TABLE OF CONTENTS

~~PART I~~
~~FINANCIAL INFORMATION~~


	PART I
	FINANCIAL INFORMATION
Item 1.		Consolidated Financial Statements
		Consolidated Balance Sheets—~~June 30, 2020~~March 31, 2021 (unaudited) and December 31, ~~2019~~2020	1
		Consolidated Statements of Operations (unaudited)—Three ~~and six~~ months ended ~~June 30,~~March 31, 2021 and 2020 ~~and 2019~~	2
		Consolidated Statements of Changes in Net Assets (unaudited)—~~Six~~Three months ended ~~June 30,~~March 31, 2021 and 2020 ~~and 2019~~	3
		Consolidated Statements of Cash Flows (unaudited)—~~Six~~Three months ended ~~June 30,~~March 31, 2021 and 2020 ~~and 2019~~	4
		Consolidated Schedule of Investments (unaudited)—~~June 30, 2020~~March 31, 2021	5
		Consolidated Schedule of Investments—December 31, ~~2019~~2020	30
		Notes to Consolidated Financial Statements (unaudited)	56 53
		Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—~~Six~~Three months ended ~~June 30,~~March 31, 2021 and 2020 ~~and 2019~~	98 88
Item 2.		~~Management's~~Management’s Discussion and Analysis of Financial Condition and Results of Operations	~~108~~ 97
Item 3.		Quantitative and Qualitative Disclosures about Market Risk	~~132~~ 111
Item 4.		Controls and Procedures	~~133~~

~~PART II~~
~~OTHER INFORMATION~~

112


~~Item 1.~~		PART II ~~Legal Proceedings~~		~~134~~
~~Item 1A.~~		OTHER INFORMATION ~~Risk Factors~~		~~134~~
Item 1.	Legal Proceedings	113
Item 1A.	Risk Factors	113
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		~~134~~
~~Item 6.~~113		~~Exhibits~~		~~135~~
Item 5.		Other Information ~~Signatures~~	113
Item 6.	~~136~~Exhibits	115
	Signatures	116

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

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


	June 30, 2020			December 31, 2019
	(Unaudited)
ASSETS

Investments at fair value:
Control investments (cost: $796,019 and $778,367 as of June 30, 2020 and December 31, 2019, respectively)	$	1,008,139		$	1,032,721
Affiliate investments (cost: $372,475 and $351,764 as of June 30, 2020 and December 31, 2019, respectively)		321,709			330,287
Non-Control/Non-Affiliate investments (cost: $1,257,360 and $1,297,587 as of June 30, 2020 and December 31, 2019, respectively)		1,089,705			1,239,316

Total investments (cost: $2,425,854 and $2,427,718 as of June 30, 2020 and December 31, 2019, respectively)		2,419,553			2,602,324

Cash and cash equivalents		68,539			55,246
Interest receivable and other assets		48,865			50,458
Receivable for securities sold		5,650			—
Deferred financing costs (net of accumulated amortization of $7,981 and $7,501 as of June 30, 2020 and December 31, 2019, respectively)		3,188			3,521

Total assets	$	2,545,795		$	2,711,549

						March 31,		December 31,
						2021		2020
						(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $896,464 and $831,490 as of March 31, 2021 and December 31, 2020, respectively)						$	1,192,964	$	1,113,725
Affiliate investments (cost: $419,487 and $416,479 as of March 31, 2021 and December 31, 2020, respectively)							375,723		366,301
Non‑Control/Non‑Affiliate investments (cost: $1,281,784 and $1,268,740 as of March 31, 2021 and December 31, 2020, respectively)							1,231,444		1,204,840
Total investments (cost: $2,597,735 and $2,516,709 as of March 31, 2021 and December 31, 2020, respectively)							2,800,131		2,684,866
Cash and cash equivalents							65,001		31,919
Interest receivable and other assets							45,012		49,761
Deferred financing costs (net of accumulated amortization of $8,734 and $8,477 as of March 31, 2021 and December 31, 2020, respectively)							2,561		2,818
Total assets						$	2,912,705	$	2,769,364
LIABILITIES
Credit facility	$	315,000		$	300,000	$	87,000	$	269,000
SBIC debentures (par: $314,800 ($50,000 due within one year) and $311,800 as of June 30, 2020 and December 31, 2019, respectively)		308,814			306,188
5.20% Notes due 2024 (par: $325,000 as of both June 30, 2020 and December 31, 2019)		324,541			324,595
4.50% Notes due 2022 (par: $185,000 as of both June 30, 2020 and December 31, 2019)		183,533			183,229
SBIC debentures (par: $290,000 and $309,800 as of March 31, 2021 and December 31, 2020, respectively)							283,948		303,972
5.20% Notes due 2024 (par: $450,000 as of both March 31, 2021 and December 31, 2020)							451,681		451,817
4.50% Notes due 2022 (par: $185,000 as of both March 31, 2021 and December 31, 2020)							183,988		183,836
3.00% Notes due 2026 (par: $300,000 as of March 31, 2021)							294,948		—
Accounts payable and other liabilities		17,038			24,532		20,134		20,833
Payable for securities purchased		4,568			—		18,992		—
Interest payable		7,494			7,292		15,268		8,658
Dividend payable		13,474			13,174		13,942		13,889
Deferred tax liability, net		389			16,149		2,640		2,592

Total liabilities		1,174,851			1,175,159		1,372,541		1,254,597
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 65,748,805 and 64,241,341 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively)		658			643
Additional paid-in capital		1,554,928			1,512,435
Common stock, $0.01 par value per share (150,000,000 shares authorized; 68,000,898 and 67,674,853 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)							680		677
Additional paid‑in capital							1,625,881		1,615,940
Total undistributed (overdistributed) earnings		(184,642	)		23,312		(86,397)		(101,850)

Total net assets		1,370,944			1,536,390		1,540,164		1,514,767

Total liabilities and net assets	$	2,545,795		$	2,711,549	$	2,912,705	$	2,769,364



NET ASSET VALUE PER SHARE	$	20.85		$	23.91	$	22.65	$	22.35

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Operations

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

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019

													Three Months Ended
													March 31,
													2021		2020
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments	$	19,327		$	23,617		$	38,800		$	47,308		$	24,025	$	19,474
Affiliate investments		7,207			8,346			15,371			17,417			11,505		8,164
Non-Control/Non-Affiliate investments		25,473			29,330			53,985			57,932

Non‑Control/Non‑Affiliate investments														27,277		28,512
Total investment income		52,007			61,293			108,156			122,657			62,807		56,150
EXPENSES:
Interest		(11,898	)		(12,329	)		(24,338	)		(24,245	)		(13,804)		(12,441)
Compensation		(4,802	)		(5,516	)		(7,300	)		(11,585	)		(6,318)		(2,498)
General and administrative		(3,000	)		(3,160	)		(6,473	)		(6,363	)		(2,975)		(3,473)
Share-based compensation		(2,817	)		(2,378	)		(5,654	)		(4,707	)
Share‑based compensation														(2,333)		(2,837)
Expenses allocated to the External Investment Manager		1,804			1,707			3,448			3,350			2,380		1,644

Total expenses		(20,713	)		(21,676	)		(40,317	)		(43,550	)		(23,050)		(19,605)

NET INVESTMENT INCOME		31,294			39,617			67,839			79,107			39,757		36,545
NET REALIZED GAIN (LOSS):
Control investments		1,606			(756	)		(19,866	)		(943	)		(10,925)		(21,472)
Affiliate investments		—			789			(235	)		(2,452	)		(4,803)		(235)
Non-Control/Non-Affiliate investments		(10,190	)		(2,587	)		(10,348	)		(4,892	)
Non‑Control/Non‑Affiliate investments														(2)		(158)
Realized loss on extinguishment of debt		—			—			(534	)		(5,689	)		—		(534)

Total net realized loss		(8,584	)		(2,554	)		(30,983	)		(13,976	)		(15,730)		(22,399)

NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments		(6,825	)		10,137			(42,235	)		15,083			14,261		(35,410)
Affiliate investments		(8,123	)		(568	)		(29,289	)		1,808			6,417		(21,166)
Non-Control/Non-Affiliate investments		28,112			(4,712	)		(109,620	)		(810	)
Non‑Control/Non‑Affiliate investments														13,323		(137,732)
SBIC debentures		—			(233	)		460			4,945			—		460

Total net unrealized appreciation (depreciation)		13,164			4,624			(180,684	)		21,026			34,001		(193,848)

INCOME TAXES:
Federal and state income, excise and other taxes		(550	)		(963	)		(255	)		(1,665	)		(634)		294
Deferred taxes		8,045			(2,470	)		16,015			(4,837	)		(48)		7,970

Income tax benefit (provision)		7,495			(3,433	)		15,760			(6,502	)		(682)		8,264

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	43,369		$	38,254		$	(128,068	)	$	79,655		$	57,346	$	(171,438)



NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.48		$	0.63		$	1.04		$	1.27		$	0.58	$	0.57



NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.66		$	0.61		$	(1.97	)	$	1.28		$	0.84	$	(2.66)



WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED		65,303,580			62,880,035			64,920,025			62,375,166			68,126,576		64,536,471

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Changes in Net Assets

(dollars in thousands, except shares)

(Unaudited)


	Common Stock
	Common Stock									Total Undistributed (Overdistributed) Earnings
	Number of Shares			Par Value			Additional Paid-In Capital			Total Undistributed (Overdistributed) Earnings			Total Net Asset Value
Balances at December 31, 2018		61,264,861		$	613		$	1,409,945		$	65,491		$	1,476,049
Public offering of common stock, net of offering costs		960,684			9			35,376			—			35,385
Share-based compensation		—			—			2,329			—			2,329
Dividend reinvestment		96,189			1			3,595			—			3,596
Amortization of directors' deferred compensation		—			—			216			—			216
Issuance of restricted stock		52,043			1			(1	)		—			—
Dividends to stockholders		—			—			70			(36,549	)		(36,479	)
Net increase resulting from operations		—			—			—			41,401			41,401

Balances at March 31, 2019		62,373,777		$	624		$	1,451,530		$	70,343		$	1,522,497

																					Total

Public offering of common stock, net of offering costs		245,989			2			9,416			—			9,418
Share-based compensation		—			—			2,378			—			2,378
Purchase of vested stock for employee payroll tax withholding		(90,404	)		(1	)		(3,364	)		—			(3,365	)
Dividend reinvestment		133,128			1			5,392			—			5,393
Amortization of directors' deferred compensation		—			—			216			—			216
Issuance of restricted stock, net of forfeited shares		262,642			3			(3	)		—			—
Dividends to stockholders		—			—			114			(53,823	)		(53,709	)
Net increase resulting from operations		—			—			—			38,254			38,254

Balances at June 30, 2019		62,925,132		$	629		$	1,465,679		$	54,774		$	1,521,082
																Common Stock			Additional		Undistributed
																Number of	Par		Paid‑In		(Overdistributed)		Total Net
																Shares	Value		Capital		Earnings		Asset Value
Balances at December 31, 2019		64,252,937		$	643		$	1,512,435		$	23,312		$	1,536,390		64,252,937	$	643	$	1,512,435	$	23,312	$	1,536,390
Public offering of common stock, net of offering costs		91,458			1			3,854			—			3,855		91,458		1		3,854		—		3,855
Share-based compensation		—			—			2,837			—			2,837
Share‑based compensation																—		—		2,837		—		2,837
Purchase of vested stock for employee payroll tax withholding		(851	)		—			(29	)		—			(29	)	(851)		—		(29)		—		(29)
Dividend reinvestment		108,722			1			3,929			—			3,930		108,722		1		3,929		—		3,930
Amortization of directors' deferred compensation		—			—			238			—			238
Issuance of restricted stock, net of forfeited shares		10,383			—			—			—			—
Amortization of directors’ deferred compensation																—		—		238		—		238
Issuance of restricted stock																10,383		—		—		—		—
Dividends to stockholders		—			—			93			(39,706	)		(39,613	)	—		—		93		(39,706)		(39,613)
Net decrease resulting from operations		—			—			—			(171,438	)		(171,438	)	—		—		—		(171,438)		(171,438)

Balances at March 31, 2020		64,462,649		$	645		$	1,523,357		$	(187,832	)	$	1,336,170		64,462,649	$	645	$	1,523,357	$	(187,832)	$	1,336,170



Balances at December 31, 2020																67,762,032	$	677	$	1,615,940	$	(101,850)	$	1,514,767
Public offering of common stock, net of offering costs		824,968			9			26,007			—			26,016		117,388		2		3,626		—		3,628
Share-based compensation		—			—			2,817			—			2,817
Share‑based compensation																—		—		2,333		—		2,333
Purchase of vested stock for employee payroll tax withholding		(84,094	)		(1	)		(1,730	)		—			(1,731	)	(180)		—		(7)		—		(7)
Dividend reinvestment		146,229			1			4,158			—			4,159		106,651		1		3,698		—		3,699
Amortization of directors' deferred compensation		—			—			224			—			224
Issuance of restricted stock, net of forfeited shares		414,053			4			(4	)		—			—
Amortization of directors’ deferred compensation																—		—		195		—		195
Issuance of restricted stock																15,007		—		—		—		—
Dividends to stockholders		—			—			99			(40,179	)		(40,080	)	—		—		96		(41,893)		(41,797)
Net increase resulting from operations		—			—			—			43,369			43,369		—		—		-		57,346		57,346

Balances at June 30, 2020		65,763,805		$	658		$	1,554,928		$	(184,642	)	$	1,370,944



Balances at March 31, 2021																68,000,898	$	680	$	1,625,881	$	(86,397)	$	1,540,164

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Cash Flows

(dollars in thousands)

(Unaudited)


	Six Months Ended June 30,
	2020			2019

							Three Months Ended
							March 31,
							2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	(128,068	)	$	79,655		$	57,346	$	(171,438)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies		(264,289	)		(301,298	)		(208,186)		(138,608)
Proceeds from sales and repayments of debt investments in portfolio companies		220,339			220,925			121,027		157,027
Proceeds from sales and return of capital of equity investments in portfolio companies		15,341			18,169			13,920		3,180
Net unrealized (appreciation) depreciation		180,684			(21,026	)		(34,001)		193,848
Net realized loss		30,983			13,976			15,730		22,399
Accretion of unearned income		(5,959	)		(5,997	)		(2,468)		(3,583)
Payment-in-kind interest		(1,883	)		(2,502	)		(2,389)		(591)
Cumulative dividends		(1,022	)		(1,350	)		(425)		(542)
Share-based compensation expense		5,654			4,707			2,333		2,837
Amortization of deferred financing costs		1,353			1,790			740		663
Deferred tax (benefit) provision		(16,015	)		4,837			48		(7,970)
Changes in other assets and liabilities:
Interest receivable and other assets		7,626			(6,792	)		4,096		5,914
Interest payable		202			2,115			6,610		4,019
Accounts payable and other liabilities		(7,032	)		4,085			(504)		(6,990)
Deferred fees and other		1,791			1,226			1,172		1,198
Net cash provided by (used in) operating activities								(24,951)		61,363

Net cash provided by operating activities		39,705			12,520
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs		29,871			44,803			3,628		3,855
Proceeds from public offering of 5.20% Notes due 2024		—			250,000
Proceeds from public offering of 3.00% Notes due 2026								300,000		-
Dividends paid		(71,305	)		(80,247	)		(38,045)		(35,639)
Proceeds from issuance of SBIC debentures		25,000			—			20,200		15,000
Repayments of SBIC debentures		(22,000	)		(24,000	)		(40,000)		(22,000)
Proceeds from credit facility		184,000			201,000			125,000		94,000
Repayments on credit facility		(169,000	)		(380,000	)		(307,000)		(117,000)
Payment of deferred issuance costs and SBIC debenture fees		(1,218	)		(4,344	)
Debt issuance costs, net								(5,743)		(608)
Purchases of vested stock for employee payroll tax withholding		(1,760	)		(3,365	)		(7)		(29)

Net cash provided by (used in) financing activities		(26,412	)		3,847			58,033		(62,421)

Net increase in cash and cash equivalents		13,293			16,367
Net increase (decrease) in cash and cash equivalents								33,082		(1,058)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		55,246			54,181			31,919		55,246

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	68,539		$	70,548		$	65,001	$	54,188



Supplemental cash flow disclosures:
Interest paid	$	22,722		$	20,279		$	6,424	$	7,729
Taxes paid	$	1,783		$	1,672		$	(487)	$	1,466
Operating non-cash activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	—		$	5,240		$	-	$	5,240
Non-cash financing activities:
Shares issued pursuant to the DRIP	$	8,089		$	8,989		$	3,699	$	3,930

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)

Control Investments(5)

Access Media Holdings, LLC(10)	July 22, 2015	Private Cable Operator
			10.00% PIK Secured Debt (Maturity—July 22, 2020)(14)(19)	$	23,828	$	23,828	$	3,937
			Preferred Member Units (9,481,500 units)(24)				9,375		(284	)
			Member Units (45 units)				1		—

							33,204		3,653

Portfolio Company (1) (20)												Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Control Investments (5)

ASC Interests, LLC	August 1, 2013	Recreational and Educational Shooting Facility										August 1, 2013	Recreational and Educational Shooting Facility
			13.00% Secured Debt (Maturity—July 31, 2022)		1,650		1,606		1,606
			Member Units (1,500 units)				1,500		1,050
														Secured Debt		13.00%	7/31/2022		1,750		1,720		1,720
							3,106		2,656

														Member Units	1,500						1,500		1,170
																					3,220		2,890

Analytical Systems Keco, LLC	August 16, 2019	Manufacturer of Liquid and Gas Analyzers										August 16, 2019	Manufacturer of Liquid and Gas Analyzers
			LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity—August 16, 2024)(9)		5,295		4,976		4,976
			Preferred Member Units (3,200 units)				3,200		3,890
			Warrants (420 equivalent shares; Expiration—August 16, 2029; Strike price—$0.01 per share)				316		510
														Secured Debt		12.00% (L+10.00%, Floor 2.00%)	8/16/2024		5,155		4,889		4,889	(9)
							8,492		9,376

ATS Workholding, LLC(10)	March 10, 2014	Manufacturer of Machine Cutting Tools and Accessories
			5% Secured Debt (Maturity—November 16, 2021)		4,919		4,729		3,965
			Preferred Member Units (3,725,862 units)				3,726		—
														Preferred Member Units	3,200						3,200		2,730
							8,455		3,965

Bond-Coat, Inc.	December 28, 2012	Casing and Tubing Coating Services								��
			Common Stock (57,508 shares)				6,350		6,830

														Warrants	420		8/16/2029				316		-	(27)
																					8,405		7,619

ATS Workholding, LLC											(10)	March 10, 2014	Manufacturer of Machine Cutting Tools and Accessories
														Secured Debt		5.00%	11/16/2021		4,942		4,784		3,184	(14)
														Preferred Member Units	3,725,862						3,726		-
																					8,510		3,184

Project BarFly, LLC											(10)	August 31, 2015	Casual Restaurant Group
														Secured Debt		7.00%	10/31/2024		711		711		711
														Member Units	37						1,584		1,584
																					2,295		2,295

Bolder Panther Group, LLC												December 31, 2020	Consumer Goods and Fuel Retailer
														Secured Debt		9.50% (L+8.00%, Floor 1.50%)	12/31/2025		500		500		500	(9)
														Secured Debt		10.50% (L+9.00%, Floor 1.50%)	12/31/2025		27,500		27,239		27,239	(9)
														Class A Preferred Member Units		14.00%					10,194		10,194	(8) (30)
														Class B Preferred Member Units	140,000	8.00%					14,000		14,000	(8) (30)
																					51,933		51,933

Bond-Coat, Inc.													Casing and Tubing Coating Services
														Common Stock	57,508						6,350		2,480

Brewer Crane Holdings, LLC	January 9, 2018	Provider of Crane Rental and Operating Services										January 9, 2018	Provider of Crane Rental and Operating Services
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—January 9, 2023)(9)		8,804		8,751		8,751
			Preferred Member Units (2,950 units)(8)				4,280		4,280
														Secured Debt		11.00% (L+10.00%, Floor 1.00%)	1/9/2023		8,432		8,394		8,394	(9)
							13,031		13,031

Bridge Capital Solutions Corporation	April 18, 2012	Financial Services and Cash Flow Solutions Provider
			13.00% Secured Debt (Maturity—December 11, 2024)		8,813		8,085		8,085
			Warrants (82 equivalent shares; Expiration—July 25, 2026; Strike price—$0.01 per share)				2,132		3,320
			13.00% Secured Debt (Mercury Service Group, LLC) (Maturity—December 11, 2024)		1,000		997		997
			Preferred Member Units (Mercury Service Group, LLC) (17,742 units)(8)				1,000		1,000
														Preferred Member Units	2,950						4,280		5,490	(8)
							12,214		13,402

Café Brazil, LLC	April 20, 2004	Casual Restaurant Group
			Member Units (1,233 units)(8)				1,742		2,180

																					12,674		13,884

5

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)


Portfolio Company (1) (20)										Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Bridge Capital Solutions Corporation										April 18, 2012	Financial Services and Cash Flow Solutions Provider
												Secured Debt		13.00%	12/11/2024		8,813		8,573		8,573
												Warrants	82		7/25/2026				2,132		3,340	(27)
												Secured Debt		13.00%	12/11/2024		1,000		999		999	(30)
												Preferred Member Units	17,742						1,000		1,000	(8) (30)
																			12,704		13,912

Café Brazil, LLC										April 20, 2004	Casual Restaurant Group
												Member Units	1,233						1,742		2,260

California Splendor Holdings LLC	March 30, 2018	Processor of Frozen Fruits								March 30, 2018	Processor of Frozen Fruits
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—March 30, 2023)(9)		15,679		15,573		15,534
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.50%, Secured Debt (Maturity—March 30, 2023)(9)		28,000		27,827		27,762
			Preferred Member Units (6,725 units)(8)				7,706		7,706
			Preferred Member Units (6,157 units)(8)				10,775		5,781
												Secured Debt		9.00% (L+8.00%, Floor 1.00%)	3/30/2023		2,500		2,423		2,423	(9)
							61,881		56,783

CBT Nuggets, LLC ("CBT")	June 1, 2006	Produces and Sells IT Training Certification Videos
			Member Units (416 units)(8)				1,300		46,060

												Secured Debt		11.00% (L+10.00%, Floor 1.00%)	3/30/2023		28,000		27,869		27,869	(9)
												Preferred Member Units	6,725						8,565		8,565	(8)
												Preferred Member Units	6,157						10,775		6,872	(8)
																			49,632		45,729

CBT Nuggets, LLC										June 1, 2006	Produces and Sells IT Training Certification Videos
												Member Units	416						1,300		46,080	(8)

Centre Technologies Holdings, LLC	January 4, 2019	Provider of IT Hardware Services and Software Solutions								January 4, 2019	Provider of IT Hardware Services and Software Solutions
			LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity—January 4, 2024)(9)		11,934		11,843		11,843
			Preferred Member Units (12,696 units)				5,840		5,840
												Secured Debt		12.00% (L+10.00%, Floor 2.00%)	1/4/2024		9,875		9,813		9,813	(9)
							17,683		17,683

												Preferred Member Units	12,696						5,840		6,160
																			15,653		15,973

Chamberlin Holding LLC	February 26, 2018	Roofing and Waterproofing Specialty Contractor								February 26, 2018	Roofing and Waterproofing Specialty Contractor
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—February 26, 2023)(9)		17,773		17,666		17,773
			Member Units (4,347 units)(8)				11,440		24,150
			Member Units (Chamberlin Langfield Real Estate, LLC) (1,047,146 units)(8)				1,047		920
												Secured Debt		9.00% (L+8.00%, Floor 1.00%)	2/26/2023		15,212		15,144		15,212	(9)
							30,153		42,843

												Member Units	4,347						11,440		28,280	(8)
												Member Units	1,047,146						1,322		1,330	(8) (30)
																			27,906		44,822

Charps, LLC	February 3, 2017	Pipeline Maintenance and Construction								February 3, 2017	Pipeline Maintenance and Construction
			15.00% Secured Debt (Maturity—June 5, 2022)		2,000		2,000		2,000
			Preferred Member Units (1,600 units)(8)				400		8,130
												Unsecured Debt		10.00% (8.67% Cash, 1.33% PIK)	1/31/2024		8,978		7,364		7,718	(19)
							2,400		10,130

Clad-Rex Steel, LLC	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, 2021)(9)		10,880		10,841		10,841
			Member Units (717 units)(8)				7,280		8,610
			10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity—December 20, 2036)		1,124		1,113		1,113
			Member Units (Clad-Rex Steel RE Investor, LLC) (800 units)				210		460
												Preferred Member Units	1,600						400		11,320	(8)
							19,444		21,024

CMS Minerals Investments	January 30, 2015	Oil & Gas Exploration & Production
			Member Units (CMS Minerals II, LLC) (100 units)(8)				2,260		1,638

																			7,764		19,038

6

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)

Cody Pools, Inc.	March 6, 2020	Designer of Residential and Commercial Pools
			LIBOR Plus 10.50% (Floor 1.75%), Current Coupon 12.25%, Secured Debt (Maturity—March 6, 2025)(9)		15,800		15,650		15,650
			Preferred Member Units (587 units)				8,317		8,317

							23,967		23,967

Portfolio Company (1) (20)											Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Clad-Rex Steel, LLC											December 20, 2016	Specialty Manufacturer of Vinyl-Clad Metal
													Secured Debt		10.50% (L+9.50%, Floor 1.00%)	1/15/2024		10,880		10,773		10,773	(9)
													Member Units	717						7,280		8,610	(8)
													Secured Debt		10.00%	12/20/2036		1,103		1,093		1,093	(30)
													Member Units	800						210		530	(30)
																				19,356		21,006

CMS Minerals Investments											January 30, 2015	Oil & Gas Exploration & Production											(8)
													Member Units	100						2,142		1,767	(30)

Cody Pools, Inc.											March 6, 2020	Designer of Residential and Commercial Pools
													Secured Debt		12.25% (L+10.50%, Floor 1.75%)	3/6/2025		14,016		13,899		14,016	(9)
													Preferred Member Units	587						8,317		18,870
																				22,216		32,886

Colonial Electric Company LLC											March 31, 2021	Provider of Electrical Contracting Services
													Secured Debt		12.00%	3/31/2026		25,200		24,948		24,948
													Preferred Member Units	17,280						7,680		7,680
																				32,628		32,628

CompareNetworks Topco, LLC	January 29, 2019	Internet Publishing and Web Search Portals									January 29, 2019	Internet Publishing and Web Search Portals
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity—January 29, 2024)(9)		8,014		7,950		7,950
			Preferred Member Units (1,975 units)				1,975		4,080
													Secured Debt		11.00% (L+10.00%, Floor 1.00%)	1/29/2024		7,954		7,913		7,954	(9)
							9,925		12,030

Copper Trail Fund Investments(12)(13)	July 17, 2017	Investment Partnership
			LP Interests (CTMH, LP) (Fully diluted 38.8%)				762		762

													Preferred Member Units	1,975						1,975		8,310	(8)
																				9,888		16,264

Copper Trail Fund Investments										(12) (13)	July 17, 2017	Investment Partnership
													LP Interests (CTMH, LP)	39%						710		710	(31)

Datacom, LLC	May 30, 2014	Technology and Telecommunications Provider									May 30, 2014	Technology and Telecommunications Provider
			8.00% Secured Debt (Maturity—May 31, 2021)(14)		1,800		1,800		1,615
			10.50% PIK Secured Debt (Maturity—May 31, 2021)(14)(19)		12,507		12,475		10,142
			Class A Preferred Member Units				1,294		—
			Class B Preferred Member Units (6,453 units)				6,030		—
													Secured Debt		5.00%	12/31/2025		8,973		8,037		8,037
							21,599		11,757

													Preferred Member Units	9,000						2,610		2,610
																				10,647		10,647

Digital Products Holdings LLC	April 1, 2018	Designer and Distributor of Consumer Electronics									April 1, 2018	Designer and Distributor of Consumer Electronics
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity—April 1, 2023)(9)		18,960		18,841		18,165
			Preferred Member Units (3,857 shares)(8)				9,501		4,595
													Secured Debt		11.00% (L+10.00%, Floor 1.00%)	4/1/2023		17,843		17,758		17,758	(9)
							28,342		22,760

Direct Marketing Solutions, Inc.	February 13, 2018	Provider of Omni-Channel Direct Marketing Services
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity—February 13, 2023)(9)		15,247		15,146		15,247
			Preferred Stock (8,400 shares)				8,400		20,060
													Preferred Member Units	3,857						9,501		9,835	(8)
							23,546		35,307

Gamber-Johnson Holdings, LLC ("GJH")	June 24, 2016	Manufacturer of Ruggedized Computer Mounting Systems
			LIBOR Plus 6.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (Maturity—June 24, 2021)(9)		19,838		19,777		19,838
			Member Units (8,619 units)(8)				14,844		53,240
																				27,259		27,593
							34,621		73,078

7

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)


Portfolio Company (1) (20)											Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Direct Marketing Solutions, Inc.											February 13, 2018	Provider of Omni-Channel Direct Marketing Services
													Secured Debt		12.00% (L+11.00%, Floor 1.00%)	2/13/2023		15,090		15,015		15,015	(9)
													Preferred Stock	8,400						8,400		17,820
																				23,415		32,835

Gamber-Johnson Holdings, LLC ("GJH")											June 24, 2016	Manufacturer of Ruggedized Computer Mounting Systems
													Secured Debt		9.00% (L+7.00%, Floor 2.00%)	6/24/2021		20,638		20,623		20,638	(9)
													Member Units	9,042						17,692		55,250	(8)
																				38,315		75,888

Garreco, LLC	July 15, 2013	Manufacturer and Supplier of Dental Products									July 15, 2013	Manufacturer and Supplier of Dental Products
			LIBOR Plus 8.00% (Floor 1.00%, Ceiling 1.50%), Current Coupon 9.43%, Secured Debt (Maturity—January 31, 2021)(9)		4,519		4,519		4,519
			Member Units (1,200 units)				1,200		1,700
													Secured Debt		9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%)	7/31/2022		4,519		4,519		4,519	(9)
							5,719		6,219

													Member Units	1,200						1,200		1,670
																				5,719		6,189

GRT Rubber Technologies LLC ("GRT")	December 19, 2014	Manufacturer of Engineered Rubber Products									December 19, 2014	Manufacturer of Engineered Rubber Products
			LIBOR Plus 7.00%, Current Coupon 7.17%, Secured Debt (Maturity—December 31, 2023)		16,775		16,775		16,775
			Member Units (5,879 units)(8)				13,065		45,430
													Secured Debt		7.12% (L+7.00%)	12/31/2023		16,775		16,775		16,775
							29,840		62,205

													Member Units	5,879						13,065		44,900	(8)
																				29,840		61,675

Gulf Manufacturing, LLC	August 31, 2007	Manufacturer of Specialty Fabricated Industrial Piping Products									August 31, 2007	Manufacturer of Specialty Fabricated Industrial Piping Products
			Member Units (438 units)(8)				2,980		4,800

													Member Units	438						2,980		4,650	(8)

Gulf Publishing Holdings, LLC	April 29, 2016	Energy Industry Focused Media and Publishing									April 29, 2016	Energy Industry Focused Media and Publishing
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 5.25% / 5.25% PIK, Current Coupon Plus PIK 10.50%, Secured Debt (Maturity—September 30, 2020)(9)(19)		243		243		243
			6.25% Current / 6.25% PIK Secured Debt (Maturity—April 29, 2021)(19)		12,735		12,707		11,616
			Member Units (3,681 units)				3,681		—
													Secured Debt		10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%)	9/30/2020		253		253		253	(9) (17) (19)
							16,631		11,859

Harborside Holdings, LLC	March 20, 2017	Real Estate Holding Company
			Member units (100 units)				6,606		7,660

Harris Preston Fund Investments(12)(13)	October 1, 2017	Investment Partnership
			LP Interests (2717 MH, L.P.) (Fully diluted 49.3%)				2,735		2,977

Harrison Hydra-Gen, Ltd.	June 4, 2010	Manufacturer of Hydraulic Generators
			Common Stock (107,456 shares)(8)				718		5,640

Jensen Jewelers of Idaho, LLC	November 14, 2006	Retail Jewelry Store
			Prime Plus 6.75% (Floor 2.00%), Current Coupon 10.00%, Secured Debt (Maturity—November 14, 2023)(9)		3,850		3,816		3,800
			Member Units (627 units)(8)				811		7,270
													Secured Debt		12.50% (6.25% Cash, 6.25% PIK)	4/29/2021		13,353		13,350		12,259	(19)
							4,627		11,070

J&J Services, Inc.	October 31, 2019	Provider of Dumpster and Portable Toilet Rental Services
			11.50% Secured Debt (Maturity—October 31, 2024)		15,200		15,065		15,200
			Preferred Stock (2,814 shares)				7,085		9,900
													Member Units	3,681						3,681		-
							22,150		25,100

KBK Industries, LLC	January 23, 2006	Manufacturer of Specialty Oilfield and Industrial Products
			Member Units (325 units)(8)				783		13,140

																				17,284		12,512

Harris Preston Fund Investments										(12) (13)	October 1, 2017	Investment Partnership
													LP Interests (2717 MH, L.P.)	49%						2,646		2,684	(31)
													LP Interests (2717 HPP-MS, L.P.)	49%						250		250	(31)
																				2,896		2,934

Harrison Hydra-Gen, Ltd.											June 4, 2010	Manufacturer of Hydraulic Generators
													Common Stock	107,456						718		5,320

8

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)


Portfolio Company (1) (20)											Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Jensen Jewelers of Idaho, LLC											November 14, 2006	Retail Jewelry Store
													Secured Debt		10.00% (Prime+6.75%, Floor 2.00%)	11/14/2023		3,250		3,227		3,250	(9)
													Member Units	627						811		8,320	(8)
																				4,038		11,570

J&J Services, Inc.											October 31, 2019	Provider of Dumpster and Portable Toilet Rental Services
													Secured Debt		11.50%	10/31/2024		12,800		12,702		12,800
													Preferred Stock	2,814						7,085		12,680
																				19,787		25,480

KBK Industries, LLC											January 23, 2006	Manufacturer of Specialty Oilfield and Industrial Products
													Member Units	325						783		13,200	(8)

Kickhaefer Manufacturing Company, LLC	October 31, 2018	Precision Metal Parts Manufacturing									October 31, 2018	Precision Metal Parts Manufacturing
			9.50% Current / 2.00% PIK Secured Debt (Maturity—October 31, 2023)(19)		25,488		25,297		25,297
			Member Units (581 units)				12,240		11,450
			9.00% Secured Debt (Maturity—October 31, 2048)		3,964		3,924		3,924
			Member Units (KMC RE Investor, LLC) (800 units)(8)				992		1,160
													Secured Debt		11.50%	10/31/2023		22,415		22,280		22,280
							42,453		41,831

													Member Units	581						12,240		12,240
													Secured Debt		9.00%	10/31/2048		3,940		3,901		3,901
													Member Units	800						992		1,160	(8) (30)
																				39,413		39,581

Market Force Information, LLC	July 28, 2017	Provider of Customer Experience Management Services									July 28, 2017	Provider of Customer Experience Management Services
			12.00% PIK Secured Debt (Maturity—July 28, 2023)(14)(19)		26,079		25,952		14,255
			Member Units (743,921 units)				16,642		—
													Secured Debt		12.00% (L+11.00%, Floor 1.00%)	7/28/2023		3,150		3,150		3,150	(9)
							42,594		14,255

													Secured Debt		12.00% PIK	7/28/2023		26,079		25,952		13,268	(14) (19)
													Member Units	743,921						16,642		-
																				45,744		16,418

MH Corbin Holding LLC	August 31, 2015	Manufacturer and Distributor of Traffic Safety Products									August 31, 2015	Manufacturer and Distributor of Traffic Safety Products
			13.00% Secured Debt (Maturity—March 31, 2022)		8,730		8,671		8,670
			Preferred Member Units (66,000 shares)				4,400		3,430
			Preferred Member Units (4,000 shares)				6,000		—
													Secured Debt		13.00% (10.00% Cash, 3.00% PIK)	3/31/2022		8,490		8,456		8,208	(19)
							19,071		12,100

Mid-Columbia Lumber Products, LLC	December 18, 2006	Manufacturer of Finger-Jointed Lumber Products
			Member Units (7,874 units)				4,239		—
			Member Units (Mid-Columbia Real Estate, LLC) (500 units)(8)				1,499		2,130
													Preferred Member Units	66,000						4,400		1,200
							5,738		2,130

MSC Adviser I, LLC(16)	November 22, 2013	Third Party Investment Advisory Services
			Member Units (Fully diluted 100.0%)(8)				—		69,080

