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


Maryland (State or other jurisdiction of incorporation or organization)		41-2230745 (I.R.S. Employer Identification No.)
1300 Post Oak Boulevard, 8^th ~~floor~~Floor Houston, TX (Address of principal executive offices)		77056 (Zip Code)

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, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer ý		Accelerated filer o		Non-accelerated filer o (do not check if smaller reporting company)		Smaller reporting company o Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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

The number of shares outstanding of the issuer's common stock as of August ~~3, 2017~~2, 2018 was ~~56,810,793.~~60,581,858.


Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—June 30, ~~2017~~2018 (unaudited) and December 31, ~~2016~~2017	1
	Consolidated Statements of Operations (unaudited)—Three and six months ended June 30, ~~2017~~2018 and ~~2016~~2017	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Six months ended June 30, ~~2017~~2018 and ~~2016~~2017	3
	Consolidated Statements of Cash Flows (unaudited)—Six months ended June 30, ~~2017~~2018 and ~~2016~~2017	4
	Consolidated Schedule of Investments (unaudited)—June 30, ~~2017~~2018	5
	Consolidated Schedule of Investments—December 31, ~~2016~~2017	3631
	Notes to Consolidated Financial Statements (unaudited)	67
	~~Consolidated Financial Statement Schedule~~	~~112~~56
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Six months ended June 30, ~~2017~~2018 and ~~2016~~2017	~~112~~99
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	~~122~~109
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	~~146~~132
Item 4.	Controls and Procedures	~~147~~133


Item 1.	Legal Proceedings	~~148~~134
Item 1A.	Risk Factors	~~148~~134
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~148~~134
Item 6.	Exhibits	~~148~~134
	Signatures	~~149~~136

	June 30, 2017			December 31, 2016			June 30, 2018			December 31, 2017

	(Unaudited)						(Unaudited)
ASSETS

Portfolio investments at fair value:
Control investments (cost: $497,623 and $439,674 as of June 30, 2017 and December 31, 2016, respectively)	$	671,713		$	594,282
Affiliate investments (cost: $415,997 and $394,699 as of June 30, 2017 and December 31, 2016, respectively)		368,488			375,948
Non-Control/Non-Affiliate investments (cost: $1,058,628 and $1,037,510 as of June 30, 2017 and December 31, 2016, respectively)		1,036,745			1,026,676
Investments at fair value:
Control investments (cost: $694,340 and $530,034 as of June 30, 2018 and December 31, 2017, respectively)							$	913,963		$	750,706
Affiliate investments (cost: $360,559 and $367,317 as of June 30, 2018 and December 31, 2017, respectively)								341,416			338,854
Non-Control/Non-Affiliate investments (cost: $1,119,660 and $1,107,447 as of June 30, 2018 and December 31, 2017, respectively)								1,108,752			1,081,745

Total investments (cost: $1,972,248 and $1,871,883 as of June 30, 2017 and December 31, 2016, respectively)		2,076,946			1,996,906
Total investments (cost: $2,174,559 and $2,004,798 as of June 30, 2018 and December 31, 2017, respectively)								2,364,131			2,171,305

Cash and cash equivalents		21,799			24,480			40,484			51,528
Interest receivable and other assets		34,897			35,133			38,743			36,343
Receivable for securities sold		23,851			1,990			13,295			2,382
Deferred financing costs (net of accumulated amortization of $5,094 and $4,598 as of June 30, 2017 and December 31, 2016, respectively)		4,222			4,718
Deferred tax asset, net		3,003			9,125
Deferred financing costs (net of accumulated amortization of $6,101 and $5,600 as of June 30, 2018 and December 31, 2017, respectively)								4,692			3,837

Total assets	$	2,164,718		$	2,072,352		$	2,461,345		$	2,265,395



LIABILITIES
Credit facility	$	303,000		$	343,000		$	289,000		$	64,000
SBIC debentures (par: $261,200 and $240,000 as of June 30, 2017 and December 31, 2016, respectively)		255,663			235,686
4.50% Notes (par: $175,000 as of both June 30, 2017 and December 31, 2016)		173,254			172,893
6.125% Notes (par: $90,655 as of both June 30, 2017 and December 31, 2016)		88,905			88,752
SBIC debentures (par: $313,800 and $295,800 as of June 30, 2018 and December 31, 2017, respectively)								306,418			288,483
4.50% Notes due 2022 (par: $185,000 as of both June 30, 2018 and December 31, 2017)								182,319			182,015
4.50% Notes due 2019 (par: $175,000 as of both June 30, 2018 and December 31, 2017)								173,977			173,616
6.125% Notes (par: $0 and $90,655 as of June 30, 2018 and December 31, 2017, respectively)								—			89,057
Accounts payable and other liabilities		10,821			14,205			16,599			20,168
Payable for securities purchased		36,032			2,184			17,889			40,716
Interest payable		3,814			4,103			5,477			5,273
Dividend payable		10,484			10,048			11,477			11,146
Deferred tax liability, net								10,835			10,553

Total liabilities		881,973			870,871			1,013,991			885,027

Commitments and contingencies (Note M)
NET ASSETS

Common stock, $0.01 par value per share (150,000,000 shares authorized; 56,672,496 and 54,312,444 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively)		567			543
Common stock, $0.01 par value per share (150,000,000 shares authorized; 60,400,572 and 58,660,680 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively)								603			586
Additional paid-in capital		1,228,185			1,143,883			1,371,983			1,310,780
Accumulated net investment income, net of cumulative dividends of $576,222 and $521,297 as of June 30, 2017 and December 31, 2016, respectively		22,751			19,033
Accumulated net realized gain from investments (accumulated net realized gain from investments of $86,943 before cumulative dividends of $129,701 as of June 30, 2017 and accumulated net realized gain from investments of $48,394 before cumulative dividends of $107,281 as of December 31, 2016)		(42,758	)		(58,887	)
Accumulated net investment income, net of cumulative dividends of $746,766 and $662,563 as of June 30, 2018 and December 31, 2017, respectively								(1,168	)		7,921
Accumulated net realized gain from investments (accumulated net realized gain from investments of $56,570 before cumulative dividends of $124,690 as of June 30, 2018 and accumulated net realized gain from investments of $64,576 before cumulative dividends of $124,690 as of December 31, 2017)								(68,120	)		(60,114	)
Net unrealized appreciation, net of income taxes		74,000			96,909			144,056			121,195

Total net assets		1,282,745			1,201,481			1,447,354			1,380,368

Total liabilities and net assets	$	2,164,718		$	2,072,352		$	2,461,345		$	2,265,395



NET ASSET VALUE PER SHARE	$	22.62		$	22.10		$	23.96		$	23.53

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

	Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,

	2017			2016			2017			2016			2018			2017			2018			2017
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments	$	14,590		$	12,957		$	27,576		$	25,572		$	23,875		$	14,590		$	45,830		$	27,576
Affiliate investments		9,568			8,952			19,468			17,476			8,515			9,568			17,587			19,468
Non-Control/Non-Affiliate investments		26,113			20,956			51,116			41,693			27,479			26,113			52,395			51,116

Interest, fee and dividend income		50,271			42,865			98,160			84,741
Interest, fee and dividend income from marketable securities and idle funds investments		—			37			—			168

Total investment income		50,271			42,902			98,160			84,909			59,869			50,271			115,812			98,160
EXPENSES:
Interest		(8,793	)		(8,255	)		(17,400	)		(16,437	)		(10,833	)		(8,793	)		(21,098	)		(17,400	)
Compensation		(4,555	)		(3,952	)		(8,985	)		(7,772	)		(5,673	)		(4,555	)		(11,164	)		(8,985	)
General and administrative		(3,060	)		(2,157	)		(6,000	)		(4,562	)		(3,097	)		(3,060	)		(6,071	)		(6,000	)
Share-based compensation		(2,798	)		(2,251	)		(5,067	)		(3,840	)		(2,432	)		(2,798	)		(4,735	)		(5,067	)
Expenses allocated to the External Investment Manager		1,628			1,361			3,152			2,515			1,678			1,628			3,744			3,152

Total expenses		(17,578	)		(15,254	)		(34,300	)		(30,096	)		(20,357	)		(17,578	)		(39,324	)		(34,300	)

NET INVESTMENT INCOME		32,693			27,648			63,860			54,813			39,512			32,693			76,488			63,860
NET REALIZED GAIN (LOSS):
Control investments		3,789			—			3,108			14,358			(8,413	)		3,789			4,681			3,108
Affiliate investments		(115	)		28,707			22,816			28,707			—			(115	)		—			22,816
Non-Control/Non-Affiliate investments		7,307			(13,237	)		12,625			(12,419	)		(5,531	)		7,307			(11,165	)		12,625
Marketable securities and idle funds investments		—			(13	)		—			(1,586	)
Realized loss on extinguishment of debt														(1,522	)		—			(2,896	)		(5,217	)

Total net realized gain (loss)														(15,466	)		10,981			(9,380	)		33,332

NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments														26,046			5,166			3,072			17,046
Affiliate investments														(376	)		(674	)		13,862			(26,796	)
Non-Control/Non-Affiliate investments														7,041			(3,127	)		4,895			(10,976	)
SBIC debentures		—			—			(5,217	)		—			(10	)		(36	)		1,348			5,629

Total net realized gain		10,981			15,457			33,332			29,060

NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Portfolio investments		1,365			(10,585	)		(20,726	)		(38,114	)
Marketable securities and idle funds investments		—			37			—			1,494
SBIC debentures		(36	)		127			5,629			(19	)

Total net change in unrealized appreciation (depreciation)		1,329			(10,421	)		(15,097	)		(36,639	)
Total net unrealized appreciation (depreciation)														32,701			1,329			23,177			(15,097	)

INCOME TAXES:
Federal and state income, excise and other taxes		(438	)		(1,098	)		(1,690	)		(1,468	)		852			(438	)		(34	)		(1,690	)
Deferred taxes		(1,736	)		(675	)		(6,122	)		1,958			(2,148	)		(1,736	)		(282	)		(6,122	)

Income tax benefit (provision)		(2,174	)		(1,773	)		(7,812	)		490
Income tax provision														(1,296	)		(2,174	)		(316	)		(7,812	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	42,829		$	30,911		$	74,283		$	47,724		$	55,451		$	42,829		$	89,969		$	74,283



NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.58		$	0.54		$	1.15		$	1.07		$	0.66		$	0.58		$	1.29		$	1.15



NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.76		$	0.60		$	1.33		$	0.94		$	0.93		$	0.76		$	1.52		$	1.33



DIVIDENDS PAID PER SHARE:
Regular monthly dividends	$	0.555		$	0.540		$	1.110		$	1.080		$	0.570		$	0.555		$	1.140		$	1.110
Supplemental dividends		0.275			0.275			0.275			0.275			0.275			0.275			0.275			0.275

Total dividends	$	0.830		$	0.815		$	1.385		$	1.355		$	0.845		$	0.830		$	1.415		$	1.385



WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED		56,166,782			51,441,371			55,648,854			50,995,575			59,828,751			56,166,782			59,343,199			55,648,854

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

	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, 2015		50,413,744		$	504		$	1,011,467		$	7,181		$	(49,653	)	$	101,395
Public offering of common stock, net of offering costs		1,225,757			12			38,642			—			—			—
Share-based compensation		—			—			3,840			—			—			—			3,840
Purchase of vested stock for employee payroll tax withholding		(80,750	)		(1	)		(2,592	)		—			—			—			(2,593	)
Dividend reinvestment		255,391			3			7,811			—			—			—			7,814
Amortization of directors' deferred compensation		—			—			301			—			—			—			301
Issuance of restricted stock, net of forfeited shares		260,668			3			(3	)		—			—			—			—
Dividends to stockholders		—			—			—			(39,883	)		(29,445	)		—			(69,328	)
Cumulative-effect to retained earnings for excess tax benefit		—			—			—			—			—			1,806			1,806
Net increase (decrease) resulting from operations		—			—			—			54,813			29,060			(36,149	)		47,724

Balances at June 30, 2016		52,074,810		$	521		$	1,059,466		$	22,111		$	(50,038	)	$	67,052		$	1,099,112



Balances at December 31, 2016		54,354,857		$	543		$	1,143,883		$	19,033		$	(58,887	)	$	96,909		$	1,201,481			54,354,857		$	543		$	1,143,883		$	19,033		$	(58,887	)	$	96,909			$	1,201,481
Public offering of common stock, net of offering costs		2,104,424			22			78,412			—			—			—			78,434			2,104,424			22			78,412			—			—			—				78,434
Share-based compensation		—			—			5,067			—			—			—			5,067			—			—			5,067			—			—			—			5,067
Purchase of vested stock for employee payroll tax withholding		(113,371	)		(1	)		(4,346	)		—			—			—			(4,347	)		(113,371	)		(1	)		(4,346	)		—			—			—			(4,347	)
Investment through issuance of unregistered shares		11,464			—			442			—			—			—			442			11,464			—			442			—			—			—			442
Dividend reinvestment		115,807			1			4,403			—			—			—			4,404			115,807			1			4,403			—			—			—			4,404
Amortization of directors' deferred compensation		—			—			326			—			—			—			326			—			—			326			—			—			—			326
Issuance of restricted stock, net of forfeited shares		225,152			2			(2	)		—			—			—			—			225,152			2			(2	)		—			—			—			—
Dividends to stockholders		—			—			—			(54,925	)		(22,420	)		—			(77,345	)		—			—			—			(54,925	)		(22,420	)		—			(77,345	)
Net increase (decrease) resulting from operations		—			—			—			58,643			38,549			(22,909	)		74,283			—			—			—			58,643			38,549			(22,909	)		74,283

Balances at June 30, 2017		56,698,333		$	567		$	1,228,185		$	22,751		$	(42,758	)	$	74,000		$	1,282,745			56,698,333		$	567		$	1,228,185		$	22,751		$	(42,758	)	$	74,000		$	1,282,745



Balances at December 31, 2017																							58,660,680		$	586		$	1,310,780		$	7,921		$	(60,114	)	$	121,195		$	1,380,368
Public offering of common stock, net of offering costs																							1,432,185			14			53,748			—			—			—			53,762
Share-based compensation																							—			—			4,735			—			—			—			4,735
Purchase of vested stock for employee payroll tax withholding																							(109,693	)		(1	)		(4,076	)		—			—			—			(4,077	)
Dividend reinvestment																							168,426			2			6,379			—			—			—			6,381
Amortization of directors' deferred compensation																							—			—			419			—			—			—			419
Issuance of restricted stock, net of forfeited shares																							248,974			2			(2	)		—			—			—			—
Dividends to stockholders																							—			—			—			(84,203	)		—			—			(84,203	)
Net increase (decrease) resulting from operations																							—			—			—			75,114			(8,006	)		22,861			89,969

Balances at June 30, 2018																							60,400,572		$	603		$	1,371,983		$	(1,168	)	$	(68,120	)	$	144,056		$	1,447,354

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

	Six Months Ended June 30,						Six Months Ended June 30,

	2017			2016			2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	74,283		$	47,724		$	89,969		$	74,283
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies		(471,548	)		(303,049	)		(528,015	)		(471,548	)
Proceeds from sales and repayments of debt investments in portfolio companies		380,005			167,809			281,802			380,005
Proceeds from sales and return of capital of equity investments in portfolio companies		54,352			48,952			42,955			54,352
Proceeds from sales and repayments of marketable securities and idle funds investments		—			2,129
Net change in net unrealized depreciation		15,097			36,639
Net realized gain		(33,332	)		(29,060	)
Net unrealized (appreciation) depreciation								(23,177	)		15,097
Net realized (gain) loss								9,380			(33,332	)
Accretion of unearned income		(9,091	)		(4,189	)		(6,945	)		(9,091	)
Payment-in-kind interest		(3,125	)		(3,042	)		(952	)		(3,125	)
Cumulative dividends		(1,789	)		(638	)		(1,069	)		(1,789	)
Share-based compensation expense		5,067			3,840			4,735			5,067
Amortization of deferred financing costs		1,324			1,288			1,685			1,324
Deferred tax (benefit) provision		6,122			(1,958	)
Deferred tax provision								282			6,122
Changes in other assets and liabilities:
Interest receivable and other assets		420			(1,825	)		(3,560	)		420
Interest payable		(289	)		1,432			204			(289	)
Accounts payable and other liabilities		(3,058	)		(2,774	)		(3,149	)		(3,058	)
Deferred fees and other		1,224			1,362			2,162			1,224

Net cash provided by (used in) operating activities		15,662			(35,360	)		(133,693	)		15,662
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs		78,434			38,654			53,762			78,434
Dividends paid		(72,505	)		(61,225	)		(77,492	)		(72,505	)
Proceeds from issuance of SBIC debentures		46,400			—			22,000			46,400
Repayments of SBIC debentures		(25,200	)		—			(4,000	)		(25,200	)
Redemption of 6.125% Notes								(90,655	)		—
Proceeds from credit facility		251,000			203,000			427,000			251,000
Repayments on credit facility		(291,000	)		(144,000	)		(202,000	)		(291,000	)
Payment of deferred loan costs and SBIC debenture fees		(1,125	)		(30	)
Payment of deferred issuance costs and SBIC debenture fees								(1,889	)		(1,125	)
Purchases of vested stock for employee payroll tax withholding		(4,347	)		(2,593	)		(4,077	)		(4,347	)
Other		—			(83	)

Net cash provided by (used in) financing activities		(18,343	)		33,723			122,649			(18,343	)

Net decrease in cash and cash equivalents		(2,681	)		(1,637	)		(11,044	)		(2,681	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		24,480			20,331			51,528			24,480

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	21,799		$	18,694		$	40,484		$	21,799



Supplemental cash flow disclosures:
Interest paid	$	16,304		$	13,646		$	19,147		$	16,304
Taxes paid	$	2,785		$	1,575		$	4,075		$	2,785
Non-cash financing activities:
Shares issued pursuant to the DRIP	$	4,404		$	7,814		$	6,381		$	4,404

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

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

June 30, ~~2017~~2018

(dollars in thousands)

~~(Unaudited)~~(unaudited)



Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)
Control Investments(5)

Access Media Holdings, LLC(10)	Private Cable Operator								July 22, 2015	Private Cable Operator
		5% Current / 5% PIK Secured Debt (Maturity—July 22, 2020)	$	23,234	$	23,234	$	19,450
		Preferred Member Units (7,339,500 units; 12% cumulative)				7,233		270
		Member Units (45 units)				1		—

						30,468		19,720

Ameritech College Operations, LLC	For-Profit Nursing and Healthcare College
		13% Secured Debt (Maturity—November 30, 2019)		1,004		1,004		1,004			10% PIK Secured Debt (Maturity—July 22, 2020)(14)(19)	$	23,828	$	23,828	$	15,120
		13% Secured Debt (Maturity—January 31, 2020)		3,025		3,025		3,025			Preferred Member Units (8,977,500 units)				8,871		—
		Preferred Member Units (2,936 units)				6,191		2,910			Member Units (45 units)				1		—

						10,220		6,939							32,700		15,120

ASC Interests, LLC	Recreational and Educational Shooting Facility								August 1, 2013	Recreational and Educational Shooting Facility
		11% Secured Debt (Maturity—July 31, 2018)		2,000		1,989		2,000			11% Secured Debt (Maturity—July 31, 2018)		1,650		1,649		1,649
		Member Units (1,500 units)(8)				1,500		2,320			Member Units (1,500 units)				1,500		1,370

						3,489		4,320							3,149		3,019

ATS Workholding, LLC(10)									March 10, 2014	Manufacturer of Machine Cutting Tools and Accessories
											5% Secured Debt (Maturity—November 16, 2021)		4,605		4,179		4,179
											Preferred Member Units (3,725,862 units)				3,726		3,726

															7,905		7,905

Bond-Coat, Inc.	Casing and Tubing Coating Services								December 28, 2012	Casing and Tubing Coating Services
		12% Secured Debt (Maturity—December 28, 2017)		11,596		11,576		11,596			12% Secured Debt (Maturity—December 28, 2020)		11,596		11,319		11,319
		Common Stock (57,508 shares)				6,350		7,830			Common Stock (57,508 shares)				6,350		9,370

						17,926		19,426							17,669		20,689

Brewer Crane Holdings, LLC									January 9, 2018	Provider of Crane Rental and Operating Services
											LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.98%, Secured Debt (Maturity—January 9, 2023)(9)		9,796		9,706		9,706
											Preferred Member Units (2,950 units)(8)				4,280		4,280

															13,986		13,986
Café Brazil, LLC	Casual Restaurant Group								April 20, 2004	Casual Restaurant Group
											Member Units (1,233 units)(8)				1,742		4,780

California Splendor Holdings LLC									March 30, 2018	Processor of Frozen Fruits
											LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.38%, Secured Debt (Maturity—March 30, 2023)(9)		9,271		9,157		9,157
											LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.38%, Secured Debt (Maturity—March 30, 2023)(9)		28,000		27,733		27,733
											Preferred Member Units (6,157 units)(8)				10,775		10,775

		Member Units (1,233 units)(8)				1,742		5,390							47,665		47,665

CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos								June 1, 2006	Produces and Sells IT Training Certification Videos
		Member Units (416 units)(8)				1,300		65,910			Member Units (416 units)(8)				1,300		64,040

Charps, LLC	Pipeline Maintenance and Construction
		12% Secured Debt (Maturity—February 3, 2022)		18,400		18,209		18,209
		Preferred Member Units (1,600 units)				400		400

						18,609		18,609


Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)

Chamberlin Holding LLC									February 26, 2018	Roofing and Waterproofing Specialty Contractor
											LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.38%, Secured Debt (Maturity—February 26, 2023)(9)		21,600		21,397		21,397
											Member Units (4,347 units)(8)				11,440		11,440

															32,837		32,837

Charps, LLC									February 3, 2017	Pipeline Maintenance and Construction
											12% Secured Debt (Maturity—February 3, 2022)		15,900		15,762		15,762
											Preferred Member Units (1,600 units)				400		1,190

															16,162		16,952

Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal								December 20, 2016	Specialty Manufacturer of Vinyl-Clad Metal
		LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.55%, Secured Debt (Maturity—December 20, 2021)(9)		14,080		13,949		13,949			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.48%, Secured Debt (Maturity—December 20, 2021)(9)		12,880		12,783		12,880
		Member Units (717 units)(8)				7,280		7,830			Member Units (717 units)(8)				7,280		9,780
		10% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity—December 20, 2036)		1,193		1,181		1,181			10% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity—December 20, 2036)		1,173		1,161		1,173
		Member Units (Clad-Rex Steel RE Investor, LLC) (800 units)				210		210			Member Units (Clad-Rex Steel RE Investor, LLC) (800 units)				210		280

						22,620		23,170							21,434		24,113

CMS Minerals Investments	Oil & Gas Exploration & Production								January 30, 2015	Oil & Gas Exploration & Production
		Member Units (CMS Minerals II, LLC) (100 units)(8)				3,641		2,628			Member Units (CMS Minerals II, LLC) (100 units)(8)				3,036		2,736

Copper Trail Fund Investments(12)(13)									July 17, 2017	Investment Partnership
											LP Interests (CTMH, LP) (Fully diluted 38.8%)				872		872
											LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 30.1%)(8)				3,270		3,270

															4,142		4,142

Datacom, LLC	Technology and Telecommunications Provider								May 30, 2014	Technology and Telecommunications Provider
		8% Secured Debt (Maturity—May 30, 2018)		1,080		1,080		1,080			8% Secured Debt (Maturity—May 30, 2018)(14)(17)		1,800		1,800		1,800
		5.25% Current / 5.25% PIK Secured Debt (Maturity—May 30, 2019)		12,024		11,974		11,653			5.25% Current / 5.25% PIK Secured Debt (Maturity—May 30, 2019)(14)(19)		12,511		12,479		10,560
		Class A Preferred Member Units (15% cumulative)				1,181		1,472			Class A Preferred Member Units				1,181		—
		Class B Preferred Member Units (6,453 units)				6,030		211			Class B Preferred Member Units (6,453 units)				6,030		—

						20,265		14,416							21,490		12,360

Gamber-Johnson Holdings, LLC	Manufacturer of Ruggedized Computer Mounting Systems
Digital Products Holdings LLC									April 1, 2018	Designer and Distributor of Consumer Electronics
		LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.05%, Secured Debt (Maturity—June 24, 2021)(9)		23,880		23,668		23,880			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity—April 1, 2023)(9)		26,400		26,146		26,146
		Member Units (8,619 units)(8)				14,844		22,080			Preferred Member Units (3,451 shares)(8)				8,800		8,800

						38,512		45,960							34,946		34,946

Garreco, LLC	Manufacturer and Supplier of Dental Products
		LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.15%, Secured Debt (Maturity—March 31, 2020)(9)		5,844		5,794		5,794
		Member Units (1,200 units)				1,200		1,830

						6,994		7,624

GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.05%, Secured Debt (Maturity—December 19, 2019)(9)		12,409		12,340		12,409
		Member Units (5,879 units)(8)				13,065		20,680

						25,405		33,089



Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)
Gulf Manufacturing, LLC	Manufacturer of Specialty Fabricated Industrial Piping Products
Direct Marketing Solutions, Inc.									February 13, 2018	Provider of Omni-Channel Direct Marketing Services
		9% PIK Secured Debt (Ashland Capital IX, LLC) (Maturity—June 30, 2017)(17)		777		777		777			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.00%, Secured Debt (Maturity—February 13, 2023)(9)		18,487		18,298		18,298
		Member Units (438 units)(8)				2,980		10,470			Preferred Stock (8,400 shares)				8,400		8,400

						3,757		11,247							26,698		26,698

Gamber-Johnson Holdings, LLC									June 24, 2016	Manufacturer of Ruggedized Computer Mounting Systems
											LIBOR Plus 9.00% (Floor 2.00%), Current Coupon 11.00%, Secured Debt (Maturity—June 24, 2021)(9)		22,910		22,748		22,910
											Member Units (8,619 units)(8)				14,844		33,380

															37,592		56,290

Garreco, LLC									July 15, 2013	Manufacturer and Supplier of Dental Products
											LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity—March 31, 2020)(9)		5,362		5,331		5,331
											Member Units (1,200 units)				1,200		1,940

															6,531		7,271

GRT Rubber Technologies LLC									December 19, 2014	Manufacturer of Engineered Rubber Products
											LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.98%, Secured Debt (Maturity—December 19, 2019)(9)		10,782		10,744		10,782
											Member Units (5,879 units)(8)				13,065		25,450

															23,809		36,232

Guerdon Modular Holdings, Inc.									August 13, 2014	Multi-Family and Commercial Modular Construction Company
											13% Secured Debt (Maturity—March 1, 2019)		12,588		12,526		11,956
											Preferred Stock (404,998 shares)				1,140		—
											Common Stock (212,033 shares)				2,983		—
											Warrants (6,208,877 equivalent shares; Expiration—April 25, 2028; Strike price—$0.01 per unit)				—		—

															16,649		11,956

Gulf Manufacturing, LLC									August 31, 2007	Manufacturer of Specialty Fabricated Industrial Piping Products
											Member Units (438 units)(8)				2,980		11,150

Gulf Publishing Holdings, LLC	Energy Industry Focused Media and Publishing								April 29, 2016	Energy Industry Focused Media and Publishing
											LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.48%, Secured Debt (Maturity—September 30, 2020)(9)		160		160		160
		12.5% Secured Debt (Maturity—April 29, 2021)		12,800		12,692		12,692			12.5% Secured Debt (Maturity—April 29, 2021)		12,666		12,582		12,582
		Member Units (3,681 units)				3,681		4,330			Member Units (3,681 units)				3,681		4,570

						16,373		17,022							16,423		17,312

Harborside Holdings, LLC	Real Estate Holding Company								March 20, 2017	Real Estate Holding Company
		Member units (100 units)				6,206		9,400			Member units (100 units)				6,306		9,500

Harrison Hydra-Gen, Ltd.	Manufacturer of Hydraulic Generators
		Common Stock (107,456 shares)				718		2,800

Hawthorne Customs and Dispatch Services, LLC	Facilitator of Import Logistics, Brokerage, and Warehousing
		Member Units (500 units)				589		280
		Member Units (Wallisville Real Estate, LLC) (588,210 units)(8)				1,215		2,040

						1,804		2,320

HW Temps LLC	Temporary Staffing Solutions
		LIBOR Plus 13.00% (Floor 1.00%), Current Coupon 14.05%, Secured Debt (Maturity July 2, 2020)(9)		9,976		9,909		9,909
		Preferred Member Units (3,200 units)				3,942		3,940

						13,851		13,849

Hydratec, Inc.	Designer and Installer of Micro-Irrigation Systems
		Common Stock (7,095 shares)(8)				7,095		15,640

IDX Broker, LLC	Provider of Marketing and CRM Tools for the Real Estate Industry
		11.5% Secured Debt (Maturity—November 15, 2018)		10,350		10,317		10,350
		Member Units (5,400 units)(8)				5,606		8,630

						15,923		18,980


Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)

Harris Preston Fund Investments(12)(13)									October 1, 2017	Investment Partnership
											LP Interests (2717 MH, L.P.) (Fully diluted 49.3%)				786		879

Harrison Hydra-Gen, Ltd.									June 4, 2010	Manufacturer of Hydraulic Generators
											Common Stock (107,456 shares)(8)				718		6,840

HW Temps LLC									July 2, 2015	Temporary Staffing Solutions
											LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.98%, Secured Debt (Maturity July 2, 2020)(9)		9,976		9,927		9,927
											Preferred Member Units (3,200 units)(8)				3,942		3,942

															13,869		13,869

IDX Broker, LLC									November 15, 2013	Provider of Marketing and CRM Tools for the Real Estate Industry
											11.5% Secured Debt (Maturity—November 15, 2020)		14,650		14,540		14,650
											Preferred Member Units (5,607 units)(8)				5,952		11,550

															20,492		26,200

Jensen Jewelers of Idaho, LLC	Retail Jewelry Store								November 14, 2006	Retail Jewelry Store
		Prime Plus 6.75% (Floor 2.00%), Current Coupon 10.75%, Secured Debt (Maturity—November 14, 2019)(9)		3,755		3,707		3,755			Prime Plus 6.75% (Floor 2.00%), Current Coupon 11.50%, Secured Debt (Maturity—November 14, 2019)(9)		3,655		3,626		3,655
		Member Units (627 units)(8)				811		4,460			Member Units (627 units)(8)				811		4,600

						4,518		8,215							4,437		8,255

KBK Industries, LLC	Manufacturer of Specialty Oilfield and Industrial Products								January 23, 2006	Manufacturer of Specialty Oilfield and Industrial Products
		10% Secured Debt (Maturity—September 28, 2017)		940		940		940
		12.5% Secured Debt (Maturity—September 28, 2017)		5,900		5,896		5,900			12.5% Secured Debt (Maturity—September 28, 2020)		5,900		5,870		5,900
		Member Units (325 units)				783		3,990			Member Units (325 units)(8)				783		5,620

						7,619		10,830							6,653		11,520

Lamb Ventures, LLC	Aftermarket Automotive Services Chain								May 30, 2008	Aftermarket Automotive Services Chain
		LIBOR Plus 5.75%, Current Coupon 6.83%, Secured Debt (Maturity May 30, 2018)		190		190		190			11% Secured Debt (Maturity—July 1, 2022)		8,339		8,300		8,339
		11% Secured Debt (Maturity—May 31, 2018)		7,579		7,579		7,579			Preferred Equity (non-voting)				400		400
		Preferred Equity (non-voting)				400		400			Member Units (742 units)				5,273		6,730
		Member Units (742 units)(8)				5,273		6,330			9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (Maturity—March 31, 2027)		432		428		432
		9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (Maturity—March 31, 2027)		432		428		432			Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8)				625		570
		Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8)				625		590

						14,495		15,521							15,026		16,471

Marine Shelters Holdings, LLC	Fabricator of Marine and Industrial Shelters
Market Force Information, LLC									July 28, 2017	Provider of Customer Experience Management Services
		12% PIK Secured Debt (Maturity—December 28, 2017)(14)		3,131		3,078		—			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.30%, Secured Debt (Maturity—July 28, 2022)(9)		22,800		22,606		22,606
		Preferred Member Units (3,810 units)				5,352		—			Member Units (657,113 units)				14,700		14,360

						8,430		—							37,306		36,966

MH Corbin Holding LLC	Manufacturer and Distributor of Traffic Safety Products
		10% Secured Debt (Maturity—August 31, 2020)		12,950		12,862		12,862
		Preferred Member Units (4,000 shares)				6,000		6,000

						18,862		18,862


Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)

MH Corbin Holding LLC									August 31, 2015	Manufacturer and Distributor of Traffic Safety Products
											10% Secured Debt (Maturity—August 31, 2020)		12,250		12,083		12,083
											Preferred Member Units (4,000 shares)				6,000		6,000

															18,083		18,083

Mid-Columbia Lumber Products, LLC	Manufacturer of Finger-Jointed Lumber Products								December 18, 2006	Manufacturer of Finger-Jointed Lumber Products
		10% Secured Debt (Maturity—December 18, 2017)		1,750		1,750		1,750			10% Secured Debt (Maturity—January 15, 2020)		1,750		1,744		1,750
		12% Secured Debt (Maturity—December 18, 2017)		3,900		3,900		3,900			12% Secured Debt (Maturity—January 15, 2020)		3,900		3,871		3,871
		Member Units (3,554 units)				1,810		980			Member Units (7,874 units)				3,001		2,171
		9.5% Secured Debt (Mid-Columbia Real Estate, LLC) (Maturity—May 13, 2025)		814		814		814			9.5% Secured Debt (Mid-Columbia Real Estate, LLC) (Maturity—May 13, 2025)		768		768		768
		Member Units (Mid-Columbia Real Estate, LLC) (500 units)(8)				790		1,290			Member Units (Mid-Columbia Real Estate, LLC) (500 units)(8)				790		1,470

						9,064		8,734							10,174		10,030

MSC Adviser I, LLC(16)	Third Party Investment Advisory Services								November 22, 2013	Third Party Investment Advisory Services
		Member Units (Fully diluted 100.0%)(8)				—		37,104			Member Units (Fully diluted 100.0%)(8)				—		62,667

Mystic Logistics Holdings, LLC	Logistics and Distribution Services Provider for Large Volume Mailers								August 18, 2014	Logistics and Distribution Services Provider for Large Volume Mailers
		12% Secured Debt (Maturity—August 15, 2019)		8,032		7,938		8,032			12% Secured Debt (Maturity—August 15, 2019)		7,536		7,485		7,485
		Common Stock (5,873 shares)				2,720		6,590			Common Stock (5,873 shares)				2,720		4,120

						10,658		14,622							10,205		11,605

NAPCO Precast, LLC	Precast Concrete Manufacturing								January 31, 2008	Precast Concrete Manufacturing
		LIBOR Plus 8.50%, Current Coupon 9.70%, Secured Debt (Maturity—May 31, 2019)		10,475		10,438		10,438			LIBOR Plus 8.50%, Current Coupon 10.80%, Secured Debt (Maturity—May 31, 2019)		11,475		11,451		11,475
		Member Units (2,955 units)(8)				2,975		11,100			Member Units (2,955 units)(8)				2,975		12,730

						13,413		21,538							14,426		24,205

NexRev LLC									February 28, 2018	Provider of Energy Efficiency Products & Services
											11% Secured Debt (Maturity—February 28, 2023)		17,440		17,274		17,274
											Preferred Member Units (86,400,000 units)(8)				6,880		6,880

															24,154		24,154

NRI Clinical Research, LLC	Clinical Research Service Provider								September 8, 2011	Clinical Research Service Provider
		LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity—September 8, 2017)(9)		400		400		400
		14% Secured Debt (Maturity—September 8, 2017)		4,205		4,194		4,205			14% Secured Debt (Maturity—June 8, 2022)		6,900		6,741		6,770
		Warrants (251,723 equivalent units; Expiration—September 8, 2021; Strike price—$0.01 per unit)				252		680			Warrants (251,723 equivalent units; Expiration—June 8, 2027; Strike price—$0.01 per unit)				252		500
		Member Units (500,000 units)				765		2,461			Member Units (1,454,167 units)				765		2,500

						5,611		7,746							7,758		9,770

NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		8% Current / 4% PIK Secured Debt (Maturity—December 22, 2016)(17)		14,197		14,197		14,197
		Warrants (14,331 equivalent units; Expiration—December 22, 2022; Strike price—$0.01 per unit)				817		130
		Member Units (50,877 units)				2,900		410

						17,914		14,737


Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)

NRP Jones, LLC									December 22, 2011	Manufacturer of Hoses, Fittings and Assemblies
											12% Secured Debt (Maturity—March 20, 2023)		6,376		6,376		6,376
											Member Units (65,962 units)(8)				3,717		4,750

															10,093		11,126

NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment								January 31, 2017	Designer, Manufacturer and Distributor of Fitness Equipment
		12% Secured Debt (Maturity—January 31, 2022)		20,600		20,402		20,402			12% Secured Debt (Maturity—January 31, 2022)		20,600		20,438		20,438
		Preferred Member Units (406 units)				10,200		10,200			Preferred Member Units (406 units)				10,200		10,200

						30,602		30,602							30,638		30,638

OMi Holdings, Inc.	Manufacturer of Overhead Cranes								April 1, 2008	Manufacturer of Overhead Cranes
		Common Stock (1,500 shares)(8)				1,080		12,740			Common Stock (1,500 shares)(8)				1,080		14,810

Pegasus Research Group, LLC	Provider of Telemarketing and Data Services								January 6, 2011	Provider of Telemarketing and Data Services
		Member Units (460 units)				1,290		8,230			Member Units (460 units)(8)				1,290		9,590

PPL RVs, Inc.	Recreational Vehicle Dealer								June 10, 2010	Recreational Vehicle Dealer
		LIBOR Plus 7.00% (Floor 0.50%), Current Coupon 8.15%, Secured Debt (Maturity—November 15, 2021)(9)		18,000		17,841		18,000			LIBOR Plus 7.00% (Floor 0.50%), Current Coupon 9.31%, Secured Debt (Maturity—November 15, 2021)(9)		15,600		15,489		15,600
		Common Stock (1,962 shares)(8)				2,150		11,780			Common Stock (1,962 shares)(8)				2,150		11,030

						19,991		29,780							17,639		26,630

Principle Environmental, LLC	Noise Abatement Service Provider
		12% Secured Debt (Maturity—April 30, 2017)(17)		4,060		4,060		4,060
Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions)									February 1, 2011	Noise Abatement Service Provider
		12% Current / 2% PIK Secured Debt (Maturity—April 30, 2017)(17)		3,412		3,412		3,412			13% Secured Debt (Maturity—April 30, 2020)		7,477		7,371		7,477
		Preferred Member Units (19,631 units)				4,600		6,610			Preferred Member Units (19,631 units)(8)				4,600		13,090
		Warrants (1,018 equivalent units; Expiration—January 31, 2021; Strike price—$0.01 per unit)				1,200		340			Warrants (1,018 equivalent units; Expiration—January 31, 2021; Strike price—$0.01 per unit)				1,200		780

						13,272		14,422							13,171		21,347

Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services								June 8, 2015	Provider of Rigsite Accommodation Unit Rentals and Related Services
		8% PIK Secured Debt (Maturity—June 8, 2020)		7,341		7,341		7,341			Zero Coupon Secured Debt (Maturity—June 8, 2021)		7,341		7,341		6,450
		Member Units (1,000 units)				2,318		4,387			Member Units (1,000 units)				3,643		5,713

						9,659		11,728							10,984		12,163

River Aggregates, LLC	Processor of Construction Aggregates								March 30, 2011	Processor of Construction Aggregates
		Zero Coupon Secured Debt (Maturity—June 30, 2018)		750		666		666			Zero Coupon Secured Debt (Maturity—June 30, 2018)(17)		750		750		750
		Member Units (1,150 units)(8)				1,150		4,410			Member Units (1,150 units)				1,150		4,610
		Member Units (RA Properties, LLC) (1,500 units)				369		2,510			Member Units (RA Properties, LLC) (1,500 units)				369		2,670

						2,185		7,586							2,269		8,030


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

SoftTouch Medical Holdings LLC	Provider of In-Home Pediatric Durable Medical Equipment
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.05%, Secured Debt (Maturity—October 31, 2019)(9)		7,140		7,103		7,140
		Member Units (4,450 units)(8)				4,930		9,540

						12,033		16,680
Portfolio Company(1)(20)										Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)

The MPI Group, LLC	Manufacturer of Custom Hollow Metal Doors, Frames and Accessories									October 2, 2007	Manufacturer of Custom Hollow Metal Doors, Frames and Accessories
		9% Secured Debt (Maturity—October 2, 2018)		2,924		2,923		2,620				9% Secured Debt (Maturity—October 2, 2018)		2,924		2,924		1,110
		Series A Preferred Units (2,500 units; 10% Cumulative)				2,500		—				Series A Preferred Units (2,500 units)				2,500		—
		Warrants (1,424 equivalent units; Expiration—July 1, 2024; Strike price—$0.01 per unit)				1,096		—
		Member Units (MPI Real Estate Holdings, LLC) (100 units)(8)				2,300		2,390

						8,819		5,010

Uvalco Supply, LLC	Farm and Ranch Supply Store
		9% Secured Debt (Maturity—January 1, 2019)		636		636		636				Warrants (1,424 equivalent units; Expiration—July 1, 2024; Strike price—$0.01 per unit)				1,096		—
		Member Units (1,867 units)(8)				3,579		4,306				Member Units (MPI Real Estate Holdings, LLC) (100 units)(8)				2,300		2,480

						4,215		4,942								8,820		3,590

Vision Interests, Inc.	Manufacturer / Installer of Commercial Signage									June 5, 2007	Manufacturer / Installer of Commercial Signage
		13% Secured Debt (Maturity—December 23, 2018)		2,814		2,790		2,790				13% Secured Debt (Maturity—December 23, 2018)		2,814		2,806		2,806
		Series A Preferred Stock (3,000,000 shares)				3,000		3,000				Series A Preferred Stock (3,000,000 shares)				3,000		3,360
		Common Stock (1,126,242 shares)				3,706		—				Common Stock (1,126,242 shares)				3,706		129

						9,496		5,790								9,512		6,295

Ziegler's NYPD, LLC	Casual Restaurant Group									October 1, 2008	Casual Restaurant Group
		6.5% Secured Debt (Maturity—October 1, 2019)		1,000		995		995				6.5% Secured Debt (Maturity—October 1, 2019)		1,000		997		997
		12% Secured Debt (Maturity—October 1, 2019)		300		300		300				12% Secured Debt (Maturity—October 1, 2019)		425		425		425
		14% Secured Debt (Maturity—October 1, 2019)		2,750		2,750		2,750				14% Secured Debt (Maturity—October 1, 2019)		2,750		2,750		2,750
		Warrants (587 equivalent units; Expiration—September 29, 2018; Strike price—$0.01 per unit)				600		210				Warrants (587 equivalent units; Expiration—September 29, 2018; Strike price—$0.01 per unit)				600		—
		Preferred Member Units (10,072 units)				2,834		3,580				Preferred Member Units (10,072 units)				2,834		2,359

						7,479		7,835								7,606		6,531

Subtotal Control Investments (32.3% of total investments at fair value)					$	497,623	$	671,713
Subtotal Control Investments (63.1% of net assets at fair value)									Subtotal Control Investments (63.1% of net assets at fair value)						$	694,340	$	913,963



Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)
Affiliate Investments(6)

AFG Capital Group, LLC	Provider of Rent-to-Own Financing Solutions and Services								November 7, 2014	Provider of Rent-to-Own Financing Solutions and Services
		Warrants (42 equivalent units; Expiration—November 7, 2024; Strike price—$0.01 per unit)			$	259	$	690			Warrants (42 equivalent units; Expiration—November 7, 2024; Strike price—$0.01 per unit)			$	259	$	900
		Member Units (186 units)(8)				1,200		2,850			Preferred Member Units (186 units)(8)				1,200		3,760

						1,459		3,540							1,459		4,660

BBB Tank Services, LLC	Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
Barfly Ventures, LLC(10)									August 31, 2015	Casual Restaurant Group
		LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.55%, Secured Debt (Maturity—April 8, 2021)(9)		800		797		797			12% Secured Debt (Maturity—August 31, 2020)		9,450		9,301		9,440
		15% Secured Debt (Maturity—April 8, 2021)		4,027		3,994		3,994			Options (2 equivalent units)				397		800
		Member Units (800,000 units)				800		800			Warrant (1 equivalent unit; Expiration—August 31, 2025; Strike price—$1.00 per unit)				473		450

						5,591		5,591							10,171		10,690

Barfly Ventures, LLC(10)	Casual Restaurant Group
BBB Tank Services, LLC									April 8, 2016	Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
		12% Secured Debt (Maturity—August 31, 2020)		7,796		7,675		7,796			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.98%, Secured Debt (Maturity—April 8, 2021)(9)		650		632		632
		Options (2 equivalent units)				397		590			17% Secured Debt (Maturity—April 8, 2021)		4,000		3,890		3,890
		Warrant (1 equivalent unit; Expiration—August 31, 2025; Strike price—$1.00 per unit)				473		330			Member Units (800,000 units)				800		470

						8,545		8,716							5,322		4,992

Boccella Precast Products LLC	Manufacturer of Precast Hollow Core Concrete								June 30, 2017	Manufacturer of Precast Hollow Core Concrete
		LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.30%, Secured Debt (Maturity—June 30, 2022)(9)		16,400		16,216		16,216			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.31%, Secured Debt (Maturity—June 30, 2022)(9)		16,742		16,594		16,742
		Member Units (2,160,000 units)				2,160		2,160			Member Units (2,160,000 units)(8)				2,160		5,220

						18,376		18,376							18,754		21,962

Boss Industries, LLC	Manufacturer and Distributor of Air, Power and Other Industrial Equipment								July 1, 2014	Manufacturer and Distributor of Air, Power and Other Industrial Equipment
		Preferred Member Units (2,242 units)(8)				2,519		3,320			Preferred Member Units (2,242 units)(8)				2,160		5,270

Bridge Capital Solutions Corporation									April 18, 2012	Financial Services and Cash Flow Solutions Provider
											13% Secured Debt (Maturity—July 25, 2021)		7,500		6,044		6,044
											Warrants (82 equivalent shares; Expiration—July 25, 2026; Strike price—$0.01 per share)				2,132		4,020
											13% Secured Debt (Mercury Service Group, LLC) (Maturity—July 25, 2021)		1,000		993		1,000
											Preferred Member Units (Mercury Service Group, LLC) (17,742 units)(8)				1,000		1,000

															10,169		12,064


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

Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		13% Secured Debt (Maturity—July 25, 2021)		7,500		5,740		5,740
		Warrants (63 equivalent shares; Expiration—April 18, 2022; Strike price—$0.01 per share)				2,132		3,370
		13% Secured Debt (Mercury Service Group, LLC) (Maturity—July 25, 2021)		1,000		991		1,000
		Preferred Member Units (Mercury Service Group, LLC) (17,742 units)(8)				1,000		1,000

						9,863		11,110
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)

Buca C, LLC	Casual Restaurant Group								June 30, 2015	Casual Restaurant Group
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.33%, Secured Debt (Maturity—June 30, 2020)(9)		21,204		21,068		21,068			LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 11.25%, Secured Debt (Maturity—June 30, 2020)(9)		19,704		19,616		19,616
		Preferred Member Units (6 units; 6% cumulative)(8)				4,053		4,048			Preferred Member Units (6 units; 6% cumulative)(8)(19)				4,299		4,299

						25,121		25,116							23,915		23,915

CAI Software LLC	Provider of Specialized Enterprise Resource Planning Software								October 10, 2014	Provider of Specialized Enterprise Resource Planning Software
		12% Secured Debt (Maturity—October 10, 2019)		3,483		3,464		3,483			12% Secured Debt (Maturity—October 10, 2019)		3,843		3,827		3,843
		Member Units (65,356 units)(8)				654		2,820			Member Units (65,356 units)(8)				654		2,850

						4,118		6,303							4,481		6,693

CapFusion, LLC(13)	Non-Bank Lender to Small Businesses
Chandler Signs Holdings, LLC(10)									January 4, 2016	Sign Manufacturer
		13% Secured Debt (Maturity—March 25, 2021)		14,400		13,304		13,304			12% Current / 1% PIK Secured Deb (Maturity—July 4, 2021)(19)		4,523		4,494		4,523
		Warrants (1,600 equivalent units; Expiration—March 24, 2026; Strike price—$0.01 per unit)				1,200		1,200			Class A Units (1,500,000 units)				1,500		2,180

						14,504		14,504							5,994		6,703

Chandler Signs Holdings, LLC(10)	Sign Manufacturer
Charlotte Russe, Inc(11)									May 28, 2013	Fast-Fashion Retailer to Young Women
		12% Secured Debt (Maturity—July 4, 2021)		4,500		4,464		4,500			8.50% Secured Debt (Maturity—February 2, 2023)		7,972		7,972		7,085
		Class A Units (1,500,000 units)(8)				1,500		2,910			Common Stock (19,041 shares)				3,141		3,141

						5,964		7,410							11,113		10,226

Condit Exhibits, LLC	Tradeshow Exhibits / Custom Displays Provider								July 1, 2008	Tradeshow Exhibits / Custom Displays Provider
		Member Units (3,936 units)(8)				100		1,840			Member Units (3,936 units)(8)				100		1,950

Congruent Credit Opportunities Funds(12)(13)									January 24, 2012	Investment Partnership
											LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)(8)				5,210		741
											LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)				21,883		22,874

															27,093		23,615

Dos Rios Partners(12)(13)									April 25, 2013	Investment Partnership
											LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)				5,846		7,046
											LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)				1,856		2,237

															7,702		9,283

East Teak Fine Hardwoods, Inc.									April 13, 2006	Distributor of Hardwood Products
											Common Stock (6,250 shares)(8)				480		630

EIG Fund Investments(12)(13)									November 6, 2015	Investment Partnership
											LP Interests (EIG Global Private Debt Fund—A, L.P.) (Fully diluted 11.1%)				461		413

Freeport Financial Funds(12)(13)									June 13, 2013	Investment Partnership
											LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)(8)				5,974		5,742
											LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%)(8)				8,558		8,506

															14,532		14,248

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

Congruent Credit Opportunities Funds(12)(13)

Investment Partnership

LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)
5,730 1,377

LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)
17,869 18,577

23,599 19,954

Dos Rios Partners(12)(13)

Investment Partnership

LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)
5,996 5,369

LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)
1,904 1,573

7,900 6,942

Dos Rios Stone Products LLC(10)

Limestone and Sandstone Dimension Cut Stone Mining Quarries

Class A Units (2,000,000 units)(8)
2,000 1,870

East Teak Fine Hardwoods, Inc.

