~~for~~additional liquidity to support our investment and operational activities, includes total commitments of $555.0 million from a diversified group of ~~fifteen~~fourteen lenders and matures in September ~~2019 and was amended during April 2015 to increase the total commitments from $572.5 million to $597.5 million and increase the~~2020. The Credit Facility also contains an accordion feature ~~of the Credit Facility from $650.0 million to $750.0 million. The accordion feature~~which allows us to increase the total commitments under the facility up to $750.0 million from new and existing lenders on the same terms and conditions as the existing commitments.

Borrowings under the Credit Facility bear interest, subject to our election, on a per annum basis at a rate equal to ~~(i)~~ the applicable LIBOR rate ~~(0.20%~~(0.44% as of ~~September 30, 2015)~~March 31, 2016) plus ~~2.00%,~~(i) 1.875% (or the applicable base rate (Prime Rate of 3.5% as of March 31, 2016) plus 0.875%) as long as we maintain an investment grade rating and meet certain agreed upon excess collateral and maximum leverage requirements, (ii) 2.0% (or the applicable base rate plus 1.0%) if we maintain an investment grade rating but, do not meet certain excess collateral and maximum leverage requirements or (iii) 2.25% (or the applicable base rate plus 1.25%) if we do not maintain an investment grade rating) or (ii) the applicable base rate (Prime Rate of 3.25% as of September 30, 2015) plus 1.00%, as long as we maintain an investment grade rating (or 1.25% if we do not maintain an investment grade rating).rating. We pay unused commitment fees of 0.25% per annum on the unused lender commitments under the Credit Facility. The Credit Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership or assets of the Funds and the External Investment Manager. The Credit Facility contains certain affirmative and negative covenants, ~~including:~~including but not limited to: (i) maintaining a minimum availability of at least 10% of the borrowing base, (ii) maintaining an interest coverage ratio of at least 2.0 to 1.0, (iii) maintaining an asset coverage ratio of at least 1.5 to 1.0, and (iv) maintaining a minimum tangible net worth. The Credit Facility is provided on a revolving basis through its final

maturity date in September ~~2019,~~2020, and contains two, one-year extension options which could extend the final maturity by up to two years, subject to certain conditions, including lender approval. As of ~~September 30, 2015,~~March 31, 2016, we had ~~$346.0~~$306.0 million in borrowings outstanding under the Credit Facility, the interest rate on the Credit Facility was ~~2.2%~~2.3% and we were in compliance with all financial covenants of

the Credit Facility. ~~During the three months ended September 30, 2015, the average interest rate on the Credit Facility was 2.2%.~~

Due to each of the Funds' status as a licensed SBIC, we have the ability to issue, through the Funds, debentures guaranteed by the SBA at favorable interest ~~rates. Under~~rates and favorable terms and conditions. In addition, in December 2015, the ~~regulations applicable to~~2016 omnibus spending bill approved by Congress and signed into law by the President increased the amount of SBA-guaranteed debentures that affiliated SBIC funds ~~an SBIC~~ can have outstanding from $225.0 million to $350.0 million. This new legislation may allow us to issue additional SBIC debentures, ~~guaranteed by~~subject to SBA approval, above the $225.0 million that we have outstanding as of March 31, 2016. We announced on March 29, 2016 that we were issued a "green light" or "go forth" letter from the SBA ~~subject~~inviting us to continue our application process to obtain a ~~regulatory leverage limit, up~~license to form and operate a ~~regulatory maximum amount of debentures of $225.0 million.~~third SBIC subsidiary to gain access to the additional SBIC debentures. 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 semi-annually. 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. On ~~September 30, 2015,~~March 31, 2016, through our two wholly owned SBICs, we had $225.0 million of outstanding SBIC debentures guaranteed by the SBA, which bear a ~~weighted average~~weighted-average annual fixed interest rate of approximately 4.2%, paid semi-annually, and mature ten years from issuance. The first maturity related to our SBIC debentures does not occur until 2017, and the remaining ~~weighted average~~weighted-average duration is approximately ~~5.8~~5.3 years as of ~~September 30, 2015.~~March 31, 2016.

In April 2013, we issued $92.0 million, including the underwriters' full exercise of their over-allotment option, in aggregate principal amount of the 6.125% Notes. The 6.125% Notes are unsecured obligations and rank pari passu with our current and future ~~senior~~ unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 6.125% Notes; effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under our Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, including without limitation, the indebtedness of the Funds. The 6.125% Notes mature on April 1, 2023, and may be redeemed in whole or in part at any time or from time to time at our option on or after April 1, 2018. We may from time to time repurchase 6.125% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of ~~September 30, 2015,~~March 31, 2016, the outstanding balance of the 6.125% Notes was $90.7 million.

The indenture governing the 6.125% Notes (the "6.125% Notes Indenture") contains certain covenants, including covenants requiring our compliance with (regardless of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring us to provide financial information to the holders of the 6.125% Notes and the Trustee if we cease to be subject to the reporting requirements of the Securities Exchange Act of 1934. These covenants are subject to limitations and exceptions that are described in the 6.125% Notes Indenture.

In November 2014, we issued $175.0 million in aggregate principal amount of the 4.50% Notes at an issue price of 99.53%. The 4.50% Notes are unsecured obligations and rank pari passu with our current and future ~~senior~~ unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 4.50% Notes; effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under our Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, including without limitation, the indebtedness of the Funds. The 4.50% Notes mature on December 1, 2019, and may be redeemed in

whole or in part at any time at our option subject to certain make whole provisions. The 4.50% Notes bear interest at a rate of 4.50% per year payable semi-annually on June 1 and December 1 of each year, beginning June 1, 2015. We may from time to time repurchase 4.50% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of ~~September 30, 2015,~~March 31, 2016, the outstanding balance of the 4.50% Notes was $175.0 million.

The indenture governing the 4.50% Notes (the "4.50% Notes Indenture") contains certain covenants, including covenants requiring our compliance with (regardless of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring us to provide financial information to the holders of the 4.50% Notes and the Trustee if we cease to be subject to the reporting requirements of the Securities Exchange Act of 1934. These covenants are subject to limitations and exceptions that are described in the 4.50% Notes Indenture.

During April 2014, we completed a follow-on public equity offering of 4,600,000 shares of common stock, including the underwriters' full exercise of their option to purchase 600,000 additional shares, at a price to the public of $31.50 per share, 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 $139.7 million.

~~During~~ March 2015, we completed a follow-on public equity offering of 4,370,000 shares of common stock, including the underwriters' full exercise of their option to purchase 570,000 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 $127.8 million.

During November 2015, we entered into a program (the "ATM Program") with underwriters through which we can sell, by means of at-the-market offerings from time to time, up to 1,000,000 shares of our common stock. During the fourth quarter of 2015, we sold 140,568 shares of our common stock at a weighted-average price of $31.98 per share and raised $4.5 million of gross proceeds under the ATM Program. Net proceeds were $4.3 million after commissions to the underwriter and offering costs. During the three months ended March 31, 2016, we sold 321,714 shares of our common stock at a weighted-average price of $31.01 per share and raised $10.0 million of gross proceeds under the ATM Program. Net proceeds were $9.8 million after commissions to the underwriter and offering costs. As of March 31, 2016, 537,718 shares were available for sale under the ATM Program.