Mystic Logistics Holdings, LLC	August 18, 2014	Logistics and Distribution Services Provider for Large Volume Mailers
			10.00% Secured Debt (Maturity—January 17. 2022)		6,974		6,959		6,959
			Common Stock (5,873 shares)(8)				2,720		10,390
													Preferred Member Units	4,000						6,000		-
							9,679		17,349

NAPCO Precast, LLC	January 31, 2008	Precast Concrete Manufacturing
			Member Units (2,955 units)(8)				2,975		10,930

NexRev LLC	February 28, 2018	Provider of Energy Efficiency Products & Services
			11.00% Secured Debt (Maturity—February 28, 2023)		17,533		17,433		15,732
			Preferred Member Units (86,400,000 units)				6,880		—
																				18,856		9,408
							24,313		15,732


MSC Adviser I, LLC										(16)	November 22, 2013	Third Party Investment Advisory Services
													Member Units	100%						29,500		117,220	(8) (31)

MS Private Loan Fund I, LP										(12)	January 26, 2021	Investment Partnership
													Unsecured Debt		5.00%	6/30/2022		8,422		8,422		8,422
													LP Interests	11.6%						142		142
																				8,564		8,564

MSC Income Fund Inc.										(12) (13)	January 28, 2021	Non-listed Business Development Company
													Unsecured Debt		5.00%	1/28/2026		40,000		39,612		39,822

9

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)


Portfolio Company (1) (20)										Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Mystic Logistics Holdings, LLC										August 18, 2014	Logistics and Distribution Services Provider for Large Volume Mailers
												Secured Debt		12.00%	1/17/2022		6,733		6,725		6,725
												Common Stock	5,873						2,720		7,280	(8)
																			9,445		14,005

NAPCO Precast, LLC										January 31, 2008	Precast Concrete Manufacturing
												Member Units	2,955						2,975		15,570	(8)

Nebraska Vet AcquireCo, LLC (NVS)										December 31, 2020	Mixed-Animal Veterinary and Animal Health Product Provider
												Secured Debt		12.00%	12/31/2025		10,500		10,400		10,400
												Preferred Member Units	6,500						6,500		6,500
																			16,900		16,900

NexRev LLC										February 28, 2018	Provider of Energy Efficiency Products & Services
												Secured Debt		11.00%	2/28/2023		16,879		16,807		16,696
												Preferred Member Units	86,400,000						6,880		3,280	(8)
																			23,687		19,976

NRI Clinical Research, LLC	September 8, 2011	Clinical Research Service Provider								September 8, 2011	Clinical Research Service Provider
			10.50% Secured Debt (Maturity—June 8, 2022)		7,000		6,921		7,000
			Warrants (251,723 equivalent units; Expiration—June 8, 2027; Strike price—$0.01 per unit)				252		1,390
			Member Units (1,454,167 units)(8)				765		5,321
												Secured Debt		9.00%	6/8/2022		5,620		5,580		5,620
							7,938		13,711

												Warrants	251,723		6/8/2027				252		1,530	(27)
												Member Units	1,454,167						765		5,750	(8)
																			6,597		12,900

NRP Jones, LLC	December 22, 2011	Manufacturer of Hoses, Fittings and Assemblies								December 22, 2011	Manufacturer of Hoses, Fittings and Assemblies
			12.00% Secured Debt (Maturity—March 20, 2023)		6,376		6,376		6,376
			Member Units (65,962 units)(8)				3,717		3,120
												Secured Debt		12.00%	3/20/2023		2,080		2,080		2,080
							10,093		9,496

												Member Units	65,962						3,717		3,240	(8)
																			5,797		5,320

NuStep, LLC	January 31, 2017	Designer, Manufacturer and Distributor of Fitness Equipment								January 31, 2017	Designer, Manufacturer and Distributor of Fitness Equipment
			12.00% Secured Debt (Maturity—January 31, 2022)		19,640		19,564		19,564
			Preferred Member Units (406 units)				10,200		10,200
												Secured Debt		12.00%	1/31/2022		17,240		17,203		17,203
							29,764		29,764

OMi Holdings, Inc.	April 1, 2008	Manufacturer of Overhead Cranes
			Common Stock (1,500 shares)(8)				1,080		18,030

												Preferred Member Units	406						10,200		11,390
																			27,403		28,593

OMi Holdings, Inc.										April 1, 2008	Manufacturer of Overhead Cranes
												Common Stock	1,500						1,080		18,830	(8)

Pearl Meyer Topco LLC	April 27, 2020	Provider of Executive Compensation Consulting Services								April 27, 2020	Provider of Executive Compensation Consulting Services
			12.00% Secured Debt (Maturity—April 27, 2025)		35,000		34,663		34,663
			Member Units (13,800 units)(8)				13,000		13,000
												Secured Debt		12.00%	4/27/2025		36,013		35,715		35,715
							47,663		47,663

Pegasus Research Group, LLC	January 6, 2011	Provider of Telemarketing and Data Services
			Member Units (460 units)(8)				1,290		9,960

PPL RVs, Inc.	June 10, 2010	Recreational Vehicle Dealer
			LIBOR Plus 8.75% (Floor 0.50%), Current Coupon 10.18% Secured Debt (Maturity—November 15, 2022)(9)		12,105		12,004		12,004
			Common Stock (1,962 shares)				2,150		11,140
												Member Units	13,800						13,000		15,940	(8)
							14,154		23,144

Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions)	February 1, 2011	Noise Abatement Service Provider
			13.00% Secured Debt (Maturity—April 30, 2023)		6,397		6,324		6,397
			Preferred Member Units (19,631 units)(8)				4,600		12,910
			Warrants (1,018 equivalent units; Expiration—January 31, 2021; Strike price—$0.01 per unit)				1,200		1,070
																			48,715		51,655
							12,124		20,377

Quality Lease Service, LLC	June 8, 2015	Provider of Rigsite Accommodation Unit Rentals and Related Services
			Member Units (1,000 units)				11,313		5,780

10

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)


Portfolio Company (1) (20)											Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Pegasus Research Group, LLC											January 6, 2011	Provider of Telemarketing and Data Services
													Member Units	460						1,290		8,270	(8)

PPL RVs, Inc.											June 10, 2010	Recreational Vehicle Dealer
													Secured Debt		7.50% (L+7.00%, Floor 0.50%)	11/15/2022		11,655		11,594		11,612	(9)
													Common Stock	2,000						2,150		12,330	(8)
																				13,744		23,942

Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions)											February 1, 2011	Noise Abatement Service Provider
													Secured Debt		13.00%	4/30/2023		6,397		6,340		6,340
													Preferred Member Units	19,631						4,600		10,380	(8)
													Common Stock	1,037						1,200		840
																				12,140		17,560

Quality Lease Service, LLC											June 8, 2015	Provider of Rigsite Accommodation Unit Rentals and Related Services
													Member Units	1,000						10,663		3,882

River Aggregates, LLC	March 30, 2011	Processor of Construction Aggregates									March 30, 2011	Processor of Construction Aggregates
			Zero Coupon Secured Debt (Maturity—June 30, 2018)(17)		750		750		722
			Member Units (1,150 units)(8)				1,150		6,160
			Member Units (RA Properties, LLC) (1,500 units)				369		3,320
													Member Units	1,500						369		3,240	(30)
							2,269		10,202


Tedder Industries, LLC	August 31, 2018	Manufacturer of Firearm Holsters and Accessories									August 31, 2018	Manufacturer of Firearm Holsters and Accessories
			12.00% Secured Debt (Maturity—August 31, 2020)		640		640		640
			12.00% Secured Debt (Maturity—August 31, 2023)		16,400		16,286		16,286
			Preferred Member Units (479 units)				8,136		8,136
													Secured Debt		12.00%	8/31/2023		14,800		14,718		14,718
							25,062		25,062

													Preferred Member Units	479						8,136		8,136
																				22,854		22,854

Trantech Radiator Topco, LLC	May 31, 2019	Transformer Cooling Products and Services									May 31, 2019	Transformer Cooling Products and Services
			12.00% Secured Debt (Maturity—May 31, 2024)		8,880		8,794		8,867
			Common Stock (615 shares)(8)				4,655		7,680
													Secured Debt		12.00%	5/31/2024		8,720		8,649		8,649
							13,449		16,547

UnionRock Energy Fund II, LP(12)(13)	June 15, 2020	Oil & Gas Exploration & Production
			LP Interests (Fully diluted 49.6%)				2,894		2,894

Vision Interests, Inc.	June 5, 2007	Manufacturer / Installer of Commercial Signage
			13.00% Secured Debt (Maturity—September 30 2019)(17)		2,028		2,028		2,028
			Series A Preferred Stock (3,000,000 shares)				3,000		3,460
													Common Stock	615						4,655		5,690	(8)
							5,028		5,488

Ziegler's NYPD, LLC	October 1, 2008	Casual Restaurant Group
			6.50% Secured Debt (Maturity—October 1, 2020)		1,000		1,000		899
			12.00% Secured Debt (Maturity—October 1, 2020)		625		625		625
			14.00% Secured Debt (Maturity—October 1, 2020)		2,750		2,750		2,366
			Warrants (587 equivalent units; Expiration—October 1, 2020; Strike price—$0.01 per unit)				600		—
			Preferred Member Units (10,072 units)				2,834		1,139
																				13,304		14,339
							7,809		5,029

Subtotal Control Investments (73.5% of net assets at fair value)						$	796,019	$	1,008,139
UnionRock Energy Fund II, LP										(12) (13)	June 15, 2020	Oil & Gas Exploration & Production
													LP Interests	49.6%						4,267		4,788	(31)

Vision Interests, Inc.											June 5, 2007	Manufacturer / Installer of Commercial Signage
													Secured Debt		13.00%	9/30/2019		2,028		2,028		2,028	(17)
													Series A Preferred Stock	3,000,000						3,000		3,000
																				5,028		5,028

11

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Ziegler's NYPD, LLC	October 1, 2008	Casual Restaurant Group
			Secured Debt		6.50%	10/1/2022		1,000		1,000		1,000
			Secured Debt		12.00%	10/1/2022		625		625		625
			Secured Debt		14.00%	10/1/2022		2,750		2,750		2,750
			Warrants	587		10/1/2025				600		-	(27)
			Preferred Member Units	10,072						2,833		2,071
										7,808		6,446

Subtotal Control Investments (77.4% of net assets at fair value)									$	896,464	$	1,192,964

12

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Affiliate Investments(6)

AFG Capital Group, LLC
November 7, 2014
Provider of Rent-to-Own Financing Solutions and Services

10.00% Secured Debt (Maturity—May 25, 2022)
664 664 664

Preferred Member Units (186 units)
1,200 5,170

1,864 5,834

American Trailer Rental Group LLC
June 7, 2017
Provider of Short-term Trailer and Container Rental

Member Units (Milton Meisler Holdings LLC) (73,493 units)
8,596 13,060

BBB Tank Services, LLC
April 8, 2016
Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market

LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, (Maturity—April 8, 2021)(9)
4,800 4,734 4,684

Preferred Stock (non-voting)(8)
141 141

Member Units (800,000 units)
800 210

5,675 5,035

Boccella Precast Products LLC
June 30, 2017
Manufacturer of Precast Hollow Core Concrete

Member Units (2,160,000 units)(8)
2,256 5,980

Buca C, LLC
June 30, 2015
Casual Restaurant Group

LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.25%, Secured Debt (Maturity—June 30, 2020)(9)(17)
19,004 19,004 17,104

Preferred Member Units (6 units; 6% cumulative)(8)(19)
4,770 765

23,774 17,869

CAI Software LLC
October 10, 2014
Provider of Specialized Enterprise Resource Planning Software

12.50% Secured Debt (Maturity—December 7, 2023)
28,644 28,452 28,644

Member Units (70,764 units)(8)
1,102 5,930

29,554 34,574

Chandler Signs Holdings, LLC(10)
January 4, 2016
Sign Manufacturer

Class A Units (1,500,000 units)
1,500 2,540

Charlotte Russe, Inc(11)
May 28, 2013
Fast-Fashion Retailer to Young Women

Common Stock (19,041 shares)
3,141 —

Classic H&G Holdings, LLC
March 12, 2020
Provider of Engineered Packaging Solutions

12.00% Secured Debt (Maturity—March 12, 2025)
26000 25,753 25,753

Preferred Member Units (154 units)
5,760 5,760

31,513 31,513

Congruent Credit Opportunities Funds(12)(13)
January 24, 2012
Investment Partnership

LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)
5,210 855

LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)
12,589 12,504

17,799 13,359

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Copper Trail Fund Investments(12)(13)
July 17, 2017
Investment Partnership

LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 12.4%)(8)
2,248 1,822

Dos Rios Partners(12)(13)
April 25, 2013
Investment Partnership

LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)
6,605 7,288

LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)
2,097 2,314

8,702 9,602

East Teak Fine Hardwoods, Inc.
April 13, 2006
Distributor of Hardwood Products

Common Stock (6,250 shares)
480 300

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)
756 595

Freeport Financial Funds(12)(13)
June 13, 2013
Investment Partnership

LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)
5,974 5,154

LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%)(8)
10,785 10,571

16,759 15,725

Fuse, LLC(11)
June 30, 2019
Cable Networks Operator

12% Secured Debt (Maturity—June 28, 2024)
1,939 1,939 1,601

Common Stock (10,429 shares)
256 256

2,195 1,857

Harris Preston Fund Investments(12)(13)
August 9, 2017
Investment Partnership

LP Interests (HPEP 3, L.P.) (Fully diluted 8.2%)
2,819 2,819

Hawk Ridge Systems, LLC(13)
December 2, 2016
Value-Added Reseller of Engineering Design and Manufacturing Solutions

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—December 2, 2021)(9)
600 600 600

11.00% Secured Debt (Maturity—December 2, 2021)
13,400 13,350 13,400

Preferred Member Units (226 units)(8)
2,850 7,320

Preferred Member Units (HRS Services, ULC) (226 units)
150 390

16,950 21,710

Houston Plating and Coatings, LLC
January 8, 2003
Provider of Plating and Industrial Coating Services

8.00% Unsecured Convertible Debt (Maturity—May 1, 2022)
3,000 3,000 3,260

Member Units (322,297 units)(8)
2,352 7,220

5,352 10,480

I-45 SLF LLC(12)(13)
October 20, 2015
Investment Partnership

Member Units (Fully diluted 20.0%; 24.4% profits interest)(8)
20,200 13,953


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Affiliate Investments (6)

AAC Holdings, Inc.	(11)	June 30, 2017	Substance Abuse Treatment Service Provider
				Secured Debt		18.00% (10.00% Cash, 8.00% PIK)	6/25/2025		9,596		9,386		9,548	(19)
				Common Stock	593,928						3,148		1,930
				Warrants	554,353		12/11/2025				-		1,802	(27)
											12,534		13,280

AFG Capital Group, LLC		November 7, 2014	Provider of Rent-to-Own Financing Solutions and Services
				Secured Debt		10.00%	5/25/2022		404		404		404
				Preferred Member Units	186						1,200		6,320
											1,604		6,724

American Trailer Rental Group LLC		June 7, 2017	Provider of Short-term Trailer and Container Rental
				Member Units	73,493						8,596		17,880	(30)

BBB Tank Services, LLC		April 8, 2016	Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
				Unsecured Debt		12.00% (L+11.00%, Floor 1.00%)	4/8/2021		4,800		4,793		4,742	(9)
				Preferred Stock (non-voting)		15.00% PIK					157		157	(8) (19)
				Member Units	800,000						800		280
											5,750		5,179

Boccella Precast Products LLC		June 30, 2017	Manufacturer of Precast Hollow Core Concrete
				Member Units	2,160,000						2,256		5,750	(8)

Buca C, LLC		June 30, 2015	Casual Restaurant Group
				Secured Debt		10.25% (2.56% Cash, 7.69% PIK) (L+9.25%, Floor 1.00%)	6/30/2020		19,004		19,004		13,883	(9) (17) (19)
				Preferred Member Units	6	6.00% PIK					4,770		-	(19)
											23,774		13,883

CAI Software LLC		October 10, 2014	Provider of Specialized Enterprise Resource Planning Software
				Secured Debt		12.50%	12/7/2023		44,121		43,827		44,121
				Member Units	77,960						2,095		7,600
											45,922		51,721

Chandler Signs Holdings, LLC	(10)	January 4, 2016	Sign Manufacturer
				Class A Units	1,500,000						1,500		1,040

Charlotte Russe, Inc	(11)	May 28, 2013	Fast-Fashion Retailer to Young Women
				Common Stock	19,041						3,141		-

13

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

L.F. Manufacturing Holdings, LLC(10)
December 23, 2013
Manufacturer of Fiberglass Products

Preferred Member Units (non-voting; 14% cumulative)(8)(19)
87 87

Member Units (2,179,001 units)
2,019 2,050

2,106 2,137

OnAsset Intelligence, Inc.
April 18, 2011
Provider of Transportation Monitoring / Tracking Products and Services

12.00% PIK Secured Debt (Maturity—June 30, 2021)(19)
6,873 6,873 6,873

10.00% PIK Unsecured Debt (Maturity—June 30, 2021)(19)
61 61 61

Preferred Stock (912 shares)
1,981 —

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

10,834 6,934

PCI Holding Company, Inc.
December 18, 2012
Manufacturer of Industrial Gas Generating Systems

12.00% Current, Secured Debt (Maturity—July 1, 2020)
11,356 11,356 11,356

Preferred Stock (1,740,000 shares) (non-voting)
1,740 4,350

Preferred Stock (1,500,000 shares)
3,927 4,130

17,023 19,836

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)
January 8, 2013
Provider of Rigsite Accommodation Unit Rentals and Related Services

12.00% Secured Debt (Maturity—January 8, 2018)(14)(15)
30,369 29,865 —

Preferred Member Units (250 units)
2,500 —

32,365 —

Salado Stone Holdings, LLC(10)
June 27, 2016
Limestone and Sandstone Dimension Cut Stone Mining Quarries

Class A Preferred Units (Salado Acquisition, LLC) (2,000,000 units)
2,000 430

Slick Innovations, LLC
September 13, 2018
Text Message Marketing Platform

14.00% Current, Secured Debt (Maturity—September 13, 2023)
6,280 6,136 6,136

Common Stock (70,000 shares)(8)
700 1,130

Warrants (18,084 equivalent units; Expiration—September 13, 2028; Strike price—$0.01 per unit)
181 300

7,017 7,566

SI East, LLC
August 31, 2018
Rigid Industrial Packaging Manufacturing

9.50% Current, Secured Debt (Maturity—August 31, 2023)
32,963 32,723 32,963

Preferred Member Units (157 units)(8)
6,000 9,310

38,723 42,273


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Classic H&G Holdings, LLC		March 12, 2020	Provider of Engineered Packaging Solutions
				Secured Debt		12.00%	3/12/2025		24,800		24,593		24,800
				Preferred Member Units	154						5,760		11,180	(8)
											30,353		35,980

Congruent Credit Opportunities Funds	(12) (13)	January 24, 2012	Investment Partnership
				LP Interests (Congruent Credit Opportunities Fund III, LP)	17.4%						11,741		11,540	(8) (31)

Copper Trail Fund Investments	(12) (13)	July 17, 2017	Investment Partnership
				LP Interests (Copper Trail Energy Fund I, LP)	12.4%						2,161		1,843	(8) (31)

Dos Rios Partners	(12) (13)	April 25, 2013	Investment Partnership
				LP Interests (Dos Rios Partners, LP)	20.2%						6,605		5,101	(31)
				LP Interests (Dos Rios Partners - A, LP)	6.4%						2,097		1,620	(31)
											8,702		6,721

East Teak Fine Hardwoods, Inc.		April 13, 2006	Distributor of Hardwood Products
				Common Stock	6,250						480		300

EIG Fund Investments	(12) (13)	November 6, 2015	Investment Partnership
				LP Interests (EIG Global Private Debt Fund-A, L.P.)	11.1%						659		446	(8) (31)

Freeport Financial Funds	(12) (13)	June 13, 2013	Investment Partnership
				LP Interests (Freeport Financial SBIC Fund LP)	9.3%						5,974		5,264	(31)
				LP Interests (Freeport First Lien Loan Fund III LP)	6.0%						9,387		8,923	(8) (31)
											15,361		14,187

GFG Group, LLC.		March 31, 2021	Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
				Secured Debt		12.00%	3/31/2026		15,745		15,588		15,588
				Preferred Member Units	226						4,900		4,900
											20,488		20,488

Harris Preston Fund Investments	(12) (13)	August 9, 2017	Investment Partnership
				LP Interests (HPEP 3, L.P.)	8.2%						3,445		3,632	(31)

14

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)

UniTek Global Services, Inc.(11)	April 15, 2011	Provider of Outsourced Infrastructure Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—August 20, 2024)(9)		2,963		2,939		2,677
			Preferred Stock (1,133,102 shares; 20% cumulative)(8)(19)				1,305		2,833
			Preferred Stock (1,521,122 shares; 20% cumulative)(8)(19)				2,188		2,282
			Preferred Stock (2,281,682 shares; 19% cumulative)(8)(19)				3,667		658
			Preferred Stock (4,336,866 shares; 13.50% cumulative)(19)				7,924		4
			Common Stock (945,507 shares)				—		—

							18,023		8,454

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; 14% cumulative)(8)(19)				1,032		240
			Member Units (UWS Investments, LLC) (4,000,000 units)				4,000		—
Portfolio Company (1) (20)											Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Hawk Ridge Systems, LLC										(13)	December 2, 2016	Value-Added Reseller of Engineering Design and Manufacturing Solutions
													Secured Debt		10.00%	12/2/2023		18,400		18,374		18,400
							5,032		240

Volusion, LLC	January 26, 2015	Provider of Online Software-as-a-Service eCommerce Solutions
			11.50% Secured Debt (Maturity—January 26, 2020)(17)		20,234		20,234		19,243
			8.00% Unsecured Convertible Debt (Maturity—November 16, 2023)		409		409		291
			Preferred Member Units (4,876,670 units)				14,000		5,678
			Warrants (1,831,355 equivalent units; Expiration—January 26, 2025; Strike price—$0.01 per unit)				2,576		—
													Preferred Member Units	226						2,850		9,320	(8)
							37,219		25,212
													Preferred Member Units	226						150		490	(30)
Subtotal Affiliate Investments (23.5% of net assets at fair value)						$	372,475	$	321,709
																				21,374		28,210

Houston Plating and Coatings, LLC											January 8, 2003	Provider of Plating and Industrial Coating Services
													Unsecured Convertible Debt		8.00%	5/1/2022		3,000		3,000		2,900
													Member Units	322,297						2,352		4,250	(8)
																				5,352		7,150

I-45 SLF LLC										(12) (13)	October 20, 2015	Investment Partnership
													Member Units (Fully diluted 20.0%; 24.40% profits interest) (8)	20.00% Fully Diluted, 24.40% Profits Interest						18,200		14,428	(8) (31)

L.F. Manufacturing Holdings, LLC										(10)	December 23, 2013	Manufacturer of Fiberglass Products
													Preferred Member Units (non-voting)		14.00% PIK					96		96	(8) (19)
													Member Units	2,179,001						2,019		2,050
																				2,115		2,146

OnAsset Intelligence, Inc.											April 18, 2011	Provider of Transportation Monitoring / Tracking Products and Services
													Secured Debt		12.00% PIK	6/30/2021		7,520		7,520		7,520	(19)
													Unsecured Debt		10.00% PIK	6/30/2021		66		66		66	(19)
													Preferred Stock	912						1,981		-
													Warrants	5,333		4/18/2021				1,919		-	(27)
																				11,486		7,586

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)											January 8, 2013	Provider of Rigsite Accommodation Unit Rentals and Related Services
													Secured Debt		12.00%	1/8/2018		30,369		29,865		-	(14) (32)
													Preferred Member Units	250						2,500		-
																				32,365		-

Salado Stone Holdings, LLC										(10)	June 27, 2016	Limestone and Sandstone Dimension Cut Stone Mining Quarries
													Class A Preferred Units	2,000,000						2,000		1,020	(30)

Slick Innovations, LLC											September 13, 2018	Text Message Marketing Platform
													Secured Debt		12.00%	9/13/2023		5,560		5,457		5,560
													Common Stock	70,000						700		1,510
													Warrants	18,084		9/13/2028				181		400	(27)
																				6,338		7,470

15

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
SI East, LLC		August 31, 2018	Rigid Industrial Packaging Manufacturing
				Secured Debt		9.50%	8/31/2023		29,213		29,050		29,213
				Preferred Member Units	157						6,000		10,160	(8)
											35,050		39,373

Superior Rigging & Erecting Co.		August 31, 2020	Provider of Steel Erecting, Crane Rental & Rigging Services
				Secured Debt		12.00%	8/31/2025		21,500		21,306		21,306
				Preferred Member Units	1,571						4,500		4,500
											25,806		25,806

UniTek Global Services, Inc.	(11)	April 15, 2011	Provider of Outsourced Infrastructure Services
				Secured Debt		7.50% (L+6.50% Floor 1.00%)	8/20/2024		2,315		2,298		2,098	(9)
				Secured Debt		15.00% PIK	2/20/2025		1,092		1,092		1,091	(19)
				Preferred Stock	1,133,102	20.00% PIK					1,513		2,833	(8) (19)
				Preferred Stock	1,521,122	20.00% PIK					2,188		395	(8) (19)
				Preferred Stock	2,281,682	19.00% PIK					3,667		-	(19)
				Preferred Stock	4,336,866	13.50% PIK					7,924		-	(19)
				Common Stock	945,507						-		-
											18,682		6,417

Universal Wellhead Services Holdings, LLC	(10)	October 30, 2014	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
				Preferred Member Units	716,949	14.00% PIK					1,032		-	(19) (30)
				Member Units	4,000,000						4,000		-	(30)
											5,032		-

Volusion, LLC		January 26, 2015	Provider of Online Software-as-a-Service eCommerce Solutions
				Secured Debt		11.50%	1/26/2020		20,234		20,234		19,243	(17)
				Unsecured Convertible Debt		8.00%	11/16/2023		409		410		291
				Preferred Member Units	4,876,670						14,000		5,989
				Warrants	1,831,355		1/26/2025				2,576		-	(27)
											37,220		25,523

Subtotal Affiliate Investments (24.4% of net assets at fair value)										$	419,487	$	375,723

16

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
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

10.00% Current / 8.00% PIK Secured Debt (Maturity—March 24, 2021)(19)
2,264 2,196 2,196

Prime Plus 13.50% (Floor 1.00%), Current Coupon 16.75%, Secured Debt (Maturity—April 17, 2020)(9)(17)
3,121 2,961 2,887

Prime Plus 9.75% (Floor 1.00%), Current Coupon 13.00%, Secured Debt (Maturity—June 30, 2023)(9)(14)
14,396 14,030 6,442

19,187 11,525

Adams Publishing Group, LLC(10)
November 19, 2015
Local Newspaper Operator

LIBOR Plus 7.50% (Floor 1.75%), Current Coupon 9.25%, Secured Debt (Maturity—July 3, 2023)(9)
6,301 6,162 6,054

ADS Tactical, Inc.(10)
March 7, 2017
Value-Added Logistics and Supply Chain Provider to the Defense Industry

LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 7.00%, Secured Debt (Maturity—July 26, 2023)(9)
19,738 19,616 19,444

Aethon United BR LP(10)
September 8, 2017
Oil & Gas Exploration & Production

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—September 8, 2023)(9)
9,750 9,644 9,002

Affordable Care Holding Corp.(10)
May 9, 2019
Dental Service Organization

LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity—October 22, 2022)(9)
14,321 14,095 12,746

ALKU, LLC.(11)
October 18, 2019
Specialty National Staffing Operator

LIBOR Plus 5.50%, Current Coupon 6.38%, Secured Debt (Maturity—July 29, 2026)(9)
9,975 9,883 9,676

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 9.43%, Secured Debt (Maturity—April 10, 2023)(9)
12,186 11,977 11,605

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 7.66%, Secured Debt (Maturity—June 8, 2023)(9)
17,374 16,531 11,276

APTIM Corp.(11)
August 17, 2018
Engineering, Construction & Procurement

7.75% Secured Debt (Maturity—June 15, 2025)
12,452 10,947 4,919

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Arcus Hunting LLC(10)
January 6, 2015
Manufacturer of Bowhunting and Archery Products and Accessories

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.45%, Secured Debt (Maturity—March 31, 2021)(9)
13,423 13,423 13,423

ASC Ortho Management Company, LLC(10)
August 31, 2018
Provider of Orthopedic Services

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.93%, Secured Debt (Maturity—August 31, 2023)(9)
5,264 5,194 4,924

13.25% PIK Secured Debt (Maturity—December 1, 2023)(19)
1,980 1,951 1,919

7,145 6,843

ATX Networks Corp.(11)(13)(21)
June 30, 2015
Provider of Radio Frequency Management Equipment

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.45% / 1.00% PIK, Current Coupon Plus PIK 8.45%, Secured Debt (Maturity—June 11, 2021)(9)(19)
13,530 13,419 12,380

Barfly Ventures, LLC(10)
August 31, 2015
Casual Restaurant Group

9.00% PIK Secured Debt (Maturity—March 23, 2021)(14)(19)
110 110 110

12.00% Secured Debt (Maturity—August 31, 2020)(14)
10,185 10,073 1,111

Options (3 equivalent units)
607 —

Warrant (2 equivalent unit; Expiration—August 31, 2025; Strike price—$1.00 per unit)
473 —

11,263 1,221

Berry Aviation, Inc.(10)
July 6, 2018
Charter Airline Services

10.50% Current / 1.5% PIK, Secured Debt (Maturity— January 6, 2024)(19)
4,588 4,556 4,522

Preferred Member Units (Berry Acquisition, LLC) (122,416 units; 16% cumulative)(8)(19)
135 135

Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units; 8% cumulative)(19)
1,671 804

6,362 5,461

BigName Commerce, LLC(10)
May 11, 2017
Provider of Envelopes and Complimentary Stationery Products

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 4.35% / 4.35% PIK, Current Coupon plus PIK 8.70%, Secured Debt (Maturity—May 11, 2022)(9)(19)
2,233 2,222 2,134

Binswanger Enterprises, LLC(10)
March 10, 2017
Glass Repair and Installation Service Provider

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—March 9, 2022)(9)
13,538 13,312 13,313

Member Units (1,050,000 units)
1,050 730

14,362 14,043


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Non-Control/Non-Affiliate Investments (7)

Acousti Engineering Company of Florida, Inc.	(10)	November 2, 2020	Interior Subcontractor Providing Acoustical Walls and Ceilings
				Secured Debt		10.00% (L+8.50%, Floor 1.50%)	10/31/2025		11,743		11,620		11,620	(9)

Adams Publishing Group, LLC	(10)	November 19, 2015	Local Newspaper Operator
				Secured Debt		8.75% (L+7.00%, Floor 1.75%)	7/3/2023		5,644		5,538		5,599	(9)

ADS Tactical, Inc.	(11)	March 7, 2017	Value-Added Logistics and Supply Chain Provider to the Defense Industry
				Secured Debt		6.75% (L+5.75%, Floor 1.00%)	3/19/2026		6,538		6,408		6,506

Affordable Care Holding Corp.	(10)	May 9, 2019	Dental Support Organization
				Secured Debt		5.75% (L+4.75%, Floor 1.00%)	10/22/2022		14,209		14,052		13,995	(9)

American Nuts, LLC	(10)	April 10, 2018	Roaster, Mixer and Packager of Bulk Nuts and Seeds
				Secured Debt		9.00% (L+8.00%, Floor 1.00%)	4/10/2023		12,102		11,943		12,102	(9)

American Teleconferencing Services, Ltd.	(11)	May 19, 2016	Provider of Audio Conferencing and Video Collaboration Solutions
				Secured Debt		7.50% (L+6.50%, Floor 1.00%)	6/8/2023		17,358		16,695		9,221	(9)

Arcus Hunting LLC	(10)	January 6, 2015	Manufacturer of Bowhunting and Archery Products and Accessories
				Secured Debt		11.00% (L+10.00%, Floor 1.00%)	3/31/2022		11,009		10,879		11,009	(9)
			��
Arrow International, Inc	(10)	December 21, 2020	Manufacturer and Distributor of Charitable Gaming Supplies
				Secured Debt		9.23% (L+7.98%, Floor 1.25%)	12/21/2025		9,000		8,914		8,914	(9) (23)


ATX Networks Corp.	(11) (13) (21)	June 30, 2015	Provider of Radio Frequency Management Equipment
				Secured Debt		8.75% (7.25% Cash, 1.50% PIK) (1.50% PIK + L+6.25%, Floor 1.00%)	12/31/2023		13,453		13,422		12,309	(9) (19)

ASC Ortho Management Company, LLC	(10)	August 31, 2018	Provider of Orthopedic Services
				Secured Debt		8.50% (L+7.50%, Floor 1.00%)	8/31/2023		5,177		5,123		5,125	(9)
				Secured Debt		13.25% PIK	12/1/2023		2,186		2,164		2,186	(19)
											7,287		7,311

17

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Bluestem Brands, Inc.(11)
December 19, 2013
Multi-Channel Retailer of General Merchandise

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—September 9, 2020)(9)
635 635 635

Prime Plus 6.50% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity—November 6, 2020)(9)(14)
10,622 10,571 3,983

11,206 4,618

Bojangles', Inc.(11)
February 5, 2019
Quick Service Restaurant Group

LIBOR Plus 4.75%, Current Coupon 4.93%, Secured Debt (Maturity—January 28, 2026)
7,723 7,593 7,498

LIBOR Plus 8.50%, Current Coupon 8.68%, Secured Debt (Maturity—January 28, 2027)
5,000 4,912 4,575

12,505 12,073

Brainworks Software, LLC(10)
August 12, 2014
Advertising Sales and Newspaper Circulation Software

Prime Plus 9.25% (Floor 3.25%), Current Coupon 12.50%, Secured Debt (Maturity—July 22, 2019)(9)(14)(17)
6,733 6,733 4,915

Brightwood Capital Fund Investments(12)(13)
July 21, 2014
Investment Partnership

LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.6%)(8)
10,920 8,075

LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.6%)(8)
4,750 4,384

15,670 12,459

Cadence Aerospace LLC(10)
November 14, 2017
Aerostructure Manufacturing

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—November 14, 2023)(9)
26,868 26,678 24,545

California Pizza Kitchen, Inc.(11)
August 29, 2016
Casual Restaurant Group

LIBOR Plus 10.00% (Floor 1.50%), Current Coupon 11.50%, Secured Debt (Maturity—August 23, 2022)(9)
3,929 3,882 3,857

LIBOR Plus 6.00% PIK (Floor 1.00%), Current Coupon 7.00% PIK, Secured Debt (Maturity—August 23, 2022)(9)(19)
12,064 11,990 3,534

15,872 7,391

Central Security Group, Inc.(11)
December 4, 2017
Security Alarm Monitoring Service Provider

LIBOR Plus 5.63% (Floor 1.00%), Current Coupon 6.63%, Secured Debt (Maturity—October 6, 2021)(9)
13,667 13,637 5,768


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Berry Aviation, Inc.	(10)	July 6, 2018	Charter Airline Services
				Secured Debt		12.00% (10.50% Cash, 1.5% PIK)	1/6/2024		4,641		4,614		4,641	(19)
				Preferred Member Units	122,416	16.00% PIK					151		151	(8) (19) (30)
				Preferred Member Units	1,548,387	8.00% PIK					1,671		1,438	(19) (30)
											6,436		6,230

BLST Operating Company, LLC.	(11)	December 19, 2013	Multi-Channel Retailer of General Merchandise
				Secured Debt		10.00% (L+8.50%, Floor 1.50%)	8/28/2025		5,879		5,879		5,408	(9)
				Common Stock	653,184						-		297
				Warrants	70,000		8/28/2030				-		32	(27)
											5,879		5,737

BigName Commerce, LLC	(10)	May 11, 2017	Provider of Envelopes and Complimentary Stationery Products
				Secured Debt		8.25% (L+7.25%, Floor 1.00%)	5/11/2022		1,993		1,986		1,993	(9)

Binswanger Enterprises, LLC	(10)	March 10, 2017	Glass Repair and Installation Service Provider
				Secured Debt		9.50% (L+8.50%, Floor 1.00%)	3/9/2022		12,958		12,831		12,958	(9)
				Member Units	1,050,000						1,050		730
											13,881		13,688

Brainworks Software, LLC	(10)	August 12, 2014	Advertising Sales and Newspaper Circulation Software
				Secured Debt		12.50% (Prime+9.25%, Floor 3.25%)	7/22/2019		7,817		7,817		5,542	(9) (14) (17)