Distributor of Hardwood Products

Common Stock (6,250 shares)(8)
480 630

East West Copolymer & Rubber, LLC

Manufacturer of Synthetic Rubbers

12% Current / 2% PIK Secured Debt (Maturity—October 17, 2019)(14)(15)
9,699 9,591 3,000

Warrants (2,510,790 equivalent units; Expiration—October 15, 2024; Strike price—$0.01 per unit)
50 —

9,641 3,000

EIG Fund Investments(12)(13)

Investment Partnership

LP Interests (EIG Global Private Debt Fund—A, L.P.) (Fully diluted 11.1%)(8)
793 694

LP Interests (EIG Traverse Co-Investment, L.P.) (Fully diluted 22.2%)(8)
9,805 10,409

10,598 11,103

Freeport Financial Funds(12)(13)

Investment Partnership

LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)(8)
5,974 5,519

LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%)(8)
7,559 7,507

13,533 13,026

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


Gault Financial, LLC (RMB Capital, LLC)	November 21, 2011	Purchases and Manages Collection of Healthcare and other Business Receivables
			8% Secured Debt (Maturity—January 1, 2019)	12,333	12,333	11,382
			Warrants (29,032 equivalent units; Expiration—February 9, 2022; Strike price—$0.01 per unit)		400	—

					12,733	11,382

Harris Preston Fund Investments(12)(13)	August 9, 2017	Investment Partnership
			LP Interests (HPEP 3, L.P.) (Fully diluted 8.2%)		1,460	1,460

Hawk Ridge Systems, LLC(13)	December 2, 2016	Value-Added Reseller of Engineering Design and Manufacturing Solutions
			10.5% Secured Debt (Maturity—December 2, 2021)	14,300	14,188	14,300
			Preferred Member Units (226 units)(8)		2,850	6,220
			Preferred Member Units (HRS Services, ULC) (226 units)		150	330

					17,188	20,850

Houston Plating and Coatings, LLC	January 8, 2003	Provider of Plating and Industrial Coating Services
			8% Unsecured Convertible Debt (Maturity—May 1, 2022)	3,000	3,000	3,380
			Member Units (318,462 units)(8)		2,236	7,070

					5,236	10,450

I-45 SLF LLC(12)(13)	October 20, 2015	Investment Partnership
			Member Units (Fully diluted 20.0%; 24.4% profits interest)(8)		16,200	16,687

L.F. Manufacturing Holdings, LLC(10)	December 23, 2013	Manufacturer of Fiberglass Products
			Member Units (2,179,001 units)		2,019	2,000

Meisler Operating LLC	June 7, 2017	Provider of Short-term Trailer and Container Rental
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.82%, Secured Debt (Maturity—June 7, 2022)(9)	20,800	20,612	20,612
			Member Units (Milton Meisler Holdings LLC) (48,555 units)		4,855	5,570

					25,467	26,182

OnAsset Intelligence, Inc.	April 18, 2011	Provider of Transportation Monitoring / Tracking Products and Services
			12% PIK Secured Debt (Maturity—June 30, 2021)(19)	5,406	5,406	5,406
			10% PIK Unsecured Debt (Maturity—June 30, 2021)(19)	50	50	50
			Preferred Stock (912 shares)		1,981	—
			Warrants (5,333 equivalent shares; Expiration—April 18, 2021; Strike price—$0.01 per share)		1,919	—

					9,356	5,456

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

Gault Financial, LLC (RMB Capital, LLC)

Purchases and Manages Collection of Healthcare and other Business Receivables

10.5% Secured Debt (Maturity—January 1, 2019)
12,720 12,720 11,770

Warrants (29,032 equivalent units; Expiration—February 9, 2022; Strike price—$0.01 per unit)
400 —

13,120 11,770

Glowpoint, Inc.

Provider of Cloud Managed Video Collaboration Services

12% Secured Debt (Maturity—October 18, 2018)
9,000 8,963 2,700

Common Stock (7,711,517 shares)
3,958 2,170

12,921 4,870

Guerdon Modular Holdings, Inc.

Multi-Family and Commercial Modular Construction Company

13% Secured Debt (Maturity—August 13, 2019)
10,708 10,612 10,612

Preferred Stock (404,998 shares)
1,140 1,140

Common Stock (212,033 shares)
2,983 80

14,735 11,832

Hawk Ridge Systems, LLC(13)

Value-Added Reseller of Engineering Design and Manufacturing Solutions

10% Secured Debt (Maturity—December 2, 2021)
10,000 9,909 9,909

Preferred Member Units (226 units)(8)
2,850 2,850

Preferred Member Units (HRS Services, ULC) (226 units)(8)
150 150

12,909 12,909

Houston Plating and Coatings, LLC

Provider of Plating and Industrial Coating Services

8% Unsecured Convertible Debt (Maturity—May 1, 2022)
3,000 3,000 3,000

Member Units (315,756 units)
2,179 4,980

5,179 7,980

I-45 SLF LLC(12)(13)

Investment Partnership

Member Units (Fully diluted 20.0%; 24.4% profits interest)(8)
16,200 17,165

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


OPI International Ltd.(13)	November 30, 2010	Provider of Man Camp and Industrial Storage Services
			Common Stock (20,766,317 shares)		1,371	—

PCI Holding Company, Inc.	December 18, 2012	Manufacturer of Industrial Gas Generating Systems
			12% Current / 3% PIK Secured Debt (Maturity—March 31, 2019)(19)	12,385	12,351	12,351
			Preferred Stock (1,740,000 shares) (non-voting)		1,740	3,480
			Preferred Stock (1,500,000 shares; 20% cumulative)(8)(19)		3,927	290

					18,018	16,121

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	January 8, 2013	Provider of Rigsite Accommodation Unit Rentals and Related Services
			12% Secured Debt (Maturity—January 8, 2018)(14)(15)	30,785	30,281	250
			Preferred Member Units (250 units)		2,500	—

					32,781	250

Salado Acquisition, LLC(10)	June 27, 2016	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units (2,000,000 units)(8)		2,000	1,620

UniTek Global Services, Inc.(11)	April 15, 2011	Provider of Outsourced Infrastructure Services
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.60%, Secured Debt (Maturity—January 13, 2019)(9)	8,069	8,066	8,069
			15% PIK Unsecured Debt (Maturity—July 13, 2019)(19)	931	931	931
			Preferred Stock (2,596,567 shares; 19% cumulative)(8)(19)		3,137	3,137
			Preferred Stock (4,935,377 shares; 13.5% cumulative)(8)(19)		7,869	7,869
			Common Stock (1,075,992 shares)		—	1,220

					20,003	21,226

Universal Wellhead Services Holdings, LLC(10)	October 30, 2014	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
			Preferred Member Units (UWS Investments, LLC) (716,949 units)		717	890
			Member Units (UWS Investments, LLC) (4,000,000 units)		4,000	2,360

					4,717	3,250

Valley Healthcare Group, LLC	December 29, 2015	Provider of Durable Medical Equipment
			LIBOR Plus 10.50% (Floor 0.50%), Current Coupon 12.48%, Secured Debt (Maturity—December 29, 2020)(9)	11,646	11,577	11,646
			Preferred Member Units (Valley Healthcare Holding, LLC) (1,600 units)		1,600	2,300

					13,177	13,946

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, 2018)
5,192 5,192 5,192

Preferred Member Units (33,819 units; 8% cumulative)(8)
2,537 2,875

Warrants (31,928 equivalent units; Expiration—August 6, 2022; Strike price—$0.001 per unit)
459 —

Member Units (14,732 units)
1 —

8,189 8,067

L.F. Manufacturing Holdings, LLC(10)

Manufacturer of Fiberglass Products

Member Units (2,179,001 units)
2,019 1,380

Meisler Operating LLC

Provider of Short-term Trailer and Container Rental

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.72%, Secured Debt (Maturity—June 7, 2022)(9)
16,800 16,618 16,618

Member Units (Milton Meisler Holdings LLC) (32,000 units)
3,200 3,200

19,818 19,818

OnAsset Intelligence, Inc.

Provider of Transportation Monitoring / Tracking Products and Services

12% PIK Secured Debt (Maturity—June 30, 2021)
4,796 4,796 4,796

10% PIK Unsecured Debt (Maturity—June 30, 2021)
45 45 45

Preferred Stock (912 shares; 7% cumulative)
1,981 —

Warrants (5,333 equivalent shares; Expiration—April 18, 2021; Strike price—$0.01 per share)
1,919 —

8,741 4,841

OPI International Ltd.(13)

Provider of Man Camp and Industrial Storage Services

Common Stock (20,766,317 shares)
1,371 —

PCI Holding Company, Inc.

Manufacturer of Industrial Gas Generating Systems

12% Secured Debt (Maturity—March 31, 2019)
13,300 13,218 13,300

Preferred Stock (1,740,000 shares)
1,740 2,610

Preferred Stock (1,500,000 shares; 20% cumulative)(8)
3,733 4,870

18,691 20,780

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

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)(15)
30,785 30,281 250

Preferred Member Units (250 units)
2,500 —

32,781 250

Tin Roof Acquisition Company

Casual Restaurant Group

12% Secured Debt (Maturity—November 13, 2018)
13,175 13,081 13,081

Class C Preferred Stock (Fully diluted 10.0%; 10% cumulative)(8)
2,878 2,878

15,959 15,959

UniTek Global Services, Inc.(11)

Provider of Outsourced Infrastructure Services

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.65%, Secured Debt (Maturity—January 13, 2019)(9)
8,535 8,527 8,535

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.65% / 1.00% PIK, Current Coupon Plus PIK 10.65%, Secured Debt (Maturity—January 13, 2019)(9)
137 137 137

15% PIK Unsecured Debt (Maturity—July 13, 2019)
802 802 802

Preferred Stock (2,596,567 shares; 19% cumulative)(8)
2,597 2,597

Preferred Stock (4,935,377 shares; 13.5% cumulative)(8)
6,702 6,840

Common Stock (1,075,992 shares)
— 2,520

18,765 21,431

Universal Wellhead Services Holdings, LLC(10)

Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry

Preferred Member Units (UWS Investments, LLC) (716,949 units; 14% cumulative)
717 720

Member Units (UWS Investments, LLC) (4,000,000 units)
4,000 610

4,717 1,330

Valley Healthcare Group, LLC

Provider of Durable Medical Equipment

LIBOR Plus 12.50% (Floor 0.50%), Current Coupon 13.55%, Secured Debt (Maturity—December 29, 2020)(9)
12,686 12,587 12,587

Preferred Member Units (Valley Healthcare Holding, LLC) (1,600 units)
1,600 1,600

14,187 14,187



Portfolio Company(1)		Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)											Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)
Non-Control/Non-Affiliate Investments(7)	Non-Control/Non-Affiliate Investments(7)									Non-Control/Non-Affiliate Investments(7)

AAC Holdings, Inc.(11)		Substance Abuse Treatment Service Provider
AAC Holdings, Inc.(11)(13)											June 30, 2017	Substance Abuse Treatment Service Provider
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—June 30, 2023)(9)	$	11,900	$	11,603	$	11,751				LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.11%, Secured Debt (Maturity—June 30, 2023)(9)	$	14,688	$	14,406	$	14,908

Adams Publishing Group, LLC(10)		Local Newspaper Operator									November 19, 2015	Local Newspaper Operator
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.15%, Secured Debt (Maturity—November 3, 2020)(9)		9,018		8,774		8,849				LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.33%, Secured Debt (Maturity—November 3, 2020)(9)		9,281		9,082		9,281

ADS Tactical, Inc.(10)		Value-Added Logistics and Supply Chain Provider to the Defense Industry									March 7, 2017	Value-Added Logistics and Supply Chain Provider to the Defense Industry
			LIBOR Plus 7.50% (Floor 0.75%), Current Coupon 8.54%, Secured Debt (Maturity—December 31, 2022)(9)		11,443		11,210		11,210				LIBOR Plus 7.50% (Floor 0.75%), Current Coupon 9.67%, Secured Debt (Maturity—December 31, 2022)(9)		12,916		12,689		12,755

Ahead, LLC(10)		IT Infrastructure Value Added Reseller
Aethon United BR LP(10)											September 8, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 6.50%, Current Coupon 7.81%, Secured Debt (Maturity—November 2, 2020)		13,875		13,577		13,840				LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.78%, Secured Debt (Maturity—September 8, 2023)(9)		3,438		3,391		3,391

Allflex Holdings III Inc.(11)		Manufacturer of Livestock Identification Products									July 18, 2013	Manufacturer of Livestock Identification Products
													LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.36%, Secured Debt (Maturity—July 19, 2021)(9)		13,455		13,401		13,522

American Nuts, LLC(10)											April 10, 2018	Roaster, Mixer and Packager of Bulk Nuts and Seeds
													LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.33%, Secured Debt (Maturity—October 10, 2018)(9)		422		414		414
													LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.33%, Secured Debt (Maturity—April 10, 2023)(9)		11,250		11,036		11,036

			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.16%, Secured Debt (Maturity—July 19, 2021)(9)		14,795		14,715		14,958								11,450		11,450

American Scaffold Holdings, Inc.(10)		Marine Scaffolding Service Provider									June 14, 2016	Marine Scaffolding Service Provider
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.80%, Secured Debt (Maturity—March 31, 2022)(9)		7,219		7,127		7,183				LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.83%, Secured Debt (Maturity—March 31, 2022)(9)		6,844		6,770		6,810

American Teleconferencing Services, Ltd.(11)		Provider of Audio Conferencing and Video Collaboration Solutions									May 19, 2016	Provider of Audio Conferencing and Video Collaboration Solutions
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.72%, Secured Debt (Maturity—December 8, 2021)(9)		10,873		10,138		10,866				LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.86%, Secured Debt (Maturity—December 8, 2021)(9)		15,592		15,023		15,153
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity—June 6, 2022)(9)		3,714		3,578		3,679

Anchor Hocking, LLC(11)											April 2, 2012	Household Products Manufacturer
							13,716		14,545				LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.32%, Secured Debt (Maturity—June 4, 2020)(9)		2,242		2,207		2,247


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

Anchor Hocking, LLC(11)	Household Products Manufacturer
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.23%, Secured Debt (Maturity—June 4, 2018)(9)		2,265		2,265		2,305
		Member Units (440,620 units)				4,928		3,305

						7,193		5,610
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)

Apex Linen Service, Inc.	Industrial Launderers								October 30, 2015	Industrial Launderers
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.05%, Secured Debt (Maturity—October 30, 2022)(9)		2,400		2,400		2,400			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.98%, Secured Debt (Maturity—October 30, 2022)(9)		2,400		2,400		2,400
		13% Secured Debt (Maturity—October 30, 2022)		14,416		14,342		14,342			16% Secured Debt (Maturity—October 30, 2022)		14,416		14,352		14,352

						16,742		16,742							16,752		16,752

Arcus Hunting LLC.(10)	Manufacturer of Bowhunting and Archery Products and Accessories
Arcus Hunting LLC(10)									January 6, 2015	Manufacturer of Bowhunting and Archery Products and Accessories
											LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.31%, Secured Debt (Maturity—November 13, 2019)(9)		16,068		15,996		16,068

Arise Holdings, Inc.(10)									March 12, 2018	Tech-Enabled Business Process Outsourcing
		LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.15%, Secured Debt (Maturity—November 13, 2019)(9)		15,824		15,704		15,824			Preferred Stock (1,000,000 shares)				1,000		1,000

ATI Investment Sub, Inc.(11)	Manufacturer of Solar Tracking Systems								July 11, 2016	Manufacturer of Solar Tracking Systems
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.48%, Secured Debt (Maturity—June 22, 2021)(9)		9,000		8,833		8,978			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.34%, Secured Debt (Maturity—June 22, 2021)(9)		6,864		6,741		6,856

ATS Workholding, Inc.(10)	Manufacturer of Machine Cutting Tools and Accessories
ATX Networks Corp.(11)(13)(21)									June 30, 2015	Provider of Radio Frequency Management Equipment
		LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity—March 10, 2019)(9)		6,173		6,152		5,662			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.33% / 1.00% PIK, Current Coupon Plus PIK 9.33%, Secured Debt (Maturity—June 11, 2021)(9)(19)		14,239		13,919		13,491

ATX Networks Corp.(11)(13)	Provider of Radio Frequency Management Equipment
BigName Commerce, LLC(10)									May 11, 2017	Provider of Envelopes and Complimentary Stationery Products
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity—June 11, 2021)(9)		9,716		9,581		9,618			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.56%, Secured Debt (Maturity—May 11, 2022)(9)		2,524		2,500		2,500
					��
Berry Aviation, Inc.(10)	Airline Charter Service Operator
Binswanger Enterprises, LLC(10)									March 10, 2017	Glass Repair and Installation Service Provider
		12.00% Current / 1.75% PIK Secured Debt (Maturity—January 30, 2020)		5,627		5,593		5,627			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.34%, Secured Debt (Maturity—March 9, 2022)(9)		14,561		14,335		14,467
		Common Stock (553 shares)				400		820			Member Units (1,050,000 units)				1,050		1,100

						5,993		6,447							15,385		15,567

BigName Commerce, LLC(10)	Provider of Envelopes and Complimentary Stationery Products
Bluestem Brands, Inc.(11)									December 19, 2013	Multi-Channel Retailer of General Merchandise
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.43%, Secured Debt (Maturity—May 11, 2022)(9)		2,500		2,470		2,470			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.69%, Secured Debt (Maturity—November 6, 2020)(9)		11,751		11,608		7,756

Brainworks Software, LLC(10)									August 12, 2014	Advertising Sales and Newspaper Circulation Software
											Prime Plus 9.25% (Floor 3.25%), Current Coupon 14.25%, Secured Debt (Maturity—July 22, 2019)(9)		6,733		6,713		6,581


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

Binswanger Enterprises, LLC(10)	Glass Repair and Installation Service Provider
		LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.15%, Secured Debt (Maturity—March 9, 2022)(9)		15,460		15,167		15,167
		Member Units (1,050,000 units)				1,050		1,050

						16,217		16,217

Bluestem Brands, Inc.(11)	Multi-Channel Retailer of General Merchandise
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.70%, Secured Debt (Maturity—November 6, 2020)(9)		12,503		12,293		8,893

Brainworks Software, LLC(10)	Advertising Sales and Newspaper Circulation Software
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)
		Prime Plus 9.25% (Floor 3.25%), Current Coupon 13.50%, Secured Debt (Maturity—July 22, 2019)(9)		6,733		6,692		6,495
Brightwood Capital Fund Investments(12)(13)	Investment Partnership								July 21, 2014	Investment Partnership
		LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.6%)(8)				12,000		10,328			LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.6%)(8)				12,000		10,360
		LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.9%)				500		500			LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.8%)(8)				1,000		1,063

						12,500		10,828							13,000		11,423

Brundage-Bone Concrete Pumping, Inc.(11)	Construction Services Provider								August 18, 2014	Construction Services Provider
		10.375% Secured Debt (Maturity—September 1, 2021)		3,000		2,986		3,150			10.375% Secured Debt (Maturity—September 1, 2023)		3,000		2,988		3,187

BW NHHC Holdco Inc.(11)									May 30, 2018	Full-Continuum Provider of Home Health Services
											LIBOR Plus 5.00%, Current Coupon 7.07%, Secured Debt (Maturity—May 15, 2025)		7,500		7,389		7,425

Cadence Aerospace LLC(10)									November 14, 2017	Aerostructure Manufacturing
											LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.86%, Secured Debt (Maturity—November 14, 2023)(9)		14,963		14,825		14,963

California Pizza Kitchen, Inc.(11)	Casual Restaurant Group								August 29, 2016	Casual Restaurant Group
											LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.10%, Secured Debt (Maturity—August 23, 2022)(9)		12,805		12,768		12,568
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity—August 23, 2022)(9)		12,935		12,891		12,954
CDHA Management, LLC(10)	Dental Services								December 5, 2016	Dental Services
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.68%, Secured Debt (Maturity—December 5, 2021)(9)		4,356		4,287		4,356			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.64%, Secured Debt (Maturity—December 5, 2021)(9)		5,412		5,359		5,411
Cengage Learning Acquisitions, Inc.(11)	Provider of Educational Print and Digital Services

Central Security Group, Inc.(11)									December 4, 2017	Security Alarm Monitoring Service Provider
		LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.34%, Secured Debt (Maturity—June 7, 2023)(9)		9,304		9,074		8,815			LIBOR Plus 5.63% (Floor 1.00%), Current Coupon 7.72%, Secured Debt (Maturity—October 6, 2021)(9)		7,941		7,922		7,981

Cenveo Corporation(11)	Provider of Commercial Printing, Envelopes, Labels, and Printed Office Products								September 4, 2015	Provider of Commercial Printing, Envelopes, Labels, and Printed Office Products
		6% Secured Debt (Maturity—August 1, 2019)		19,130		16,575		16,165			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.04%, Secured Debt (Maturity—November 2, 2018)(9)		6,089		6,059		6,028
											6% Secured Debt (Maturity—August 1, 2019)		19,130		17,126		6,887

															23,185		12,915

Clarius BIGS, LLC(10)									September 23, 2014	Prints & Advertising Film Financing
											15% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)		2,924		2,924		82

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

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)
16,873 15,461 8,366

Clarius BIGS, LLC(10)

Prints & Advertising Film Financing

15% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)
2,924 2,924 88
Compact Power Equipment, Inc.

Equipment / Tool Rental

12% Secured Debt (Maturity—October 1, 2017)
4,100 4,098 4,100

Series A Preferred Stock (4,298,435 shares)
1,079 4,580

5,177 8,680

Construction Supply Investments, LLC(10)

Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors

Member Units (28,000 units)
3,723 3,723

ContextMedia Health, LLC(11)

Provider of Healthcare Media Content

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.73%, Secured Debt (Maturity—December 23, 2021)(9)
5,825 5,287 5,884

Covenant Surgical Partners, Inc.(11)

Ambulatory Surgical Centers

8.75% Secured Debt (Maturity—August 1, 2019)
2,800 2,749 2,744
CST Industries Inc.(11)

Storage Tank Manufacturer

PRIME Plus 5.25% (Floor 2.50%), Current Coupon 9.50%, Secured Debt (Maturity—May 22, 2017)(9)(17)
9,102 9,039 7,901
Darr Equipment LP(10)

Heavy Equipment Dealer

12% Current / 2% PIK Secured Debt (Maturity—April 15, 2020)
21,343 20,963 21,013

Warrants (915,734 equivalent units; Expiration—April 15, 2024; Strike price—$1.50 per unit)
474 10

21,437 21,023

Digital River, Inc.(11)

Provider of Outsourced e-Commerce Solutions and Services

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—February 12, 2021)(9)
15,184 15,097 15,260

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


Clickbooth.com, LLC(10)	December 5, 2017	Provider of Digital Advertising Performance Marketing Solutions
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.81%, Secured Debt (Maturity—December 5, 2022)(9)	2,963	2,908	2,908

Construction Supply Investments, LLC(10)	December 29, 2016	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.99%, Secured Debt (Maturity—June 30, 2023)(9)	10,885	10,834	10,858
			Member Units (42,207 units)		4,221	4,221

					15,055	15,079

CTVSH, PLLC(10)	August 3, 2017	Emergency Care and Specialty Service Animal Hospital
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.30%, Secured Debt (Maturity—August 3, 2022)(9)	11,550	11,451	11,451

Darr Equipment LP(10)	April 15, 2014	Heavy Equipment Dealer
			11.5% Current / 1% PIK Secured Debt (Maturity—June 22, 2023)(19)	7,265	7,265	7,265
			Warrants (915,734 equivalent units; Expiration—December 23, 2023; Strike price—$1.50 per unit)		474	10

					7,739	7,275

Digital River, Inc.(11)	February 24, 2015	Provider of Outsourced e-Commerce Solutions and Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity—February 12, 2021)(9)	10,146	10,059	10,133

Drilling Info Holdings, Inc.	November 20, 2009	Information Services for the Oil and Gas Industry
			Common Stock (3,788,865 shares)(8)		—	15,990

DTE Enterprises, LLC(10)	April 13, 2018	Industrial Powertrain Repair and Services
			LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.85%, Secured Debt (Maturity—April 13, 2023)(9)	13,795	13,516	13,516
			Class AA Preferred Member Units (non-voting)		724	724
			Class A Preferred Member Units (776,316 units)		776	776

					15,016	15,016


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

Digital Room LLC(11)	Pure-Play e-Commerce Print Business
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.23%, Secured Debt (Maturity—November 21, 2022)(9)		7,434		7,296		7,397
Drilling Info Holdings, Inc.	Information Services for the Oil and Gas Industry
		Common Stock (3,788,865 shares)				1,335		10,100
ECP-PF Holdings Group, Inc.(10)	Fitness Club Operator
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.15%, Secured Debt (Maturity—November 26, 2019)(9)		5,625		5,595		5,625
EnCap Energy Fund Investments(12)(13)	Investment Partnership								December 28, 2010	Investment Partnership
		LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)(8)				3,881		2,315			LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)(8)				3,460		1,596
		LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)				2,227		1,549			LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)(8)				2,072		1,122
		LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)				3,976		3,565			LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)				4,383		3,631
		LP Interests (EnCap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)(8)				4,720		4,620			LP Interests (EnCap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)(8)				7,101		7,164
		LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)(8)				6,274		5,518			LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)(8)				5,864		4,964
		LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)(8)				3,090		3,091			LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)(8)				3,207		2,908

						24,168		20,658							26,087		21,385

EPIC Y-Grade Services, LP(11)									June 22, 2018	NGL Transportation & Storage
											LIBOR Plus 5.50%, Current Coupon 7.59%, Secured Debt (Maturity—June 13, 2024)		17,500		17,151		17,237

Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft)(11)(13)	Technology-based Performance Support Solutions								May 5, 2014	Technology-based Performance Support Solutions
											LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 10.34%, Secured Debt (Maturity—April 28, 2022)(9)		6,999		6,889		5,882

Extreme Reach, Inc.(11)									March 31, 2015	Integrated TV and Video Advertising Platform
											LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.35%, Secured Debt (Maturity—February 7, 2020)(9)		13,307		13,297		13,324

Felix Investments Holdings II(10)									August 9, 2017	Oil & Gas Exploration & Production
											LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.87%, Secured Debt (Maturity—August 9, 2022)(9)		3,333		3,273		3,273
		LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.48%, Secured Debt (Maturity—April 28, 2022)(9)		6,999		6,867		5,825
Flavors Holdings Inc.(11)	Global Provider of Flavoring and Sweetening Products and Solutions								October 15, 2014	Global Provider of Flavoring and Sweetening Products
		LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.05%, Secured Debt (Maturity—April 3, 2020)(9)		13,466		12,909		12,725			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.08%, Secured Debt (Maturity—April 3, 2020)(9)		12,345		11,999		11,481

GI KBS Merger Sub LLC(11)									November 10, 2014	Outsourced Janitorial Services to Retail/Grocery Customers
											LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.32%, Secured Debt (Maturity—October 29, 2021)(9)		9,242		9,176		9,277
											LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.86%, Secured Debt (Maturity—April 29, 2022)(9)		3,915		3,782		3,969

															12,958		13,246

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

GI KBS Merger Sub LLC(11)

Outsourced Janitorial Services to Retail/Grocery Customers

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.23%, Secured Debt (Maturity—October 29, 2021)(9)
6,825 6,742 6,689

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.73%, Secured Debt (Maturity—April 29, 2022)(9)
3,800 3,647 3,657

10,389 10,346

Grace Hill, LLC(10)

Online Training Tools for the Multi-Family Housing Industry

Prime Plus 5.25% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—August 15, 2019)(9)
1,215 1,205 1,215

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.47%, Secured Debt (Maturity—August 15, 2019)(9)
11,465 11,399 11,465

12,604 12,680

Great Circle Family Foods, LLC(10)

Quick Service Restaurant Franchise

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.15%, Secured Debt (Maturity—October 28, 2019)(9)
7,421 7,380 7,421

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)
4,783 4,769 3,564

13.75% Secured Debt (Maturity—July 31, 2018)
2,000 1,973 400

6,742 3,964
GST Autoleather, Inc.(11)

Automotive Leather Manufacturer

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.80%, Secured Debt (Maturity—July 10, 2020)(9)
19,409 18,874 19,021

Guitar Center, Inc.(11)

Musical Instruments Retailer

6.5% Secured Debt (Maturity—April 15, 2019)
16,625 15,797 14,444

Hojeij Branded Foods, LLC(10)

Multi-Airport, Multi-Concept Restaurant Operator

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.67%, Secured Debt (Maturity—July 27, 2021)(9)
5,905 5,862 5,905

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


GoWireless Holdings, Inc.(11)	December 31, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.59%, Secured Debt (Maturity—December 22, 2024)(9)	17,775	17,607	17,642

Grupo Hima San Pablo, Inc.(11)	March 7, 2013	Tertiary Care Hospitals
			LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 9.36%, Secured Debt (Maturity—July 31, 2018)(9)	4,750	4,750	3,654
			13.75% Secured Debt (Maturity—July 31, 2018)	2,055	2,040	226

					6,790	3,880

Hojeij Branded Foods, LLC(10)	July 28, 2015	Multi-Airport, Multi-Concept Restaurant Operator
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.36%, Secured Debt (Maturity—July 20, 2022)(9)	12,412	12,304	12,412

Hoover Group, Inc.(10)(13)	October 21, 2016	Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets
			LIBOR Plus 6.00%, Current Coupon 8.17%, Secured Debt (Maturity—January 28, 2020)	5,188	4,534	4,896
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.58%, Secured Debt (Maturity—January 28, 2021)(9)	8,416	8,020	8,206

					12,554	13,102

Hostway Corporation(11)	December 27, 2013	Managed Services and Hosting Provider
			LIBOR Plus 5.25% (Floor 1.25%), Current Coupon 7.34% / 0.50% PIK, Current Coupon Plus PIK 7.84%, Secured Debt (Maturity—December 13, 2019)(9)(19)	30,655	30,005	29,966

Houghton Mifflin Harcourt Publishers Inc.(11)(13)	May 3, 2017	Provider of Educational Print and Digital Services
			LIBOR Plus 3.00% (Floor 1.00%), Current Coupon 5.09%, Secured Debt (Maturity—May 28, 2021)(9)	15,224	14,345	14,269

Hunter Defense Technologies, Inc.(10)	March 29, 2018	Provider of Military and Commercial Shelters and Systems
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.33%, Secured Debt (Maturity—March 29, 2023)(9)	41,022	40,143	40,143

Hydrofarm Holdings LLC(10)	May 18, 2017	Wholesaler of Horticultural Products
			LIBOR Plus 7.00%, Current Coupon 8.89%, Secured Debt (Maturity—May 12, 2022)	6,623	6,516	5,927

iEnergizer Limited(11)(13)(21)	May 8, 2013	Provider of Business Outsourcing Solutions
			LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 8.10%, Secured Debt (Maturity—May 1, 2019)(9)	10,785	10,642	10,785

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

Hoover Group, Inc.(10)(13)

Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.42%, Secured Debt (Maturity—January 28, 2021)(9)
8,503 7,981 7,823

Hostway Corporation(11)

Managed Services and Hosting Provider

LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.05%, Secured Debt (Maturity—December 13, 2019)(9)
20,366 19,938 19,831

LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.05%, Secured Debt (Maturity—December 13, 2018)(9)
2,433 2,308 2,293

22,246 22,124
Hunter Defense Technologies, Inc.(11)

Provider of Military and Commercial Shelters and Systems

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.16%, Secured Debt (Maturity—August 5, 2019)(9)
9,194 8,801 8,654

Hydrofarm Holdings LLC(10)

Wholesaler of Horticultural Products

LIBOR Plus 7.00%, Current Coupon 8.18%, Secured Debt (Maturity—May 12, 2022)
6,750 6,619 6,619
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)
12,174 11,832 12,143

Implus Footcare, LLC(10)

Provider of Footwear and Other Accessories

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.05%, Secured Debt (Maturity—September 15, 2021)(9)
19,949 19,655 19,655

Indivior Finance LLC(11)(13)

Specialty Pharmaceutical Company Treating Opioid Dependence

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.17%, Secured Debt (Maturity—December 19, 2019)(9)
3,387 3,252 3,420

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


Implus Footcare, LLC(10)	June 1, 2017	Provider of Footwear and Related Accessories
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.84%, Secured Debt (Maturity—April 30, 2021)(9)	19,219	18,994	19,121

Industrial Services Acquisition, LLC(10)	June 17, 2016	Industrial Cleaning Services
			6% Current / 7% PIK Unsecured Debt (Maturity—December 17, 2022)(19)	4,715	4,646	4,498
			Preferred Member Units (Industrial Services Investments, LLC) (144 units; 10% cumulative)(8)(19)		90	90
			Member Units (Industrial Services Investments, LLC) (900 units)		900	210

					5,636	4,798

Inn of the Mountain Gods Resort and Casino(11)	October 30, 2013	Hotel & Casino Owner & Operator
			9.25% Secured Debt (Maturity—November 30, 2020)	11,149	10,671	10,564

irth Solutions, LLC	December 29, 2010	Provider of Damage Prevention Information Technology Services
			Member Units (27,893 units)		1,441	2,070

Isagenix International, LLC(11)	June 21, 2018	Direct Marketer of Health & Wellness Products
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.08%, Secured Debt (Maturity—June 14, 2025)(9)	6,429	6,365	6,445

JAB Wireless, Inc.(10)	May 2, 2018	Fixed Wireless Broadband Provider
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—May 2, 2023)(9)	15,000	14,853	14,853

Jacent Strategic Merchandising, LLC(10)	September 16, 2015	General Merchandise Distribution
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.82%, Secured Debt (Maturity—September 16, 2020)(9)	10,853	10,807	10,853

Jackmont Hospitality, Inc.(10)	May 26, 2015	Franchisee of Casual Dining Restaurants
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.73%, Secured Debt (Maturity—May 26, 2021)(9)	4,217	4,208	4,217

Jacuzzi Brands LLC(11)	June 30, 2017	Manufacturer of Bath and Spa Products
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.09%, Secured Debt (Maturity—June 28, 2023)(9)	3,900	3,832	3,939

Joerns Healthcare, LLC(11)	April 3, 2013	Manufacturer and Distributor of Health Care Equipment & Supplies
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.31% Secured Debt (Maturity—May 9, 2020)(9)	13,387	13,316	12,361

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

Industrial Services Acquisition, LLC(10)

Industrial Cleaning Services

11.25% Current / 0.75% PIK Unsecured Debt (Maturity—December 17, 2022)
4,536 4,455 4,536

Member Units (Industrial Services Investments, LLC) (900,000 units)
900 810

5,355 5,346

Infinity Acquisition Finance Corp.(11)

Application Software for Capital Markets

7.25% Unsecured Debt (Maturity—August 1, 2022)
2,700 2,552 2,599

Inn of the Mountain Gods Resort and Casino(11)

Hotel & Casino Owner & Operator

9.25% Secured Debt (Maturity—November 30, 2020)
6,249 5,958 5,624

Intertain Group Limited(11)(13)

Business-to-Consumer Online Gaming Operator

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.80%, Secured Debt (Maturity—April 8, 2022)(9)
4,175 4,123 4,227

iPayment, Inc.(11)

Provider of Merchant Acquisition

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.16%, Secured Debt (Maturity—April 11, 2023)(9)
12,000 11,883 12,120

iQor US Inc.(11)

Business Process Outsourcing Services Provider

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.22%, Secured Debt (Maturity—April 1, 2021)(9)
2,008 1,994 1,998

irth Solutions, LLC

Provider of Damage Prevention Information Technology Services

Member Units (27,893 units)
1,441 1,920

Jackmont Hospitality, Inc.(10)

Franchisee of Casual Dining Restaurants

LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.29% / 2.50% PIK, Current Coupon Plus PIK 7.79%, Secured Debt (Maturity—May 26, 2021)(9)
4,447 4,432 4,447

Jacuzzi Brands LLC(11)

Manufacturer of Bath and Spa Products

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—June 28, 2023)(9)
6,000 5,880 5,925

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


Larchmont Resources, LLC(11)	August 13, 2013	Oil & Gas Exploration & Production
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.33%, PIK Secured Debt (Maturity—August 7, 2020)(9)(19)	2,505	2,505	2,480
			Member Units (Larchmont Intermediate Holdco, LLC) (2,828 units)		353	778

					2,858	3,258

LKCM Headwater Investments I, L.P.(12)(13)	January 25, 2013	Investment Partnership
			LP Interests (Fully diluted 2.3%)		2,069	4,483

Logix Acquisition Company, LLC(10)	June 24, 2016	Competitive Local Exchange Carrier
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.84%, Secured Debt (Maturity—December 22, 2024)(9)	9,679	9,481	9,727

Looking Glass Investments, LLC(12)(13)	July 1, 2015	Specialty Consumer Finance
			Member Units (2.5 units)		125	57
			Member Units (LGI Predictive Analytics LLC) (190,712 units)		73	56

					198	113

LSF9 Atlantis Holdings, LLC(11)	May 17, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—May 1, 2023)(9)	9,899	9,875	9,819

Lulu's Fashion Lounge, LLC(10)	August 31, 2017	Fast Fashion E-Commerce Retailer
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.09%, Secured Debt (Maturity—August 28, 2022)(9)	12,869	12,529	13,255

Messenger, LLC(10)	December 5, 2014	Supplier of Specialty Stationery and Related Products to the Funeral Industry
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.59%, Secured Debt (Maturity—September 9, 2020)(9)	16,717	16,650	16,717

Minute Key, Inc.	September 19, 2014	Operator of Automated Key Duplication Kiosks
			Warrants (1,437,409 equivalent shares; Expiration—May 20, 2025; Strike price—$0.01 per share)		280	1,400

NBG Acquisition Inc(11)	April 28, 2017	Wholesaler of Home Décor Products
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.95%, Secured Debt (Maturity—April 26, 2024)(9)	4,347	4,285	4,347

New Era Technology, Inc.(10)	July 3, 2018	Managed Services and Hosting Provider
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.58%, Secured Debt (Maturity—June 22, 2023)(9)	6,711	6,576	6,576

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

Joerns Healthcare, LLC(11)

Manufacturer and Distributor of Health Care Equipment & Supplies

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.66% Secured Debt (Maturity—May 9, 2020)(9)
13,387 13,281 12,472

Keypoint Government Solutions, Inc.(10)

Provider of Pre-Employment Screening Services

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.16%, Secured Debt (Maturity—April 18, 2024)(9)
12,500 12,378 12,378

LaMi Products, LLC(10)

General Merchandise Distribution

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.72%, Secured Debt (Maturity—September 16, 2020)(9)
11,368 11,300 11,368

Larchmont Resources, LLC(11)

Oil & Gas Exploration & Production

LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, PIK Secured Debt (Maturity—August 7, 2020)(9)
2,375 2,375 2,363

Member Units (Larchmont Intermediate Holdco, LLC) (2,828 units)
353 976

2,728 3,339

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

Investment Partnership

LP Interests (Fully diluted 2.3%)
2,500 3,967
Logix Acquisition Company, LLC(10)

Competitive Local Exchange Carrier

LIBOR Plus 8.28% (Floor 1.00%), Current Coupon 9.45%, Secured Debt (Maturity—June 24, 2021)(9)
8,436 8,315 8,436

Looking Glass Investments, LLC(12)(13)

Specialty Consumer Finance

Member Units (2.5 units)
125 125

Member Units (LGI Predictive Analytics LLC) (190,712 units)(8)
128 128

253 253

LSF9 Atlantis Holdings, LLC(11)

Provider of Wireless Telecommunications Carrier Services

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.14%, Secured Debt (Maturity—May 1, 2023)(9)
7,000 6,944 7,080

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


New Media Holdings II LLC(11)(13)	June 10, 2014	Local Newspaper Operator
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity—July 14, 2022)(9)	19,914	19,559	20,070

NNE Partners, LLC(10)	March 2, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 8.00%, Current Coupon 10.32%, Secured Debt (Maturity—March 2, 2022)	18,375	18,220	18,220

North American Lifting Holdings, Inc.(11)	February 26, 2015	Crane Service Provider
			LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.83%, Secured Debt (Maturity—November 27, 2020)(9)	7,705	7,000	7,401

Novetta Solutions, LLC(11)	June 21, 2017	Provider of Advanced Analytics Solutions for Defense Agencies
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.10%, Secured Debt (Maturity—October 17, 2022)(9)	15,558	15,126	15,130

NTM Acquisition Corp.(11)	July 12, 2016	Provider of B2B Travel Information Content
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.58%, Secured Debt (Maturity—June 7, 2022)(9)	4,542	4,507	4,548

Ospemifene Royalty Sub LLC (QuatRx)(10)	July 8, 2013	Estrogen-Deficiency Drug Manufacturer and Distributor
			11.5% Secured Debt (Maturity—November 15, 2026)(14)	5,026	5,026	987

Paris Presents Incorporated(11)	February 5, 2015	Branded Cosmetic and Bath Accessories
			LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 10.84%, Secured Debt (Maturity—December 31, 2021)(9)	4,500	4,474	4,517

Permian Holdco 2, Inc.(11)	February 12, 2013	Storage Tank Manufacturer
			14% PIK Unsecured Debt (Maturity—October 15, 2021)(19)	369	369	369
			Preferred Stock (Permian Holdco 1, Inc.) (154,558 units)		799	920
			Common Stock (Permian Holdco 1, Inc.) (154,558 units)		—	—

					1,168	1,289

Pernix Therapeutics Holdings, Inc.(10)	August 18, 2014	Pharmaceutical Royalty
			12% Secured Debt (Maturity—August 1, 2020)	3,031	3,031	1,958

Pier 1 Imports, Inc.(11)	February 20, 2018	Decorative Home Furnishings Retailer
			LIBOR Plus 3.50% (Floor 1.00%), Current Coupon 5.95%, Secured Debt (Maturity—April 30, 2021)(9)	9,812	9,119	9,003

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

Messenger, LLC(10)

Supplier of Specialty Stationery and Related Products to the Funeral Industry

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.47%, Secured Debt (Maturity—September 9, 2020)(9)
14,403 14,335 14,403

MHVC Acquisition Corp.(11)

Provider of Differentiated Information Solutions, Systems Engineering, and Analytics

LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.48%, Secured Debt (Maturity—April 29, 2024)(9)
10,500 10,448 10,631

NBG Acquisition Inc(11)

Wholesaler of Home Décor Products

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.91%, Secured Debt (Maturity—April 26, 2024)(9)
4,430 4,359 4,408

Minute Key, Inc.