We anticipate that we will continue to fund our investment activities through existing cash and cash equivalents, the liquidation of Marketable securities and idle funds investments, and a combination of future debt and equity capital. Our primary uses of funds will be investments in portfolio companies, operating expenses and cash distributions to holders of our common stock.

We periodically invest excess cash balances into Marketable securities and idle funds investments. The primary investment objective of Marketable securities and idle funds investments is to generate incremental cash returns on excess cash balances prior to utilizing those funds for investment in our LMM, Middle Market and Private Loan portfolio investments. Marketable securities and idle funds investments generally consist of debt investments, independently rated debt investments, certificates of deposit with financial institutions, diversified bond funds and publicly traded debt and equity investments. The composition of Marketable securities and idle funds investments will vary in a given period based upon, among other things, changes in market conditions, the underlying fundamentals in our Marketable securities and idle funds investments, our outlook regarding future LMM, Middle Market and Private Loan portfolio investment needs, and any regulatory requirements applicable to us.

If our common stock trades below our net asset value per share, we will generally not be able to issue additional common stock at the market price unless our stockholders approve such a sale and our Board of Directors makes certain determinations. We did not seek stockholder authorization to sell shares of our common stock below the then current net asset value per share of our common stock at our ~~2015~~2016 annual ~~meetings~~meeting of stockholders because our common stock price per share had been trading significantly above the current net asset value per share of our common ~~stock.~~stock since 2011. We would therefore need future approval from our stockholders to issue shares below the then current net asset value 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 spillover 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 of total assets to total senior securities, which include borrowings and any preferred stock we may issue in the future, of at least 200%. This requirement limits the amount that we may borrow. In January 2008, we received an exemptive order from the SEC to exclude SBA guaranteed debt securities issued by MSMF and any other wholly owned subsidiaries of ours which operate as SBICs from the asset coverage

requirements of the 1940 Act as applicable to us, which, in turn, enables us to fund more investments with debt capital.

Although we have been able to secure access to additional liquidity, including recent public equity and historical debt offerings, our ~~$597.5~~$555.0 million Credit Facility, and the available leverage through the SBIC program, there is no assurance that debt or equity capital will be available to us in the future on favorable terms, or at all.

In May 2014, the FASB issued ASU 2014-09,Revenue from Contracts with Customers (Topic 606). ASU 2014-9 supersedes the revenue recognition requirements under ASC Topic 605,Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. The FASB tentatively decided to defer the effective date of the new revenue standard for public entities under U.S. GAAP for one year. If finalized, the new guidance will be effective for the annual reporting period beginning after December 15, 2017, including interim periods within that reporting period. Early adoption would be permitted for annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact the adoption of this new accounting standard will have on our ~~financial statements.~~

~~In April 2015, the FASB issued ASU 2015-03,~~~~Simplifying the Presentation of Debt Issuance Costs,~~ which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. It is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The impact of the adoption of this new accounting standard on our consolidated financial ~~statements is currently being evaluated.~~statements.

In February 2016, the FASB issued ASU 2016-02,Leases, which requires lessees to recognize on the balance sheet a right-of-use asset, representing its right to use the underlying asset for the lease

term, and a lease liability for all leases with terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. The standard requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities may elect to apply. The new guidance is effective for annual periods beginning after December 15, 2018, and interim periods therein. Early application is permitted. The impact of the adoption of this new accounting standard on our consolidated financial statements is currently being evaluated.

In March 2016, the FASB issued ASU 2016-09,Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods therein. Early application is permitted. The Company elected to early adopt this standard during the three months ended March 31, 2016. See further discussion of the impact of the adoption of this standard in "Note B.8.—Summary of Significant Accounting Policies—Share-based Compensation" in the notes to consolidated financial statements

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 financial statements upon adoption.

Inflation has not had a significant effect on our results of operations in any of the reporting periods presented herein. However, our portfolio companies have experienced, and may in the future experience, the 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.

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 involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. At ~~September 30, 2015,~~March 31, 2016, we had a total of ~~$140.8~~$141.9 million in outstanding commitments comprised of (i) 2530 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) ~~eight~~nine investments with equity capital commitments that had not been fully called.

As of ~~September 30, 2015,~~March 31, 2016, the future fixed commitments for cash payments in connection with our SBIC debentures and the 4.50% Notes and the 6.125% Notes for each of the next five years and thereafter are as follows:

As of ~~September 30, 2015,~~March 31, 2016, we had ~~$346.0~~$306.0 million in borrowings outstanding under our Credit Facility, and the Credit Facility is currently scheduled to mature in September ~~2019.~~2020. The Credit Facility contains two, one-year extension options which could extend the maturity to September 2021. See further discussion of the Credit Facility terms in "—Liquidity and Capital Resources—Capital Resources".

As discussed further above, the External Investment Manager is treated as a wholly owned portfolio company of MSCC and is included as part of our Investment Portfolio. At ~~September 30, 2015,~~March 31, 2016, we had a receivable of $2.3 million due from the External Investment Manager which included approximately ~~$1.7~~$1.6 million primarily related to operating expenses incurred by us required to support the External Investment Manager's business, along with dividends declared but not paid by the External Investment Manager of approximately ~~$0.6~~$0.7 million.

In ~~June 2013, we adopted a deferred compensation plan for the non-employee members of~~November 2015, our board of directors ~~which allows~~approved and adopted the Main Street Capital Corporation Deferred Compensation Plan (the "2015 Deferred Compensation Plan"). The 2015 Deferred Compensation Plan became effective on January 1, 2016 and replaced the Deferred Compensation Plan for Non-Employee Directors previously adopted by the board of directors ~~at their option to defer all or a portion of~~in June 2013 (the "2013 Deferred Compensation Plan"). Under the ~~fees paid~~

~~for their services as~~2015 Deferred Compensation Plan, non-employee directors and ~~have such deferred~~certain key employees may defer receipt of some or all of their cash compensation and fees, ~~paid~~subject to certain limitations. Individuals participating in ~~shares~~the 2015 Deferred Compensation Plan receive distributions of ~~our common~~their respective balances based on predetermined payout schedules or other events as defined by the plan and are also able to direct investments made on their behalf among investment alternatives permitted from time to time under the plan, including phantom Main Street stock ~~within 90 days after the participant's end of service as a director.~~units. As of ~~September 30, 2015, $1.0~~March 31, 2016, $1.1 million of ~~directors'~~compensation and fees had been deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). As of March 31, 2016, $1.05 million of this ~~plan. These~~ deferred compensation and fees ~~represented 32,190~~was deferred into phantom Main Street stock units, representing 34,645 shares of our common shares. These shares will not be issued or included as outstanding on the consolidated statement of changes in net assets until each applicable participant's end of service as a director, but are included in operating expenses and weighted-average shares outstanding on our consolidated statement of operations as earned.stock.

In April 2016, we led a new portfolio investment totaling $6.0 million of invested capital to facilitate the majority recapitalization of BBB Tank Services, LLC ("BBB"), with us funding $4.8 million of the investment. Our investment in BBB included a combination of first-lien, senior secured term debt and a direct equity investment. We and our co-investor are also providing BBB an

undrawn revolving line of credit to support its future working capital needs. Headquartered in Baytown, Texas, and founded in 2001, BBB provides products and services to the above-ground storage tank market. BBB's products and services include routine and emergency maintenance and repairs, replacement seals for floating roofs, application of protective coatings, and new tank construction and are provided primarily to owners of storage terminals that hold crude, refined petroleum products, chemicals and other commodities.