Brightwood Capital Fund Investments	(12) (13)	July 21, 2014	Investment Partnership
				LP Interests (Brightwood Capital Fund III, LP)	1.6%						9,000		6,200	(8) (31)
				LP Interests (Brightwood Capital Fund IV, LP)	0.6%						4,500		4,500	(8) (31)
											13,500		10,700

Cadence Aerospace LLC	(10)	November 14, 2017	Aerostructure Manufacturing
				Secured Debt		9.50% (4.25% Cash, 5.25% PIK) (5.25% PIK + L+3.25%, Floor 1.00%)	11/14/2023		28,061		27,858		25,761	(9) (19)

18

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Cenveo Corporation(11)
September 4, 2015
Provider of Digital Marketing Agency Services

Libor Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—June 7, 2023)(9)
5,674 5,520 5,107

Common Stock (177,130 shares)
5,309 2,657

10,829 7,764

Chisholm Energy Holdings, LLC(10)
May 15, 2019
Oil & Gas Exploration & Production

LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity—May 15, 2026)(9)
3,571 3,493 3,278

Clarius BIGS, LLC(10)
September 23, 2014
Prints & Advertising Film Financing

15.00% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)
2,841 2,841 45

Clickbooth.com, LLC(10)
December 5, 2017
Provider of Digital Advertising Performance Marketing Solutions

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.95%, Secured Debt (Maturity—January 31, 2025)(9)
8,407 8,283 8,191

Coastal Television Broadcasting Holdings LLC(10)
June 4, 2020
Operator of Television Broadcasting Networks

LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity—June 4, 2025)(9)
8,900 8,714 8,714

Construction Supply Investments, LLC(10)
December 29, 2016
Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors

Member Units (50,687 units)
5,637 7,700

Corel Corporation(11)(13)(21)
July 24, 2019
Publisher of Desktop and Cloud-based Software

LIBOR Plus 5.00%, Current Coupon 5.36%, Secured Debt (Maturity—July 2, 2026)(9)
19,652 18,761 18,620

CTVSH, PLLC(10)
August 3, 2017
Emergency Care and Specialty Service Animal Hospital

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—August 3, 2022)(9)
9,399 9,352 9,264

Darr Equipment LP(10)
April 15, 2014
Heavy Equipment Dealer

11.5% Current / 1% PIK Secured Debt (Maturity—June 22, 2023)(19)
5,929 5,929 5,929

Warrants (915,734 equivalent units; Expiration—December 23, 2023; Strike price—$1.50 per unit)
474 110

6,403 6,039


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
California Pizza Kitchen, Inc.	(11)	August 29, 2016	Casual Restaurant Group
				Secured Debt		11.50% (L+10.00%, Floor 1.50%)	11/23/2024		7,700		7,314		7,690	(9)
				Secured Debt		13.50% (1.00% Cash, 12.50% PIK) (1.00% Cash, L+11.00% PIK, Floor 1.50%)	11/23/2024		2,770		2,708		2,756	(9) (19)
				Secured Debt		15.00% (1.00% Cash, 14.00% PIK) (1.00% Cash, L+12.50% PIK, Floor 1.50%)	5/23/2025		2,371		2,371		2,318	(9) (19)
				Common Stock	169,088						949		3,847
											13,342		16,611

Central Security Group, Inc.	(11)	December 4, 2017	Security Alarm Monitoring Service Provider
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	10/16/2025		6,874		6,874		6,370	(9)
				Common Stock	329,084						1,481		1,399
											8,355		7,769

Cenveo Corporation	(11)	September 4, 2015	Provider of Digital Marketing Agency Services
				Secured Debt		10.50% (L+9.50%, Floor 1.00%)	6/7/2023		5,250		5,141		5,200	(9)
				Common Stock	177,130						5,309		2,362
											10,450		7,562

Chisholm Energy Holdings, LLC	(10)	May 15, 2019	Oil & Gas Exploration & Production
				Secured Debt		7.75% (L+6.25%, Floor 1.50%)	5/15/2026		2,857		2,797		2,573	(9)

Clarius BIGS, LLC	(10)	September 23, 2014	Prints & Advertising Film Financing
				Secured Debt		15.00% PIK	1/5/2015		2,832		2,832		31	(14) (17) (19)

Clickbooth.com, LLC	(10)	December 5, 2017	Provider of Digital Advertising Performance Marketing Solutions
				Secured Debt		9.50% (L+8.50%, Floor 1.00%)	1/31/2025		7,800		7,712		7,800	(9)

Copper Trail Fund Investments	(12) (13)	July 17, 2017	Investment Partnership
				LP Interests (CTEF I, LP)	375						-		67

Corel Corporation	(11) (13) (21)	July 24, 2019	Publisher of Desktop and Cloud-based Software
				Secured Debt		5.19% (L+5.00%)	7/2/2026		23,191		22,364		23,121

Darr Equipment LP	(10)	April 15, 2014	Heavy Equipment Dealer
				Secured Debt		12.50% (11.50% Cash, 1.00% PIK)	6/22/2023		5,974		5,974		5,974	(19)
				Warrants	915,734		12/23/2023				474		-	(29)
											6,448		5,974

19

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Digital River, Inc.(11)
February 24, 2015
Provider of Outsourced e-Commerce Solutions and Services

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—February 12, 2023)(9)
13,628 13,379 13,492

DTE Enterprises, LLC(10)
April 13, 2018
Industrial Powertrain Repair and Services

LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity—April 13, 2023)(9)
10,992 10,849 10,691

Class AA Preferred Member Units (non-voting; 10% cumulative)(8)(19)
904 904

Class A Preferred Member Units (776,316 units)
776 1,260

12,529 12,855

Dynamic Communities, LLC(10)
July 17, 2018
Developer of Business Events and Online Community Groups

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—July 17, 2023)(9)
5,390 5,316 5,045

Echo US Holdings, LLC.(10)
November 12, 2019
Developer and Manufacturer of PVC and Polypropylene Materials

LIBOR Plus 6.25% (Floor 1.63%), Current Coupon 7.88%, Secured Debt (Maturity—October 25, 2024)(9)
22,851 22,740 21,750

EnCap Energy Fund Investments(12)(13)
December 28, 2010
Investment Partnership

LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)
3,635 678

LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)
2,097 346

LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)
4,359 1,245

LP Interests (EnCap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)(8)
8,555 5,792

LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)
7,473 3,931

LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)(8)
6,974 5,797

33,093 17,789

Encino Acquisition Partners Holdings, Inc.(11)
November 16, 2018
Oil & Gas Exploration & Production

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—October 29, 2025)(9)
9,000 8,926 6,570

EPIC Y-Grade Services, LP(11)
June 22, 2018
NGL Transportation & Storage

LIBOR Plus 6.00%, (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 13, 2024)
6,875 6,777 5,145


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Digital River, Inc.	(11)	February 24, 2015	Provider of Outsourced e-Commerce Solutions and Services
				Secured Debt		8.00% (L+7.00%, Floor 1.00%)	2/12/2023		13,628		13,308		13,560	(9)

DTE Enterprises, LLC	(10)	April 13, 2018	Industrial Powertrain Repair and Services
				Secured Debt		10.00% (L+8.50%, Floor 1.50%)	4/13/2023		9,324		9,224		8,928	(9)
				Class AA Preferred Member Units (non-voting)		10.00% PIK					974		974	(8) (19)
				Class A Preferred Member Units	776,316						776		800
											10,974		10,702

Dynamic Communities, LLC	(10)	July 17, 2018	Developer of Business Events and Online Community Groups
				Secured Debt		12.50% (6.25% Cash, 6.25% PIK) (L+11.50%, Floor 1.00%)	7/17/2023		5,530		5,472		5,221	(9) (19)

Eastern Wholesale Fence LLC	(10)	November 19, 2020	Manufacturer and Distributor of Residential and Commercial Fencing Solutions
				Secured Debt		7.50%, (L+6.50%, Floor 1.00%)	10/30/2025		12,911		12,628		12,628	(9)

Echo US Holdings, LLC.	(10)	November 12, 2019	Developer and Manufacturer of PVC and Polypropylene Materials
				Secured Debt		7.88% (L+6.25%, Floor 1.63%)	10/25/2024		22,190		22,096		22,190	(9)

Electronic Transaction Consultants, LLC	(10)	July 24, 2020	Technology Service Provider for Toll Road and Infrastructure Operators
				Secured Debt		8.50% (L+7.50%, Floor 1.00%)	7/24/2025		10,000		9,837		9,992	(9)

EnCap Energy Fund Investments	(12) (13)	December 28, 2010	Investment Partnership
				LP Interests (EnCap Energy Capital Fund VIII, L.P.)	0.1%						3,813		1,107	(31)
				LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	0.4%						2,097		528	(31)
				LP Interests (EnCap Energy Capital Fund IX, L.P.)	0.1%						4,336		1,624	(8) (31)
				LP Interests (EnCap Energy	0.1%						8,773		6,778	(8) (31)

20

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Fortna, Inc.(10)
July 23, 2019
Process, Physical Distribution and Logistics Consulting Services

LIBOR Plus 5.00%, Current Coupon 5.18%, Secured Debt (Maturity—April 8, 2025)
9,739 9,592 8,795

GeoStabilization International (GSI)(11)
December 31, 2018
Geohazard Engineering Services & Maintenance

LIBOR Plus 5.25%, Current Coupon 5.43%, Secured Debt (Maturity—December 19, 2025)
16,294 16,158 15,642

GoWireless Holdings, Inc.(11)
December 31, 2017
Provider of Wireless Telecommunications Carrier Services

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—December 22, 2024)(9)
17,868 17,727 15,061

Grupo Hima San Pablo, Inc.(11)
March 7, 2013
Tertiary Care Hospitals

LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 9.69%, Secured Debt (Maturity—April 30, 2019)(9)(17)
4,504 4,504 3,084

13.75% Secured Debt (Maturity—October 15, 2018)(17)
2,055 2,040 167

6,544 3,251

GS HVAM Intermediate, LLC(10)
October 18, 2019
Specialized Food Distributor

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—October 2, 2024)(9)
13,580 13,463 12,635

Gexpro Services(10)
February 24, 2020
Distributor of Industrial and Specialty Parts

LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity—February 24, 2025)(9)
29,327 28,779 27,148

HDC/HW Intermediate Holdings(10)
December 21, 2018
Managed Services and Hosting Provider

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—December 21, 2023)(9)
3,482 3,430 3,159

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 8.25%, Secured Debt (Maturity—January 28, 2021)(9)
20,694 20,344 15,728

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 8.07%, Secured Debt (Maturity—March 29, 2023)(9)
31,161 30,790 30,559

HW Temps LLC
July 2, 2015
Temporary Staffing Solutions

12.00% Current Secured Debt (Maturity—March 29, 2023)
10,001 9,875 8,912


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
				Capital Fund X, L.P.)
				LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	0.8%						6,712		2,552	(8) (31)
				LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	0.2%						6,949		6,019	(8) (31)
											32,680		18,608

Encino Acquisition Partners Holdings, Inc.	(11)	November 16, 2018	Oil & Gas Exploration & Production
				Secured Debt		7.75% (L+6.75%, Floor 1.00%)	10/29/2025		9,000		8,935		8,411	(9)

EPIC Y-Grade Services, LP	(11)	June 22, 2018	NGL Transportation & Storage
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	6/30/2027		6,944		6,858		6,042	(9)

Flip Electronics LLC	(10)	January 4, 2021	Distributor of Hard-to-Find and Obsolete Electronic Components
				Secured Debt		9.17% (L+8.09%, Floor 1.00%)	1/5/2026		5,400		5,287		5,287	(33)

Fortna, Inc.	(10)	July 23, 2019	Process, Physical Distribution and Logistics Consulting Services
				Secured Debt		5.11% (L+5.00%)	4/8/2025		7,654		7,547		7,564

Fuse, LLC	(11)	June 30, 2019	Cable Networks Operator
				Secured Debt		0.12	6/28/2024		1,810		1,810		1,472
				Common Stock	10,429						256		-
											2,066		1,472

GeoStabilization International (GSI)	(11)	December 31, 2018	Geohazard Engineering Services & Maintenance
				Secured Debt		5.36% (L+5.25%)	12/19/2025		11,195		11,112		11,167

Gexpro Services	(10)	February 24, 2020	Distributor of Industrial and Specialty Parts
				Secured Debt		8.00% (L+6.50%, Floor 1.50%)	2/24/2025		29,106		28,649		28,910	(9)

GoWireless Holdings, Inc.	(11)	December 31, 2017	Provider of Wireless Telecommunications Carrier Services
				Secured Debt		7.50% (L+6.50%, Floor 1.00%)	12/22/2024		16,862		16,744		16,841	(9)

Grupo Hima San Pablo, Inc.	(11)	March 7, 2013	Tertiary Care Hospitals
				Secured Debt		9.25% (L+7.00%, Floor 1.50%)	4/30/2019		4,504		4,504		2,730	(9) (17)
				Secured Debt		0.1375	10/15/2018		2,055		2,040		49	(17)
											6,544		2,779

GS HVAM Intermediate, LLC	(10)	October 18, 2019	Specialized Food Distributor
				Secured Debt		6.75% (L+5.75%, Floor 1.00%)	10/2/2024		11,889		11,794		11,849	(9)

21

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Hydrofarm Holdings LLC(10)
May 18, 2017
Wholesaler of Horticultural Products

LIBOR Plus 8.50%, Current Coupon 8.68% Secured Debt (Maturity—May 12, 2022)
6,907 6,825 5,610

Hyperion Materials & Technologies, Inc.(11)(13)
September 12, 2019
Manufacturer of Cutting and Machine Tools & Speciality Polishing Compounds

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—August 28, 2026)(9)
22,388 21,979 19,883

iEnergizer Limited(10)(13)(21)
April 17, 2019
Provider of Business Outsourcing Solutions

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—April 17, 2024)(9)
11,438 11,340 11,137

Implus Footcare, LLC(10)
June 1, 2017
Provider of Footwear and Related Accessories

LIBOR Plus 2.50% (Floor 1.00%), Current Coupon 3.50% / PIK 5.25%, Current Coupon Plus PIK 8.75%, Secured Debt (Maturity—April 30, 2024)(9)(19)
18,732 18,372 17,185

Independent Pet Partners Intermediate Holdings, LLC(10)
November 20, 2018
Omnichannel Retailer of Specialty Pet Products

LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.31%, Secured Debt (Maturity—November 19, 2023)(9)
19,514 19,071 16,503

Member Units (1,558,333 units)
1,558 —

20,629 16,503

Industrial Services Acquisition, LLC(10)
June 17, 2016
Industrial Cleaning Services

6% Current / 7% PIK Unsecured Debt (Maturity—December 17, 2022)(19)
5,428 5,371 5,428

Preferred Member Units (Industrial Services Investments, LLC) (144 units; 10% cumulative)(8)(19)
107 107

Preferred Member Units (Industrial Services Investments, LLC) (80 units; 20% cumulative)(8)(19)
65 65

Member Units (Industrial Services Investments, LLC) (900 units)
900 530

6,443 6,130

Inn of the Mountain Gods Resort and Casino(11)
October 30, 2013
Hotel & Casino Owner & Operator

9.25% Secured Debt (Maturity—November 30, 2020)
7,176 7,099 6,028

Interface Security Systems, L.L.C(10)
August 7, 2019
Commercial Security & Alarm Services

LIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.75% / 3.00% PIK, Secured Debt (Maturity—August 7, 2023)(9)(19)
7,557 7,435 7,557


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
HDC/HW Intermediate Holdings	(10)	December 21, 2018	Managed Services and Hosting Provider
				Secured Debt		8.50% (L+7.50%, Floor 1.00%)	12/21/2023		3,466		3,424		3,355	(9)

Heartland Dental, LLC	(10)	September 9, 2020	Dental Support Organization
				Secured Debt		7.50% (L+6.50%, Floor 1.00%)	4/30/2025		14,925		14,523		15,037	(9)

Hunter Defense Technologies, Inc.	(10)	March 29, 2018	Provider of Military and Commercial Shelters and Systems
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	3/29/2023		34,739		34,362		34,739	(9)

HW Temps LLC		July 2, 2015	Temporary Staffing Solutions
				Secured Debt		8.00%	3/29/2023		9,681		9,590		8,886

Hyperion Materials & Technologies, Inc.	(11) (13)	September 12, 2019	Manufacturer of Cutting and Machine Tools & Specialty Polishing Compounds
				Secured Debt		6.50% (L+5.50%, Floor 1.00%)	8/28/2026		22,219		21,852		22,163	(9)

Ian, Evan & Alexander Corporation (EverWatch)	(10)	July 31, 2020	Cybersecurity, Software and Data Analytics provider to the Intelligence Community
				Secured Debt		9.50% (L+8.50%, Floor 1.00%)	7/31/2025		16,113		15,765		16,055	(9)

Implus Footcare, LLC	(10)	June 1, 2017	Provider of Footwear and Related Accessories
				Secured Debt		8.75% (L+7.75%, Floor 1.00%)	4/30/2024		18,843		18,545		17,283	(9)

Independent Pet Partners Intermediate Holdings, LLC	(10)	November 20, 2018	Omnichannel Retailer of Specialty Pet Products
				Secured Debt		6.20% PIK (L+6.00% PIK)	12/22/2022		6,306		6,306		6,306	(19)
				Secured Debt		6.00% PIK	11/20/2023		17,099		15,651		15,651	(19)
				Preferred Stock (non-voting)							3,235		3,235
				Preferred Stock (non-voting)							-		-
				Member Units	1,558,333						1,558		-
											26,750		25,192

Industrial Services Acquisition, LLC	(10)	June 17, 2016	Industrial Cleaning Services
				Unsecured Debt		13.00% (6.00% Cash, 7.00% PIK)	12/17/2022		5,722		5,683		5,722	(19)
				Preferred Member Units	144	10.00% PIK					114		147	(8) (19) (30)
				Preferred Member Units	80	20.00% PIK					73		85	(8) (19) (30)
				Member Units	900						900		690	(30)
											6,770		6,644

Inn of the Mountain Gods Resort and Casino	(11)	October 30, 2013	Hotel & Casino Owner & Operator
				Secured Debt		0.0925	11/30/2023		6,677		6,677		6,577

22

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Intermedia Holdings, Inc.(11)
August 3, 2018
Unified Communications as a Service

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—July 19, 2025)(9)
20,050 19,961 19,681

Invincible Boat Company, LLC.(10)
August 28, 2019
Manufacturer of Sport Fishing Boats

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—August 28, 2025)(9)
9,538 9,445 8,993

Isagenix International, LLC(11)
June 21, 2018
Direct Marketer of Health & Wellness Products

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—June 14, 2025)(9)
5,777 5,732 2,302

JAB Wireless, Inc.(10)
May 2, 2018
Fixed Wireless Broadband Provider

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 8.17%, Secured Debt (Maturity—May 2, 2023)(9)
14,700 14,608 14,180

Jackmont Hospitality, Inc.(10)
May 26, 2015
Franchisee of Casual Dining Restaurants

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—May 26, 2021)(9)
4,033 4,030 3,303

Joerns Healthcare, LLC(11)
April 3, 2013
Manufacturer and Distributor of Health Care Equipment & Supplies

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00% Secured Debt (Maturity—August 21, 2024)(9)
4,016 3,948 3,784

Common Stock (472,579 shares)
4,429 2,480

8,377 6,264

Kemp Technologies Inc.(10)
June 27, 2019
Provider of Application Delivery Controllers

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—March 29, 2024)(9)
7,425 7,302 7,139

Kore Wireless Group Inc.(11)
December 31, 2018
Mission Critical Software Platform

LIBOR Plus 5.50%, Current Coupon 5.81%, Secured Debt (Maturity—December 20, 2024)
19,236 19,139 18,034

Larchmont Resources, LLC(11)
August 13, 2013
Oil & Gas Exploration & Production

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—August 7, 2021)(9)
2,145 2,145 1,180

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

2,498 1,533

Laredo Energy VI, LP(10)
January 15, 2019
Oil & Gas Exploration & Production

Member Units (1,155,952 units)
11,560 11,560


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Interface Security Systems, L.L.C	(10)	August 7, 2019	Commercial Security & Alarm Services
				Secured Debt		9.75% (8.75% Cash, 1.00% PIK) (1.00% PIK + L+7.00%, Floor 1.75%)	8/7/2023		7,276		7,184		7,276	(9) (19)

Intermedia Holdings, Inc.	(11)	August 3, 2018	Unified Communications as a Service
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	7/19/2025		20,839		20,759		20,885	(9)

Invincible Boat Company, LLC.	(10)	August 28, 2019	Manufacturer of Sport Fishing Boats
				Secured Debt		8.00% (L+6.50%, Floor 1.50%)	8/28/2025		8,661		8,581		8,661	(9)

Isagenix International, LLC	(11)	June 21, 2018	Direct Marketer of Health & Wellness Products
				Secured Debt		6.75% (L+5.75%, Floor 1.00%)	6/14/2025		5,469		5,440		4,127	(9)

Jackmont Hospitality, Inc.	(10)	May 26, 2015	Franchisee of Casual Dining Restaurants
				Secured Debt		7.75% (L+6.75%, Floor 1.00%)	5/26/2021		3,954		3,953		3,158	(9)

Joerns Healthcare, LLC	(11)	April 3, 2013	Manufacturer and Distributor of Health Care Equipment & Supplies
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	8/21/2024		4,016		3,959		3,884	(9)
				Common Stock	472,579						4,429		2,240
											8,388		6,124

Kemp Technologies Inc.	(10)	June 27, 2019	Provider of Application Delivery Controllers
				Secured Debt		7.50% (L+6.50%, Floor 1.00%)	3/29/2024		16,347		16,084		16,347	(9)
				Common Stock	903,225						1,395		1,395
											17,479		17,742

Klein Hersh, LLC	(10)	November 13, 2020	Executive and C-Suite Placement for the Life Sciences and Healthcare Industries
				Secured Debt		8.75% (L+8.00%, Floor 0.75%)	11/13/2025		32,094		31,299		31,299	(9)

Kore Wireless Group Inc.	(11)	December 31, 2018	Mission Critical Software Platform
				Secured Debt		5.70% (L+5.50%)	12/20/2024		19,041		18,959		19,018

Larchmont Resources, LLC	(11)	August 13, 2013	Oil & Gas Exploration & Production
				Secured Debt		9.00% (L+8.00%, Floor 1.00%)	8/9/2021		2,231		2,231		1,015	(9)
				Member Units	2,828						353		113	(30)
											2,584		1,128

Laredo Energy VI, LP	(10)	January 15, 2019	Oil & Gas Exploration & Production
				Member Units	1,155,952						11,560		10,118

23

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Lightbox Holdings, L.P.(11)
May 23, 2019
Provider of Commercial Real Estate Software

LIBOR Plus 5.00%, Current Coupon 5.18%, Secured Debt (Maturity—May 9, 2026)
14,888 14,687 13,771

LKCM Headwater Investments I, L.P.(12)(13)
January 25, 2013
Investment Partnership

LP Interests (Fully diluted 2.3%)(8)
1,746 3,354

LL Management, Inc.(10)
May 2, 2019
Medical Transportation Service Provider

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.56%, Secured Debt (Maturity—September 25, 2023)(9)
13,650 13,537 12,976

Logix Acquisition Company, LLC(10)
June 24, 2016
Competitive Local Exchange Carrier

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—December 22, 2024)(9)
26,272 24,534 22,200

Looking Glass Investments, LLC(12)(13)
July 1, 2015
Specialty Consumer Finance

Member Units (2.6 units)
125 25

Member Units (LGI Predictive Analytics LLC) (190,712 units)
41 8

166 33

LSF9 Atlantis Holdings, LLC(11)
May 17, 2017
Provider of Wireless Telecommunications Carrier Services

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—May 1, 2023)(9)
9,275 9,275 7,914

Lulu's Fashion Lounge, LLC(10)
August 31, 2017
Fast Fashion E-Commerce Retailer

LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.07% / 2.50% PIK, Current Coupon Plus PIK 12.57%, Secured Debt (Maturity—August 28, 2022)(9)(19)
11,335 11,115 9,692

Lynx FBO Operating LLC(10)
September 30, 2019
Fixed Based Operator in the General Aviation Industry

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—September 30, 2024)(9)
13,647 13,375 12,656

Member Units (3,704 units)
500 445

13,875 13,101

Mac Lean-Fogg Company(10)
April 22, 2019
Manufacturer and Supplier for Auto and Power Markets

LIBOR Plus 5.00%, Current Coupon 5.00%, Secured Debt (Maturity—December 22, 2025)
16,564 16,453 15,141

Preferred Stock (1,516 shares; 4.50% Cash / 9.25% PIK cumulative)(8)(19)
1,809 1,809 1,806

18,262 16,947


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Lightbox Holdings, L.P.	(11)	May 23, 2019	Provider of Commercial Real Estate Software
				Secured Debt		5.20% (L+5.00%)	5/9/2026		14,738		14,554		14,590

LKCM Headwater Investments I, L.P.	(12) (13)	January 25, 2013	Investment Partnership
				LP Interests	2.3%						1,746		3,214	(31)

LL Management, Inc.	(10)	May 2, 2019	Medical Transportation Service Provider
				Secured Debt		8.25% (L+7.25%, Floor 1.00%)	9/25/2023		17,525		17,349		17,525	(9)

Logix Acquisition Company, LLC	(10)	June 24, 2016	Competitive Local Exchange Carrier
				Secured Debt		6.75% (L+5.75%, Floor 1.00%)	12/22/2024		26,061		24,559		25,149	(9)


Looking Glass Investments, LLC	(12) (13)	July 1, 2015	Specialty Consumer Finance
				Member Units	3						125		25

Lulu's Fashion Lounge, LLC	(10)	August 31, 2017	Fast Fashion E-Commerce Retailer
				Secured Debt		10.50% (8.00% Cash, 2.50% PIK) (2.50% PIK + L+7.00%, Floor 1.00%)	8/28/2022		11,023		10,879		9,425	(9) (19)

Lynx FBO Operating LLC	(10)	September 30, 2019	Fixed Based Operator in the General Aviation Industry
				Secured Debt		7.25% (L+5.75%, Floor 1.50%)	9/30/2024		13,589		13,360		13,589	(9)
				Member Units	4,872						687		780
											14,047		14,369

Mac Lean-Fogg Company	(10)	April 22, 2019	Manufacturer and Supplier for Auto and Power Markets
				Secured Debt		5.63% (L+5.00%, Floor 0.625%)	12/22/2025		17,167		17,070		17,167	(9)
				Preferred Stock		13.75% (4.50% Cash, 9.25% PIK)			1,863		1,863		1,863	(8) (19)
											18,933		19,030

Mako Steel, LP	(10)	March 15, 2021	Self-Storage Design & Construction
				Secured Debt		8.00% (L+7.25%, Floor 0.75%)	3/15/2026		16,977		16,596		16,596

MB2 Dental Solutions, LLC	(11)	January 28, 2021	Dental Partnership Organization
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	1/29/2027		8,322		8,167		8,167

Mills Fleet Farm Group, LLC	(10)	October 24, 2018	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	10/24/2024		15,079		14,826		14,839	(9)

NBG Acquisition Inc	(11)	April 28, 2017	Wholesaler of Home Décor Products
				Secured Debt		6.50% (L+5.50%, Floor 1.00%)	4/26/2024		4,070		4,036		3,670	(9)

24

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

MHVC Acquisition Corp.(11)
May 8, 2017
Provider of Differentiated Information Solutions, Systems Engineering, and Analytics

LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—April 29, 2024)(9)
19,899 19,813 19,203

Mills Fleet Farm Group, LLC(10)
October 24, 2018
Omnichannel Retailer of Work, Farm and Lifestyle Merchandise

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.84% / 0.75% PIK, Current Coupon Plus PIK 8.59%, Secured Debt (Maturity—October 24, 2024)(9)(19)
13,959 13,663 12,425

NBG Acquisition Inc(11)
April 28, 2017
Wholesaler of Home Décor Products

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.57%, Secured Debt (Maturity—April 26, 2024)(9)
4,153 4,111 1,910

NinjaTrader, LLC(10)
December 18, 2019
Operator of Futures Trading Platform

LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—December 18, 2024)(9)
9,125 8,955 8,877

NNE Partners, LLC(10)
March 2, 2017
Oil & Gas Exploration & Production

LIBOR Plus 8.00%, Current Coupon 8.34%, Secured Debt (Maturity—March 2, 2022)
23,417 23,287 20,701

Novetta Solutions, LLC (11)
June 21, 2017
Provider of Advanced Analytics Solutions for Defense Agencies

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—October 17, 2022)(9)
20,950 20,628 20,548

NTM Acquisition Corp.(11)
July 12, 2016
Provider of B2B Travel Information Content

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—June 7, 2022)(9)
4,793 4,793 4,314

Ospemifene Royalty Sub LLC (QuatRx)(10)
July 8, 2013
Estrogen-Deficiency Drug Manufacturer and Distributor

11.50% Secured Debt (Maturity—November 15, 2026)(14)
4,814 4,814 261

PaySimple, Inc.(10)
September 9, 2019
Leading Technology Services Commerce Platform

LIBOR Plus 5.50%, Current Coupon 5.69%, Secured Debt (Maturity—August 23, 2025)(9)
24,135 23,890 21,721

Permian Holdco 2, Inc.(11)
February 12, 2013
Storage Tank Manufacturer

14.00% PIK Unsecured Debt (Maturity—October 15, 2021)(19)
488 488 93

18.00% PIK Unsecured Debt (Maturity—June 30, 2022)(19)
348 348 348

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

1,635 441


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
NinjaTrader, LLC	(10)	December 18, 2019	Operator of Futures Trading Platform
				Secured Debt		8.25% (L+6.75%, Floor 1.50%)	12/18/2024		16,875		16,560		16,849	(9)

NNE Partners, LLC	(10)	March 2, 2017	Oil & Gas Exploration & Production
				Secured Debt		9.44% (4.94% Cash, 4.50% PIK) (4.50% PIK + L+4.75%)	12/31/2023		23,946		23,844		21,769	(19)

Novetta Solutions, LLC	(11)	June 21, 2017	Provider of Advanced Analytics Solutions for Defense Agencies
				Secured Debt		6.00% (L+5.00%, Floor 1.00%)	10/17/2022		22,851		22,605		22,809	(9)
				Secured Debt		9.50% (L+8.50%, Floor 1.00%)	10/16/2023		1,069		1,069		1,070
											23,674		23,879


NTM Acquisition Corp.	(11)	July 12, 2016	Provider of B2B Travel Information Content
				Secured Debt		8.25% (7.25% Cash, 1.00% PIK) (1.00%PIK + L+6.25%, Floor 1.00%)	6/7/2024		4,706		4,706		4,588	(9) (19)

Ospemifene Royalty Sub LLC (QuatRx)	(10)	July 8, 2013	Estrogen-Deficiency Drug Manufacturer and Distributor
				Secured Debt		0.115	11/15/2026		4,736		4,736		91	(14)

Project Eagle Holdings, LLC	(10)	July 6, 2020	Provider of Secure Business Collaboration Software
				Secured Debt		9.25% (L+8.25%, Floor 1.00%)	7/6/2026		14,925		14,559		14,898	(9)


PaySimple, Inc.	(10)	September 9, 2019	Leading Technology Services Commerce Platform
				Secured Debt		5.64% (L+5.50%)	8/23/2025		27,857		27,627		27,787

PT Network, LLC	(10)	November 1, 2013	Provider of Outpatient Physical Therapy and Sports Medicine Services
				Secured Debt		8.50% (6.50% Cash, 2.00% PIK) (2.00% PIK + L+5.50%, Floor 1.00%)	11/30/2023		8,623		8,623		8,623	(9) (19)

Research Now Group, Inc. and Survey Sampling International, LLC	(11)	December 31, 2017	Provider of Outsourced Online Surveying
				Secured Debt		6.50% (L+5.50%, Floor 1.00%)	12/20/2024		20,283		19,873		20,175	(9)

RM Bidder, LLC	(10)	November 12, 2015	Scripted and Unscripted TV and Digital Programming Provider
				Warrants	187,161		10/20/2025				425		-	(26)
				Member Units	2,779						46		35
											471		35

25

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

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 —

342 —

PricewaterhouseCoopers Public Sector LLP(11)
May 24, 2018
Provider of Consulting Services to Governments

LIBOR Plus 8.00%, Current Coupon 8.18%, Secured Debt (Maturity—May 1, 2026)
9,000 8,967 8,235

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 6.73% / 2.00% PIK, Current Coupon Plus PIK 8.73%, Secured Debt (Maturity—November 30, 2023)(9)(19)
8,555 8,555 8,074

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 6.50%, Secured Debt (Maturity—December 20, 2024)(9)
18,023 17,543 16,736

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 13

471 13

SAFETY Investment Holdings, LLC
April 29, 2016
Provider of Intelligent Driver Record Monitoring Software and Services

Member Units (2,000,000 units)
2,000 2,060

Salient Partners L.P.(11)
June 25, 2015
Provider of Asset Management Services

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—August 31, 2021)(9)
6,450 6,438 5,876

Staples Canada ULC(10)(13)(21)
September 14, 2017
Office Supplies Retailer

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—September 12, 2024)(9)(22)
13,828 13,665 11,685

TE Holdings, LLC(11)
December 5, 2013
Oil & Gas Exploration & Production

Member Units (97,048 units)
970 —


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
RTIC Subsidiary Holdings, LLC	(10)	September 1, 2020	Direct-To-Consumer eCommerce Provider of Outdoor Products
				Secured Debt		9.00% (L+7.75%, Floor 1.25%)	9/1/2025		18,659		18,428		18,629	(9)



SAFETY Investment Holdings, LLC		April 29, 2016	Provider of Intelligent Driver Record Monitoring Software and Services
				Member Units	2,000,000						2,000		2,730

Salient Partners L.P.	(11)	June 25, 2015	Provider of Asset Management Services
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	8/31/2021		6,251		6,246		3,374	(9)

Staples Canada ULC	(10) (13) (21)	September 14, 2017	Office Supplies Retailer
				Secured Debt		8.00% (L+7.00%, Floor 1.00%)	9/12/2024		18,058		17,938		17,651	(9) (22)

Team Public Choices, LLC	(11)	October 28, 2019	Home-Based Care Employment Service Provider
				Secured Debt		6.00% (L+5.00%, Floor 1.00%)	12/18/2027		12,500		12,137		12,469

Tectonic Financial, Inc.		May 15, 2017	Financial Services Organization
				Common Stock	200,000						2,000		3,070

TGP Holdings III LLC	(11)	September 30, 2017	Outdoor Cooking & Accessories
				Secured Debt		9.50% (L+8.50%, Floor 1.00%)	9/25/2025		5,500		5,451		5,462	(9)

Time Manufacturing Acquisition LLC	(11)	February 24, 2021	Manufacturer and Distributor of Utility Equipment
				Secured Debt		6.00% (L+5.00%, Floor 1.00%)	2/3/2023		1,500		1,497		1,506

The Pasha Group	(11)	February 2, 2018	Diversified Logistics and Transportation Provided
				Secured Debt		9.00% (L+8.00%, Floor 1.00%)	1/26/2023		10,638		10,147		10,558	(9)

U.S. TelePacific Corp.	(11)	September 14, 2016	Provider of Communications and Managed Services
				Secured Debt		6.50% (L+5.50%, Floor 1.00%)	5/2/2023		17,088		16,930		15,868	(9)

USA DeBusk LLC	(10)	October 22, 2019	Provider of Industrial Cleaning Services
				Secured Debt		6.75% (L+5.75%, Floor 1.00%)	10/22/2024		24,885		24,523		24,625	(9)

Veregy Consolidated, Inc.	(11)	November 9, 2020	Energy Service Company
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	11/3/2027		14,963		14,561		15,056	(9)

Vida Capital, Inc	(11)	October 10, 2019	Alternative Asset Manager
				Secured Debt		6.11% (L+6.00%)	10/1/2026		17,598		17,382		16,982

26

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Vistar Media, Inc.	(10)	February 17, 2017	Operator of Digital Out-of-Home Advertising Platform
				Secured Debt		13.00% (9.50% Cash, 3.50% PIK) (3.50% PIK + L+7.50%, Floor 2.00%)	4/3/2023		4,697		4,584		4,697	(9) (19)
				Preferred Stock	70,207						767		910
				Warrants	69,675		4/3/2029				-		920	(25)
											5,350		6,527

White Cap Parent, LLC	(10)	December 29, 2016	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors											(8)
				Member Units							3,334		6,050

YS Garments, LLC	(11)	August 22, 2018	Designer and Provider of Branded Activewear
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	8/9/2024		13,997		13,907		12,947	(9)

Zilliant Incorporated		June 15, 2012	Price Optimization and Margin Management Solutions
				Preferred Stock	186,777						153		259
				Warrants	952,500		6/15/2022				1,071		1,190	(28)
											1,224		1,449

Short-term portfolio investments	(34) (35)								52,904		52,848		52,763

Subtotal Non-Control/Non-Affiliate Investments (79.9% of net assets at fair value)										$	1,281,784	$	1,231,444

Total Portfolio Investments, March 31, 2021 (181.7% of net assets at fair value)										$	2,597,735	$	2,800,131


(1)	All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Credit Facility or in support of the SBA-guaranteed debentures issued by the Funds.
(2)	Debt investments are income producing, unless otherwise noted. Equity and warrants are non-income producing, unless otherwise noted.
(3)	See Note C and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)	Principal is net of repayments. Cost is net of repayments and accumulated unearned income.
(5)	Control investments are defined by the 1940 Act, as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(6)	Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)	Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(8)	Income producing through dividends or distributions.