Operator of Automated Key Duplication Kiosks

12% Secured Debt (Maturity—September 19, 2019)
15,782 15,533 15,533

Warrants (1,437,409 equivalent shares; Expiration—May 20, 2025; Strike price—$0.01 per share)
280 930

15,813 16,463

New Media Holdings II LLC(11)(13)

Local Newspaper Operator

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.48%, Secured Debt (Maturity—June 4, 2020)(9)
17,804 17,582 17,760

NNE Partners, LLC(10)

Oil & Gas Exploration & Production

LIBOR Plus 8.00%, Current Coupon 9.21%, Secured Debt (Maturity—March 2, 2022)
9,042 8,955 8,955

North American Lifting Holdings, Inc.(11)

Crane Service Provider

LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.80%, Secured Debt (Maturity—November 27, 2020)(9)
7,785 6,830 7,308

Novetta Solutions, LLC(11)

Provider of Advanced Analytics Solutions for Defense Agencies

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.30%, Secured Debt (Maturity—October 17, 2022)(9)
6,761 6,476 6,546

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


Point.360(10)	July 8, 2015	Fully Integrated Provider of Digital Media Services
			Warrants (65,463 equivalent shares; Expiration—July 7, 2020; Strike price—$0.75 per share)		69	—
			Common Stock (163,658 shares)		273	4

					342	4

PPC/SHIFT LLC(10)	December 22, 2016	Provider of Digital Solutions to Automotive Industry
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.31%, Secured Debt (Maturity—December 22, 2021)(9)	6,470	6,368	6,470

PricewaterhouseCoopers Public Sector LLP(11)	May 24, 2018	Provider of Consulting Services to Governments
			LIBOR Plus 7.50%, Current Coupon 9.48%, Secured Debt (Maturity—May 1, 2026)	8,000	7,960	8,050

Prowler Acquisition Corp.(11)	February 11, 2014	Specialty Distributor to the Energy Sector
			LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.83%, Secured Debt (Maturity—January 28, 2020)(9)	19,820	18,529	19,621

PT Network, LLC(10)	November 1, 2013	Provider of Outpatient Physical Therapy and Sports Medicine Services
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.84%, Secured Debt (Maturity—November 30, 2021)(9)	8,817	8,817	8,817

QBS Parent, Inc.(11)	August 12, 2014	Provider of Software and Services to the Oil & Gas Industry
			LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 7.11%, Secured Debt (Maturity—August 7, 2021)(9)	15,272	15,134	15,349

Radiology Partners, Inc.(10)	January 25, 2018	Radiology Practice Providing Scan Interpretations
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.59%, Secured Debt (Maturity—December 4, 2023)(9)	9,731	9,638	9,761

Research Now Group, Inc. and Survey Sampling International, LLC(11)	December 31, 2017	Provider of Outsourced Online Surveying
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.86%, Secured Debt (Maturity—December 20, 2024)(9)	13,466	12,830	13,264

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

NTM Acquisition Corp.(11)

Provider of B2B Travel Information Content

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.34%, Secured Debt (Maturity—June 7, 2022)(9)
6,349 6,280 6,318

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 1,539

Pardus Oil and Gas, LLC(11)

Oil & Gas Exploration & Production

13% PIK Secured Debt (Maturity—November 12, 2021)
1,989 1,989 1,729

5% PIK Secured Debt (Maturity—May 13, 2022)
1,016 1,016 270

Member Units (2,472 units)
2,472 —

5,477 1,999

Paris Presents Incorporated(11)

Branded Cosmetic and Bath Accessories

LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.98%, Secured Debt (Maturity—December 31, 2021)(9)
4,500 4,468 4,455

Parq Holdings Limited Partnership(11)(13)

Hotel & Casino Operator

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.71%, Secured Debt (Maturity—December 17, 2020)(9)
7,500 7,405 7,481

Permian Holdco 2, Inc.(11)

Storage Tank Manufacturer

14% PIK Unsecured Debt (Maturity—October 15, 2021)
212 212 212

Preferred Stock (Permian Holdco 1, Inc.) (154,558 units)
799 799

Common Stock (Permian Holdco 1, Inc.) (154,558 units)
— —

1,011 1,011

Pernix Therapeutics Holdings, Inc.(10)

Pharmaceutical Royalty

12% Secured Debt (Maturity—August 1, 2020)
3,214 3,214 1,896

Pike Corporation(11)

Construction and Maintenance Services for Electric Transmission and Distribution Infrastructure

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.23%, Secured Debt (Maturity—September 10, 2024)(9)
3,000 2,971 3,053

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


Resolute Industrial, LLC(10)	July 26, 2017	HVAC Equipment Rental and Remanufacturing
			LIBOR Plus 7.62% (Floor 1.00%), Current Coupon 9.92%, Secured Debt (Maturity—July 26, 2022)(9)(24)	17,088	16,799	16,799
			Member Units (601 units)		750	830

					17,549	17,629

RGL Reservoir Operations Inc.(11)(13)(21)	August 25, 2014	Oil & Gas Equipment and Services
			1% Current / 9% PIK Secured Debt (Maturity—December 21, 2024)(19)	721	407	396

RM Bidder, LLC(10)	November 12, 2015	Scripted and Unscripted TV and Digital Programming Provider
			Warrants (327,532 equivalent units; Expiration—October 20, 2025; Strike price—$14.28 per unit)		425	—
			Member Units (2,779 units)		46	16

					471	16

SAFETY Investment Holdings, LLC	April 29, 2016	Provider of Intelligent Driver Record Monitoring Software and Services
			Member Units (2,000,000 units)		2,000	1,670

Salient Partners L.P.(11)	June 25, 2015	Provider of Asset Management Services
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity—June 9, 2021)(9)	11,739	11,525	11,563

SiTV, LLC(11)	September 26, 2017	Cable Networks Operator
			10.375% Secured Debt (Maturity—July 1, 2019)	10,429	7,098	6,179

SMART Modular Technologies, Inc.(10)(13)	August 18, 2017	Provider of Specialty Memory Solutions
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.62%, Secured Debt (Maturity—August 9, 2022)(9)	13,875	13,635	13,806

Sorenson Communications, Inc.(11)	June 7, 2016	Manufacturer of Communication Products for Hearing Impaired
			LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.09%, Secured Debt (Maturity—April 30, 2020)(9)	13,199	13,148	13,257

Staples Canada ULC(10)(13)(21)	September 14, 2017	Office Supplies Retailer
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.75%, Secured Debt (Maturity—September 12, 2023)(9)(22)	19,865	19,510	18,160

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

Point.360(10)

Fully Integrated Provider of Digital Media Services

Warrants (65,463 equivalent shares; Expiration—July 7, 2020; Strike price—$0.75 per share)
69 —

Common Stock (163,658 shares)
273 20

342 20

PPC/SHIFT LLC(10)

Provider of Digital Solutions to Automotive Industry

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.04%, Secured Debt (Maturity—December 22, 2021)(9)
6,913 6,778 6,912

Prowler Acquisition Corp.(11)

Specialty Distributor to the Energy Sector

LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.80%, Secured Debt (Maturity—January 28, 2020)(9)
11,200 9,491 9,352

PT Network, LLC(10)

Provider of Outpatient Physical Therapy and Sports Medicine Services

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.70%, Secured Debt (Maturity—November 30, 2021)(9)
17,619 17,396 17,501

QBS Parent, Inc.(11)

Provider of Software and Services to the Oil & Gas Industry

LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.92%, Secured Debt (Maturity—August 7, 2021)(9)
14,272 14,095 13,737

Redbox Automated Retail, LLC(11)

Operator of Home Media Entertainment Kiosks

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.79%, Secured Debt (Maturity—September 27, 2021)(9)
11,156 10,852 11,221

RGL Reservoir Operations Inc.(11)(13)

Oil & Gas Equipment and Services

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.27%, Secured Debt (Maturity—August 13, 2021)(9)
3,890 3,814 671

Portfolio Company(1)(20)	Investment Date(27)	Business Description	Type of Investment(2)(3)(26)


Strike, LLC(11)	December 12, 2016	Pipeline Construction and Maintenance Services
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.45%, Secured Debt (Maturity—November 30, 2022)(9)	9,375	9,149	9,527
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.32%, Secured Debt (Maturity—May 30, 2019)(9)	409	395	411

					9,544	9,938

Synagro Infrastructure Company, Inc(11)	August 29, 2013	Waste Management Services
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.83%, Secured Debt (Maturity—August 22, 2020)(9)	11,662	11,292	10,671

TE Holdings, LLC(11)	December 5, 2013	Oil & Gas Exploration & Production
			Member Units (97,048 units)		970	107

Tectonic Holdings, LLC	May 15, 2017	Financial Services Organization
			Member Units (200,000 units)(8)		2,000	2,320

TeleGuam Holdings, LLC(11)	June 26, 2013	Cable and Telecom Services Provider
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity—April 12, 2024)(9)	7,750	7,611	7,808

TGP Holdings III LLC(11)	September 30, 2017	Outdoor Cooking & Accessories
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.83%, Secured Debt (Maturity—September 25, 2025)(9)	5,000	4,930	5,075

The Pasha Group(11)	February 2, 2018	Diversified Logistics and Transportation Provided
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.64%, Secured Debt (Maturity—January 26, 2023)(9)	11,719	11,386	11,895

TMC Merger Sub Corp.(11)	December 22, 2016	Refractory & Maintenance Services Provider
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.38%, Secured Debt (Maturity—October 31, 2022)(9)(25)	17,432	17,309	17,563

TOMS Shoes, LLC(11)	November 13, 2014	Global Designer, Distributor, and Retailer of Casual Footwear
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.59%, Secured Debt (Maturity—October 30, 2020)(9)	4,838	4,615	3,679

Turning Point Brands, Inc.(10)(13)	February 17, 2017	Marketer/Distributor of Tobacco Products
			LIBOR Plus 7.00%, Current Coupon 9.05%, Secured Debt (Maturity—March 7, 2024)	8,500	8,418	8,670

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

RM Bidder, LLC(10)

Scripted and Unscripted TV and Digital Programming Provider

Warrants (327,532 equivalent units; Expiration—October 20, 2025; Strike price—$14.28 per unit)
425 —

Member Units (2,779 units)
46 33

471 33
SAExploration, Inc.(10)(13)

Geophysical Services Provider

Common Stock (50 shares)
65 —
SAFETY Investment Holdings, LLC

Provider of Intelligent Driver Record Monitoring Software and Services

Member Units (2,000,000 units)
2,000 1,670

Salient Partners L.P.(11)

Provider of Asset Management Services

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.66%, Secured Debt (Maturity—June 9, 2021)(9)
10,514 10,271 10,198

Sigma Electric Manufacturing Corporation(10)(13)

Manufacturer and Distributor of Electrical Fittings and Parts

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.40%, Secured Debt (Maturity—October 13, 2021)(9)
12,500 12,225 12,500

Sorenson Communications, Inc.(11)

Manufacturer of Communication Products for Hearing Impaired

LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.00%, Secured Debt (Maturity—April 30, 2020)(9)
13,302 13,226 13,394

9% Secured Debt (Maturity—October 31, 2020)
3,666 3,470 3,630

16,696 17,024

Strike, LLC(11)

Pipeline Construction and Maintenance Services

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.30%, Secured Debt (Maturity—November 30, 2022)(9)
9,750 9,476 9,994

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.30%, Secured Debt (Maturity—May 30, 2019)(9)
500 471 511

9,947 10,505

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)
7,581 7,523 7,581

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

Synagro Infrastructure Company, Inc(11)

Waste Management Services

LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.55%, Secured Debt (Maturity—August 22, 2020)(9)
9,161 8,895 8,749

Targus International, LLC(11)

Distributor of Protective Cases for Mobile Devices

15% PIK Secured Debt (Maturity—December 31, 2019)
1,227 1,227 1,227

Common Stock (Targus Cayman HoldCo Limited) (249,614 shares)(13)
2,555 230

3,782 1,457

Tectonic Holdings, LLC

Financial Services Organization

Member Units (200,000 units)
2,000 2,000

TE Holdings, LLC(11)

Oil & Gas Exploration & Production

Member Units (97,048 units)
970 463

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)
7,255 7,249 7,255

LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity—June 10, 2019)(9)
10,500 10,453 10,500

17,702 17,755

TMC Merger Sub Corp.(11)

Refractory & Maintenance Services Provider

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—October 31, 2022)(9)
14,828 14,690 14,902

TOMS Shoes, LLC(11)

Global Designer, Distributor, and Retailer of Casual Footwear

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.70%, Secured Debt (Maturity—October 30, 2020)(9)
4,888 4,581 2,729

Turning Point Brands, Inc.(10)(13)

Marketer/Distributor of Tobacco Products

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.27%, Secured Debt (Maturity—May 17, 2022)(9)
8,479 8,399 8,458

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

TVG-I-E CMN ACQUISITION, LLC(10)

Organic Lead Generation for Online Postsecondary Schools

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.04%, Secured Debt (Maturity—November 3, 2021)(9)
6,378 6,265 6,378

Tweddle Group, Inc.(11)

Provider of Technical Information Services to Automotive OEMs

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.17%, Secured Debt (Maturity—October 21, 2022)(9)
6,275 6,160 6,322

U.S. TelePacific Corp.(11)

Provider of Communications and Managed Services

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.23%, Secured Debt (Maturity—May 2, 2023)(9)
18,000 17,879 17,822

UOS, LLC(11)

Specialty Equipment Sales and Rentals

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.80%, Secured Debt (Maturity—April 18, 2023)(9)
3,750 3,713 3,820

US Joiner Holding Company(11)

Marine Interior Design and Installation

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity—April 16, 2020)(9)
13,826 13,705 13,861

VCVH Holding Corp. (Verisk)(11)

Healthcare Technology Services Focused on Revenue Maximization

LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.55%, Secured Debt (Maturity—June 1, 2024)(9)
1,500 1,466 1,504

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.30%, Secured Debt (Maturity—June 1, 2023)(9)
11,172 11,167 11,179

12,633 12,683

VIP Cinema Holdings, Inc.(11)

Supplier of Luxury Seating to the Cinema Industry

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity—March 1, 2023)(9)
7,900 7,862 7,993

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

Virtex Enterprises, LP(10)

Specialty, Full-Service Provider of Complex Electronic Manufacturing Services

12% Secured Debt (Maturity—December 27, 2018)
1,667 1,583 1,583

Preferred Class A Units (14 units; 5% cumulative)(8)
333 920

Warrants (11 equivalent units; Expiration—December 27, 2023; Strike price—$0.001 per unit)
186 484

2,102 2,987

Vistar Media, Inc.(10)

Operator of Digital Out-of-Home Advertising Platform

LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.15%, Secured Debt (Maturity—February 16, 2022)(9)
3,375 3,078 3,078

Warrants (70,207 equivalent shares; Expiration—February 17, 2027; Strike price—$0.01 per share)
331 331

3,409 3,409

Wellnext, LLC(10)

Manufacturer of Supplements and Vitamins

LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—July 21, 2022)(9)
9,930 9,849 9,930

Worley Claims Services, LLC(10)

Insurance Adjustment Management and Services Provider

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.21%, Secured Debt (Maturity—October 31, 2020)(9)
5,794 5,759 5,794

YP Holdings LLC(11)

Online and Offline Advertising Operator

LIBOR Plus 11.00% (Floor 1.25%), Current Coupon 12.30%, Secured Debt (Maturity—June 4, 2018)(9)
19,355 19,067 19,355

Zilliant Incorporated

Price Optimization and Margin Management Solutions

Preferred Stock (186,777 shares)
154 260

Warrants (952,500 equivalent shares; Expiration—June 15, 2022; Strike price—$0.001 per share)
1,071 1,190

1,225 1,450

Subtotal Non-Control/Non-Affiliate Investments (50.0% of total investments at fair value)
$ 1,058,628 $ 1,036,745



Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)	Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(27)	Business Description	Type of Investment(2)(3)(26)	Principal(4)		Cost(4)		Fair Value(18)
Total Portfolio Investments, June 30, 2017				$	1,972,248	$	2,076,946
TVG-I-E CMN ACQUISITION, LLC(10)									November 3, 2016	Organic Lead Generation for Online Postsecondary Schools
											LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity—November 3, 2021)(9)		16,195		15,917		16,195

U.S. TelePacific Corp.(11)									September 14, 2016	Provider of Communications and Managed Services
											LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.33%, Secured Debt (Maturity—May 2, 2023)(9)		19,883		19,710		19,617

VIP Cinema Holdings, Inc.(11)									March 9, 2017	Supplier of Luxury Seating to the Cinema Industry
											LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity—March 1, 2023)(9)		7,500		7,469		7,573

Vistar Media, Inc.(10)									February 17, 2017	Operator of Digital Out-of-Home Advertising Platform
											LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.32%, Secured Debt (Maturity—February 16, 2022)(9)		3,263		3,021		3,075
											Warrants (70,207 equivalent shares; Expiration—February 17, 2027; Strike price—$0.01 per share)				331		600

															3,352		3,675

Wireless Vision Holdings, LLC(10)									September 29, 2017	Provider of Wireless Telecommunications Carrier Services
											LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 10.89%, Secured Debt (Maturity—September 29, 2022)(9)(23)		12,867		12,616		12,616

Zilliant Incorporated									June 15, 2012	Price Optimization and Margin Management Solutions
											Preferred Stock (186,777 shares)				154		260
											Warrants (952,500 equivalent shares; Expiration—June 15, 2022; Strike price—$0.001 per share)				1,071		1,190

															1,225		1,450

Subtotal Non-Control/Non-Affiliate Investments (76.6% of net assets at fair value)								Subtotal Non-Control/Non-Affiliate Investments (76.6% of net assets at fair value)						$	1,119,660	$	1,108,752

Total Portfolio Investments, June 30, 2018								Total Portfolio Investments, June 30, 2018						$	2,174,559	$	2,364,131

(8): Income producing through dividends or distributions.
(9): Index based floating interest rate is subject to contractual minimum interest rate. A majority of the variable rate loans in the Company's investment portfolio bear interest at a rate that may be determined by reference to either LIBOR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at June 30, ~~2017.~~2018. As noted in this schedule, ~~63%~~69% of the loans (based on the par ~~amount of the loans) of the loans~~amount) contain LIBOR floors which range between 0.50% and 2.25%, with a weighted-average LIBOR floor of approximately ~~1.05%~~1.02%.
(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): 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.
(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): Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C for further discussion.
(19): PIK interest income and cumulative dividend income represent income not paid currently in cash.
(20): All portfolio company headquarters are based in the United States, unless otherwise noted.
(21): Portfolio company headquarters are located outside of the United States.
(22): In connection with the Company's debt investment in Staples Canada ULC to help mitigate any potential adverse change in foreign exchange rates during the term of the Company's investment, the Company entered into a forward foreign currency contract with Cadence Bank to lend $24.1 million Canadian Dollars and receive $19.8 million U.S. Dollars with a settlement date of September 12, 2018. The unrealized appreciation on the forward foreign currency contract is $1.4 million as of June 30, 2018. This unrealized appreciation is offset by the foreign currency translation depreciation on the investment.
(23): The Company has entered into an intercreditor agreement that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of LIBOR plus 8.50% (Floor 1.00%) per the Credit Agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24): As part of the credit agreement with the portfolio company, the Company is entitled to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche receives priority over the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. The rate the Company receives per the Credit Agreement is the same as the rate reflected in the Consolidated Schedule of Investments above.
(25): The Company has entered into an intercreditor agreement that entitles the Company to the "first out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a lower interest rate than the contractual stated interest rate of LIBOR plus 6.64% (Floor 1.00%) per the Credit Agreement and the Consolidated Schedule of Investments above reflects such lower rate.
(26): All of the Company's portfolio investments are generally subject to restrictions on resale as "restricted securities."
(27): Investment date represents the date of initial investment in the portfolio company.

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, ~~2016~~2017

(dollars in thousands)



Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(28)	Business Description	Type of Investment(2)(3)(27)	Principal(4)		Cost(4)		Fair Value(18)
Control Investments(5)

Access Media Holdings, LLC(10)	Private Cable Operator								July 22, 2015	Private Cable Operator
		5% Current / 5% PIK Secured Debt (Maturity—July 22, 2020)	$	22,664	$	22,664	$	19,700			5% Current / 5% PIK Secured Debt (Maturity—July 22, 2020)(19)	$	23,828	$	23,828	$	17,150
		Preferred Member Units (6,581,250 units; 12% cumulative)				6,475		240			Preferred Member Units (8,248,500 units)				8,142		—
		Member Units (45 units)				1		—			Member Units (45 units)				1		—

						29,140		19,940							31,971		17,150

Ameritech College Operations, LLC	For-Profit Nursing and Healthcare College
		10% Secured Debt (Maturity—November 30, 2019)		514		514		514
		13% Secured Debt (Maturity—November 30, 2019)		489		489		489
ASC Interests, LLC									August 1, 2013	Recreational and Educational Shooting Facility
		13% Secured Debt (Maturity—January 31, 2020)		3,025		3,025		3,025			11% Secured Debt (Maturity—July 31, 2018)		1,800		1,795		1,795
		Preferred Member Units (294 units)				2,291		2,291			Member Units (1,500 units)				1,500		1,530

						6,319		6,319							3,295		3,325

ASC Interests, LLC	Recreational and Educational Shooting Facility
ATS Workholding, LLC(10)									March 10, 2014	Manufacturer of Machine Cutting Tools and Accessories
		11% Secured Debt (Maturity—July 31, 2018)		2,100		2,084		2,100			5% Secured Debt (Maturity—November 16, 2021)		3,726		3,249		3,249
		Member Units (1,500 units)(8)				1,500		2,680			Preferred Member Units (3,725,862 units)				3,726		3,726

						3,584		4,780							6,975		6,975

Bond-Coat, Inc.	Casing and Tubing Coating Services								December 28, 2012	Casing and Tubing Coating Services
		12% Secured Debt (Maturity—December 28, 2017)		11,596		11,556		11,596			12% Secured Debt (Maturity—December 28, 2017)(17)		11,596		11,596		11,596
		Common Stock (57,508 shares)				6,350		6,660			Common Stock (57,508 shares)				6,350		9,370

						17,906		18,256							17,946		20,966

Café Brazil, LLC	Casual Restaurant Group								April 20, 2004	Casual Restaurant Group
		Member Units (1,233 units)(8)				1,742		6,040			Member Units (1,233 units)(8)				1,742		4,900

CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos								June 1, 2006	Produces and Sells IT Training Certification Videos
		Member Units (416 units)(8)				1,300		55,480			Member Units (416 units)(8)				1,300		89,560

Charps, LLC									February 3, 2017	Pipeline Maintenance and Construction
											12% Secured Debt (Maturity—February 3, 2022)		18,400		18,225		18,225
											Preferred Member Units (1,600 units)				400		650

															18,625		18,875

Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal								December 20, 2016	Specialty Manufacturer of Vinyl-Clad Metal
		LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—December 20, 2018)(9)		400		396		396
		LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—December 20, 2021)(9)		14,080		13,941		13,941			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.86%, Secured Debt (Maturity—December 20, 2021)(9)		13,280		13,168		13,280
		Member Units (717 units)				7,280		7,280			Member Units (717 units)(8)				7,280		9,500
		10% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity—December 20, 2036)		1,202		1,190		1,190			10% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity—December 20, 2036)		1,183		1,171		1,183
		Member Units (Clad-Rex Steel RE Investor, LLC) (800 units)				210		210			Member Units (Clad-Rex Steel RE Investor, LLC) (800 units)				210		280

						23,017		23,017							21,829		24,243

CMS Minerals Investments									January 30, 2015	Oil & Gas Exploration & Production
											Member Units (CMS Minerals II, LLC) (100 units)(8)				3,440		2,392



Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(28)	Business Description	Type of Investment(2)(3)(27)	Principal(4)		Cost(4)		Fair Value(18)
CMS Minerals Investments	Oil & Gas Exploration & Production
		Preferred Member Units (CMS Minerals LLC) (458 units)(8)				2,104		3,682
		Member Units (CMS Minerals II, LLC) (100 units)(8)				3,829		3,381

						5,933		7,063
Copper Trail Energy Fund I, LP(12)(13)									July 17, 2017	Investment Partnership
											LP Interests (Fully diluted 30.1%)				2,500		2,500
Datacom, LLC	Technology and Telecommunications Provider								May 30, 2014	Technology and Telecommunications Provider
		8% Secured Debt (Maturity—May 30, 2017)		900		900		900			8% Secured Debt (Maturity—May 30, 2018)		1,575		1,575		1,575
		5.25% Current / 5.25% PIK Secured Debt (Maturity—May 30, 2019)		11,713		11,651		11,049			5.25% Current / 5.25% PIK Secured Debt (Maturity—May 30, 2019)(19)		12,349		12,311		11,110
		Class A Preferred Member Units (15% cumulative)				1,181		1,368			Class A Preferred Member Units				1,181		730
		Class B Preferred Member Units (6,453 units)				6,030		1,529			Class B Preferred Member Units (6,453 units)				6,030		—

						19,762		14,846							21,097		13,415

Gamber-Johnson Holdings, LLC	Manufacturer of Ruggedized Computer Mounting Systems								June 24, 2016	Manufacturer of Ruggedized Computer Mounting Systems
		LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity—June 24, 2021)(9)		24,080		23,846		23,846			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.36%, Secured Debt (Maturity—June 24, 2021)(9)		23,400		23,213		23,400
		Member Units (8,619 units)				14,844		18,920			Member Units (8,619 units)(8)				14,844		23,370

						38,690		42,766							38,057		46,770

Garreco, LLC	Manufacturer and Supplier of Dental Products								July 15, 2013	Manufacturer and Supplier of Dental Products
		14% Secured Debt (Maturity—January 12, 2018)		5,250		5,219		5,219			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.34%, Secured Debt (Maturity—March 31, 2020)(9)		5,483		5,443		5,443
		Member Units (1,200 units)				1,200		1,150			Member Units (1,200 units)				1,200		1,940

						6,419		6,369							6,643		7,383

GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products								December 19, 2014	Manufacturer of Engineered Rubber Products
		LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—December 19, 2019)(9)		13,274		13,188		13,274			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.36%, Secured Debt (Maturity—December 19, 2019)(9)		11,603		11,550		11,603
		Member Units (5,879 units)(8)				13,065		20,310			Member Units (5,879 units)(8)				13,065		21,970

						26,253		33,584							24,615		33,573

Gulf Manufacturing, LLC	Manufacturer of Specialty Fabricated Industrial Piping Products								August 31, 2007	Manufacturer of Specialty Fabricated Industrial Piping Products
		9% PIK Secured Debt (Ashland Capital IX, LLC) (Maturity—June 30, 2017)		777		777		777			Member Units (438 units)(8)				2,980		10,060
		Member Units (438 units)(8)				2,980		8,770
Gulf Publishing Holdings, LLC									April 29, 2016	Energy Industry Focused Media and Publishing
											LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.86%, Secured Debt (Maturity—September 30, 2020)(9)		80		80		80
											12.5% Secured Debt (Maturity—April 29, 2021)		12,800		12,703		12,703
											Member Units (3,681 units)				3,681		4,840

						3,757		9,547							16,464		17,623

Harborside Holdings, LLC									March 20, 2017	Real Estate Holding Company
											Member units (100 units)				6,206		9,400

Harris Preston Fund Investments(12)(13)									October 1, 2017	Investment Partnership
											LP Interests (2717 MH, L.P.) (Fully diluted 49.3%)				536		536


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

Gulf Publishing Holdings, LLC	Energy Industry Focused Media and Publishing
		12.5% Secured Debt (Maturity—April 29, 2021)		10,000		9,911		9,911
		Member Units (3,124 units)				3,124		3,124

						13,035		13,035
Portfolio Company(1)(20)									Investment Date(28)	Business Description	Type of Investment(2)(3)(27)	Principal(4)		Cost(4)		Fair Value(18)

Harrison Hydra-Gen, Ltd.	Manufacturer of Hydraulic Generators								June 4, 2010	Manufacturer of Hydraulic Generators
		Common Stock (107,456 shares)(8)				718		3,120

Hawthorne Customs and Dispatch Services, LLC	Facilitator of Import Logistics, Brokerage, and Warehousing
		Member Units (500 units)				589		280
		Member Units (Wallisville Real Estate, LLC) (588,210 units)(8)				1,215		2,040

						1,804		2,320			Common Stock (107,456 shares)				718		3,580

HW Temps LLC	Temporary Staffing Solutions								July 2, 2015	Temporary Staffing Solutions
		LIBOR Plus 13.00% (Floor 1.00%), Current Coupon 14.00%, Secured Debt (Maturity July 2, 2020)(9)		10,576		10,500		10,500			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.36%, Secured Debt (Maturity July 2, 2020)(9)		9,976		9,918		9,918
		Preferred Member Units (3,200 units)(8)				3,942		3,940			Preferred Member Units (3,200 units)				3,942		3,940

						14,442		14,440							13,860		13,858

Hydratec, Inc.	Designer and Installer of Micro-Irrigation Systems								November 1, 2007	Designer and Installer of Micro-Irrigation Systems
		Common Stock (7,095 shares)(8)				7,095		15,640			Common Stock (7,095 shares)(8)				7,095		15,000

IDX Broker, LLC	Provider of Marketing and CRM Tools for the Real Estate Industry								November 15, 2013	Provider of Marketing and CRM Tools for the Real Estate Industry
		12.5% Secured Debt (Maturity—November 15, 2018)		10,950		10,904		10,950			11.5% Secured Debt (Maturity—November 15, 2020)		15,250		15,116		15,250
		Member Units (5,400 units)(8)				5,606		7,040			Preferred Member Units (5,607 units)(8)				5,952		11,660

						16,510		17,990							21,068		26,910

Indianapolis Aviation Partners, LLC	Fixed Base Operator
		15% Secured Debt (Maturity—January 15, 2017)		3,100		3,100		3,100
		Warrants (1,046 equivalent units; Expiration—September 15, 2019; Strike price—$0.01 per unit)				1,129		2,649

						4,229		5,749

Jensen Jewelers of Idaho, LLC	Retail Jewelry Store								November 14, 2006	Retail Jewelry Store
		Prime Plus 6.75% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (Maturity—November 14, 2019)(9)		4,055		3,996		4,055			Prime Plus 6.75% (Floor 2.00%), Current Coupon 11.00%, Secured Debt (Maturity—November 14, 2019)(9)		3,955		3,917		3,955
		Member Units (627 units)(8)				811		4,460			Member Units (627 units)(8)				811		5,100

						4,807		8,515							4,728		9,055

KBK Industries, LLC									January 23, 2006	Manufacturer of Specialty Oilfield and Industrial Products
											10% Secured Debt (Maturity—September 28, 2020)		375		372		375
											12.5% Secured Debt (Maturity—September 28, 2020)		5,900		5,867		5,900
											Member Units (325 units)(8)				783		4,420

															7,022		10,695

Lamb Ventures, LLC									May 30, 2008	Aftermarket Automotive Services Chain
											11% Secured Debt (Maturity—July 1, 2022)		9,942		9,890		9,942
											Preferred Equity (non-voting)				400		400
											Member Units (742 units)(8)				5,273		6,790
											9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (Maturity—March 31, 2027)		432		428		432
											Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8)				625		520

															16,616		18,084

Marine Shelters Holdings, LLC									December 28, 2012	Fabricator of Marine and Industrial Shelters
											12% PIK Secured Debt (Maturity—December 28, 2017)(14)		3,131		3,078		—
											Preferred Member Units (3,810 units)				5,352		—

															8,430		—



Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(28)	Business Description	Type of Investment(2)(3)(27)	Principal(4)		Cost(4)		Fair Value(18)
Lamb Ventures, LLC	Aftermarket Automotive Services Chain
		11% Secured Debt (Maturity—May 31, 2018)		7,657		7,657		7,657
		Preferred Equity (non-voting)				400		400
		Member Units (742 units)(8)				5,273		5,990
		9.5% Secured Debt (Lamb's Real Estate Investment I, LLC) (Maturity—December 31, 2041)		1,170		1,170		1,170
		Member Units (Lamb's Real Estate Investment I, LLC) (1,000 units)(8)				625		1,340

						15,125		16,557

Lighting Unlimited, LLC	Commercial and Residential Lighting Products and Design Services
		8% Secured Debt (Maturity—August 22, 2017)		1,514		1,514		1,514
		Preferred Equity (non-voting)				434		410
		Warrants (71 equivalent units; Expiration—June 14, 2021; Strike price—$0.01 per unit)				54		—
		Member Units (700 units)				100		—

						2,102		1,924

Marine Shelters Holdings, LLC	Fabricator of Marine and Industrial Shelters
Market Force Information, LLC									July 28, 2017	Provider of Customer Experience Management Services
		12% PIK Secured Debt (Maturity—December 28, 2017)(14)		9,967		9,914		9,387			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.48%, Secured Debt (Maturity—July 28, 2022)(9)		23,360		23,143		23,143
		Preferred Member Units (3,810 units)				5,352		—			Member Units (657,113 units)				14,700		14,700

						15,266		9,387							37,843		37,843

MH Corbin Holding LLC	Manufacturer and Distributor of Traffic Safety Products								August 31, 2015	Manufacturer and Distributor of Traffic Safety Products
		10% Secured Debt (Maturity—August 31, 2020)		13,300		13,197		13,197			13% Secured Debt (Maturity—August 31, 2020)		12,600		12,526		12,526
		Preferred Member Units (4,000 shares)				6,000		6,000			Preferred Member Units (4,000 shares)				6,000		6,000

						19,197		19,197							18,526		18,526

Mid-Columbia Lumber Products, LLC	Manufacturer of Finger-Jointed Lumber Products								December 18, 2006	Manufacturer of Finger-Jointed Lumber Products
		10% Secured Debt (Maturity—December 18, 2017)		1,750		1,750		1,750			10% Secured Debt (Maturity—January 15, 2020)		1,398		1,390		1,390
		12% Secured Debt (Maturity—December 18, 2017)		3,900		3,900		3,900			12% Secured Debt (Maturity—January 15, 2020)		3,900		3,863		3,863
		Member Units (3,554 units)				1,810		2,480			Member Units (5,714 units)				2,405		1,575
		9.5% Secured Debt (Mid-Columbia Real Estate, LLC) (Maturity—May 13, 2025)		836		836		836			9.5% Secured Debt (Mid-Columbia Real Estate, LLC) (Maturity—May 13, 2025)		791		791		791
		Member Units (Mid-Columbia Real Estate, LLC) (250 units)(8)				250		600			Member Units (Mid-Columbia Real Estate, LLC) (500 units)(8)				790		1,290

						8,546		9,566							9,239		8,909

MSC Adviser I, LLC(16)									November 22, 2013	Third Party Investment Advisory Services
											Member Units (Fully diluted 100.0%)(8)				—		41,768

Mystic Logistics Holdings, LLC									August 18, 2014	Logistics and Distribution Services Provider for Large Volume Mailers
											12% Secured Debt (Maturity—August 15, 2019)		7,768		7,696		7,696
											Common Stock (5,873 shares)				2,720		6,820

															10,416		14,516

NAPCO Precast, LLC									January 31, 2008	Precast Concrete Manufacturing
											LIBOR Plus 8.50%, Current Coupon 9.98%, Secured Debt (Maturity—May 31, 2019)		11,475		11,439		11,475
											Member Units (2,955 units)(8)				2,975		11,670

															14,414		23,145

NRI Clinical Research, LLC									September 8, 2011	Clinical Research Service Provider
											LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity—January 15, 2018)(9)		400		400		400
											14% Secured Debt (Maturity—January 15, 2018)		3,865		3,865		3,865
											Warrants (251,723 equivalent units; Expiration—September 8, 2021; Strike price—$0.01 per unit)				252		500
											Member Units (1,454,167 units)				765		2,500

															5,282		7,265



Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(28)	Business Description	Type of Investment(2)(3)(27)	Principal(4)		Cost(4)		Fair Value(18)
MSC Adviser I, LLC(16)	Third Party Investment Advisory Services
		Member Units (Fully diluted 100.0%)(8)				—		30,617

Mystic Logistics Holdings, LLC	Logistics and Distribution Services Provider for Large Volume Mailers
NRP Jones, LLC									December 22, 2011	Manufacturer of Hoses, Fittings and Assemblies
		12% Secured Debt (Maturity—August 15, 2019)		9,176		9,053		9,176			12% Secured Debt (Maturity—March 20, 2023)		6,376		6,376		6,376
		Common Stock (5,873 shares)				2,720		5,780			Member Units (65,208 units)(8)				3,717		3,250

						11,773		14,956							10,093		9,626

NAPCO Precast, LLC	Precast Concrete Manufacturing
		Prime Plus 2.00% (Floor 7.00%), Current Coupon 9.00%, Secured Debt (Maturity—February 1, 2019)(9)		2,713		2,693		2,713
		18% Secured Debt (Maturity—February 1, 2019)		3,952		3,922		3,952
		Member Units (2,955 units)(8)				2,975		10,920

						9,590		17,585

NRI Clinical Research, LLC	Clinical Research Service Provider
		LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity—September 8, 2017)(9)		200		200		200
		14% Secured Debt (Maturity—September 8, 2017)		4,261		4,228		4,261
		Warrants (251,723 equivalent units; Expiration—September 8, 2021; Strike price—$0.01 per unit)				252		680
		Member Units (1,454,167 units)				765		2,462

						5,445		7,603

NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		6% Current / 6% PIK Secured Debt (Maturity—December 22, 2016)(17)		13,915		13,915		13,915
NuStep, LLC									January 31, 2017	Designer, Manufacturer and Distributor of Fitness Equipment
		Warrants (14,331 equivalent units; Expiration—December 22, 2022; Strike price—$0.01 per unit)				817		130			12% Secured Debt (Maturity—January 31, 2022)		20,600		20,420		20,420
		Member Units (50,877 units)				2,900		410			Preferred Member Units (406 units)				10,200		10,200

						17,632		14,455							30,620		30,620

OMi Holdings, Inc.	Manufacturer of Overhead Cranes								April 1, 2008	Manufacturer of Overhead Cranes
		Common Stock (1,500 shares)(8)				1,080		13,080			Common Stock (1,500 shares)(8)				1,080		14,110

Pegasus Research Group, LLC	Provider of Telemarketing and Data Services								January 6, 2011	Provider of Telemarketing and Data Services
		Member Units (460 units)(8)				1,290		8,620			Member Units (460 units)(8)				1,290		10,310

PPL RVs, Inc.									June 10, 2010	Recreational Vehicle Dealer
											LIBOR Plus 7.00% (Floor 0.50%), Current Coupon 8.34%, Secured Debt (Maturity—November 15, 2021)(9)		16,100		15,972		16,100
											Common Stock (1,962 shares)(8)				2,150		12,440

															18,122		28,540

Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions)									February 1, 2011	Noise Abatement Service Provider
											13% Secured Debt (Maturity—April 30, 2020)		7,477		7,347		7,477
											Preferred Member Units (19,631 units)				4,600		11,490
											Warrants (1,018 equivalent units; Expiration—January 31, 2021; Strike price—$0.01 per unit)				1,200		650

															13,147		19,617

Quality Lease Service, LLC									June 8, 2015	Provider of Rigsite Accommodation Unit Rentals and Related Services
											Zero Coupon Secured Debt (Maturity—June 8, 2020)		7,341		7,341		6,950
											Member Units (1,000 units)				2,868		4,938

															10,209		11,888

River Aggregates, LLC									March 30, 2011	Processor of Construction Aggregates
											Zero Coupon Secured Debt (Maturity—June 30, 2018)		750		707		707
											Member Units (1,150 units)				1,150		4,610
											Member Units (RA Properties, LLC) (1,500 units)				369		2,559

															2,226		7,876

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

PPL RVs, Inc.

Recreational Vehicle Dealer

LIBOR Plus 7.00% (Floor 0.50%), Current Coupon 7.93%, Secured Debt (Maturity—November 15, 2021)(9)
18,000 17,826 17,826

Common Stock (1,962 shares)(8)
2,150 11,780

19,976 29,606

Principle Environmental, LLC

Noise Abatement Service Provider

12% Secured Debt (Maturity—April 30, 2017)
4,060 4,060 4,060

12% Current / 2% PIK Secured Debt (Maturity—April 30, 2017)
3,378 3,378 3,378

Preferred Member Units (19,631 units)
4,663 5,370

Warrants (1,036 equivalent units; Expiration—January 31, 2021; Strike price—$0.01 per unit)
1,200 270

13,301 13,078

Quality Lease Service, LLC

Provider of Rigsite Accommodation Unit Rentals and Related Services

8% PIK Secured Debt (Maturity—June 8, 2020)
7,068 7,068 7,068

Member Units (1,000 units)
1,118 3,188

8,186 10,256

River Aggregates, LLC

Processor of Construction Aggregates

Zero Coupon Secured Debt (Maturity—June 30, 2018)
750 627 627

Member Units (1,150 units)(8)
1,150 4,600

Member Units (RA Properties, LLC) (1,500 units)
369 2,510

2,146 7,737

SoftTouch Medical Holdings LLC

Provider of In-Home Pediatric Durable Medical Equipment

LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—October 31, 2019)(9)
7,140 7,096 7,140

Member Units (4,450 units)(8)
4,930 9,170

12,026 16,310

The MPI Group, LLC

Manufacturer of Custom Hollow Metal Doors, Frames and Accessories

9% Secured Debt (Maturity—October 2, 2018)
2,924 2,922 2,922

Series A Preferred Units (2,500 units; 10% Cumulative)
2,500 —

Warrants (1,424 equivalent units; Expiration—July 1, 2024; Strike price—$0.01 per unit)
1,096 —

Member Units (MPI Real Estate Holdings, LLC) (100 units)(8)
2,300 2,300

8,818 5,222

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

Uvalco Supply, LLC

Farm and Ranch Supply Store

9% Secured Debt (Maturity—January 1, 2019)
872 872 872

Member Units (2,011 units)(8)
3,843 4,640

4,715 5,512

Vision Interests, Inc.

Manufacturer / Installer of Commercial Signage

13% Secured Debt (Maturity—December 23, 2018)
2,814 2,814 2,814

Series A Preferred Stock (3,000,000 shares)
3,000 3,000

Common Stock (1,126,242 shares)
3,706 —

9,520 5,814

Ziegler's NYPD, LLC

Casual Restaurant Group

6.5% Secured Debt (Maturity—October 1, 2019)
1,000 994 994

12% Secured Debt (Maturity—October 1, 2019)
300 300 300

14% Secured Debt (Maturity—October 1, 2019)
2,750 2,750 2,750

Warrants (587 equivalent units; Expiration—September 29, 2018; Strike price—$0.01 per unit)
600 240

Preferred Member Units (10,072 units)
2,834 4,100

7,478 8,384

Subtotal Control Investments (29.8% of total investments at fair value)
$ 439,674 $ 594,282

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

Warrants (42 equivalent units; Expiration—November 7, 2024; Strike price—$0.01 per unit)
$ 259 $ 670

Member Units (186 units)(8)
1,200 2,750

1,459 3,420

Barfly Ventures, LLC(10)

Casual Restaurant Group

12% Secured Debt (Maturity—August 31, 2020)
5,958 5,860 5,827

Options (2 equivalent units)
397 490

Warrant (1 equivalent unit; Expiration—August 31, 2025; Strike price—$1.00 per unit)
473 280

6,730 6,597

BBB Tank Services, LLC

Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market

LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—April 8, 2021)(9)
800 797 797

15% Current Secured Debt (Maturity—April 8, 2021)
4,027 3,991 3,991

Member Units (800,000 units)
800 800

5,588 5,588

Boss Industries, LLC

Manufacturer and Distributor of Air, Power and Other Industrial Equipment

Preferred Member Units (2,242 units)(8)
2,426 2,800

Bridge Capital Solutions Corporation

Financial Services and Cash Flow Solutions Provider

13% Secured Debt (Maturity—July 25, 2021)
7,500 5,610 5,610

Warrants (63 equivalent shares; Expiration—April 18, 2022; Strike price—$0.01 per share)
2,132 3,370

13% Secured Debt (Mercury Service Group, LLC) (Maturity—July 25, 2021)
1,000 991 1,000

Preferred Member Units (Mercury Service Group, LLC) (17,742 units)(8)
1,000 1,000

9,733 10,980

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

Buca C, LLC

Casual Restaurant Group

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—June 30, 2020)(9)
22,671 22,504 22,671

Preferred Member Units (6 units; 6% cumulative)(8)
3,937 4,660

26,441 27,331

CAI Software LLC

Provider of Specialized Enterprise Resource Planning Software

12% Secured Debt (Maturity—October 10, 2019)
3,683 3,660 3,683

Member Units (65,356 units)(8)
654 2,480

4,314 6,163

CapFusion, LLC(13)

Non-Bank Lender to Small Businesses

13% Secured Debt (Maturity—March 25, 2021)
14,400 13,202 13,202

Warrants (1,600 equivalent units; Expiration—March 24, 2026; Strike price—$0.01 per unit)
1,200 1,200

14,402 14,402

Chandler Signs Holdings, LLC(10)

Sign Manufacturer

12% Secured Debt (Maturity—July 4, 2021)
4,500 4,461 4,500

Class A Units (1,500,000 units)(8)
1,500 3,240

5,961 7,740

Condit Exhibits, LLC

Tradeshow Exhibits / Custom Displays Provider

Member Units (3,936 units)(8)
100 1,840

Congruent Credit Opportunities Funds(12)(13)

Investment Partnership

LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)(8)
5,730 1,518

LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)
15,754 16,181

21,484 17,699

Daseke, Inc.

Specialty Transportation Provider

12% Current / 2.5% PIK Secured Debt (Maturity—July 31, 2018)
21,799 21,632 21,799

Common Stock (19,467 shares)
5,213 24,063

26,845 45,862

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%)
5,996 4,925

LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)
1,904 1,444

7,900 6,369

Dos Rios Stone Products LLC(10)

Limestone and Sandstone Dimension Cut Stone Mining Quarries

Class A Units (2,000,000 units)(8)
2,000 2,070

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% Current / 2% PIK Secured Debt (Maturity—October 17, 2019)
9,699 9,591 8,630

Warrants (2,510,790 equivalent units; Expiration—October 15, 2024; Strike price—$0.01 per unit)
50 —

9,641 8,630

EIG Fund Investments(12)(13)

Investment Partnership

LP Interests (EIG Global Private Debt fund-A, L.P.) (Fully diluted 11.1%)(8)
2,804 2,804

EIG Traverse Co-Investment, L.P.(12)(13)

Investment Partnership

LP Interests (Fully diluted 22.2%)(8)
9,805 9,905

Freeport Financial Funds(12)(13)

Investment Partnership

LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)(8)
5,974 5,620

LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%)(8)
4,763 4,763

10,737 10,383

Gault Financial, LLC (RMB Capital, LLC)

Purchases and Manages Collection of Healthcare and other Business Receivables

10% Current Secured Debt (Maturity—January 1, 2019)
13,046 13,046 11,079

Warrants (29,025 equivalent units; Expiration—February 9, 2022; Strike price—$0.01 per unit)
400 —

13,446 11,079

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

Glowpoint, Inc.

Provider of Cloud Managed Video Collaboration Services

12% Secured Debt (Maturity—October 18, 2018)
9,000 8,949 3,997

Common Stock (7,711,517 shares)
3,958 2,080

12,907 6,077

Guerdon Modular Holdings, Inc.

Multi-Family and Commercial Modular Construction Company

9% Current / 4% PIK Secured Debt (Maturity—August 13, 2019)
10,708 10,594 10,594

Preferred Stock (404,998 shares)
1,140 1,140

Common Stock (212,033 shares)
2,983 80

14,717 11,814

Hawk Ridge Systems, LLC(13)

Value-Added Reseller of Engineering Design and Manufacturing Solutions

10% Secured Debt (Maturity—December 2, 2021)
10,000 9,901 9,901

Preferred Member Units (226 units)(8)
2,850 2,850

Preferred Member Units (HRS Services, ULC) (226 units)
150 150

12,901 12,901

Houston Plating and Coatings, LLC

Provider of Plating and Industrial Coating Services

Member Units (265,756 units)
1,429 4,000

I-45 SLF LLC(12)(13)

Investment Partnership

Member units (Fully diluted 20.0%; 24.4% profits interest)(8)
14,200 14,586

Indianhead Pipeline Services, LLC

Provider of Pipeline Support Services

12% Secured Debt (Maturity—February 6, 2017)
5,100 5,079 5,079

Preferred Member Units (33,819 units; 8% cumulative)(8)
2,339 2,677

Warrants (31,928 equivalent units; Expiration—August 6, 2022; Strike price—$0.001 per unit)
459 —

Member Units (14,732 units)
1 —

7,878 7,756

KBK Industries, LLC

Manufacturer of Specialty Oilfield and Industrial Products

10% Secured Debt (Maturity—September 28, 2017)
1,250 1,250 1,250

12.5% Secured Debt (Maturity—September 28, 2017)
5,900 5,889 5,889

Member Units (250 units)
341 2,780

7,480 9,919

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

L.F. Manufacturing Holdings, LLC(10)

Manufacturer of Fiberglass Products

Member Units (2,179,001 units)
2,019 1,380

OnAsset Intelligence, Inc.

Provider of Transportation Monitoring / Tracking Products and Services

12% PIK Secured Debt (Maturity—December 31, 2015)(17)
4,519 4,519 4,519

Preferred Stock (912 shares; 7% cumulative)
1,981 —

Warrants (5,333 equivalent shares; Expiration—April 18, 2021; Strike price—$0.01 per share)
1,919 —

8,419 4,519

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 1,600

1,844 2,073

PCI Holding Company, Inc.

Manufacturer of Industrial Gas Generating Systems

12% Secured Debt (Maturity—March 31, 2019)
13,000 12,898 13,000

Preferred Stock (1,500,000 shares; 20% cumulative)(8)
3,379 5,370

16,277 18,370

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)(15)
30,785 30,281 250

Preferred Member Units (250 units)
2,500 —

32,781 250

Tin Roof Acquisition Company

Casual Restaurant Group

12% Secured Debt (Maturity—November 13, 2018)
13,511 13,385 13,385

Class C Preferred Stock (Fully diluted 10.0%; 10% cumulative)(8)
2,738 2,738

16,123 16,123



Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)		Cost(4)		Fair Value
Portfolio Company(1)(20)										Investment Date(28)	Business Description	Type of Investment(2)(3)(27)	Principal(4)		Cost(4)		Fair Value(18)
UniTek Global Services, Inc.(11)	Provider of Outsourced Infrastructure Services
SoftTouch Medical Holdings LLC										October 31, 2014	Provider of In-Home Pediatric Durable Medical Equipment
												LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.36%, Secured Debt (Maturity—October 31, 2019)(9)		7,140		7,110		7,140
												Member Units (4,450 units)(8)				4,930		10,089

																12,040		17,229

The MPI Group, LLC										October 2, 2007	Manufacturer of Custom Hollow Metal Doors, Frames and Accessories
												9% Secured Debt (Maturity—October 2, 2018)		2,924		2,923		2,410
												Series A Preferred Units (2,500 units)				2,500		—
												Warrants (1,424 equivalent units; Expiration—July 1, 2024; Strike price—$0.01 per unit)				1,096		—
												Member Units (MPI Real Estate Holdings, LLC) (100 units)(8)				2,300		2,389

																8,819		4,799

Uvalco Supply, LLC										January 2, 2008	Farm and Ranch Supply Store
												9% Secured Debt (Maturity—January 1, 2019)		348		348		348
												Member Units (1,867 units)(8)				3,579		3,880

																3,927		4,228

Vision Interests, Inc.										June 5, 2007	Manufacturer / Installer of Commercial Signage
												13% Secured Debt (Maturity—December 23, 2018)		2,814		2,797		2,797
												Series A Preferred Stock (3,000,000 shares)				3,000		3,000
												Common Stock (1,126,242 shares)				3,706		—

																9,503		5,797

Ziegler's NYPD, LLC										October 1, 2008	Casual Restaurant Group
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—January 13, 2019)(9)		5,021		5,010		5,021				6.5% Secured Debt (Maturity—October 1, 2019)		1,000		996		996
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—January 13, 2019)(9)		824		824		824				12% Secured Debt (Maturity—October 1, 2019)		300		300		300
		15% PIK Unsecured Debt (Maturity—July 13, 2019)		745		745		745				14% Secured Debt (Maturity—October 1, 2019)		2,750		2,750		2,750
		Preferred Stock (4,935,377 shares; 13.5% cumulative)(8)				5,814		6,410				Warrants (587 equivalent units; Expiration—September 29, 2018; Strike price—$0.01 per unit)				600		—
		Common Stock (705,054 shares)				—		3,010				Preferred Member Units (10,072 units)				2,834		3,220

						12,393		16,010								7,480		7,266

Universal Wellhead Services Holdings, LLC(10)	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
		Preferred Member Units (UWS Investments, LLC) (716,949 units; 14% cumulative)				717		720
		Member Units (UWS Investments, LLC) (4,000,000 units)				4,000		610

						4,717		1,330

Valley Healthcare Group, LLC	Provider of Durable Medical Equipment
		LIBOR Plus 12.50% (Floor 0.50%), Current Coupon 13.12%, Secured Debt (Maturity—December 29, 2020)(9)		12,956		12,844		12,844
		Preferred Member Units (Valley Healthcare Holding, LLC) (1,600 units)				1,600		1,600
Subtotal Control Investments (54.4% net assets at fair value)									Subtotal Control Investments (54.4% net assets at fair value)						$	530,034	$	750,706

						14,444		14,444

Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions
		11.5% Secured Debt (Maturity—January 26, 2020)		17,500		15,298		15,298
		Preferred Member Units (4,876,670 units)				14,000		14,000
		Warrants (1,831,355 equivalent units; Expiration—January 26, 2025; Strike price—$0.01 per unit)				2,576		2,576

						31,874		31,874

Subtotal Affiliate Investments (18.8% of total investments at fair value)					$	394,699	$	375,948

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

Non-Control/Non-Affiliate Investments(7)

Adams Publishing Group, LLC(10)

Local Newspaper Operator

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—November 3, 2020)(9)
$ 7,662 $ 7,544 $ 7,662

Ahead, LLC(10)

IT Infrastructure Value Added Reseller

LIBOR Plus 6.50%, Current Coupon 7.50%, Secured Debt (Maturity—November 2, 2020)
14,250 13,906 14,303

Allflex Holdings III Inc.(11)

Manufacturer of Livestock Identification Products

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—July 19, 2021)(9)
14,795 14,706 14,809

American Scaffold Holdings, Inc.(10)

Marine Scaffolding Service Provider

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—March 31, 2022)(9)
7,359 7,258 7,323

American Seafoods Group, LLC(11)

Catcher and Processor of Alaskan Pollock

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—August 19, 2021)(9)
9,634 9,624 9,634

American Teleconferencing Services, Ltd.(11)

Provider of Audio Conferencing and Video Collaboration Solutions

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—December 8, 2021)(9)
11,163 10,345 10,933

LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—June 6, 2022)(9)
3,714 3,569 3,569

13,914 14,502

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)
2,277 2,277 2,231

Member Units (440,620 units)
4,928 3,305

7,205 5,536

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)		Cost(4)		Fair Value(18)


Affiliate Investments(6)

AFG Capital Group, LLC	November 7, 2014	Provider of Rent-to-Own Financing Solutions and Services
			Warrants (42 equivalent units; Expiration—November 7, 2024; Strike price—$0.01 per unit)		$	259	$	860
			Preferred Member Units (186 units)(8)			1,200		3,590

						1,459		4,450

Barfly Ventures, LLC(10)	August 31, 2015	Casual Restaurant Group
			12% Secured Debt (Maturity—August 31, 2020)	8,715		8,572		8,715
			Options (2 equivalent units)			397		920
			Warrant (1 equivalent unit; Expiration—August 31, 2025; Strike price—$1.00 per unit)			473		520

						9,442		10,155

BBB Tank Services, LLC	April 8, 2016	Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.36%, Secured Debt (Maturity—April 8, 2021)(9)	800		778		778
			15% Secured Debt (Maturity—April 8, 2021)	4,000		3,876		3,876
			Member Units (800,000 units)			800		500

						5,454		5,154

Boccella Precast Products LLC	June 30, 2017	Manufacturer of Precast Hollow Core Concrete
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.34%, Secured Debt (Maturity—June 30, 2022)(9)	16,400		16,230		16,400
			Member Units (2,160,000 units)			2,160		3,440

						18,390		19,840

Boss Industries, LLC	July 1, 2014	Manufacturer and Distributor of Air, Power and Other Industrial Equipment
			Preferred Member Units (2,242 units)(8)			2,080		3,930

Bridge Capital Solutions Corporation	April 18, 2012	Financial Services and Cash Flow Solutions Provider
			13% Secured Debt (Maturity—July 25, 2021)	7,500		5,884		5,884
			Warrants (63 equivalent shares; Expiration—July 25, 2026; Strike price—$0.01 per share)			2,132		3,520
			13% Secured Debt (Mercury Service Group, LLC) (Maturity—July 25, 2021)	1,000		992		1,000
			Preferred Member Units (Mercury Service Group, LLC) (17,742 units)(8)			1,000		1,000

						10,008		11,404

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

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)
7,209 7,099 7,194

Apex Linen Service, Inc.