In April 2016, Safety Holdings, Inc., doing business as SambaSafety® ("SambaSafety"), completed a transaction with a private equity group to complete a majority recapitalization of SambaSafety. This transaction resulted in the repayment of our debt investment and the exit of our equity investment in SambaSafety. SambaSafety's innovative Software as a Service ("SaaS") solutions provide driver risk technology and information to employers, insurance, background screeners and fleet management companies. This enables companies with commercial and non-commercial fleets to easily identify and address unsafe driving behavior and take the appropriate actions necessary to maintain the safety of drivers, passengers and the communities in which they live and work. Additionally, SambaSafety solutions provide the insights insurance carriers need to accurately price risk throughout the insurance policy lifecycle. We made our initial investment in SambaSafety in November 2011 and the majority recapitalization transaction resulted in realized value received by us that is consistent with the fair market values for our investments in SambaSafety as of March 31, 2016.

In April 2016, we led a new portfolio investment totaling $16.4 million of invested capital to facilitate the management-led buyout of Gulf Publishing Company ("Gulf") and The Petroleum Economist Limited ("Petroleum Economist", and together with Gulf, the "Companies"), with us funding $13.1 million of the investment. Our investment in the Companies included a combination of first-lien, senior secured term debt and a direct equity investment. Headquartered in Houston, Texas, Gulf Publishing Company was incorporated in 1916 by a team of oil company executives and oilfield equipment manufacturers as wildcat discoveries were being made along the Houston Ship Channel. Today, Gulf Publishing produces and distributes leading trade journals, industry research, databases, software, conferences and events designed for the needs of the energy industry.

During ~~October 2015,~~April 2016, we declared a semi-annual supplemental cash dividend of $0.275 per share payable in ~~December 2015.~~June 2016. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that we declared for the ~~fourth~~second quarter of ~~2015~~2016 of $0.180 per share for each of ~~October, November~~April, May and ~~December 2015.~~June 2016.

In October 2015, we led a new portfolio investment totaling $15.5 million of invested capital in Apex Linen Service, Inc. ("Apex Linen") to fund Apex Linen's near-term growth opportunities, with us funding $12.4 million of the investment. Our investment in Apex Linen included a first-lien, senior secured term debt investment and a revolving line of credit. We and our co-investor also provided a commitment for $2.5 million of additional first-lien, senior secured term debt in the near-term future upon the completion of certain conditions. In addition, we and our co-investor are providing Apex Linen a conditional commitment beyond the $2.5 million of additional first-lien, senior secured term debt for additional capital to support its future growth opportunities. Headquartered in Las Vegas, Nevada, and founded in 2010 by long-established industry experts, Apex Linen provides commercial laundry and linen services to the hotel and gaming industry in the Las Vegas metropolitan area.

~~In November 2015,~~May 2016, we declared regular monthly dividends of $0.180 per share for each month of ~~January, February~~July, August and ~~March~~September of 2016. These regular monthly dividends equal a total of $0.540 per share for the ~~first~~third quarter of 2016 and represent a ~~5.9%~~2.9% increase from the regular monthly dividends declared for the ~~first~~third quarter of 2015. Including the regular monthly dividends declared for the first quarter of 2016, we will have paid ~~$16.420~~$17.775 per share in cumulative dividends since our October 2007 initial public offering.

We are subject to financial market risks, including changes in interest rates. Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments and Marketable securities and idle funds 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 rates, including LIBOR and prime rates, to the extent of any debt investments that include floating interest rates. The majority of our debt investments are made with either fixed interest rates or floating rates that are subject to contractual minimum interest rates for the term of the investment. As of ~~September 30, 2015,~~March 31, 2016, approximately ~~60%~~61% of our debt investment portfolio (at cost) bore interest at floating rates, ~~99%~~ 97%

of which were subject to contractual minimum interest rates. As of ~~September 30, 2015,~~March 31, 2016, none of our Marketable securities and idle funds investments (at cost) bore interest at floating rates. Our interest expense will be affected by changes in the published LIBOR rate in connection with our Credit Facility; however, the interest rates on our outstanding SBIC debentures and our 4.50% Notes and 6.125% Notes, which comprise the majority of our outstanding debt, are fixed for the life of such debt. As of ~~September 30, 2015,~~March 31, 2016, we had not entered into any interest rate hedging arrangements. The following table shows the approximate annualized increase ~~(decrease)~~or decrease in the components of net

investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of ~~September 30, 2015.~~March 31, 2016.

The hypothetical results would also be impacted by the changes in the amount of debt outstanding under our Credit Facility (with an increase (decrease) in the debt outstanding under the Credit Facility resulting in an (increase) decrease in the hypothetical interest expense).

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chairman, Chief Executive Officer and President, our Chief Financial Officer, our Chief Compliance Officer and our 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 Securities Exchange Act of 1934). Based on that evaluation, our Chairman, Chief Executive Officer and President, our Chief Financial Officer, our Chief Compliance Officer and our 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 Securities Exchange Act of 1934. There have been no changes in our internal control over financial reporting that occurred during the quarter ended ~~September 30, 2015~~March 31, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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 try to 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.

There have been no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, ~~2014~~2015 that we filed with the SEC on February ~~27, 2015 and in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015, filed with the SEC on August 7, 2015.~~26, 2016.

During the three months ended ~~September 30, 2015,~~March 31, 2016, we issued ~~140,857~~113,631 shares of our common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value of the shares of common stock issued during the three months ended ~~September 30, 2015~~March 31, 2016 under the dividend reinvestment plan was approximately ~~$4.3~~$3.3 million.

On November 3, 2015, our Board of Directors increased the size of the Board from six to eight directors and appointed Brian E. Lane and Stephen B. Solcher as directors to fill the vacancies created by the increase to serve until our 2016 Annual Meeting of Stockholders. Mr. Lane was also appointed to serve on the Nominating and Corporate Governance Committee of the Board, and Mr. Solcher was also appointed to serve on the Audit Committee of the Board.

Mr. Lane, age 58, has served as Chief Executive Officer and President of Comfort Systems USA, Inc. (NYSE: FIX) since December 2011 and as a director of Comfort Systems since November 2010. Mr. Lane served as Comfort Systems' President and Chief Operating Officer from March 2010 until December 2011. Mr. Lane joined Comfort Systems in October 2003 and served as Vice President and then Senior Vice President for Region One until he was named Executive Vice President and Chief Operating Officer in January 2009. Prior to joining Comfort Systems, Mr. Lane spent fifteen years at Halliburton Company (NYSE: HAL), a global service and equipment company devoted to energy, industrial, and government customers. During his tenure at Halliburton, he held various positions in business development, strategy and project initiatives, and he departed as the Regional Director of Europe and Africa. Mr. Lane's additional experience included serving as a Regional Director of Capstone Turbine Corporation (NASDAQ: CPST), a distributed power manufacturer. He also was a Vice President of Kvaerner, an international engineering and construction company, where he focused on the chemical industry. Mr. Lane is also a member of the Board of Directors of Griffen Dewatering Corporation, a privately held company. Mr. Lane earned a Bachelor of Science in Chemistry from the University of Notre Dame and his MBA from Boston College.