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

TEAM Public Choices, LLC(10)
October 28, 2019
Home-Based Care Employment Service Provider

LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—September 20, 2024)(9)
17,372 17,214 16,615

Tectonic Financial, Inc.
May 15, 2017
Financial Services Organization

Common Stock (200,000 shares)
2,000 2,600

TGP Holdings III LLC(11)
September 30, 2017
Outdoor Cooking & Accessories

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—September 25, 2025)(9)
5,500 5,444 4,922

The Pasha Group(11)
February 2, 2018
Diversified Logistics and Transportation Provided

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 7.77%, Secured Debt (Maturity—January 26, 2023)(9)
12,279 11,578 11,358

USA DeBusk LLC(10)
October 22, 2019
Provider of Industrial Cleaning Services

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—October 22, 2024)(9)
25,137 24,702 23,119

U.S. TelePacific Corp.(11)
September 14, 2016
Provider of Communications and Managed Services

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.07%, Secured Debt (Maturity—May 2, 2023)(9)
17,088 16,916 13,719

Vida Capital, Inc(11)
October 10, 2019
Alternative Asset Manager

LIBOR Plus 6.00%, Current Coupon 6.76%, Secured Debt (Maturity—October 1, 2026)
18,338 18,090 18,292

VIP Cinema Holdings, Inc.(11)
March 9, 2017
Supplier of Luxury Seating to the Cinema Industry

Prime Plus 7.00% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (Maturity—May 18, 2020)(9)(17)
994 994 994

Prime Plus 7.00% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (Maturity—March 1, 2023)(9)(14)
10,063 10,030 —

11,024 994

Vistar Media, Inc.(10)
February 17, 2017
Operator of Digital Out-of-Home Advertising Platform

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—April 3, 2023)(9)
4,670 4,529 4,536

Preferred Stock (70,207 shares)
767 1,600

Warrants (69,675 equivalent shares; Expiration—April 3, 2029; Strike price—$10.92 per share)
— 1,620

5,296 7,756

27

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Wireless Vision Holdings, LLC(10)
September 29, 2017
Provider of Wireless Telecommunications Carrier Services

LIBOR Plus 8.94% (Floor 1.00%), Current Coupon 9.84% / 1.00% PIK, Current Coupon Plus PIK 10.84%, Secured Debt (Maturity—September 29, 2022)(9)(19)(23)
6,985 6,874 6,984

LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 9.91% / 1.00% PIK, Current Coupon Plus PIK 10.91%, Secured Debt (Maturity—September 29, 2022)(9)(19)(23)
6,070 6,001 6,070

12,875 13,054

YS Garments, LLC(11)
August 22, 2018
Designer and Provider of Branded Activewear

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.31% Secured Debt (Maturity—August 9, 2024)(9)
14,278 14,171 13,064

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 (79.5% of net assets at fair value)
$ 1,257,360 $ 1,089,705

Total Portfolio Investments, June 30, 2020
$ 2,425,854 $ 2,419,553

(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 March 31, 2021. As noted in this schedule, 58% of the loans (based on the par amount) contain LIBOR floors which range between 0.50% and 2.00%, with a weighted-average LIBOR floor of approximately 1.11%.
(10)	Private Loan portfolio investment. See Note C for a description of Private Loan portfolio investments.
(11)	Middle Market portfolio investment. See Note C for a description of Middle Market portfolio investments.
(12)	Other Portfolio investment. See Note C for a description of Other Portfolio investments.
(13)	Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)	Non-accrual and non-income producing investment.
(15)	All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(16)	External Investment Manager. Investment is not encumbered as security for the Company's Credit Facility 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 and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company's investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $24.4 million Canadian Dollars and receive $17.0 million U.S. Dollars with a settlement date of September 14, 2021. The unrealized depreciation on the forward foreign currency contract is $0.6 million as of December 31, 2020.
(23)	The Company has entered into an intercreditor agreement that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of LIBOR plus 7.25% (Floor 1.25%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24)	Investment date represents the date of initial investment in the portfolio company.
(25)	Warrants are presented in equivalent shares with a strike price of $10.92 per share.
(26)	Warrants are presented in equivalent units with a strike price of $14.28 per unit.
(27)	Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
(28)	Warrants are presented in equivalent shares with a strike price of $0.001 per share.
(29)	Warrants are presented in equivalent units with a strike price of $1.50 per unit.
(30)	Shares/Units represent ownership in an underlying Real Estate or HoldCo entity.
(31)	Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(32)	Portfolio company is in a bankruptcy process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. As noted in footnote (14), our debt investment in this portfolio company is on non-accrual status.
(33)	The Company has entered into an intercreditor agreement that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due

28

~~(1)~~: All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note B for a description of Lower Middle Market portfolio investments. All of the Company's investments, unless otherwise noted, are encumbered either as security for the Company's Credit Facility or in support of the SBA-guaranteed debentures issued by the Funds.
~~(2)~~: ~~Debt investments are income producing, unless otherwise noted. Equity and warrants are non-income producing, unless otherwise noted.~~
~~(3)~~: ~~See Note C and Schedule 12-14 for a summary of geographic location of portfolio companies.~~
~~(4)~~: ~~Principal is net of repayments. Cost is net of repayments and accumulated unearned income.~~
~~(5)~~: Control investments are defined by the Investment Company Act of 1940, as amended ("1940 Act"), as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
~~(6)~~: Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
~~(7)~~: ~~Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.~~
~~(8)~~: ~~Income producing through dividends or distributions.~~
~~(9)~~: Index based floating interest rate is subject to contractual minimum interest rate. 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, 2020. As noted in this schedule, 60% of the loans (based on the par amount) contain LIBOR floors which range between 0.50% and 2.00%, with a weighted-average LIBOR floor of approximately 1.09%.
~~(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 investment in this portfolio company will not be finally determined until such process is complete. As noted in footnote (14), our debt investment in this portfolio company is on non-accrual status.

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~June 30, 2020~~March 31, 2021

(dollars in thousands)

~~(16)~~: ~~External Investment Manager. Investment is not encumbered as security for the Company's Credit Facility 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 and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company's investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $16.7 million Canadian Dollars and receive $12.8 million U.S. Dollars with a settlement date of September 14, 2020. The unrealized appreciation on the forward foreign currency contract is $0.4 million as of June 30, 2020.
~~(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)~~: ~~Investment has an unfunded commitment as of June 30, 2020 (see Note K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.~~
~~(25)~~: ~~All of the Company's portfolio investments are generally subject to restrictions on resale as "restricted securities."~~
~~(26)~~: ~~Investment date represents the date of initial investment in the portfolio company.~~

(Unaudited)

	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.
(34)	Short-term portfolio investments. See Note C for a description of short-term portfolio investments.
(35)	Short-term portfolio investments bear interest at index based floating interest rates which range from LIBOR plus 2.75% to LIBOR plus 4.75%, with LIBOR floors which range from 0% to 0.75% (with a weighted average LIBOR floor of approximately 0.14%), and with resulting interest rates which range from of 2.86% to 4.85% as of March 31, 2021.

29

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)

Control Investments(5)

Access Media Holdings, LLC(10)	July 22, 2015	Private Cable Operator
			10% PIK Secured Debt (Maturity—July 22, 2020)(14)(19)	$	23,828	$	23,828	$	6,387
			Preferred Member Units (9,481,500 units)(27)				9,375		(284	)
			Member Units (45 units)				1		—

							33,204		6,103

Portfolio Company (1) (20)												Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Control Investments (5)

ASC Interests, LLC	August 1, 2013	Recreational and Educational Shooting Facility										August 1, 2013	Recreational and Educational Shooting Facility
			11.00% Secured Debt (Maturity—July 31, 2020)		1,650		1,639		1,639
			Member Units (1,500 units)				1,500		1,290
														Secured Debt		13.00%	7/31/2022	$	1,750	$	1,715	$	1,715
							3,139		2,929

														Member Units	1,500						1,500		1,120
																					3,215		2,835

Analytical Systems Keco, LLC	August 16, 2019	Manufacturer of Liquid and Gas Analyzers										August 16, 2019	Manufacturer of Liquid and Gas Analyzers
			LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.13%, Secured Debt (Maturity—August 16, 2024)(9)		5,565		5,210		5,210
			Preferred Member Units (3,200 units)				3,200		3,200
			Warrants (420 equivalent shares; Expiration—August 16, 2029; Strike price—$0.01 per share)				316		316
														Secured Debt		12.00% (L+10.00%, Floor 2.00%)	8/16/2024		5,155		4,874		4,874	(9)
							8,726		8,726

ATS Workholding, LLC(10)	March 10, 2014	Manufacturer of Machine Cutting Tools and Accessories
			5% Secured Debt (Maturity—November 16, 2021)		4,919		4,666		4,521
			Preferred Member Units (3,725,862 units)				3,726		939
														Preferred Member Units	3,200						3,200		3,200
							8,392		5,460

Bond-Coat, Inc.	December 28, 2012	Casing and Tubing Coating Services
			15.00% Secured Debt (Maturity—December 28, 2020)		11,596		11,473		11,473
			Common Stock (57,508 shares)				6,350		8,300
														Warrants	420		8/16/2029				316		10	(27)
							17,823		19,773

																					8,390		8,084

ATS Workholding, LLC											(10)	March 10, 2014	Manufacturer of Machine Cutting Tools and Accessories
														Secured Debt		5.00%	11/16/2021		4,982		4,824		3,347	(14)
														Preferred Member Units	3,725,862						3,726		-
																					8,550		3,347

Project BarFly, LLC											(10)	August 31, 2015	Casual Restaurant Group
														Secured Debt		7.00%	10/31/2024		343		343		343
														Member Units	37						1,584		1,584
																					1,927		1,927

Bolder Panther Group, LLC												December 31, 2020	Consumer Goods and Fuel Retailer
														Secured Debt		10.50% (L+9.00%, Floor 1.50%)	12/31/2025		27,500		27,225		27,225	(9)
														Class A Preferred Member Units		14.00%					10,194		10,194	(30)
														Class B Preferred Member Units	140,000	8.00%					14,000		14,000	(30)
																					51,419		51,419

Bond-Coat, Inc.												December 28, 2012	Casing and Tubing Coating Services
														Common Stock	57,508						6,350		2,040

Brewer Crane Holdings, LLC	January 9, 2018	Provider of Crane Rental and Operating Services										January 9, 2018	Provider of Crane Rental and Operating Services
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.71%, Secured Debt (Maturity—January 9, 2023)(9)		9,052		8,989		8,989
			Preferred Member Units (2,950 units)(8)				4,280		4,280
														Secured Debt		11.00% (L+10.00%, Floor 1.00%)	1/9/2023		8,556		8,513		8,513	(9)
							13,269		13,269

														Preferred Member Units	2,950						4,280		5,850	(8)
																					12,793		14,363

Bridge Capital Solutions Corporation	April 18, 2012	Financial Services and Cash Flow Solutions Provider										April 18, 2012	Financial Services and Cash Flow Solutions Provider
			13.00% Secured Debt (Maturity—December 11, 2024)		8,813		7,797		7,797
			Warrants (82 equivalent shares; Expiration—July 25, 2026; Strike price—$0.01 per share)				2,132		3,500
			13.00% Secured Debt (Mercury Service Group, LLC) (Maturity—December 11, 2024)		1,000		996		996
			Preferred Member Units (Mercury Service Group, LLC) (17,742 units)(8)				1,000		1,000
														Secured Debt		13.00%	12/11/2024		8,813		8,403		8,403
							11,925		13,293

														Warrants	82		7/25/2026				2,132		3,220	(27)
														Secured Debt		13.00%	12/11/2024		1,000		998		998	(30)
														Preferred Member Units	17,742						1,000		1,000	(8) (30)
																					12,533		13,621

30

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)


Portfolio Company (1) (20)										Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Café Brazil, LLC	April 20, 2004	Casual Restaurant Group								April 20, 2004	Casual Restaurant Group
			Member Units (1,233 units)(8)				1,742		2,440

												Member Units	1,233						1,742		2,030	(8)

California Splendor Holdings LLC	March 30, 2018	Processor of Frozen Fruits								March 30, 2018	Processor of Frozen Fruits
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.13%, Secured Debt (Maturity—March 30, 2023)(9)		7,229		7,104		7,104
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.13%, Secured Debt (Maturity—March 30, 2023)(9)		28,000		27,801		27,801
			Preferred Member Units (6,725 units)(8)				7,163		7,163
			Preferred Member Units (6,157 units)(8)				10,775		7,382
												Secured Debt		9.00% (L+8.00%, Floor 1.00%)	3/30/2023		8,100		8,014		8,043	(9)
							52,843		49,450

CBT Nuggets, LLC ("CBT")	June 1, 2006	Produces and Sells IT Training Certification Videos
			Member Units (416 units)(8)				1,300		50,850

												Secured Debt		11.00% (L+10.00%, Floor 1.00%)	3/30/2023		28,000		27,854		27,789	(9)
												Preferred Member Units	6,725						8,255		8,255	(8)
												Preferred Member Units	6,157						10,775		6,241	(8)
																			54,898		50,328

CBT Nuggets, LLC										June 1, 2006	Produces and Sells IT Training Certification Videos
												Member Units	416						1,300		46,080	(8)

Centre Technologies Holdings, LLC	January 4, 2019	Provider of IT Hardware Services and Software Solutions								January 4, 2019	Provider of IT Hardware Services and Software Solutions
			LIBOR Plus 9.00% (Floor 2.00%), Current Coupon 10.75%, Secured Debt (Maturity—January 4, 2024)(9)		12,240		12,136		12,136
			Preferred Member Units (12,696 units)				5,840		5,840
												Secured Debt		12.00% (L+10.00%, Floor 2.00%)	1/4/2024		11,628		11,549		11,549	(9)
							17,976		17,976

												Preferred Member Units	12,696						5,840		6,160
																			17,389		17,709

Chamberlin Holding LLC	February 26, 2018	Roofing and Waterproofing Specialty Contractor								February 26, 2018	Roofing and Waterproofing Specialty Contractor
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity—February 26, 2023)(9)		17,773		17,649		17,773
			Member Units (4,347 units)(8)				11,440		24,040
			Member Units (Chamberlin Langfield Real Estate, LLC) (1,047,146 units)(8)				1,047		1,450
												Secured Debt		9.00% (L+8.00%, Floor 1.00%)	2/26/2023		15,212		15,136		15,212	(9)
							30,136		43,263

												Member Units	4,347						11,440		28,070	(8)
												Member Units	1,047,146						1,322		1,270	(8) (30)
																			27,898		44,552

Charps, LLC	February 3, 2017	Pipeline Maintenance and Construction								February 3, 2017	Pipeline Maintenance and Construction
			15.00% Secured Debt (Maturity—June 5, 2022)		2,000		2,000		2,000
			Preferred Member Units (1,600 units)(8)				400		6,920
												Unsecured Debt		10.00% (8.67% Cash, 1.33% PIK)	1/31/2024		9,388		7,641		8,475	(19)
							2,400		8,920

												Secured Debt		15.00%	6/5/2022		669		669		669
												Preferred Member Units	1,600						400		10,520	(8)
																			8,710		19,664

Clad-Rex Steel, LLC	December 20, 2016	Specialty Manufacturer of Vinyl-Clad Metal								December 20, 2016	Specialty Manufacturer of Vinyl-Clad Metal
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.71%, Secured Debt (Maturity—December 20, 2021)(9)		10,880		10,830		10,781
			Member Units (717 units)(8)				7,280		9,630
			10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity—December 20, 2036)		1,137		1,126		1,137
			Member Units (Clad-Rex Steel RE Investor, LLC) (800 units)				210		460
												Secured Debt		10.50% (L+9.50%, Floor 1.00%)	12/20/2021		10,880		10,853		10,853	(9)
							19,446		22,008

												Member Units	717						7,280		8,610	(8)
												Secured Debt		10.00%	12/20/2036		1,111		1,100		1,100	(30)
												Member Units	800						210		530	(30)
																			19,443		21,093

CMS Minerals Investments	January 30, 2015	Oil & Gas Exploration & Production								January 30, 2015	Oil & Gas Exploration & Production
			Member Units (CMS Minerals II, LLC) (100 units)(8)				2,386		1,900

												Member Units	100						2,179		1,624	(30)

31

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)


Portfolio Company (1) (20)											Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Cody Pools, Inc.											March 6, 2020	Designer of Residential and Commercial Pools
													Secured Debt		12.25% (L+10.50%, Floor 1.75%)	3/6/2025		14,216		14,092		14,216	(9)
													Preferred Member Units	587						8,317		14,940
																				22,409		29,156

CompareNetworks Topco, LLC	January 29, 2019	Internet Publishing and Web Search Portals									January 29, 2019	Internet Publishing and Web Search Portals
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.75%, Secured Debt (Maturity—January 29, 2024)(9)		8,364		8,288		8,288
			Preferred Member Units (1,975 units)				1,975		3,010
													Secured Debt		12.00% (L+11.00%, Floor 1.00%)	1/29/2024		7,954		7,910		7,953	(9)
							10,263		11,298

Copper Trail Fund Investments(12)(13)	July 17, 2017	Investment Partnership
			LP Interests (CTMH, LP) (Fully diluted 38.8%)				872		872

													Preferred Member Units	1,975						1,975		6,780	(8)
																				9,885		14,733

Copper Trail Fund Investments										(12) (13)	July 17, 2017	Investment Partnership
													LP Interests (CTMH, LP)	38.8%						747		747	(31)

Datacom, LLC	May 30, 2014	Technology and Telecommunications Provider									May 30, 2014	Technology and Telecommunications Provider
			8.00% Secured Debt (Maturity—May 31, 2021)(14)		1,800		1,800		1,615
			10.50% PIK Secured Debt (Maturity—May 31, 2021)(14)(19)		12,507		12,475		10,142
			Class A Preferred Member Units				1,294		—
			Class B Preferred Member Units (6,453 units)				6,030		—
													Secured Debt		8.00%	5/31/2021		1,800		1,800		1,615	(14)
							21,599		11,757

													Secured Debt		10.50% PIK	5/31/2021		12,507		12,475		10,531	(14) (19)
													Class A Preferred Member Units	-						1,294		-
													Class B Preferred Member Units	6,453						6,030		-
																				21,599		12,146

Digital Products Holdings LLC	April 1, 2018	Designer and Distributor of Consumer Electronics									April 1, 2018	Designer and Distributor of Consumer Electronics
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.75%, Secured Debt (Maturity—April 1, 2023)(9)		19,620		19,478		18,452
			Preferred Member Units (3,857 shares)(8)				9,501		5,174
													Secured Debt		11.00% (L+10.00%, Floor 1.00%)	4/1/2023		18,173		18,077		18,077	(9)
							28,979		23,626

Direct Marketing Solutions, Inc.	February 13, 2018	Provider of Omni-Channel Direct Marketing Services
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.75%, Secured Debt (Maturity—February 13, 2023)(9)		15,717		15,597		15,707
			Preferred Stock (8,400 shares)				8,400		20,200
													Preferred Member Units	3,857						9,501		9,835	(8)
							23,997		35,907

																				27,578		27,912

Direct Marketing Solutions, Inc.											February 13, 2018	Provider of Omni-Channel Direct Marketing Services
													Secured Debt		12.00% (L+11.00%, Floor 1.00%)	2/13/2023		15,090		15,007		15,007	(9)
													Preferred Stock	8,400						8,400		19,380
																				23,407		34,387

Gamber-Johnson Holdings, LLC ("GJH")	June 24, 2016	Manufacturer of Ruggedized Computer Mounting Systems									June 24, 2016	Manufacturer of Ruggedized Computer Mounting Systems
			LIBOR Plus 6.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (Maturity—June 24, 2021)(9)		19,022		18,949		19,022
			Member Units (8,619 units)(8)				14,844		53,410
													Secured Debt		9.00% (L+7.00%, Floor 2.00%)	6/24/2021		19,838		19,807		19,838	(9)
							33,793		72,432

													Member Units	8,619						14,844		52,490	(8)
																				34,651		72,328

32

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)


Portfolio Company (1) (20)											Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Garreco, LLC	July 15, 2013	Manufacturer and Supplier of Dental Products									July 15, 2013	Manufacturer and Supplier of Dental Products
			LIBOR Plus 8.00% (Floor 1.00%, Ceiling 1.50%), Current Coupon 9.50%, Secured Debt (Maturity—March 31, 2020)(9)		4,519		4,515		4,515
			Member Units (1,200 units)				1,200		2,560
													Secured Debt		9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%)	1/31/2021		4,519		4,519		4,519	(9)
							5,715		7,075

													Member Units	1,200						1,200		1,410
																				5,719		5,929

GRT Rubber Technologies LLC ("GRT")	December 19, 2014	Manufacturer of Engineered Rubber Products									December 19, 2014	Manufacturer of Engineered Rubber Products
			LIBOR Plus 7.00%, Current Coupon 8.71%, Secured Debt (Maturity—December 31, 2023)		15,016		15,016		15,016
			Member Units (5,879 units)				13,065		47,450
													Secured Debt		7.15% (L+7.00%)	12/31/2023		16,775		16,775		16,775
							28,081		62,466

Guerdon Modular Holdings, Inc.	August 13, 2014	Multi-Family and Commercial Modular Construction Company
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.60%, Secured Debt (Maturity—October 1, 2019)(9)(14)(17)		1,010		1,010		—
			16.00% Secured Debt (Maturity—October 1, 2019)(14)(17)		12,588		12,588		—
			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 share)				—		—
													Member Units	5,879						13,065		44,900	(8)
							17,721		—

																				29,840		61,675

Gulf Manufacturing, LLC	August 31, 2007	Manufacturer of Specialty Fabricated Industrial Piping Products									August 31, 2007	Manufacturer of Specialty Fabricated Industrial Piping Products
			Member Units (438 units)(8)				2,980		7,430

													Member Units	438						2,980		4,510	(8)

Gulf Publishing Holdings, LLC	April 29, 2016	Energy Industry Focused Media and Publishing									April 29, 2016	Energy Industry Focused Media and Publishing
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.21%, Secured Debt (Maturity—September 30, 2020)(9)		280		280		280
			12.50% Secured Debt (Maturity—April 29, 2021)		12,535		12,493		12,493
			Member Units (3,681 units)				3,681		2,420
													Secured Debt		10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%)	9/30/2020		250		250		250	(9) (17) (19)
							16,454		15,193

Harborside Holdings, LLC	March 20, 2017	Real Estate Holding Company
			Member units (100 units)				6,506		9,560

Harris Preston Fund Investments(12)(13)	October 1, 2017	Investment Partnership
			LP Interests (2717 MH, L.P.) (Fully diluted 49.3%)				2,735		3,157

Harrison Hydra-Gen, Ltd.	June 4, 2010	Manufacturer of Hydraulic Generators
			Common Stock (107,456 shares)(8)				718		7,970

IDX Broker, LLC	November 15, 2013	Provider of Marketing and CRM Tools for the Real Estate Industry
			11.50% Secured Debt (Maturity—November 15, 2020)		13,400		13,358		13,400
			Preferred Member Units (5,607 units)(8)				5,952		15,040
													Secured Debt		12.50% (6.25% Cash, 6.25% PIK)	4/29/2021		13,147		13,135		12,044	(19)
							19,310		28,440

													Member Units	3,681						3,681		-
																				17,066		12,294

Harris Preston Fund Investments										(12) (13)	October 1, 2017	Investment Partnership
													LP Interests (2717 MH, L.P.)	49.3%						2,599		2,702	(31)
													LP Interests (2717 HPP-MS, L.P.)	49.3%						250		250	(31)
																				2,849		2,952

Harrison Hydra-Gen, Ltd.											June 4, 2010	Manufacturer of Hydraulic Generators
													Common Stock	107,456						718		5,450	(8)

Jensen Jewelers of Idaho, LLC											November 14, 2006	Retail Jewelry Store
													Secured Debt		10.00% (Prime+6.75%, Floor 2.00%)	11/14/2023		3,400		3,374		3,400	(9)
													Member Units	627						811		7,620	(8)
																				4,185		11,020

J&J Services, Inc.											October 31, 2019	Provider of Dumpster and Portable Toilet Rental Services
													Secured Debt		11.50%	10/31/2024		12,800		12,697		12,800
													Preferred Stock	2,814						7,085		12,680
																				19,782		25,480

KBK Industries, LLC											January 23, 2006	Manufacturer of Specialty Oilfield and Industrial Products
													Member Units	325						783		13,200	(8)

33

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)

Jensen Jewelers of Idaho, LLC	November 14, 2006	Retail Jewelry Store
			Prime Plus 6.75% (Floor 2.00%), Current Coupon 11.50%, Secured Debt (Maturity—November 14, 2023)(9)		4,000		3,960		4,000
			Member Units (627 units)(8)				811		8,270

							4,771		12,270

J&J Services, Inc.	October 31, 2019	Provider of Dumpster and Portable Toilet Rental Services
			11.50% Secured Debt (Maturity—October 31, 2024)		17,600		17,430		17,430
			Preferred Stock (2,814 shares)				7,160		7,160
Portfolio Company (1) (20)											Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Kickhaefer Manufacturing Company, LLC											October 31, 2018	Precision Metal Parts Manufacturing
													Secured Debt		11.50%	10/31/2023		22,415		22,269		22,269
							24,590		24,590

KBK Industries, LLC	January 23, 2006	Manufacturer of Specialty Oilfield and Industrial Products
			Member Units (325 units)(8)				783		15,470

Kickhaefer Manufacturing Company, LLC	October 31, 2018	Precision Metal Parts Manufacturing
			11.50% Secured Debt (Maturity—October 31, 2023)		25,200		24,982		24,982
			Member Units (581 units)				12,240		12,240
			9.00% Secured Debt (Maturity—October 31, 2048)		3,978		3,939		3,939
			Member Units (KMC RE Investor, LLC) (800 units)(8)				992		1,160
													Member Units	581						12,240		12,240
							42,153		42,321

													Secured Debt		9.00%	10/31/2048		3,948		3,909		3,909
													Member Units	800						992		1,160	(8) (30)
																				39,410		39,578

Market Force Information, LLC	July 28, 2017	Provider of Customer Experience Management Services									July 28, 2017	Provider of Customer Experience Management Services
			8.00% Secured Debt (Maturity—July 28, 2022)		2,786		2,786		2,695
			6.00% Current / 6.00% PIK Secured Debt (Maturity—July 28, 2022)(19)		23,292		23,157		22,621
			Member Units (743,921 units)				16,642		5,280
													Secured Debt		12.00% (L+11.00%, Floor 1.00%)	7/28/2023		1,600		1,600		1,600	(9)
							42,585		30,596

													Secured Debt		12.00% PIK	7/28/2023		26,079		25,952		13,562	(14) (19)
													Member Units	743,921						16,642		-
																				44,194		15,162

MH Corbin Holding LLC	August 31, 2015	Manufacturer and Distributor of Traffic Safety Products									August 31, 2015	Manufacturer and Distributor of Traffic Safety Products
			5.00% Current / 5.00% PIK Secured Debt (Maturity—March 31, 2022)(19)		8,890		8,815		8,890
			Preferred Member Units (66,000 shares)				4,400		4,770
			Preferred Member Units (4,000 shares)				6,000		20
													Secured Debt		13.00% (10.00% Cash, 3.00% PIK)	3/31/2022		8,570		8,527		8,280	(19)
							19,215		13,680

Mid-Columbia Lumber Products, LLC	December 18, 2006	Manufacturer of Finger-Jointed Lumber Products
			10.00% Secured Debt (Maturity—January 15, 2020)		1,750		1,750		1,602
			12.00% Secured Debt (Maturity—January 15, 2020)		3,900		3,898		3,644
			Member Units (7,874 units)				3,239		—
			9.50% Secured Debt (Mid-Columbia Real Estate, LLC) (Maturity—May 13, 2025)		701		701		701
			Member Units (Mid-Columbia Real Estate, LLC) (500 units)(8)				790		1,640
													Preferred Member Units	66,000						4,400		2,370
							10,378		7,587

													Preferred Member Units	4,000						6,000		-
																				18,927		10,650

MSC Adviser I, LLC										(16)	November 22, 2013	Third Party Investment Advisory Services
													Member Units							29,500		116,760	(8) (31)

Mystic Logistics Holdings, LLC											August 18, 2014	Logistics and Distribution Services Provider for Large Volume Mailers
													Secured Debt		12.00%	1/17/2022		6,733		6,723		6,723
													Common Stock	5,873						2,720		8,990	(8)
																				9,443		15,713

NAPCO Precast, LLC											January 31, 2008	Precast Concrete Manufacturing
													Member Units	2,955						2,975		16,100	(8)

Nebraska Vet AcquireCo, LLC (NVS)											December 31, 2020	Mixed-Animal Veterinary and Animal Health Product Provider
													Secured Debt		12.00%	12/31/2025		10,500		10,395		10,395
													Preferred Member Units	6,500						6,500		6,500
																				16,895		16,895

NexRev LLC											February 28, 2018	Provider of Energy Efficiency Products & Services
													Secured Debt		11.00%	2/28/2023		17,097		17,016		16,726
													Preferred Member Units	86,400,000						6,880		1,470	(8)
																				23,896		18,196

NRI Clinical Research, LLC											September 8, 2011	Clinical Research Service Provider
													Secured Debt		9.00%	6/8/2022		5,620		5,572		5,620
													Warrants	251,723		6/8/2027				252		1,490	(27)
													Member Units	1,454,167						765		5,600	(8)
																				6,589		12,710

34

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)

MSC Adviser I, LLC(16)	November 22, 2013	Third Party Investment Advisory Services
			Member Units (Fully diluted 100.0%)(8)				—		74,520

Mystic Logistics Holdings, LLC	August 18, 2014	Logistics and Distribution Services Provider for Large Volume Mailers
			12.00% Secured Debt (Maturity—August 15. 2019)(17)		6,253		6,253		6,253
			Common Stock (5,873 shares)(8)				2,720		8,410

							8,973		14,663

NAPCO Precast, LLC	January 31, 2008	Precast Concrete Manufacturing
			Member Units (2,955 units)(8)				2,975		14,760

NexRev LLC	February 28, 2018	Provider of Energy Efficiency Products & Services
			11.00% Secured Debt (Maturity—February 28, 2023)		17,586		17,469		17,469
			Preferred Member Units (86,400,000 units)(8)				6,880		6,310
Portfolio Company (1) (20)										Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
NRP Jones, LLC										December 22, 2011	Manufacturer of Hoses, Fittings and Assemblies
												Secured Debt		12.00%	3/20/2023		2,080		2,080		2,080
							24,349		23,779

NRI Clinical Research, LLC	September 8, 2011	Clinical Research Service Provider
			14.00% Secured Debt (Maturity—June 8, 2022)		5,981		5,885		5,981
			Warrants (251,723 equivalent units; Expiration—June 8, 2027; Strike price—$0.01 per unit)				252		1,230
			Member Units (1,454,167 units)(8)				765		4,988
												Member Units	65,962						3,717		2,821	(8)
							6,902		12,199

NRP Jones, LLC	December 22, 2011	Manufacturer of Hoses, Fittings and Assemblies
			12.00% Secured Debt (Maturity—March 20, 2023)		6,376		6,376		6,376
			Member Units (65,962 units)(8)				3,717		4,710
																			5,797		4,901
							10,093		11,086


NuStep, LLC	January 31, 2017	Designer, Manufacturer and Distributor of Fitness Equipment								January 31, 2017	Designer, Manufacturer and Distributor of Fitness Equipment
			12.00% Secured Debt (Maturity—January 31, 2022)		19,800		19,703		19,703
			Preferred Member Units (406 units)				10,200		10,200
												Secured Debt		12.00%	1/31/2022		17,240		17,193		17,193
							29,903		29,903

OMi Holdings, Inc.	April 1, 2008	Manufacturer of Overhead Cranes
			Common Stock (1,500 shares)(8)				1,080		16,950

												Preferred Member Units	406						10,200		10,780
																			27,393		27,973

OMi Holdings, Inc.										April 1, 2008	Manufacturer of Overhead Cranes
												Common Stock	1,500						1,080		20,380	(8)

Pearl Meyer Topco LLC										April 27, 2020	Provider of Executive Compensation Consulting Services
												Secured Debt		12.00%	4/27/2025		37,513		37,202		37,202
												Member Units	13,800						13,000		15,940	(8)
																			50,202		53,142

Pegasus Research Group, LLC	January 6, 2011	Provider of Telemarketing and Data Services								January 6, 2011	Provider of Telemarketing and Data Services
			Member Units (460 units)				1,290		8,170

PPL RVs, Inc.	June 10, 2010	Recreational Vehicle Dealer
			LIBOR Plus 8.75% (Floor 0.50%), Current Coupon 10.85%, Secured Debt (Maturity—November 15, 2022)(9)		12,245		12,118		12,118
			Common Stock (1,962 shares)				2,150		9,930
												Member Units	460						1,290		8,830	(8)
							14,268		22,048


PPL RVs, Inc.										June 10, 2010	Recreational Vehicle Dealer
												Secured Debt		7.50% (L+7.00%, Floor 0.50%)	11/15/2022		11,855		11,781		11,806	(9)
												Common Stock	2,000						2,150		11,500	(8)
																			13,931		23,306

Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions)										February 1, 2011	Noise Abatement Service Provider
												Secured Debt		13.00%	4/30/2023		6,397		6,335		6,397
												Preferred Member Units	19,631						4,600		10,500	(8)
												Warrants	1,018		1/31/2021				1,200		870	(27)
																			12,135		17,767

Quality Lease Service, LLC										June 8, 2015	Provider of Rigsite Accommodation Unit Rentals and Related Services
												Member Units	1,000						11,063		4,460

River Aggregates, LLC										March 30, 2011	Processor of Construction Aggregates
												Member Units	1,500						369		3,240	(30)

Tedder Industries, LLC										August 31, 2018	Manufacturer of Firearm Holsters and Accessories
												Secured Debt		12.00%	8/31/2023		16,400		16,301		16,301
												Preferred Member Units	479						8,136		8,136
																			24,437		24,437

35

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Trantech Radiator Topco, LLC		May 31, 2019	Transformer Cooling Products and Services
				Secured Debt		12.00%	5/31/2024		8,720		8,644		8,644
				Common Stock	615						4,655		6,030	(8)
											13,299		14,674

UnionRock Energy Fund II, LP	(12) (13)	June 15, 2020	Oil & Gas Exploration & Production
				LP Interests	49.6%						2,894		2,894	(31)

Vision Interests, Inc.		June 5, 2007	Manufacturer / Installer of Commercial Signage
				Secured Debt		13.00%	9/30/2019		2,028		2,028		2,028	(17)
				Series A Preferred Stock	3,000,000						3,000		3,160
											5,028		5,188

Ziegler's NYPD, LLC		October 1, 2008	Casual Restaurant Group
				Secured Debt		6.50%	10/1/2022		1,000		1,000		979
				Secured Debt		12.00%	10/1/2022		625		625		625
				Secured Debt		14.00%	10/1/2022		2,750		2,750		2,750
				Warrants	587		10/1/2025				600		-	(27)
				Preferred Member Units	10,072						2,834		1,780
											7,809		6,134

Subtotal Control Investments (73.5% of net assets at fair value)										$	831,490	$	1,113,725

36

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions)
February 1, 2011
Noise Abatement Service Provider

13.00% Secured Debt (Maturity—April 30, 2020)
6,397 6,379 6,397

Preferred Member Units (19,631 units)(8)
4,600 13,390

Warrants (1,018 equivalent units; Expiration—January 31, 2021; Strike price—$0.01 per unit)
1,200 1,090

12,179 20,877

Quality Lease Service, LLC
June 8, 2015
Provider of Rigsite Accommodation Unit Rentals and Related Services