Industrial Launderers

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—October 30, 2022)(9)
2,400 2,400 2,400

13% Secured Debt (Maturity—October 30, 2022)
14,416 14,337 14,337

16,737 16,737

Applied Products, Inc.(10)

Adhesives Distributor

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 30, 2019)(9)
3,527 3,499 3,518

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)
13,947 13,796 13,947

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)
7,050 6,920 6,592

ATI Investment Sub, Inc.(11)

Manufacturer of Solar Tracking Systems

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—June 22, 2021)(9)
9,500 9,322 9,476

ATS Workholding, Inc.(10)

Manufacturer of Machine Cutting Tools and Accessories

LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—March 10, 2019)(9)
6,173 6,146 5,924

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 11, 2021)(9)
11,790 11,604 11,584

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


Buca C, LLC	June 30, 2015	Casual Restaurant Group
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.63%, Secured Debt (Maturity—June 30, 2020)(9)	20,304	20,193	20,193
			Preferred Member Units (6 units; 6% cumulative)(8)(19)		4,177	4,172

					24,370	24,365

CAI Software LLC	October 10, 2014	Provider of Specialized Enterprise Resource Planning Software
			12% Secured Debt (Maturity—October 10, 2019)	4,083	4,060	4,083
			Member Units (65,356 units)(8)		654	3,230

					4,714	7,313

Chandler Signs Holdings, LLC(10)	January 4, 2016	Sign Manufacturer
			12% Secured Debt (Maturity—July 4, 2021)	4,500	4,468	4,500
			Class A Units (1,500,000 units)(8)		1,500	2,650

					5,968	7,150

Condit Exhibits, LLC	July 1, 2008	Tradeshow Exhibits / Custom Displays Provider
			Member Units (3,936 units)(8)		100	1,950

Congruent Credit Opportunities Funds(12)(13)	January 24, 2012	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)(8)		5,730	1,515
			LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)		17,869	18,632

					23,599	20,147

Dos Rios Partners(12)(13)	April 25, 2013	Investment Partnership
			LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)		5,996	7,165
			LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)		1,904	1,889

					7,900	9,054

Dos Rios Stone Products LLC(10)	June 27, 2016	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units (2,000,000 units)(8)		2,000	1,790

East Teak Fine Hardwoods, Inc.	April 13, 2006	Distributor of Hardwood Products
			Common Stock (6,250 shares)(8)		480	630

EIG Fund Investments(12)(13)	November 6, 2015	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.) (Fully diluted 11.1%)(8)		1,103	1,055

Freeport Financial Funds(12)(13)	June 13, 2013	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)(8)		5,974	5,614
			LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%)(8)		8,558	8,506

					14,532	14,120

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

Berry Aviation, Inc.(10)

Airline Charter Service Operator

12.00% Current / 1.75% PIK Secured Debt (Maturity—January 30, 2020)
5,627 5,588 5,627

Common Stock (553 shares)
400 820

5,988 6,447

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)
12,880 12,635 11,227

Brainworks Software, LLC(10)

Advertising Sales and Newspaper Circulation Software

Prime Plus 9.25% (Floor 3.25%), Current Coupon 13.00%, Secured Debt (Maturity—July 22, 2019)(9)
6,733 6,684 6,733

Brightwood Capital Fund Investments(12)(13)

Investment Partnership

LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.6%)(8)
12,000 11,094

LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.9%)
500 500

12,500 11,594

Brundage-Bone Concrete Pumping, Inc.(11)

Construction Services Provider

10.375% Secured Debt (Maturity—September 1, 2021)
3,000 2,985 3,240

California Pizza Kitchen, Inc.(11)

Casual Restaurant Group

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—August 23, 2022)(9)
4,988 4,940 4,976

Cenveo Corporation(11)

Provider of Commercial Printing, Envelopes, Labels, and Printed Office Products

6% Secured Debt (Maturity—August 1, 2019)
13,130 11,097 11,719

CDHA Management, LLC(10)

Dental Services

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—December 5, 2021)(9)
4,491 4,415 4,415

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


Gault Financial, LLC (RMB Capital, LLC)	November 21, 2011	Purchases and Manages Collection of Healthcare and other Business Receivables
			10.5% Secured Debt (Maturity—January 1, 2019)	12,483	12,483	11,532
			Warrants (29,032 equivalent units; Expiration—February 9, 2022; Strike price—$0.01 per unit)		400	—

					12,883	11,532

Guerdon Modular Holdings, Inc.	August 13, 2014	Multi-Family and Commercial Modular Construction Company
			13% Secured Debt (Maturity—August 13, 2019)	10,708	10,632	10,632
			Preferred Stock (404,998 shares)		1,140	—
			Common Stock (212,033 shares)		2,983	—

					14,755	10,632

Harris Preston Fund Investments(12)(13)	October 1, 2017	Investment Partnership
			LP Interests (HPEP 3, L.P.) (Fully diluted 9.9%)		943	943

Hawk Ridge Systems, LLC(13)	December 2, 2016	Value-Added Reseller of Engineering Design and Manufacturing Solutions
			11% Secured Debt (Maturity—December 2, 2021)	14,300	14,175	14,300
			Preferred Member Units (226 units)(8)		2,850	3,800
			Preferred Member Units (HRS Services, ULC) (226 units)(8)		150	200

					17,175	18,300

Houston Plating and Coatings, LLC	January 8, 2003	Provider of Plating and Industrial Coating Services
			8% Unsecured Convertible Debt (Maturity—May 1, 2022)	3,000	3,000	3,200
			Member Units (315,756 units)		2,179	6,140

					5,179	9,340

I-45 SLF LLC(12)(13)	October 20, 2015	Investment Partnership
			Member Units (Fully diluted 20.0%; 24.4% profits interest)(8)		16,200	16,841

L.F. Manufacturing Holdings, LLC(10)	December 23, 2013	Manufacturer of Fiberglass Products
			Member Units (2,179,001 units)		2,019	2,000

Meisler Operating LLC	June 7, 2017	Provider of Short-term Trailer and Container Rental
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.84%, Secured Debt (Maturity—June 7, 2022)(9)	16,800	16,633	16,633
			Member Units (Milton Meisler Holdings LLC) (31,976 units)		3,200	3,390

					19,833	20,023

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

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 14,141 8,724

Clarius BIGS, LLC(10)

Prints & Advertising Film Financing

15% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)
2,928 2,928 88

Compact Power Equipment, Inc.

Equipment / Tool Rental

12% Secured Debt (Maturity—October 1, 2017)
4,100 4,095 4,100

Series A Preferred Stock (4,298,435 shares)
1,079 4,180

5,174 8,280

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)
8,345 8,187 8,398

Construction Supply Investments, LLC(10)

Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors

LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—June 30, 2023)(9)
8,500 8,416 8,416

Member Units (20,000 units)
2,000 2,000

10,416 10,416

ContextMedia Health, LLC(11)

Provider of Healthcare Media Content

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—December 23, 2021)(9)
8,000 7,201 7,320

Covenant Surgical Partners, Inc.(11)

Ambulatory Surgical Centers

8.75% Secured Debt (Maturity—August 1, 2019)
800 800 772

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)
6,366 6,286 6,382

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


OnAsset Intelligence, Inc.	April 18, 2011	Provider of Transportation Monitoring / Tracking Products and Services
			12% PIK Secured Debt (Maturity—June 30, 2021)(19)	5,094	5,094	5,094
			10% PIK Unsecured Debt (Maturity—June 30, 2021)(19)	48	48	48
			Preferred Stock (912 shares)		1,981	—
			Warrants (5,333 equivalent shares; Expiration—April 18, 2021; Strike price—$0.01 per share)		1,919	—

					9,042	5,142

OPI International Ltd.(13)	November 30, 2010	Provider of Man Camp and Industrial Storage Services
			Common Stock (20,766,317 shares)		1,371	—

PCI Holding Company, Inc.	December 18, 2012	Manufacturer of Industrial Gas Generating Systems
			12% Secured Debt (Maturity—March 31, 2019)	12,650	12,593	12,593
			Preferred Stock (1,740,000 shares) (non-voting)		1,740	2,610
			Preferred Stock (1,500,000 shares; 20% cumulative)(8)(19)		3,927	890

					18,260	16,093

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	January 8, 2013	Provider of Rigsite Accommodation Unit Rentals and Related Services
			12% Secured Debt (Maturity—January 8, 2018)(14)(15)	30,785	30,281	250
			Preferred Member Units (250 units)		2,500	—

					32,781	250

Tin Roof Acquisition Company	November 13, 2013	Casual Restaurant Group
			12% Secured Debt (Maturity—November 13, 2018)	12,783	12,722	12,722
			Class C Preferred Stock (Fully diluted 10.0%; 10% cumulative)(8)(19)		3,027	3,027

					15,749	15,749

UniTek Global Services, Inc.(11)	April 15, 2011	Provider of Outsourced Infrastructure Services
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.20%, Secured Debt (Maturity—January 13, 2019)(9)	8,535	8,529	8,535
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.20% / 1.00% PIK, Current Coupon Plus PIK 10.20%, Secured Debt (Maturity—January 13, 2019)(9)(19)	137	137	137
			15% PIK Unsecured Debt (Maturity—July 13, 2019)(19)	865	865	865
			Preferred Stock (2,596,567 shares; 19% cumulative)(8)(19)		2,858	2,850
			Preferred Stock (4,935,377 shares; 13.5% cumulative)(8)(19)		7,361	7,320
			Common Stock (1,075,992 shares)		—	2,490

					19,750	22,197

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

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)
9,102 9,084 9,102

Darr Equipment LP(10)

Heavy Equipment Dealer

12% Current / 2% PIK Secured Debt (Maturity—April 15, 2020)
21,130 20,697 20,748

Warrants (915,734 equivalent units; Expiration—April 15, 2024; Strike price—$1.50 per unit)
474 10

21,171 20,758

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)
15,184 15,086 15,317

Digital Room LLC(11)

Pure-Play e-Commerce Print Business

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—November 21, 2022)(9)
7,625 7,475 7,549

Drilling Info Holdings, Inc.

Information Services for the Oil and Gas Industry

Common Stock (3,788,865 shares)
1,335 10,410

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 5,589 5,625

EnCap Energy Fund Investments(12)(13)

Investment Partnership

LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)(8)
3,877 1,955

LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)
2,200 1,225

LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)
3,957 3,680

LP Interests (Encap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)
3,039 3,039

LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)(8)
9,116 10,452

LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)(8)
2,513 2,461

24,702 22,812

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)		Cost(4)		Fair Value(18)


Universal Wellhead Services Holdings, LLC(10)	October 30, 2014	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
			Preferred Member Units (UWS Investments, LLC) (716,949 units)			717		830
			Member Units (UWS Investments, LLC) (4,000,000 units)			4,000		1,910

						4,717		2,740

Valley Healthcare Group, LLC	December 29, 2015	Provider of Durable Medical Equipment
			LIBOR Plus 12.50% (Floor 0.50%), Current Coupon 13.86%, Secured Debt (Maturity—December 29, 2020)(9)	11,766		11,685		11,685
			Preferred Member Units (Valley Healthcare Holding, LLC) (1,600 units)			1,600		1,600

						13,285		13,285

Volusion, LLC	January 26, 2015	Provider of Online Software-as-a-Service eCommerce Solutions
			11.5% Secured Debt (Maturity—January 26, 2020)	16,734		15,200		15,200
			Preferred Member Units (4,876,670 units)			14,000		14,000
			Warrants (1,831,355 equivalent units; Expiration—January 26, 2025; Strike price—$0.01 per unit)			2,576		2,080

						31,776		31,280

Subtotal Affiliate Investments (24.5% net assets at fair value)					$	367,317	$	338,854

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)	Principal(4)		Cost(4)		Fair Value(18)


Non-Control/Non-Affiliate Investments(7)

AAC Holdings, Inc.(11)	June 30, 2017	Substance Abuse Treatment Service Provider
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.13%, Secured Debt (Maturity—June 30, 2023)(9)	$	11,751	$	11,475	$	11,810

Adams Publishing Group, LLC(10)	November 19, 2015	Local Newspaper Operator
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.69%, Secured Debt (Maturity—November 3, 2020)(9)		10,341		10,116		10,147

ADS Tactical, Inc.(10)	March 7, 2017	Value-Added Logistics and Supply Chain Provider to the Defense Industry
			LIBOR Plus 7.50% (Floor 0.75%), Current Coupon 9.19%, Secured Debt (Maturity—December 31, 2022)(9)		13,014		12,767		12,833

Aethon United BR LP(10)	September 8, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.15%, Secured Debt (Maturity—September 8, 2023)(9)		3,438		3,388		3,388

Ahead, LLC(10)	November 13, 2015	IT Infrastructure Value Added Reseller
			LIBOR Plus 6.50%, Current Coupon 8.20%, Secured Debt (Maturity—November 2, 2020)		11,061		10,848		11,130

Allflex Holdings III Inc.(11)	July 18, 2013	Manufacturer of Livestock Identification Products
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.36%, Secured Debt (Maturity—July 19, 2021)(9)		13,846		13,781		13,955

American Scaffold Holdings, Inc.(10)	June 14, 2016	Marine Scaffolding Service Provider
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.19%, Secured Debt (Maturity—March 31, 2022)(9)		7,031		6,947		6,996

American Teleconferencing Services, Ltd.(11)	May 19, 2016	Provider of Audio Conferencing and Video Collaboration Solutions
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.90%, Secured Debt (Maturity—December 8, 2021)(9)		10,582		9,934		10,443
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.85%, Secured Debt (Maturity—June 6, 2022)(9)		3,714		3,589		3,507

							13,523		13,950

Anchor Hocking, LLC(11)	April 2, 2012	Household Products Manufacturer
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.49%, Secured Debt (Maturity—June 4, 2020)(9)		2,254		2,211		2,248
			Member Units (440,620 units)				4,928		3,745

							7,139		5,993

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

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 6,857 5,274

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)
12,483 12,082 10,174

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)
3,900 3,851 3,842

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—April 29, 2022)(9)
800 787 760

4,638 4,602

Grace Hill, LLC(10)

Online Training Tools for the Multi-Family Housing Industry

Prime Plus 5.25% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—August 15, 2019)(9)
634 623 634

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—August 15, 2019)(9)
11,552 11,472 11,552

12,095 12,186

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)
7,648 7,598 7,648

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)
4,813 4,787 3,734

13.75% Secured Debt (Maturity—July 31, 2018)
2,000 1,962 1,205

6,749 4,939

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


Apex Linen Service, Inc.	October 30, 2015	Industrial Launderers
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.36%, Secured Debt (Maturity—October 30, 2022)(9)	2,400	2,400	2,400
			16% Secured Debt (Maturity—October 30, 2022)	14,416	14,347	14,347

					16,747	16,747

Arcus Hunting LLC.(10)	January 6, 2015	Manufacturer of Bowhunting and Archery Products and Accessories
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity—November 13, 2019)(9)	15,391	15,294	15,391

ATI Investment Sub, Inc.(11)	July 11, 2016	Manufacturer of Solar Tracking Systems
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.82%, Secured Debt (Maturity—June 22, 2021)(9)	7,364	7,215	7,346

ATX Networks Corp.(11)(13)(21)	June 30, 2015	Provider of Radio Frequency Management Equipment
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.33% / 1.00% PIK, Current Coupon Plus PIK 8.33%, Secured Debt (Maturity—June 11, 2021)(9)(19)	9,567	9,454	9,507

Berry Aviation, Inc.(10)	January 30, 2015	Airline Charter Service Operator
			13.75% Secured Debt (Maturity—January 30, 2020)	5,627	5,598	5,627
			Common Stock (553 shares)		400	1,010

					5,998	6,637

BigName Commerce, LLC(10)	May 11, 2017	Provider of Envelopes and Complimentary Stationery Products
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.59%, Secured Debt (Maturity—May 11, 2022)(9)	2,488	2,461	2,461

Binswanger Enterprises, LLC(10)	March 10, 2017	Glass Repair and Installation Service Provider
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.69%, Secured Debt (Maturity—March 9, 2022)(9)	15,325	15,060	15,192
			Member Units (1,050,000 units)		1,050	1,000

					16,110	16,192

Bluestem Brands, Inc.(11)	December 19, 2013	Multi-Channel Retailer of General Merchandise
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.07%, Secured Debt (Maturity—November 6, 2020)(9)	12,127	11,955	8,540

Brainworks Software, LLC(10)	August 12, 2014	Advertising Sales and Newspaper Circulation Software
			Prime Plus 9.25% (Floor 3.25%), Current Coupon 13.75%, Secured Debt (Maturity—July 22, 2019)(9)	6,733	6,705	6,573

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

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)
13,317 13,215 13,017

Guitar Center, Inc.(11)

Musical Instruments Retailer

6.5% Secured Debt (Maturity—April 15, 2019)
14,625 13,890 13,272

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)
5,432 5,390 5,432

Hoover Group, Inc.(10)(13)

Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—January 28, 2021)(9)
8,546 7,963 7,963

Horizon Global Corporation(11)(13)

Auto Parts Manufacturer

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 30, 2021)(9)
9,375 9,249 9,551

Hostway Corporation(11)

Managed Services and Hosting Provider

LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity—December 13, 2019)(9)
10,577 10,515 10,028

Hunter Defense Technologies, Inc.(11)

Provider of Military and Commercial Shelters and Systems

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—August 5, 2019)(9)
9,606 9,120 8,933

Hygea Holdings, Corp.(10)

Provider of Physician Services

LIBOR Plus 9.25%, Current Coupon 10.17%, Secured Debt (Maturity—February 24, 2019)
7,875 7,381 7,615

Warrants (5,990,452 equivalent shares; Expiration—February 24, 2023; Strike price—$0.01 per share)
369 1,530

7,750 9,145

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


Brightwood Capital Fund Investments(12)(13)	July 21, 2014	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.6%)(8)		12,000	10,328
			LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.8%)(8)		1,000	1,063

					13,000	11,391

Brundage-Bone Concrete Pumping, Inc.(11)	August 18, 2014	Construction Services Provider
			10.375% Secured Debt (Maturity—September 1, 2023)	3,000	2,987	3,180

Cadence Aerospace LLC(10)	November 14, 2017	Aerostructure Manufacturing
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.91%, Secured Debt (Maturity—November 14, 2023)(9)	15,000	14,853	14,853

CapFusion, LLC(13)	March 25, 2016	Non-Bank Lender to Small Businesses
			13% Secured Debt (Maturity—March 25, 2021)(14)	6,705	5,645	1,871

California Pizza Kitchen, Inc.(11)	August 29, 2016	Casual Restaurant Group
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.57%, Secured Debt (Maturity—August 23, 2022)(9)	12,902	12,862	12,677

CDHA Management, LLC(10)	December 5, 2016	Dental Services
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.76%, Secured Debt (Maturity—December 5, 2021)(9)	5,365	5,303	5,365

Central Security Group, Inc.(11)	December 4, 2017	Security Alarm Monitoring Service Provider
			LIBOR Plus 5.63% (Floor 1.00%), Current Coupon 7.19%, Secured Debt (Maturity—October 6, 2021)(9)	7,481	7,462	7,518

Cenveo Corporation(11)	September 4, 2015	Provider of Commercial Printing, Envelopes, Labels, and Printed Office Products
			6% Secured Debt (Maturity—August 1, 2019)	19,130	17,126	13,582

Charlotte Russe, Inc(11)	May 28, 2013	Fast-Fashion Retailer to Young Women
			LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.89%, Secured Debt (Maturity—May 22, 2019)(9)	19,041	16,473	7,807

Clarius BIGS, LLC(10)	September 23, 2014	Prints & Advertising Film Financing
			15% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)	2,924	2,924	85

Clickbooth.com, LLC(10)	December 5, 2017	Provider of Digital Advertising Performance Marketing Solutions
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.01%, Secured Debt (Maturity—December 5, 2022)(9)	3,000	2,941	2,941

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

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)
9,918 9,467 9,621

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)
6,750 6,455 6,809

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)
8,949 8,932 8,949

Industrial Services Acquisition, LLC(10)

Industrial Cleaning Services

11.25% Current / 0.75% PIK Unsecured Debt (Maturity—December 17, 2022)
4,519 4,433 4,433

Member Units (Industrial Services Investments, LLC) (900,000 units)
900 900

5,333 5,333

Infinity Acquisition Finance Corp.(11)

Application Software for Capital Markets

7.25% Unsecured Debt (Maturity—August 1, 2022)
5,700 5,366 4,802

Inn of the Mountain Gods Resort and Casino(11)

Hotel & Casino Owner & Operator

9.25% Secured Debt (Maturity—November 30, 2020)
6,249 5,924 5,687

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)
4,426 4,364 4,465

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)
14,918 14,907 14,395

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


Construction Supply Investments, LLC(10)	December 29, 2016	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.57%, Secured Debt (Maturity—June 30, 2023)(9)	7,125	7,090	7,090
			Member Units (28,000 units)		3,723	3,723

					10,813	10,813

CTVSH, PLLC(10)	August 3, 2017	Emergency Care and Specialty Service Animal Hospital
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.48%, Secured Debt (Maturity—August 3, 2022)(9)	11,850	11,739	11,739

Darr Equipment LP(10)	April 15, 2014	Heavy Equipment Dealer
			11.5% Current / 1% PIK Secured Debt (Maturity—June 22, 2023)(19)	7,229	7,229	7,229
			Warrants (915,734 equivalent units; Expiration—December 23, 2023; Strike price—$1.50 per unit)		474	10

					7,703	7,239

Digital River, Inc.(11)	February 24, 2015	Provider of Outsourced e-Commerce Solutions and Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.08%, Secured Debt (Maturity—February 12, 2021)(9)	9,313	9,266	9,337

Drilling Info Holdings, Inc.	November 20, 2009	Information Services for the Oil and Gas Industry
			Common Stock (3,788,865 shares)(8)		—	8,610

EnCap Energy Fund Investments(12)(13)	December 28, 2010	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)(8)		3,906	2,202
			LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)		2,227	1,549
			LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)		4,305	3,720
			LP Interests (EnCap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)(8)		6,277	6,225
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)(8)		6,138	6,116
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)		3,458	3,828

					26,311	23,640

Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft)(11)(13)	May 5, 2014	Technology-based Performance Support Solutions
			LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.82%, Secured Debt (Maturity—April 28, 2022)(9)	6,999	6,878	6,244

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

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)
9,812 9,671 9,413

irth Solutions, LLC

Provider of Damage Prevention Information Technology Services

Member Units (27,893 units)
1,441 1,790

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)
4,445 4,429 4,445

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)
14,655 14,560 13,776

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)
12,829 12,562 12,765

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)
5,578 5,536 5,550

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)
5,459 5,443 5,431

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 10,658 10,735

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


Extreme Reach, Inc.(11)	March 31, 2015	Integrated TV and Video Advertising Platform
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.95%, Secured Debt (Maturity—February 7, 2020)(9)	10,411	10,397	10,398

Felix Investments Holdings II(10)	August 9, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.90%, Secured Debt (Maturity—August 9, 2022)(9)	3,333	3,267	3,267

Flavors Holdings Inc.(11)	October 15, 2014	Global Provider of Flavoring and Sweetening Products
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.44%, Secured Debt (Maturity—April 3, 2020)(9)	13,076	12,616	12,128

GI KBS Merger Sub LLC(11)	November 10, 2014	Outsourced Janitorial Services to Retail/Grocery Customers
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.48%, Secured Debt (Maturity—October 29, 2021)(9)	6,807	6,733	6,833
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.88%, Secured Debt (Maturity—April 29, 2022)(9)	3,915	3,769	3,793

					10,502	10,626

GoWireless Holdings, Inc.(11)	December 31, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.16%, Secured Debt (Maturity—December 22, 2024)(9)	18,000	17,820	17,865

Grace Hill, LLC(10)	August 29, 2014	Online Training Tools for the Multi-Family Housing Industry
			Prime Plus 5.25% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity—August 15, 2019)(9)	1,215	1,208	1,215
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.58%, Secured Debt (Maturity—August 15, 2019)(9)	11,407	11,356	11,407

					12,564	12,622

Great Circle Family Foods, LLC(10)	March 25, 2015	Quick Service Restaurant Franchise
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.34%, Secured Debt (Maturity—October 28, 2019)(9)	7,219	7,187	7,219

Grupo Hima San Pablo, Inc.(11)	March 7, 2013	Tertiary Care Hospitals
			LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.50%, Secured Debt (Maturity—January 31, 2018)(9)	4,750	4,748	3,541
			13.75% Secured Debt (Maturity—July 31, 2018)	2,055	2,040	226

					6,788	3,767

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

Larchmont Resources, LLC(11)

Oil & Gas Exploration & Production

LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, PIK Secured Debt (Maturity—August 7, 2020)(9)
2,260 2,260 2,209

Member Units (Larchmont Intermediate Holdco, LLC) (2,828 units)
353 1,193

2,613 3,402

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

Investment Partnership

LP Interests (Fully diluted 2.3%)
2,500 3,627

Logix Acquisition Company, LLC(10)

Competitive Local Exchange Carrier

LIBOR Plus 8.28% (Floor 1.00%), Current Coupon 9.28%, Secured Debt (Maturity—June 24, 2021)(9)
8,593 8,457 8,593

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)
160 160

473 473

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)
14,403 14,326 14,403

Minute Key, Inc.

Operator of Automated Key Duplication Kiosks

10% Current / 2% PIK Secured Debt (Maturity—September 19, 2019)
15,700 15,404 15,404

Warrants (1,437,409 equivalent shares; Expiration—May 20, 2025; Strike price—$0.01 per share)
280 470

15,684 15,874

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)
14,805 14,645 14,312

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


GST Autoleather, Inc.(11)	July 21, 2014	Automotive Leather Manufacturer
			PRIME Plus 6.50% (Floor 2.25%), Current Coupon 11.00%, Secured Debt (Maturity—April 5, 2018)(9)	7,578	7,500	7,500
			PRIME Plus 6.50% (Floor 2.00%), Current Coupon 11.00%, Secured Debt (Maturity—July 10, 2020)(9)	15,619	15,120	11,813

					22,620	19,313

Guitar Center, Inc.(11)	April 10, 2014	Musical Instruments Retailer
			6.5% Secured Debt (Maturity—April 15, 2019)	16,625	16,009	15,378

Hojeij Branded Foods, LLC(10)	July 28, 2015	Multi-Airport, Multi-Concept Restaurant Operator
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.57%, Secured Debt (Maturity—July 20, 2022)(9)	12,137	12,022	12,137

Hoover Group, Inc.(10)(13)	October 21, 2016	Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.70%, Secured Debt (Maturity—January 28, 2021)(9)	8,460	7,986	7,783

Hostway Corporation(11)	December 27, 2013	Managed Services and Hosting Provider
			LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.44%, Secured Debt (Maturity—December 13, 2019)(9)	20,150	19,796	19,621
			LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.44%, Secured Debt (Maturity—December 13, 2018)(9)	12,406	11,575	11,692

					31,371	31,313

Hunter Defense Technologies, Inc.(11)	August 14, 2014	Provider of Military and Commercial Shelters and Systems
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.70%, Secured Debt (Maturity—August 5, 2019)(9)	20,224	19,851	19,997

Hydrofarm Holdings LLC(10)	May 18, 2017	Wholesaler of Horticultural Products
			LIBOR Plus 7.00%, Current Coupon 8.49%, Secured Debt (Maturity—May 12, 2022)	6,708	6,588	6,699

iEnergizer Limited(11)(13)(21)	May 8, 2013	Provider of Business Outsourcing Solutions
			LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.57%, Secured Debt (Maturity—May 1, 2019)(9)	11,005	10,764	10,977

Implus Footcare, LLC(10)	June 1, 2017	Provider of Footwear and Related Accessories
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.44%, Secured Debt (Maturity—April 30, 2021)(9)	19,372	19,115	19,243

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

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)
14,888 14,632 14,813

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)
3,865 3,235 3,375

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)
9,396 9,343 9,337

Novitex Intermediate, LLC(11)

Provider of Document Management Services

LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity—July 7, 2020)(9)
9,335 9,175 8,985

NTM Acquisition Corp.(11)

Provider of B2B Travel Information Content

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—June 7, 2022)(9)
4,144 4,085 4,128

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 2,088

Pardus Oil and Gas, LLC(11)

Oil & Gas Exploration & Production

13% PIK Secured Debt (Maturity—November 12, 2021)
1,869 1,869 1,869

5% PIK Secured Debt (Maturity—May 13, 2022)
992 992 562

Member Units (2,472 units)
2,472 970

5,333 3,401

Paris Presents Incorporated(11)

Branded Cosmetic and Bath Accessories

LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity—December 31, 2021)(9)
2,000 1,969 1,960

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


Indivior Finance LLC(11)(13)	March 20, 2015	Specialty Pharmaceutical Company Treating Opioid Dependence
			LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity—December 18, 2022)(9)	1,176	1,171	1,182

Industrial Services Acquisition, LLC(10)	June 17, 2016	Industrial Cleaning Services
			11.25% Current / 0.75% PIK Unsecured Debt (Maturity—December 17, 2022)(19)	4,553	4,478	4,553
			Member Units (Industrial Services Investments, LLC) (900,000 units)		900	810

					5,378	5,363

Inn of the Mountain Gods Resort and Casino(11)	October 30, 2013	Hotel & Casino Owner & Operator
			9.25% Secured Debt (Maturity—November 30, 2020)	6,249	5,994	5,687

iPayment, Inc.(11)	June 25, 2015	Provider of Merchant Acquisition
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.62%, Secured Debt (Maturity—April 11, 2023)(9)	11,970	11,861	12,090

iQor US Inc.(11)	April 17, 2014	Business Process Outsourcing Services Provider
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.69%, Secured Debt (Maturity—April 1, 2021)(9)	990	983	986

irth Solutions, LLC	December 29, 2010	Provider of Damage Prevention Information Technology Services
			Member Units (27,893 units)		1,441	1,920

Jacent Strategic Merchandising, LLC(10)	September 16, 2015	General Merchandise Distribution
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.01%, Secured Debt (Maturity—September 16, 2020)(9)	11,110	11,054	11,110

Jackmont Hospitality, Inc.(10)	May 26, 2015	Franchisee of Casual Dining Restaurants
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.32%, Secured Debt (Maturity—May 26, 2021)(9)	4,390	4,379	4,390

Jacuzzi Brands LLC(11)	June 30, 2017	Manufacturer of Bath and Spa Products
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.69%, Secured Debt (Maturity—June 28, 2023)(9)	3,950	3,876	3,980

Joerns Healthcare, LLC(11)	April 3, 2013	Manufacturer and Distributor of Health Care Equipment & Supplies
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.48% Secured Debt (Maturity—May 9, 2020)(9)	13,387	13,299	12,472

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)
7,500 7,394 7,388

Permian Holdco 2, Inc.(11)

Storage Tank Manufacturer

14% PIK Unsecured Debt (Maturity—October 15, 2021)
198 198 198

Preferred Stock (Permian Holdco 1, Inc.) (154,558 units)
799 799

Common Stock (Permian Holdco 1, Inc.) (154,558 units)
— —

997 997

Pernix Therapeutics Holdings, Inc.(10)

Pharmaceutical Royalty

12% Secured Debt (Maturity—August 1, 2020)
3,447 3,447 3,326

Pet Holdings ULC(11)(13)

Retailer of Pet Products and Supplies to Consumers

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—July 5, 2022)(9)
2,494 2,470 2,503

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 13,720 14,082

Point.360(10)

Fully Integrated Provider of Digital Media Services

Warrants (65,463 equivalent shares; Expiration—July 7, 2020; Strike price—$0.75 per share)
69 —

Common Stock (163,658 shares)
273 63

342 63

Polycom, Inc.(11)

Provider of Audio and Video Communication Solutions

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 27, 2023)(9)
12,089 11,617 12,194

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


Keypoint Government Solutions, Inc.(10)	April 17, 2017	Provider of Pre-Employment Screening Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.35%, Secured Debt (Maturity—April 18, 2024)(9)	12,031	11,921	12,031

Larchmont Resources, LLC(11)	August 13, 2013	Oil & Gas Exploration & Production
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.53%, PIK Secured Debt (Maturity—August 7, 2020)(9)(19)	2,418	2,418	2,394
			Member Units (Larchmont Intermediate Holdco, LLC) (2,828 units)		353	976

					2,771	3,370

LKCM Headwater Investments I, L.P.(12)(13)	January 25, 2013	Investment Partnership
			LP Interests (Fully diluted 2.3%)		2,500	4,234

Logix Acquisition Company, LLC(10)	June 24, 2016	Competitive Local Exchange Carrier
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.28%, Secured Debt (Maturity—August 9, 2024)(9)	10,135	9,921	9,921

Looking Glass Investments, LLC(12)(13)	July 1, 2015	Specialty Consumer Finance
			Member Units (2.5 units)		125	57
			Member Units (LGI Predictive Analytics LLC) (190,712 units)(8)		108	92

					233	149

LSF9 Atlantis Holdings, LLC(11)	May 17, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.57%, Secured Debt (Maturity—May 1, 2023)(9)	2,963	2,931	2,978

Lulu's Fashion Lounge, LLC(10)	August 31, 2017	Fast Fashion E-Commerce Retailer
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.57%, Secured Debt (Maturity—August 28, 2022)(9)	13,381	12,993	13,531

Messenger, LLC(10)	December 5, 2014	Supplier of Specialty Stationery and Related Products to the Funeral Industry
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.74%, Secured Debt (Maturity—September 9, 2020)(9)	17,331	17,249	17,331

Minute Key, Inc.	September 19, 2014	Operator of Automated Key Duplication Kiosks
			Warrants (1,437,409 equivalent shares; Expiration—May 20, 2025; Strike price—$0.01 per share)		280	1,170

NBG Acquisition Inc(11)	April 28, 2017	Wholesaler of Home Décor Products
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.19%, Secured Debt (Maturity—April 26, 2024)(9)	4,402	4,336	4,452

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

PPC/SHIFT LLC(10)

Provider of Digital Solutions to Automotive Industry

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 6, 2022)(9)
7,000 6,852 6,852

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)
9,519 7,904 7,044

PT Network, LLC(10)

Provider of Outpatient Physical Therapy and Sports Medicine Services

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—November 30, 2021)(9)
16,225 15,979 15,979

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)
11,274 11,201 11,161

Raley's(11)

Family-Owned Supermarket Chain

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—May 18, 2022)(9)
4,195 4,125 4,242

Redbox Automated Retail, LLC(11)

Operator of Home Media Entertainment Kiosks

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—September 27, 2021)(9)
15,000 14,581 14,629

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 2,978 2,987

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)
3,910 3,826 880

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


New Media Holdings II LLC(11)(13)	June 10, 2014	Local Newspaper Operator
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.82%, Secured Debt (Maturity—July 14, 2022)(9)	17,715	17,342	17,864

NNE Partners, LLC(10)	March 2, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 8.00%, Current Coupon 9.49%, Secured Debt (Maturity—March 2, 2022)	11,958	11,854	11,854

North American Lifting Holdings, Inc.(11)	February 26, 2015	Crane Service Provider
			LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.19%, Secured Debt (Maturity—November 27, 2020)(9)	7,745	6,913	7,256

Novetta Solutions, LLC(11)	June 21, 2017	Provider of Advanced Analytics Solutions for Defense Agencies			��
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.70%, Secured Debt (Maturity—October 17, 2022)(9)	14,636	14,189	14,239

NTM Acquisition Corp.(11)	July 12, 2016	Provider of B2B Travel Information Content
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.94%, Secured Debt (Maturity—June 7, 2022)(9)	6,186	6,126	6,155

Ospemifene Royalty Sub LLC (QuatRx)(10)	July 8, 2013	Estrogen-Deficiency Drug Manufacturer and Distributor
			11.5% Secured Debt (Maturity—November 15, 2026)(14)	5,071	5,071	1,198

P.F. Chang's China Bistro, Inc.(11)	September 6, 2017	Casual Restaurant Group
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.51%, Secured Debt (Maturity—September 1, 2022)(9)	4,988	4,846	4,715

Paris Presents Incorporated(11)	February 5, 2015	Branded Cosmetic and Bath Accessories
			LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 10.32%, Secured Debt (Maturity—December 31, 2021)(9)	4,500	4,471	4,477

Parq Holdings Limited Partnership(11)(13)(21)	December 22, 2014	Hotel & Casino Operator
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.19%, Secured Debt (Maturity—December 17, 2020)(9)	7,481	7,399	7,528

Permian Holdco 2, Inc.(11)	February 12, 2013	Storage Tank Manufacturer
			14% PIK Unsecured Debt (Maturity—October 15, 2021)(19)	306	306	306
			Preferred Stock (Permian Holdco 1, Inc.) (154,558 units)		799	980
			Common Stock (Permian Holdco 1, Inc.) (154,558 units)		—	140

					1,105	1,426

Pernix Therapeutics Holdings, Inc.(10)	August 18, 2014	Pharmaceutical Royalty
			12% Secured Debt (Maturity—August 1, 2020)	3,129	3,129	1,971

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

RM Bidder, LLC(10)

Scripted and Unscripted TV and Digital Programming Provider

Warrants (327,532 equivalent units; Expiration—October 20, 2025; Strike price—$14.28 per unit)
425 300

Member Units (2,779 units)
46 44

471 344

SAExploration, Inc.(10)(13)

Geophysical Services Provider

Common Stock (50 shares)
65 3

SAFETY Investment Holdings, LLC

Provider of Intelligent Driver Record Monitoring Software and Services

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

Salient Partners L.P.(11)

Provider of Asset Management Services

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—June 9, 2021)(9)
10,812 10,538 10,352

School Specialty, Inc.(11)

Distributor of Education Supplies and Furniture

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—June 11, 2019)(9)
5,712 5,632 5,784

Sigma Electric Manufacturing Corporation(10)(13)

Manufacturer and Distributor of Electrical Fittings and Parts

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—October 13, 2021)(9)
12,500 12,200 12,200

Sorenson Communications, Inc.(11)

Manufacturer of Communication Products for Hearing Impaired

LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.00%, Secured Debt (Maturity—April 30, 2020)(9)
13,371 13,283 13,271

Strike, LLC(11)

Pipeline Construction and Maintenance Services

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—November 30, 2022)(9)
10,000 9,666 9,864

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


Point.360(10)	July 8, 2015	Fully Integrated Provider of Digital Media Services
			Warrants (65,463 equivalent shares; Expiration—July 7, 2020; Strike price—$0.75 per share)		69	—
			Common Stock (163,658 shares)		273	11

					342	11

PPC/SHIFT LLC(10)	December 22, 2016	Provider of Digital Solutions to Automotive Industry
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.69%, Secured Debt (Maturity—December 22, 2021)(9)	6,869	6,748	6,869

Prowler Acquisition Corp.(11)	February 11, 2014	Specialty Distributor to the Energy Sector
			LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.19%, Secured Debt (Maturity—January 28, 2020)(9)	12,830	11,332	12,253

PT Network, LLC(10)	November 1, 2013	Provider of Outpatient Physical Therapy and Sports Medicine Services
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.86%, Secured Debt (Maturity—November 30, 2021)(9)	8,553	8,553	8,553

QBS Parent, Inc.(11)	August 12, 2014	Provider of Software and Services to the Oil & Gas Industry
			LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 6.13%, Secured Debt (Maturity—August 7, 2021)(9)	14,272	14,114	14,165

Research Now Group, Inc. and Survey Sampling International, LLC(11)	December 31, 2017	Provider of Outsourced Online Surveying
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.13%, Secured Debt (Maturity—December 20, 2024)(9)	13,500	12,826	12,826

Resolute Industrial, LLC(10)	July 26, 2017	HVAC Equipment Rental and Remanufacturing
			LIBOR Plus 7.62% (Floor 1.00%), Current Coupon 8.95%, Secured Debt (Maturity—July 26, 2022)(9)(25)	17,088	16,770	16,770
			Member Units (601 units)		750	750

					17,520	17,520

RGL Reservoir Operations Inc.(11)(13)(21)	August 25, 2014	Oil & Gas Equipment and Services
			1% Current / 9% PIK Secured Debt (Maturity—December 21, 2024)(19)	721	407	407

RM Bidder, LLC(10)	November 12, 2015	Scripted and Unscripted TV and Digital Programming Provider
			Warrants (327,532 equivalent units; Expiration—October 20, 2025; Strike price—$14.28 per unit)		425	—
			Member Units (2,779 units)		46	20

					471	20

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

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)
5,629 5,588 5,624

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 4,659 4,136

Targus International, LLC(11)

Distributor of Protective Cases for Mobile Devices

15% PIK Secured Debt (Maturity—December 31, 2019)
1,140 1,140 1,140

Common Stock (Targus Cayman HoldCo Limited) (249,614 shares)(13)
2,555 2,260

3,695 3,400

TE Holdings, LLC(11)

Oil & Gas Exploration & Production

Member Units (97,048 units)
970 728

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)
7,622 7,613 7,546

LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity—June 10, 2019)(9)
10,500 10,442 10,290

18,055 17,836

The Topps Company, Inc.(11)

Trading Cards & Confectionary

LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity—October 2, 2020)(9)
2,218 2,208 2,226

TMC Merger Sub Corp.(11)

Refractory & Maintenance Services Provider

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—October 31, 2022)(9)
12,500 12,376 12,438

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)
4,913 4,567 3,635

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


SAFETY Investment Holdings, LLC	April 29, 2016	Provider of Intelligent Driver Record Monitoring Software and Services
			Member Units (2,000,000 units)		2,000	1,670

Salient Partners L.P.(11)	June 25, 2015	Provider of Asset Management Services
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.85%, Secured Debt (Maturity—June 9, 2021)(9)	10,081	9,870	9,778

SiTV, LLC(11)	September 26, 2017	Cable Networks Operator
			10.375% Secured Debt (Maturity—July 1, 2019)	10,429	7,006	7,040

SMART Modular Technologies, Inc.(10)(13)	August 18, 2017	Provider of Specialty Memory Solutions
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.66%, Secured Debt (Maturity—August 9, 2022)(9)	14,625	14,351	14,552

Sorenson Communications, Inc.(11)	June 7, 2016	Manufacturer of Communication Products for Hearing Impaired
			LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.00%, Secured Debt (Maturity—April 30, 2020)(9)	13,234	13,170	13,341

Staples Canada ULC(10)(13)(21)	September 14, 2017	Office Supplies Retailer
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.43%, Secured Debt (Maturity—September 12, 2023)(9)(22)	20,000	19,617	18,891

Strike, LLC(11)	December 12, 2016	Pipeline Construction and Maintenance Services
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—November 30, 2022)(9)	9,500	9,250	9,643
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.45%, Secured Debt (Maturity—May 30, 2019)(9)	2,500	2,479	2,513

					11,729	12,156

Subsea Global Solutions, LLC(10)	March 17, 2015	Underwater Maintenance and Repair Services
			LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—March 17, 2020)(9)	7,687	7,637	7,687

Synagro Infrastructure Company, Inc(11)	August 29, 2013	Waste Management Services
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.19%, Secured Debt (Maturity—August 22, 2020)(9)	9,161	8,933	8,608

Tectonic Holdings, LLC	May 15, 2017	Financial Services Organization
			Member Units (200,000 units)(8)		2,000	2,320

TE Holdings, LLC(11)	December 5, 2013	Oil & Gas Exploration & Production
			Member Units (97,048 units)		970	158

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

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)
10,994 10,936 10,975

Truck Bodies and Equipment International, Inc.(10)

Manufacturer of Dump Truck Bodies and Dump Trailers

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—March 31, 2021)(9)
15,750 15,602 15,602

TVG-I-E CMN ACQUISITION, LLC(10)

Organic Lead Generation for Online Postsecondary Schools

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—November 3, 2021)(9)
6,459 6,334 6,334

Tweddle Group, Inc.(11)

Provider of Technical Information Services to Automotive OEMs

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—October 21, 2022)(9)
8,462 8,295 8,419

UniRush, LLC

Provider of Prepaid Debit Card Solutions

12% Secured Debt (Maturity—February 1, 2019)
12,000 10,981 12,000

Warrants (444,725 equivalent units; Expiration—February 2, 2026; Strike price—$10.27 per unit)
1,250 1,250

12,231 13,250

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)
11,514 11,435 11,456

U.S. TelePacific Corp.(10)

Provider of Communications and Managed Services

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—February 24, 2021)(9)
7,500 7,377 7,377

VCVH Holding Corp. (Verisk)(11)

Healthcare Technology Services Focused on Revenue Maximization

LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.25%, Secured Debt (Maturity—June 1, 2024)(9)
1,500 1,464 1,488

Portfolio Company(1)(20)	Investment Date(28)	Business Description	Type of Investment(2)(3)(27)


TeleGuam Holdings, LLC(11)	June 26, 2013	Cable and Telecom Services Provider
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.07%, Secured Debt (Maturity—April 12, 2024)(9)	7,750	7,602	7,808

TGP Holdings III LLC(11)	September 30, 2017	Outdoor Cooking & Accessories
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.69%, Secured Debt (Maturity—September 25, 2024)(9)	6,898	6,820	6,969
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.19%, Secured Debt (Maturity—September 25, 2025)(9)	5,000	4,927	5,075

					11,747	12,044

The Container Store, Inc.(11)	August 22, 2017	Operator of Stores Offering Storage and Organizational Products
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.69%, Secured Debt (Maturity—August 15, 2021)(9)	9,938	9,660	9,652

TMC Merger Sub Corp.(11)	December 22, 2016	Refractory & Maintenance Services Provider
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.88%, Secured Debt (Maturity—October 31, 2022)(9)(26)	17,653	17,516	17,741

TOMS Shoes, LLC(11)	November 13, 2014	Global Designer, Distributor, and Retailer of Casual Footwear
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.98%, Secured Debt (Maturity—October 30, 2020)(9)	4,875	4,610	2,901

Turning Point Brands, Inc.(10)(13)	February 17, 2017	Marketer/Distributor of Tobacco Products
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.61%, Secured Debt (Maturity—May 17, 2022)(9)(25)	8,436	8,364	8,605

TVG-I-E CMN ACQUISITION, LLC(10)	November 3, 2016	Organic Lead Generation for Online Postsecondary Schools
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.56%, Secured Debt (Maturity—November 3, 2021)(9)	8,170	8,031	8,170

Tweddle Group, Inc.(11)	November 15, 2016	Provider of Technical Information Services to Automotive OEMs
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.38%, Secured Debt (Maturity—October 21, 2022)(9)	6,114	6,011	6,023

U.S. TelePacific Corp.(11)	September 14, 2016	Provider of Communications and Managed Services
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.69%, Secured Debt (Maturity—May 2, 2023)(9)	20,703	20,507	19,862

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

Virtex Enterprises, LP(10)

Specialty, Full-Service Provider of Complex Electronic Manufacturing Services

12% Secured Debt (Maturity—December 27, 2018)
1,667 1,559 1,559

Preferred Class A Units (14 units; 5% cumulative)(8)
333 612

Warrants (11 equivalent units; Expiration—December 27, 2023; Strike price—$0.001 per unit)
186 220

2,078 2,391

Wellnext, LLC(10)

Manufacturer of Supplements and Vitamins

LIBOR Plus 9.00% (Floor 0.50%), Current Coupon 9.85%, Secured Debt (Maturity—May 23, 2021)(9)
10,058 9,968 10,058

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 4,902 4,885

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)
1,153 1,147 1,093

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)
6,386 6,342 6,386

YP Holdings LLC(11)

Online and Offline Advertising Operator

LIBOR Plus 11.00% (Floor 1.25%), Current Coupon 12.25%, Secured Debt (Maturity—June 4, 2018)(9)
11,428 10,969 11,398


Portfolio Company(1)	Business Description	Type of Investment(2)(3)	Principal(4)	Cost(4)		Fair Value
Portfolio Company(1)(20)									Investment Date(28)	Business Description	Type of Investment(2)(3)(27)	Principal(4)		Cost(4)		Fair Value(18)

US Joiner Holding Company(11)									April 23, 2014	Marine Interior Design and Installation
											LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.70%, Secured Debt (Maturity—April 16, 2020)(9)		13,465		13,366		13,398

VIP Cinema Holdings, Inc.(11)									March 9, 2017	Supplier of Luxury Seating to the Cinema Industry
											LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.70%, Secured Debt (Maturity—March 1, 2023)(9)		7,700		7,666		7,777

Vistar Media, Inc.(10)									February 17, 2017	Operator of Digital Out-of-Home Advertising Platform
											LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.69%, Secured Debt (Maturity—February 16, 2022)(9)		3,319		3,048		3,102
											Warrants (70,207 equivalent shares; Expiration—February 17, 2027; Strike price—$0.01 per share)				331		499

															3,379		3,601

Wellnext, LLC(10)									May 23, 2016	Manufacturer of Supplements and Vitamins
											LIBOR Plus 10.10% (Floor 1.00%), Current Coupon 11.67%, Secured Debt (Maturity—July 21, 2022)(9)(23)		9,930		9,857		9,930

Wireless Vision Holdings, LLC(10)									September 29, 2017	Provider of Wireless Telecommunications Carrier Services
											LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 10.27%, Secured Debt (Maturity—September 29, 2022)(9)(24)		12,932		12,654		12,654

Wirepath LLC(11)									August 16, 2017	E-Commerce Provider into Connected Home Market
											LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.87%, Secured Debt (Maturity—August 5, 2024)(9)		4,988		4,964		5,055

Zilliant Incorporated	Price Optimization and Margin Management Solutions								June 15, 2012	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; Expiration—June 15, 2022; Strike price—$0.001 per share)			1,071		1,190				Warrants (952,500 equivalent shares; Expiration—June 15, 2022; Strike price—$0.001 per share)				1,071		1,189

					1,225		1,450								1,225		1,449

Subtotal Non-Control/Non-Affiliate Investments (51.4% of total investments at fair value)				$	1,037,510	$	1,026,676
Subtotal Non-Control/Non-Affiliate Investments (78.4% of net assets at fair value)								Subtotal Non-Control/Non-Affiliate Investments (78.4% of net assets at fair value)						$	1,107,447	$	1,081,745

Total Portfolio Investments, December 31, 2016				$	1,871,883	$	1,996,906
Total Portfolio Investments, December 31, 2017								Total Portfolio Investments, December 31, 2017						$	2,004,798	$	2,171,305

(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. A majority of the variable rate loans in the Company's investment portfolio bear interest at a rate that may be determined by reference to either LIBOR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at December 31, ~~2016.~~2017. As noted in this schedule, ~~64%~~67% of the loans (based on the par ~~amount of the loans) of the loans~~amount) contain LIBOR floors which range between 0.50% and 2.25%, with a weighted-average LIBOR floor of approximately ~~1.04%~~1.02%.
(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): 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.
(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): Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C for further discussion.
(19): PIK interest income and cumulative dividend income represent income not paid currently in cash.
(20): All portfolio company headquarters are based in the United States, unless otherwise noted.
(21): Portfolio company headquarters are located outside of the United States.
(22): In connection with the Company's debt investment in Staples Canada ULC to help mitigate any potential adverse change in foreign exchange rates during the term of the Company's investment, the Company entered into a forward foreign currency contract with Cadence Bank to lend $24.2 million Canadian Dollars and receive $20.0 million U.S. Dollars with a settlement date of September 12, 2018. The unrealized appreciation on the forward foreign currency contract is $0.7 million as of December 31, 2017. This unrealized appreciation is offset by the foreign currency translation depreciation on the investment.
(23): The Company has entered into an intercreditor agreement that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of LIBOR plus 7.50% (Floor 1.00%) per the Credit Agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24): The Company has entered into an intercreditor agreement that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of LIBOR plus 8.50% (Floor 1.00%) per the Credit Agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(25): As part of the credit agreement with the portfolio company, the Company is entitled to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche receives priority over the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. The rate the Company receives per the Credit Agreement is the same as the rate reflected in the Consolidated Schedule of Investments above.
(26): The Company has entered into an intercreditor agreement that entitles the Company to the "first out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a lower interest rate than the contractual stated interest rate of LIBOR plus 6.64% (Floor 1.00%) per the Credit Agreement and the Consolidated Schedule of Investments above reflects such lower rate.
(27): All of the Company's portfolio investments are generally subject to restrictions on resale as "restricted securities."
(28): Investment date represents the date of initial investment in the portfolio company.