~~Mr. Solcher, age 55, has served as the Senior Vice President of Finance and Business Operations and Chief Financial Officer of BMC Software, Inc., a privately held company, since 2005. Previously,~~

Mr. Solcher served as BMC's Treasurer and Vice President of Finance. He joined BMC in 1991 as Assistant Treasurer and became Treasurer the following year. During Mr. Solcher's tenure, BMC grew from nearly $130 million in annual revenue to $2.2 billion in annual revenue in 2013, its last year operating as a public company. In addition to leading many M&A transactions as Chief Financial Officer, Mr. Solcher was instrumental in BMC's transition from being a publicly traded company to becoming a private held company in 2013. Prior to joining BMC, he was employed by Arthur Andersen as a certified public accountant. Mr. Solcher also serves on the development board of the Mays Business School at Texas A&M University and has served on the board of numerous nonprofit organizations. He was recognized by Institutional Investor magazine as part of the "All American Executive Team" in 2010 and 2012 and by Houston Business Journal as 2012 Best CFO—Large Public Company.

Messrs. Lane and Solcher will be entitled to receive compensation for their service on the Board consistent with our director compensation program for non-employee directors. In connection with their appointment to the Board, we entered into our standard form of indemnification agreement with Messrs. Lane and Solcher, the form of which was previously filed as Exhibit (k)(13) to our Pre-Effective Amendment No. 3 to Registration Statement on Form N-2 (Reg. No. 333-142879) filed on September 21, 2007.

The Board has determined that each of Messrs. Lane and Solcher qualifies as an independent director under the 1940 Act and the listing standards of the New York Stock Exchange, and Mr. Solcher also qualifies as an "audit committee financial expert" under the SEC's rules. There are no arrangements or understandings between Mr. Lane or Mr. Solcher and any other persons pursuant to which they were selected as directors. There are no current or proposed transactions between us and either of Mr. Lane or Mr. Solcher or their immediate family members that would require disclosure under Item 404(a) of Regulation S-K promulgated by the SEC.

On November 3, 2015, the Board of Directors promoted certain senior executive officers to the following additional roles at Main Street: Dwayne L. Hyzak as President, Curtis L. Hartman as Vice Chairman, and David L. Magdol as Vice Chairman, effective immediately. Mr. Hyzak has served as Main Street's Chief Operating Officer and Senior Managing Director since November 2014; Mr. Hartman has served as Main Street's Chief Credit Officer and Senior Managing Director since 2011; and Mr. Magdol has served as Main Street's Chief Investment Officer and Senior Managing Director since 2011. In addition, Messrs. Hyzak, Hartman and Magdol also serve as members of Main Street's investment committee and have served in various executive roles at Main Street and its predecessor funds since the early 2000's.

Messrs. Hyzak, Hartman and Magdol will retain their former titles in addition to the new roles and will also continue to serve as members of Main Street's investment committee. Mr. Foster, who was previously Main Street's President, will retain the title of Chief Executive Officer and the ongoing responsibilities as the principal executive officer at Main Street along with remaining Chairman of the Board. Reference is made to the biographical information with respect to Messrs. Foster, Hyzak, Hartman and Magdol set forth under the headings "Election of Directors" and "Executive Officers" in our 2015 Proxy Statement, which description is incorporated herein by reference.

On November 3, 2015, the Board of Directors approved and adopted the Main Street Capital Corporation Deferred Compensation Plan (the "Plan"). The Plan will be effective on January 1, 2016 and at such time will replace the existing Main Street Capital Corporation Deferred Compensation Plan for Non-Employee Directors. Under the Plan, non-employee directors and certain key employees

may defer receipt of some or all of their cash compensation, subject to certain limitations. Main Street may also make discretionary employer contributions to the Plan. Individuals participating in the Plan receive distributions of their respective balances based on predetermined payout schedules or other events, as defined by the Plan and are also able to direct investments made on their behalf among investment alternatives permitted from time to time under the Plan, including phantom Main Street stock units. The above summary is not complete and is qualified in its entirety to the full text of the Plan attached as Exhibit 10.1 hereto and are incorporated herein by reference.

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):

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.


(Mark One)
ý		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended ~~September 30, 2015~~March 31, 2016
OR
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: to


Maryland (State or other jurisdiction of incorporation or organization)		41-2230745 (I.R.S. Employer Identification No.)
1300 Post Oak Boulevard, 8^th floor Houston, TX (Address of principal executive offices)		77056 (Zip Code)


Large accelerated filerý		Accelerated filero		Non-accelerated filero		Smaller reporting companyo


Item 1.	Legal Proceedings	133
Item 1A.	Risk Factors	133
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	133
Item 5.	~~Other Information~~	~~133~~
~~Item~~ 6.	Exhibits	~~135~~133
	Signatures	~~136~~134

	Three Months Ended September 30,						Nine Months Ended September 30,						Three Months Ended March 31,

	2015			2014			2015			2014			2016			2015
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments	$	13,437		$	9,705		$	36,264		$	29,547		$	12,615		$	11,335
Affiliate investments		6,852			6,687			19,862			18,412			8,523			6,049
Non-Control/Non-Affiliate investments		22,090			19,839			64,124			53,488			20,737			19,421

Interest, fee and dividend income		42,379			36,231			120,250			101,447			41,875			36,805
Interest, fee and dividend income from marketable securities and idle funds investments		229			120			846			557			131			374

Total investment income		42,608			36,351			121,096			102,004			42,006			37,179
EXPENSES:
Interest		(8,302	)		(5,954	)		(23,755	)		(16,713	)		(8,182	)		(7,796	)
Compensation		(3,727	)		(3,047	)		(11,055	)		(9,115	)		(3,820	)		(3,494	)
General and administrative		(2,212	)		(1,871	)		(6,271	)		(5,279	)		(2,405	)		(1,962	)
Share-based compensation		(1,651	)		(1,208	)		(4,592	)		(3,034	)		(1,589	)		(1,263	)
Expenses charged to the External Investment Manager		1,145			616			3,133			1,343
Expenses allocated to the External Investment Manager														1,154			827

Total expenses		(14,747	)		(11,464	)		(42,540	)		(32,798	)		(14,842	)		(13,688	)

NET INVESTMENT INCOME		27,861			24,887			78,556			69,206			27,164			23,491
NET REALIZED GAIN (LOSS):
Control investments		—			—			3,324			—			14,358			—
Affiliate investments		5,964			14,737			5,827			8,159
Non-Control/Non-Affiliate investments		(6,195	)		962			(16,836	)		2,634			818			(2,008	)
Marketable securities and idle funds investments		(1,112	)		11			(1,352	)		(4	)		(1,573	)		(112	)

Total net realized gain (loss)		(1,343	)		15,710			(9,037	)		10,789			13,603			(2,120	)

NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Portfolio investments		(8,389	)		(6,891	)		21,716			17,018			(27,529	)		14,204
Marketable securities and idle funds investments		(648	)		(426	)		(521	)		920			1,457			251
SBIC debentures		(50	)		(8,749	)		(823	)		(10,778	)		(146	)		(693	)

Total net change in unrealized appreciation (depreciation)		(9,087	)		(16,066	)		20,372			7,160			(26,218	)		13,762

INCOME TAXES:
Federal and state income, excise and other taxes		495			(960	)		(1,547	)		(1,758	)		(370	)		(376	)
Deferred taxes		2,742			(2,002	)		8,551			(6,643	)		2,633			667

Income tax benefit (provision)		3,237			(2,962	)		7,004			(8,401	)		2,263			291

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,668		$	21,569		$	96,895		$	78,754		$	16,812		$	35,424



NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.56		$	0.55		$	1.61		$	1.61		$	0.54		$	0.51



NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.41		$	0.48		$	1.99		$	1.83		$	0.33		$	0.77



DIVIDENDS PAID PER SHARE:
Regular monthly dividends	$	0.525		$	0.495		$	1.560		$	1.485		$	0.540		$	0.510
Supplemental dividends		—			—			0.275			0.275			—			—

Total dividends	$	0.525		$	0.495		$	1.835		$	1.760		$	0.540		$	0.510



WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED		50,036,776			44,910,756			48,681,260			43,027,105			50,549,780			46,080,204

	Common Stock												Accumulated Net Realized Gain From Investments, Net of Dividends			Net Unrealized Appreciation from Investments, Net of Income Taxes						Common Stock												Accumulated Net Realized Gain From Investments, Net of Dividends			Net Unrealized Appreciation from Investments, Net of Income Taxes

	Common Stock									Accumulated Net Investment Income, Net of Dividends												Common Stock									Accumulated Net Investment Income, Net of Dividends
	Number of Shares			Par Value			Additional Paid-In Capital			Accumulated Net Investment Income, Net of Dividends									Net Unrealized Appreciation from Investments, Net of Income Taxes			Number of Shares			Par Value			Additional Paid-In Capital			Accumulated Net Investment Income, Net of Dividends									Net Unrealized Appreciation from Investments, Net of Income Taxes
Balances at December 31, 2013		39,852,604		$	398		$	694,981		$	22,778		$	(26,334	)	$	100,710
Balances at December 31, 2014																						45,079,150		$	451		$	853,606		$	23,665		$	(20,456	)	$	82,716
Public offering of common stock, net of offering costs		4,600,000			46			139,651			—			—			—				139,697			4,370,000			44			127,720			—			—				—			127,764
Share-based compensation		—			—			3,034			—			—			—			3,034			—			—			1,263			—			—			—			1,263
Purchase of vested stock for employee payroll tax withholding		(46,507	)		—			(1,481	)		—			—			—			(1,481	)		(1,802	)		—			(53	)		—			—			—			(53	)
Dividend reinvestment		333,657			3			10,842			—			—			—			10,845			116,330			1			3,464			—			—			—			3,465
Amortization of directors' deferred compensation		—			—			229			—			—			—			229			—			—			69			—			—			—			69
Issuance of restricted stock		241,578			2			(2	)		—			—			—			—
Tax benefit related to vesting of restricted shares		—			—			542			—			—			—			542
Forfeited shares of terminated employees		(36,138	)		—			—			—			—			—			—
Issuance of restricted stock, net of forfeited shares																							683			—			—			—			—			—			—
Dividends to stockholders		—			—			—			(63,098	)		(13,549	)		—			(76,647	)		—			—			—			(24,021	)		—			—			(24,021	)
Net increase (loss) resulting from operations		—			—			—			69,206			10,789			(1,241	)		78,754			—			—			—			23,491			(2,120	)		14,053			35,424

Balances at September 30, 2014		44,945,194		$	449		$	847,796		$	28,886		$	(29,094	)	$	99,469		$	947,506
Balances at March 31, 2015																							49,564,361		$	496		$	986,069		$	23,135		$	(22,576	)	$	96,769		$	1,083,893



Balances at December 31, 2014		45,079,150		$	451		$	853,606		$	23,665		$	(20,456	)	$	82,716		$	939,982
Balances at December 31, 2015																							50,413,744		$	504		$	1,011,467		$	7,181		$	(49,653	)	$	101,395		$	1,070,894
Cumulative-effect to retained earnings for excess tax benefit																							—			—			—			—			—			1,806			1,806
Public offering of common stock, net of offering costs		4,370,000			44			127,720			—			—			—			127,764			321,714			3			9,778			—			—			—			9,781
Share-based compensation		—			—			4,592			—			—			—			4,592			—			—			1,589			—			—			—			1,589
Purchase of vested stock for employee payroll tax withholding		(54,840	)		(1	)		(1,739	)		—			—			—			(1,740	)
Dividend reinvestment		444,957			4			13,654			—			—			—			13,658			113,631			1			3,255			—			—			—			3,256
Amortization of directors' deferred compensation		—			—			292			—			—			—			292			—			—			144			—			—			—			144
Issuance of restricted stock		240,074			2			(2	)		—			—			—			—			900			—			—			—			—			—			—
Forfeited shares of terminated employees		(163	)		—			—			—			—			—			—			(3,989	)		—			—			—			—			—			—
Dividends to stockholders		—			—			—			(88,294	)		(2,168	)		—			(90,462	)		—			—			—			(27,284	)		—			—			(27,284	)
Net increase (loss) resulting from operations		—			—			—			78,556			(9,037	)		27,376			96,895			—			—			—			27,164			13,603			(23,955	)		16,812

Balances at September 30, 2015		50,079,178		$	500		$	998,123		$	13,927		$	(31,661	)	$	110,092		$	1,090,981
Balances at March 31, 2016																							50,846,000		$	508		$	1,026,233		$	7,061		$	(36,050	)	$	79,246		$	1,076,998

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Jackmont Hospitality, Inc.(10)	Family-owned TGIF Franchisee
		LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—May 26, 2021)(9)	4,237	4,216	4,216

Joerns Healthcare, LLC(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—May 9, 2020)(9)	14,880	14,781	14,806

John Deere Landscapes LLC(10)	Distributor of Landscaping Supplies
		LIBOR Plus 4.00% (Floor 1.00%), Current Coupon 5.00%, Secured Debt (Maturity—December 23, 2019)(9)	8,508	8,180	8,508

JSS Holdings, Inc.(11)	Aircraft Maintenance Program Provider
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—August 31, 2021)(9)	13,500	13,233	13,298

Kendra Scott, LLC(11)	Jewelry Retail Stores
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—July 17, 2020)(9)	10,000	9,904	9,975

Keypoint Government Solutions, Inc.(11)	Provider of Pre-Employment Screening Services
		LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—November 13, 2017)(9)	6,514	6,473	6,514

LaMi Products, LLC(10)	General Merchandise Distribution
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 16, 2020)(9)	4,563	4,532	4,532

Lansing Trade Group LLC(11)	Commodity Merchandiser
		9.25% Unsecured Debt (Maturity—February 15, 2019)	6,000	6,000	5,775

Larchmont Resources, LLC(11)	Oil & Gas Exploration & Production
		LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity—August 7, 2019)(9)	7,852	7,535	6,674

Portfolio Company(1)	Business Description	Type of Investment(2)(3)					Business Description	Type of Investment(2)(3)		Cost(4)		Fair Value


Vivid Seats LLC(11)							Provider of Online Secondary Ticket Marketplace
								LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—March 1, 2020)(9)	10,000		9,307		9,363

Western Dental Services, Inc.(11)							Dental Care Services
								LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—November 1, 2018)(9)	4,904		4,901		4,438

Wilton Brands LLC(11)							Specialty Housewares Retailer
								LIBOR Plus 7.25% (Floor 1.25%), Current Coupon 8.50%, Secured Debt (Maturity—August 30, 2018)(9)	1,490		1,476		1,363

Worley Claims Services, LLC(10)							Insurance Adjustment Management and Services Provider
								LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 31, 2020)(9)	6,419		6,367		6,196