Member Units (1,000 units)
11,013 9,289

River Aggregates, LLC
March 30, 2011
Processor of Construction Aggregates

Zero Coupon Secured Debt (Maturity—June 30, 2018)(17)
750 750 722

Member Units (1,150 units)
1,150 4,990

Member Units (RA Properties, LLC) (1,500 units)
369 3,169

2,269 8,881

Tedder Industries, LLC
August 31, 2018
Manufacturer of Firearm Holsters and Accessories

12.00% Secured Debt (Maturity—August 31, 2020)
640 640 640

12.00% Secured Debt (Maturity—August 31, 2023)
16,400 16,272 16,272

Preferred Member Units (479 units)
8,136 8,136

25,048 25,048

The MPI Group, LLC
October 2, 2007
Manufacturer of Custom Hollow Metal Doors, Frames and Accessories

9.00% Secured Debt (Maturity—December 31, 2019)(17)
2,924 2,924 2,924

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 1,640

8,820 4,564

Trantech Radiator Topco, LLC
May 31, 2019
Transformer Cooling Products and Services

12.00% Secured Debt (Maturity—May 31, 2024)
9,200 9,102 9,102

Common Stock (615 shares)(8)
4,655 4,655

13,757 13,757

Vision Interests, Inc.
June 5, 2007
Manufacturer / Installer of Commercial Signage

13.00% Secured Debt (Maturity—September 30, 2019)(17)
2,028 2,028 2,028

Series A Preferred Stock (3,000,000 shares)
3,000 4,089

Common Stock (1,126,242 shares)
3,706 409

8,734 6,526

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company(1)(20)		Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)

Ziegler's NYPD, LLC		October 1, 2008	Casual Restaurant Group
				6.50% Secured Debt (Maturity—October 1, 2020)		1,000		1,000		1,000
				12.00% Secured Debt (Maturity—October 1, 2020)		625		625		625
	��			14.00% Secured Debt (Maturity—October 1, 2020)		2,750		2,750		2,750
				Warrants (587 equivalent units; Expiration—October 1, 2020; Strike price—$0.01 per unit)				600		—
				Preferred Member Units (10,072 units)				2,834		1,269

								7,809		5,644
Portfolio Company (1) (20)												Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Subtotal Control Investments (67.2% of net assets at fair value)							$	778,367	$	1,032,721
Affiliate Investments (6)

AAC Holdings, Inc.											(11)	June 30, 2017	Substance Abuse Treatment Service Provider
														Secured Debt		18.00% (10.00% Cash, 8.00% PIK)	6/25/2025		9,406		9,187		9,187	(19)
														Common Stock	593,928						3,148		3,148
														Warrants	554,353		12/11/2025				-		2,938	(27)
																					12,335		15,273

AFG Capital Group, LLC												November 7, 2014	Provider of Rent-to-Own Financing Solutions and Services
														Secured Debt		10.00%	5/25/2022		491		491		491
														Preferred Member Units	186						1,200		5,810
																					1,691		6,301

American Trailer Rental Group LLC												June 7, 2017	Provider of Short-term Trailer and Container Rental
														Member Units	73,493						8,596		16,010	(30)

BBB Tank Services, LLC												April 8, 2016	Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
														Unsecured Debt		12.00% (L+11.00%, Floor 1.00%)	4/8/2021		4,800		4,773		4,722	(9)
														Preferred Stock (non-voting)		15.00% PIK					151		151	(8) (19)
														Member Units	800,000						800		280
																					5,724		5,153

Boccella Precast Products LLC												June 30, 2017	Manufacturer of Precast Hollow Core Concrete
														Member Units	2,160,000						2,256		6,040	(8)

Buca C, LLC												June 30, 2015	Casual Restaurant Group
														Secured Debt		10.25% (L+9.25%, Floor 1.00%)	6/30/2020		19,004		19,004		14,256	(9) (17)
														Preferred Member Units	6	6.00% PIK					4,770		-	(8) (19)
																					23,774		14,256

CAI Software LLC												October 10, 2014	Provider of Specialized Enterprise Resource Planning Software
														Secured Debt		12.50%	12/7/2023		47,474		47,133		47,474
														Member Units	77,960						2,095		7,190	(8)
																					49,228		54,664

Chandler Signs Holdings, LLC											(10)	January 4, 2016	Sign Manufacturer
														Class A Units	1,500,000						1,500		1,460

Charlotte Russe, Inc											(11)	May 28, 2013	Fast-Fashion Retailer to Young Women
														Common Stock	19,041						3,141		-

Classic H&G Holdings, LLC												March 12, 2020	Provider of Engineered Packaging Solutions
														Secured Debt		12.00%	3/12/2025		24,800		24,583		24,800
														Preferred Member Units	154						5,760		9,510	(8)
																					30,343		34,310

37

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Affiliate Investments(6)

AFG Capital Group, LLC
November 7, 2014
Provider of Rent-to-Own Financing Solutions and Services

10.00% Secured Debt (Maturity—May 25, 2022)
$ 838 $ 838 $ 838

Preferred Member Units (186 units)
1,200 5,180

2,038 6,018

American Trailer Rental Group LLC
June 7, 2017
Provider of Short-term Trailer and Container Rental

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.34%, Secured Debt (Maturity—June 7, 2022)(9)
27,087 26,905 27,087

Member Units (Milton Meisler Holdings LLC) (48,555 units)
4,855 8,540

31,760 35,627

BBB Tank Services, LLC
April 8, 2016
Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market

LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.71%, (Maturity—April 8, 2021)(9)
4,800 4,698 4,698

Preferred Stock (non-voting)(8)
131 131

Member Units (800,000 units)
800 290

5,629 5,119

Boccella Precast Products LLC
June 30, 2017
Manufacturer of Precast Hollow Core Concrete

LIBOR Plus 12.00% (Floor 1.00%), Current Coupon 14.10%, Secured Debt (Maturity—June 30, 2022)(9)
13,244 13,106 13,244

Member Units (2,160,000 units)(8)
2,256 6,270

15,362 19,514

Buca C, LLC
June 30, 2015
Casual Restaurant Group

LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.94%, Secured Debt (Maturity—June 30, 2020)(9)
19,004 18,981 18,794

Preferred Member Units (6 units; 6% cumulative)(8)(19)
4,701 4,701

23,682 23,495

CAI Software LLC
October 10, 2014
Provider of Specialized Enterprise Resource Planning Software

11.00% Secured Debt (Maturity—December 7, 2023)
9,160 9,077 9,160

Member Units (66,968 units)(8)
751 5,210

9,828 14,370

Chandler Signs Holdings, LLC(10)
January 4, 2016
Sign Manufacturer

Class A Units (1,500,000 units)(8)
1,500 2,740

Charlotte Russe, Inc(11)
May 28, 2013
Fast-Fashion Retailer to Young Women

Common Stock (19,041 shares)
3,141 —

Congruent Credit Opportunities Funds(12)(13)
January 24, 2012
Investment Partnership

LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)
5,210 855

LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)
13,601 13,915

18,811 14,770


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Congruent Credit Opportunities Funds	(12) (13)	January 24, 2012	Investment Partnership
				LP Interests (Congruent Credit Opportunities Fund II, LP)	19.8%						4,449		94	(31)
				LP Interests (Congruent Credit Opportunities Fund III, LP)	17.4%						11,741		11,540	(8) (31)
											16,190		11,634

Copper Trail Fund Investments	(12) (13)	July 17, 2017	Investment Partnership
				LP Interests (Copper Trail Energy Fund I, LP)	12.4%						2,161		1,782	(8) (31)

Dos Rios Partners	(12) (13)	April 25, 2013	Investment Partnership
				LP Interests (Dos Rios Partners, LP)	20.2%						6,605		5,417	(31)
				LP Interests (Dos Rios Partners - A, LP)	6.4%						2,097		1,720	(31)
											8,702		7,137

East Teak Fine Hardwoods, Inc.		April 13, 2006	Distributor of Hardwood Products
				Common Stock	6,250						480		300

EIG Fund Investments	(12) (13)	November 6, 2015	Investment Partnership
				LP Interests (EIG Global Private Debt Fund-A, L.P.)	11.1%						739		526	(8) (31)

Freeport Financial Funds	(12) (13)	June 13, 2013	Investment Partnership
				LP Interests (Freeport Financial SBIC Fund LP)	9.3%						5,974		5,264	(31)
				LP Interests (Freeport First Lien Loan Fund III LP)	6.0%						10,785		10,321	(8) (31)
											16,759		15,585

Harris Preston Fund Investments	(12) (13)	August 9, 2017	Investment Partnership
				LP Interests (HPEP 3, L.P.)	8.2%						3,071		3,258	(31)

Hawk Ridge Systems, LLC	(13)	December 2, 2016	Value-Added Reseller of Engineering Design and Manufacturing Solutions
				Secured Debt		11.00%	12/2/2023		18,400		18,366		18,400
				Preferred Member Units	226						2,850		8,030	(8)
				Preferred Member Units	226						150		420	(30)
											21,366		26,850

38

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Copper Trail Fund Investments(12)(13)
July 17, 2017
Investment Partnership

LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 12.4%)(8)
1,997 2,362

Dos Rios Partners(12)(13)
April 25, 2013
Investment Partnership

LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)
5,846 7,033

LP Interests (Dos Rios Partners—A, LP) (Fully diluted 6.4%)
1,856 2,233

7,702 9,266

East Teak Fine Hardwoods, Inc.
April 13, 2006
Distributor of Hardwood Products

Common Stock (6,250 shares)(8)
480 400

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)
768 720

Freeport Financial Funds(12)(13)
June 13, 2013
Investment Partnership

LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)
5,974 5,778

LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%)(8)
9,956 9,696

15,930 15,474

Fuse, LLC(11)
June 30, 2019
Cable Networks Operator

12% Secured Debt (Maturity—June 28, 2024)
1,939 1,939 1,939

Common Stock (10,429 shares)
256 256

2,195 2,195

Harris Preston Fund Investments(12)(13)
August 9, 2017
Investment Partnership

LP Interests (HPEP 3, L.P.) (Fully diluted 8.2%)
2,474 2,474

Hawk Ridge Systems, LLC(13)
December 2, 2016
Value-Added Reseller of Engineering Design and Manufacturing Solutions

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.71%, Secured Debt (Maturity—December 2, 2021)(9)
600 600 600

11.00% Secured Debt (Maturity—December 2, 2021)
13,400 13,335 13,400

Preferred Member Units (226 units)(8)
2,850 7,900

Preferred Member Units (HRS Services, ULC) (226 units)
150 420

16,935 22,320

Houston Plating and Coatings, LLC
January 8, 2003
Provider of Plating and Industrial Coating Services

8.00% Unsecured Convertible Debt (Maturity—May 1, 2022)
3,000 3,000 4,260

Member Units (322,297 units)(8)
2,352 10,330

5,352 14,590

I-45 SLF LLC(12)(13)
October 20, 2015
Investment Partnership

Member Units (Fully diluted 20.0%; 24.4% profits interest)(8)
17,000 14,407


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Houston Plating and Coatings, LLC		January 8, 2003	Provider of Plating and Industrial Coating Services
				Unsecured Convertible Debt		8.00%	5/1/2022		3,000		3,000		2,900
				Member Units	322,297						2,352		5,080	(8)
											5,352		7,980

I-45 SLF LLC	(12) (13)	October 20, 2015	Investment Partnership
				Member Units (Fully diluted 20.0%; 24.40% profits interest) (8)	20.00% Fully Diluted, 24.40% Profits Interest						20,200		15,789	(8) (31)

L.F. Manufacturing Holdings, LLC	(10)	December 23, 2013	Manufacturer of Fiberglass Products
				Preferred Member Units (non-voting)		14.00% PIK					93		93	(8) (19)
				Member Units	2,179,001						2,019		2,050
											2,112		2,143

OnAsset Intelligence, Inc.		April 18, 2011	Provider of Transportation Monitoring / Tracking Products and Services
				Secured Debt		12.00% PIK	6/30/2021		7,301		7,301		7,301	(19)
				Unsecured Debt		10.00% PIK	6/30/2021		64		64		64	(19)
				Preferred Stock	912						1,981		-
				Warrants	5,333		4/18/2021				1,919		-	(27)
											11,265		7,365

PCI Holding Company, Inc.		December 18, 2012	Manufacturer of Industrial Gas Generating Systems
				Preferred Stock	1,500,000						3,927		4,130

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)		January 8, 2013	Provider of Rigsite Accommodation Unit Rentals and Related Services
				Secured Debt		12.00%	1/8/2018		30,369		29,865		-	(14) (32)
				Preferred Member Units	250						2,500		-
											32,365		-

Salado Stone Holdings, LLC	(10)	June 27, 2016	Limestone and Sandstone Dimension Cut Stone Mining Quarries
				Class A Preferred Units	2,000,000						2,000		1,250	(30)

Slick Innovations, LLC		September 13, 2018	Text Message Marketing Platform
				Secured Debt		13.00%	9/13/2023		5,720		5,605		5,719
				Common Stock	70,000						700		1,330
				Warrants	18,084		9/13/2028				181		360	(27)
											6,486		7,409

SI East, LLC		August 31, 2018	Rigid Industrial Packaging Manufacturing
				Secured Debt		9.50%	8/31/2023		32,963		32,760		32,962
				Preferred Member Units	157						6,000		9,780	(8)
											38,760		42,742

Superior Rigging & Erecting Co.		August 31, 2020	Provider of Steel Erection, Crane Rental & Rigging Services
				Secured Debt		12.00%	8/31/2025		21,500		21,298		21,298
				Preferred Member Units	1,473						4,500		4,500
											25,798		25,798

39

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
UniTek Global Services, Inc.	(11)	April 15, 2011	Provider of Outsourced Infrastructure Services
				Secured Debt		7.50% (L+6.50% Floor 1.00%)	8/20/2024		2,708		2,687		2,426	(9)
				Preferred Stock	1,133,102	20.00% PIK					1,441		2,832	(8) (19)
				Preferred Stock	1,521,122	20.00% PIK					2,188		375	(8) (19)
				Preferred Stock	2,281,682	19.00% PIK					3,667		-	(19)
				Preferred Stock	4,336,866	13.50% PIK					7,924		-	(19)
				Common Stock	945,507						-		-
											17,907		5,633

Universal Wellhead Services Holdings, LLC	(10)	October 30, 2014	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
				Preferred Member Units	716,949	14.00% PIK					1,032		-	(19) (30)
				Member Units	4,000,000						4,000		-	(30)
											5,032		-

Volusion, LLC		January 26, 2015	Provider of Online Software-as-a-Service eCommerce Solutions
				Secured Debt		11.50%	1/26/2020		20,234		20,234		19,242	(17)
				Unsecured Convertible Debt		8.00%	11/16/2023		409		409		291
				Preferred Member Units	4,876,670						14,000		5,990
				Warrants	1,831,355		1/26/2025				2,576		-	(27)
											37,219		25,523

Subtotal Affiliate Investments (24.2% of net assets at fair value)										$	416,479	$	366,301

40

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

L.F. Manufacturing Holdings, LLC(10)
December 23, 2013
Manufacturer of Fiberglass Products

Preferred Member Units (non-voting; 14% cumulative)(8)(19)
81 81

Member Units (2,179,001 units)
2,019 2,050

2,100 2,131

OnAsset Intelligence, Inc.
April 18, 2011
Provider of Transportation Monitoring / Tracking Products and Services

12.00% PIK Secured Debt (Maturity—June 30, 2021)(19)
6,474 6,474 6,474

10.00% PIK Unsecured Debt (Maturity—June 30, 2021)(19)
58 58 58

Preferred Stock (912 shares)
1,981 —

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

10,432 6,532

PCI Holding Company, Inc.
December 18, 2012
Manufacturer of Industrial Gas Generating Systems

12.00% Current, Secured Debt (Maturity—March 31, 2020)
11,356 11,356 11,356

Preferred Stock (1,740,000 shares) (non-voting)
1,740 4,350

Preferred Stock (1,500,000 shares)
3,927 2,680

17,023 18,386

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)
January 8, 2013
Provider of Rigsite Accommodation Unit Rentals and Related Services

12.00% Secured Debt (Maturity—January 8, 2018)(14)(15)
30,369 29,865 —

Preferred Member Units (250 units)
2,500 —

32,365 —

Salado Stone Holdings, LLC (10)
June 27, 2016
Limestone and Sandstone Dimension Cut Stone Mining Quarries

Class A Preferred Units (Salado Acquisition, LLC) (2,000,000 units)
2,000 570

SI East, LLC
August 31, 2018
Rigid Industrial Packaging Manufacturing

9.50% Current, Secured Debt (Maturity—August 31, 2023)
32,963 32,687 32,963

Preferred Member Units (157 units)(8)
6,000 8,200

38,687 41,163

Slick Innovations, Inc.
September 13, 2018
Text Message Marketing Platform

14.00% Current, Secured Debt (Maturity—September 13, 2023)
6,360 6,197 6,197

Common Stock (70,000 shares)(8)
700 1,080

Warrants (18,084 equivalent units; Expiration—September 13, 2028; Strike price—$0.01 per unit)
181 290

7,078 7,567

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)	Principal(4)		Cost(4)		Fair Value(18)

UniTek Global Services, Inc.(11)	April 15, 2011	Provider of Outsourced Infrastructure Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.41%, Secured Debt (Maturity—August 20, 2024)(9)		2,963		2,940		2,962
			Preferred Stock (755,401 shares; 20% cumulative)(8)(19)				809		1,889
			Preferred Stock (1,521,122 shares; 19% cumulative)(8)(19)				1,976		2,282
			Preferred Stock (2,281,682 shares; 19% cumulative)(8)(19)				3,667		3,667
			Preferred Stock (4,336,866 shares; 13.50% cumulative)(8)(19)				7,924		2,684
			Common Stock (945,507 shares)				—		—

							17,316		13,484

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; 14% cumulative)(8)(19)				1,032		800
			Member Units (UWS Investments, LLC) (4,000,000 units)				4,000		—
Portfolio Company (1) (20)											Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

							5,032		800

Volusion, LLC	January 26, 2015	Provider of Online Software-as-a-Service eCommerce Solutions
			11.50% Secured Debt (Maturity—January 26, 2020)		20,234		20,162		19,352
			8.00% Unsecured Convertible Debt (Maturity—November 16, 2023)		409		409		291
			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		150
Non-Control/Non-Affiliate Investments (7)

							37,147		33,793
Acousti Engineering Company of Florida, Inc.										(10)	November 2, 2020	Interior Subcontractor Providing Acoustical Walls and Ceilings
													Secured Debt		10.00% (L+8.50%, Floor 1.50%)	10/31/2025		13,000		12,858		12,858	(9)
Subtotal Affiliate Investments (21.5% of net assets at fair value)						$	351,764	$	330,287

Adams Publishing Group, LLC										(10)	November 19, 2015	Local Newspaper Operator
													Secured Debt		8.75% (L+7.00%, Floor 1.75%)	7/3/2023		5,863		5,745		5,813	(9)

ADS Tactical, Inc.										(10)	March 7, 2017	Value-Added Logistics and Supply Chain Provider to the Defense Industry
													Secured Debt		7.00% (L+6.25%, Floor 0.75%)	7/26/2023		19,633		19,529		19,633	(9)

Aethon United BR LP										(10)	September 8, 2017	Oil & Gas Exploration & Production
													Secured Debt		7.75% (L+6.75%, Floor 1.00%)	9/8/2023		9,750		9,659		9,544	(9)

Affordable Care Holding Corp.										(10)	May 9, 2019	Dental Support Organization
													Secured Debt		5.75% (L+4.75%, Floor 1.00%)	10/22/2022		14,246		14,066		14,044	(9)

ALKU, LLC.										(11)	October 18, 2019	Specialty National Staffing Operator
													Secured Debt		5.75% (L+5.50%)	7/29/2026		9,466		9,385		9,478

American Nuts, LLC										(10)	April 10, 2018	Roaster, Mixer and Packager of Bulk Nuts and Seeds
													Secured Debt		9.00% (L+8.00%, Floor 1.00%)	4/10/2023		12,130		11,954		12,111	(9)

American Teleconferencing Services, Ltd.										(11)	May 19, 2016	Provider of Audio Conferencing and Video Collaboration Solutions
													Secured Debt		7.50% (L+6.50%, Floor 1.00%)	6/8/2023		17,358		16,634		8,071	(9)

APTIM Corp.										(11)	August 17, 2018	Engineering, Construction & Procurement
													Secured Debt		7.75%	6/15/2025		12,452		11,063		9,734

Arcus Hunting LLC										(10)	January 6, 2015	Manufacturer of Bowhunting and Archery Products and Accessories
													Secured Debt		11.00% (L+10.00%, Floor 1.00%)	3/31/2021		11,009		11,009		11,009	(9)

Arrow International, Inc										(10)	December 21, 2020	Manufacturer and Distributor of Charitable Gaming Supplies
													Secured Debt		9.23% (L+7.98%, Floor 1.25%)	12/21/2025		10,000		9,901		9,901	(9) (23)

ASC Ortho Management Company, LLC										(10)	August 31, 2018	Provider of Orthopedic Services
													Secured Debt		8.50% (L+7.50%, Floor 1.00%)	8/31/2023		5,206		5,148		5,149	(9)
													Secured Debt		13.25% PIK	12/1/2023		2,116		2,091		2,116	(19)
																				7,239		7,265

41

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
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 11.00% (Floor 1.00%), Current Coupon 13.03%, Secured Debt (Maturity—April 15, 2020)(9)(14)
2,227 2,068 2,172

LIBOR Plus 12.75% (Floor 1.00%), Current Coupon 16.50%, Secured Debt (Maturity—June 30, 2023)(9)(14)
14,396 14,030 9,358

16,098 11,530
Adams Publishing Group, LLC(10)
November 19, 2015
Local Newspaper Operator

Prime Plus 5.00% (Floor 1.50%), Current Coupon 8.75%, Secured Debt (Maturity—July 3, 2023)(9)
5,000 4,930 5,000

LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.44%, Secured Debt (Maturity—July 3, 2023)(9)
6,158 6,058 6,158

LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.50%, Secured Debt (Maturity—July 3, 2023)(9)
197 197 197

11,185 11,355

ADS Tactical, Inc.(10)
March 7, 2017
Value-Added Logistics and Supply Chain Provider to the Defense Industry

LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 8.03%, Secured Debt (Maturity—July 26, 2023)(9)
19,843 19,703 19,843

Aethon United BR LP(10)
September 8, 2017
Oil & Gas Exploration & Production

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.46%, Secured Debt (Maturity—September 8, 2023)(9)
9,750 9,630 9,531

Affordable Care Holding Corp.(10)
May 9, 2019
Dental Service Organization

LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 6.59%,
14,396 14,126 14,036

Secured Debt (Maturity—October 22, 2022)(9)

ALKU, LLC.(11)
October 18, 2019
Specialty National Staffing Operator

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.44%, Secured Debt (Maturity—July 29, 2026)(9)
10,000 9,902 9,883

Allen Media, LLC.(11)
September 18, 2018
Operator of Cable Television Networks

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.48%, Secured Debt (Maturity—August 30, 2023)(9)
16,270 15,894 15,863

Allen Media Broadcasting LLC(10)
July 3, 2019
Operator of Television Broadcasting Networks

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.21%, Secured Debt (Maturity—July 3, 2024)(9)
14,906 14,565 14,565

American Nuts, LLC(10)
April 10, 2018
Roaster, Mixer and Packager of Bulk Nuts and Seeds

LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.60%, Secured Debt (Maturity—April 10, 2023)(9)
12,243 12,002 12,233


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
ATX Networks Corp.	(11) (13) (21)	June 30, 2015	Provider of Radio Frequency Management Equipment
				Secured Debt		8.75% (7.25% Cash, 1.50% PIK) (1.50% PIK + L+6.25%, Floor 1.00%)	12/31/2023		13,402		13,342		12,263	(9) (19)

Berry Aviation, Inc.	(10)	July 6, 2018	Charter Airline Services
				Secured Debt		12.00% (10.50% Cash, 1.5% PIK)	1/6/2024		4,624		4,595		4,624	(19)
				Preferred Member Units	122,416	16.00% PIK					145		145	(8) (19) (30)
				Preferred Member Units	1,548,387	8.00% PIK					1,671		904	(19) (30)
											6,411		5,673

BigName Commerce, LLC	(10)	May 11, 2017	Provider of Envelopes and Complimentary Stationery Products
				Secured Debt		8.25% (L+7.25%, Floor 1.00%)	5/11/2022		2,044		2,037		2,011	(9)

Binswanger Enterprises, LLC	(10)	March 10, 2017	Glass Repair and Installation Service Provider
				Secured Debt		9.50% (L+8.50%, Floor 1.00%)	3/9/2022		12,958		12,798		12,958	(9)
				Member Units	1,050,000						1,050		670
											13,848		13,628

BLST Operating Company, LLC.	(11)	December 19, 2013	Multi-Channel Retailer of General Merchandise
				Secured Debt		10.00% (L+8.50%, Floor 1.50%)	8/28/2025		5,879		5,879		5,879	(9)
				Common Stock	653						-		-
				Warrants	70		8/28/2030				-		-	(27)
											5,879		5,879

Brainworks Software, LLC	(10)	August 12, 2014	Advertising Sales and Newspaper Circulation Software
				Secured Debt		12.50% (Prime+9.25%, Floor 3.25%)	7/22/2019		7,817		7,817		5,332	(9) (14) (17)

Brightwood Capital Fund Investments	(12) (13)	July 21, 2014	Investment Partnership
				LP Interests (Brightwood Capital Fund III, LP)	1.6%						10,800		8,459	(8) (31)
				LP Interests (Brightwood Capital Fund IV, LP)	0.6%						5,000		4,745	(8) (31)
											15,800		13,204

Cadence Aerospace LLC	(10)	November 14, 2017	Aerostructure Manufacturing
				Secured Debt		9.50% (4.25% Cash, 5.25% PIK) (5.25% PIK + L+3.25%, Floor 1.00%)	11/14/2023		27,703		27,484		26,359	(9) (19)

42

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

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 8.36%, Secured Debt (Maturity—June 8, 2023)(9)
17,389 16,421 10,460

APTIM Corp.(11)
August 17, 2018
Engineering, Construction & Procurement

7.75% Secured Debt (Maturity—June 15, 2025)
12,452 10,836 7,471

Arcus Hunting LLC(10)
January 6, 2015
Manufacturer of Bowhunting and Archery Products and Accessories

LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.10%, Secured Debt (Maturity—January 13, 2020)(9)
13,857 13,856 13,856

ASC Ortho Management Company, LLC(10)
August 31, 2018
Provider of Orthopedic Services

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.60%, Secured Debt (Maturity—August 31, 2023)(9)
4,543 4,465 4,490

13.25% PIK Secured Debt (Maturity—December 1, 2023)(19)
1,854 1,821 1,854

6,286 6,344

ATI Investment Sub, Inc.(11)
July 11, 2016
Manufacturer of Solar Tracking Systems

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.01%, Secured Debt (Maturity—June 22, 2021)(9)
2,885 2,859 2,853

ATX Networks Corp.(11)(13)(21)
June 30, 2015
Provider of Radio Frequency Management Equipment

LIBOR Plus 6.00% (Floor 1.00%) Current Coupon 7.94% / 1.00% PIK, Current Coupon Plus PIK 8.94% Secured Debt (Maturity—June 11, 2021)(9)(19)
13,593 13,414 12,743

Barfly Ventures, LLC(10)
August 31, 2015
Casual Restaurant Group

12.00% Secured Debt (Maturity—August 31, 2020)
10,185 10,073 7,736

Options (3 equivalent units)
607 —

Warrant (2 equivalent unit; Expiration—August 31, 2025; Strike price—$1.00 per unit)
473 —

11,153 7,736

Berry Aviation, Inc.(10)
July 6, 2018
Charter Airline Services

10.50% Current / 1.5% PIK, Secured Debt (Maturity—January 6, 2024)(19)
4,554 4,518 4,554

Preferred Member Units (Berry Acquisition, LLC) (122,416 units; 16% cumulative)(8)(19)
125 125

Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units; 8% cumulative)(8)(19)
1,671 776

6,314 5,455


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
California Pizza Kitchen, Inc.	(11)	August 29, 2016	Casual Restaurant Group
				Secured Debt		11.50% (L+10.00%, Floor 1.50%)	11/23/2024		7,700		7,288		7,315	(9)
				Secured Debt		13.50% (1.00% Cash, 12.50% PIK) (1.00% Cash, L+11.00% PIK, Floor 1.50%)	11/23/2024		2,657		2,590		2,524	(9) (19)
				Secured Debt		15.00% (1.00% Cash, 14.00% PIK) (1.00% Cash, L+12.50% PIK, Floor 1.50%)	5/23/2025		2,291		2,291		1,833	(9) (19)
				Common Stock	169,088						949		1,860
											13,118		13,532

Central Security Group, Inc.	(11)	December 4, 2017	Security Alarm Monitoring Service Provider
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	10/16/2025		6,891		6,891		5,823	(9)
				Common Stock	329,084						1,481		1,645
											8,372		7,468

Cenveo Corporation	(11)	September 4, 2015	Provider of Digital Marketing Agency Services
				Secured Debt		10.50% (L+9.50%, Floor 1.00%)	6/7/2023		5,250		5,129		4,909	(9)
				Common Stock	177,130						5,309		2,613
											10,438		7,522

Chisholm Energy Holdings, LLC	(10)	May 15, 2019	Oil & Gas Exploration & Production
				Secured Debt		7.75% (L+6.25%, Floor 1.50%)	5/15/2026		3,571		3,498		3,274	(9)

Clarius BIGS, LLC	(10)	September 23, 2014	Prints & Advertising Film Financing
				Secured Debt		15.00% PIK	1/5/2015		2,832		2,832		31	(14) (17) (19)

Clickbooth.com, LLC	(10)	December 5, 2017	Provider of Digital Advertising Performance Marketing Solutions
				Secured Debt		9.50% (L+8.50%, Floor 1.00%)	1/31/2025		7,850		7,750		7,850	(9)

Construction Supply Investments, LLC	(10)	December 29, 2016	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
				Member Units							5,637		8,617

Copper Trail Fund Investments	(12) (13)	July 17, 2017	Investment Partnership
				LP Interests (CTEF I, LP)	375						-		67

Corel Corporation	(11) (13) (21)	July 24, 2019	Publisher of Desktop and Cloud-based Software
				Secured Debt		5.23% (L+5.00%)	7/2/2026		19,403		18,580		19,124

Darr Equipment LP	(10)	April 15, 2014	Heavy Equipment Dealer
				Secured Debt		12.50% (11.50% Cash, 1.00% PIK)	6/22/2023		5,959		5,959		5,959	(19)
				Warrants	915,734		12/23/2023				474		-	(29)
											6,433		5,959

43

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

BigName Commerce, LLC(10)
May 11, 2017
Provider of Envelopes and Complimentary Stationery Products

LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.35%, Secured Debt (Maturity—May 11, 2022)(9)
2,233 2,218 2,233

Binswanger Enterprises, LLC(10)
March 10, 2017
Glass Repair and Installation Service Provider

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.41%, Secured Debt (Maturity—March 9, 2022)(9)
13,731 13,443 13,731

Member Units (1,050,000 units)
1,050 950

14,493 14,681

Bluestem Brands, Inc.(11)
December 19, 2013
Multi-Channel Retailer of General Merchandise

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.31%, Secured Debt (Maturity—November 6, 2020)(9)
10,622 10,571 7,973

Bojangles', Inc.(11)
February 5, 2019
Quick Service Restaurant Group

LIBOR Plus 4.75%, Current Coupon 6.50%, Secured Debt (Maturity—January 28, 2026)
7,782 7,642 7,827

LIBOR Plus 8.50%, Current Coupon 10.25%, Secured Debt (Maturity—January 28, 2027)
5,000 4,907 5,012

12,549 12,839

Brainworks Software, LLC(10)
August 12, 2014
Advertising Sales and Newspaper Circulation Software

4.00% Secured Debt (Maturity—July 22, 2019)(9)(17)
6,733 6,733 5,955

Brightwood Capital Fund Investments(12)(13)
July 21, 2014
Investment Partnership

LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.6%)(8)
11,160 9,005

LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.6%)(8)
4,500 4,504

15,660 13,509

Cadence Aerospace LLC(10)
November 14, 2017
Aerostructure Manufacturing

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.40%, Secured Debt (Maturity—November 14, 2023)(9)
25,287 25,089 25,287

California Pizza Kitchen, Inc.(11)
August 29, 2016
Casual Restaurant Group

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.91%, Secured Debt (Maturity—August 23, 2022)(9)
14,599 14,501 12,739

Central Security Group, Inc.(11)
December 4, 2017
Security Alarm Monitoring Service Provider

LIBOR Plus 5.63% (Floor 1.00%), Current Coupon 7.38%, Secured Debt (Maturity—October 6, 2021)(9)
13,776 13,734 11,985


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Digital River, Inc.	(11)	February 24, 2015	Provider of Outsourced e-Commerce Solutions and Services
				Secured Debt		8.00% (L+7.00%, Floor 1.00%)	2/12/2023		13,628		13,422		13,560	(9)

DTE Enterprises, LLC	(10)	April 13, 2018	Industrial Powertrain Repair and Services
				Secured Debt		10.00% (L+8.50%, Floor 1.50%)	4/13/2023		9,324		9,213		9,004	(9)
				Class AA Preferred Member Units (non-voting)		10.00% PIK					951		951	(8) (19)
				Class A Preferred Member Units	776,316						776		880
											10,940		10,835

Dynamic Communities, LLC	(10)	July 17, 2018	Developer of Business Events and Online Community Groups
				Secured Debt		12.50% (6.25% Cash, 6.25% PIK) (L+11.50%, Floor 1.00%)	7/17/2023		5,320		5,256		4,921	(9) (19)

Eastern Wholesale Fence LLC	(10)	November 19, 2020	Manufacturer and Distributor of Residential and Commercial Fencing Solutions
				Secured Debt		7.50%, (L+6.50%, Floor 1.00%)	10/30/2025		11,857		11,523		11,523	(9)

Echo US Holdings, LLC.	(10)	November 12, 2019	Developer and Manufacturer of PVC and Polypropylene Materials
				Secured Debt		7.88% (L+6.25%, Floor 1.63%)	10/25/2024		22,190		22,090		22,190	(9)

Electronic Transaction Consultants, LLC	(10)	July 24, 2020	Technology Service Provider for Toll Road and Infrastructure Operators
				Secured Debt		8.50% (L+7.50%, Floor 1.00%)	7/24/2025		10,000		9,829		9,829	(9)

EnCap Energy Fund Investments	(12) (13)	December 28, 2010	Investment Partnership
				LP Interests (EnCap Energy Capital Fund VIII, L.P.)	0.1%						3,813		959	(31)
				LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	0.4%						2,097		465	(31)
				LP Interests (EnCap Energy Capital Fund IX, L.P.)	0.1%						4,366		1,291	(8) (31)
				LP Interests (EnCap Energy Capital Fund X, L.P.)	0.1%						8,720		6,426	(8) (31)
				LP Interests (EnCap Flatrock	0.8%						6,706		2,546	(8) (31)

44

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Cenveo Corporation(11)
September 4, 2015
Provider of Digital Marketing Agency Services

Libor Plus 9.50% (Floor 1.00%), Current Coupon 11.45%, Secured Debt (Maturity—June 7, 2023)(9)
5,674 5,498 5,674

Common Stock (177,130 shares)
5,309 2,923

10,807 8,597

Chisholm Energy Holdings, LLC(10)
May 15, 2019
Oil & Gas Exploration & Production

LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 8.16%, Secured Debt (Maturity—May 15, 2026)(9)
3,571 3,488 3,488

Clarius BIGS, LLC(10)
September 23, 2014
Prints & Advertising Film Financing

15% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)
2,846 2,846 40

Clickbooth.com, LLC(10)
December 5, 2017
Provider of Digital Advertising Performance Marketing Solutions

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity—December 5, 2022)(9)
2,663 2,625 2,663

Construction Supply Investments, LLC(10)
December 29, 2016
Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors

Member Units (46,152 units)
4,866 7,667

Corel Corporation(11)(13)(21)
July 24, 2019
Publisher of Desktop and Cloud-based Software

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.91%, Secured Debt (Maturity—July 2, 2026)(9)
15,000 14,293 14,531

CTVSH, PLLC(10)
August 3, 2017
Emergency Care and Specialty Service Animal Hospital

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.91%, Secured Debt (Maturity—August 3, 2022)(9)
10,099 10,039 10,099

Darr Equipment LP(10)
April 15, 2014
Heavy Equipment Dealer

11.5% Current / 1% PIK Secured Debt (Maturity -June 22, 2023)(19)
5,899 5,899 5,899