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 a variety of 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"), Main Street Capital II, LP ("MSC II") and Main Street Capital III, LP ("MSC III" and, collectively with MSMF and MSC II, 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 under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of 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 taxable income or capital gains that it distributes to its stockholders.

MSCC has certain direct and indirect wholly owned subsidiaries that have elected to be taxable entities (the "Taxable Subsidiaries"). The primary purpose of the Taxable Subsidiaries is to permit MSCC to hold equity investments in portfolio companies which are "pass-through" entities for tax purposes. 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," the "Company" and "Main Street" refer to MSCC and its consolidated subsidiaries, which include the Funds and the Taxable Subsidiaries.

Main Street's consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946,Financial ~~Services-Investment Company~~Services—Investment Companies ("ASC 946"). For each of the periods presented herein, Main Street's consolidated financial statements include the accounts of MSCC and its consolidated subsidiaries. The Investment Portfolio, as used herein, refers to all of Main Street's investments in LMM portfolio companies, investments in Middle Market portfolio companies, Private Loan portfolio investments, Other Portfolio investments and the investment in the External Investment Manager (see Note C—Fair Value Hierarchy for Investments and Debentures—Portfolio Composition—Investment Portfolio Composition for additional discussion of Main Street's Investment Portfolio and definitions for the terms Private Loan and Other Portfolio). Main Street's results of operations for the three and six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, cash flows for the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, and financial position as of June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, 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 with the current presentation.

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 six months ended June 30, ~~2017~~2018 and ~~2016~~2017 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, ~~2016.~~2017. 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 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. 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 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 privately held, 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 in privately held companies 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.

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. 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 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 allocating the enterprise value over the portfolio company's securities in order of their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, ~~private~~privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"), cash flows, net income, revenues, or in limited cases, book value. There is no single methodology for estimating enterprise value. For any one portfolio company, enterprise value is generally described as a range of values from which a single estimate of enterprise value is derived. In estimating the enterprise value of a portfolio company, Main Street analyzes various factors including the portfolio company's historical and projected financial results. Due to SEC deadlines for Main Street's quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited, projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in 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 company. Main Street's estimate of the expected repayment date of its debt securities is generally the maturity date of the instrument, as Main Street generally intends to hold its loans and debt securities to maturity. The Yield-to-Maturity analysis also considers changes in leverage levels, credit quality, portfolio company performance and other factors. Main Street will generally use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of Main Street's general intent to hold its loans to maturity, the fair value will not exceed the principal amount of the debt security valued using the Yield-to-Maturity valuation method. A change in the assumptions that Main Street uses to estimate the fair value of its debt securities using the Yield-to-Maturity valuation method could have a material impact on the determination of fair value. If there is deterioration in credit quality or if a debt security is in workout status, Main Street may consider other factors in determining the fair value of the debt security, including the value attributable to the debt security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.

Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, Main Street measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date and adjusts the investment's fair value for factors known to Main Street that would affect that fund's NAV, including, but not limited to, fair values for individual investments held by the fund if Main Street holds the same investment or for a publicly traded investment. In addition, in determining the fair value of the investment, Main Street considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of Main Street's investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, and expected future cash flows available to equity holders, including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding Main Street's ability to realize the full NAV of its interests in the investment fund.

Pursuant to its internal valuation process and the requirements under the 1940 Act, Main Street performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its LMM portfolio companies, Main Street, among other things, consults with a nationally recognized independent financial advisory services firm. The nationally recognized independent financial advisory services firm analyzes and provides observations, recommendations and an assurance certification regarding the Company's determinations of the fair value of its LMM portfolio company investments. The nationally recognized independent financial advisory services 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 26 LMM portfolio companies for the six months ended June 30, 2018, representing approximately 39% of the total LMM portfolio at fair value as of June 30, 2018, and on a total of 27 LMM portfolio companies for the six months ended June 30, 2017, representing approximately 39% of the total LMM portfolio at fair value as of June 30, ~~2017, and on a total of 29 LMM portfolio companies for the six months ended June 30, 2016, representing approximately 43% of the total LMM portfolio at fair value as of June 30, 2016.~~2017. Excluding its investments in new LMM portfolio companies which have not been in the Investment Portfolio for at least twelve months subsequent to the initial investment decision as of June 30, ~~2017~~2018 and ~~2016,~~2017, as applicable, and its investments in the LMM portfolio companies that were not reviewed because their equity is publicly traded, which represented one LMM portfolio company as of June 30, 2017, or they hold real estate for which a third-party appraisal is obtained on at least an annual basis, the percentage of the LMM portfolio reviewed and certified by its independent financial advisory services firm for the six months ended June 30, 2018 and 2017 was 47% and ~~2016 was~~ 45% ~~and 48%~~ of the total LMM portfolio at fair value as of June 30, ~~2017~~2018 and ~~2016,~~2017, 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. Because the vast majority of the Middle Market portfolio investments are typically valued using third-party quotes or other independent pricing services (including ~~96%~~94% and ~~94%~~95% of the Middle Market portfolio investments as of June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, respectively), Main Street does not generally consult with any financial advisory services firms in connection with determining the fair value of its Middle Market 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 16 Private Loan portfolio companies for the six months ended June 30, 2018, representing approximately 37% of the total Private Loan portfolio at fair value as of June 30, 2018, and on a total of 13 Private Loan portfolio companies for the six months ended June 30, 2017, representing approximately 39% of the total Private Loan portfolio at fair value as of June 30, 2017, and on a total of 14 Private Loan portfolio companies for the six months ended June 30, 2016, representing approximately 48% of the total Private Loan portfolio at fair value as of June 30, 2016.2017. 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 initial investment decision as of June 30, ~~2017~~2018 and ~~2016,~~2017, as applicable, and its investments in its Private Loan portfolio companies that were not reviewed because the investment is valued based upon third-party quotes or other independent pricing, the percentage of the Private Loan portfolio reviewed and certified by its independent financial advisory services firm for the six months ended June 30, 2018 and 2017 was 58% and ~~2016 was~~ 59% ~~and 65%~~ of the total Private Loan portfolio at fair value as of June 30, ~~2017~~2018 and ~~2016,~~2017, respectively.

For valuation purposes, all of Main Street's Other Portfolio investments are non-control investments. Main Street's Other Portfolio investments comprised ~~5.0%~~4.6% and 4.8% of Main Street's Investment Portfolio at fair value as of ~~both~~ June 30, ~~2017~~2018 and December 31, ~~2016.~~2017, respectively. Similar to the LMM investment portfolio, market quotations for Other Portfolio equity investments are generally not readily available. For its Other Portfolio equity investments, Main Street generally determines the fair value of ~~its~~these investments using the NAV valuation method. For its 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 its 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 its ability to control the capital structure of the company, as well as the timing of a potential exit, in connection with determining the fair value of the External Investment Manager.

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

~~a ready market for the securities existed. In addition, changes in the market environment, portfolio~~ company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. Main Street determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.

Main Street uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its LMM 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 June 30, ~~2017~~2018 and December 31, ~~2016~~2017 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1., the consolidated 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 materially from the values that would have been determined had a ready market for the securities existed.

Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value.

At June 30, ~~2017,~~2018, cash balances totaling ~~$18.1~~$37.0 million exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Company to risk related to the uninsured balance. All of the Company's cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote.

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 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,

~~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 sold or written off, Main Street removes it from non-accrual status.

As of June 30, 2018, Main Street's total Investment Portfolio had five investments on non-accrual status, which comprised approximately 1.2% of its fair value and 3.5% of its cost. As of December 31, 2017, Main Street's total Investment Portfolio had five investments on non-accrual status, which comprised approximately 0.2% of its fair value and ~~2.6% of its cost. As of December 31, 2016, Main Street's total Investment Portfolio had four investments on non-accrual status, which comprised approximately 0.6% of its fair value and 3.0%~~2.3% of its cost.

Main Street holds certain debt and preferred equity instruments in its Investment Portfolio that contain payment-in-kind ("PIK") interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. 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 June 30, ~~2017~~2018 and ~~2016,~~2017, (i) approximately ~~3.0%~~0.6% and ~~4.1%~~3.0%, respectively, of Main Street's total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately ~~1.8%~~0.8% and ~~0.7%~~1.8%, respectively, of Main Street's total investment income was attributable to cumulative dividend income not paid currently in cash. For the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, (i) approximately ~~3.2%~~0.8% and ~~3.6%~~3.2%, respectively, of Main Street's total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately ~~1.8%~~0.9% and ~~0.8%~~1.8%, respectively, of Main Street's total investment income was attributable to cumulative dividend income not paid currently in cash.

Main Street may periodically provide services, including structuring and advisory services, to its portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are deferred and accreted into 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 commitment fees and other costs related to Main Street's multi-year revolving credit facility (the "Credit Facility", as discussed further in Note F) and its notes (as discussed further in Note G), as well as the commitment fees and leverage fees (approximately 3.4% of the total commitment and draw amounts, as applicable) on the SBIC debentures (as discussed further in Note E) which are not accounted for under the fair value option under ASC 825 (as discussed further in Note B.11.). Deferred financing costs in connection with ~~our~~the Credit Facility are capitalized as an asset. Deferred financing costs in connection with all other debt arrangements not using the fair value option are a direct deduction from the related debt liability.

The Company's offering costs are charged against the proceeds from equity offerings when the proceeds are received.

7. Unearned Income—Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value

Main Street capitalizes debt origination fees received in connection with financings and reflects such fees as unearned income netted against the applicable debt investments. The unearned income from the fees is accreted into income 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 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 June 30, 2018 and 2017, approximately 3.0% and ~~2016, approximately~~ 3.6% ~~and 3.0%~~, respectively, of Main Street's total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium reduction. For the six months ended June 30, 2018 and 2017, approximately 2.9% and ~~2016, approximately~~ 3.6% ~~and 2.8%~~, respectively, of Main Street's total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium 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 Accounting Standards Update ("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 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. Main Street 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.

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 taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its "investment company taxable income" (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to 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 or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

The Taxable Subsidiaries primarily hold certain 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"~~"source-of-income" requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with Main Street for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street's consolidated financial statements as portfolio investments and recorded at fair value. 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~~The Taxable Subsidiaries are each taxed at their normal corporate tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in Main Street's consolidated financial statements.

The External Investment Manager is an indirect wholly owned subsidiary of MSCC owned through a Taxable Subsidiary and is a disregarded entity for tax purposes. The External Investment Manager has entered into a tax sharing agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio investment of MSCC and is not included as a consolidated subsidiary of MSCC in MSCC's consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for its stand-alone financial reporting purposes the External Investment Manager is treated as if it is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the External Investment Manager are reflected in the External Investment Manager's separate financial statements.

In December 2017, the "Tax Cuts and Jobs Act" legislation was enacted. The Tax Cuts and Jobs Act includes significant changes to the U.S. corporate tax system, including a U.S. federal corporate income tax rate reduction from 35% to 21% and other changes. ASC 740,Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation was enacted. As such, Main Street has accounted for the tax effects as a result of the enactment of the Tax Cuts and Jobs Act beginning with the period ended December 31, 2017.

The Taxable Subsidiaries and the External Investment Manager use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided, if necessary, against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized.

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.

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 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 number of shares of common stock outstanding for the period. In accordance with ASC 260,Earnings Per Share, the unvested shares of restricted stock awarded pursuant to Main Street's equity compensation plans are participating securities and, therefore, are included in the basic earnings per share calculation. As a result, for all periods presented, there is no difference between diluted earnings per share and basic earnings per share amounts.

In May 2014, the FASB issued ASU 2014-09,Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements under ASC 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. In March 2016, the FASB issued ASU 2016-08,Revenue from Contracts with

Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10,Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarified the implementation guidance regarding performance

obligations and licensing arrangements. In May 2016, the FASB issued ASU No. 2016-12,Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients, which clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters. In December 2016, the FASB issued ASU No. 2016-20,Revenue from Contracts with Customers (Topic 606)—Technical Corrections and Improvements, which provided disclosure relief, and clarified the scope and application of the new revenue standard and related cost guidance. The ~~new~~ guidance ~~will be~~is 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.~~Substantially all of Main Street's income is not within the scope of ASU 2014-09. For those income items that are within the scope (primarily fee income), Main Street ~~expects to identify~~has similar performance obligations ~~under ASC 606~~ as compared with deliverables and separate units of account previously identified. As a result, Main ~~Street expects~~Street's timing of its ~~revenue~~income recognition ~~to remain the same.~~

~~In April 2015, the FASB issued ASU 2015-03,~~~~Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,~~ which requires debt financing costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the related debt liability, similar to the presentation of debt discounts. Additionally in August 2015, the FASB issued ASU 2015-15,~~Interest—Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,~~ ~~which provides further clarification on~~remains the same ~~topic~~ and states that the SEC would not object to the deferral and presentation of debt issuance costs as an asset and subsequent amortization of the deferred costs over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Main Street adopted the guidance for debt arrangements that are not line-of-credit arrangements as of June 30, 2017. Comparative financial statements of prior interim and annual periods have been adjusted to apply the new method retrospectively. As a result of the adoption, Main Street reclassified $7.9 million of deferred financing costs assets to a direct deduction from the related debt liability on the consolidated balance sheet as of December 31, 2016. The adoption of this guidance had no impact on net assets, the consolidated statements of operations or the consolidated statements of cash flows.

~~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. Main Street adopted this standard during the three months ended March 31, 2016. There was no impact of the adoption of ~~this new accounting~~the standard ~~on Main Street's consolidated financial statements as none of its 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. While Main Street continues to assess the effect of adoption, Main Street currently believes the most significant change relates to the recognition of a new right-of-use asset and lease liability on its consolidated balance sheet for its office space operating lease. Main Street currently has one operating lease for office space and does not expect a significant change in the leasing activity between now and adoption. See further discussion of the operating lease obligation in Note M.

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. Main Street 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.

In August 2016, the FASB issued ASU 2016-15,Statement of Cash Flows (Topic 230), which is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, 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 iswas not ~~expected to be~~ material.

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 consolidated 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 June 30, 2017 and December 31, 2016, all of Main Street's LMM portfolio investments except for the equity investment in one portfolio company consisted of illiquid securities issued by private companies. The investment which was the exception was in a company with publicly traded 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 of June 30, 2018 and December 31, 2017, all of Main Street's LMM portfolio investments consisted of illiquid securities issued by privately held companies. As a result, the fair value determination for all of Main Street's LMM portfolio investments primarily consisted of unobservable inputs. As a result, all of Main Street's LMM portfolio investments were categorized as Level 3 as of June 30, ~~2017~~2018 and December 31, ~~2016, except for the one publicly traded equity security which was categorized as Level 2.~~2017.

As of June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, Main Street's Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street's Middle Market portfolio investments were categorized as Level 3 as of June 30, ~~2017~~2018 and December 31, ~~2016.~~2017.

As of June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, Main Street's Private Loan portfolio investments primarily consisted of investments in interest-bearing secured debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street's Private Loan portfolio investments were categorized as Level 3 as of June 30, ~~2017~~2018 and December 31, ~~2016.~~2017.

As of June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, Main Street's Other Portfolio investments consisted of illiquid securities issued by ~~private~~privately held 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 June 30, ~~2017~~2018 and December 31, ~~2016.~~2017.

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.

The following tables provide a summary of the significant unobservable inputs used to fair value Main Street's Level 3 portfolio investments as of June 30, ~~2017~~2018 and December 31, ~~2016:~~2017:

The following tables provide a summary of changes in fair value of Main Street's Level 3 portfolio investments for the six month periods ended June 30, ~~2017~~2018 and ~~2016~~2017 (amounts in thousands):

As of June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, 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 estimated market interest rates 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 June 30, ~~2017~~2018 and December 31, ~~2016~~2017 (amounts in thousands):

The following tables provide a summary of changes for the Level 3 SBIC debentures recorded at fair value for the six month periods ended June 30, ~~2017~~2018 and ~~2016~~2017 (amounts in thousands):

At June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, 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 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, 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 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~~$20 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 in privately held companies 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. For Other Portfolio investments, Main Street generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be liquidated over a five to ten year period.

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 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, Main Street shares employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities. ~~In the first quarter of 2014,~~ Main Street ~~began allocating cost~~allocates the related expenses to the External Investment Manager pursuant to the sharing agreement. Main Street's total expenses for the three months ended June 30, ~~2017~~2018 and ~~2016~~2017 are net of expenses allocated to the External Investment Manager of ~~$1.6~~$1.7 million and ~~$1.4~~$1.6 million, respectively. Main Street's total expenses for the six months ended June 30, ~~2017~~2018 and ~~2016~~2017 are net of expenses allocated to the External Investment Manager of ~~$3.2~~$3.7 million and ~~$2.5~~$3.2 million, respectively.

Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three and six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, Main Street did not record investment income from any single portfolio company in excess of 10% of total investment income.

~~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 June 30, ~~2017~~2018 and December 31, ~~2016~~2017 (this information excludes the Other Portfolio investments and the External Investment Manager which are discussed further below):

As of June 30, ~~2017,~~2018, Main Street had Other Portfolio investments in ~~ten~~eleven companies, collectively totaling approximately ~~$103.9~~$108.1 million in fair value and approximately ~~$111.3~~$113.7 million in cost basis and which comprised approximately ~~5.0%~~4.6% of Main Street's Investment Portfolio at fair value. As of December 31, ~~2016,~~2017, Main Street had Other Portfolio investments in ~~ten~~eleven companies, collectively totaling approximately ~~$100.3~~$104.6 million in fair value and approximately ~~$107.1~~$109.4 million in cost basis and which comprised approximately ~~5.0%~~4.8% 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 June 30, 2018, there was no cost basis in this investment and the investment had a fair value of approximately $62.7 million, which comprised approximately 2.7% of Main Street's Investment Portfolio at fair value. As of December 31, 2017, there was no cost basis in this investment and the investment had a fair value of approximately ~~$37.1~~$41.8 million, which comprised approximately 1.8% of Main Street's Investment Portfolio at fair value. As of December 31, 2016, there was no cost basis in this investment and the investment had a fair value of approximately $30.6 million, which comprised approximately 1.5%1.9% 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 June 30, ~~2017~~2018 and December 31, ~~2016~~2017 (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 June 30, ~~2017~~2018 and December 31, ~~2016~~2017 (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 June 30, ~~2017~~2018 and December 31, ~~2016~~2017 (this information excludes the Other Portfolio investments and the External Investment Manager).

Cost:

Construction & Engineering			7.7%	6.4%
Energy Equipment & Services	7.7%	7.5%	7.0%	6.9%
Construction & Engineering	6.5%	5.3%
Hotels, Restaurants & Leisure	6.2%	6.5%
Media	6.1%	5.7%
Machinery	5.6%	5.6%	5.5%	5.2%
Commercial Services & Supplies	4.7%	5.0%	5.4%	4.5%
Media			5.4%	4.4%
Diversified Telecommunication Services			5.0%	4.1%
IT Services			4.3%	3.9%
Hotels, Restaurants & Leisure			4.2%	6.2%
Aerospace & Defense			4.0%	3.3%
Food Products			3.9%	1.9%
Health Care Providers & Services			3.8%	2.9%
Specialty Retail	3.8%	4.4%	3.7%	5.3%
Diversified Telecommunication Services	3.6%	3.3%
Internet Software & Services			3.7%	3.4%
Electronic Equipment, Instruments & Components	3.5%	4.5%	3.7%	3.4%
Diversified Consumer Services	3.3%	2.8%
Leisure Equipment & Products	3.2%	0.9%	2.8%	3.0%
Health Care Providers & Services	3.0%	3.0%
IT Services	2.9%	3.9%
Internet Software & Services	2.9%	3.6%
Software	2.3%	2.6%
Distributors	2.2%	1.1%
Diversified Financial Services	2.1%	2.3%
Health Care Equipment & Supplies	2.1%	2.3%
Computers & Peripherals	2.1%	2.2%
Communications Equipment	2.1%	2.3%
Food Products	2.0%	2.6%
Building Products	2.0%	2.1%
Aerospace & Defense	2.0%	0.9%
Auto Components	1.7%	3.0%
Professional Services	1.7%	1.4%	2.7%	3.7%
Oil, Gas & Consumable Fuels	1.5%	1.2%	2.6%	1.6%
Computers & Peripherals			2.5%	2.8%
Software			2.4%	2.5%
Communications Equipment			2.1%	2.3%
Diversified Consumer Services			2.1%	1.6%
Distributors			1.8%	1.9%
Building Products			1.8%	1.9%
Construction Materials	1.3%	0.7%	1.8%	1.7%
Health Care Equipment & Supplies			1.3%	2.0%
Internet & Catalog Retail			1.2%	1.3%
Road & Rail	1.1%	1.5%	1.2%	1.0%
Diversified Financial Services			0.7%	1.6%
Auto Components			0.3%	1.9%
Real Estate Management & Development	1.0%	0.7%	0.3%	1.0%
Health Care Technology	1.0%	0.5%
Air Freight & Logistics	0.9%	1.0%
Consumer Finance	0.7%	1.5%
Other(1)	7.2%	8.1%	5.1%	6.4%

	100.0%	100.0%	100.0%	100.0%

Fair Value:

Construction & Engineering			7.6%	6.3%
Machinery	6.9%	6.7%	7.1%	6.4%
Construction & Engineering	6.7%	5.6%
Energy Equipment & Services			6.8%	6.2%
Diversified Consumer Services			4.9%	5.9%
Commercial Services & Supplies			4.6%	4.1%
Media			4.6%	3.8%
IT Services			4.3%	4.0%
Diversified Telecommunication Services			4.3%	3.4%
Specialty Retail			4.0%	5.3%
Hotels, Restaurants & Leisure	6.3%	6.5%	4.0%	5.9%
Diversified Consumer Services	6.3%	5.5%
Energy Equipment & Services	6.3%	5.8%
Media	5.6%	5.2%
Commercial Services & Supplies	4.7%	5.0%
Specialty Retail	3.9%	4.6%
Aerospace & Defense			3.8%	3.1%
Health Care Providers & Services			3.6%	2.8%
Food Products			3.6%	1.8%
Internet Software & Services			3.5%	3.2%
Computers & Peripherals			3.2%	3.0%
Electronic Equipment, Instruments & Components			3.2%	2.8%
Leisure Equipment & Products	3.1%	0.9%	2.7%	2.9%
Electronic Equipment, Instruments & Components	3.0%	3.9%
IT Services	3.0%	3.7%
Health Care Providers & Services	2.9%	2.9%
Internet Software & Services	2.7%	3.5%
Diversified Telecommunication Services	2.7%	2.5%
Computers & Peripherals	2.4%	2.3%
Professional Services			2.5%	3.5%
Software	2.3%	2.6%	2.5%	2.5%
Diversified Financial Services	2.2%	2.3%
Health Care Equipment & Supplies	2.2%	2.4%
Oil, Gas & Consumable Fuels			2.4%	1.5%
Construction Materials			2.1%	1.9%
Communications Equipment	2.1%	2.3%	2.0%	2.2%
Distributors	2.1%	1.1%	1.6%	1.8%
Food Products	1.9%	2.4%
Aerospace & Defense	1.9%	0.8%
Building Products	1.8%	1.9%	1.6%	1.8%
Auto Components	1.7%	2.9%
Professional Services	1.7%	1.3%
Construction Materials	1.5%	1.0%
Oil, Gas & Consumable Fuels	1.2%	1.1%
Health Care Equipment & Supplies			1.2%	2.1%
Road & Rail			1.2%	1.0%
Internet & Catalog Retail			1.0%	1.1%
Diversified Financial Services			0.9%	1.6%
Air Freight & Logistics	1.1%	1.1%	0.5%	1.0%
Real Estate Management & Development	1.1%	0.7%	0.4%	1.1%
Health Care Technology	1.0%	0.5%
Road & Rail	1.0%	2.5%
Consumer Finance	0.6%	1.3%
Auto Components			0.3%	1.6%
Other(1)	6.1%	7.2%	4.0%	4.4%

	100.0%	100.0%	100.0%	100.0%

At June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, Main Street had no portfolio investment that was greater than 10% of the Investment Portfolio at fair value.

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 defined as Control Investments 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. The income test is measured by dividing the absolute value of the combined total of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) of each Control Investment for the period being tested by the absolute value of Main Street's pre-tax income for the same period. 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 Rule 10-01(b)(1) of Regulation S-X requires 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 June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, Main Street had no single 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 six months ended June 30, 2018 and 2017, Main Street determined that ~~the income from~~ no single ~~investment generated more~~Control Investment had income that represented greater than 20% of Main Street's total ~~income. After performing~~income, except for the ~~income test~~External Investment Manager for the six months ended June 30, 2016, Main Street determined that its income from one of its Control Investments individually generated more than 20% of its total income, primarily due to the unrealized appreciation that was recognized on the investment during the six months ended June 30, 2016.2018. As such, ~~CBT Nuggets, LLC, an unconsolidated portfolio company that was a Control~~the External Investment ~~but which was not majority-owned by Main Street,~~Manager was considered a significant ~~subsidiary as of June 30, 2016.~~

subsidiary. The ~~following table shows the~~ summarized financial information for ~~CBT Nuggets, LLC:~~the External Investment Manager is included in Note D.

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 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, a non-listed BDC, 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. The External Investment Manager has conditionally agreed to waive a limited amount of the historical incentive fees otherwise earned. During the three months ended June 30, ~~2017~~2018 and ~~2016,~~2017, the External Investment Manager earned ~~$2.7~~$2.9 million and ~~$2.3~~$2.7 million, respectively, of management fees (net of fees waived, if any) under the sub-advisory agreement with HMS Adviser. During the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, the External Investment Manager earned ~~$5.3~~$5.7 million and ~~$4.6~~$5.3 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 statements of operations in "Net ~~Change in~~ Unrealized Appreciation (Depreciation)—~~Portfolio~~Control investments."

The External Investment Manager ~~has elected,~~is an indirect wholly owned subsidiary of MSCC owned through a Taxable Subsidiary and is a disregarded entity for tax purposes. The External Investment Manager has entered into a tax sharing agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio investment of MSCC and is not included as a consolidated subsidiary of MSCC in MSCC's consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for financial reporting purposes ~~to be~~the External Investment Manager is treated as ~~a taxable entity, is not consolidated with Main Street for income tax purposes and~~if it 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~~Main Street owns the External Investment Manager ~~has elected to be treated as a taxable entity to enable it to~~

~~receive fee income and~~through the Taxable Subsidiary to allow MSCC to continue to comply with the ~~"source-income"~~"source-of-income" requirements contained in the RIC tax provisions of the Code. The taxable income, or loss, of the External Investment Manager may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. ~~The~~As a result of the above described financial reporting and tax treatment, the External Investment Manager provides for any income tax expense, or benefit, and any tax assets or liabilities in its separate financial statements.

Main Street shares employees with the External Investment Manager and allocates costs related to such shared employees to the External Investment Manager generally based on a combination of the direct time spent, new investment origination activity and assets under management, depending on the nature of the expense. For the three months ended June 30, ~~2017~~2018 and ~~2016,~~2017, Main Street allocated ~~$1.6~~$1.7 million and ~~$1.4~~$1.6 million of total expenses, respectively, to the External Investment Manager. For the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, Main Street allocated ~~$3.2~~$3.7 million and ~~$2.5~~$3.2 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 allocated to the External Investment Manager and the dividend income received from the External Investment Manager. For the three months ended June 30, ~~2017~~2018 and ~~2016,~~2017, the total contribution to Main Street's net investment income was ~~$2.4~~$2.7 million and ~~$2.0~~$2.4 million, respectively. For the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, the total contribution to Main Street's net investment income was $5.3 million and $4.6 million, ~~and $3.8 million,~~ respectively.

Summarized financial information from the separate financial statements of the External Investment Manager as of June 30, 2017 and December 31, 2016 and for the three and six months ended June 30, 2017 and 2016 is as follows:

Summarized financial information from the separate financial statements of the External Investment Manager as of June 30, 2018 and December 31, 2017 and for the three and six months ended June 30, 2018 and 2017 is as follows:

	As of June 30,		As of December 31,

	2018		2017
	(dollars in thousands)
Cash	$	—	$	—
Accounts receivable—HMS Income		2,870		2,863

Total assets	$	2,870	$	2,863



Accounts payable to MSCC and its subsidiaries	$	1,854	$	1,963
Dividend payable to MSCC and its subsidiaries		1,016		900
Equity		—		—

Total liabilities and equity	$	2,870	$	2,863

~~Due to each of the Funds' status as a licensed~~Under existing SBIC ~~Main Street has~~regulations, SBA approved SBICs under common control have the ability to issue ~~through the Funds,~~ debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. Main Street, through the funds, has an effective maximum amount of $346.0 million ~~through its three~~following the prepayment of $4.0 million of existing SBIC ~~licenses.~~debentures as discussed below. SBIC debentures payable were ~~$261.2~~$313.8 million and ~~$240.0~~$295.8 million at June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, respectively. SBIC debentures provide for interest to be paid semiannually, with principal due at the applicable 10-year maturity date of each debenture. During the six months ended June 30, ~~2017,~~2018, Main Street issued ~~$46.4~~$22.0 million of SBIC debentures and opportunistically prepaid ~~$25.2~~$4.0 million of existing SBIC debentures as part of an effort to manage the maturity dates of the oldest SBIC debentures, leaving ~~$88.8~~$32.2 million of ~~additional~~remaining capacity under Main Street's SBIC ~~licenses as of June 30, 2017.~~licenses. As a result of this prepayment, Main Street recognized a realized loss of ~~$5.2~~$1.4 million due to the previously recognized gain recorded as a result of recording the MSC II debentures at fair value on the date of the acquisition of the majority interests of MSC II. The effect of the realized loss is offset by the reversal of all previously recognized unrealized depreciation due to fair value adjustments since the date of the acquisition. Main Street

expects to issue new SBIC debentures under the SBIC program in the future in an amount up to the regulatory maximum amount ~~of $350.0 million~~ for affiliated SBIC funds. The weighted-average annual interest rate on the SBIC debentures was 3.7% and ~~4.1%~~3.6% as of June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, respectively. The first principal maturity due under the existing SBIC debentures is in 2019, and the weighted-average remaining duration as of June 30, ~~2017~~2018 was approximately ~~5.8~~5.7 years. For ~~each of~~ the three months ended June 30, ~~2017~~2018 and ~~2016,~~2017, Main Street recognized interest expense attributable to the SBIC debentures of $3.2 million and $2.5 ~~million.~~million, respectively. For the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, Main Street recognized interest expense attributable to the SBIC debentures of ~~$4.9~~$6.1 million and ~~$5.0~~$4.9 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.

As of June 30, ~~2017,~~2018, the recorded value of the SBIC debentures was ~~$255.7~~$306.4 million which consisted of (i) ~~$49.2~~$44.6 million recorded at fair value, or ~~$0.8~~$1.4 million less than the ~~$50.0~~$46.0 million par value of the SBIC debentures issued in MSC II, (ii) $149.8 million par value of SBIC debentures outstanding held in MSMF, with a recorded value of ~~$147.2 million that was net of unamortized debt issuance costs~~

~~of $2.6 million and (iii) $61.4 million par value of SBIC debentures outstanding held in MSC III with a recorded value of $59.2~~$147.8 million that was net of unamortized debt issuance costs of ~~$2.2~~$2.0 million and (iii) $118.0 million par value of SBIC debentures held in MSC III with a recorded value of $114.0 million that was net of unamortized debt issuance costs of $4.0 million. As of June 30, ~~2017,~~2018, 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 ~~$244.8~~$282.3 million, or ~~$16.4~~$31.5 million less than the ~~$261.2~~$313.8 million ~~par~~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 ~~includes~~was amended and restated during June 2018 to provide for an increase in total commitments ~~of $555.0~~from $585.0 million ~~from a~~to $655.0 million and to increase the diversified group of ~~fourteen~~ lenders to sixteen lenders, eliminate interest rate adjustments subject to Main Street's maintenance of an investment grade rating and ~~matures in~~extend the final maturity by two years to September ~~2021.~~2023. The amended Credit Facility also contains an upsized accordion feature which allows Main Street to increase the total commitments under the facility to up to ~~$750.0~~$800.0 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 the applicable LIBOR rate ~~(1.22%~~(2.1% as of June 30, ~~2017)~~2018) plus (i) 1.875% (or the applicable base rate (Prime Rate of ~~4.25%~~5.00% as of June 30, ~~2017)~~2018) plus 0.875%) as long as Main Street ~~maintains an investment grade rating and~~ meets certain agreed upon excess collateral and maximum leverage requirements or (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.otherwise. Main Street pays unused commitment fees of 0.25% per annum on the unused lender commitments under the Credit Facility. The Credit Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership or assets of the Funds and the External Investment Manager. The Credit Facility contains certain affirmative and negative covenants, 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 (tangible net worth to Credit Facility borrowings) 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 ~~2021,~~2023, 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 June 30, ~~2017,~~2018, Main Street had ~~$303.0~~$289.0 million in borrowings outstanding under the Credit Facility. As of June 30, ~~2017,~~2018, 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 issuance costs, of ~~$2.7~~$3.3 million and ~~$2.2~~$2.7 million for the three months ended June 30, ~~2017~~2018 and ~~2016,~~2017, respectively, and ~~$5.2~~$4.7 million and ~~$4.3~~$5.2 million for the six month periods ended June 30, ~~2017~~2018 and ~~2016,~~2017, respectively. As of June 30, ~~2017,~~2018, the interest rate on the Credit Facility was ~~2.9%~~3.9%. The average interest rate was ~~2.9%~~3.8% and ~~2.8%~~3.6% for the three and six months ended June 30, ~~2017.~~2018. As of June 30, ~~2017,~~2018, 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 bearbore 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. On April 2, 2018, Main Street ~~has listed~~redeemed the entire principal amount of the issued and outstanding 6.125% Notes effective April 1, 2018 (the "Redemption Date"). The 6.125% Notes were redeemed at par value, plus the accrued and unpaid interest thereon from January 1, 2018, through, but excluding, the Redemption Date. As part of the redemption, Main Street recognized a realized loss on extinguishment of debt of $1.5 million in the second quarter of 2018 related to the write-off of the related unamortized deferred financing costs. Main Street recognized no interest expense related to the 6.125% Notes onfor 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~~three months ended June 30, ~~2017, the outstanding balance~~2018, $1.5 million of the 6.125% Notes was $90.7 million and the recorded value of $88.9 million was net of unamortized debt issuance costs of $1.8 million. As of June 30, 2017, 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 $93.2 million. Main Street recognized interest expense related to the 6.125% Notes, including amortization of unamortized deferred issuance costs, ~~of $1.5 million~~ for ~~each of~~ the three months ended June 30, 2017 and ~~2016,~~$1.5 million and $2.9 million for ~~each of~~ the six months ended June 30, 2018 and 2017, ~~and 2016.~~

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. As of June 30, 2017, Main Street was in compliance with these covenants.respectively.

In November 2014, Main Street issued $175.0 million in aggregate principal amount of 4.50% unsecured notes due 2019 (the "4.50% ~~Notes"~~Notes due 2019") at an issue price of 99.53%. The 4.50% Notes due 2019 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;~~Notes due 2019; 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 due 2019 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 due 2019 bear interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. The total net proceeds from the 4.50% Notes due 2019, 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 due 2019 in accordance with the 1940 Act and the rules promulgated thereunder. As of June 30, 2018, the outstanding balance of the 4.50% Notes due 2019 was $175.0 million and the recorded value of

~~of June 30, 2017, the outstanding balance of the 4.50% Notes was $175.0 million and the recorded value of $173.3~~$174.0 million was net of unamortized debt issuance costs of ~~$1.7~~$1.0 million. As of June 30, ~~2017,~~2018, if Main Street had adopted the fair value option under ASC 825 for the 4.50% Notes due 2019, Main Street estimates its fair value would be approximately ~~$176.4~~$176.6 million. Main Street recognized interest expense related to the 4.50% Notes due 2019, including amortization of unamortized deferred issuance costs, of $2.1 million for each of the three months ended June 30, ~~2017~~2018 and ~~2016,~~2017, and $4.3 million for each of the six months ended June 30, ~~2017~~2018 and ~~2016.~~2017.

The indenture governing the 4.50% Notes due 2019 (the "4.50% Notes due 2019 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 due 2019 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 due 2019 Indenture. As of June 30, ~~2017,~~2018, Main Street was in compliance with these covenants.

In November 2017, Main Street issued $185.0 million in aggregate principal amount of 4.50% unsecured notes due 2022 (the "4.50% Notes due 2022") at an issue price of 99.16%. The 4.50% Notes due 2022 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 due 2022; 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 due 2022 mature on ~~weighted-average number~~December 1, 2022, 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 due 2022 bear interest at a rate of ~~common shares~~4.50% per year payable semiannually on June 1 and December 1 of each year. The total net proceeds from the 4.50% Notes due 2022, resulting from the issue price and after underwriting discounts and estimated offering expenses payable, were approximately $182.2 million. Main Street may from time to time repurchase the 4.50% Notes due 2022 in accordance with the 1940 Act and the rules promulgated thereunder. As of June 30, 2018, the outstanding balance of the 4.50% Notes due 2022 was $185.0 million and the recorded value of $182.3 million was net of unamortized debt issuance costs of $2.7 million. As of June 30, 2018, if Main Street had adopted the fair value option under ASC 825 for the ~~period.~~

Main Street paid regular monthly dividends of ~~$0.185~~$0.19 per share for each month of January through June ~~2017,~~2018, totaling $33.8 million, or $0.57 per share, for the three months ended June 30, 2018, and $67.3 million, or $1.14 per share, for the six months ended June 30, 2018. The second quarter 2018 regular monthly dividends represent a 2.7% increase from the regular monthly dividends paid for the second quarter of 2017. Additionally, Main Street paid a $0.275 per share semi-annual supplemental dividend, totaling $16.6 million, in June 2018 compared to $15.6 million, or $0.275 per share, paid in June 2017. The regular monthly dividends equaled a total of approximately $31.0 million, or $0.555 per share, for the three months ended June 30, 2017, and $61.4 million, or $1.110 per share, for the six months ended June 30, 2017. The second quarter 2017 regular monthly dividends represent a 2.8% increase from the regular monthly dividends paid for the second quarter of 2016. Additionally, Main Street paid a $0.275 per share semi-annual supplemental dividend, totaling $15.6 million, in June 2017 compared to $14.2 million, or $0.275 per share, paid in June 2016. The regular monthly dividends equaled a total of approximately $27.6 million, or $0.540 per share, for the three months ended June 30, 2016, and $54.8 million, or $1.080 per share, for the six months ended June 30, 2016.

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 taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its "investment company taxable income" (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to 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 or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

The determination of the tax attributes for Main Street's distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate (plus a 3.8% Medicare surtax, if applicable) on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and 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 six months ended June 30, ~~2017~~2018 and ~~2016.~~2017.

	Six Months Ended June 30,						Six Months Ended June 30,

	2017			2016			2018			2017
	(estimated, dollars in thousands)						(estimated, dollars in thousands)
Net increase in net assets resulting from operations	$	74,283		$	47,724		$	89,969		$	74,283
Book tax difference from share-based compensation expense		(5,880	)		(2,845	)		(5,833	)		(5,880	)
Net change in net unrealized depreciation		15,097			36,639
Income tax provision (benefit)		7,812			(490	)
Pre-tax book (income) loss not consolidated for tax purposes		(13,316	)		2,564
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains (losses) and changes in estimates		2,941			(4,224	)
Net unrealized (appreciation) depreciation								(23,177	)		15,097
Income tax provision								316			7,812
Pre-tax book income not consolidated for tax purposes								(9,465	)		(13,316	)
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates								19,913			2,941

Estimated taxable income(1)		80,937			79,368			71,723			80,937
Taxable income earned in prior year and carried forward for distribution in current year		42,362			29,683			42,357			42,362
Taxable income earned prior to period end and carried forward for distribution next period		(56,438	)		(49,087	)		(41,354	)		(56,438	)
Dividend payable as of period end and paid in the following period		10,484			9,364			11,477			10,484

Total distributions accrued or paid to common stockholders	$	77,345		$	69,328		$	84,203		$	77,345

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~~The Taxable Subsidiaries are each taxed at their normal corporate tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in Main Street's consolidated financial statements.

~~The~~For the three months ended June 30, 2018, Main Street recognized a net income tax ~~expense, or benefit, and~~provision of $1.3 million, principally consisting of a deferred tax provision of $2.2 million, which is primarily the ~~related tax assets and liabilities generated by~~result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, ~~if any, are reflected~~including changes in the loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book-tax differences, partially offset by a $0.9 million current tax benefit, which is primarily related to a benefit for current U.S. federal income and state taxes. For the six months ended June 30, 2018, Main Street recognized a net income tax provision of $0.3 million, principally consisting of a deferred tax provision of $0.3 million, which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in the loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book-tax differences and a $0.5 million accrual for excise tax on Main Street's ~~consolidated financial statements.~~estimated undistributed taxable income, partially offset by a $0.5 million benefit for current U.S. federal income and state taxes. For the three months ended June 30, 2017, Main Street recognized a net income tax provision of $2.2 million, principally consisting of a deferred tax provision of $1.7 million, which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in the loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book-tax differences, and a $0.4 million current tax expense, which is primarily related to a $0.2 million accrual for excise tax on Main Street's estimated undistributed taxable income and $0.2 million provision for current U.S. federal income and state taxes. For the six months ended June 30, 2017, Main Street recognized a net income tax provision of $7.8 million, principally consisting of a deferred tax provision of $6.1 million, which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in the loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book-tax differences, and $1.7 million current tax expense, which is primarily related to a $1.1 million accrual for excise tax on Main Street's estimated undistributed taxable income and $0.6 million provision for current U.S. federal income and state taxes. For the three months ended June 30, 2016, Main Street recognized a net income tax provision of $1.8 million, principally consisting of a $1.0 million accrual for excise tax on our estimated undistributed taxable income, a deferred tax provision of $0.7 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 a $0.1 million provision for current U.S. federal income and state taxes. For the six months ended June 30, 2016, Main Street recognized a net income tax benefit of $0.5 million, which principally consisted of a deferred tax benefit of $2.0 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 a $1.1 million accrual for excise tax and $0.4 million of accruals for current U.S. federal income and state taxes.

The net deferred tax ~~asset~~liability at June 30, ~~2017 and~~2018 was $10.8 million compared to $10.6 million at December 31, ~~2016 was $3.0 million and $9.1 million, respectively,~~2017, primarily related to loss carryforwards, timing differences in net unrealized appreciation or depreciation and other temporary book-tax differences relating to portfolio investments held by the Taxable Subsidiaries. ~~In addition, during the three months ended March 31, 2016, Main Street recorded a one-time $1.8 million increase to~~The net deferred tax ~~assets for previously unrecognized excess~~liability as of December 31, 2017 equal to $10.6 million reflects a reduction of $2.8 million resulting from the decrease in the U.S. federal corporate income tax ~~benefits associated with share-based compensation due~~rate from 35% to 21% as enacted by the ~~early adoption of the accounting standard ASU 2016-09~~Tax Cuts and Jobs Act (See further discussion in Note ~~B.8.~~B.9.). ~~For the six months ended June 30, 2017, the Taxable Subsidiaries fully utilized capital loss carryforwards totaling approximately $14.6 million.~~ At June 30, ~~2017,~~2018, for U.S. federal income tax purposes, the Taxable Subsidiaries had a net operating loss carryforward from prior years which, if unused, will expire in various taxable years from 2029 through 2037. Under the Tax Cuts and Jobs Act, any net operating losses generated in 2018 and future periods will have an indefinite carryforward. The timing and manner in which Main Street will utilize any loss carryforwards ~~in any year, or in total,~~generated before December 31, 2017 may be limited in the future under the provisions of the Code.

~~During November 2015,~~ Main Street ~~commenced~~maintains a program with certain selling agents through which it can sell shares of its common stock by means of at-the-market offerings from time to time (the "ATM Program"). During the six months ended June 30, ~~2017,~~2018, Main Street sold ~~2,104,424~~1,428,596 shares of its common stock at a weighted-average price of ~~$37.72~~$38.08 per share and raised ~~$79.4~~$54.4 million of gross

proceeds under the ATM Program. Net proceeds were ~~$78.4~~$53.6 million after commissions to the selling agents on shares sold and offering costs. As of June 30, 2017, sales transactions representing 25,837 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 in the consolidated statement of operations and in the shares used to calculate net asset value per share. As of June 30, 2017,2018, there were ~~3,751,904~~3,625,892 shares ~~were~~ available for sale under the ATM Program.

During the year ended December 31, ~~2016,~~2017, Main Street sold ~~3,324,646~~3,944,972 shares of its common stock at a weighted-average price of ~~$34.17~~$38.72 per share and raised ~~$113.6~~$152.8 million of gross proceeds under the ATM Program. Net proceeds were ~~$112.0~~$150.9 million after commissions to the selling agents on shares sold and offering costs. As of December 31, 2016, sales transactions representing 42,413 shares had not settled and were not included in shares issued and outstanding on the face of the consolidated balance sheet, but were included in the weighted-average shares outstanding in the consolidated statements of operations and in the shares used to calculate net asset value per share.

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 six months ended June 30, 2018, $6.4 million of the total $83.9 million in dividends paid to stockholders represented DRIP participation. During this period, the DRIP participation requirements were satisfied with the issuance of 168,426 newly issued shares. For the six months ended June 30, 2017, $4.4 million of the total $76.9 million in dividends paid to stockholders represented DRIP participation. During this period, the DRIP participation requirements were satisfied with the issuance of 115,807 newly issued shares. For the six months ended June 30, 2016, $7.8 million of the total $69.0 million in dividends paid to stockholders represented DRIP participation. During this period, the DRIP participation requirements were satisfied with the issuance of 255,391 newly issued shares. 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 (the

"Equity and Incentive Plan"). These shares generally vest over a three-year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances approved by Main Street's Board of Directors under the Equity and Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of June 30, ~~2017.~~2018.