YP Holdings LLC(11)	Online and Offline Advertising Operator						Online and Offline Advertising Operator
		LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity—June 4, 2018)(9)	3,000	2,974	2,980			LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity—June 4, 2018)(9)	4,455		4,359		4,165

Zilliant Incorporated	Price Optimization and Margin Management Solutions						Price Optimization and Margin Management Solutions
		Preferred Stock (186,777 shares)		154	260			Preferred Stock (186,777 shares)			154		260
		Warrants (952,500 equivalent shares)		1,071	1,190			Warrants (952,500 equivalent shares)			1,071		1,190

				1,225	1,450						1,225		1,450

Subtotal Non-Control/Non-Affiliate Investments (52.2% of total investments at fair value)				1,008,980	976,912
Subtotal Non-Control/Non-Affiliate Investments (49.9% of total investments at fair value)						Subtotal Non-Control/Non-Affiliate Investments (49.9% of total investments at fair value)				$	974,053	$	908,662

Total Portfolio Investments, September 30, 2015				1,723,298	1,867,434
Total Portfolio Investments, March 31, 2016						Total Portfolio Investments, March 31, 2016				$	1,712,251	$	1,818,071

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Brainworks Software, LLC(10)	Advertising Sales and Production and Newspaper Circulation Software
		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity—July 22, 2019)(9)	6,263	6,182	6,182

Brasa Holdings Inc.(11)	Upscale Full Service Restaurants
		LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00%, Secured Debt (Maturity—January 20, 2020)(9)	2,143	2,128	2,121

Brundage-Bone Concrete Pumping, Inc.(11)	Construction Services Provider
		10.375% Secured Debt (Maturity—September 1, 2021)	2,500	2,500	2,556

Calloway Laboratories, Inc.(10)	Health Care Testing Facilities
		12% PIK Secured Debt (Maturity—September 30, 2015)(14)	7,225	7,176	2,878
		Warrants (125,000 equivalent shares)		17	—

				7,193	2,878

Cedar Bay Generation Company LP(11)	Coal-Fired Cogeneration Plant
		LIBOR Plus 5.00% (Floor 1.25%), Current Coupon 6.25%, Secured Debt (Maturity—April 23, 2020)(9)	2,476	2,457	2,458

Cengage Learning Acquisitions, Inc.(11)	Provider of Educational Print and Digital Services
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—March 31, 2020)(9)	4,000	3,990	3,975

CGSC of Delaware Holdings Corp.(11)(13)	Insurance Brokerage Firm
		LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity—October 16, 2020)(9)	2,000	1,975	1,780

Charlotte Russe, Inc(11)	Fast-Fashion Retailer to Young Women
		LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (Maturity—May 22, 2019)(9)	4,938	4,900	4,822

CHI Overhead Doors, Inc.(11)	Manufacturer of Overhead Garage Doors
		LIBOR Plus 9.50%, (Floor 1.50%), Current Coupon 11.00%, Secured Debt (Maturity—September 18, 2019)(9)	2,500	2,467	2,475

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Modern VideoFilm, Inc.(10)	Post-Production Film Studio
		LIBOR Plus 3.50% (Floor 1.50%), Current Coupon 5.00% / 8.50% PIK, Current Coupon Plus PIK 13.50%, Secured Debt (Maturity—September 25, 2017)(9)(14)	6,302	6,119	1,954
		Warrants (1,375 equivalent shares)		151	1

				6,270	1,955

Mood Media Corporation(11)(13)	Provider of Electronic Equipment
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—May 1, 2019)(9)	12,193	12,053	11,964

MP Assets Corporation(11)	Manufacturer of Battery Components
		LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—December 19, 2019)(9)	4,416	4,378	4,394

New Media Holdings II LLC(11)(13)	Local Newspaper Operator
		LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—June 4, 2020)(9)	14,925	14,649	14,776

Nice-Pak Products, Inc.(11)	Pre-Moistened Wipes Manufacturer
		LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—June 18, 2015)(9)	12,541	12,518	12,478

North Atlantic Trading Company, Inc.(11)	Marketer/Distributor of Tobacco Products
		LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—January 13, 2020)(9)	7,426	7,361	7,305

Novitex Intermediate, LLC(11)	Provider of Document Management Services
		LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity—July 7, 2020)(9)	5,985	5,929	5,746

Ospemifene Royalty Sub LLC (QuatRx)(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
		11.5% Secured Debt (Maturity—November 15, 2026)	5,205	5,205	5,205

Panolam Industries International, Inc.(11)	Decorative Laminate Manufacturer
		LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity—August 23, 2017)(9)	6,994	6,949	6,889

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Sagittarius Restaurants LLC (d/b/a Del Taco)(11)	Mexican/American QSR Restaurant Chain
		LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—October 1, 2018)(9)	4,591	4,572	4,562

SCE Partners, LLC(10)	Hotel & Casino Operator
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—August 14, 2019)(9)	7,481	7,421	7,519

Sotera Defense Solutions, Inc.(11)	Defense Industry Intelligence Services
		LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity—April 21, 2017)(9)	10,984	10,564	10,160

Symphony Teleca Services, Inc.(11)	Outsourced Product Development
		LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity—August 7, 2019)(9)	14,000	13,870	13,930

Synagro Infrastructure Company, Inc(11)	Waste Management Services
		LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—August 22, 2020)(9)	6,913	6,798	6,822

Targus Group International(11)	Distributor of Protective Cases for Mobile Devices
		LIBOR Plus 9.50% (Floor 1.50%), Current Coupon 11.00% / 1.00% PIK, Current Coupon Plus PIK 12.00%, Secured Debt (Maturity—May 24, 2016)(9)	4,288	4,299	3,495

TeleGuam Holdings, LLC(11)	Cable and Telecom Services Provider
		LIBOR Plus 4.00% (Floor 1.25%), Current Coupon 5.25%, Secured Debt (Maturity—December 10, 2018)(9)	6,830	6,813	6,796
		LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity—June 10, 2019)(9)	2,500	2,480	2,512

				9,293	9,308

Templar Energy LLC(11)	Oil & Gas Exploration & Production
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—November 25, 2020)(9)	5,000	4,945	3,615

The Tennis Channel, Inc.(10)	Television-Based Sports Broadcasting
		Warrants (114,316 equivalent shares)		235	301

Portfolio Company(1)	Business Description	Type of Investment(2)(3)


Vantage Oncology, LLC(11)	Outpatient Radiation Oncology Treatment Centers
		9.5% Secured Debt (Maturity—June 5, 2017)	7,000	7,000	6,790

Virtex Enterprises, LP(10)	Specialty, Full-Service Provider of Complex Electronic Manufacturing Services
		12% Secured Debt (Maturity—December 27, 2018)	1,667	1,479	1,479
		Preferred Class A Units (14 units; 5% cumulative)(8)		344	344
		Warrants (11 equivalent units)		186	186

				2,009	2,009

Vision Solutions, Inc.(11)	Provider of Information Availability Software
		LIBOR Plus 8.00% (Floor 1.50%), Current Coupon 9.50%, Secured Debt (Maturity—July 23, 2017)(9)	5,000	4,941	4,872

Western Dental Services, Inc.(11)	Dental Care Services
		LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—November 1, 2018)(9)	5,395	5,391	5,153

Wilton Brands LLC(11)	Specialty Housewares Retailer
		LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity—August 30, 2018)(9)	1,750	1,727	1,636