Warrants (915,734 equivalent units; Expiration—December 23, 2023; Strike price—$1.50 per unit)
474 300

6,373 6,199

Digital River, Inc.(11)
February 24, 2015
Provider of Outsourced e-Commerce Solutions and Services

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.90%, Secured Debt (Maturity—February 12, 2021)(9)
15,876 15,771 15,837


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
				Midstream Fund II, L.P.)
				LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	0.2%						6,982		5,793	(8) (31)
											32,684		17,480

Encino Acquisition Partners Holdings, Inc.	(11)	November 16, 2018	Oil & Gas Exploration & Production
				Secured Debt		7.75% (L+6.75%, Floor 1.00%)	10/29/2025		9,000		8,932		8,297	(9)

EPIC Y-Grade Services, LP	(11)	June 22, 2018	NGL Transportation & Storage
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	6/30/2027		6,944		6,854		5,799	(9)

Fortna, Inc.	(10)	July 23, 2019	Process, Physical Distribution and Logistics Consulting Services
				Secured Debt		5.15% (L+5.00%)	4/8/2025		7,673		7,553		7,486

Fuse, LLC	(11)	June 30, 2019	Cable Networks Operator
				Secured Debt		12.00%	6/28/2024		1,810		1,810		1,472
				Common Stock	10,429						256		-
											2,066		1,472

GeoStabilization International (GSI)	(11)	December 31, 2018	Geohazard Engineering Services & Maintenance
				Secured Debt		5.40% (L+5.25%)	12/19/2025		11,224		11,137		11,196

GoWireless Holdings, Inc.	(11)	December 31, 2017	Provider of Wireless Telecommunications Carrier Services
				Secured Debt		7.50% (L+6.50%, Floor 1.00%)	12/22/2024		17,113		16,988		16,976	(9)

Grupo Hima San Pablo, Inc.	(11)	March 7, 2013	Tertiary Care Hospitals
				Secured Debt		9.25% (L+7.00%, Floor 1.50%)	4/30/2019		4,504		4,504		3,375	(9) (17)
				Secured Debt		13.75%	10/15/2018		2,055		2,040		49	(17)
											6,544		3,424

GS HVAM Intermediate, LLC	(10)	October 18, 2019	Specialized Food Distributor
				Secured Debt		6.75% (L+5.75%, Floor 1.00%)	10/2/2024		11,053		10,952		11,007	(9)

Gexpro Services	(10)	February 24, 2020	Distributor of Industrial and Specialty Parts
				Secured Debt		8.00% (L+6.50%, Floor 1.50%)	2/24/2025		29,180		28,692		28,953	(9)

HDC/HW Intermediate Holdings	(10)	December 21, 2018	Managed Services and Hosting Provider
				Secured Debt		8.50% (L+7.50%, Floor 1.00%)	12/21/2023		3,474		3,429		3,351	(9)

Heartland Dental, LLC	(10)	September 9, 2020	Dental Support Organization
				Secured Debt		7.50% (L+6.50%, Floor 1.00%)	4/30/2025		14,925		14,501		14,501	(9)

Hunter Defense Technologies, Inc.	(10)	March 29, 2018	Provider of Military and Commercial Shelters and Systems
				Secured Debt		8.00% (L+7.00%, Floor 1.00%)	3/29/2023		35,246		34,820		35,246	(9)

45

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

DTE Enterprises, LLC(10)
April 13, 2018
Industrial Powertrain Repair and Services
��

LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.24%, Secured Debt (Maturity—April 13, 2023)(9)
10,992 10,827 10,982

Class AA Preferred Member Units (non-voting; 10% cumulative)(8)(19)
860 860

Class A Preferred Member Units (776,316 units)
776 1,490

12,463 13,332

Dynamic Communities, LLC(10)
July 17, 2018
Developer of Business Events and Online Community Groups

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity—July 17, 2023)(9)
5,460 5,375 5,458

Echo US Holdings, LLC.(10)
November 12, 2019
Developer and Manufacturer of PVC and Polypropylene Materials

LIBOR Plus 6.25% (Floor 1.63%), Current Coupon 7.96%, Secured Debt (Maturity—October 25, 2024)(9)
22,414 22,292 22,292

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)
3,617 1,354

LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)
2,097 703

LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)
4,360 2,780

LP Interests (EnCap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)(8)
8,427 8,822

LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)(8)
7,337 5,669

LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)(8)
6,674 6,677

32,512 26,005

Encino Acquisition Partners Holdings, Inc.(11)
November 16, 2018
Oil & Gas Exploration & Production

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—October 29, 2025)(9)
9,000 8,921 6,795

EPIC Y-Grade Services, LP(11)
June 22, 2018
NGL Transportation & Storage

LIBOR Plus 6.00%, Current Coupon 8.04%, Secured Debt (Maturity—June 13, 2024)
10,275 10,116 10,050

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 10.45%, Secured Debt (Maturity—April 28, 2022)(9)
6,999 6,928 1,965


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
HW Temps LLC		July 2, 2015	Temporary Staffing Solutions
				Secured Debt		12.00%	3/29/2023		9,801		9,698		8,994

Hyperion Materials & Technologies, Inc.	(11) (13)	September 12, 2019	Manufacturer of Cutting and Machine Tools & Specialty Polishing Compounds
				Secured Debt		6.50% (L+5.50%, Floor 1.00%)	8/28/2026		22,275		21,894		20,813	(9)

Ian, Evan & Alexander Corporation (EverWatch)	(10)	July 31, 2020	Cybersecurity, Software and Data Analytics provider to the Intelligence Community
				Secured Debt		9.50% (L+8.50%, Floor 1.00%)	7/31/2025		16,529		16,158		16,158	(9)

Implus Footcare, LLC	(10)	June 1, 2017	Provider of Footwear and Related Accessories
				Secured Debt		8.75% (L+7.75%, Floor 1.00%)	4/30/2024		18,890		18,566		17,172	(9)

Independent Pet Partners Intermediate Holdings, LLC	(10)	November 20, 2018	Omnichannel Retailer of Specialty Pet Products
				Secured Debt		6.31% PIK (L+6.00% PIK)	12/22/2022		6,111		6,111		6,111	(19)
				Secured Debt		6.00% PIK	11/20/2023		16,670		15,086		15,086	(19)
				Preferred Stock (non-voting)							3,235		3,235
				Preferred Stock (non-voting)							-		-
				Member Units	1,558,333						1,558		-
											25,990		24,432

Industrial Services Acquisition, LLC	(10)	June 17, 2016	Industrial Cleaning Services
				Unsecured Debt		13.00% (6.00% Cash, 7.00% PIK)	12/17/2022		5,624		5,579		5,624	(19)
				Preferred Member Units	144	10.00% PIK					112		112	(8) (19) (30)
				Preferred Member Units	80	20.00% PIK					71		71	(8) (19) (30)
				Member Units	900						900		530	(30)
											6,662		6,337

Inn of the Mountain Gods Resort and Casino	(11)	October 30, 2013	Hotel & Casino Owner & Operator
				Secured Debt		9.25%	11/30/2023		6,677		6,677		6,677

Interface Security Systems, L.L.C	(10)	August 7, 2019	Commercial Security & Alarm Services
				Secured Debt		11.75% (8.75% Cash, 3.00% PIK) (3.00% PIK + L+7.00%, Floor 1.75%)	8/7/2023		7,245		7,145		7,245	(9) (19)

Intermedia Holdings, Inc.	(11)	August 3, 2018	Unified Communications as a Service
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	7/19/2025		20,839		20,755		20,823	(9)

Invincible Boat Company, LLC.	(10)	August 28, 2019	Manufacturer of Sport Fishing Boats
				Secured Debt		8.00% (L+6.50%, Floor 1.50%)	8/28/2025		8,876		8,793		8,876	(9)

46

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Felix Investments Holdings II(10)
August 9, 2017
Oil & Gas Exploration & Production

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.40%, Secured Debt (Maturity—August 9, 2022)(9)
5,000 4,944 5,000

Flavors Holdings Inc.(11)
October 15, 2014
Global Provider of Flavoring and Sweetening Products

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.77%, Secured Debt (Maturity—April 3, 2020)(9)
11,297 11,247 10,619

Fortna, Inc.(10)
July 23, 2019
Process, Physcial Distribution and Logistics Consulting Services

LIBOR Plus 5.00%, Current Coupon 6.75%, Secured Debt (Maturity—April 8, 2025)
7,751 7,577 7,577

GeoStabilization International (GSI)(11)
December 31, 2018
Geohazard Engineering Services & Maintenance

LIBOR Plus 5.25%, Current Coupon 7.05%, Secured Debt (Maturity—December 19, 2025)
16,376 16,230 16,335

GoWireless Holdings, Inc. (11)
December 31, 2017
Provider of Wireless Telecommunications Carrier Services

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—December 22, 2024)(9)
18,120 17,964 17,471

Grupo Hima San Pablo, Inc.(11)
March 7, 2013
Tertiary Care Hospitals

LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.91%, Secured Debt (Maturity—April 30, 2019)(9)(17)
4,504 4,504 3,343

13.75% Secured Debt (Maturity—October 15, 2018)(17)
2,055 2,040 167

6,544 3,510

GS HVAM Intermediate, LLC(10)
October 18, 2019
Specialized Food Distributor

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.51%, Secured Debt (Maturity—October 2, 2024)(9)
11,364 11,233 11,233

HDC/HW Intermediate Holdings(10)
December 21, 2018
Managed Services and Hosting Provider

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.53%, Secured Debt (Maturity—December 21, 2023)(9)
3,498 3,440 3,493

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 9.26%, Secured Debt (Maturity—January 28, 2021)(9)
20,764 20,119 19,206

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 9.02%, Secured Debt (Maturity—March 29, 2023)(9)
29,097 28,659 29,097


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Isagenix International, LLC	(11)	June 21, 2018	Direct Marketer of Health & Wellness Products
				Secured Debt		6.75% (L+5.75%, Floor 1.00%)	6/14/2025		5,572		5,541		3,130	(9)

Jackmont Hospitality, Inc.	(10)	May 26, 2015	Franchisee of Casual Dining Restaurants
				Secured Debt		7.75% (L+6.75%, Floor 1.00%)	5/26/2021		3,954		3,953		3,157	(9)

Joerns Healthcare, LLC	(11)	April 3, 2013	Manufacturer and Distributor of Health Care Equipment & Supplies
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	8/21/2024		4,016		3,955		4,016	(9)
				Common Stock	472,579						4,429		2,795
											8,384		6,811

Kemp Technologies Inc.	(10)	June 27, 2019	Provider of Application Delivery Controllers
				Secured Debt		7.50% (L+6.50%, Floor 1.00%)	3/29/2024		17,387		17,088		17,387	(9)
				Common Stock	1,000,000						1,550		1,550
											18,638		18,937

Klein Hersh, LLC	(10)	November 13, 2020	Executive and C-Suite Placement for the Life Sciences and Healthcare Industries
				Secured Debt		8.75% (L+8.00%, Floor 0.75%)	11/13/2025		35,000		34,098		34,098	(9)

Kore Wireless Group Inc.	(11)	December 31, 2018	Mission Critical Software Platform
				Secured Debt		5.75% (L+5.50%)	12/20/2024		19,090		19,003		18,828

Larchmont Resources, LLC	(11)	August 13, 2013	Oil & Gas Exploration & Production
				Secured Debt		11.00% PIK (L+10.00% PIK, Floor 1.00%)	8/9/2021		2,185		2,185		983	(9) (19)
				Member Units	2,828						353		113	(30)
											2,538		1,096

Laredo Energy VI, LP	(10)	January 15, 2019	Oil & Gas Exploration & Production
				Member Units	1,155,952						11,560		10,238

Lightbox Holdings, L.P.	(11)	May 23, 2019	Provider of Commercial Real Estate Software
				Secured Debt		5.15% (L+5.00%)	5/9/2026		14,813		14,623		14,368

LKCM Headwater Investments I, L.P.	(12) (13)	January 25, 2013	Investment Partnership
				LP Interests	2.3%						1,746		3,524	(31)

LL Management, Inc.	(10)	May 2, 2019	Medical Transportation Service Provider
				Secured Debt		8.25% (L+7.25%, Floor 1.00%)	9/25/2023		16,504		16,337		16,504	(9)

Logix Acquisition Company, LLC	(10)	June 24, 2016	Competitive Local Exchange Carrier
				Secured Debt		6.75% (L+5.75%, Floor 1.00%)	12/22/2024		26,131		24,550		24,171	(9)

Looking Glass Investments, LLC	(12) (13)	July 1, 2015	Specialty Consumer Finance
				Member Units	3						125		25

47

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

HW Temps LLC
July 2, 2015
Temporary Staffing Solutions

8.00% Secured Debt (Maturity—March 29, 2023)
10,181 10,025 8,913

Hydrofarm Holdings LLC(10)
May 18, 2017
Wholesaler of Horticultural Products

LIBOR Plus 10.00%, Current Coupon 3.54% / 8.26% PIK, Current Coupon Plus PIK 11.80% Secured Debt (Maturity—May 12, 2022)(19)
7,660 7,547 6,414

Hyperion Materials & Technologies, Inc.(11)(13)
September 12, 2019
Manufacturer of Cutting and Machine Tools & Speciality Polishing Compounds

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—August 28, 2026)(9)
22,500 22,066 22,275

iEnergizer Limited(10)(13)(21)
April 17, 2019
Provider of Business Outsourcing Solutions

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.79%, Secured Debt (Maturity—April 17, 2024)(9)
12,963 12,848 12,962

Implus Footcare, LLC(10)
June 1, 2017
Provider of Footwear and Related Accessories

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.27%, Secured Debt (Maturity—April 30, 2024)(9)
18,577 18,178 18,217

Independent Pet Partners Intermediate Holdings, LLC(10)
November 20, 2018
Omnichannel Retailer of Specialty Pet Products

LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.28%, Secured Debt (Maturity—November 19, 2023)(9)
18,799 18,487 18,799

Member Units (1,558,333 units)
1,558 1,260

20,045 20,059

Industrial Services Acquisition, LLC(10)
June 17, 2016
Industrial Cleaning Services

6% Current / 7% PIK Unsecured Debt (Maturity—December 17, 2022)(19)
5,242 5,174 5,242

Preferred Member Units (Industrial Services Investments, LLC) (144 units; 10% cumulative)(8)(19)
103 103

Preferred Member Units (Industrial Services Investments, LLC) (80 units; 20% cumulative)(8)(19)
60 60

Member Units (Industrial Services Investments, LLC) (900 units)
900 510

6,237 5,915

Inn of the Mountain Gods Resort and Casino(11)
October 30, 2013
Hotel & Casino Owner & Operator

9.25% Secured Debt (Maturity—November 30, 2020)
7,762 7,584 7,684

Interface Security Systems, L.L.C(10)
August 7, 2019
Commercial Security & Alarm Services

LIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.77%, Secured Debt (Maturity—August 7, 2023)(9)
7,500 7,363 7,363

Intermedia Holdings, Inc.(11)
August 3, 2018
Unified Communications as a Service

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—July 19, 2025)(9)
20,130 20,033 20,180
��


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
LSF9 Atlantis Holdings, LLC	(11)	May 17, 2017	Provider of Wireless Telecommunications Carrier Services
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	5/1/2023		9,206		9,206		9,177	(9)

Lulu's Fashion Lounge, LLC	(10)	August 31, 2017	Fast Fashion E-Commerce Retailer
				Secured Debt		10.50% (8.00% Cash, 2.50% PIK) (2.50% PIK + L+7.00%, Floor 1.00%)	8/28/2022		11,152		10,983		9,535	(9) (19)

Lynx FBO Operating LLC	(10)	September 30, 2019	Fixed Based Operator in the General Aviation Industry
				Secured Debt		7.25% (L+5.75%, Floor 1.50%)	9/30/2024		13,613		13,369		13,521	(9)
				Member Units	4,872						687		780
											14,056		14,301

Mac Lean-Fogg Company	(10)	April 22, 2019	Manufacturer and Supplier for Auto and Power Markets
				Secured Debt		5.63% (L+5.00%, Floor 0.625%)	12/22/2025		17,251		17,149		17,251	(9)
				Preferred Stock		13.75% (4.50% Cash, 9.25% PIK)			1,870		1,870		1,841	(8) (19)
											19,019		19,092

MHVC Acquisition Corp.	(11)	May 8, 2017	Provider of Differentiated Information Solutions, Systems Engineering, and Analytics
				Secured Debt		6.25% (L+5.25%, Floor 1.00%)	4/29/2024		19,797		19,716		19,846	(9)

Mills Fleet Farm Group, LLC	(10)	October 24, 2018	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	10/24/2024		13,860		13,595		13,609	(9)

NBG Acquisition Inc	(11)	April 28, 2017	Wholesaler of Home Décor Products
				Secured Debt		6.50% (L+5.50%, Floor 1.00%)	4/26/2024		4,070		4,034		3,399	(9)

NinjaTrader, LLC	(10)	December 18, 2019	Operator of Futures Trading Platform
				Secured Debt		8.25% (L+6.75%, Floor 1.50%)	12/18/2024		16,875		16,543		16,849	(9)

NNE Partners, LLC	(10)	March 2, 2017	Oil & Gas Exploration & Production
				Secured Debt		9.48% (4.75% Cash, 4.50% PIK) (4.50% PIK + L+4.75%)	12/31/2023		23,683		23,572		21,025	(19)

Project Eagle Holdings, LLC	(10)	July 6, 2020	Provider of Secure Business Collaboration Software
				Secured Debt		9.25% (L+8.25%, Floor 1.00%)	7/6/2026		14,963		14,583		14,583	(9)

Novetta Solutions, LLC	(11)	June 21, 2017	Provider of Advanced Analytics Solutions for Defense Agencies
				Secured Debt		6.00% (L+5.00%, Floor 1.00%)	10/17/2022		22,912		22,629		22,864	(9)

48

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Invincible Boat Company, LLC.(10)
August 28, 2019
Manufacturer of Sport Fishing Boats

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.53%, Secured Debt (Maturity—August 28, 2025)(9)
9,872 9,773 9,773

Isagenix International, LLC(11)
June 21, 2018
Direct Marketer of Health & Wellness Products

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.77%, Secured Debt (Maturity—June 14, 2025)(9)
5,943 5,893 4,273

JAB Wireless, Inc.(10)
May 2, 2018
Fixed Wireless Broadband Provider

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.74%, Secured Debt (Maturity—May 2, 2023)(9)
14,775 14,669 14,775

Jackmont Hospitality, Inc.(10)
May 26, 2015
Franchisee of Casual Dining Restaurants

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.45%, Secured Debt (Maturity—May 26, 2021)(9)
4,059 4,055 4,059

Joerns Healthcare, LLC(11)
April 3, 2013
Manufacturer and Distributor of Health Care Equipment & Supplies

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.91% Secured Debt (Maturity—August 21, 2024)(9)
4,016 3,942 3,942

Common Stock (472,579 shares)
4,429 4,429

8,371 8,371

Kemp Technologies Inc.(10)
June 27, 2019
Provider of Application Delivery Controllers

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—March 29, 2024)(9)
7,462 7,326 7,463

Kore Wireless Group Inc.(11)
December 31, 2018
Mission Critical Software Platform

LIBOR Plus 5.50%, Current Coupon 7.52%, Secured Debt (Maturity—December 20, 2024)
19,285 19,189 19,164

Larchmont Resources, LLC(11)
August 13, 2013
Oil & Gas Exploration & Production

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.89%, Secured Debt (Maturity—August 7, 2020)(9)
2,145 2,145 1,990

Member Units (Larchmont Intermediate Holdco, LLC) (2,828 units)
353 707

2,498 2,697

Laredo Energy VI, LP(10)
January 15, 2019
Oil & Gas Exploration & Production

LIBOR Plus 9.63% (Floor 2.00%), Current Coupon 5.38% / 6.26% PIK, Current Coupon Plus PIK 11.64%, Secured Debt (Maturity—November 19, 2021)(9)(19)
11,312 11,166 10,638

Lightbox Holdings, L.P.(11)
May 23, 2019
Provider of Commercial Real Estate Software

LIBOR Plus 5.00%, Current Coupon 6.74%, Secured Debt (Maturity—May 9, 2026)
14,925 14,713 14,738

LKCM Headwater Investments I, L.P.(12)(13)
January 25, 2013
Investment Partnership

LP Interests (Fully diluted 2.3%)(8)
1,746 3,682


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
NTM Acquisition Corp.	(11)	July 12, 2016	Provider of B2B Travel Information Content
				Secured Debt		8.25% (7.25% Cash, 1.00% PIK) (1.00%PIK + L+6.25%, Floor 1.00%)	6/7/2024		4,694		4,694		4,224	(9) (19)

Ospemifene Royalty Sub LLC (QuatRx)	(10)	July 8, 2013	Estrogen-Deficiency Drug Manufacturer and Distributor
				Secured Debt		11.50%	11/15/2026		4,765		4,765		121	(14)

PaySimple, Inc.	(10)	September 9, 2019	Leading Technology Services Commerce Platform
				Secured Debt		5.65% (L+5.50%)	8/23/2025		24,448		24,225		23,959

PricewaterhouseCoopers Public Sector LLP	(11)	May 24, 2018	Provider of Consulting Services to Governments
				Secured Debt		8.15% (L+8.00%)	5/1/2026		9,000		8,969		9,000

PT Network, LLC	(10)	November 1, 2013	Provider of Outpatient Physical Therapy and Sports Medicine Services
				Secured Debt		8.73% (6.73% Cash, 2.00% PIK) (2.00% PIK + L+5.50%, Floor 1.00%)	11/30/2023		8,601		8,601		8,601	(9) (19)

Research Now Group, Inc. and Survey Sampling International, LLC	(11)	December 31, 2017	Provider of Outsourced Online Surveying
				Secured Debt		6.50% (L+5.50%, Floor 1.00%)	12/20/2024		17,930		17,497		17,715	(9)

RM Bidder, LLC	(10)	November 12, 2015	Scripted and Unscripted TV and Digital Programming Provider
				Warrants	187,161		10/20/2025				425		-	(26)
				Member Units	2,779						46		26
											471		26

RTIC Subsidiary Holdings, LLC	(10)	September 1, 2020	Direct-To-Consumer eCommerce Provider of Outdoor Products
				Secured Debt		9.00% (L+7.75%, Floor 1.25%)	9/1/2025		17,260		17,026		17,026	(9)

SAFETY Investment Holdings, LLC		April 29, 2016	Provider of Intelligent Driver Record Monitoring Software and Services
				Member Units	2,000,000						2,000		2,350

Salient Partners L.P.	(11)	June 25, 2015	Provider of Asset Management Services
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	8/31/2021		6,450		6,443		4,542	(9)

Staples Canada ULC	(10) (13) (21)	September 14, 2017	Office Supplies Retailer
				Secured Debt		8.00% (L+7.00%, Floor 1.00%)	9/12/2024		13,032		12,896		12,382	(9) (22)

TEAM Public Choices, LLC	(10)	October 28, 2019	Home-Based Care Employment Service Provider
				Secured Debt		6.00% (L+5.00%, Floor 1.00%)	12/18/2027		12,500		12,126		12,406	(9)

49

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)


Portfolio Company (1) (20)		Investment Date (24)	Business Description	Type of Investment (2) (3) (15)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Tectonic Financial, Inc.		May 15, 2017	Financial Services Organization
				Common Stock	200,000						2,000		2,800

TGP Holdings III LLC	(11)	September 30, 2017	Outdoor Cooking & Accessories
				Secured Debt		9.50% (L+8.50%, Floor 1.00%)	9/25/2025		5,500		5,448		5,307	(9)

The Pasha Group	(11)	February 2, 2018	Diversified Logistics and Transportation Provided
				Secured Debt		9.00% (L+8.00%, Floor 1.00%)	1/26/2023		10,162		9,585		9,323	(9)

USA DeBusk LLC	(10)	October 22, 2019	Provider of Industrial Cleaning Services
				Secured Debt		6.75% (L+5.75%, Floor 1.00%)	10/22/2024		24,948		24,561		24,591	(9)

U.S. TelePacific Corp.	(11)	September 14, 2016	Provider of Communications and Managed Services
				Secured Debt		6.50% (L+5.50%, Floor 1.00%)	5/2/2023		17,088		16,913		15,486	(9)

Veregy Consolidated, Inc.	(11)	November 9, 2020	Energy Service Company
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	11/3/2027		15,000		14,587		14,888	(9)

Vida Capital, Inc	(11)	October 10, 2019	Alternative Asset Manager
				Secured Debt		6.15% (L+6.00%)	10/1/2026		17,853	��	17,626		17,272

Vistar Media, Inc.	(10)	February 17, 2017	Operator of Digital Out-of-Home Advertising Platform
				Secured Debt		12.00% (8.50% Cash, 3.50% PIK) (3.50% PIK + L+7.50%, Floor 1.00%)	4/3/2023		4,636		4,513		4,636	(9) (19)
				Preferred Stock	70,207						767		910
				Warrants	69,675		4/3/2029				-		920	(25)
											5,280		6,466

YS Garments, LLC	(11)	August 22, 2018	Designer and Provider of Branded Activewear
				Secured Debt		7.00% (L+6.00%, Floor 1.00%)	8/9/2024		13,997		13,902		12,911	(9)

Zilliant Incorporated		June 15, 2012	Price Optimization and Margin Management Solutions
				Preferred Stock	186,777						154		260
				Warrants	952,500		6/15/2022				1,071		1,190	(28)
											1,225		1,450

Subtotal Non-Control/Non-Affiliate Investments (79.5% of net assets at fair value)											1,268,740		1,204,840

Total Portfolio Investments, December 31, 2020 (177.2% of net assets at fair value)										$	2,516,709	$	2,684,866


(1)	All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Credit Facility or in support of the SBA-guaranteed debentures issued by the Funds.

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

LL Management, Inc.(10)
May 2, 2019
Medical Transportation Service Provider

LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.56%, Secured Debt (Maturity—September 25, 2023)(9)
13,754 13,625 13,751

Logix Acquisition Company, LLC(10)
June 24, 2016
Competitive Local Exchange Carrier

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—December 22, 2024)(9)
18,381 18,199 18,197

Looking Glass Investments, LLC(12)(13)
July 1, 2015
Specialty Consumer Finance

Member Units (2.5 units)
125 25

Member Units (LGI Predictive Analytics LLC) (190,712 units)
49 16

174 41

LSF9 Atlantis Holdings, LLC(11)
May 17, 2017
Provider of Wireless Telecommunications Carrier Services

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.74%, Secured Debt (Maturity—May 1, 2023)(9)
9,458 9,458 8,761

Lulu's Fashion Lounge, LLC(10)
August 31, 2017
Fast Fashion E-Commerce Retailer

LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.75%, Secured Debt (Maturity—August 28, 2022)(9)
11,335 11,070 11,109

Lynx FBO Operating LLC(10)
September 30, 2019
Fixed Based Operator in the General Aviation Industry

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.86%, Secured Debt (Maturity—September 30, 2024)(9)
13,750 13,451 13,451

Member Units (3,704 units)
500 500

13,951 13,951

Mac Lean-Fogg Company(10)
April 22, 2019
Manufacturer and Supplier for Auto and Power Markets

LIBOR Plus 5.00%, Current Coupon 6.75%, Secured Debt (Maturity—December 22, 2025)
16,648 16,528 16,643

Preferred Stock (1,516 shares; 4.50% Cash / 9.25% PIK cumulative)(8)(19)
1,775 1,775

18,303 18,418

MHVC Acquisition Corp.(11)
May 8, 2017
Provider of differentiated information solutions, systems engineering, and analytics

LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 7.01%, Secured Debt (Maturity—April 29, 2024)(9)
19,950 19,855 19,950

Mills Fleet Farm Group, LLC(10)
October 24, 2018
Omnichannel Retailer of Work, Farm and Lifestyle Merchandise

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.29% / 0.75% PIK, Current Coupon Plus PIK 9.04%, Secured Debt (Maturity—October 24, 2024)(9)(19)
14,879 14,556 14,187

50

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

NBG Acquisition Inc(11)
April 28, 2017
Wholesaler of Home Décor Products

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.52%, Secured Debt (Maturity—April 26, 2024)(9)
4,181 4,134 3,247

NinjaTrader, LLC(10)
December 18, 2019
Operator of Futures Trading Platform

LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.90%, Secured Debt (Maturity—December 18, 2024)(9)
9,675 9,490 9,490

NNE Partners, LLC(10)
March 2, 2017
Oil & Gas Exploration & Production

LIBOR Plus 8.00%, Current Coupon 9.91%, Secured Debt (Maturity—March 2, 2022)
23,417 23,268 23,147

North American Lifting Holdings, Inc.(11)
February 26, 2015
Crane Service Provider

LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.52%, Secured Debt (Maturity—November 27, 2020)(9)
7,584 7,300 6,417

Novetta Solutions, LLC(11)
June 21, 2017
Provider of Advanced Analytics Solutions for Defense Agencies

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.76%, Secured Debt (Maturity—October 17, 2022)(9)
21,060 20,673 20,749

NTM Acquisition Corp.(11)
July 12, 2016
Provider of B2B Travel Information Content

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—June 7, 2022)(9)
4,879 4,874 4,879

Ospemifene Royalty Sub LLC (QuatRx)(10)
July 8, 2013
Estrogen-Deficiency Drug Manufacturer and Distributor

11.5% Secured Debt (Maturity—November 15, 2026)(14)
4,868 4,868 463

PaySimple, Inc.(10)
September 9, 2019
Leading technology services commerce platform

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.28%, Secured Debt (Maturity—August 23, 2025)(9)
15,845 15,586 15,766

Permian Holdco 2, Inc.(11)
February 12, 2013
Storage Tank Manufacturer

14.00% PIK Unsecured Debt (Maturity—October 15, 2021)(19)
456 456 341

18.00% PIK Unsecured Debt (Maturity—June 30, 2022)(19)
319 319 319

Preferred Stock (Permian Holdco 1, Inc.) (154,558 units)
799 100

1,574 760

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 —

342 —

(2)	Debt investments are income producing, unless otherwise noted. Equity and warrants are non-income producing, unless otherwise noted.
(3)	See Note C and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)	Principal is net of repayments. Cost is net of repayments and accumulated unearned income.
(5)	Control investments are defined by the 1940 Act, as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(6)	Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)	Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(8)	Income producing through dividends or distributions.
(9)	Index based floating interest rate is subject to contractual minimum interest rate. 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, 2020. As noted in this schedule, 61% of the loans (based on the par amount) contain LIBOR floors which range between 0.50% and 2.00%, with a weighted-average LIBOR floor of approximately 1.11%.
(10)	Private Loan portfolio investment. See Note C for a description of Private Loan portfolio investments.
(11)	Middle Market portfolio investment. See Note C for a description of Middle Market portfolio investments.
(12)	Other Portfolio investment. See Note C for a description of Other Portfolio investments.
(13)	Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)	Non-accrual and non-income producing investment.
(15)	All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(16)	External Investment Manager. Investment is not encumbered as security for the Company's Credit Facility 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 and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company's investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $15.8 million Canadian Dollars and receive $12.0 million U.S. Dollars with a settlement date of September 14, 2021. The unrealized appreciation on the forward foreign currency contract is $0.4 million as of December 31, 2020.
(23)	The Company has entered into an intercreditor agreement that entitles the Company to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of LIBOR plus 7.25% (Floor 1.25%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24)	Investment date represents the date of initial investment in the portfolio company.
(25)	Warrants are presented in equivalent shares with a strike price of $10.92 per share.
(26)	Warrants are presented in equivalent units with a strike price of $14.28 per unit.
(27)	Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
(28)	Warrants are presented in equivalent shares with a strike price of $0.001 per share.
(29)	Warrants are presented in equivalent units with a strike price of $1.50 per unit.

51

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2019~~2020

(dollars in thousands)

(30)	Shares/Units represent ownership in an underlying Real Estate or HoldCo entity.
(31)	Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(32)	Portfolio company is in a bankruptcy process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. As noted in footnote (14), our debt investment in this portfolio company is on non-accrual status.

52

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

PricewaterhouseCoopers Public Sector LLP(11)
May 24, 2018
Provider of Consulting Services to Governments

LIBOR Plus 8.00%, Current Coupon 9.75%, Secured Debt (Maturity—May 1, 2026)
9,000 8,965 8,865

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 7.44% / 2.00% PIK, Current Coupon Plus PIK 9.44%, Secured Debt (Maturity—November 30, 2023)(9)(19)
8,491 8,491 8,414

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 7.41%, Secured Debt (Maturity—December 20, 2024)(9)
18,115 17,590 18,140

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 18

471 18

SAFETY Investment Holdings, LLC
April 29, 2016
Provider of Intelligent Driver Record Monitoring Software and Services

Member Units (2,000,000 units)
2,000 2,380

Salient Partners L.P.(11)
June 25, 2015
Provider of Asset Management Services

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.69%, Secured Debt (Maturity—June 9, 2021)(9)
6,675 6,657 6,675

SMART Modular Technologies, Inc.(10)(13)
August 18, 2017
Provider of Specialty Memory Solutions

LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.16%, Secured Debt (Maturity—August 9, 2022)(9)
18,484 18,332 18,669

Staples Canada ULC(10)(13)(21)
September 14, 2017
Office Supplies Retailer

LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.98%, Secured Debt (Maturity—September 12, 2024)(9)(22)
14,546 14,348 13,530

TE Holdings, LLC(11)
December 5, 2013
Oil & Gas Exploration & Production

Member Units (97,048 units)
970 —

TEAM Public Choices, LLC(10)
October 28, 2019
Home-Based Care Employment Service Provider

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—September 20, 2024)(9)
16,844 16,680 16,680

Tectonic Financial, Inc.
May 15, 2017
Financial Services Organization

Common Stock (400,000 shares)(8)
2,000 2,620

Table of Contents

MAIN STREET CAPITAL CORPORATION

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2019~~

~~(dollars in thousands)~~

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

TGP Holdings III LLC(11)
September 30, 2017
Outdoor Cooking & Accessories

LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.25%, Secured Debt (Maturity—September 25, 2025)(9)
5,500 5,440 5,143

The Pasha Group(11)
February 2, 2018
Diversified Logistics and Transportation Provided

LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.31%, Secured Debt (Maturity—January 26, 2023)(9)
8,984 8,793 9,074

TMC Merger Sub Corp.(11)
December 22, 2016
Refractory & Maintenance Services Provider

LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.53%, Secured Debt (Maturity—October 31, 2022)(9)(24)
15,527 15,394 15,392

TOMS Shoes, LLC(11)
November 13, 2014
Global Designer, Distributor, and Retailer of Casual Footwear

LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.46%, Secured Debt (Maturity—September 30, 2025)(9)
571 571 571

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.96%, Secured Debt (Maturity—December 31, 2025)(9)
1,637 1,637 1,637

Member Units (16,321 units)
245 245

2,453 2,453

USA DeBusk LLC(10)
October 22, 2019
Provider of Industrial Cleaning Services

LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.54%, Secured Debt (Maturity—October 22, 2024)(9)
30,000 29,423 29,423

U.S. TelePacific Corp.(11)
September 14, 2016
Provider of Communications and Managed Services

LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.02%, Secured Debt (Maturity—May 2, 2023)(9)
17,088 16,887 16,447

Vida Capital, Inc(11)
October 10, 2019
Alternative Asset Manager

LIBOR Plus 6.00%, Current Coupon 7.93%, Secured Debt (Maturity—October 1, 2026)
18,500 18,232 18,315

VIP Cinema Holdings, Inc.(11)
March 9, 2017
Supplier of Luxury Seating to the Cinema Industry

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.91%, Secured Debt (Maturity—March 1, 2023)(9)(14)
10,063 10,030 5,301

Vistar Media, Inc.(10)
February 17, 2017
Operator of Digital Out-of-Home Advertising Platform

LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity—April 3, 2023)(9)
4,963 4,784 4,939

Preferred Stock (70,207 shares)
767 1,610

Warrants (69,675 equivalent shares; Expiration—April 3, 2029; Strike price—$10.92 per share)
— 1,630

5,551 8,179

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2019~~

~~(dollars in thousands)~~

Portfolio Company(1)(20)
Investment Date(26)
Business Description
Type of Investment(2)(3)(25)
Principal(4)
Cost(4)
Fair Value(18)

Wireless Vision Holdings, LLC(10)
September 29, 2017
Provider of Wireless Telecommunications Carrier Services

LIBOR Plus 9.65% (Floor 1.00%), Current Coupon 11.57% / 1.00% PIK, Current Coupon Plus PIK 12.57%, Secured Debt (Maturity—September 29, 2022)(9)(19)(23)
7,136 7,022 7,129

LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 10.67% / 1.00% PIK, Current Coupon Plus PIK 11.67%, Secured Debt (Maturity—September 29, 2022)(9)(19)(23)
6,201 6,132 6,200

13,154 13,329

YS Garments, LLC(11)
August 22, 2018
Designer and Provider of Branded Activewear

LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.60% Secured Debt (Maturity—August 9, 2024)(9)
14,531 14,412 14,404

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 (80.7% of net assets at fair value)
$ 1,297,587 $ 1,239,316

Total Portfolio Investments, December 31, 2019
$ 2,427,718 $ 2,602,324

~~(1)~~: All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note B for a description of Lower Middle Market portfolio investments. All of the Company's investments, unless otherwise noted, are encumbered either as security for the Company's Credit Facility or in support of the SBA-guaranteed debentures issued by the Funds.
~~(2)~~: ~~Debt investments are income producing, unless otherwise noted. Equity and warrants are non-income producing, unless otherwise noted.~~
~~(3)~~: ~~See Note C and Schedule 12-14 for a summary of geographic location of portfolio companies.~~
~~(4)~~: ~~Principal is net of repayments. Cost is net of repayments and accumulated unearned income.~~
~~(5)~~: Control investments are defined by the Investment Company Act of 1940, as amended ("1940 Act"), as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
~~(6)~~: Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
~~(7)~~: ~~Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.~~
~~(8)~~: ~~Income producing through dividends or distributions.~~
~~(9)~~: Index based floating interest rate is subject to contractual minimum interest rate. 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, 2019. As noted in this schedule, 64% of the loans (based on the par amount) contain LIBOR floors which range between 0.50% and 2.00%, with a weighted-average LIBOR floor of approximately 1.06%.
~~(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 investment in this portfolio company will not be finally determined until such process is complete. As noted in footnote (14), our debt investment in this portfolio company is on non-accrual status.
~~(16)~~: ~~External Investment Manager. Investment is not encumbered as security for the Company's Credit Facility or in support of the SBA-guaranteed debentures issued by the Funds.~~

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2019~~

~~(dollars in thousands)~~

~~(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 and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company's investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $17.6 million Canadian Dollars and receive $13.4 million U.S. Dollars with a settlement date of September 14, 2020. The unrealized depreciation on the forward foreign currency contract is $0.2 million as of December 31, 2019.
~~(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)~~: 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 7.14% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such lower rate.
~~(25)~~: ~~All of the Company's portfolio investments are generally subject to restrictions on resale as "restricted securities."~~
~~(26)~~: ~~Investment date represents the date of initial investment in the portfolio company.~~
~~(27)~~: ~~Investment has an unfunded commitment as of December 31, 2019 (see Note K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.~~

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

Notes to Consolidated Financial Statements

(Unaudited)

NOTE A—ORGANIZATION AND BASIS OF PRESENTATION

1. Organization

Main Street Capital Corporation ~~("MSCC"~~(“MSCC”) is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market ~~("LMM"~~(“LMM”) companies and debt capital to middle market ("(“Middle ~~Market"~~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"~~“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"~~(“BDC”) under the Investment Company Act of 1940, as amended (the ~~"1940 Act"~~“1940 Act”). MSCC wholly owns several investment funds, including Main Street Mezzanine Fund, LP ~~("MSMF"), Main Street Capital II, LP ("MSC II"~~(“MSMF”) and Main Street Capital III, LP ("(“MSC ~~III"~~III” and, ~~collectively~~together with MSMF, ~~and MSC II,~~ the ~~"Funds"~~“Funds”), and each of their general partners. The Funds are each licensed as a Small Business Investment Company ~~("SBIC"~~(“SBIC”) by the United States Small Business Administration ~~("SBA"~~(“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~~“External Investment ~~Manager"~~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"~~Parties”) and receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission ~~("SEC"~~(“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~~MSCC’s consolidated financial statements.