Restricted stock authorized under the plan	3,000,000
Less net restricted stock granted during:
Year ended December 31, 2015	(900	)
Year ended December 31, 2016	(260,514	)
~~Six months~~Year ended ~~June 30,~~December 31, 2017	(~~223,659~~223,812	)
Six Months ended June 30, 2018	(242,474	)

Restricted stock available for issuance as of June 30, ~~2017~~2018	~~2,514,927~~2,272,300

As of June 30, ~~2017,~~2018, the following table summarizes the restricted stock issued to Main Street's non-employee directors and the remaining shares of restricted stock available for issuance pursuant to the Main Street Capital Corporation 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.


Restricted stock authorized under the plan	300,000
Less net restricted stock granted during:
Year ended December 31, 2015	(6,806	)
Year ended December 31, 2016	(6,748	)
~~Six months~~Year ended ~~June 30,~~December 31, 2017	(~~5,201~~5,948	)
Six Months ended June 30, 2018	(6,376	)

Restricted stock available for issuance as of June 30, ~~2017~~2018	~~281,245~~274,122

For the three months ended June 30, ~~2017~~2018 and ~~2016,~~2017, Main Street recognized total share-based compensation expense of ~~$2.8~~$2.4 million and ~~$2.3~~$2.8 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors and, for the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, Main Street recognized total share-based compensation expense of ~~$5.1~~$4.7 million and ~~$3.8~~$5.1 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.

As of June 30, ~~2017,~~2018, there was ~~$15.7~~$15.2 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 ~~2.0~~2.2 years as of June 30, ~~2017.~~2018.

At June 30, ~~2017,~~2018, Main Street had the following outstanding commitments (in thousands):

	Amount		Amount

Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
Minute Key, Inc.	$	8,800
Resolute Industrial, LLC			$	5,750
Radiology Partners, Inc.				5,254
Hunter Defense Technologies, Inc.				5,168
NexRev LLC				4,000
PT Network, LLC				3,618
Hojeij Branded Foods, LLC				3,088
California Splendor Holdings LLC				2,729
Hoover Group, Inc.				2,313
Wireless Vision Holdings, LLC				2,068
NNE Partners, LLC		8,458		2,042
PT Network, LLC		7,300
Charps, LLC		4,000
CST Industries Inc.		3,577
CDHA Management, LLC		3,373		1,973
Strike, LLC		2,000
Boccella Precast Products LLC		2,000
Mid-Columbia Lumber Products, LLC		2,000
CapFusion, LLC		1,600
Felix Investments Holdings II				1,667
Chamberlin Holding LLC				1,600
Direct Marketing Solutions, Inc.				1,600
Hawk Ridge Systems, LLC		1,600		1,600
Market Force Information, LLC				1,600
Aethon United BR LP				1,563
IDX Broker, LLC				1,500
Lamb Ventures, LLC				1,500
Messenger, LLC				1,370
Meisler Operating LLC		1,600		1,280
American Nuts, LLC				1,266
Arcus Hunting LLC		1,590		1,204
Hojeij Branded Foods, LLC		1,500
Messenger, LLC		1,417
Subsea Global Solutions, LLC		1,257
Gamber-Johnson Holdings, LLC		1,200		1,200
NuStep, LLC		1,200		1,200
LaMi Products, LLC		1,030
Barfly Ventures, LLC		919		1,103
Lamb Ventures, LLC		811
Apex Linen Service, Inc.		800
Mystic Logistics Holdings, LLC		800
Pardus Oil and Gas, LLC		663
Volusion, LLC				1,075
KBK Industries, LLC				1,000
NRI Clinical Research, LLC		600		1,000
Boccella Precast Products LLC				982
CTVSH, PLLC				800
DTE Enterprises RLOC				750
Jensen Jewelers of Idaho, LLC				500
PPC/SHIFT LLC		500		500
Jensen Jewelers of Idaho, LLC		500
UniTek Global Services, Inc.		483		483
Grace Hill, LLC		444
Clad-Rex Steel, LLC		400		400
OnAsset Intelligence, Inc.		225		225
ATS Workholding, LLC				105
BigName Commerce, LLC		120		29
Permian Holdco 2, Inc.		116

Total loan commitments	$	62,883	$	67,105

Total commitments	$	126,825	$	127,858

Main Street will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facility). Main Street follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. The Company had total unrealized depreciation of $0.1 million on the outstanding unfunded commitments as of June 30, ~~2017.~~

Main Street has an operating lease for ~~its~~ office ~~space in Houston, Texas. Total rent expense incurred by Main Street for the three months ended June 30, 2017 and 2016 was $0.2 million and $0.1 million, respectively.~~space. Total rent expense incurred by Main Street for each of the three months ended June 30, 2018 and 2017 was $0.2 million. Total rent expense incurred by Main Street for the six months ended June 30, 2018 and 2017 was $0.4 million and ~~2016 was~~ $0.3 ~~million.~~million, respectively.

The following table shows future minimum payments under Main Street's operating lease as of June 30, ~~2017:~~2018:

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 June 30, ~~2017,~~2018, Main Street had a receivable of approximately ~~$2.6~~$2.9 million due from the External Investment Manager which included (i) approximately $1.9 million related primarily to operating expenses incurred by MSCC or its subsidiaries as required to support the External Investment Manager's business and amounts due from the External Investment Manager to Main Street under a tax sharing agreement (see further discussion in Note D) and (ii) approximately ~~$0.7~~$1.0 million of dividends declared but not paid by the External Investment Manager.

In November 2015, Main Street's Board of Directors approved and adopted the Main Street Capital Corporation Deferred Compensation Plan (the "2015 Deferred Compensation Plan"). The 2015 Deferred Compensation Plan became effective on January 1, 2016 and replaced the Deferred Compensation Plan for Non-Employee Directors previously adopted by the Board of Directors in June 2013 (the "2013 Deferred Compensation Plan"). Under the 2015 Deferred Compensation Plan,

non-employee directors and certain key employees may defer receipt of some or all of their cash compensation and directors' fees, subject to certain limitations. Individuals participating in the 2015 Deferred Compensation Plan receive distributions of their respective balances based on predetermined payout schedules or other events as defined by the plan and are also able to direct investments made on their behalf among investment alternatives permitted from time to time under the plan, including phantom Main Street stock units. As of June 30, ~~2017, $3.6~~2018, $5.8 million of compensation and directors' fees had been deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). Of this amount, ~~$2.4~~$3.3 million was deferred into phantom

Main Street stock units, representing ~~72,182~~97,344 shares of Main Street's common stock. Including phantom stock units issued through dividend reinvestment, the phantom stock units outstanding as of June 30, ~~2017~~2018 represented ~~83,739~~115,536 shares of Main Street's common stock. Any amounts deferred under the plan represented by phantom Main Street stock units will not be issued or included as outstanding on the consolidated statements of changes in net assets until such shares are actually distributed to the participant in accordance with the plan, but are included in operating expenses and weighted-average shares outstanding in Main Street's consolidated statements of operations as earned.

During July 2018, Main Street expanded its total commitments under the Credit Facility from $655.0 million to $680.0 million. The $25.0 million increase in total commitments was the result of the addition of a new lender relationship, which further diversifies the Main Street lending group under the Credit Facility to a total of seventeen participants. The recent increase in total commitments was executed under the accordion feature of the Credit Facility which allows for an increase up to $800.0 million in total commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments.

In July ~~2017,~~2018, Main Street fully exited its remaining investment in Drilling Info Holdings, Inc. ("Drilling Info"), the leading software, data, and analytics platform for the energy value chain. Main Street made debt and equity investments in ~~Compact Power Equipment, Inc. ("CPEC"),~~Drilling Info beginning in 2009 to support its acquisition growth strategy. Main Street's debt investment in Drilling Info was fully repaid and a ~~light to medium duty equipment rental operation that owns and operates outdoor equipment rental locations. CPEC provides~~majority portion of its ~~customers~~equity interests in Drilling Info were redeemed during the first quarter of 2012, with Main Street recognizing a ~~wide range~~realized gain of ~~landscape and construction equipment available on both~~$9.2 million. As part of this transaction, Main Street maintained a ~~long-term rental basis and an hourly rental basis.~~minority equity stake in Drilling Info. In July 2018, Main Street realized a gain of ~~approximately $3.7~~$15.5 million on the exit of its remaining equity ~~investments~~investment in ~~CPEC.~~Drilling Info.

InDuring July 2017, Main Street made a new portfolio investment to facilitate the management-led buyout of Market Force Information, LLC ("Market Force"), a leading global provider of customer experience management software and services. Main Street, along with a co-investor, partnered with Market Force's management team to facilitate the transaction, with Main Street funding $38.2 million in a combination of first-lien, senior secured term debt and a direct equity investment. In addition, Main Street and its co-investor are providing Market Force an undrawn credit facility to support its growth initiatives and working capital needs. Headquartered in Louisville, Colorado, and founded in 2005, Market Force is a global provider of customer experience management software and services, which capture customer experience data through multiple channels and provide location-based measurement and analytics. Market Force integrates this data into a cloud-based platform where clients can view, track, and analyze data in real time.

~~In August 2017,~~2018, Main Street declared regular monthly dividends of ~~$0.190~~$0.195 per share for each month of October, November and December of ~~2017.~~2018. These regular monthly dividends equal a total of ~~$0.570~~$0.585 per share for the fourth quarter of ~~2017~~2018 and represent a ~~2.7%~~2.6% increase from the regular monthly dividends declared for the fourth quarter of ~~2016.~~2017. Including the regular monthly dividends declared for the third and fourth quarters of ~~2017,~~2018, Main Street will have paid ~~$21.115~~$23.960 per share in cumulative dividends since its October 2007 initial public offering.

Consolidated Schedule of Investments Inin and Advances to Affiliates
June 30, ~~2017~~2018
(dollars in thousands)
(unaudited)

Company	Investment(1)	Amount of Interest, Fees or Dividends Credited to Income(2)		December 31, 2016 Fair Value		Gross Additions(3)		Gross Reductions(4)		June 30, 2017 Fair Value		Investment(1)(10)(11)	Geography	Amount of Realized Gain/ (Loss)		Amount of Unrealized Gain/ (Loss)			Amount of Interest, Fees or Dividends Credited to Income(2)		December 31, 2017 Fair Value		Gross Additions(3)		Gross Reductions(4)		June 30, 2018 Fair Value

*Majority-owned investments*
Café Brazil, LLC	Member Units	$	110	$	6,040	$	—	$	650	$	5,390	Member Units	(8)	$	—	$	(120	)	$	162	$	4,900	$	—	$	120	$	4,780

California Splendor Holdings LLC												LIBOR Plus 8.00% (Floor 1.00%)	(9)		—		—			259		—		9,157		—		9,157
												LIBOR Plus 10.00% (Floor 1.00%)	(9)		—		—			1,189		—		27,733		—		27,733
												Preferred Member Units	(9)		—		—			63		—		12,500		1,725		10,775

Clad-Rex Steel, LLC	LIBOR Plus 9.50% (Floor 1.00)		772		14,337		12		400		13,949	LIBOR Plus 9.50% (Floor 1.00%)	(5)		—		(15	)		763		13,280		15		415		12,880
	Member Units		177		7,280		550		—		7,830	Member Units	(5)		—		280			242		9,500		280		—		9,780
	10% Secured Debt		60		1,190		—		9		1,181	10% Secured Debt	(5)		—		—			59		1,183		—		10		1,173
	Member Units		—		210		—		—		210	Member Units	(5)		—		—			—		280		—		—		280

CMS Minerals Investments	Preferred Member Units		96		3,682		—		3,682		—	Member Units	(9)		—		748			54		2,392		748		404		2,736

Direct Marketing Solutions, Inc.												LIBOR Plus 11.00% (Floor 1.00%)	(9)		—		—			1,217		—		18,611		313		18,298
	Member Units		103		3,381		—		753		2,628	Preferred Stock	(9)		—		—			28		—		8,400		—		8,400

Gamber-Johnson	LIBOR Plus 11.00% (Floor 1.00%)		1,477		23,846		235		201		23,880
Holdings, LLC	Member Units		300		18,920		3,160		—		22,080
Gamber-Johnson Holdings, LLC												LIBOR Plus 9.00% (Floor 2.00%)	(5)		—		(25	)		1,394		23,400		25		515		22,910
												Member Units	(5)		—		10,010			619		23,370		10,010		—		33,380

GRT Rubber	LIBOR Plus 9.00% (Floor 1.00%)		668		13,274		18		883		12,409
Technologies LLC	Member Units		430		20,310		370		—		20,680
GRT Rubber Technologies LLC												LIBOR Plus 9.00% (Floor 1.00%)	(8)		—		(15	)		618		11,603		15		836		10,782
												Member Units	(8)		—		3,480			593		21,970		3,480		—		25,450

Harborside Holdings, LLC	Member Units		—		—		9,400		—		9,400	Member Units	(8)		—		—			—		9,400		100		—		9,500

Harris Preston Fund Investments												LP Interests (2717 MH, L.P.)	(8)		—		93			—		536		343		—		879

Hydratec, Inc.	Common Stock		911		15,640		—		—		15,640	Common Stock	(9)		7,922		(7,905	)		332		15,000		—		15,000		—

IDX Broker, LLC	11.5% Secured Debt		665		10,950		13		613		10,350	11.5% Secured Debt	(9)		—		(24	)		890		15,250		24		624		14,650
	Member Units		136		7,040		1,590		—		8,630	Preferred Member Units	(9)		—		(110	)		137		11,660		—		110		11,550

Jensen Jewelers of	Prime Plus 6.75% (Floor 2.00%)		218		4,055		11		311		3,755
Idaho, LLC	Member Units		82		4,460		—		—		4,460
Jensen Jewelers of Idaho, LLC												Prime Plus 6.75% (Floor 2.00%)	(9)		—		(10	)		226		3,955		10		310		3,655
												Member Units	(9)		—		(500	)		130		5,100		—		500		4,600

Lamb Ventures, LLC	LIBOR Plus 5.75%		11		—		350		160		190	11% Secured Debt	(8)		—		(13	)		502		9,942		212		1,815		8,339
	11% Secured Debt		420		7,657		—		78		7,579	Preferred Equity	(8)		—		—			—		400		—		—		400
	Preferred Equity		—		400		—		—		400
	Member Units		40		5,990		340		—		6,330
	9.5% Secured Debt		43		1,170		432		1,170		432
	Member Units		835		1,340		—		750		590

Lighting Unlimited, LLC	8% Secured Debt		29		1,514		—		1,514		—
	Preferred Equity		—		410		24		434		—	Member Units	(8)		—		(60	)		—		6,790		—		60		6,730
	Warrants		—		—		54		54		—	9.5% Secured Debt	(8)		—		—			21		432		—		—		432
	Member Units		—		—		100		100		—	Member Units	(8)		—		50			10		520		50		—		570

Mid-Columbia Lumber	10% Secured Debt		88		1,750		—		—		1,750	10% Secured Debt	(9)		—		6			91		1,390		360		—		1,750
Products, LLC	12% Secured Debt		235		3,900		—		—		3,900	12% Secured Debt	(9)		—		—			243		3,863		8		—		3,871
	Member Units		3		2,480		—		1,500		980	Member Units	(9)		—		—			3		1,575		596		—		2,171
	9.5% Secured Debt		39		836		—		22		814	9.5% Secured Debt	(9)		—		—			37		791		—		23		768
	Member Units		28		600		690		—		1,290	Member Units	(9)		—		180			21		1,290		180		—		1,470

MSC Adviser I, LLC	Member Units		1,420		30,617		6,487		—		37,104	Member Units	(8)		—		20,899			1,588		41,768		20,899		—		62,667

Mystic Logistics	12% Secured Debt		568		9,176		29		1,173		8,032
Holdings, LLC	Common Stock		—		5,780		810		—		6,590
Mystic Logistics Holdings, LLC												12% Secured Debt	(6)		—		—			483		7,696		21		232		7,485
												Common Stock	(6)		—		(2,700	)		—		6,820		—		2,700		4,120

NexRev LLC												11% Secured Debt	(8)		—		—			879		—		17,274		—		17,274
												Preferred Member Units	(8)		—		—			20		—		6,880		—		6,880

NRP Jones, LLC	8% Current / 4% PIK Secured Debt		846		13,915		282		—		14,197	12% Secured Debt	(5)		—		—			385		6,376		—		—		6,376
	Warrants		—		130		—		—		130
	Member Units		—		410		—		—		410	Member Units	(5)		—		1,500			—		3,250		1,500		—		4,750

PPL RVs, Inc.	LIBOR Plus 7.00% (Floor 0.50%)		748		17,826		174		—		18,000	LIBOR Plus 7.00% (Floor 0.50%)	(8)		—		(17	)		738		16,100		17		517		15,600
	Common Stock		100		11,780		—		—		11,780	Common Stock	(8)		—		(1,410	)		53		12,440		—		1,410		11,030

Principle	12% Secured Debt		245		4,060		—		—		4,060
Environmental, LLC	12% Current / 2% PIK Secured Debt		238		3,378		34		—		3,412
	Preferred Member Units		—		5,370		1,303		63		6,610
	Warrants		—		270		70		—		340
Principle Environmental, LLC												13% Secured Debt	(8)		—		(24	)		514		7,477		24		24		7,477
(d/b.a TruHorizon												Preferred Member Units	(8)		—		1,600			1,104		11,490		1,600		—		13,090
Environmental Solutions)												Warrants	(8)		—		130			—		650		130		—		780

Quality Lease Service, LLC	8% PIK Secured Debt		273		7,068		273		—		7,341	Zero Coupon Secured Debt	(7)		—		(500	)		—		6,950		—		500		6,450
	Member Units		—		3,188		1,199		—		4,387	Member Units	(7)		—		—			—		4,938		775		—		5,713

The MPI Group, LLC												9% Secured Debt	(7)		—		(1,301	)		133		2,410		1		1,301		1,110
												Series A Preferred Units	(7)		—		—			—		—		—		—		—
												Warrants	(7)		—		—			—		—		—		—		—
												Member Units	(7)		—		90			34		2,389		91		—		2,480

Uvalco Supply, LLC												9% Secured Debt	(8)		—		—			7		348		—		348		—
												Member Units	(8)		301		(301	)		898		3,880		—		3,880		—
��

Company	Investment(1)						Investment(1)(10)(11)	Geography

The MPI Group, LLC	9% Secured Debt	133	2,922	1	303	2,620
	Series A Preferred Units	—	—	—	—	—
	Warrants	—	—	—	—	—
	Member Units	58	2,300	90	—	2,390

Uvalco Supply, LLC	9% Secured Debt	33	872	—	236	636
	Member Units	67	4,640	—	334	4,306

Vision Interests, Inc.	13% Secured Debt	188	2,814	—	24	2,790	13% Secured Debt	(9)	—		—		192		2,797	9	—	2,806
	Series A Preferred Stock	—	3,000	—	—	3,000	Series A Preferred Stock	(9)	—		360		—		3,000	360	—	3,360
	Common Stock	—	—	—	—	—	Common Stock	(9)	—		130		—		—	129	—	129

Ziegler's NYPD, LLC	6.5% Secured Debt	34	994	1	—	995	6.5% Secured Debt	(8)	—		—		34		996	1	—	997
	12% Secured Debt	18	300	—	—	300	12% Secured Debt	(8)	—		—		21		300	125	—	425
	14% Secured Debt	194	2,750	—	—	2,750	14% Secured Debt	(8)	—		—		194		2,750	—	—	2,750
	Warrants	—	240	—	30	210	Warrants	(8)	—		—		—		—	—	—	—
	Preferred Member Units	—	4,100	—	520	3,580	Preferred Member Units	(8)	—		(860	)	—		3,220	—	861	2,359

*Other controlled investments*
Access Media Holdings, LLC	5% Current / 5% PIK Secured Debt	1,165	19,700	570	820	19,450	10% PIK Secured Debt	(5)	—		(2,030	)	—		17,150	—	2,030	15,120
	Preferred Member Units	—	240	759	729	270	Preferred Member Units	(5)	—		(730	)	—		—	729	729	—
	Member Units	—	—	—	—	—	Member Units	(5)	—		—		—		—	—	—	—

Ameritech College	13% Secured Debt	67	1,003	1	—	1,004
Operations, LLC	13% Secured Debt	198	3,025	—	—	3,025
ASC Interests, LLC							11% Secured Debt	(8)	—		—		99		1,795	5	151	1,649
	Preferred Member Units	—	2,291	3,900	3,281	2,910	Member Units	(8)	—		(160	)	—		1,530	—	160	1,370

ASC Interests, LLC	11% Secured Debt	118	2,100	5	105	2,000
ATS Workholding, LLC							5% Secured Debt	(9)	—		—		158		3,249	930	—	4,179
	Member Units	0	2,680	—	360	2,320	Preferred Member Units	(9)	—		—		—		3,726	—	—	3,726

Bond-Coat, Inc.	12% Secured Debt	719	11,596	19	19	11,596	12% Secured Debt	(8)	—		—		723		11,596	—	277	11,319
	Common Stock	—	6,660	1,170	—	7,830	Common Stock	(8)	—		—		—		9,370	—	—	9,370

Brewer Crane Holdings, LLC							LIBOR Plus 10.00% (Floor 1.00%)	(9)	—		—		665		—	9,830	124	9,706
							Preferred Member Units	(9)	—		—		57		—	4,280	—	4,280

CBT Nuggets, LLC	Member Units	2,693	55,480	10,430	—	65,910	Member Units	(9)	—		(25,520	)	10,994		89,560	—	25,520	64,040

Chamberlin Holding LLC							LIBOR Plus 10.00% (Floor 1.00%)	(8)	—		—		1,263		—	21,397	—	21,397
							Member Units	(8)	—		—		850		—	11,440	—	11,440

Charps, LLC	12% Secured Debt	1,218	—	19,009	800	18,209	12% Secured Debt	(5)	—		—		1,064		18,225	37	2,500	15,762
							Preferred Member Units	(5)	—		540		—		650	540	—	1,190

Copper Trail Fund Investments							LP Interests (CTMH, LP)	(9)	—		—		5		—	872	—	872
	Preferred Member Units	—	—	400	—	400	LP Interests (Copper Trail Energy Fund I, LP)	(9)	—		—		57		2,500	770	—	3,270

Datacom, LLC	8% Secured Debt	43	900	450	270	1,080	8% Secured Debt	(8)	—		—		33		1,575	225	—	1,800
	5.25% Current / 5.25% PIK Secured Debt	634	11,049	604	—	11,653	5.25% Current / 5.25% PIK Secured Debt	(8)	—		(718	)	330		11,110	168	718	10,560
	Class A Preferred Member Units	—	1,368	104	—	1,472	Class A Preferred Member Units	(8)	—		(730	)	—		730	—	730	—
	Class B Preferred Member Units	—	1,529	—	1,318	211	Class B Preferred Member Units	(8)	—		—		—		—	—	—	—

Digital Products Holdings LLC							LIBOR Plus 10.00% (Floor 1.00%)	(5)	—		—		1,066		—	26,146	—	26,146
							Preferred Member Units	(5)	—		—		50		—	8,800	—	8,800

Garreco, LLC	LIBOR Plus 10.00% (Floor 1.00%)	362	5,219	981	406	5,794	LIBOR Plus 10.00% (Floor 1.00%)	(8)	—		—		329		5,443	9	121	5,331
	Member Units	—	1,150	680	—	1,830	Member Units	(8)	—		—		—		1,940	—	—	1,940

Gulf Manufacturing, LLC	9% PIK Secured Debt	35	777	—	—	777
Guerdon Modular Holdings, Inc.							13% Secured Debt	(9)	—		(570	)	429		10,632	2,294	970	11,956
							Preferred Stock	(9)	—		—		—		—	—	—	—
							Common Stock	(9)	—		—		—		—	—	—	—
	Member Units	217	8,770	1,700	—	10,470	Warrants	(9)	—		—		—		—	—	—	—

Gulf Publishing	12.5% Secured Debt	728	9,911	2,781	—	12,692
Holdings, LLC	Member Units	40	3,124	1,206	—	4,330
Gulf Manufacturing, LLC							Member Units	(8)	—		1,090		882		10,060	1,090	—	11,150

Gulf Publishing Holdings, LLC							LIBOR Plus 9.50% (Floor 1.00%)	(8)	—		—		5		80	160	80	160
							12.5% Secured Debt	(8)	—		—		812		12,703	13	134	12,582
							Member Units	(8)	—		(270	)	—		4,840	—	270	4,570

Harrison Hydra-Gen, Ltd.	Common Stock	—	3,120	—	320	2,800	Common Stock	(8)	—		3,260		60		3,580	3,260	—	6,840

Hawthorne Customs and	Member Units	—	280	—	—	280
Dispatch Services, LLC	Member Units	95	2,040	—	—	2,040

HW Temps LLC	LIBOR Plus 13.00% (Floor 1.00%)	726	10,500	9	600	9,909	LIBOR Plus 11.00% (Floor 1.00%)	(6)	—		—		652		9,918	9	—	9,927
	Preferred Member Units	70	3,940	—	—	3,940	Preferred Member Units	(6)	—		2		100		3,940	2	—	3,942

Indianapolis Aviation	15% Secured Debt	292	3,100	—	3,100	—
Partners, LLC	Warrants	—	2,649	—	2,649	—

KBK Industries, LLC	10% Secured Debt	59	1,250	100	410	940	10% Secured Debt	(5)	—		—		7		375	—	375	—
	12.5% Secured Debt	378	5,889	11	—	5,900	12.5% Secured Debt	(5)	—		(5	)	376		5,900	5	5	5,900
	Member Units	—	2,780	1,210	—	3,990	Member Units	(5)	—		1,200		462		4,420	1,200	—	5,620

Marine Shelters	12% PIK Secured Debt	—	9,387	—	9,387	—
Holdings, LLC	Preferred Member Units	—	—	100	100	—
Marine Shelters Holdings, LLC							12% PIK Secured Debt	(8)	(3,361	)	3,077		—		—	3,361	3,361	—
							Preferred Member Units	(8)	(5,352	)	5,352		—		—	5,352	5,352	—

Market Force Information, LLC							LIBOR Plus 11.00% (Floor 1.00%)	(9)	—		—		1,540		23,143	23	560	22,606
							Member Units	(9)	—		(340	)	—		14,700	—	340	14,360

MH Corbin Holding LLC	10% Secured Debt	670	13,197	15	350	12,862	10% Secured Debt	(5)	—		—		686		12,526	—	443	12,083
	Preferred Member Units	70	6,000	—	—	6,000	Preferred Member Units	(5)	—		—		70		6,000	—	—	6,000

NAPCO Precast, LLC	LIBOR Plus 8.50%	327	—	10,438	—	10,438	LIBOR Plus 8.50%	(8)	—		(12	)	622		11,475	12	12	11,475
	Prime Plus 2.00% (Floor 7.00%)	122	2,713	20	2,733	—	Member Units	(8)	—		1,060		625		11,670	1,060	—	12,730

NRI Clinical Research, LLC							14% Secured Debt	(9)	—		30		470	��	4,265	2,905	400	6,770
	18% Secured Debt	327	3,952	31	3,983	—	Warrants	(9)	—		—		—		500	—	—	500
	Member Units	210	10,920	180	—	11,100	Member Units	(9)	—		—		—		2,500	—	—	2,500

NuStep, LLC							12% Secured Debt	(5)	—		—		1,264		20,420	18	—	20,438
							Preferred Member Units	(5)	—		—		—		10,200	—	—	10,200

Company	Investment(1)	Amount of Interest, Fees or Dividends Credited to Income(2)			December 31, 2016 Fair Value			Gross Additions(3)		Gross Reductions(4)		June 30, 2017 Fair Value		Investment(1)(10)(11)	Geography	Amount of Realized Gain/ (Loss)		Amount of Unrealized Gain/ (Loss)			Amount of Interest, Fees or Dividends Credited to Income(2)		December 31, 2017 Fair Value			Gross Additions(3)		Gross Reductions(4)		June 30, 2018 Fair Value

NRI Clinical Research, LLC	LIBOR Plus 6.50% (Floor 1.50%)		19			200			200		—		400
	14% Secured Debt		321			4,261			22		78		4,205
	Warrants		—			680			—		—		680
	Member Units		—			2,462			—		1		2,461

NuStep, LLC	12% Secured Debt		1,362			—			20,402		—		20,402
	Preferred Member Units		—			—			10,200		—		10,200

OMi Holdings, Inc.	Common Stock		432			13,080			—		340		12,740	Common Stock	(8)		—		700			792		14,110			700		—		14,810

Pegasus Research Group, LLC	Member Units		—			8,620			—		390		8,230	Member Units	(8)		—		(720	)		—		10,310			—		720		9,590

River Aggregates, LLC	Zero Coupon Secured Debt		39			627			39		—		666	Zero Coupon Secured Debt	(8)		—		—			43		707			43		—		750
	Member Units		—			4,600			—		190		4,410	Member Units	(8)		—		—			—		4,610			—		—		4,610
	Member Units		—			2,510			—		—		2,510	Member Units	(8)		—		110			—		2,559			111		—		2,670

SoftTouch Medical	LIBOR Plus 9.00% (Floor 1.00%)		366			7,140			7		7		7,140
Holdings LLC	Member Units		535			9,170			370		—		9,540
SoftTouch Medical Holdings LLC														LIBOR Plus 9.00% (Floor 1.00%)	(7)		—		(30	)		120		7,140			30		7,170		—
														Member Units	(7)		5,171		(5,160	)		865		10,089			—		10,089		—

Other
Amounts related to investments transferred to or from other 1940 Act classification during the period			(220	)		(9,919	)		—		—		—				—		—			25		(10,632	)		—		—		—

		$	27,576		$	594,282		$	116,225	$	48,713	$	671,713
Total Control investments																$	4,681	$	3,072		$	45,830	$	750,706		$	250,519	$	97,894	$	913,963



*Affiliate Investments*
AFG Capital Group, LLC	Warrants	$	—		$	670		$	20	$	—	$	690	Warrants	(8)	$	—	$	40		$	—	$	860		$	40	$	—	$	900
	Member Units		16			2,750			100		—		2,850	Preferred Member Units	(8)		—		170			20		3,590			170		—		3,760

Barfly Ventures, LLC	12% Secured Debt		480			5,827			1,969		—		7,796	12% Secured Debt	(5)		—		(4	)		549		8,715			729		4		9,440
	Options		—			490			100		—		590	Options	(5)		—		(120	)		—		920			—		120		800
	Warrants		—			280			50		—		330	Warrants	(5)		—		(70	)		—		520			—		70		450

BBB Tank Services, LLC	LIBOR Plus 9.50% (Floor 1.00%)		43			797			—		—		797	LIBOR Plus 10% (Floor 1.00%)	(8)		—		—			41		778			416		562		632
	15% Secured Debt		307			3,991			3		—		3,994	17% Secured Debt	(8)		—		—			330		3,876			14		—		3,890
	Member Units		—			800			—		—		800	Member Units	(8)		—		(30	)		—		500			—		30		470

Boccella Precast	LIBOR Plus 10.0% (Floor 1.00%)		235			—			16,216		—		16,216
Products LLC	Member Units		—			—			2,160		—		2,160
Boccella Precast Products LLC														LIBOR Plus 8% (Floor 1.00%)	(6)		—		(21	)		946		16,400			2,181		1,839		16,742
														Member Units	(6)		—		1,780			481		3,440			1,780		—		5,220

Boss Industries, LLC	Preferred Member Units		175			2,800			520		—		3,320	Preferred Member Units	(5)		—		1,260			377		3,930			1,340		—		5,270

Bridge Capital Solutions	13% Secured Debt		620			5,610			130		—		5,740	13% Secured Debt	(6)		—		—			675		5,884			160		—		6,044
Corporation	Warrants		—			3,370			—		—		3,370	Warrants	(6)		—		500			—		3,520			500		—		4,020
	13% Secured Debt		66			1,000			1		1		1,000	13% Secured Debt	(6)		—		(1	)		66		1,000			1		1		1,000
	Preferred Member Units		50			1,000			—		—		1,000	Preferred Member Units	(6)		—		—			58		1,000			—		—		1,000

Buca C, LLC	LIBOR Plus 7.25% (Floor 1.00%)		951			22,671			30		1,633		21,068	LIBOR Plus 9.25% (Floor 1.00%)	(7)		—		—			1,131		20,193			23		600		19,616
	Preferred Member Units		115			4,660			116		728		4,048	Preferred Member Units	(7)		—		5			122		4,172			127		—		4,299

CAI Software LLC	12% Secured Debt		217			3,683			5		205		3,483	12% Secured Debt	(6)		—		(7	)		250		4,083			7		247		3,843
	Member Units		49			2,480			340		—		2,820	Member Units	(6)		—		(380	)		20		3,230			—		380		2,850

CapFusion, LLC	13% Secured Debt		1,043			13,202			102		—		13,304
Chandler Signs Holdings, LLC														12% Secured Debt/1.00% PIK	(8)		—		(4	)		298		4,500			27		4		4,523
	Warrants		—			1,200			—		—		1,200	Class A Units	(8)		—		(470	)		—		2,650			—		470		2,180

Chandler Signs	12% Secured Debt		275			4,500			3		3		4,500
Holdings, LLC	Class A Units		63			3,240			—		330		2,910
Charlotte Russe, Inc														8.50% Secured Debt	(9)		—		7,779			285		7,807			16,658		17,380		7,085
														Common Stock	(9)		—		—			—		—			3,141		—		3,141

Condit Exhibits, LLC	Member Units		36			1,840			—		—		1,840	Member Units	(9)		—		—			85		1,950			—		—		1,950

Congruent Credit	LP Interests (Fund II)		—			1,518			—		141		1,377
Opportunities Funds	LP Interests (Fund III)		768			16,181			2,396		—		18,577

Daseke, Inc.	12% Current / 2.5% PIK Secured Debt		676			21,799			255		22,054		—
	Common Stock		—			24,063			—		24,063		—
Congruent Credit Opportunities														LP Interests (Fund II)	(8)		—		(254	)		—		1,515			—		774		741
Funds														LP Interests (Fund III)	(8)		—		228			805		18,632			4,242		—		22,874

Dos Rios Partners	LP Interests (Dos Rios Partners, LP)		—			4,925			444		—		5,369	LP Interests (Dos Rios Partners, LP)	(8)		—		31			—		7,165			31		150		7,046
	LP Interests (Dos Rios Partners—A, LP)		—			1,444			129		—		1,573	LP Interests (Dos Rios Partners—A, LP)	(8)		—		395			—		1,889			396		48		2,237

Dos Rios Stone Products LLC	Class A Units		—			2,070			—		200		1,870
East Teak Fine Hardwoods, Inc.														Common Stock	(7)		—		—			33		630			—		—		630

EIG Fund Investments														LP Interests (EIG Global Private Debt fund-A, L.P.)	(8)		—		—			—		1,055			387		1,029		413

Freeport Financial Funds														LP Interests (Freeport Financial SBIC Fund LP)	(5)		—		128			204		5,614			128		—		5,742
														LP Interests (Freeport First Lien Loan Fund III LP)	(5)		—		—			458		8,506			—		—		8,506

Gault Financial, LLC (RMB														8% Secured Debt	(7)		—		—			492		11,532			—		150		11,382
Capital, LLC)														Warrants	(7)		—		—			—		—			—		—		—

Harris Preston Fund Investments														LP Interests (HPEP 3, L.P.)	(8)		—		—			—		943			517		—		1,460

Hawk Ridge Systems, LLC														10.5% Secured Debt	(9)		—		(13	)		777		14,300			13		13		14,300
														Preferred Member Units	(9)		—		2,420			89		3,800			2,420		—		6,220
														Preferred Member Units	(9)		—		130			—		200			130		—		330

Houston Plating and Coatings, LLC														8% Unsecured Convertible Debt	(8)		—		180			121		3,200			180		—		3,380
														Member Units	(8)		—		873			96		6,140			930		—		7,070

I-45 SLF LLC														Member Units	(8)		—		(154	)		1,409		16,841			—		154		16,687

L.F. Manufacturing Holdings, LLC														Member Units	(8)		—		—			—		2,000			—		—		2,000

Meisler Operating LLC														LIBOR Plus 8.50% (Floor 1.00%)	(5)		—		—			1,063		16,633			3,979		—		20,612
														Member Units	(5)		—		525			—		3,390			2,180		—		5,570

Company

Investment(1)
Amount of
Interest, Fees or
Dividends
Credited to
Income(2) December 31,
2016
Fair Value Gross
Additions(3) Gross
Reductions(4) June 30,
2017
Fair Value
East Teak Fine Hardwoods, Inc.
Common Stock 33 860 — 230 630

East West Copolymer &
12% Current / 2% PIK Secured Debt — 8,630 — 5,630 3,000
Rubber, LLC
Warrants — — — — —

EIG Fund Investments
LP Interests (EIG Global Private Debt fund—A, L.P.) 90 2,804 352 2,462 694
LP Interests (EIG Traverse Co-Investment, L.P.) 543 9,905 504 — 10,409

Freeport Financial Fund Investments
LP Interests (Freeport Financial SBIC Fund LP) 204 5,620 — 101 5,519
LP Interests (Freeport First Lien Loan Fund III LP) 289 4,763 2,796 52 7,507

Gault Financial, LLC (RMB
10.5% Current Secured Debt 649 11,079 1,018 327 11,770
Capital, LLC)
Warrants — — — — —

Glowpoint, Inc.
12% Secured Debt 555 3,997 14 1,311 2,700
Common Stock — 2,080 90 — 2,170

Guerdon Modular
13% Secured Debt 719 10,594 18 — 10,612
Holdings, Inc.
Preferred Stock — 1,140 — — 1,140
Common Stock — 80 — — 80

Hawk Ridge Systems, LLC
10% Secured Debt 513 9,901 8 — 9,909
Preferred Member Units 221 2,850 — — 2,850
Preferred Member Units 6 150 — — 150

Houston Plating and
8% Unsecured Convertible Debt 42 — 3,000 — 3,000
Coatings, LLC
Member Units 3 4,000 980 — 4,980

I-45 SLF LLC
Member Units 1,435 14,586 2,579 — 17,165

Indianhead Pipeline
12% Secured Debt 887 5,079 562 449 5,192
Services, LLC
Preferred Member Units 198 2,677 198 — 2,875
Warrants — — — — —
Member Units — — — — —

L.F. Manufacturing Holdings, LLC
Member Units — 1,380 — — 1,380

Meisler Operating LLC
LIBOR Plus 8.50% (Floor 1.00%) 388 — 16,618 — 16,618
Member Units — — 3,200 — 3,200

OnAsset Intelligence, Inc.
12% PIK Secured Debt 277 4,519 277 — 4,796
10% PIK Secured Debt — — 45 — 45
Preferred Stock — — — — —
Warrants — — — — —

OPI International Ltd.
10% Unsecured Debt 16 473 — 473 —
Common Stock — 1,600 — 1,600 —

PCI Holding Company, Inc.
12% Secured Debt 1,112 13,000 320 20 13,300
Preferred Stock 354 5,370 354 854 4,870
Preferred Stock — — 2,610 — 2,610

Rocaceia, LLC (Quality

Lease and Rental
12% Secured Debt — 250 — — 250
Holdings, LLC)
Preferred Member Units — — — — —

Tin Roof Acquisition Company
12% Secured Debt 832 13,385 32 336 13,081
Class C Preferred Stock 139 2,738 140 — 2,878

UniTek Global Services, Inc.
LIBOR Plus 8.50% (Floor 1.00%) 290 5,021 3,517 3 8,535
LIBOR Plus 8.50% (Floor 1.00%) 29 824 3 690 137
15% PIK Unsecured Debt 62 745 57 — 802
Preferred Stock 889 6,410 888 458 6,840
Preferred Stock 78 — 2,597 — 2,597
Common Stock — 3,010 — 490 2,520

Universal Wellhead Services
Preferred Member Units — 720 — — 720
Holdings, LLC
Member Units — 610 — — 610

Valley Healthcare
LIBOR Plus 12.50% (Floor 0.50%) 873 12,844 13 270 12,587
Group, LLC
Preferred Member Units — 1,600 — — 1,600

~~This schedule should be read in conjunction with Main Street's consolidated financial statements, including the consolidated schedule of investments and notes to the consolidated financial statements.~~

(1): The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the consolidated schedule of investments.
(2): Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in "Amounts from investments transferred from other 1940 Act classifications during the period."
(3): Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4): Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5): Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2018 for control investments located in this region was $218,788. This represented 15.1% of net assets as of June 30, 2018. The fair value as of June 30,

2018 for affiliate investments located in this region was $56,390. This represented 3.9% of net assets as of June 30, 2018.

(6): Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2018 for control investments located in this region was $25,474. This represented 1.8% of net assets as of June 30, 2018. The fair value as of June 30, 2018 for affiliate investments located in this region was $61,945. This represented 4.3% of net assets as of June 30, 2018.
(7): Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2018 for control investments located in this region was $15,753. This represented 1.1% of net assets as of June 30, 2018. The fair value as of June 30, 2018 for affiliate investments located in this region was $35,927. This represented 2.5% of net assets as of June 30, 2018.
(8): Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2018 for control investments located in this region was $377,304. This represented 26.1% of net assets as of June 30, 2018. The fair value as of June 30, 2018 for affiliate investments located in this region was $138,007. This represented 9.5% of net assets as of June 30, 2018.
(9): Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of June 30, 2018 for control investments located in this region was $276,644. This represented 19.1% of net assets as of June 30, 2018. The fair value as of June 30, 2018 for affiliate investments located in this region was $49,147. This represented 3.4% of net assets as of June 30, 2018.
(10): All of the Company's portfolio investments are generally subject to restrictions on resale as "restricted securities," unless otherwise noted.
(11): This schedule should be read in conjunction with the consolidated schedule of investments and notes to the consolidated financial statements. Supplemental information can be located within the schedule of investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates
June 30, ~~2016~~2017
(dollars in thousands)
~~(Unaudited)~~

Company	Investment(1)								Investment(1)(10)(11)			Amount of Realized Gain/ (Loss)			Amount of Unrealized Gain/ (Loss)			Amount of Interest, Fees or Dividends Credited to Income(2)		December 31, 2016 Fair Value		Gross Additions(3)		Gross Reductions(4)		June 30, 2017 Fair Value

Control Investments
*Majority-owned investments*
Café Brazil, LLC	Member Units	312		7,330	—		760	6,570	Member Units	(8	)	$	—		$	(650	)	$	110	$	6,040	$	—	$	650	$	5,390

CMS Minerals LLC	Member Units	62		—	4,083		95	3,988
Clad-Rex Steel, LLC									LIBOR Plus 9.50% (Floor 1.00)	(5	)		—			—			772		14,337		12		400		13,949
									Member Units	(5	)		—			550			177		7,280		550		—		7,830
									10% Secured Debt	(5	)		—			—			60		1,190		—		9		1,181
									Member Units	(5	)		—			—			—		210		—		—		210

CMS Minerals Investments									Preferred Member Units	(8	)		1,405			(1,578	)		96		3,682		—		3,682		—
	Preferred Member Units	1,117		6,914	—		2,866	4,048	Member Units	(8	)		—			(565	)		103		3,381		—		753		2,628

Gamber-Johnson	LIBOR Plus 11.00% (Floor 1.00%)	261		—	19,791		—	19,791	LIBOR Plus 11.00% (Floor 1.00%)	(5	)		—			212			1,477		23,846		235		201		23,880
Holdings, LLC	Member Units	304		—	12,124		—	12,124	Member Units	(5	)		—			3,160			300		18,920		3,160		—		22,080

GRT Rubber	LIBOR Plus 9.00% (Floor 1.00%)	766		15,988	134		2,429	13,693
Technologies LLC	Member Units	223		15,580	2,450		—	18,030
GRT Rubber Technologies LLC									LIBOR Plus 9.00% (Floor 1.00%)	(8	)		—			(17	)		668		13,274		18		883		12,409
									Member Units	(8	)		—			370			430		20,310		370		—		20,680

Harborside Holdings, LLC									Member Units	(8	)		—			3,194			—		—		9,400		—		9,400

Hydratec, Inc.	Common Stock	911		14,950	810		—	15,760	Common Stock	(9	)		—			—			911		15,640		—		—		15,640

IDX Broker, LLC	12.5% Secured Debt	730		11,350	10		10	11,350	11.5% Secured Debt	(9	)		—			(13	)		665		10,950		13		613		10,350
	Member Units	—		6,440	—		—	6,440	Member Units	(9	)		—			1,590			136		7,040		1,590		—		8,630

Jensen Jewelers of	Prime Plus 6.75% (Floor 2.00%)	240		4,055	515		215	4,355
Idaho, LLC	Member Units	139		4,750	450		—	5,200
Jensen Jewelers of Idaho, LLC									Prime Plus 6.75% (Floor 2.00%)	(9	)		—			(11	)		218		4,055		11		311		3,755
									Member Units	(9	)		—			—			82		4,460		—		—		4,460

Lamb's Venture, LLC	LIBOR Plus 5.75%	3		—	351		1	350
Lamb Ventures, LLC									LIBOR Plus 5.75%	(8	)		—			—			11		—		350		160		190
	11% Secured Debt	435		7,962	—		227	7,735	11% Secured Debt	(8	)		—			—			420		7,657		—		78		7,579
	Preferred Equity	—		328	72		—	400	Preferred Equity	(8	)		—			—			—		400		—		—		400
	Member Units	10		4,690	1,050		—	5,740	Member Units	(8	)		—			340			40		5,990		340		—		6,330
	9.5% Secured Debt	43		919	—		25	894	9.5% Secured Debt	(8	)		—			4			43		1,170		432		1,170		432
	Member Units	27		1,240	380		—	1,620	Member Units	(8	)		—			(750	)		835		1,340		—		750		590

Lighting Unlimited, LLC	8% Secured Debt	61		1,514	—		—	1,514	8% Secured Debt	(8	)		—			—			29		1,514		—		1,514		—
	Preferred Equity	—		430	—		—	430	Preferred Equity	(8	)		(434	)		24			—		410		24		434		—
	Warrants	—		40	—		10	30	Warrants	(8	)		(54	)		54			—		—		54		54		—
	Member Units	(81	)	350	—		90	260	Member Units	(8	)		(100	)		100			—		—		100		100		—

Mid-Columbia Lumber	10% Secured Debt	88		1,750	—		—	1,750	10% Secured Debt	(9	)		—			—			88		1,750		—		—		1,750
Products, LLC	12% Secured Debt	237		3,900	—		—	3,900	12% Secured Debt	(9	)		—			—			235		3,900		—		—		3,900
	Member Units	40		2,580	—		160	2,420	Member Units	(9	)		—			(1,500	)		3		2,480		—		1,500		980
	9.5% Secured Debt	42		881	—		22	859	9.5% Secured Debt	(9	)		—			—			39		836		—		22		814
	Member Units	10		550	—		—	550	Member Units	(9	)		—			150			28		600		690		—		1,290

MSC Adviser I, LLC	Member Units	1,316		27,272	—		360	26,912	Member Units	(8	)		—			6,487			1,420		30,617		6,487		—		37,104

Mystic Logistics	12% Secured Debt	593		9,448	20		108	9,360
Holdings, LLC	Common Stock	16		5,970	—		580	5,390
Mystic Logistics Holdings, LLC									12% Secured Debt	(6	)		—			(29	)		568		9,176		29		1,173		8,032
									Common Stock	(6	)		—			810			—		5,780		810		—		6,590

NRP Jones, LLC	6% Current / 6% PIK Secured Debt	940		12,948	405		—	13,353	8% Current / 4% PIK Secured Debt	(5	)		—			—			846		13,915		282		—		14,197
	Warrants	—		450	—		320	130	Warrants	(5	)		—			—			—		130		—		—		130
	Member Units	—		1,480	—		1,070	410	Member Units	(5	)		—			—			—		410		—		—		410

PPL RVs, Inc.	11.1% Secured Debt	545		9,710	—		—	9,710	LIBOR Plus 7.00% (Floor 0.50%)	(8	)		—			159			748		17,826		174		—		18,000
	Common Stock	—		9,770	1,420		—	11,190	Common Stock	(8	)		—			—			100		11,780		—		—		11,780

Principle	12% Secured Debt	267		4,060	21		21	4,060
Environmental, LLC	12% Current / 2% PIK Secured Debt	236		3,310	35		1	3,344
Principle Environmental, LLC									12% Secured Debt	(8	)		—			—			245		4,060		—		—		4,060
									12% Current / 2% PIK Secured Debt	(8	)		—			—			238		3,378		34		—		3,412
	Preferred Member Units	—		6,060	—		1,460	4,600	Preferred Member Units	(8	)		(63	)		1,303			—		5,370		1,303		63		6,610
	Warrants	—		310	—		290	20	Warrants	(8	)		—			70			—		270		70		—		340

Quality Lease Service, LLC	8% PIK Secured Debt	253		6,538	252		—	6,790	8% PIK Secured Debt	(7	)		—			—			273		7,068		273		—		7,341
	Member Units	—		2,638	—		—	2,638	Member Units	(7	)		—			—			—		3,188		1,199		—		4,387

Southern RV, LLC	13% Secured Debt	157		11,400	104		11,504	—
The MPI Group, LLC									9% Secured Debt	(7	)		—			(303	)		133		2,922		1		303		2,620
	Member Units	957		15,100	(1,417	)	13,683	—	Series A Preferred Units	(7	)		—			—			—		—		—		—		—
	13% Secured Debt	45		3,250	30		3,280	—	Warrants	(7	)		—			—			—		—		—		—		—
	Member Units	—		1,200	—		1,200	—	Member Units	(7	)		—			90			58		2,300		90		—		2,390

Uvalco Supply, LLC									9% Secured Debt	(8	)		—			—			33		872		—		236		636
									Member Units	(8	)		69			(69	)		67		4,640		—		334		4,306