Worley Claims Services, LLC(10)	Insurance Adjustment Management and Services Provider
		LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—October 31, 2020)(9)	6,500	6,437	6,533

Zilliant Incorporated	Price Optimization and Margin Management Solutions
		Warrants (952,500 equivalent shares)		1,071	1,071

Subtotal Non-Control/Non-Affiliate Investments (51.8% of total investments at fair value)				832,312	814,809

Total Portfolio Investments, December 31, 2014				1,441,402	1,563,330

Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Cost(4)		Fair Value


Marketable Securities and Idle Funds Investments

Solar Senior Capital Ltd.(13)(15)	Business Development Company
		Common Stock (39,000 shares)(8)		742		584

Other Marketable Securities and Idle Funds Investments(13)(15)	Investments in Marketable Securities and Diversified, Registered Bond Funds
				9,862		8,483

Subtotal Marketable Securities and Idle Funds Investments (0.6% of total investments at fair value)				10,604		9,067

Total Investments, December 31, 2014			$	1,452,006	$	1,572,397

Type of Investment	Fair Value as of September 30, 2015 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)		Fair Value as of March 31, 2016 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)

Equity investments	$	506,285	Discounted cash flow	Weighted average cost of capital	10.9% - 19.4%	13.0%	$	528,064	Discounted cash flow	Weighted-average cost of capital	10.0% - 27.5%	13.3%	13.6%
			Market comparable / Enterprise Value	EBITDA multiple(1)	4.0x - 8.5x(2)	6.8x			Market comparable / Enterprise Value	EBITDA multiple(1)	4.0x - 8.5x(2)	7.1x	5.5x
Debt investments	$	656,173	Discounted cash flow	Risk adjusted discount factor	7.6% - 15.3%(2)	11.5%	$	668,040	Discounted cash flow	Risk adjusted discount factor	8.2% - 15.4%(2)	12.0%	11.8%
				Expected principal recovery percentage	25.4% - 100.0%	99.7%				Expected principal recovery percentage	12.0% - 100.0%	99.8%	100.0%
Debt investments	$	700,516	Market approach	Third party quote	34.0 - 106.4		$	618,957	Market approach	Third party quote	11.3 - 101.0

Total Level 3 investments	$	1,862,974					$	1,815,061

Type of Investment	Fair Value as of December 31, 2014 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)		Fair Value as of December 31, 2015 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)

Equity investments	$	407,569	Discounted cash flow	Weighted average cost of capital	11.4% - 23.4%	13.9%	$	530,612	Discounted cash flow	Weighted-average cost of capital	10.5% - 25.1%	13.4%	13.9%
			Market comparable / Enterprise Value	EBITDA multiple(1)	4.0x - 7.8x(2)	6.4x			Market comparable / Enterprise Value	EBITDA multiple(1)	4.0x - 8.5x(2)	7.0x	5.5x
Debt investments	$	557,604	Discounted cash flow	Risk adjusted discount factor	7.5% - 15.8%(2)	12.1%	$	628,492	Discounted cash flow	Risk adjusted discount factor	8.1% - 15.3%(2)	11.9%	11.9%
				Expected principal recovery percentage	42.0% - 100.0%	99.3%				Expected principal recovery percentage	16.6% - 100.0%	99.7%	100.0%
Debt investments	$	589,677	Market approach	Third party quote	60.1 - 102.3		$	637,052	Market approach	Third party quote	12.1 - 100.1

Total Level 3 investments	$	1,554,850					$	1,796,156

Type of Investment	Fair Value as of December 31, 2014		Transfers Into Level 3 Hierarchy		Redemptions/ Repayments			New Investments		Net Changes from Unrealized to Realized			Net Unrealized Appreciation (Depreciation)			Other(1)			Fair Value as of September 30, 2015

Debt	$	1,147,281	$	—	$	(439,158	)	$	672,305	$	19,844		$	(32,804	)	$	(10,779	)	$	1,356,689	1,265,544	—	(70,061	)	101,465	4,510		(11,905	)	(2,556	)	1,286,997
Equity		391,933		—		(16,475	)		58,728		(8,250	)		55,865			10,376			492,177	519,966	—	(5,987	)	16,959	(16,816	)	(1,035	)	2,556		515,643
Equity Warrant		15,636		—		(1,723	)		2,153		(1,687	)		(271	)		—			14,108	10,646	—	—		2,819	—		(1,044	)	—		12,421

	$	1,554,850	$	—	$	(457,356	)	$	733,186	$	9,907		$	22,790		$	(403	)	$	1,862,974	1,796,156	—	(76,048	)	121,243	(12,306	)	(13,984	)	—		1,815,061

Type of Investment	Fair Value as of December 31, 2013		Transfers Into Level 3 Hierarchy		Redemptions/ Repayments			New Investments		Net Changes from Unrealized to Realized			Net Unrealized Appreciation (Depreciation)			Other(1)			Fair Value as of September 30, 2014

Debt	$	897,568	$	55,102	$	(411,801	)	$	575,644	$	6,811		$	(19,144	)	$	(2,738	)	$	1,101,442	1,147,281	—	(145,175	)	283,801	3,796	(1,512	)	(4,682	)	1,283,509
Equity		270,764		—		(12,305	)		41,338		1,050			53,616			2,078			356,541	391,933	—	(5,950	)	24,030	354	15,347		4,435		430,149
Equity Warrant		36,558		—		(650	)		771		(9,800	)		(6,931	)		83			20,031	15,636	—	(449	)	1,400	449	(201	)	—		16,835

	$	1,204,890	$	55,102	$	(424,756	)	$	617,753	$	(1,939	)	$	27,541		$	(577	)	$	1,478,014	1,554,850	—	(151,574	)	309,231	4,599	13,634		(247	)	1,730,493

Type of Instrument		Fair Value as of March 31, 2016			Valuation Technique		Significant Unobservable Inputs		Range		Weighted Average

SBIC debentures		$	74,006		Discounted cash flow		Estimated market interest rates		4.1% - 5.7%			4.8%

Type of Instrument		Fair Value as of December 31, 2015			Valuation Technique		Significant Unobservable Inputs		Range		Weighted Average

SBIC debentures		$	73,860		Discounted cash flow		Estimated market interest rates		4.1% - 5.8%			4.9%

Type of Instrument		Fair Value as of September 30, 2015			Valuation Technique		Significant Unobservable Inputs		Range		Weighted Average

SBIC debentures		$	73,804		Discounted cash flow		Estimated market interest rates		4.1% - 5.9%			4.9	%

Type of Instrument		Fair Value as of December 31, 2014			Valuation Technique		Significant Unobservable Inputs		Range		Weighted Average

SBIC debentures		$	72,981		Discounted cash flow		Estimated market interest rates		4.6% - 6.0%			5.3%


Fair Value as of December 31, 2014		Repayments		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation		Fair Value as of September 30, 2015
$	72,981	$	—	$	—	$	823	$	73,804
Type of Instrument										Fair Value as of December 31, 2015		Repayments		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation		Fair Value as of March 31, 2016
SBIC debentures at fair value										$	73,860	$	—	$	—	$	146	$	74,006


Fair Value as of December 31, 2013		Repayments		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation		Fair Value as of September 30, 2014
$	62,050	$	—	$	—	$	10,779	$	72,829
Type of Instrument										Fair Value as of December 31, 2014		Repayments		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation		Fair Value as of March 31, 2015
SBIC debentures at fair value										$	72,981	$	—	$	—	$	693	$	73,674