MSCC has elected to be treated for U.S. federal income tax purposes as a regulated investment company ~~("RIC"~~(“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the ~~"Code"~~“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"~~“Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSCC to hold equity investments in portfolio companies which are ~~"pass-through"~~“pass-through” entities for tax purposes.

Unless otherwise noted or the context otherwise indicates, the terms ~~"we," "us," "our,"~~“we,” “us,” “our,” the ~~"Company"~~“Company” and ~~"Main Street"~~“Main Street” refer to MSCC and its consolidated subsidiaries, which include the Funds and the Taxable Subsidiaries.

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

2. Basis of Presentation

Main ~~Street's~~Street’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("(“U.S. ~~GAAP"~~GAAP”). The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ~~("FASB"~~(“FASB”) Accounting Standards Codification ~~("ASC"~~(“ASC”) 946, Financial Services—Investment Companies (" (“ASC ~~946"~~946”). For each of the periods presented

53

Table of Contents

herein, Main ~~Street's~~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~~Street’s investments in LMM portfolio companies, investments in Middle Market portfolio companies, ~~private loan ("~~Private ~~Loan") portfolio~~Loan (as defined in Note C) investments, ~~other portfolio ("~~Other ~~Portfolio")~~Portfolio (as defined in Note C) investments and the investment in the External Investment Manager (see ~~"Note~~“Note C—Fair Value Hierarchy for Investments and Debentures—Portfolio Composition—Investment Portfolio ~~Composition"~~Composition” for additional discussion of Main ~~Street's~~Street’s Investment Portfolio). Main ~~Street's~~Street’s results of operations ~~for the three~~ and ~~six months ended June 30, 2020 and 2019,~~ cash flows for the ~~six~~three months ended ~~June 30,~~March 31, 2021 and 2020, ~~and 2019,~~ and financial position as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, are presented on a consolidated basis. The effects of all intercompany transactions between Main Street and its consolidated subsidiaries have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements of Main Street are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual 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,~~March 31, 2021 and 2020 ~~and 2019~~ 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, ~~2019.~~2020. 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.

Principles of Consolidation

Under ASC 946, Main Street is precluded from consolidating other entities in which Main Street has equity investments, including those in which it has a controlling interest, unless the other entity is another investment company. An exception to this general principle in ASC 946 occurs if Main Street holds a controlling interest in an operating company that provides all or substantially all of its services directly to Main Street or to its portfolio companies. Accordingly, as noted above, ~~MSCC's~~MSCC’s consolidated financial statements include the financial position and operating results for the Funds and the Taxable Subsidiaries. Main Street has determined that none of its portfolio investments qualify for this exception, including the investment in the External Investment Manager. Therefore, Main ~~Street's~~Street’s Investment Portfolio is carried on the consolidated balance sheet at fair value, as discussed further in Note B.1., with any adjustments to fair value recognized as ~~"Net~~“Net 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~~“Net Realized Gain (Loss)."

~~Table of Contents~~”

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

Portfolio Investment Classification

Main Street classifies its Investment Portfolio in accordance with the requirements of the 1940 Act. Under the 1940 Act, (a) ~~"Control Investments"~~“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"~~“Affiliate Investments” are defined as investments in which Main Street owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation, and (c) ~~"Non-Control/~~“Non-Control/Non-Affiliate ~~Investments"~~Investments” are defined as investments that are neither Control Investments nor Affiliate Investments. For purposes of determining the classification of its Investment Portfolio, Main Street has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the External Investment Manager.

NOTE B—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. Valuation of the Investment Portfolio

Main Street accounts for its Investment Portfolio at fair value. As a result, Main Street follows the provisions of ASC 820, Fair Value Measurements and Disclosures (" (“ASC ~~820"~~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

54

Table of Contents

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~~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 that 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~~“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~~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~~Street’s portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Middle Market and Private Loan portfolio investments in that they are intended to be a short-term deployment of capital and are more liquid than investments within the other portfolios. Main Street’s portfolio investments may be subject to restrictions on resale.

LMM investments and Other Portfolio investments generally have no established trading market while Middle Market ~~securities~~and short-term portfolio investments 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~~Street’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of Main ~~Street's~~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"~~(“Waterfall”) for its LMM equity

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

investments and an income approach using a yield-to-maturity model ~~("Yield-to-Maturity"~~(“Yield-to-Maturity”) for its LMM debt investments. For Middle Market and short-term 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"~~(“NAV”) of the fund and adjusts the fair value for other factors deemed relevant that would affect the fair value of the investment. All of the valuation approaches for Main ~~Street's~~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~~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"~~“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~~company’s board of directors. For valuation purposes, ~~"non-control"~~“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~~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~~company’s securities in order of

55

Table of Contents

their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization ~~("EBITDA"~~(“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~~company’s historical and projected financial results. Due to SEC deadlines for Main ~~Street's~~Street’s quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited, projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in determining. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, Main Street also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, Main Street allocates the enterprise value to

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

investments in order of the legal priority of the various components of the portfolio ~~company's~~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~~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~~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~~investment’s fair value for factors known to Main Street that would affect that ~~fund's~~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~~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~~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~~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~~Street’s investments in each LMM portfolio company at least once every calendar year, and for Main ~~Street's~~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'~~stockholders’ best interest, to consult with the nationally recognized independent

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

financial advisory services firm on its investments in one or more

56

Table of Contents

LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main ~~Street's~~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~~Street’s determination of fair value on its investments in a total of 2816 LMM portfolio companies for the ~~six~~three months ended ~~June 30, 2020,~~March 31, 2021, representing approximately ~~47%~~26% of the total LMM portfolio at fair value as of ~~June 30, 2020,~~March 31, 2021, and on a total of 2515 LMM portfolio companies for the ~~six~~three months ended ~~June 30, 2019,~~March 31, 2020, representing approximately ~~40%~~26% of the total LMM portfolio at fair value as of ~~June 30, 2019.~~March 31, 2020. Excluding its investments in LMM portfolio companies that, as of ~~June 30,~~March 31, 2021 and 2020, ~~and 2019,~~ as applicable, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment or whose primary purpose is to own real estate for which a third-party appraisal is obtained on at least an annual basis, the percentage of the LMM portfolio reviewed and certified by ~~its~~Main Street’s independent financial advisory services firm for the ~~six~~three months ended ~~June 30,~~March 31, 2021 and 2020 ~~and 2019~~ was ~~53% and 42%~~29% of the total LMM portfolio at fair value as of ~~June 30, 2020~~both March 31, 2021 and ~~2019, respectively.~~2020.

For valuation purposes, all of Main ~~Street's~~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 ~~92%~~93% and ~~91%~~90% of the Middle Market portfolio investments as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, respectively), Main Street generally does not 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~~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~~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~~Street’s investments in each Private Loan portfolio company at least once every calendar year, and for Main ~~Street's~~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

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

~~stockholders'~~ 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~~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 2111 Private Loan portfolio companies for the ~~six~~three months ended ~~June 30, 2020,~~March 31, 2021, representing approximately ~~37%~~22% of the total Private Loan portfolio at fair value as of ~~June 30, 2020,~~March 31, 2021, and on a total of 1810 Private Loan portfolio companies for the ~~six~~three months ended ~~June 30, 2019,~~March 31, 2020, representing approximately ~~31%~~17% of the total Private Loan portfolio at fair value as of ~~June 30, 2019.~~March 31, 2020. Excluding its investments in Private Loan portfolio companies that, as of ~~June 30,~~March 31, 2021 and 2020, ~~and 2019,~~ as applicable, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment and its investments in Private Loan portfolio companies that were not reviewed because the investment is valued based upon third-party quotes or other independent pricing, the percentage of the Private Loan portfolio reviewed and certified by ~~its~~Main Street’s independent financial advisory services firm for the ~~six~~three months ended ~~June 30,~~March 31, 2021 and 2020 was 29% and ~~2019 was 45% and 48%~~25% of the total Private Loan portfolio at fair value as of ~~June 30,~~March 31, 2021 and 2020, ~~and 2019,~~ respectively.

57

Table of Contents

For valuation purposes, all of Main ~~Street's~~Street’s short-term portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. Because all of the short-term portfolio investments are typically valued using third-party quotes or other independent pricing services, Main Street generally does not consult with any financial advisory services firms in connection with determining the fair value of its short-term portfolio investments.

For valuation purposes, all of Main Street’s Other Portfolio investments are non-control investments. Main ~~Street's~~Street’s Other Portfolio investments comprised ~~4.1%~~5.1% and 3.6% of Main ~~Street's~~Street’s Investment Portfolio at fair value as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019.~~2020, respectively. Similar to the LMM investment portfolio, market quotations for Other Portfolio equity investments are generally not readily available. For its Other Portfolio equity investments, Main Street generally determines the fair value of these investments using the NAV valuation method.

For valuation purposes, Main ~~Street's~~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~~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~~Street’s determination of fair value for its Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. Main Street determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.

Main Street uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its LMM portfolio companies. This system takes into account both quantitative and qualitative factors of the LMM portfolio company and the investments held therein.

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

The Board of Directors of Main Street has the final responsibility for overseeing, reviewing and approving, in good faith, Main ~~Street's~~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, 2020~~March 31, 2021 and December 31, ~~2019~~2020 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.

2. Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1., 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~~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.

The COVID-19 pandemic, and the related effect on the U.S. and global economies, has impacted, and threatens to continue to impact, the businesses and operating results of certain of Main ~~Street's~~Street’s portfolio companies, as well as market interest rate spreads. As a result of these and other current effects of the COVID-19 pandemic, as well as the

58

Table of Contents

uncertainty regarding the extent and duration of its impact, the valuation of Main ~~Street's~~Street’s Investment Portfolio ~~is volatile.~~has been experiencing increased volatility since the beginning of the COVID-19 pandemic.

3. Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value.

At ~~June 30, 2020,~~March 31, 2021, cash balances totaling ~~$65.4~~$62.1 million exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Company to risk related to the uninsured balance. All of the ~~Company's~~Company’s cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote.

4. Interest, Dividend and Fee Income

Main Street records interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded 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~~Street’s valuation policies, Main Street evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if Main Street otherwise does not expect the debtor to be able to service 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~~security’s status significantly

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

improves regarding the ~~debtor's~~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, 2020,~~March 31, 2021, Main ~~Street's~~Street’s total Investment Portfolio had ~~eleven~~six investments on non-accrual status, which comprised approximately ~~1.9%~~0.8% of its fair value and ~~6.3%~~2.9% of its cost. As of December 31, ~~2019,~~2020, Main ~~Street's~~Street’s total Investment Portfolio had ~~eight~~seven investments on non-accrual status, which comprised approximately ~~1.4%~~1.3% of its fair value and ~~4.8%~~3.6% of its cost.

Main Street holds certain debt and preferred equity instruments in its Investment Portfolio that contain payment-in-kind ~~("PIK"~~(“PIK”) interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.9. 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. For the three months ended March 31, 2021 and 2020, (i) approximately 3.8% and 1.1%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately 0.7% and 1.0%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently 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, 2020 and 2019, (i) approximately 2.5% and 2.2%, respectively, of Main Street's total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately 0.9% and 1.1%, 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, 2020 and 2019, (i) approximately 1.7% and 2.0%, respectively, of Main Street's total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately 0.9% and 1.1%, 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.

59

Table of Contents

A presentation of total investment income Main Street received from its Investment Portfolio in each of the periods presented is as follows:


	Three Months Ended
	March 31,
	2021		2020

	(dollars in thousands)
Interest, fee and dividend income:
Interest income	$	43,471	$	44,877
Dividend income		17,697		8,041
Fee income		1,639		3,232
Total interest, fee and dividend income	$	62,807	$	56,150

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

2020 2019 2020 2019

(dollars in thousands)

Interest, fee and dividend income:

Interest income
$ 41,574 $ 47,222 $ 86,450 $ 94,541
Dividend income
7,795 12,763 15,836 25,259
Fee income
2,638 1,308 5,870 2,857

Total interest, fee and dividend income
$ 52,007 $ 61,293 $ 108,156 $ 122,657

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

5. Deferred Financing Costs

Deferred financing costs include commitment fees and other costs related to Main ~~Street's~~Street’s multi-year revolving credit facility (the ~~"Credit Facility"~~“Credit Facility”) and its unsecured notes, 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 which are not accounted for under the fair value option under ASC 825 (as discussed further in Note B.11.).~~debentures. See further discussion of Main ~~Street's~~Street’s debt in Note E. Deferred financing costs in connection with 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.

6. Equity Offering Costs

The ~~Company's~~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~~“nominal cost ~~equity"~~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,~~March 31, 2021 and 2020, approximately 2.4% and ~~2019, approximately~~ 2.6% ~~and 2.5%~~, respectively, of Main ~~Street's~~

60

Table of Contents

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, 2020 and 2019, approximately 2.6% and 2.7%, 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.

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

8. Share-Based Compensation

Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, Main Street measures the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.

Main Street has also adopted Accounting Standards Update ~~("ASU"~~(“ASU”) 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which requires that all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) be recognized as income tax expense or benefit in the income statement and not delay recognition of a tax benefit until the tax benefit is realized through a reduction to taxes payable. Accordingly, the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Additionally, Main Street has elected to account for forfeitures as they occur.

9. Income Taxes

MSCC has elected to be treated for U.S. federal income tax purposes as a RIC. ~~MSCC's~~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~~“investment company taxable ~~income"~~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"~~“pass-through” entities for tax purposes and to continue to comply with the ~~"source-of-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~~Street’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. 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~~Street’s consolidated financial statements.

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

The External Investment Manager is an indirect wholly owned subsidiary of MSCC owned through a Taxable Subsidiary and is a disregarded entity for tax purposes. The External Investment Manager has entered into a tax sharing agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio investment of MSCC and is not included as a consolidated subsidiary of MSCC in ~~MSCC's~~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~~Manager’s separate financial statements.

61

Table of Contents

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 Unrealized Appreciation or Depreciation

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the Investment Portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

11. Fair Value of Financial Instruments

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Main Street believes that the carrying amounts of its financial instruments, consisting of cash and cash equivalents, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.

~~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~~To estimate the fair value ~~option under ASC 825,~~ ~~Financial Instruments~~ ~~("ASC 825"), relating to accounting for~~of Main Street’s multiple tranches of unsecured debt ~~obligations at their~~instruments as disclosed in Note E – Debt, Main Street uses quoted market prices. For the estimated fair value of Main Street’s SBIC debentures, Main Street uses the Yield-to-Maturity valuation method based on projections of the discounted future free cash flows that the debt security will likely generate, including both the discounted cash flows of the associated interest and principal amounts for the MSC II SBIC debentures acquired as part of the acquisition accounting related to the MSC II Acquisition and valued those obligations as discussed further in Note C. In order to provide for a more consistent basis of presentation, Main Street elected 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

~~Table of Contents~~debt security.

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

debenture, the deferred loan costs associated with the debenture are fully expensed in the current period to "Net 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.

12. Earnings per Share

Basic and diluted per share calculations are computed utilizing the weighted-average number of shares of common stock outstanding for the period. In accordance with ASC 260, Earnings Per Share, the unvested shares of restricted stock awarded pursuant to Main ~~Street's~~Street’s equity compensation plans are participating securities and, therefore, are included in the basic earnings per share calculation. As a result, for all periods presented, there is no difference between diluted earnings per share and basic earnings per share amounts.

13. Recently Issued or Adopted Accounting Standards

In August 2018, the SEC adopted rules (the "SEC Release") amending certain disclosure requirements intended to eliminate redundant, duplicative, overlapping, outdated, or superseded, in light of other SEC disclosure requirements, U.S. GAAP requirements or changes in the information environment. In part, the SEC Release requires an investment company to present distributable earnings in total on the consolidated balance sheet and consolidated statement of changes in net assets, rather than showing the three components of distributable earnings as previously shown. Main Street adopted this part of the SEC Release during the year ended December 31, 2018. The impact of the adoption of these rules on Main Street's consolidated financial statements was not material. Additionally, the SEC Release requires disclosure of changes in net assets within a registrant's Form 10-Q filings on a quarter-to-date and year-to-date basis for both the current year and prior year comparative periods. Main Street adopted the requirement to present changes in net assets in interim financial statements within Form 10-Q filings effective January 1, 2019. The adoption of these rules did not have a material impact on the consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, ~~"Reference~~“Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting."” The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and also with certain lenders. Many of these agreements include language for choosing an alternative successor rate if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The Company adopted this amendment in March 2020 and plans to apply the amendments in this update to account for contract modifications due to changes in reference rates. The Company ~~does not believe~~continues to evaluate the impact that itthe amendments in this update will have ~~a material impact~~ on its consolidated financial statements and ~~disclosures.~~disclosures when applied.

62

Table of Contents

In May 2020, the SEC ~~adopted rules~~published Release No. 33-10786 (the ~~"Release"~~“May 2020 Release”), Amendments to Financial Disclosures about Acquired and Disposed Businesses, announcing its adoption of rules amending Rule 1-02(w)(2) under Regulation S-X used in the determination of a significant ~~subsidiary.~~subsidiary specific to investment companies, including BDCs. In part, the rules adopted pursuant to the May 2020 Release eliminated the use of the asset test, and amended the income and investment tests for determining whether an unconsolidated subsidiary

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

requires additional disclosure in the footnotes of the financial statements. Main Street adopted the rules pursuant to the May 2020 Release during the quarter ended June 30, 2020. The impact of the adoption of these rules on Main ~~Street's~~Street’s consolidated financial statements was not material.

In December 2020, the SEC published Release No. IC-34084 (the “December 2020 Release”) Use of Derivatives by Registered Investment Companies and Business Development Companies, announcing its adoption of Rule 18f-4 and amendment of Rule 6c-11 under the 1940 Act to provide an updated, comprehensive approach to the regulation of registered investment companies’, including BDCs’, use of derivatives and address investor protection concerns. In part, the rules adopted pursuant to the December 2020 Release require that funds using derivatives generally will have to adopt a derivatives risk management program that a derivatives risk manager administers and that the fund’s board of directors oversees, and comply with an outer limit on fund leverage. Funds that use derivatives only in a limited manner will not be subject to these requirements, but they will have to adopt and implement policies and procedures reasonably designed to manage the fund’s derivatives risks. Funds also will be subject to reporting and recordkeeping requirements regarding their derivatives use. Main Street adopted the rules pursuant to the December 2020 Release during the quarter ended March 31, 2021. As Main Street is a limited user of derivatives, the impact of the adoption of these rules on the consolidated financial statements was not 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.

Fair Value Hierarchy

In accordance with ASC 820, Main Street has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).

Investments recorded on Main ~~Street's~~Street’s balance sheet are categorized based on the inputs to the valuation techniques as follows:

Level 1—Investments whose values are based on unadjusted quoted prices for identical assets in an active market that Main Street has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).

Level 2—Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment. Level 2 inputs include the following:

•

~~Quoted prices for similar assets in active markets (for example, investments in restricted stock);~~

•

~~Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);~~

•

~~Pricing models whose inputs are observable for substantially the full term~~

●

Quoted prices for similar assets in active markets (for example, investments in restricted stock);

●

Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);

63

Table of ~~the investment (for example, market interest rate indices); and~~

•

~~Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.~~

Contents

●

Pricing models whose inputs are observable for substantially the full term of the investment (for example, market interest rate indices); and

●

Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.

Level 3—Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

~~management's~~ management’s own assumptions about the assumptions a market participant would use in pricing the investment.

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

As of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, all of Main ~~Street's~~Street’s LMM portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main ~~Street's~~Street’s LMM portfolio investments were categorized as Level 3 as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019.~~2020.

As of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, Main ~~Street's~~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~~Street’s Middle Market portfolio investments were categorized as Level 3 as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019.~~2020.

As of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, Main ~~Street's~~ Street’s private loan (“Private ~~Loan~~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~~Street’s Private Loan portfolio investments were categorized as Level 3 as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019.~~2020.

As of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, Main ~~Street's~~Street’s Other Portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main ~~Street's~~Street’s Other Portfolio investments were categorized as Level 3 as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019.~~2020.

As of March 31, 2021, Main Street held several short-term portfolio investments consisting primarily of investments in secured debt investments and independently rated debt investments. The fair value determination for these investments consisted of available observable inputs in non-active markets sufficient to determine the fair value of these investments. As a result, all of Main Street’s short-term portfolio investments were categorized as Level 2 as of March 31, 2021. Main Street did not hold any short-term portfolio investments as of December 31, 2020.

The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:

•: ~~Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;~~
•: ~~Current and projected financial condition of the portfolio company;~~
•: ~~Current and projected ability of the portfolio company to service its debt obligations;~~
•: ~~Type and amount of collateral, if any, underlying the investment;~~
•: ~~Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;~~

●

Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;

●

Current and projected financial condition of the portfolio company;

64

Table of Contents

●

Current and projected ability of the portfolio company to service its debt obligations;

●

Type and amount of collateral, if any, underlying the investment;

●

Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;

●

Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);

●

Pending debt or capital restructuring of the portfolio company;

●

Projected operating results of the portfolio company;

●

Current information regarding any offers to purchase the investment;

●

Current ability of the portfolio company to raise any additional financing as needed;

●

Changes in the economic environment which may have a material impact on the operating results of the portfolio company;

●

Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;

●

Qualitative assessment of key management;

●

Contractual rights, obligations or restrictions associated with the investment; and

●

Other factors deemed relevant.

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

•: ~~Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);~~
•: ~~Pending debt or capital restructuring of the portfolio company;~~
•: ~~Projected operating results of the portfolio company;~~
•: ~~Current information regarding any offers to purchase the investment;~~
•: ~~Current ability of the portfolio company to raise any additional financing as needed;~~
•: ~~Changes in the economic environment which may have a material impact on the operating results of the portfolio company;~~
•: ~~Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;~~
•: ~~Qualitative assessment of key management;~~
•: ~~Contractual rights, obligations or restrictions associated with the investment; and~~
•: ~~Other factors deemed relevant.~~

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of Main ~~Street's~~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"~~(“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~~Street’s LMM, Middle Market and Private Loan securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see ~~"Note~~“Note B.1.—Valuation of the Investment ~~Portfolio"~~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.

65

Table of Contents

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

The following tables provide a summary of the significant unobservable inputs used to fair value Main ~~Street's~~Street’s Level 3 portfolio investments as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019:~~2020:


	Fair Value as of
	March 31,
Type of	2021			Significant		Weighted
Investment	(in thousands)		Valuation Technique	Unobservable Inputs	Range(3)	Average(3)		Median(3)
Equity investments	$	895,977	Discounted cash flow	WACC	9.3% - 20.9%	14.2	%	14.9	%
			Market comparable / Enterprise Value	EBITDA multiple (1)	4.5x - 8.5x(2)	7.0x		6.1x
Debt investments	$	1,381,994	Discounted cash flow	Risk adjusted discount factor	6.5% - 15.0%(2)	10.5	%	10.3	%
				Expected principal recovery percentage	0.0% - 100.0%	99.5	%	100.0	%
Debt investments	$	469,397	Market approach	Third‑party quote	45.5 - 100.8	96.7		99.3
Total Level 3 investments	$	2,747,368

(1)	EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.

(2)	Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.2x - 15.0x and the range for risk adjusted discount factor is 5.0% - 33.4%.

(3)	Does not include investments for which the valuation technique does not include the use of the applicable fair value input.


Type of Investment	Fair Value as of June 30, 2020 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)	Weighted Average(3)		Median(3)

										Fair Value as of
										December 31,
Type of										2020			Significant		Weighted
Investment										(in thousands)		Valuation Technique	Unobservable Inputs	Range(3)	Average(3)		Median(3)
Equity investments	$	774,139	Discounted cash flow	WACC	9.5% - 21.0%		14.0%		14.8%	$	877,732	Discounted cash flow	WACC	9.4% - 21.0%	14.3	%	15.0	%
			Market comparable / Enterprise Value	EBITDA multiple(1)	4.7x - 8.5x(2)		7.0x		6.2x
Debt investments	$	1,187,188	Discounted cash flow	Risk adjusted discount factor	7.6% - 19.0%(2)		12.0%		11.8%
				Expected principal recovery percentage	0.0% - 100.0%		99.3%		100.0%
												Market comparable / Enterprise Value	EBITDA multiple (1)	4.5x - 8.5x(2)	7.0x		6.1x
Debt investments	$	458,226	Market approach	Third-party quote	29.3 - 99.8		87.1		90.0	$	1,339,079	Discounted cash flow	Risk adjusted discount factor	7.4% - 15.3%(2)	10.6	%	10.8	%
													Expected principal recovery percentage	0.0% - 100.0%	99.4	%	100.0	%
Debt investments										$	468,055	Market approach	Third‑party quote	45 - 100.3	94.7		96.5
Total Level 3 investments	$	2,419,553								$	2,684,866

(1)	EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.

(2)	Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.2x - 15.0x and the range for risk adjusted discount factor is 5.4% - 29.5%.

(3)	Does not include investments for which the valuation technique does not include the use of the applicable fair value input.

66

~~(1)~~: ~~EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.~~
~~(2)~~: Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 4.0x - 15.0x and the range for risk adjusted discount factor is 5.3% - 42.5%.
~~(3)~~: ~~Does not include investments for which the valuation technique does not include the use of the applicable fair value input.~~

Type of Investment
Fair Value
as of
December 31, 2019
(in thousands) Valuation Technique Significant Unobservable Inputs Range(3) Weighted
Average(3) Median(3)
Equity investments
$ 819,749 Discounted cash flow WACC 9.6% -2 0.3% 13.6% 14.2%
Market comparable / Enterprise Value EBITDA multiple(1) 4.9x - 8.5x(2) 7.2x 6.4x
Debt investments
$ 1,212,741 Discounted cash flow Risk adjusted discount factor 5.9% - 16.5%(2) 10.4% 10.0%
Expected principal recovery percentage 1.4% - 100.0% 99.3% 100.0%
Debt investments
$ 569,834 Market approach Third-party quote 28.1 - 101.0 94.7 98.0

Total Level 3 investments
$ 2,602,324

~~(1)~~: ~~EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.~~
~~(2)~~: Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 4.5x - 15.0x and the range for risk adjusted discount factor is 4.6% - 38.0%.
~~(3)~~: ~~Does not include investments for which the valuation technique does not include the use of the applicable fair value input.~~

Table of Contents

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

The following tables provide a summary of changes in fair value of Main ~~Street's~~Street’s Level 3 portfolio investments for the ~~six-month~~three-month periods ended ~~June 30,~~March 31, 2021 and 2020 ~~and 2019~~ (amounts in thousands):


									Net
	Fair Value		Transfers						Changes		Net				Fair Value
	as of		Into						from		Unrealized				as of
Type of	December 31,		Level 3		Redemptions/		New		Unrealized		Appreciation				March 31,
Investment	2020		Hierarchy		Repayments		Investments		to Realized		(Depreciation)		Other(1)		2021
Debt	$	1,807,134	$	—	$	(125,448)	$	157,787	$	5,529	$	8,999	$	(2,610)	$	1,851,391
Equity		866,734		—		(24,913)		18,290		11,146		11,696		3,810		886,763
Equity Warrant		10,998		—		—		—		330		(914)		(1,200)		9,214
	$	2,684,866	$	—	$	(150,361)	$	176,077	$	17,005	$	19,781	$	—	$	2,747,368

(1)	Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information at the consolidated statements of cash flows.


									Net
	Fair Value		Transfers						Changes		Net				Fair Value
	as of		Into						from		Unrealized				as of
Type of	December 31,		Level 3		Redemptions/		New		Unrealized		Appreciation				March 31,
Investment	2019		Hierarchy		Repayments		Investments		to Realized		(Depreciation)		Other(1)		2020
Debt	$	1,782,575	$	—	$	(176,860)	$	121,481	$	16,539	$	(141,100)	$	—	$	1,602,635
Equity		809,538		—		(6,469)		22,492		3,177		(68,972)		—		759,766
Equity Warrant		10,211		—		(1,096)		—		1,096		134		—		10,345
	$	2,602,324	$	—	$	(184,425)	$	143,973	$	20,812	$	(209,938)	$	—	$	2,372,746

(1)	Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information at the consolidated statements of cash flows.

Type of Investment
Fair Value
as of
December 31,
2019 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,
2020
Debt
$ 1,782,575 $ — $ (256,050 ) $ 225,646 $ 29,876 $ (124,365 ) $ (12,268 ) $ 1,645,414
Equity
$ 809,538 $ — $ (21,380 ) $ 45,061 $ (1,112 ) $ (80,261 ) $ 12,268 $ 764,114
Equity Warrant
$ 10,211 $ — $ (1,096 ) $ — $ 1,096 $ (186 ) $ — $ 10,025

$ 2,602,324 $ — $ (278,526 ) $ 270,707 $ 29,860 $ (204,812 ) $ — $ 2,419,553

~~(1)~~: ~~Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information at the consolidated statements of cash flows.~~

Type of Investment
Fair Value
as of
December 31,
2018 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,
2019
Debt
$ 1,686,753 $ — $ (235,999 ) $ 254,123 $ 15,063 $ (8,776 ) $ (8,860 ) $ 1,702,304
Equity
755,710 — (11,298 ) 24,058 (5,869 ) 23,362 10,667 796,630
Equity Warrant
11,446 — 1,217 — (1,090 ) (271 ) (1,807 ) 9,495

$ 2,453,909 $ — $ (246,080 ) $ 278,181 $ 8,104 $ 14,315 $ — $ 2,508,429

~~(1)~~: ~~Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information at the consolidated statements of cash flows.~~

~~As of December~~At March 31, 2019, the fair value determination for the SBIC debentures recorded at fair value primarily consisted of unobservable inputs. As a result, the SBIC debentures which were recorded at fair value were categorized as Level 3. Main Street determined the fair value of these instruments primarily using a Yield-to-Maturity approach that analyzed 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 was 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 were the estimated market interest rates used to fair value each debenture using the yield valuation technique described above. As of June 30, 2020, all of the SBIC debentures previously accounted for on a fair value basis have been repaid.

~~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, 2020 and 2019 (amounts in thousands):~~

Type of Instrument
Fair Value
as of
December 31, 2019 Repayments Net
Realized
Loss New SBIC
Debentures Net
Unrealized
(Appreciation)
Depreciation Fair Value
as of
June 30, 2020
SBIC debentures at fair value
$ 21,927 $ (22,000 ) $ 533 $ — $ (460 ) $ —

Type of Instrument
Fair Value
as of
December 31, 2018 Repayments Net
Realized
Loss New SBIC
Debentures Net
Unrealized
(Appreciation)
Depreciation Fair Value
as of
June 30, 2019
SBIC debentures at fair value
$ 44,688 $ (24,000 ) $ 5,689 $ — $ (4,945 ) $ 21,432

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

~~The following tables provide a summary of the significant unobservable inputs used to fair value Main Street's Level 3 SBIC debentures as of December 31, 2019 (amounts in thousands):~~

Type of Instrument
Fair Value
as of
December 31, 2019 Valuation Technique Significant Unobservable Inputs Range Weighted
Average
SBIC debentures
$ 21,927 Discounted cash flow Estimated market interest rates 3.2% - 3.5% 3.2%

~~At June 30, 2020~~2021 and December 31, ~~2019,~~2020, Main ~~Street's~~Street’s investments ~~and SBIC debentures~~ at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:


			Fair Value Measurements
			(in thousands)
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
At March 31, 2021	Fair Value		(Level 1)		(Level 2)		(Level 3)
LMM portfolio investments	$	1,328,605	$	—	$	—	$	1,328,605
Middle Market portfolio investments		418,119		—		—		418,119
Private Loan portfolio investments		741,196		—		—		741,196
Other Portfolio investments		142,228		—		—		142,228
External Investment Manager		117,220		—		—		117,220
Short-term portfolio investments		52,763		—		52,763		—
Total investments	$	2,800,131	$	—	$	52,763	$	2,747,368


			Fair Value Measurements
			(in thousands)
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
At December 31, 2020	Fair Value		(Level 1)		(Level 2)		(Level 3)
LMM portfolio investments	$	1,285,524	$	—	$	—	$	1,285,524
Middle Market portfolio investments		445,609		—		—		445,609
Private Loan portfolio investments		740,370		—		—		740,370
Other Portfolio investments		96,603		—		—		96,603
External Investment Manager		116,760		—		—		116,760
Total investments	$	2,684,866	$	—	$	—	$	2,684,866

67

Fair Value Measurements

(in thousands)

At June 30, 2020
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
$ 1,188,005 $ — $ — $ 1,188,005
Middle Market portfolio investments
410,502 — — 410,502
Private Loan portfolio investments
653,824 — — 653,824
Other Portfolio investments
98,142 — — 98,142
External Investment Manager
69,080 — — 69,080

Total investments
$ 2,419,553 $ — $ — $ 2,419,553

Table of Contents

Fair Value Measurements

(in thousands)

At December 31, 2019
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
$ 1,206,865 $ — $ — $ 1,206,865
Middle Market portfolio investments
522,083 — — 522,083
Private Loan portfolio investments
692,117 — — 692,117
Other Portfolio investments
106,739 — — 106,739
External Investment Manager
74,520 — — 74,520

Total investments
$ 2,602,324 $ — $ — $ 2,602,324

SBIC debentures at fair value
$ 21,927 $ — $ — $ 21,927

Investment Portfolio Composition

Main ~~Street's~~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~~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, can include either fixed or floating rate terms and generally have a term of between five and

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

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~~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~~Street’s LMM portfolio. Main ~~Street's~~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 $20 million. Main ~~Street's~~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~~Street’s Private Loan portfolio investments are primarily debt securities in privately held companies ~~which~~that 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~~“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~~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~~Street’s Other Portfolio investments primarily consist of investments ~~which~~that are not consistent with the typical profiles for its LMM, Middle Market ~~and~~or 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.