Vision Interests, Inc.									13% Secured Debt	(9	)		—			—			188		2,814		—		24		2,790
									Series A Preferred Stock	(9	)		—			—			—		3,000		—		—		3,000
									Common Stock	(9	)		—			—			—		—		—		—		—

Company	Investment(1)	Amount of Interest, Fees or Dividends Credited to Income(2)		December 31, 2015 Fair Value		Gross Additions(3)		Gross Reductions(4)		June 30, 2016 Fair Value		Investment(1)(10)(11)

The MPI Group, LLC	9% Secured Debt		134		2,921		—		—		2,921
	Series A Preferred Units		—		690		—		190		500
	Warrants		—		—		—		—		—
	Member Units		63		2,230		70		—		2,300

Travis Acquisition LLC	12% Secured Debt		212		3,513		10		278		3,245
	Member Units		50		14,480		5,890		—		20,370

Uvalco Supply, LLC	9% Secured Debt		53		1,314		—		216		1,098
	Member Units		90		5,460		250		—		5,710

Vision Interests, Inc.	13% Secured Debt		209		3,052		10		107		2,955
	Series A Preferred Stock		—		3,550		—		180		3,370
	Common Stock		—		210		—		70		140

Ziegler's NYPD, LLC	6.5% Secured Debt		34		992		1		—		993	6.5% Secured Debt	(8	)	—		—		34	994	1	—	995
	12% Secured Debt		28		500		—		200		300	12% Secured Debt	(8	)	—		—		18	300	—	—	300
	14% Secured Debt		198		2,750		—		—		2,750	14% Secured Debt	(8	)	—		—		194	2,750	—	—	2,750
	Warrants		—		50		160		—		210	Warrants	(8	)	—		(30	)	—	240	—	30	210
	Preferred Member Units		—		3,400		130		—		3,530	Preferred Member Units	(8	)	—		(520	)	—	4,100	—	520	3,580

*Other controlled investments*
Access Media Holdings, LLC	5.00% Current / 5.00% PIK Secured Debt	$	1,115	$	20,380	$	545	$	485	$	20,440	5% Current / 5% PIK Secured Debt	(5	)	—		(820	)	1,165	19,700	570	820	19,450
	Preferred Member Units		—		2,000		1,305		2,525		780	Preferred Member Units	(5	)	—		(728	)	—	240	759	729	270
	Member Units		—		—		—		—		—	Member Units	(5	)	—		—		—	—	—	—	—

AmeriTech College, LLC	10% Secured Debt		51		1,003		1		—		1,004
	10% Secured Debt		153		3,025		—		—		3,025
Ameritech College												13% Secured Debt	(9	)	—		—		67	1,003	1	—	1,004
Operations, LLC												13% Secured Debt	(9	)	—		—		198	3,025	—	—	3,025
	Preferred Member Units		57		2,291		—		—		2,291	Preferred Member Units	(9	)	—		(3,281	)	—	2,291	3,900	3,281	2,910

ASC Interests, LLC	11% Secured Debt		140		2,500		8		258		2,250	11% Secured Debt	(8	)	—		(5	)	118	2,100	5	105	2,000
	Member Units		35		2,230		450		—		2,680	Member Units	(8	)	—		(360	)	—	2,680	—	360	2,320

Bond-Coat, Inc.	12% Secured Debt		720		11,596		17		17		11,596	12% Secured Debt	(8	)	—		(19	)	719	11,596	19	19	11,596
	Common Stock		—		9,140		—		4,050		5,090	Common Stock	(8	)	—		1,170		—	6,660	1,170	—	7,830

CBT Nuggets, LLC	Member Units		4,425		42,120		7,980		—		50,100	Member Units	(9	)	—		10,430		2,693	55,480	10,430	—	65,910

Charps, LLC												12% Secured Debt	(5	)	—		—		1,218	—	19,009	800	18,209
												Preferred Member Units	(5	)	—		—		—	—	400	—	400

Datacom, LLC	8% Secured Debt		17		—		450		—		450	8% Secured Debt	(8	)	—		—		43	900	450	270	1,080
	5.25% Current / 5.25% PIK Secured Debt		566		10,970		210		450		10,730	5.25% Current / 5.25% PIK Secured Debt	(8	)	—		282		634	11,049	604	—	11,653
	Class A Preferred Member Units		—		1,181		89		—		1,270	Class A Preferred Member Units	(8	)	—		104		—	1,368	104	—	1,472
	Class B Preferred Member Units		—		5,079		—		2,485		2,594	Class B Preferred Member Units	(8	)	—		(1,318	)	—	1,529	—	1,318	211

Garreco, LLC	14% Secured Debt		424		5,739		13		—		5,752	LIBOR Plus 10.00% (Floor 1.00%)	(8	)	—		—		362	5,219	981	406	5,794
	Member Units		5		1,270		—		180		1,090	Member Units	(8	)	—		680		—	1,150	680	—	1,830

Gulf Manufacturing, LLC	9% PIK Secured Debt		35		777		—		—		777	9% PIK Secured Debt	(8	)	—		—		35	777	—	—	777
	Member Units		—		13,770		—		5,000		8,770	Member Units	(8	)	—		1,700		217	8,770	1,700	—	10,470

Gulf Publishing	12.5% Secured Debt		322		—		9,904		—		9,904
Holdings, LLC	Member Units		62		—		3,124		—		3,124
Gulf Publishing Holdings, LLC												12.5% Secured Debt	(8	)	—		—		728	9,911	2,781	—	12,692
												Member Units	(8	)	—		649		40	3,124	1,206	—	4,330

Harrison Hydra-Gen, Ltd.	9% Secured Debt		9		5,010		—		5,010		—	Common Stock	(8	)	—		(320	)	—	3,120	—	320	2,800
	Preferred Stock		2		1,361		2		1,363		—
	Common Stock		79		2,600		430		—		3,030

Hawthorne Customs and	Member Units		12		460		—		180		280	Member Units	(8	)	—		—		—	280	—	—	280
Dispatch Services, LLC	Member Units		81		2,220		—		—		2,220	Member Units	(8	)	—		—		95	2,040	—	—	2,040

HW Temps LLC	LIBOR Plus 9.50% (Floor 1.00%)		540		9,884		8		—		9,892	LIBOR Plus 13.00% (Floor 1.00%)	(6	)	—		—		726	10,500	9	600	9,909
	Preferred Member Units		362		3,942		1,008		—		4,950	Preferred Member Units	(6	)	—		—		70	3,940	—	—	3,940

Indianapolis Aviation	15% Secured Debt		240		3,100		5		5		3,100	15% Secured Debt	(8	)	—		—		292	3,100	—	3,100	—
Partners, LLC	Warrants		—		2,540		—		—		2,540	Warrants	(8	)	2,385		(1,520	)	—	2,649	—	2,649	—

Marine Shelters
Holdings, LLC (LoneStar	12% PIK Secured Debt		578		8,870		630		431		9,069
Marine Shelters)	Preferred Member Units		—		4,881		—		1,781		3,100
KBK Industries, LLC												10% Secured Debt	(5	)	—		—		59	1,250	100	410	940
												12.5% Secured Debt	(5	)	—		4		378	5,889	11	—	5,900
												Member Units	(5	)	—		767		—	2,780	1,210	—	3,990

Marine Shelters Holdings, LLC												12% PIK Secured Debt	(8	)	—		(2,551	)	—	9,387	—	9,387	—
												Preferred Member Units	(8	)	(100	)	—		—	—	100	100	—

MH Corbin Holding LLC	10% Secured Debt		710		13,869		14		350		13,533	10% Secured Debt	(5	)	—		—		670	13,197	15	350	12,862
	Preferred Member Units		70		6,000		—		—		6,000	Preferred Member Units	(5	)	—		—		70	6,000	—	—	6,000

NAPCO Precast, LLC	Prime Plus 2.00% (Floor 7.00%)		154		4,005		—		1,292		2,713	LIBOR Plus 8.50%	(8	)	—		—		327	—	10,438	—	10,438
	18% Secured Debt		425		4,924		—		972		3,952	Prime Plus 2.00% (Floor 7.00%)	(8	)	—		(20	)	122	2,713	20	2,733	—
	Member Units		357		8,590		1,180		—		9,770	18% Secured Debt	(8	)	—		(30	)	327	3,952	31	3,983	—
												Member Units	(8	)	—		180		210	10,920	180	—	11,100

NRI Clinical Research, LLC												LIBOR Plus 6.50% (Floor 1.50%)	(9	)	—		—		19	200	200	—	400
												14% Secured Debt	(9	)	—		(22	)	321	4,261	22	78	4,205
												Warrants	(9	)	—		—		—	680	—	—	680
												Member Units	(9	)	—		—		—	2,462	—	1	2,461

NuStep, LLC												12% Secured Debt	(5	)	—		—		1,362	—	20,402	—	20,402
												Preferred Member Units	(5	)	—		—		—	—	10,200	—	10,200

OMi Holdings, Inc.												Common Stock	(8	)	—		(340	)	432	13,080	—	340	12,740

Pegasus Research Group, LLC												Member Units	(8	)	—		(390	)	—	8,620	—	390	8,230

River Aggregates, LLC												Zero Coupon Secured Debt	(8	)	—		—		39	627	39	—	666
												Member Units	(8	)	—		(190	)	—	4,600	—	190	4,410
												Member Units	(8	)	—		—		—	2,510	—	—	2,510

SoftTouch Medical												LIBOR Plus 9.00% (Floor 1.00%)	(7	)	—		(7	)	366	7,140	7	7	7,140
Holdings LLC												Member Units	(7	)	—		369		535	9,170	370	—	9,540

Company	Investment(1)	Amount of Interest, Fees or Dividends Credited to Income(2)		December 31, 2015 Fair Value		Gross Additions(3)		Gross Reductions(4)		June 30, 2016 Fair Value		Investment(1)(10)(11)			Amount of Realized Gain/ (Loss)		Amount of Unrealized Gain/ (Loss)			Amount of Interest, Fees or Dividends Credited to Income(2)			December 31, 2016 Fair Value			Gross Additions(3)		Gross Reductions(4)		June 30, 2017 Fair Value

NRI Clinical Research, LLC	14% Secured Debt		347		4,539		79		108		4,510
	Warrants		—		340		60		—		400
	Member Units		—		1,342		140		—		1,482

OMi Holdings, Inc.	Common Stock		—		13,640		1,940		—		15,580

Pegasus Research Group, LLC (Televerde)	Member Units		314		6,840		1,780		—		8,620

River Aggregates, LLC	Zero Coupon Secured Debt		34		556		35		—		591
	Member Units		230		3,830		770		—		4,600
	Member Units		—		2,360		80		—		2,440

SoftTouch Medical	LIBOR Plus 9.00% (Floor 1.00%)		410		8,010		65		425		7,650
Holdings LLC	Member Units		115		5,710		2,860		—		8,570

Other
Amounts related to investments transferred to or from other 1940 Act classification during the period			—		—		—		—		—					—		—			(220	)		(9,919	)		—		—		—

		$	25,572	$	555,011	$	84,793	$	69,395	$	570,409				$	3,108	$	17,046		$	27,576		$	594,282		$	116,225	$	48,713	$	671,713



Affiliate Investments
AFG Capital Group, LLC	11% Secured Debt	$	765	$	12,790	$	36	$	—	$	12,826	Warrants	(8	)	$	—	$	20		$	—		$	670		$	20	$	—	$	690
	Warrants		—		490		80		—		570	Member Units	(8	)		—		100			16			2,750			100		—		2,850
	Member Units		—		2,020		310		—		2,330

Barfly Ventures, LLC	12% Secured Debt		678		4,042		908		94		4,856	12% Secured Debt	(5	)		—		154			480			5,827			1,969		—		7,796
	Options		—		—		470		—		470	Options	(5	)		—		100			—			490			100		—		590
	Warrants		—		473		—		233		240	Warrants	(5	)		—		50			—			280			50		—		330
																								��
BBB Tank Services, LLC	12% Current / 1% PIK Secured Debt		164		—		3,967		—		3,967	LIBOR Plus 9.50% (Floor 1.00%)	(8	)		—		—			43			797			—		—		797
	Member Units		—		—		800		—		800	15% Secured Debt	(8	)		—		—			307			3,991			3		—		3,994
												Member Units	(8	)		—		—			—			800			—		—		800

Boccella Precast Products LLC												LIBOR Plus 10.0% (Floor 1.00%)	(6	)		—		—			235			—			16,216		—		16,216
												Member Units	(6	)		—		—			—			—			2,160		—		2,160

Boss Industries, LLC	Preferred Member Units		111		2,586		86		112		2,560	Preferred Member Units	(5	)		—		427			175			2,800			520		—		3,320

Bridge Capital Solutions	13% Secured Debt		499		6,890		110		—		7,000	13% Secured Debt	(6	)		—		—			620			5,610			130		—		5,740
Corporation	Warrants		—		1,300		80		—		1,380	Warrants	(6	)		—		—			—			3,370			—		—		3,370
												13% Secured Debt	(6	)		—		—			66			1,000			1		1		1,000
												Preferred Member Units	(6	)		—		—			50			1,000			—		—		1,000

Buca C, LLC	LIBOR Plus 7.25% (Floor 1.00%)		1,094		25,299		231		2,319		23,211	LIBOR Plus 7.25% (Floor 1.00%)	(7	)		—		(167	)		951			22,671			30		1,633		21,068
	Preferred Member Units		109		3,711		1,829		—		5,540	Preferred Member Units	(7	)		—		(728	)		115			4,660			116		728		4,048

CAI Software LLC	12% Secured Debt		269		4,661		9		650		4,020	12% Secured Debt	(6	)		—		(5	)		217			3,683			5		205		3,483
	Member Units		22		1,000		740		—		1,740	Member Units	(6	)		—		340			49			2,480			340		—		2,820

CapFusion, LLC	13% Secured Debt		529		—		9,933		—		9,933	13% Secured Debt	(5	)		—		—			1,043			13,202			102		—		13,304
	Warrants		—		—		1,200		—		1,200	Warrants	(5	)		—		—			—			1,200			—		—		1,200

Chandler Signs	12% Secured Debt		316		—		4,458		—		4,458
Holdings, LLC	Class A Units		78		—		1,500		—		1,500
Chandler Signs Holdings, LLC												12% Secured Debt	(8	)		—		(3	)		275			4,500			3		3		4,500
												Class A Units	(8	)		—		(330	)		63			3,240			—		330		2,910

Condit Exhibits, LLC	Member Units		85		1,010		450		—		1,460	Member Units	(9	)		—		—			36			1,840			—		—		1,840

Congruent Credit	LP Interests (Fund II)		400		2,834		—		1,519		1,315	LP Interests (Fund II)	(8	)		—		(141	)		—			1,518			—		141		1,377
Opportunities Funds	LP Interests (Fund III)		459		12,024		2,616		—		14,640	LP Interests (Fund III)	(8	)		—		281			768			16,181			2,396		—		18,577

Daseke, Inc.	12% Current / 2.5% PIK Secured Debt		1,608		21,253		310		40		21,523	12% Current / 2.5% PIK Secured Debt	(8	)		—		(167	)		676			21,799			255		22,054		—
	Common Stock		—		22,660		—		—		22,660	Common Stock	(8	)		22,859		(18,849	)		—			24,063			—		24,063		—

Dos Rios Partners	LP Interests (Fund)		—		2,031		1,070		619		2,482	LP Interests (Dos Rios Partners, LP)	(8	)		—		444			—			4,925			444		—		5,369
	LP Interests (Fund A)		—		648		340		317		671	LP Interests (Dos Rios Partners—A, LP)	(8	)		—		129			—			1,444			129		—		1,573

Dos Rios Stone Products LLC	Class A Units		—		—		2,000		—		2,000	Class A Units	(8	)		—		(200	)		—			2,070			—		200		1,870

East Teak Fine Hardwoods, Inc.	Common Stock		21		860		—		—		860
East Teak Fine												Common Stock	(7	)		—		(230	)		33			860			—		230		630
Hardwoods, Inc.

East West Copolymer &	12% Secured Debt		597		9,463		14		—		9,477	12% Current / 2% PIK Secured
Rubber, LLC	Warrants		—		50		—		—		50	Debt	(8	)		—		(5,630	)		—			8,630			—		5,630		3,000
												Warrants	(8	)		—		—			—			—			—		—		—

EIG Fund Investments	LP Interests		99		718		2,062		—		2,780	LP Interests (EIG Global Private Debt fund-A, L.P.)	(8	)		71		(99	)		90			2,804			352		2,462		694
												LP Interests (EIG Traverse Co-Investment, L.P.)	(8	)		—		504			543			9,905			504		—		10,409

EIG Traverse Co-Investment, L.P.	LP Interests		616		4,755		5,175		—		9,930
Freeport Financial Fund												LP Interests (Freeport Financial
Investments												SBIC Fund LP)	(5	)		—		(101	)		204			5,620			—		101		5,519
												LP Interests (Freeport First Lien Loan Fund III LP)	(5	)		—		(52	)		289			4,763			2,796		52		7,507

Gault Financial, LLC												10.5% Current Secured Debt	(7	)		—		1,018			649			11,079			1,018		327		11,770
(RMB Capital, LLC)												Warrants	(7	)		—		—			—			—			—		—		—

Glowpoint, Inc.												12% Secured Debt	(6	)		—		(1,311	)		555			3,997			14		1,311		2,700
												Common Stock	(6	)		—		90			—			2,080			90		—		2,170

Guerdon Modular												13% Secured Debt	(9	)		—		—			719			10,594			18		—		10,612
Holdings, Inc.												Preferred Stock	(9	)		—		—			—			1,140			—		—		1,140
												Common Stock	(9	)		—		—			—			80			—		—		80

Hawk Ridge Systems, LLC												10% Secured Debt	(9	)		—		—			513			9,901			8		—		9,909
												Preferred Member Units	(9	)		—		—			221			2,850			—		—		2,850
												Preferred Member Units	(9	)		—		—			6			150			—		—		150

Houston Plating and												8% Unsecured Convertible Debt	(8	)		—		—			42			—			3,000		—		3,000
Coatings, LLC												Member Units	(8	)		—		225			3			4,000			980		—		4,980

Company	Investment(1)(10)(11)			Amount of Realized Gain/ (Loss)			Amount of Unrealized Gain/ (Loss)			Amount of Interest, Fees or Dividends Credited to Income(2)		December 31, 2016 Fair Value		Gross Additions(3)		Gross Reductions(4)		June 30, 2017 Fair Value

I-45 SLF LLC	Member Units	(8	)		—			579			1,435		14,586		2,579		—		17,165

Indianhead Pipeline	12% Secured Debt	(5	)		—			—			887		5,079		562		449		5,192
Services, LLC	Preferred Member Units	(5	)		—			—			198		2,677		198		—		2,875
	Warrants	(5	)		—			—			—		—		—		—		—
	Member Units	(5	)		—			—			—		—		—		—		—

L.F. Manufacturing	Member Units	(8	)		—			—			—		1,380		—		—		1,380
Holdings, LLC

Meisler Operating LLC	LIBOR Plus 8.50% (Floor 1.00%)	(5	)		—			—			388		—		16,618		—		16,618
	Member Units	(5	)		—			—			—		—		3,200		—		3,200

OnAsset Intelligence, Inc.	12% PIK Secured Debt	(8	)		(29	)		—			277		4,519		277		—		4,796
	10% PIK Secured Debt	(8	)		—			—			—		—		45		—		45
	Preferred Stock	(8	)		—			—			—		—		—		—		—
	Warrants	(8	)		—			—			—		—		—		—		—

OPI International Ltd.	10% Unsecured Debt	(8	)		(85	)		(473	)		16		473		—		473		—
	Common Stock	(8	)		—			(1,600	)		—		1,600		—		1,600		—

PCI Holding Company, Inc.	12% Secured Debt	(9	)		—			(20	)		1,112		13,000		320		20		13,300
	Preferred Stock	(9	)		—			(854	)		354		5,370		354		854		4,870
	Preferred Stock	(9	)		—			870			—		—		2,610		—		2,610

Rocaceia, LLC (Quality Lease	12% Secured Debt	(8	)		—			—			—		250		—		—		250
and Rental Holdings, LLC)	Preferred Member Units	(8	)		—			—			—		—		—		—		—

Tin Roof Acquisition Company	12% Secured Debt	(7	)		—			—			832		13,385		32		336		13,081
	Class C Preferred Stock	(7	)		—			—			139		2,738		140		—		2,878

UniTek Global Services, Inc.	LIBOR Plus 8.50% (Floor 1.00%)	(6	)		—			(3	)		290		5,021		3,517		3		8,535
	LIBOR Plus 8.50% (Floor 1.00%)	(6	)		—			—			29		824		3		690		137
	15% PIK Unsecured Debt	(6	)		—			—			62		745		57		—		802
	Preferred Stock	(6	)		—			(458	)		889		6,410		888		458		6,840
	Preferred Stock	(6	)		—			—			78		—		2,597		—		2,597
	Common Stock	(6	)		—			(490	)		—		3,010		—		490		2,520

Universal Wellhead Services	Preferred Member Units	(8	)		—			—			—		720		—		—		720
Holdings, LLC	Member Units	(8	)		—			—			—		610		—		—		610

Valley Healthcare Group, LLC	LIBOR Plus 12.50% (Floor 0.50%)	(8	)		—			—			873		12,844		13		270		12,587
	Preferred Member Units	(8	)		—			—			—		1,600		—		—		1,600

Volusion, LLC	11.5% Secured Debt	(8	)		—			—			1,337		15,298		333		423		15,208
	Preferred Member Units	(8	)		—			—			—		14,000		—		—		14,000
	Warrants	(8	)		—			(216	)		—		2,576		—		216		2,360

Other
Amounts related to investments transferred to or from other 1940 Act classification during the period					—			—			220		9,919		—		—		—

				$	22,816		$	(26,796	)	$	19,468	$	375,948	$	68,212	$	65,753	$	368,488

Company

Investment(1)
Amount of
Interest, Fees or
Dividends
Credited to
Income(2) December 31,
2015
Fair Value Gross
Additions(3) Gross
Reductions(4) June 30,
2016
Fair Value
Freeport Financial Funds
LP Interests (Fund) 202 6,045 — 346 5,699
LP Interests (Fund III) 231 2,077 1,487 — 3,564

Gault Financial, LLC (RMB
10% Secured Debt 767 10,930 80 — 11,010
Capital, LLC)
Warrants — — — — —

Glowpoint, Inc.
8% Secured Debt 14 397 1 398 —
12% Secured Debt 560 8,929 11 1,303 7,637
Common Stock — 3,840 — 1,530 2,310

Guerdon Modular
LIBOR Plus 8.50% (Floor 1.00%) 19 (15 ) 962 947 —
Holdings, Inc.
9% Current / 4% PIK Secured Debt 723 10,295 78 13 10,360
Preferred Stock — — 1,140 — 1,140
Common Stock — 1,990 — 1,910 80

Houston Plating and Coatings, LLC
Member Units (23 ) 8,440 433 3,543 5,330

I-45 SLF LLC
Member units 778 7,200 3,106 — 10,306

Indianhead Pipeline
12% Secured Debt 411 5,853 63 449 5,467
Services, LLC
Preferred Member Units 24 2,302 273 — 2,575
Warrants — — — — —
Member Units — — — — —

KBK Industries, LLC
10% Secured Debt 8 — 600 — 600
12.5% Secured Debt 379 5,900 7 7 5,900
Member Units (8 ) 3,680 — 450 3,230

L.F. Manufacturing Holdings, LLC
Member Units — 1,485 185 — 1,670

MPS Denver, LLC
Member Units — 1,130 — 290 840

OnAsset Intelligence, Inc.
12% PIK Secured Debt 248 4,006 248 — 4,254
Preferred Stock — 1,380 — — 1,380
Warrants — — — — —

OPI International Ltd.
10% Unsecured Debt 24 473 — — 473
Common Stock — 3,200 — — 3,200

PCI Holding Company, Inc.
12% Secured Debt 538 — 13,000 — 13,000
Preferred Stock 291 4,887 291 939 4,239

Radial Drilling Services Inc.
12% Secured Debt 10 1,500 10 — 1,510
Warrants — — — — —

Rocaceia, LLC (Quality

Lease and Rental
12% Secured Debt — 250 — — 250
Holdings, LLC)
Preferred Member Units — — — — —

Samba Holdings, Inc.
12.5% Secured Debt 1,100 24,662 110 24,772 —
Common Stock — 30,220 — 30,220 —

Tin Roof Acquisition
12% Secured Debt 869 13,807 30 209 13,628
Company
Class C Preferred Stock 127 2,477 126 — 2,603

UniTek Global Services, Inc.
LIBOR Plus 7.50% (Floor 1.00%) 131 2,812 — 1 2,811
LIBOR Plus 8.50% (Floor 1.00%) 62 1,255 6 273 988
15% PIK Unsecured Debt 54 638 50 — 688
Preferred Stock — 5,540 450 — 5,990
Common Stock — — 2,100 — 2,100

Universal Wellhead Services Holdings, LLC
Class A Preferred Units — 3,000 — 1,840 1,160

Valley Healthcare
LIBOR Plus 12.50% (Floor 0.50%) 707 10,297 420 — 10,717
Group, LLC
Preferred Member Units — — 1,600 — 1,600

decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.

(5): Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2017 for control investments located in this region was $182,490. This represented 14.2% of net assets as of June 30, 2017. The fair value as of June 30, 2017 for affiliate investments located in this region was $67,451. This represented 5.3% of net assets as of June 30, 2017.
(6): Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2017 for control investments located in this region was $28,471. This represented 2.2% of net assets as of June 30, 2017. The fair value as of June 30, 2017 for affiliate investments located in this region was $62,090. This represented 4.8% of net assets as of June 30, 2017.
(7): Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2017 for control investments located in this region was $33,418. This represented 2.6% of net assets as of June 30, 2017. The fair value as of June 30, 2017 for affiliate investments located in this region was $53,475. This represented 4.2% of net assets as of June 30, 2017.
(8): Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2017 for control investments located in this region was $289,380. This represented 22.6% of net assets as of June 30, 2017. The fair value as of June 30, 2017 for affiliate investments located in this region was $138,111. This represented 10.8% of net assets as of June 30, 2017.
(9): Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of June 30, 2017 for control investments located in this region was $137,954. This represented 10.8% of net assets as of June 30, 2017. The fair value as of June 30, 2017 for affiliate investments located in this region was $47,361. This represented 3.7% of net assets as of June 30, 2017.
(10): All of the Company's portfolio investments are generally subject to restrictions on resale as "restricted securities," unless otherwise noted.
(11): This schedule should be read in conjunction with the consolidated schedule of investments and notes to the consolidated financial statements. Supplemental information can be located within the schedule of investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.

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, ~~2016,~~2017, filed with the Securities and Exchange Commission (the "SEC") on February ~~24, 2017,~~23, 2018, 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 elsewhere in this Quarterly Report and in the Annual Report on Form 10-K for the year ended December 31, ~~2016.~~2017.

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 receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission ("SEC") to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of MSCC and is not included as a consolidated subsidiary of MSCC in MSCC's consolidated financial statements.

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.~~

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~~$20 million. Our private loan ("Private Loan") portfolio investments are primarily debt securities in privately held companies 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.

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.

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 in privately held companies 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 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.

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 June 30, ~~2017~~2018 and December 31, ~~2016~~2017 (this information excludes the Other Portfolio investments and the External Investment Manager which are discussed further below):

As of June 30, ~~2017,~~2018, we had Other Portfolio investments in ~~ten~~eleven companies, collectively totaling approximately ~~$103.9~~$108.1 million in fair value and approximately ~~$111.3~~$113.7 million in cost basis and which comprised approximately ~~5.0%~~4.6% of our Investment Portfolio (as defined in "—Critical Accounting Policies—Basis of Presentation" below) at fair value. As of December 31, ~~2016,~~2017, we had Other Portfolio investments in ~~ten~~eleven companies, collectively totaling approximately ~~$100.3~~$104.6 million in fair value and approximately ~~$107.1~~$109.4 million in cost basis and which comprised approximately ~~5.0%~~4.8% 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 June 30, 2018, there was no cost basis in this investment and the investment had a fair value of approximately $62.7 million, which comprised approximately 2.7% of our Investment Portfolio at fair value. As of December 31, 2017, there was no cost basis in this investment and the investment had a fair value of approximately ~~$37.1~~$41.8 million, which comprised approximately 1.8% of our Investment Portfolio at fair value. As of December 31, 2016, there was no cost basis in this investment and the investment had a fair value of approximately $30.6 million, which comprised approximately 1.5%1.9% 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. 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 the three months ended June 30, 2018 and 2017, the ratio of our total operating expenses, excluding interest expense, and the effect of certain non-recurring professional fees and other expenses as discussed further below in "Discussion and analysis of results of operations—Comparison of the three months ended June 30, 2017 and June 30, 2016", as a percentage of our quarterly average total assets was 1.6% and 1.7%, respectively, on an annualized ~~basis, compared to 1.4% on an annualized basis for the three months ended June 30, 2016.~~basis. For the six months ended June 30, 2018 and 2017, the ratio of our total operating expenses, excluding interest expense, ~~and these non-recurring expenses,~~ as a percentage of our quarterly average total assets was 1.5% and 1.6%, respectively, on an annualized basis ~~compared to 1.4% on an annualized basis for the six months ended June 30, 2016,~~ and ~~1.5%~~1.6% for the year ended December 31, ~~2016. Including the effect of these non-recurring expenses, the ratio for the three and six months ended June 30,~~ 2017 ~~would have been 1.7% and 1.6%, respectively, on an annualized 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, a non-listed BDC, 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 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. The External Investment Manager has conditionally agreed to waive a limited amount of the historical incentive fees otherwise earned. During the three months ended June 30, ~~2017~~2018 and ~~2016,~~2017, the External Investment Manager earned ~~$2.7~~$2.9 million and ~~$2.3~~$2.7 million, respectively, of management fees (net of fees waived, if any) under the sub-advisory agreement with HMS Adviser. During the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, the External Investment Manager earned ~~$5.3~~$5.7 million and ~~$4.6~~$5.3 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. However, both we and the External Investment Manager have policies and procedures in place to manage this conflict.

Our consolidated 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. Our results of operations for the three and six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, cash flows for the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, and financial position as of June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, 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 with the current presentation.

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 six months ended June 30, ~~2017~~2018 and ~~2016~~2017 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, ~~2016.~~2017. 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.

We are an investment company following the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946,Financial Services—Investment ~~Company~~Companies ("ASC 946"). Under regulations pursuant to Article 6 of Regulation S-X applicable to BDCs and 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 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. 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 both June 30, ~~2017~~2018 and December 31, ~~2016,~~2017, our Investment Portfolio valued at fair value represented approximately 96% of our total assets. We are required to report our investments at fair value. We follow the provisions of 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 us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See "Note B.1.—Valuation of the Investment Portfolio" in the notes to consolidated financial statements for a detailed discussion of our investment portfolio valuation process and procedures.

Due to the inherent uncertainty in the valuation process, our determination of fair value for our Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.

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 June 30, ~~2017~~2018 and December 31, ~~2016~~2017 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 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 income over the life of the financing.

We hold certain debt and preferred equity instruments in our Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed 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 June 30, ~~2017~~2018 and ~~2016,~~2017, (i) approximately ~~3.0%~~0.6% and ~~4.1%~~3.0%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately ~~1.8%~~0.8% and ~~0.7%~~1.8%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, (i) approximately ~~3.2%~~0.8% and ~~3.6%~~3.2%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately ~~1.8%~~0.9% and ~~0.8%~~1.8%, 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 taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its "investment company taxable income" (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to 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 or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

The Taxable Subsidiaries primarily hold certain 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"~~"source-of-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~~The Taxable Subsidiaries are each taxed at their normal corporate tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in our consolidated financial statements.

In December 2017, the "Tax Cuts and Jobs Act" legislation was enacted. The Tax Cuts and Jobs Act includes significant changes to the U.S. corporate tax system, including a U.S. Federal corporate income tax rate reduction from 35% to 21% and other changes. ASC 740,Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation was enacted. As such, we have accounted for the tax effects as a result of the enactment of the Tax Cuts and Jobs Act beginning with the period ended December 31, 2017.

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~~$20 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 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. Through this agreement, we share employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising ~~capabilities. In~~capabilities, and we allocate the ~~first quarter of 2014, we began allocating costs~~related expenses to the External Investment Manager pursuant to the sharing agreement. Our total expenses for the three months ended June 30, ~~2017~~2018 and ~~2016~~2017 are net of expenses allocated to the External Investment Manager of ~~$1.6~~$1.7 million and ~~$1.4~~$1.6 million, respectively. Our total expenses for the six months ended June 30, ~~2017~~2018 and ~~2016~~2017 are net of expenses allocated to the External Investment Manager of ~~$3.2~~$3.7 million and ~~$2.5~~$3.2 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 the dividend income received from the External Investment Manager. For the three months ended June 30, ~~2017~~2018 and ~~2016,~~2017, the total contribution to our net investment income was ~~$2.4~~$2.7 million and ~~$2.0~~$2.4 million, respectively. For the six months ended June 30, ~~2017~~2018 and ~~2016,~~2017, the total contribution to our net investment income was ~~$4.6~~$5.3 million and ~~$3.8~~$4.6 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 June 30, ~~2017~~2018 and December 31, ~~2016~~2017 (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, ~~2016~~2017 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, the collectability of our debt investments and the ability to receive a return of the invested capital in our equity investments, comparisons to competitors and other industry participants, the portfolio company's future outlook and other factors that are deemed to be significant to the portfolio company.

~~The following table shows the distribution of our LMM portfolio investments on the 1 to 5 investment rating scale at fair value as~~As of June 30, ~~2017~~2018, our total Investment Portfolio had five investments on non-accrual status, which comprised approximately 1.2% of its fair value and ~~December 31, 2016:~~

~~Based upon our investment rating system, the weighted-average rating~~3.5% of ~~our LMM portfolio was approximately 2.4 and 2.3 as of June 30, 2017 and December 31, 2016, respectively.~~

its cost. As of ~~June 30,~~December 31, 2017, our total Investment Portfolio had five investments on non-accrual status, which comprised approximately 0.2% of its fair value and ~~2.6% of its cost. As of December 31, 2016, our total Investment Portfolio had four investments on non-accrual status, which comprised approximately 0.6% of its fair value and 3.0%~~2.3% 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, to an increase in defaults on our debt investments or in realized losses on our investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on our equity investments. Consequently, we can provide no assurance that the performance of certain portfolio companies will not be negatively impacted by economic cycles or other conditions, which could also have a negative impact on our future results.

For the three months ended June 30, ~~2017,~~2018, total investment income was ~~$50.3~~$59.9 million, a ~~17%~~19% increase over the ~~$42.9~~$50.3 million of total investment income for the corresponding period of ~~2016.~~2017. This comparable period increase was principally attributable to ~~(i)~~ a $5.6 million increase in interest income primarily related to higher average levels of portfolio debt investments and increased activities involving existing Investment Portfolio debt investments, (ii) a $1.4 million increase in fee income, and (iii) a $0.4 million increase in dividend income from Investment Portfolio equity ~~investments.~~investments and a $5.2 million net increase in interest income

primarily related to higher average levels of Investment Portfolio debt investments, partially offset by a decrease in interest income associated with prepayment, repricing and other activities involving existing Investment Portfolio debt investments, with these increases partially offset by a $1.2 million decrease in fee income. The ~~$7.4~~$9.6 million increase in total investment income in the three months ended June 30, ~~2017~~2018 includes ~~an increase of $2.5~~$3.5 million related to ~~higher~~elevated dividend income activity from certain Investment Portfolio equity investments that is considered to be less consistent on a recurring basis or non-recurring, partially offset by a decrease of $1.2 million related to lower accelerated prepayment, repricing and other activity for certain ~~Middle Market and Private Loan~~ Investment Portfolio debt investments when compared to the same period in ~~2016.~~the prior year.

For the three months ended June 30, ~~2017,~~2018, total expenses increased to ~~$17.6~~$20.4 million from ~~$15.3~~$17.6 million for the corresponding period of ~~2016.~~2017. This comparable period increase in operating expenses was principally attributable to (i) a ~~$0.9~~$2.0 million increase in ~~general~~interest expense, primarily due to (a) a $2.3 million increase as a result of the issuance of our 4.50% Notes due 2022 in November 2017, (b) a $0.7 million increase from the SBIC debentures due to the higher average balance outstanding and ~~administrative expenses, including approximately $0.3~~(c) a $0.5 million ~~related~~increase from the Credit Facility due to ~~non-recurring professional fees~~an increase in the market-based interest rate, which was partially offset by a lower average balance outstanding, with these increases partially offset by a decrease of $1.5 million resulting from the redemption of the 6.125% Notes effective April 1, 2018 (as discussed further below in "Liquidity and ~~other expenses incurred on certain potential new portfolio investment opportunities which were terminated during the due diligence~~Capital Resources—Capital Resources") and ~~legal documentation processes,~~ (ii) a ~~$0.6~~$1.1 million increase in compensation expense related to increases in the number of personnel, base compensation levels and incentive compensation accruals, (iii) a $0.5 million increase in share-based compensation expense and (iv) a $0.5 million increase in interest expense, primarily due to the higher average interest rate and balance outstanding on our Credit Facility in the three months ended June 30, 2017, with these increases partially offset by a ~~$0.3~~$0.4 million ~~increase~~decrease in ~~the expenses allocated to the External Investment Manager, in each case when compared to the same period in the prior year. For~~share-based compensation expense during the three months ended June 30, ~~2017, the~~2018. The ratio of our total operating expenses, excluding interest expense, ~~and the effect of the non-recurring professional fees and other expenses discussed above,~~ as a percentage of our quarterly average total assets for the three months ended June 30, 2018 was 1.6% on an annualized basis compared to ~~1.4% on an annualized basis for the three months ended June 30, 2016 and 1.5% for the year ended December 31, 2016. Including the effect of the non-recurring expenses, the ratio~~1.7% for the three months ended June 30, 2017 ~~was 1.7% on an annualized basis.~~and 1.6% for the year ended December 31, 2017.

Net investment income for the three months ended June 30, ~~2017~~2018 was ~~$32.7~~$39.5 million, or ~~an 18%~~a 21% increase, compared to net investment income of ~~$27.6~~$32.7 million for the corresponding period of ~~2016.~~2017. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses both as discussed above.

For the three months ended June 30, ~~2017,~~2018, distributable net investment income increased ~~19%~~18% to $41.9 million, or $0.70 per share, compared with $35.5 million, or $0.63 ~~per share, compared with $29.9 million, or $0.58~~ per share in the corresponding period of ~~2016.~~2017. The increase in distributable net investment income was primarily due to the higher level of total investment income, partially offset by higher operating expenses both as discussed above. Distributable net investment income on a per share basis for the three months ended June 30, ~~2017~~2018 reflects (i) ana net increase of approximately $0.04 per share from the comparable period in ~~2016~~2017 attributable to the net ~~increase~~effect of the elevated dividend income activity, partially offset by the decrease in the comparable levels of accelerated prepayment, repricing and other activity ~~for certain Investment Portfolio debt investments~~as discussed above and (ii) a greater number of average shares outstanding compared to the corresponding period in ~~2016~~2017 primarily due to shares issued through the ATM Program (as defined in "—Liquidity and Capital Resources—Capital Resources" below), shares

issued pursuant to our equity incentive plans and shares issued pursuant to our dividend reinvestment plan.

The net increase in net assets resulting from operations during the three months ended June 30, ~~2017~~2018 was $55.5 million, or $0.93 per share, compared with $42.8 million, or $0.76 ~~per share, compared with $30.9 million, or $0.60~~ per share, during the three months ended June 30, ~~2016.~~2017. This ~~$11.9~~$12.6 million ~~increase~~improvement from ~~the same period in~~ the prior year was primarily the result of (i) ~~an $11.9~~a $31.3 million improvement in net ~~change in~~ unrealized appreciation ~~(depreciation)~~ from portfolio investments, including the impact of accounting reversals relating to realized gains/income (losses), ~~from net unrealized depreciation of $10.6 million for the three months ended June 30, 2016 to net unrealized appreciation of $1.3 million for the three months ended June 30, 2017 and~~ (ii) a ~~$5.0~~$6.8 million increase in net investment income as discussed above and (iii) a $0.9 million decrease in the income tax provision, with these ~~increases~~improvements partially offset by (i) a ~~$4.5~~$24.9 million decrease in the net realized gain (loss) from investments to a ~~total~~ net realized ~~gain~~loss of ~~$11.0~~$13.9 million for the three months ended June 30, ~~2017~~2018 and (ii) a ~~$0.4~~$1.5 million ~~increase~~net realized loss on extinguishment of debt related to the redemption of the 6.125% Notes in the ~~income tax provision.~~three months ended June 30, 2018. The net realized ~~gain~~loss from investments of ~~$11.0~~$13.9 million for the three months ended June 30, ~~2017~~2018 was primarily the result of (i) the net realized ~~gains~~loss of ~~$6.8~~$14.4 million ~~due to~~resulting primarily from losses on the exits of two LMM investments and other activity in ~~our Other Portfolio,~~the LMM portfolio, partially offset by the realized gain on the exit of one LMM investment and (ii) the realized ~~gain~~loss of ~~$2.4~~$1.1 million on the exit of a ~~LMM~~Middle Market investment, ~~(iii)~~with these losses partially offset by the realized gain of $1.4 million on the ~~partial~~ exit of a ~~LMM investment and (iv) realized gains of $0.6 million due to activity in our Middle Market portfolio.~~Private Loan investment.

The following table provides a summary of the total net unrealized appreciation of ~~$1.3~~$32.7 million for the three months ended June 30, ~~2017:~~2018:

The income tax provision for the three months ended June 30, ~~2017~~2018 of ~~$2.2~~$1.3 million principally consisted of a deferred tax provision of ~~$1.7~~$2.2 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 other~~offset by a current tax expense of $0.4 million related to (i) a $0.2 million accrual for excise tax on our estimated undistributed taxable income and (ii) other current tax expense of $0.2 million related to accruals for U.S. federal and state income ~~taxes.~~tax benefit of $0.9 million.

For the six months ended June 30, ~~2017,~~2018, total investment income was ~~$98.2~~$115.8 million, ~~a 16%~~an 18% increase over the ~~$84.9~~$98.2 million of total investment income for the corresponding period of ~~2016.~~2017. This comparable period increase was principally attributable to ~~(i) an $11.9~~a $12.4 million increase in dividend income from Investment Portfolio equity investments and a $6.3 million net increase in interest income primarily related to higher average levels of ~~portfolio debt investments and increased activities involving existing~~ Investment Portfolio debt investments, ~~and (ii) a $1.7 million increase in fee income,~~ partially offset by a ~~$0.3~~decrease in interest income associated with prepayment, repricing and other activities involving existing

Investment Portfolio debt investments, with these increases partially offset by a $1.1 million decrease in ~~dividend income from Investment Portfolio equity investments.~~fee income. The ~~$13.3~~$17.7 million increase in total investment income in the six months ended June 30, ~~2017~~2018 includes ~~an increase of $5.2~~$8.0 million related to ~~higher~~elevated dividend income activity from certain Investment Portfolio equity investments that is considered to be less consistent on a recurring basis or non-recurring, partially offset by a decrease of $2.9 million related to lower accelerated prepayment, repricing and other activity for certain Investment Portfolio debt investments when compared to the same period in ~~2016.~~the prior year.

For the six months ended June 30, ~~2017,~~2018, total expenses increased to ~~$34.3~~$39.3 million from ~~$30.1~~$34.3 million for the corresponding period of ~~2016.~~2017. This comparable period increase in operating expenses was principally attributable to (i) a ~~$1.4~~$3.7 million increase in ~~general~~interest expense, primarily due to (a) a $4.5 million increase as a result of the issuance of our 4.50% Notes due 2022 in November 2017 and administrative expenses, including approximately $0.6 million related to non-recurring professional fees and other expenses incurred on certain potential new portfolio investment opportunities which were terminated during the due diligence and legal documentation processes, (ii)(b) a $1.2 million increase ~~in share-based compensation expense, (iii)~~from the SBIC debentures due to the higher average balance outstanding, with these increases partially offset by (a) a ~~$1.2~~$1.5 million decrease from the redemption of the 6.125% Notes effective April 1, 2018 and (b) a $0.5 million decrease related to the Credit Facility due primarily to the lower average balance outstanding and (ii) a $2.2 million increase in compensation expense related to increases in the number of personnel, base compensation levels and incentive compensation accruals, ~~and (iv) a $1.0 million increase in interest expense, primarily due to the higher average interest rate and balance outstanding on our Credit Facility in the six months ended June 30, 2017,~~ with these increases partially offset by a (i) $0.6 million increase in the expenses allocated to the External Investment Manager as a result of elevated non-recurring strategic activities at the External Investment Manager and (ii) a $0.3 million decrease in ~~each case when compared to the same period in the prior year. For~~share-based compensation expense during the six months ended June 30, ~~2017, the~~2018. The ratio of our total operating expenses, excluding interest expense, ~~and the non-recurring professional fees and other expenses discussed above,~~ as a percentage of our quarterly average total assets for the six months ended June 30, 2018 was 1.5% on an annualized basis compared to ~~1.4% on an annualized basis for the six months ended June 30, 2016, and 1.5% for the year ended December 31, 2016. Including the effect of the non-recurring expenses, the ratio~~1.6% for the six months ended June 30, 2017 ~~was~~and 1.6% ~~on an annualized basis.~~for the year ended December 31, 2017.

Net investment income for the six months ended June 30, ~~2017~~2018 was ~~$63.9~~$76.5 million, or a ~~17%~~20% increase, compared to net investment income of ~~$54.8~~$63.9 million for the corresponding period of ~~2016.~~2017. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses both as discussed above.

For the six months ended June 30, ~~2017,~~2018, distributable net investment income increased 18% to ~~$68.9~~$81.2 million, or ~~$1.24~~$1.37 per share, compared with ~~$58.7~~$68.9 million, or ~~$1.15~~$1.24 per share in the corresponding period of ~~2016.~~2017. The increase in distributable net investment income was primarily due to the higher level of total investment income, partially offset by higher operating expenses both as discussed above. Distributable net investment income on a per share basis for the six months ended June 30, ~~2017~~2018 reflects (i) an increase of approximately ~~$0.09~~$0.08 per share from the comparable period in ~~2016~~2017 attributable to the net ~~increase~~effect of the elevated dividend income activity and decrease in the comparable levels of accelerated prepayment, repricing and other activity ~~for certain Investment Portfolio debt investments~~discussed above and (ii) a greater number of average shares outstanding compared to the corresponding period in ~~2016~~2017 primarily due to shares issued through the ATM Program (as defined in "—Liquidity and Capital Resources—Capital Resources" below), shares issued pursuant to our equity incentive plans and shares issued pursuant to our dividend reinvestment plan.

The net increase in net assets resulting from operations during the six months ended June 30, ~~2017~~2018 was $90.0 million, or $1.52 per share, compared with $74.3 million, or $1.33 per share, ~~compared with $47.7 million, or $0.94 per share,~~ during the

six months ended June 30, ~~2016.~~2017. This ~~$26.6~~$15.7 million ~~increase~~improvement from ~~the same period in~~ the prior year was primarily the result of (i) a ~~$21.5~~$38.3 million improvement in net ~~change in~~ unrealized appreciation (depreciation) from portfolio investments and SBIC debentures, including the impact of accounting reversals relating to realized gains/income (losses), ~~from net unrealized depreciation of $36.6 million for the six months ended June 30, 2016 to net unrealized depreciation of $15.1 million for the six months ended June 30, 2017,~~ (ii) a ~~$9.5 million increase in the net realized gain from investments to a total net realized gain from investments of $38.5 million for the six months ended June 30, 2017 and (iii) a $9.0~~$12.6 million increase in net investment income as discussed above, (iii) a $7.5 million decrease in the income tax provision and (iv) a $2.3 million improvement in the net realized loss on extinguishment of debt, with these increases partially offset by ~~(i) an $8.3~~a $45.0 million ~~increase~~decrease in the ~~income tax provision~~net realized gain (loss) from ~~an income tax benefit~~investments to a total net realized loss from investments of ~~$0.5~~$6.5 million for the six months ended June 30, ~~2016 to an income tax provision~~2018. The net realized loss from investments of ~~$7.8~~$6.5 million for the six months ended June 30, 2017 and (ii) a $5.2 million realized loss on the repayment of SBIC debentures outstanding at MSC II which had previously been accounted for on the fair value method of accounting. The net realized gain from investments of $38.5 million for the six months ended June 30, 20172018 was primarily the result of (i) ~~the~~ net realized ~~gain~~losses of ~~$24.7~~$9.7 million in our Middle Market portfolio, which is primarily the result of (a) the realized loss of $4.4 million on the ~~exit~~exits of two Middle Market investments and (b) the realized loss of $5.3 million on the restructure of a Middle Market investment and (ii) the realized loss of $1.3 million resulting from the net effect of losses on the exits of two LMM investments and other activity in the LMM portfolio, partially offset by gains on the exits of three LMM investments, ~~(ii)~~with these net realized losses partially offset by (i) the realized gains of ~~$9.3~~$3.2 million due to activity in our Other Portfolio ~~(iii) the realized gain of $2.6 million on the exit of one Private Loan investment, (iv)~~and (ii) the realized gain of $1.4 million on the ~~partial~~ exit of one LMM investment and (v) realized gains of $0.9 million due to activity in our Middle Market portfolio. The realized loss of $5.2 million on the repayment of SBIC debentures is related to the previously recognized bargain purchase gain resulting from recording the MSC II debentures at fair value on the date of the acquisition of MSC II in 2010. The effect of the realized loss is offset by the reversal of all previously recognized unrealized depreciation on these SBIC debentures due to fair value adjustments since the date of the acquisition.a Private Loan investment.