			Fair Value Measurements

			(in thousands)
At March 31, 2016	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
LMM portfolio investments	$	860,746	$	—	$	3,010	$	857,736
Middle Market portfolio investments		579,544		—		—		579,544
Private Loan portfolio investments		271,338		—		—		271,338
Other Portfolio investments		78,651		—		—		78,651
External Investment Manager		27,792		—		—		27,792

Total portfolio investments		1,818,071		—		3,010		1,815,061
Marketable securities and idle funds investments		1,519		1,519		—		—

Total investments	$	1,819,590	$	1,519	$	3,010	$	1,815,061



SBIC debentures at fair value	$	74,006	$	—	$	—	$	74,006

			Fair Value Measurements

			(in thousands)
At September 30, 2015	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
LMM portfolio investments	$	856,371	$	—	$	4,460	$	851,911
Middle Market portfolio investments		669,519		—		—		669,519
Private Loan portfolio investments		252,366		—		—		252,366
Other Portfolio investments		56,873		—		—		56,873
External Investment Manager		32,305		—		—		32,305

Total portfolio investments		1,867,434		—		4,460		1,862,974
Marketable securities and idle funds investments		4,583		4,583		—		—

Total investments	$	1,872,017	$	4,583	$	4,460	$	1,862,974



SBIC debentures at fair value	$	73,804	$	—	$	—	$	73,804

			Fair Value Measurements								Fair Value Measurements

			(in thousands)								(in thousands)
At December 31, 2014	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At December 31, 2015									Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
LMM portfolio investments	$	733,191	$	—	$	8,480	$	724,711	$	862,710	$	—	$	3,840	$	858,870
Middle Market portfolio investments		542,688		—		—		542,688		586,900		—		—		586,900
Private Loan portfolio investments		213,015		—		—		213,015		248,313		—		—		248,313
Other Portfolio investments		58,856		—		—		58,856		74,801		—		—		74,801
External Investment Manager		15,580		—		—		15,580		27,272		—		—		27,272

Total portfolio investments		1,563,330		—		8,480		1,554,850		1,799,996		—		3,840		1,796,156
Marketable securities and idle funds investments		9,067		9,067		—		—		3,693		3,693		—		—

Total investments	$	1,572,397	$	9,067	$	8,480	$	1,554,850	$	1,803,689	$	3,693	$	3,840	$	1,796,156



SBIC debentures at fair value	$	72,981	$	—	$	—	$	72,981	$	73,860	$	—	$	—	$	73,860

	As of March 31, 2016

	LMM(a)		Middle Market		Private Loan
	(dollars in millions)
Number of portfolio companies		72		84		42
Fair value	$	860.7	$	579.5	$	271.3
Cost	$	694.5	$	636.3	$	294.8
% of portfolio at cost—debt		70.9%		98.0%		93.7%
% of portfolio at cost—equity		29.1%		2.0%		6.3%
% of debt investments at cost secured by first priority lien		91.7%		85.4%		86.7%
Weighted-average annual effective yield(b)		12.4%		8.1%		9.6%
Average EBITDA(c)	$	6.1	$	94.2	$	13.7

	As of September 30, 2015						As of December 31, 2015

	LMM(a)		Middle Market		Private Loan		LMM(a)		Middle Market		Private Loan
	(dollars in millions)						(dollars in millions)
Number of portfolio companies		71		86		41		71		86		40
Fair value	$	856.4	$	669.5	$	252.4	$	862.7	$	586.9	$	248.3
Cost	$	693.7	$	695.2	$	273.1	$	685.6	$	637.2	$	268.6
% of portfolio at cost—debt		70.4%		98.5%		94.9%
% of portfolio at cost—equity		29.6%		1.5%		5.1%
% of total investments at cost—debt								70.4%		98.3%		94.3%
% of total investments at cost—equity								29.6%		1.7%		5.7%
% of debt investments at cost secured by first priority lien		89.6%		87.8%		87.6%		91.8%		86.6%		87.3%
Weighted-average annual effective yield(b)		12.3%		8.0%		9.5%		12.2%		8.0%		9.5%
Average EBITDA(c)	$	6.1	$	97.9	$	17.1	$	6.0	$	98.8	$	13.1

Cost:

First lien debt	76.1%	75.7%	75.3%	75.8%
Equity	12.6%	11.6%	13.4%	13.5%
Second lien debt	9.0%	10.0%	9.3%	8.7%
Equity warrants	1.3%	1.5%	0.9%	0.9%
Other	1.0%	1.2%	1.1%	1.1%

	100.0%	100.0%	100.0%	100.0%

Fair Value:

First lien debt	67.3%	66.9%	66.2%	66.1%
Equity	23.0%	21.9%	24.2%	24.9%
Second lien debt	8.2%	9.2%	8.3%	7.7%
Equity warrants	0.8%	1.0%	0.6%	0.6%
Other	0.7%	1.0%	0.7%	0.7%

	100.0%	100.0%	100.0%	100.0%

Cost:

Southwest	32.2%	29.6%	31.7%	33.4%
Midwest			18.2%	16.7%
Northeast	19.7%	19.9%	18.1%	18.3%
Midwest	16.1%	13.5%
West	14.3%	18.7%	14.5%	14.6%
Southeast	13.5%	15.4%	13.7%	13.5%
Canada	2.4%	0.7%	2.1%	2.2%
Other Non-United States	1.8%	2.2%	1.7%	1.3%

	100.0%	100.0%	100.0%	100.0%

Fair Value:

Southwest	34.2%	36.7%
Northeast	16.5%	16.3%
Midwest	16.4%	15.1%
West	16.3%	16.1%
Southeast	13.2%	12.6%
Canada	1.8%	2.0%
Other Non-United States	1.6%	1.2%

	100.0%	100.0%

Fair Value:

Southwest	35.5%	33.7%
Northeast	18.0%	18.3%
West	15.4%	20.4%
Midwest	14.8%	12.7%
Southeast	12.6%	12.4%
Canada	2.1%	0.6%
Other Non-United States	1.6%	1.9%

	100.0%	100.0%

	As of March 31, 2016		As of December 31, 2015

	(dollars in thousands)
Balance Sheet Data
Current Assets	$	6,072	$	4,499
Noncurrent Assets		15,213		16,749
Current Liabilities		16,978		15,490
Noncurrent Liabilities		—		—

	Three Months Ended March 31,

	2016			2015
Per Share Data:
NAV at the beginning of the period	$	21.24		$	20.85
Net investment income(1)		0.54			0.51
Net realized gain (loss)(1)(2)		0.27			(0.05	)
Net change in net unrealized appreciation (depreciation)(1)(2)		(0.52	)		0.30
Income tax benefit (provision)(1)(2)		0.04			0.01

Net increase in net assets resulting from operations(1)		0.33			0.77
Dividends paid to stockholders from net investment income		(0.54	)		(0.51	)
Distributions from capital gains		—			—

Total dividends paid		(0.54	)		(0.51	)
Accretive effect of public stock offerings (issuing shares above NAV per share)		0.06			0.71
Accretive effect of DRIP issuance (issuing shares above NAV per share)		0.02			0.02
Other(3)		0.07			0.03

NAV at the end of the period	$	21.18		$	21.87



Market value at the end of the period	$	31.35		$	30.90
Shares outstanding at the end of the period		50,846,000			49,564,361