The following table provides a summary of the total net unrealized ~~depreciation~~appreciation of ~~$15.1~~$23.2 million for the six months ended June 30, ~~2017:~~2018:

The income tax provision for the six months ended June 30, ~~2017~~2018 of ~~$7.8~~$0.3 million principally consisted of a deferred tax provision of ~~$6.1~~$0.3 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 other current tax expense of $1.7 million related to (i) a $1.1~~differences. A $0.5 million accrual for excise tax on our estimated undistributed taxable income ~~and (ii) other current tax expense~~was

offset by a $0.5 million ~~related to accruals~~benefit for U.S. federal and state income ~~taxes.~~taxes, resulting in no current tax expense for the period.

For the six months ended June 30, ~~2017,~~2018, we experienced a net decrease in cash and cash equivalents in the amount of approximately ~~$2.7~~$11.0 million, which is the net result of approximately ~~$15.7~~$133.7 million of cash used in our operating activities and approximately $122.6 million of cash provided by our ~~operating activities and approximately $18.3 million of cash used by~~ financing activities.

During the period, ~~we generated $15.7~~$133.7 million of cash ~~from~~was used in our operating activities, which resulted primarily from (i) cash flows we generated from the operating profits earned through our operating activities totaling ~~$56.2~~$73.9 million, which is our ~~$68.9~~$81.2 million of distributable net investment income, excluding the non-cash effects of the accretion of unearned income of ~~$9.1~~$6.9 million, payment-in-kind interest income of ~~$3.1~~$1.0 million, cumulative dividends of ~~$1.8~~$1.1 million and the amortization expense for deferred financing costs of ~~$1.3~~$1.7 million, (ii) cash uses totaling ~~$476.5~~$532.3 million consisting of (a) ~~$471.5~~$528.0 million for the funding of new portfolio company investments and settlement of accruals for portfolio investments existing as of December 31, ~~2016,~~2017, (b) ~~$5.0~~$2.9 million related to decreases in payables and accruals and (c) $1.4 million related to increases in other assets and (iii) cash proceeds totaling ~~$436.0~~$324.8 million ~~from (a) $434.4 in cash proceeds~~which resulted from the sales and repayments of debt investments and sales of and return on capital of equity ~~investments and (b)$1.6 million related to decreases in other assets.~~investments.

During the six months ended June 30, ~~2017, $18.3~~2018, $122.6 million in cash was ~~used in~~provided by our financing activities, which principally consisted of (i) ~~$72.5~~$53.8 million in net cash proceeds from the ATM Program (described below), (ii) $225.0 million in net cash proceeds from the Credit Facility and (iii) $22.0 million in cash proceeds from issuance of SBIC debentures, partially offset by (i) $90.7 million for repurchase of the 6.125% Notes, (ii) $77.5 million in cash dividends paid to stockholders, ~~(ii) $40.0 million in net repayments on the Credit Facility,~~ (iii) ~~$25.2 million in repayment of SBIC debentures, (iv) $4.3~~$4.1 million for purchases of vested restricted stock from employees to satisfy their tax withholding requirements upon the vesting of such restricted stock, (iv) $4.0 million in repayment of SBIC debentures and (v) ~~$1.1~~$1.9 million for payment of deferred debt issuance costs, SBIC debenture fees and other ~~costs, partially offset by (i) $78.4 million in net cash proceeds from the ATM Program (described below) and (ii) $46.4 million in cash proceeds from issuance of SBIC debentures.~~costs.

As of June 30, ~~2017,~~2018, we had ~~$21.8~~$40.5 million in cash and cash equivalents and ~~$252.0~~$366.0 million of unused capacity under the Credit Facility, which we maintain to support our investment and operating activities. As of June 30, ~~2017,~~2018, our net asset value totaled ~~$1,282.7~~$1,447.4 million, or ~~$22.62~~$23.96 per share.

The Credit Facility, which provides additional liquidity to support our investment and operational activities, ~~provides~~was amended and restated during June 2018 to provide for an increase in total commitments ~~of $555.0~~from $585.0 million ~~from a~~to $655.0 million and to increase the diversified group of ~~fourteen~~ lenders ~~and~~

~~matures in~~an investment grade rating and extend the final maturity by two years to September ~~2021.~~2023. The amended Credit Facility also contains an upsized accordion feature which allows us to increase the total commitments under the facility to up to ~~$750.0~~$800.0 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 the applicable LIBOR rate ~~(1.22%~~(2.1% as of June 30, ~~2017)~~2018) plus (i) 1.875% (or the applicable base rate (Prime Rate of ~~4.25%~~5.00% as of June 30, ~~2017)~~2018) plus 0.875%) as long as we ~~maintain an investment grade rating and~~ meet certain agreed upon excess collateral and maximum leverage requirements or (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.otherwise. We pay unused commitment fees of 0.25% per annum on

the unused lender commitments under the Credit Facility. The Credit Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership or assets of the Funds and the External Investment Manager. The Credit Facility contains certain affirmative and negative covenants, 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 (tangible net worth to Credit Facility borrowings) 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 ~~2021,~~2023, 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 June 30, ~~2017,~~2018, we had ~~$303.0~~$289.0 million in borrowings outstanding under the Credit Facility, the interest rate on the Credit Facility was ~~2.9%~~3.9% and we were in compliance with all financial covenants of the Credit Facility.

~~Due to each of~~Through the ~~Funds' status as a licensed SBIC,~~Funds, we have the ability to issue ~~through the Funds,~~SBIC debentures guaranteed by the SBA at favorable interest rates and favorable terms and ~~conditions~~conditions. Under existing SBIC regulations, SBA approved SBICs under common control have the ability to issue debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. Through the Funds, we have an effective maximum amount of $346.0 million ~~through our three~~following the prepayment of $4.0 million of existing SBIC ~~licenses.~~debentures as discussed below. During the six months ended June 30, ~~2017,~~2018, we issued ~~$46.4~~$22.0 million of SBIC debentures and opportunistically prepaid ~~$25.2~~$4.0 million of our existing SBIC debentures as part of an effort to manage the maturity dates of our oldest SBIC debentures, leaving ~~$88.8~~$32.2 million of remaining capacity under our SBIC licenses. Debentures guaranteed by the SBA have fixed interest rates that equal prevailing 10-year Treasury Note rates plus a market spread and have a maturity of ten years with interest payable semiannually. The principal amount of the debentures is not required to be paid before maturity, but may be pre-paid at any time with no prepayment penalty. ~~Main Street expects~~We expect to issue new SBIC debentures under the SBIC program in the future in an amount up to the regulatory maximum amount ~~of $350.0 million~~ for affiliated SBIC funds. OnAs of June 30, ~~2017,~~2018, through our three wholly owned SBICs, we had ~~$261.2~~$313.8 million of outstanding SBIC debentures guaranteed by the SBA, which bear a weighted-average annual fixed interest rate of approximately 3.7%, paid semiannually, and mature ten years from issuance. The first maturity related to our SBIC debentures occurs in 2019, and the weighted-average remaining duration is approximately ~~5.8~~5.7 years as of June 30, ~~2017.~~2018.

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"). The 6.125% Notes ~~are unsecured obligations~~bore interest at a rate of 6.125% per year payable quarterly on January 1, April 1, July 1 and ~~rank pari passu with our current and future unsecured indebtedness; senior~~October 1 of each year. The total net proceeds to ~~any of our future indebtedness that expressly provides it is subordinated to~~us from the 6.125% ~~Notes; effectively subordinated to all of our existing~~Notes, after underwriting discounts and ~~future secured indebtedness, to~~estimated offering expenses payable, were approximately $89.0 million. On April 2, 2018, we redeemed the ~~extent~~entire principal amount of the ~~value of the assets securing such indebtedness, including borrowings under our Credit Facility;~~issued 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.~~outstanding 6.125% Notes effective April 1, 2018 (the "Redemption Date"). The 6.125% Notes ~~mature on April~~were redeemed at par value, plus the accrued and unpaid interest thereon from January 1, ~~2023, and may be redeemed in whole or in~~2018, through, but excluding, the Redemption Date. As 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 June 30, 2017, the outstanding balance~~ of the ~~6.125% Notes was $90.7 million.~~

~~The indenture governing~~redemption, we recognized a realized loss on extinguishment of debt of $1.5 million in the ~~6.125% Notes (the "6.125% Notes Indenture") contains certain covenants, including covenants requiring our compliance with (regardless~~second quarter of ~~whether we are subject to)~~2018 related to the ~~asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1)~~write-off 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.related unamortized deferred financing costs.

In November 2014, we issued $175.0 million in aggregate principal amount of ~~the~~ 4.50% Notes (the "4.50% ~~Notes"~~Notes due 2019") at an issue price of 99.53%. The 4.50% Notes due 2019 are unsecured obligations and rank pari passu with our current and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 4.50% ~~Notes;~~Notes due 2019; 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 due 2019 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 due 2019 bear interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year, beginning June 1, 2015. We may from time to time repurchase 4.50% Notes due 2019 in accordance with the 1940 Act and the rules promulgated thereunder. As of June 30, ~~2017,~~2018, the outstanding balance of the 4.50% Notes due 2019 was $175.0 million.

The indenture governing the 4.50% Notes due 2019 (the "4.50% Notes due 2019 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 due 2019 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 due 2019 Indenture.

~~During~~In November ~~2015,~~2017, we ~~commenced~~issued $185.0 million in aggregate principal amount of 4.50% Notes (the "4.50% Notes due 2022") at an issue price of 99.16%. The 4.50% Notes due 2022 are unsecured obligations and rank pari passu with our current and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 4.50% Notes due 2022; 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 due 2022 mature on December 1, 2022, 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 due 2022 bear interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year, beginning June 1, 2018. We may from time to time repurchase 4.50% Notes due 2022 in accordance with the 1940 Act and the rules promulgated thereunder. As of June 30, 2018, the outstanding balance of the 4.50% Notes due 2022 was $185.0 million.

The indenture governing the 4.50% Notes due 2022 (the "4.50% Notes due 2022 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 due 2022 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 due 2022 Indenture.

We maintain a program with certain selling agents through which we can sell shares of our common stock by means of at-the-market offerings from time to time (the "ATM Program"). During the six months ended June 30, ~~2017,~~2018, we sold ~~2,104,424~~1,428,596 shares of our common stock at a weighted-average price of ~~$37.72~~$38.08 per share and raised ~~$79.4~~$54.4 million of gross proceeds under the ATM Program. Net proceeds were ~~$78.4~~$53.6 million after commissions to the selling agents on shares sold and offering costs. As of June 30, 2017, sales transactions representing 25,837 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 in the consolidated statement of operations and in the shares used to calculate net asset value per share. As of June 30, 2017,2018, there were ~~3,751,904~~3,625,892 shares ~~were~~ available for sale under the ATM Program.

During the year ended December 31, ~~2016,~~2017, we sold ~~3,324,646~~3,944,972 shares of our common stock at a weighted-average price of ~~$34.17~~$38.72 per share and raised ~~$113.6~~$152.8 million of gross proceeds under the ATM Program. Net proceeds were ~~$112.0~~$150.9 million after commissions to the selling agents on shares sold and offering costs. As of December 31, 2016, sales transactions representing 42,413 shares had not settled and were not included in shares issued and outstanding on the face of the consolidated balance sheet, but were included in the weighted-average shares outstanding in the consolidated statements of operations and in the shares used to calculate net asset value per share.

We anticipate that we will continue to fund our investment activities through existing cash and cash equivalents, cash flows generated through our ongoing operating activities, utilization of available

borrowings under our Credit Facility, and a combination of future issuances of 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~~marketable securities and idle funds ~~investments".~~investments. The primary investment objective of ~~Marketable~~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 ~~2017~~2018 annual 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 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 carry forward certain excess undistributed taxable income from one tax year into the next tax year, substantially all of our taxable income. In addition, as a BDC, we generally are required to meet a coverage ratio 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 through the Credit Facility, public debt issuances, leverage available through the SBIC program and equity offerings, there is no assurance that debt or equity capital will be available to us in the future on favorable terms, or at all.

In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09,Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements under ASC 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,~~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. In March 2016, the FASB issued ASU 2016-08,Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10,Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarified the implementation guidance regarding performance obligations and licensing arrangements. In May 2016,

the FASB issued ASU No. 2016-12,Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients, which clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters. In December 2016, the FASB issued ASU No. 2016-20,Revenue from Contracts with Customers (Topic 606)—Technical Corrections and Improvements, which provided disclosure relief, and clarified the scope and application of the new revenue standard and related cost guidance. The ~~new~~ guidance ~~will be~~is 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 expect to identify~~Substantially all of our income is not within the scope of ASU 2014-09. For those income items that are within the scope (primarily fee income), we have similar performance obligations ~~under ASC 606~~ as compared with deliverables and separate units of account previously identified. As a result, ~~we expect~~our timing of ~~our revenue~~income recognition ~~to remain the same.~~

~~In April 2015, the FASB issued ASU 2015-03,~~~~Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,~~ which requires debt financing costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the related debt liability, similar to the presentation of debt discounts. Additionally in August 2015, the FASB issued ASU 2015-15,~~Interest—Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,~~ ~~which provides further clarification on~~remains the same ~~topic~~ and states that the SEC would not object to the deferral and presentation of debt issuance costs as an asset and subsequent amortization of the deferred costs over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted the guidance for debt arrangements that are not line-of-credit arrangements for the three months ended June 30, 2017. Comparative financial statements of prior interim and annual periods have been adjusted to apply the new method retrospectively. As a result of the adoption, the Company reclassified $7.9 million of deferred financing costs assets to a direct deduction from the related debt liability on the consolidated balance sheet as of December 31, 2016. The adoption of this guidance had no impact on net assets, the consolidated statements of operations or the consolidated statements of cash flows.

~~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~~the 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. While we continue to assess the effect of adoption, we currently believe the most significant change relates to the recognition of a new right-of-use asset and lease liability on our consolidated balance sheet for our office space operating lease. We currently have one operating lease for office space and do not expect a significant change in our leasing activity between now and adoption. See further discussion of our operating lease obligation in "Note M—Commitments and Contingences" in the notes to the consolidated financial statements.

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.

In August 2016, the FASB issued ASU 2016-15,Statement of Cash Flows (Topic 230), which is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods therein. Early application is permitted. The impact of the adoption of this new accounting standard on our consolidated financial statements iswas not ~~expected to be~~ material.

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. We believe that the impact of recently issued standards and any that are not yet effective will not have a material impact on our consolidated financial statements upon adoption.

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 fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. At June 30, ~~2017,~~2018, we had a total of ~~$126.8~~$127.9 million in outstanding commitments comprised of (i) 3339 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional

commitments not yet funded and (ii) ~~nine~~11 investments with equity capital commitments that had not been fully called.

As of June 30, ~~2017,~~2018, the future fixed commitments for cash payments in connection with our SBIC debentures, the 4.50% Notes due 2019, the ~~6.125%~~4.50% Notes due 2022 and rent obligations under our office lease for each of the next five years and thereafter are as follows:

As of June 30, ~~2017,~~2018, we had ~~$303.0~~$289.0 million in borrowings outstanding under our Credit Facility, and the Credit Facility is currently scheduled to mature in September ~~2021.~~2023. The Credit Facility contains two, one-year extension options which could extend the maturity to September ~~2023,~~2025, subject to lender approval. 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 June 30, ~~2017,~~2018, we had a receivable of approximately ~~$2.6~~$2.9 million due from the External Investment Manager which included approximately $1.9 million primarily related to operating expenses incurred by us as required to support the External Investment Manager's business and amounts due from the External Investment Manager to Main Street under a tax sharing agreement (see further discussion above in "—Critical Accounting Policies—Income Taxes") and approximately ~~$0.7~~$1.0 million of dividends declared but not paid by the External Investment Manager.

In November 2015, our Board of Directors approved and adopted the Main Street Capital Corporation Deferred Compensation Plan (the "2015 Deferred Compensation Plan"). The 2015 Deferred Compensation Plan became effective on January 1, 2016 and replaced the Deferred Compensation Plan for Non-Employee Directors previously adopted by the Board of Directors in June 2013 (the "2013 Deferred Compensation Plan"). Under the 2015 Deferred Compensation Plan, non-employee directors and certain key employees may defer receipt of some or all of their cash compensation and directors' fees, subject to certain limitations. Individuals participating in the 2015 Deferred Compensation Plan receive distributions of their respective balances based on predetermined payout schedules or other events as defined by the plan and are also able to direct investments made on their behalf among investment alternatives permitted from time to time under the plan, including phantom Main Street stock units. As of June 30, ~~2017, $3.6~~2018, $5.8 million of compensation and directors' fees

had been deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). Of this amount, ~~$2.4~~$3.3 million was deferred into phantom Main Street stock units, representing ~~72,182~~97,344 shares of our common stock. Including phantom stock units issued through dividend reinvestment, the phantom stock units outstanding as of June 30, ~~2017~~2018 represented ~~83,739~~115,536 shares of our common stock. Any amounts deferred under the plan represented by phantom Main Street stock units will not be issued or included as outstanding on the consolidated statements of changes in net assets until such shares are actually distributed to the participant in

accordance with the plan, but are included in operating expenses and weighted-average shares outstanding in our consolidated statements of operations as earned.

During July 2018, we expanded our total commitments under the Credit Facility from $655.0 million to $680.0 million. The $25.0 million increase in total commitments was the result of the addition of a new lender relationship, which further diversifies our lending group under the Credit Facility to a total of seventeen participants. The recent increase in total commitments was executed under the accordion feature of the Credit Facility which allows for an increase up to $800.0 million in total commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments.

In July ~~2017,~~2018, we fully exited our remaining investment in Drilling Info Holdings, Inc. ("Drilling Info"), the leading software, data, and analytics platform for the energy value chain. We made debt and equity investments in ~~Compact Power Equipment, Inc. ("CPEC"),~~Drilling Info beginning in 2009 to support its acquisition growth strategy. Our debt investment in Drilling Info was fully repaid and a ~~light to medium duty equipment rental operation that owns and operates outdoor equipment rental locations. CPEC provides its customers~~majority portion of our equity interests in Drilling Info were redeemed during the first quarter of 2012, with us recognizing a ~~wide range~~realized gain of ~~landscape and construction equipment available on both~~$9.2 million. As part of this transaction, we maintained a ~~long-term rental basis and an hourly rental basis. We~~minority equity stake in Drilling Info. In July 2018, we realized a gain of ~~approximately $3.7~~$15.5 million on the exit of our remaining equity ~~investments~~investment in ~~CPEC.~~Drilling Info.

InDuring July 2017, we made a new portfolio investment to facilitate the management-led buyout of Market Force Information, LLC ("Market Force"), a leading global provider of customer experience management software and services. We, along with a co-investor, partnered with Market Force's management team to facilitate the transaction, with us funding $38.2 million in a combination of first-lien, senior secured term debt and a direct equity investment. In addition, we and our co-investor are providing Market Force an undrawn credit facility to support its growth initiatives and working capital needs. Headquartered in Louisville, Colorado, and founded in 2005, Market Force is a global provider of customer experience management software and services, which capture customer experience data through multiple channels and provide location-based measurement and analytics. Market Force integrates this data into a cloud-based platform where clients can view, track, and analyze data in real time.

~~In August 2017,~~2018, we declared regular monthly dividends of ~~$0.190~~$0.195 per share for each month of October, November and December of ~~2017.~~2018. These regular monthly dividends equal a total of ~~$0.570~~$0.585 per share for the fourth quarter of ~~2017~~2018 and represent a ~~2.7%~~2.6% increase from the regular monthly dividends declared for the fourth quarter of ~~2016.~~2017. Including the regular monthly dividends declared for the third and fourth quarters of ~~2017,~~2018, we will have paid ~~$21.115~~$23.960 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. 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 that any debt investments 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 June 30, ~~2017,~~2018, approximately ~~67%~~74% of our debt investment portfolio (at cost) bore interest at floating rates, ~~96%~~94% of which were subject to contractual minimum interest 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, 4.50% Notes due 2019 and ~~6.125%~~4.50% Notes due 2022, which comprise the majority of our outstanding debt, are fixed for the life of such debt. As of June 30, ~~2017,~~2018, we had not entered into any interest rate hedging arrangements. The following table shows the approximate annualized increase or decrease in the components of net ~~investment income~~

investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of June 30, ~~2017.~~2018.

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 and Chief Executive Officer, our 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 and Chief Executive Officer, our 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 June 30, ~~2017~~2018 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 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, ~~2016~~2017 that we filed with the SEC on February ~~24, 2017,~~23, 2018, and as updated in our registration statement on Form N-2 filed on April ~~26, 2017.~~27, 2018.

During the three months ended June 30, ~~2017,~~2018, we issued ~~67,132~~126,003 shares of our common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value of the shares of common stock issued during the three months ended June 30, ~~2017~~2018 under the dividend reinvestment plan was approximately ~~$2.6 million.~~

During the three months ended June 30, 2017, we issued 11,464 shares of our common stock in exchange for additional equity securities in one of our existing portfolio companies. We issued these shares in reliance on exemptions from registration under Section 4(2) of the Securities Act of 1933, as amended. The value of the shares of common stock issued in connection with this transaction was approximately $0.4$4.8 million.

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):

		Description of Exhibit

10.1	*	~~Supplement Agreement dated July 14, 2017.~~
~~10.2~~		Dividend Reinvestment and Direct Stock Purchase Plan (previously filed as Exhibit (e) to Main Street Capital Corporation's Post-Effective Amendment No. 12 to the Registration Statement on Form N-2 filed on July 18, 2017 (Reg. No. 333-183555)).
~~10.3~~		Form of Equity Distribution Agreement dated May 10, ~~2017~~2018 (previously filed as Exhibit (h)(3) to Main Street Capital Corporation's Post-Effective Amendment No. 111 to the Registration Statement on Form N-2 filed on May 10, ~~2017~~2018 (Reg. No. ~~333-183555)~~333-223483)).
10.2	*	Third Amended and Restated Credit Agreement dated June 5, 2018 (previously filed as Exhibit 10.1 to Main Street Capital Corporation's Current Report on Form 8-K filed on June 6, 2018 (File No. 1-33723)).
10.3	*	Third Amended and Restated General Security Agreement dated June 5, 2018 (previously filed as Exhibit 10.2 to Main Street Capital Corporation's Current Report on Form 8-K filed on June 6, 2018 (File No. 1-33723)).
10.4	*	Third Amended and Restated Equity Pledge Agreement dated June 5, 2018 (previously filed as Exhibit 10.3 to Main Street Capital Corporation's Current Report on Form 8-K filed on June 6, 2018 (File No. 1-33723)).
10.5	*	Supplement Agreement dated July 19, 2018 (previously filed as Exhibit 10.1 to Main Street Capital Corporation's Current report on Form 8-K filed on July 20, 2018 (File No. 1-33723)).
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

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 June 30, ~~2017~~2018
OR
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: to

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


Indianhead Pipeline Services, LLC	Provider of Pipeline Support Services
		12% Secured Debt (Maturity—February 6, 2018)	5,192	5,192	5,192
		Preferred Member Units (33,819 units; 8% cumulative)(8)		2,537	2,875
		Warrants (31,928 equivalent units; Expiration—August 6, 2022; Strike price—$0.001 per unit)		459	—
		Member Units (14,732 units)		1	—

				8,189	8,067

L.F. Manufacturing Holdings, LLC(10)	Manufacturer of Fiberglass Products
		Member Units (2,179,001 units)		2,019	1,380

Meisler Operating LLC	Provider of Short-term Trailer and Container Rental
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.72%, Secured Debt (Maturity—June 7, 2022)(9)	16,800	16,618	16,618
		Member Units (Milton Meisler Holdings LLC) (32,000 units)		3,200	3,200

				19,818	19,818

OnAsset Intelligence, Inc.	Provider of Transportation Monitoring / Tracking Products and Services
		12% PIK Secured Debt (Maturity—June 30, 2021)	4,796	4,796	4,796
		10% PIK Unsecured Debt (Maturity—June 30, 2021)	45	45	45
		Preferred Stock (912 shares; 7% cumulative)		1,981	—
		Warrants (5,333 equivalent shares; Expiration—April 18, 2021; Strike price—$0.01 per share)		1,919	—

				8,741	4,841

OPI International Ltd.(13)	Provider of Man Camp and Industrial Storage Services
		Common Stock (20,766,317 shares)		1,371	—

PCI Holding Company, Inc.	Manufacturer of Industrial Gas Generating Systems
		12% Secured Debt (Maturity—March 31, 2019)	13,300	13,218	13,300
		Preferred Stock (1,740,000 shares)		1,740	2,610
		Preferred Stock (1,500,000 shares; 20% cumulative)(8)		3,733	4,870

				18,691	20,780

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


Virtex Enterprises, LP(10)	Specialty, Full-Service Provider of Complex Electronic Manufacturing Services
		12% Secured Debt (Maturity—December 27, 2018)	1,667		1,583		1,583
		Preferred Class A Units (14 units; 5% cumulative)(8)			333		920
		Warrants (11 equivalent units; Expiration—December 27, 2023; Strike price—$0.001 per unit)			186		484

					2,102		2,987

Vistar Media, Inc.(10)	Operator of Digital Out-of-Home Advertising Platform
		LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.15%, Secured Debt (Maturity—February 16, 2022)(9)	3,375		3,078		3,078
		Warrants (70,207 equivalent shares; Expiration—February 17, 2027; Strike price—$0.01 per share)			331		331

					3,409		3,409

Wellnext, LLC(10)	Manufacturer of Supplements and Vitamins
		LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—July 21, 2022)(9)	9,930		9,849		9,930

Worley Claims Services, LLC(10)	Insurance Adjustment Management and Services Provider
		LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.21%, Secured Debt (Maturity—October 31, 2020)(9)	5,794		5,759		5,794

YP Holdings LLC(11)	Online and Offline Advertising Operator
		LIBOR Plus 11.00% (Floor 1.25%), Current Coupon 12.30%, Secured Debt (Maturity—June 4, 2018)(9)	19,355		19,067		19,355

Zilliant Incorporated	Price Optimization and Margin Management Solutions
		Preferred Stock (186,777 shares)			154		260
		Warrants (952,500 equivalent shares; Expiration—June 15, 2022; Strike price—$0.001 per share)			1,071		1,190

					1,225		1,450

Subtotal Non-Control/Non-Affiliate Investments (50.0% of total investments at fair value)				$	1,058,628	$	1,036,745

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


Glowpoint, Inc.	Provider of Cloud Managed Video Collaboration Services
		12% Secured Debt (Maturity—October 18, 2018)	9,000	8,949	3,997
		Common Stock (7,711,517 shares)		3,958	2,080

				12,907	6,077

Guerdon Modular Holdings, Inc.	Multi-Family and Commercial Modular Construction Company
		9% Current / 4% PIK Secured Debt (Maturity—August 13, 2019)	10,708	10,594	10,594
		Preferred Stock (404,998 shares)		1,140	1,140
		Common Stock (212,033 shares)		2,983	80

				14,717	11,814

Hawk Ridge Systems, LLC(13)	Value-Added Reseller of Engineering Design and Manufacturing Solutions
		10% Secured Debt (Maturity—December 2, 2021)	10,000	9,901	9,901
		Preferred Member Units (226 units)(8)		2,850	2,850
		Preferred Member Units (HRS Services, ULC) (226 units)		150	150

				12,901	12,901

Houston Plating and Coatings, LLC	Provider of Plating and Industrial Coating Services
		Member Units (265,756 units)		1,429	4,000

I-45 SLF LLC(12)(13)	Investment Partnership
		Member units (Fully diluted 20.0%; 24.4% profits interest)(8)		14,200	14,586

Indianhead Pipeline Services, LLC	Provider of Pipeline Support Services
		12% Secured Debt (Maturity—February 6, 2017)	5,100	5,079	5,079
		Preferred Member Units (33,819 units; 8% cumulative)(8)		2,339	2,677
		Warrants (31,928 equivalent units; Expiration—August 6, 2022; Strike price—$0.001 per unit)		459	—
		Member Units (14,732 units)		1	—

				7,878	7,756

KBK Industries, LLC	Manufacturer of Specialty Oilfield and Industrial Products
		10% Secured Debt (Maturity—September 28, 2017)	1,250	1,250	1,250
		12.5% Secured Debt (Maturity—September 28, 2017)	5,900	5,889	5,889
		Member Units (250 units)		341	2,780

				7,480	9,919

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)	7,209	7,099	7,194

Apex Linen Service, Inc.	Industrial Launderers
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—October 30, 2022)(9)	2,400	2,400	2,400
		13% Secured Debt (Maturity—October 30, 2022)	14,416	14,337	14,337

				16,737	16,737

Applied Products, Inc.(10)	Adhesives Distributor
		LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—September 30, 2019)(9)	3,527	3,499	3,518

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)	13,947	13,796	13,947

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)	7,050	6,920	6,592

ATI Investment Sub, Inc.(11)	Manufacturer of Solar Tracking Systems
		LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—June 22, 2021)(9)	9,500	9,322	9,476

ATS Workholding, Inc.(10)	Manufacturer of Machine Cutting Tools and Accessories
		LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—March 10, 2019)(9)	6,173	6,146	5,924

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 11, 2021)(9)	11,790	11,604	11,584

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)	9,102	9,084	9,102

Darr Equipment LP(10)	Heavy Equipment Dealer
		12% Current / 2% PIK Secured Debt (Maturity—April 15, 2020)	21,130	20,697	20,748
		Warrants (915,734 equivalent units; Expiration—April 15, 2024; Strike price—$1.50 per unit)		474	10

				21,171	20,758

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)	15,184	15,086	15,317

Digital Room LLC(11)	Pure-Play e-Commerce Print Business
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—November 21, 2022)(9)	7,625	7,475	7,549

Drilling Info Holdings, Inc.	Information Services for the Oil and Gas Industry
		Common Stock (3,788,865 shares)		1,335	10,410

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	5,589	5,625

EnCap Energy Fund Investments(12)(13)	Investment Partnership
		LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)(8)		3,877	1,955
		LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)		2,200	1,225
		LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)		3,957	3,680
		LP Interests (Encap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)		3,039	3,039
		LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)(8)		9,116	10,452
		LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)(8)		2,513	2,461

				24,702	22,812

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


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)	9,918	9,467	9,621

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)	6,750	6,455	6,809

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)	8,949	8,932	8,949

Industrial Services Acquisition, LLC(10)	Industrial Cleaning Services
		11.25% Current / 0.75% PIK Unsecured Debt (Maturity—December 17, 2022)	4,519	4,433	4,433
		Member Units (Industrial Services Investments, LLC) (900,000 units)		900	900

				5,333	5,333

Infinity Acquisition Finance Corp.(11)	Application Software for Capital Markets
		7.25% Unsecured Debt (Maturity—August 1, 2022)	5,700	5,366	4,802

Inn of the Mountain Gods Resort and Casino(11)	Hotel & Casino Owner & Operator
		9.25% Secured Debt (Maturity—November 30, 2020)	6,249	5,924	5,687

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)	4,426	4,364	4,465

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)	14,918	14,907	14,395

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


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)	10,994	10,936	10,975

Truck Bodies and Equipment International, Inc.(10)	Manufacturer of Dump Truck Bodies and Dump Trailers
		LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—March 31, 2021)(9)	15,750	15,602	15,602

TVG-I-E CMN ACQUISITION, LLC(10)	Organic Lead Generation for Online Postsecondary Schools
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—November 3, 2021)(9)	6,459	6,334	6,334

Tweddle Group, Inc.(11)	Provider of Technical Information Services to Automotive OEMs
		LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—October 21, 2022)(9)	8,462	8,295	8,419

UniRush, LLC	Provider of Prepaid Debit Card Solutions
		12% Secured Debt (Maturity—February 1, 2019)	12,000	10,981	12,000
		Warrants (444,725 equivalent units; Expiration—February 2, 2026; Strike price—$10.27 per unit)		1,250	1,250

				12,231	13,250

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)	11,514	11,435	11,456

U.S. TelePacific Corp.(10)	Provider of Communications and Managed Services
		LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—February 24, 2021)(9)	7,500	7,377	7,377

VCVH Holding Corp. (Verisk)(11)	Healthcare Technology Services Focused on Revenue Maximization
		LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.25%, Secured Debt (Maturity—June 1, 2024)(9)	1,500	1,464	1,488

Type of Investment	Fair Value as of June 30, 2017 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)			Fair Value as of June 30, 2018 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)

Equity investments	$	595,462	Discounted cash flow	Weighted-average cost of capital	10.2% - 22.6%	12.5%	13.1%	$	706,761	Discounted cash flow	WACC	10.9% - 23.5%	13.9%	14.2%
			Market comparable / Enterprise Value	EBITDA multiple(1)	4.5x - 8.5x(2)	7.2x	6.0x			Market comparable / Enterprise Value	EBITDA multiple(1)	4.8x - 8.5x(2)	7.1x	6.0x
Debt investments	$	839,680	Discounted cash flow	Risk adjusted discount factor	6.7% - 16.8%(2)	11.2%	11.3%	$	1,007,780	Discounted cash flow	Risk adjusted discount factor	7.4% - 17.0%(2)	11.5%	11.5%
				Expected principal recovery percentage	3.0% - 100.0%	99.7%	100.0%				Expected principal recovery percentage	2.8% - 100.0%	99.8%	100.0%
Debt investments	$	639,634	Market approach	Third-party quote	17.3 - 105.0			$	649,590	Market approach	Third-party quote	11.0 - 106.3

Total Level 3 investments	$	2,074,776						$	2,364,131

Type of Investment	Fair Value as of December 31, 2017 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)

Equity investments	$	653,008	Discounted cash flow	WACC	11.1% - 23.2%	13.7%	14.0%
			Market comparable / Enterprise Value	EBITDA multiple(1)	4.3x - 8.5x(2)	7.3x	6.0x
Debt investments	$	858,816	Discounted cash flow	Risk adjusted discount factor	6.7% - 16.1%(2)	11.2%	11.0%
				Expected principal recovery percentage	2.9% - 100.0%	99.8%	100.0%
Debt investments	$	659,481	Market approach	Third-party quote	11.0 - 106.0

Total Level 3 investments	$	2,171,305

Type of Investment	Fair Value as of December 31, 2016 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)

Equity investments	$	567,003	Discounted cash flow	Weighted-average cost of capital	10.4% - 23.1%	13.0%	13.7%
			Market comparable / Enterprise Value	EBITDA multiple(1)	4.5x - 8.5x(2)	7.1x	6.0x
Debt investments	$	808,895	Discounted cash flow	Risk adjusted discount factor	7.4% - 15.9%(2)	11.8%	11.6%
				Expected principal recovery percentage	3.0% - 100.0%	99.7%	100.0%
Debt investments	$	618,928	Market approach	Third-party quote	22.5 - 108.0

Total Level 3 investments	$	1,994,826

Type of Investment	Fair Value as of December 31, 2017		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 June 30, 2018

Debt	$	1,518,297	$	—	$	(305,877	)	$	435,477	$	20,129		$	(7,515	)	$	(3,141	)	$	1,657,370
Equity		641,493		—		(36,898	)		70,121		(16,075	)		33,744			3,141			695,526
Equity Warrant		11,515		—		—			—		—			(280	)		—			11,235

	$	2,171,305	$	—	$	(342,775	)	$	505,598	$	4,054		$	25,949		$	—		$	2,364,131

Type of Investment	Fair Value as of December 31, 2016		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 June 30, 2017

Debt	$	1,427,823	$	—	$	(401,100	)	$	463,717	$	4,917		$	(9,987	)	$	(6,056	)	$	1,479,314
Equity		549,453		—		(14,318	)		45,446		(27,523	)		23,578			6,056			582,692
Equity Warrant		17,550		—		(2,802	)		331		(2,688	)		379			—			12,770

	$	1,994,826	$	—	$	(418,220	)	$	509,494	$	(25,294	)	$	13,970		$	—		$	2,074,776

Type of Investment

Debt	1,265,544	—	(193,590	)	273,126	19,795		(10,052	)	(5,028	)	1,349,795
Equity	519,966	—	(6,040	)	49,753	(45,501	)	496		5,028		523,702
Equity Warrant	10,646	—	(235	)	2,819	235		(1,134	)	—		12,331

	1,796,156	—	(199,865	)	325,698	(25,471	)	(10,690	)	—		1,885,828

Type of Instrument		Fair Value as of June 30, 2017			Valuation Technique		Significant Unobservable Inputs		Range		Weighted Average				Fair Value as of June 30, 2018			Valuation Technique		Significant Unobservable Inputs		Range		Weighted Average

SBIC debentures		$	49,191		Discounted cash flow		Estimated market interest rates		4.2% - 5.0%			4.5%			$	44,634		Discounted cash flow		Estimated market interest rates		5.0% - 5.7%			5.3%

Type of Instrument		Fair Value as of December 31, 2016			Valuation Technique		Significant Unobservable Inputs		Range			Weighted Average				Fair Value as of December 31, 2017			Valuation Technique		Significant Unobservable Inputs		Range			Weighted Average

SBIC debentures		$	74,803		Discounted cash flow		Estimated market interest rates			3.4% - 5.3%			4.2%			$	48,608		Discounted cash flow		Estimated market interest rates			4.9% - 5.5%			5.1%

Type of Instrument	Fair Value as of December 31, 2016		Repayments			Net Realized Loss		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation			Fair Value as of June 30, 2017		Fair Value as of December 31, 2017		Repayments			Net Realized Loss		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation			Fair Value as of June 30, 2018

SBIC debentures at fair value	$	74,803	$	(25,200	)	$	5,217	$	—	$	(5,629	)	$	49,191	$	48,608	$	(4,000	)	$	1,374	$	—	$	(1,348	)	$	44,634

Type of Instrument	Fair Value as of December 31, 2015		Repayments		Net Realized Loss		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation		Fair Value as of June 30, 2016		Fair Value as of December 31, 2016		Repayments			Net Realized Loss		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation			Fair Value as of June 30, 2017

SBIC debentures at fair value	$	73,860	$	—	$	—	$	—	$	19	$	73,879	$	74,803	$	(25,200	)	$	5,217	$	—	$	(5,629	)	$	49,191

			Fair Value Measurements								Fair Value Measurements

			(in thousands)								(in thousands)
At June 30, 2017	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2018									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	$	932,074	$	—	$	2,170	$	929,904	$	1,084,897	$	—	$	—	$	1,084,897
Middle Market portfolio investments		624,060		—		—		624,060		591,600		—		—		591,600
Private Loan portfolio investments		379,809		—		—		379,809		516,836		—		—		516,836
Other Portfolio investments		103,899		—		—		103,899		108,131		—		—		108,131
External Investment Manager		37,104		—		—		37,104		62,667		—		—		62,667

Total portfolio investments		2,076,946		—		2,170		2,074,776
Marketable securities and idle funds investments		—		—		—		—

Total investments	$	2,076,946	$	—	$	2,170	$	2,074,776	$	2,364,131	$	—	$	—	$	2,364,131



SBIC debentures at fair value	$	49,191	$	—	$	—	$	49,191	$	44,634	$	—	$	—	$	44,634

			Fair Value Measurements								Fair Value Measurements

			(in thousands)								(in thousands)
At December 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)
At December 31, 2017									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	$	892,592	$	—	$	2,080	$	890,512	$	948,196	$	—	$	—	$	948,196
Middle Market portfolio investments		630,578		—		—		630,578		609,256		—		—		609,256
Private Loan portfolio investments		342,867		—		—		342,867		467,475		—		—		467,475
Other Portfolio investments		100,252		—		—		100,252		104,610		—		—		104,610
External Investment Manager		30,617		—		—		30,617		41,768		—		—		41,768

Total portfolio investments		1,996,906		—		2,080		1,994,826
Marketable securities and idle funds investments		—		—		—		—

Total investments	$	1,996,906	$	—	$	2,080	$	1,994,826	$	2,171,305	$	—	$	—	$	2,171,305



SBIC debentures at fair value	$	74,803	$	—	$	—	$	74,803	$	48,608	$	—	$	—	$	48,608

	As of June 30, 2017						As of June 30, 2018

	LMM(a)		Middle Market		Private Loan		LMM(a)		Middle Market		Private Loan
	(dollars in millions)						(dollars in millions)
Number of portfolio companies		75		68		49		70		57		54
Fair value	$	932.1	$	624.1	$	379.8	$	1,084.9	$	591.6	$	516.8
Cost	$	815.0	$	646.3	$	399.6	$	909.6	$	608.0	$	543.2
% of portfolio at cost—debt		68.3%		96.7%		93.3%		68.6%		97.3%		93.6%
% of portfolio at cost—equity		31.7%		3.3%		6.7%		31.4%		2.7%		6.4%
% of debt investments at cost secured by first priority lien		95.9%		90.2%		90.1%		98.4%		89.4%		94.4%
Weighted-average annual effective yield(b)		12.0%		8.8%		9.5%		12.2%		9.4%		9.8%
Average EBITDA(c)	$	4.8	$	92.9	$	22.3	$	5.0	$	91.1	$	42.0

Cost:

First lien debt	77.0%	76.1%	78.8%	79.0%
Equity	15.6%	14.5%	15.6%	15.3%
Second lien debt	5.9%	7.7%	4.4%	4.5%
Equity warrants	0.9%	1.1%	0.7%	0.7%
Other	0.6%	0.6%	0.5%	0.5%

	100.0%	100.0%	100.0%	100.0%

Fair Value:

First lien debt	70.2%	68.7%	71.1%	70.5%
Equity	22.9%	22.6%	23.9%	24.4%
Second lien debt	5.6%	7.2%	4.1%	4.1%
Equity warrants	0.7%	0.9%	0.5%	0.6%
Other	0.6%	0.6%	0.4%	0.4%

	100.0%	100.0%	100.0%	100.0%

Cost:

Southwest	26.2%	29.7%	28.3%	26.1%
West			24.0%	20.7%
Midwest	23.0%	23.0%	21.8%	22.3%
Northeast	17.2%	14.8%	14.4%	15.2%
West	16.2%	16.1%
Southeast	14.5%	13.1%	9.0%	12.8%
Canada	1.3%	1.7%	1.6%	1.9%
Other Non-United States	1.6%	1.6%	0.9%	1.0%

	100.0%	100.0%	100.0%	100.0%

Fair Value:

Southwest	26.5%	31.0%	29.8%	26.8%
West			25.5%	23.7%
Midwest	21.6%	21.2%	20.9%	20.3%
West	18.7%	18.3%
Northeast	16.5%	13.9%	13.4%	14.6%
Southeast	14.1%	12.7%	8.1%	11.9%
Canada	1.1%	1.4%	1.5%	1.8%
Other Non-United States	1.5%	1.5%	0.8%	0.9%

	100.0%	100.0%	100.0%	100.0%

	As of June 30, 2017		As of December 31, 2016

	(dollars in thousands)
Balance Sheet Data
Current Assets	$	9,840	$	7,275
Noncurrent Assets		12,428		13,610
Current Liabilities		18,264		17,883
Noncurrent Liabilities		—		—

	Six Months Ended June 30,

	2017		2016
	(dollars in thousands)
Summary of Operations
Total Revenue	$	20,563	$	18,283
Gross Profit		17,262		15,819
Income from Operations		5,464		6,275
Net Income		6,605		5,953

	Six Months Ended June 30,

	2017			2016
Per Share Data:
NAV at the beginning of the period	$	22.10		$	21.24
Net investment income(1)		1.15			1.07
Net realized gain(1)(2)		0.60			0.57
Net change in net unrealized depreciation(1)(2)		(0.27	)		(0.72	)
Income tax benefit (provision)(1)(2)		(0.15	)		0.02

Net increase in net assets resulting from operations(1)		1.33			0.94
Dividends paid from net investment income		(0.98	)		(0.79	)
Distributions from capital gains		(0.41	)		(0.57	)

Total dividends paid		(1.39	)		(1.36	)
Accretive effect of stock offerings (issuing shares above NAV per share)		0.55			0.25
Accretive effect of DRIP issuance (issuing shares above NAV per share)		0.03			0.05
Other(3)		(0.00	)		(0.01	)

NAV at the end of the period	$	22.62		$	21.11



Market value at the end of the period	$	38.46		$	32.85
Shares outstanding at the end of the period		56,698,333			52,074,810

	Amount		Amount

Investments with equity capital commitments that have not yet funded:
Congruent Credit Opportunities Funds
Congruent Credit Opportunities Fund II, LP	$	8,488	$	8,488
Congruent Credit Opportunities Fund III, LP		12,131		8,117

	$	20,619	$	16,605
Encap Energy Fund Investments
EnCap Energy Capital Fund VIII, L.P.	$	419	$	469
EnCap Energy Capital Fund IX, L.P.		929		463
EnCap Energy Capital Fund X, L.P.		5,403		3,005
EnCap Energy Capital Fund VIII Co-Investors, L.P.				30
EnCap Flatrock Midstream Fund II, L.P.		7,383		6,470
EnCap Flatrock Midstream Fund III, L.P.		4,410		4,323

	$	18,544	$	14,760
Brightwood Capital Fund Investments
Brightwood Capital Fund III, LP	$	3,000	$	3,000
Brightwood Capital Fund IV, LP		4,500		4,000

	$	7,500	$	7,000
Freeport Fund Investments
Freeport First Lien Loan Fund III LP	$	4,941	$	3,942
Freeport Financial SBIC Fund LP		1,375		1,375

	$	6,316	$	5,317
Harris Preston Fund Investments
HPEP 3, L.P.			$	5,000
EIG Fund Investments	$	4,352	$	4,669
LKCM Headwater Investments I, L.P.	$	2,500	$	2,500
Dos Rios Partners
Dos Rios Partners, LP	$	1,594	$	1,594
Dos Rios Partners—A, LP		506		506

	$	2,100	$	2,100
Copper Trail Fund Investments
Copper Trail Energy Fund I, LP			$	1,754
I-45 SLF LLC			$	800
Access Media Holdings, LLC	$	1,211	$	248
I-45 SLF LLC	$	800

Total equity commitments	$	63,942	$	60,753

For the Years Ended December 31,	Amount		Amount

2017	$	—
2018	$	373	$	346
2019	$	749		749
2020	$	763		763
2021	$	777		777
2022				791
Thereafter		5,031		4,239

Total	$	7,693	$	7,665

Company	Investment(1)

Freeport Financial Funds	LP Interests (Fund)	202		6,045		—	346	5,699
	LP Interests (Fund III)	231		2,077		1,487	—	3,564

Gault Financial, LLC (RMB	10% Secured Debt	767		10,930		80	—	11,010
Capital, LLC)	Warrants	—		—		—	—	—

Glowpoint, Inc.	8% Secured Debt	14		397		1	398	—
	12% Secured Debt	560		8,929		11	1,303	7,637
	Common Stock	—		3,840		—	1,530	2,310

Guerdon Modular	LIBOR Plus 8.50% (Floor 1.00%)	19		(15	)	962	947	—
Holdings, Inc.	9% Current / 4% PIK Secured Debt	723		10,295		78	13	10,360
	Preferred Stock	—		—		1,140	—	1,140
	Common Stock	—		1,990		—	1,910	80

Houston Plating and Coatings, LLC	Member Units	(23	)	8,440		433	3,543	5,330

I-45 SLF LLC	Member units	778		7,200		3,106	—	10,306

Indianhead Pipeline	12% Secured Debt	411		5,853		63	449	5,467
Services, LLC	Preferred Member Units	24		2,302		273	—	2,575
	Warrants	—		—		—	—	—
	Member Units	—		—		—	—	—

KBK Industries, LLC	10% Secured Debt	8		—		600	—	600
	12.5% Secured Debt	379		5,900		7	7	5,900
	Member Units	(8	)	3,680		—	450	3,230

L.F. Manufacturing Holdings, LLC	Member Units	—		1,485		185	—	1,670

MPS Denver, LLC	Member Units	—		1,130		—	290	840

OnAsset Intelligence, Inc.	12% PIK Secured Debt	248		4,006		248	—	4,254
	Preferred Stock	—		1,380		—	—	1,380
	Warrants	—		—		—	—	—

OPI International Ltd.	10% Unsecured Debt	24		473		—	—	473
	Common Stock	—		3,200		—	—	3,200

PCI Holding Company, Inc.	12% Secured Debt	538		—		13,000	—	13,000
	Preferred Stock	291		4,887		291	939	4,239

Radial Drilling Services Inc.	12% Secured Debt	10		1,500		10	—	1,510
	Warrants	—		—		—	—	—

Rocaceia, LLC (Quality
Lease and Rental	12% Secured Debt	—		250		—	—	250
Holdings, LLC)	Preferred Member Units	—		—		—	—	—

Samba Holdings, Inc.	12.5% Secured Debt	1,100		24,662		110	24,772	—
	Common Stock	—		30,220		—	30,220	—

Tin Roof Acquisition	12% Secured Debt	869		13,807		30	209	13,628
Company	Class C Preferred Stock	127		2,477		126	—	2,603

UniTek Global Services, Inc.	LIBOR Plus 7.50% (Floor 1.00%)	131		2,812		—	1	2,811
	LIBOR Plus 8.50% (Floor 1.00%)	62		1,255		6	273	988
	15% PIK Unsecured Debt	54		638		50	—	688
	Preferred Stock	—		5,540		450	—	5,990
	Common Stock	—		—		2,100	—	2,100

Universal Wellhead Services Holdings, LLC	Class A Preferred Units	—		3,000		—	1,840	1,160

Valley Healthcare	LIBOR Plus 12.50% (Floor 0.50%)	707		10,297		420	—	10,717
Group, LLC	Preferred Member Units	—		—		1,600	—	1,600