As needed, Main ~~Street's~~Street’s Investment Portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Middle Market and Private Loan portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be liquidated in one year or less. These short-term investments are not expected to be a significant portion of the overall Investment Portfolio.

Main Street’s external asset management business is conducted through its External Investment Manager. The External Investment Manager earns management fees based on the assets 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 MSC Income Fund, Inc. (“MSC Income”), formerly known as 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. Main Street allocates the related expenses to the External Investment Manager pursuant to the sharing agreement. Main ~~Street's~~Street’s total expenses for the three months ended ~~June 30,~~March 31, 2021 and 2020 ~~and 2019~~ are net of expenses allocated to the External Investment Manager of ~~$1.8~~$2.4 million and ~~$1.7~~$1.6 million, respectively. ~~Main Street's total expenses for each of the six months ended June 30, 2020 and 2019 are net of expenses allocated to the External Investment Manager of $3.4 million.~~

Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three ~~and six~~ months ended ~~June 30,~~March 31, 2021 and 2020, ~~and 2019,~~ Main Street did not record investment income from any single portfolio company in excess of 10% of total investment income.

68

Table of Contents

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

The following tables provide a summary of Main ~~Street's~~Street’s investments in the LMM, Middle Market and Private Loan portfolios as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019~~2020 (this information excludes the Other Portfolio, short-term portfolio investments and the External Investment Manager, all of which are discussed further below):


	As of March 31, 2021
	LMM (a)			Middle Market			Private Loan

	(dollars in millions)
Number of portfolio companies		71			40			63
Fair value	$	1,328.6		$	418.1		$	741.2
Cost	$	1,129.1		$	454.8		$	767.1
Debt investments as a % of portfolio (at cost)		66.0	%		92.4	%		94.1	%
Equity investments as a % of portfolio (at cost)		34.0	%		7.6	%		5.9	%
% of debt investments at cost secured by first priority lien		98.2	%		93.4	%		96.8	%
Weighted-average annual effective yield (b)		11.5	%		7.9	%		8.7	%
Average EBITDA (c)	$	5.5		$	72.1		$	50.8

(a)	At March 31, 2021, Main Street had equity ownership in approximately 99% of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was approximately 38%.

(b)

The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of March 31, 2021, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield is higher than what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect Main Street’s expenses or any sales load paid by an investor.

(c)

The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Middle Market and Private Loan portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies, one Middle Market portfolio company and four Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.


	As of December 31, 2020
	LMM (a)			Middle Market			Private Loan

	(dollars in millions)
Number of portfolio companies		70			42			63
Fair value	$	1,285.5		$	445.6		$	740.4
Cost	$	1,104.6		$	488.9		$	769.0
Debt investments as a % of portfolio (at cost)		65.8	%		93.0	%		93.8	%
Equity investments as a % of portfolio (at cost)		34.2	%		7.0	%		6.2	%
% of debt investments at cost secured by first priority lien		98.1	%		92.4	%		95.4	%
Weighted-average annual effective yield (b)		11.6	%		7.9	%		8.7	%
Average EBITDA (c)	$	5.3		$	76.5		$	58.1

(a)	At December 31, 2020, Main Street had equity ownership in approximately 99% of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was approximately 38%.

(b)

The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 2020, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield is higher than what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect Main Street’s expenses or any sales load paid by an investor.

(c)

The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Middle Market and Private Loan portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies, one Middle Market portfolio company and four Private Loan portfolio companies, as

69

Table of Contents

EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.

As of June 30, 2020

LMM(a) Middle Market Private Loan

(dollars in millions)

Number of portfolio companies
69 44 64
Fair value
$ 1,188.0 $ 410.5 $ 653.8
Cost
$ 1,032.3 $ 516.5 $ 750.7
% of portfolio at cost—debt
65.5% 94.1% 93.1%
% of portfolio at cost—equity
34.5% 5.9% 6.9%
% of debt investments at cost secured by first priority lien
98.2% 92.1% 95.3%
Weighted-average annual effective yield(b)
11.6% 7.7% 8.7%
Average EBITDA(c)
$ 5.3 $ 78.1 $ 51.8

~~(a)~~: ~~At June 30, 2020,~~
As of March 31, 2021, Main Street had ~~equity ownership~~Other Portfolio investments in fourteen companies, collectively totaling approximately ~~99% of its LMM portfolio companies,~~$142.2 million in fair value and ~~the average fully diluted equity ownership~~approximately $164.4 million in ~~those portfolio companies was~~cost basis and which comprised approximately ~~41%.~~
~~(b)~~: The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of June 30, 2020, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield is higher than what an investor in shares5.1% of Main ~~Street's common stock will realize on its investment because it does not reflect Main Street's expenses or any sales load paid by an investor.~~
~~(c)~~: The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Middle Market and Private Loan portfolios. These calculations exclude certain portfolio companies, including two LMM portfolio companies, two Middle Market portfolio companies and four Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street's investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.

As of December 31, 2019

LMM(a) Middle Market Private Loan

(dollars in millions)

Number of portfolio companies
69 51 65
Fair value
$ 1,206.9 $ 522.1 $ 692.1
Cost
$ 1,002.2 $ 572.3 $ 734.8
% of portfolio at cost—debt
65.9% 94.8% 94.6%
% of portfolio at cost—equity
34.1% 5.2% 5.4%
% of debt investments at cost secured by first priority lien
98.1% 91.3% 95.4%
Weighted-average annual effective yield(b)
11.8% 8.6% 9.5%
Average EBITDA(c)
$ 5.1 $ 85.0 $ 57.8

~~(a)~~: At December 31, 2019, Main Street had equity ownership in approximately 99% of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was approximately 42%.

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

~~(b)~~: ~~The weighted-average annual effective yields were computed using the effective interest rates for all debt investments~~Street’s Investment Portfolio at ~~cost as~~fair value. As of December 31, 2019, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield is higher than what an investor in shares of Main Street's common stock will realize on its investment because it does not reflect Main Street's expenses or any sales load paid by an investor.
~~(c)~~: The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Middle Market and Private Loan portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies, two Middle Market portfolio companies and three Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street's investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.

~~As of June 30,~~ 2020, Main Street had Other Portfolio investments in twelve companies, collectively totaling approximately ~~$98.1~~$96.6 million in fair value and approximately ~~$126.4~~$124.7 million in cost basis and which comprised approximately ~~4.1%~~3.6% of Main ~~Street's~~Street’s Investment Portfolio at fair value.

As of March 31, 2021, Main Street had short-term portfolio investments in ten companies, collectively totaling approximately $52.8 million in fair value and approximately $52.8 million in cost basis and which comprised approximately 1.9% of Main Street’s Investment Portfolio at fair value. As of December 31, ~~2019,~~2020, Main Street had Other Portfolio investments in eleven companies, collectively totaling approximately $106.7 million in fair value and approximately $118.4 million in cost basis and which comprised approximately 4.1% of Main Street's Investment Portfolio at fair value.held no short-term investments.

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, 2020,~~March 31, 2021, there was no$29.5 million cost basis in this investment and the investment had a fair value of approximately ~~$69.1~~$117.2 million, which comprised approximately ~~2.9%~~4.2% of Main ~~Street's~~Street’s Investment Portfolio at fair value. As of December 31, ~~2019,~~2020, there was no$29.5 million cost basis in this investment and the investment had a fair value of approximately ~~$74.5~~$116.8 million, which comprised approximately ~~2.9%~~4.3% of Main ~~Street's~~Street’s Investment Portfolio at fair value.

The following tables summarize the composition of Main ~~Street's~~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, 2020~~March 31, 2021 and December 31, ~~2019~~2020 (this information excludes the Other Portfolio, short-term portfolio investments and the External Investment Manager).


Cost:	March 31, 2021		December 31, 2020
First lien debt	77.5	%	77.0	%
Equity	19.4	%	19.0	%
Second lien debt	1.9	%	2.7	%
Equity warrants	0.4	%	0.5	%
Other	0.8	%	0.8	%
	100.0	%	100.0	%


Fair Value:	March 31, 2021		December 31, 2020
First lien debt	70.0	%	70.0	%
Equity	27.2	%	26.4	%
Second lien debt	1.7	%	2.4	%
Equity warrants	0.4	%	0.4	%
Other	0.7	%	0.8	%
	100.0	%	100.0	%

Cost:
June 30, 2020 December 31, 2019
First lien debt
77.4% 78.2%
Equity
18.5% 17.2%
Second lien debt
3.1% 3.5%
Equity warrants
0.5% 0.6%
Other
0.5% 0.5%

100.0% 100.0%

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

Fair Value:
June 30, 2020 December 31, 2019
First lien debt
69.8% 70.1%
Equity
26.5% 26.0%
Second lien debt
2.8% 3.0%
Equity warrants
0.4% 0.4%
Other
0.5% 0.5%

100.0% 100.0%

The following tables summarize the composition of Main ~~Street's~~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, 2020~~March 31, 2021 and December 31, ~~2019~~2020 (this

70

Table of Contents

information excludes the Other Portfolio, short-term portfolio investments and the External Investment Manager). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.



Cost:	June 30, 2020		December 31, 2019		March 31, 2021		December 31, 2020
Southwest		25.9%		25.0%	23.3	%	24.3	%
Northeast					20.9	%	22.6	%
West		21.5%		24.6%	21.5	%	21.0	%
Midwest		19.6%		20.6%	19.0	%	18.2	%
Northeast		18.2%		14.8%
Southeast		13.1%		13.2%	13.0	%	12.8	%
Canada		1.2%		1.2%	2.3	%	1.1	%
Other Non-United States		0.5%		0.6%	0.0	%	0.0	%
					100.0	%	100.0	%
		100.0%		100.0%



Fair Value:	June 30, 2020		December 31, 2019		March 31, 2021		December 31, 2020
Southwest		26.6%		26.7%	24.3	%	24.7	%
West		22.2%		25.1%	21.8	%	21.4	%
Northeast					20.0	%	21.7	%
Midwest		19.6%		20.6%	20.4	%	19.7	%
Northeast		18.2%		14.4%
Southeast		11.8%		11.6%	11.4	%	11.5	%
Canada		1.1%		1.1%	2.1	%	1.0	%
Other Non-United States		0.5%		0.5%	0.0	%	0.0	%
					100.0	%	100.0	%
		100.0%		100.0%

Main ~~Street's~~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~~Street’s total combined LMM portfolio investments, Middle Market portfolio investments and

71

Table of Contents

Private Loan portfolio investments by industry at cost and fair value

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019~~2020 (this information excludes the Other Portfolio, short-term portfolio investments and the External Investment Manager).


Cost:	March 31, 2021		December 31, 2020
Construction & Engineering	7.4	%	6.0	%
Machinery	6.3	%	6.4	%
Health Care Providers & Services	5.5	%	5.1	%
Internet Software & Services	5.3	%	5.2	%
Professional Services	4.7	%	5.1	%
Aerospace & Defense	4.6	%	5.9	%
Energy Equipment & Services	4.5	%	4.5	%
Software	4.5	%	4.4	%
Specialty Retail	4.3	%	3.1	%
Commercial Services & Supplies	4.2	%	4.7	%
Leisure Equipment & Products	4.1	%	4.2	%
IT Services	3.6	%	4.0	%
Communications Equipment	3.3	%	3.3	%
Oil, Gas & Consumable Fuels	2.7	%	3.2	%
Hotels, Restaurants & Leisure	2.7	%	2.6	%
Food Products	2.3	%	2.6	%
Tobacco	2.2	%	2.2	%
Media	2.1	%	2.1	%
Distributors	2.1	%	2.1	%
Diversified Financial Services	2.1	%	2.1	%
Building Products	2.1	%	1.4	%
Electronic Equipment, Instruments & Components	1.9	%	1.9	%
Diversified Telecommunication Services	1.7	%	2.6	%
Computers & Peripherals	1.6	%	1.5	%
Containers & Packaging	1.5	%	1.6	%
Life Sciences Tools & Services	1.3	%	1.4	%
Household Durables	1.3	%	1.3	%
Trading Companies & Distributors	1.2	%	1.2	%
Diversified Consumer Services	1.0	%	1.0	%
Transportation Infrastructure	1.0	%	1.0	%
Food & Staples Retailing	1.0	%	1.0	%
Electrical Equipment	1.0	%	0.8	%
Other (1)	4.9	%	4.5	%
	100.0	%	100.0	%

(1)	Includes various industries with each industry individually less than 1.0% of the total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments at each date.

Cost:
June 30, 2020 December 31, 2019
Machinery
7.5% 7.7%
Commercial Services & Supplies
5.3% 6.1%
Aerospace & Defense
5.1% 4.9%
Energy Equipment & Services
5.0% 5.4%
Professional Services
5.0% 2.9%
Health Care Providers & Services
4.8% 4.5%
Construction & Engineering
4.7% 5.4%
Internet Software & Services
4.3% 4.1%
Media
4.1% 5.3%
IT Services
4.0% 4.6%
Diversified Telecommunication Services
3.9% 3.9%
Leisure Equipment & Products
3.9% 3.8%
Hotels, Restaurants & Leisure
3.8% 3.7%
Software
3.5% 2.4%
Electronic Equipment, Instruments & Components
3.4% 3.5%
Communications Equipment
3.4% 3.1%
Oil, Gas & Consumable Fuels
3.3% 3.6%
Specialty Retail
3.0% 3.1%
Food Products
2.9% 3.0%
Distributors
2.5% 1.1%
Diversified Financial Services
1.9% 1.9%
Containers & Packaging
1.7% 1.7%
Computers & Peripherals
1.5% 2.3%
Trading Companies & Distributors
1.3% 0.0%
Diversified Consumer Services
1.1% 0.4%
Transportation Infrastructure
1.1% 1.0%
Food & Staples Retailing
1.1% 1.0%
Chemicals
1.0% 1.0%
Internet & Catalog Retail
1.0% 0.9%
Building Products
0.9% 1.3%
Construction Materials
0.4% 1.0%
Road & Rail
0.4% 1.4%
Other(1)
3.2% 4.0%

100.0% 100.0%

72

~~(1)~~: Includes various industries with each industry individually less than 1.0% of the total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments at each date.

Table of Contents

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~



Fair Value:	June 30, 2020		December 31, 2019		March 31, 2021		December 31, 2020
Machinery		9.8%		9.9%	8.0	%	8.1	%
Construction & Engineering		5.2%		5.6%	7.4	%	6.1	%
Health Care Providers & Services					5.4	%	5.2	%
Software					4.7	%	4.6	%
Internet Software & Services					4.6	%	4.5	%
Specialty Retail					4.6	%	3.4	%
Aerospace & Defense		5.1%		4.7%	4.3	%	5.7	%
Commercial Services & Supplies		4.6%		5.5%	4.1	%	4.5	%
Health Care Providers & Services		4.5%		4.3%
Leisure Equipment & Products					4.0	%	4.0	%
Professional Services					3.6	%	4.0	%
IT Services		3.9%		4.8%	3.4	%	3.8	%
Diversified Consumer Services					3.2	%	3.0	%
Computers & Peripherals					3.1	%	2.9	%
Energy Equipment & Services		3.9%		4.9%	3.0	%	3.0	%
Software		3.9%		2.7%
Internet Software & Services		3.8%		3.8%
Communications Equipment					2.8	%	2.7	%
Media		3.8%		4.7%	2.5	%	2.5	%
Professional Services		3.8%		2.2%
Leisure Equipment & Products		3.5%		3.5%
Specialty Retail		3.3%		3.4%
Oil, Gas & Consumable Fuels					2.3	%	2.7	%
Diversified Financial Services					2.3	%	2.3	%
Hotels, Restaurants & Leisure					2.2	%	2.0	%
Distributors					2.1	%	2.1	%
Tobacco					2.1	%	2.1	%
Building Products					2.1	%	1.4	%
Food Products					2.0	%	2.2	%
Diversified Telecommunication Services		3.3%		3.3%	1.6	%	2.0	%
Computers & Peripherals		3.2%		3.8%
Diversified Consumer Services		3.1%		2.2%
Oil, Gas & Consumable Fuels		2.9%		3.2%
Communications Equipment		2.9%		2.7%
Containers & Packaging					1.6	%	1.7	%
Life Sciences Tools & Services					1.3	%	1.4	%
Household Durables					1.3	%	1.3	%
Construction Materials					1.2	%	1.4	%
Electronic Equipment, Instruments & Components		2.7%		2.7%	1.2	%	1.3	%
Hotels, Restaurants & Leisure		2.6%		3.3%
Food Products		2.6%		2.7%
Distributors		2.4%		1.0%
Diversified Financial Services		2.2%		2.1%
Containers & Packaging		1.9%		1.7%
Trading Companies & Distributors		1.2%		0.0%	1.2	%	1.2	%
Construction Materials		1.1%		1.5%
Transportation Infrastructure		1.1%		1.0%	1.0	%	1.0	%
Food & Staples Retailing		1.1%		1.0%	1.0	%	0.9	%
Building Products		1.0%		1.2%
Air Freight & Logistics		1.0%		0.8%
Chemicals		1.0%		0.9%
Road & Rail		0.6%		1.5%
Other(1)		3.0%		3.4%
Electrical Equipment					1.0	%	0.8	%
Other (1)					3.8	%	4.2	%
					100.0	%	100.0	%
		100.0%		100.0%

(1)	Includes various industries with each industry individually less than 1.0% of the total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments at each date.

~~(1)~~: Includes various industries with each industry individually less than 1.0% of the total combined LMM portfolio investments, Middle Market portfolio investments and Private Loan portfolio investments at each date.

At ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, Main Street had no portfolio investment that was greater than 10% of the Investment Portfolio at fair value.

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

Unconsolidated Significant Subsidiaries

In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, Main Street must determine which of its unconsolidated controlled portfolio companies, if any, are considered "significant subsidiaries." On May 20, 2020, the SEC published in Release No. 33-10786, ~~Amendments to Financial Disclosures about Acquired and Disposed Businesses~~, amendments to Rule 1-02(w)(2) of Regulation S-X used in the determination of a significant subsidiary specific to investment companies, including BDCs. The amendments become effective on January 1, 2021, but the SEC allowed for early application. Main Street elected to apply these revisions effective June 30, 2020. In evaluating its unconsolidated controlled portfolio companies in accordance with ~~the revised rules,~~Regulation S-X, there are two tests that Main Street must utilize to determine if any of Main ~~Street's~~Street’s Control Investments (as defined in Note A, including those unconsolidated portfolio companies defined as Control Investments in which Main Street does not own greater than 50% of the voting securities or maintain greater than 50% of the board representation) are considered significant subsidiaries: the investment test and the income test. The investment test is generally measured by dividing Main ~~Street's~~Street’s investment in the Control Investment by the value of Main ~~Street's~~Street’s total ~~assets.~~investments. The income test is generally measured by dividing the absolute value of the combined ~~total~~sum of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) from the relevant Control Investment for the period being tested by the absolute value of Main ~~Street's~~Street’s change in net assets resulting from operations for the same period. ~~Rules 3-09 and 4-08(g) of~~ Regulation S-X ~~as interpreted by the SEC, require~~requires Main Street to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control Investments in which Main Street owns greater than 50% of the voting securities) in an annual report and

73

Table of Contents

(2) summarized financial information of a Control Investment in a quarterly report, respectively, if certain thresholds of the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.

As of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, Main Street had no single investment that qualified as a significant subsidiary under either the investment or income tests.

NOTE D—EXTERNAL INVESTMENT MANAGER

As discussed further in Note ~~A.1.,~~A.1 and Note C, 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"~~Adviser”), which iswas the investment advisor to ~~HMS~~MSC Income ~~a non-listed BDC,~~at the time, 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~~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 iswas entitled to 50% of the annual base management fee and the incentive fees earned by HMS Adviser under its advisory agreement with MSC Income. Effective October 30, 2020, the External Investment Manager and HMS ~~Income.~~ Adviser consummated the transactions contemplated by that certain asset purchase agreement by and among the External Investment Manager, HMS Adviser and the other parties thereto whereby the External Investment Manager became the sole investment adviser and administrator to MSC Income pursuant to an Investment Advisory and Administrative Services Agreement entered into between the External Investment Manager and MSC Income (the “Advisory Agreement”). The Advisory Agreement includes a 1.75% annual management fee, reduced from 2.00%, and the same incentive fee as under MSC Income’s prior advisory agreement with HMS Adviser, with the External Investment Manager receiving 100% of such fee income (increased from 50% previously).

As described more fully in Note L – Related Party Transactions, the External Investment Manager launched and closed its first private fund. The External Investment Manager entered into an Investment Management Agreement in December 2020 with MS Private Loan Fund I, LP, a private investment fund with a strategy to invest in Private Loan portfolio investments (the “Private Loan Fund”), pursuant to which the External Investment Manager provides investment advisory and management services to the Private Loan Fund in exchange for an asset-based fee and certain incentive fees. As of March 31, 2021, the Private Loan Fund is in the early stages of fund raising.

During the three months ended ~~June 30,~~March 31, 2021 and 2020, ~~and 2019,~~ the External Investment Manager earned ~~$2.3~~$3.9 million and ~~$4.1~~$2.5 million, respectively, in base management fee income. No incentive fee income was earned in the three months ended ~~June 30, 2020 compared to $1.3 million earned in the three~~

~~Table of Contents~~March 31, 2021 and 2020.

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

~~NOTE D—EXTERNAL INVESTMENT MANAGER (Continued)~~

months ended June 30, 2019. During the six months ended June 30, 2020, the External Investment Manager earned $4.8 million in base management fee income and no incentive fees compared to $5.7 million of base management fees and $1.4 million in incentive fees for the comparable period in 2019 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~~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~~Street’s consolidated statements of operations in ~~"Net~~“Net Unrealized Appreciation (Depreciation)—Control investments."”

The External Investment Manager is an indirect wholly owned subsidiary of MSCC owned through a Taxable Subsidiary and is a disregarded entity for tax purposes. The External Investment Manager has entered into a tax sharing agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio investment of MSCC and is not included as a consolidated subsidiary of MSCC in ~~MSCC's~~MSCC’s consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for financial reporting purposes the External Investment Manager is treated as if it is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. Main Street owns the External Investment Manager through the Taxable Subsidiary to allow MSCC to continue to comply with the ~~"source-of-income"~~ “source-of-income”

74

Table of Contents

requirements contained in the RIC tax provisions of the Code. The taxable income, or loss, of the External Investment Manager may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. As a result of the above described financial reporting and tax treatment, the External Investment Manager provides for any income tax expense, or benefit, and any tax assets or liabilities in its separate financial statements.

Main Street shares employees with the External Investment Manager and allocates costs related to such shared employees to the External Investment Manager generally based on a combination of the direct time spent, new investment origination activity and assets under management, depending on the nature of the expense. For the three months ended ~~June 30,~~March 31, 2021 and 2020, ~~and 2019,~~ Main Street allocated ~~$1.8~~$2.4 million and ~~$1.7~~$1.6 million of total expenses, respectively, ~~to the External Investment Manager. For each of the six months ended June 30, 2020 and 2019, Main Street allocated $3.4 million of total expenses~~ to the External Investment Manager. The total contribution of the External Investment Manager to Main ~~Street's~~Street’s net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended ~~June 30,~~March 31, 2021 and 2020, ~~and 2019,~~ the total contribution to Main ~~Street's~~Street’s net investment income was ~~$2.2~~$3.6 million and ~~$3.6~~$2.3 million, respectively. ~~For the six months ended June 30, 2020, and 2019, the total contribution to Main Street's net investment income was $4.5 million and $6.2 million, respectively.~~

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

Summarized financial information from the separate financial statements of the External Investment Manager as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019~~2020 and for the three ~~and six~~ months ended ~~June 30,~~March 31, 2021and 2020 ~~and 2019~~ is as follows:


	As of		As of
	March 31,		December 31,
	2021		2020

	(dollars in thousands)
Cash	$	—	$	—
Accounts receivable—MSC Income Fund		3,944		3,520
Total assets	$	3,944	$	3,520
Accounts payable to MSCC and its subsidiaries	$	2,765	$	2,423
Dividend payable to MSCC and its subsidiaries		1,179		1,097
Equity		—		—
Total liabilities and equity	$	3,944	$	3,520


	Three Months Ended
	March 31,
	2021		2020

	(dollars in thousands)
Management fee income	$	3,903	$	2,499
Incentive fees		—		—
Total revenues		3,903		2,499
Expenses allocated from MSCC or its subsidiaries:
Salaries, share‑based compensation and other personnel costs		(2,043)		(1,060)
Other G&A expenses		(337)		(584)
Total allocated expenses		(2,380)		(1,644)
Pre‑tax income		1,523		855
Tax expense		(344)		(195)
Net income	$	1,179	$	660

75

As of
June 30,
2020 As of
December 31,
2019

(dollars in thousands)

Cash
$ — $ —
Accounts receivable—HMS Income
4,836 2,708

Total assets
$ 4,836 $ 2,708

Accounts payable to MSCC and its subsidiaries
$ 3,780 $ 1,592
Dividend payable to MSCC and its subsidiaries
1,056 1,116
Equity
— —

Total liabilities and equity
$ 4,836 $ 2,708

Table of Contents

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

2020 2019 2020 2019

(dollars in thousands)

Management fee income
$ 2,323 $ 2,800 $ 4,822 $ 5,677
Incentive fees
— 1,294 — 1,374

Total revenues
2,323 4,094 4,822 7,051
Expenses allocated from MSCC or its subsidiaries:

Salaries, share-based compensation and other personnel costs
(1,127 ) (1,121 ) (2,187 ) (2,176 )
Other G&A expenses
(677 ) (586 ) (1,261 ) (1,174 )

Total allocated expenses
(1,804 ) (1,707 ) (3,448 ) (3,350 )
Other direct G&A expenses
— — — —

Total expenses
(1,804 ) (1,707 ) (3,448 ) (3,350 )
Pre-tax income
519 2,387 1,374 3,701
Tax expense
(123 ) (526 ) (318 ) (820 )

Net income
$ 396 $ 1,861 $ 1,056 $ 2,881

NOTE E—DEBT

Summary of debt as of March 31, 2021 is as follows:


		Outstanding Balance		Unamortized Debt Issuance (Costs)/Premiums		Recorded Value		Estimated Fair Value (1)

	(in thousands)
SBIC Debentures		$	290,000	$	(6,052)	$	283,948	$	279,959
Credit Facility			87,000		-		87,000		87,000
4.50% Notes due in 2022			185,000		(1,012)		183,988		193,625
5.20% Notes due 2024			450,000		1,681		451,681		484,781
3.00% Notes due 2026			300,000		(5,052)		294,948		297,474
Total Debt		$	1,312,000	$	(10,435)	$	1,301,565	$	1,342,839

(1)	Estimated fair value for outstanding debt if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.11. – Fair Value of Financial Instruments.

Summary of debt as of December 31, 2020 is as follows:


		Outstanding Balance		Unamortized Debt Issuance (Costs)/Premiums		Recorded Value		Estimated Fair Value (1)

	(in thousands)
SBIC Debentures		$	309,800	$	(5,828)	$	303,972	$	309,907
Credit Facility			269,000		-		269,000		269,000
4.50% Notes due 2022			185,000		(1,164)		183,836		194,938
5.20% Notes due 2024			450,000		1,817		451,817		488,102
Total Debt		$	1,213,800	$	(5,175)	$	1,208,625	$	1,261,947

(1)	Estimated fair value for outstanding debt if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.11. – Fair Value of Financial Instruments.

Summarized interest expense for the three months ended March 31, 2021 and 2020 is as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
SBIC Debentures	$	2,741	$	3,018
Credit Facility		967		2,939
4.50% Notes Due 2022		2,233		2,233
5.20% Notes Due 2024		5,714		4,251
3.00% Notes due in 2026		2,149		-
Total Interest Expense	$	13,804	$	12,441

SBIC Debentures

Under existing SBIC regulations, SBA-approved SBICs under common control have the ability to issue debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. Main ~~Street's~~Street’s SBIC debentures payable, under existing SBA-approved commitments, were ~~$314.8~~$290.0 million and ~~$311.8~~$309.8 million at ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, respectively. SBIC debentures provide for interest to be paid semiannually, with principal

76

Table of Contents

due at the applicable 10-year maturity date of each debenture. During the ~~six~~three months ended ~~June 30, 2020,~~March 31, 2021, Main Street issued ~~$25.0~~$20.2 million of SBIC debentures and opportunistically prepaid the remaining ~~$22.0~~$40.0 million of existing ~~MSC II~~SBIC debentures that were scheduled to mature over the next year as part of an effort to manage the maturity dates of the oldest SBIC debentures. ~~As a result of this prepayment, Main Street recognized a realized loss of $0.5 million, due~~

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

~~primarily to the write-off of the related unamortized deferred financing costs.~~ Main Street expects to issue new SBIC debentures under the SBIC program in the future in an amount up to the regulatory maximum amount for affiliated SBIC funds. The weighted-average annual interest rate on the SBIC debentures was ~~3.5%~~3.2% and ~~3.6%~~3.4% as of ~~June 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, respectively. The first principal maturity due under the existing SBIC debentures is in ~~2020,~~2023, and the weighted-average remaining duration as of ~~June 30, 2020~~March 31, 2021 was approximately ~~5.3~~ 6.2��years. For the three months ended June 30, 2020 and 2019, Main Street recognized interest expense, including the amortization of upfront leverage and other miscellaneous fees, attributable to the SBIC debentures of $3.0 million and $3.2 million, respectively. For the six months ended June 30, 2020 and 2019, Main Street recognized interest expense, including the amortization of upfront leverage and other miscellaneous fees, attributable to the SBIC debentures of $6.0 million and $6.5 million, respectively. In accordance with SBIC regulations, the Funds are precluded from incurring additional non-SBIC debt without the prior approval of the SBA.

As of ~~June 30, 2020, the recorded value of~~March 31, 2021, the SBIC debentures ~~was $308.8 million, which~~ consisted of (i) ~~$139.8~~$115.0 million par value of SBIC debentures outstanding issued by MSMF, with a recorded value of ~~$138.4~~$113.1 million that was net of unamortized debt issuance costs of ~~$1.4~~$1.9 million and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of ~~$170.4~~$170.9 million that was net of unamortized debt issuance costs of ~~$4.6~~$4.1 million. As of June 30, 2020, if Main Street had adopted the fair value option under ASC 825 for its SBIC debentures, Main Street estimates the fair value of its SBIC debentures would be approximately $290.1 million, or $24.7 million less than the $314.8 million face value of the SBIC debentures.

Credit Facility

Main Street maintains the Credit Facility to provide additional liquidity to support its investment and operational activities. ~~The~~As of March 31, 2021, the Credit Facility ~~includes~~included total commitments of ~~$740.0~~$780.0 million from a diversified group of ~~18 lenders. The Credit Facility matures~~19 lenders, was set to mature in September 2023 and ~~contains~~contained an accordion feature which ~~allows~~allowed Main Street to increase the total commitments under the facility to up to $800.0 million from new and existing lenders on the same terms and conditions as the existing commitments.

~~Borrowings~~ See Note M for discussion of the recent amendment to the Credit Facility, made subsequent to March 31, 2021, that increased commitments under the Credit Facility ~~bear~~and extended its revolving period and final maturity date, among other items.

As of March 31, 2021, borrowings under the Credit Facility bore interest, subject to Main ~~Street's~~Street’s election and resetting on a monthly basis on the first of each month, on a per annum basis at a rate equal to the applicable LIBOR rate ~~(0.2%~~(0.1% as of ~~June 30, 2020)~~the most recent reset date for the period ended March 31, 2021) plus (i) 1.875% (or the applicable base rate (Prime Rate of 3.25% as of ~~June 30, 2020)~~March 31, 2021) plus 0.875%) as long as Main Street meets certain agreed upon excess collateral and maximum leverage requirements or (ii) 2.0% (or the applicable base rate plus 1.0%) otherwise. Main Street pays unused commitment fees of 0.25% per annum on the unused lender commitments under the Credit Facility. The Credit Facility iswas 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~~As of March 31, 2021, the Credit Facility ~~contains~~contained 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 iswas provided on a revolving basis through its ~~final~~then-scheduled maturity date in September 2023, and ~~contains~~contained two, one-year extension options which could extend the final maturity by up to two years, subject to certain conditions, including lender approval.

~~Table~~ See Note M for discussion of ~~Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

~~At June 30, 2020, Main Street had $315.0 million in borrowings outstanding under~~ the Credit Facility. As of June 30, 2020, 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 relatedrecent amendment to the Credit Facility, ~~including unused commitment fees~~made subsequent to March 31, 2021, that increased commitments under the Credit Facility and ~~amortization of deferred issuance costs, of $2.4 million~~extended its revolving period and ~~$2.2 million for the three months ended June 30, 2020 and 2019, respectively, and $5.4 million and $6.4 million for the six months ended June 30, 2020 and 2019, respectively.~~ final maturity date, among other items.

As of ~~June 30, 2020,~~March 31, 2021, the interest rate on the Credit Facility was 2.0% (based on the LIBOR rate of ~~0.2%~~0.1% as of the most recent reset date plus 1.875%). The average interest rate for borrowings under the Credit Facility was ~~2.4%~~2.0% and ~~4.4%~~3.5% for the three months ended ~~June 30,~~March 31, 2021 and 2020, ~~and 2019, respectively, and 3.0% and 4.4%, for the six months ended June, 2020 and 2019,~~ respectively. As of ~~June 30, 2020,~~March 31, 2021, Main Street was in compliance with all financial covenants of the Credit Facility.

~~4.50% Notes due 2019~~

In November 2014, Main Street issued $175.0 million in aggregate principal amount of 4.50% unsecured notes due 2019 (the "4.50% Notes due 2019") at an issue price of 99.53%. The 4.50% Notes due 2019 bore interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. On December 2, 2019, Main Street repaid the entire principal amount of the issued and outstanding 4.50% Notes due 2019, effective December 1, 2019 (the "Maturity Date"), at par value plus the accrued and unpaid interest thereon from June 1, 2019 through the Maturity Date. Main Street recognized no interest expense related to the 4.50% Notes due 2019, including amortization of unamortized deferred issuance costs, for the three and six months ended June 30, 2020 and $2.1 million and $4.3 million for the three and six months ended June 30, 2019, respectively.

4.50% Notes due 2022

In November 2017, Main Street issued $185.0 million in aggregate principal amount of 4.50% unsecured notes due December 1, 2022 (the ~~"4.50%~~“4.50% Notes due ~~2022"~~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~~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,

77

Table of Contents

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 may be redeemed in whole or in part at any time at Main ~~Street's~~Street’s 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. 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, 2020, the outstanding balance of the 4.50% Notes due 2022 was $185.0 million and the recorded value of $183.5 million was net of unamortized debt issuance costs of $1.5 million. As of June 30, 2020, if Main Street had adopted the fair value option under ASC 825 for the 4.50% Notes due 2022, Main Street estimates its fair value would be approximately $187.1 million. Main Street recognized interest expense related to the 4.50% Notes due 2022, including amortization of unamortized deferred issuance costs, of $2.2 million for each of the

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

~~three months ended June 30, 2020 and 2019 and $4.5 million for each of the six months ended June 30, 2020 and 2019.~~

The indenture governing the 4.50% Notes due 2022 (the ~~"4.50%~~“4.50% Notes ~~due 2022 Indenture"~~Indenture”) contains certain covenants, including covenants requiring Main ~~Street's~~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 2022 and the ~~Trustee~~trustee if Main Street ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 4.50% Notes ~~due 2022~~ Indenture. As of ~~June 30, 2020,~~March 31, 2021, Main Street was in compliance with these covenants.

5.20% Notes due 2024

In April 2019, Main Street issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the ~~"5.20% Notes"~~“5.20% Notes”) at an issue price of 99.125%. Subsequently, in December 2019, Main Street issued an additional $75.0 million aggregate principal amount of the 5.20% Notes at an issue price of 105.0% and, in July 2020, Main Street issued an additional $125.0 million aggregate principal amount at an issue price of 102.674%. The 5.20% Notes issued in December 2019 and July 2020 have identical terms as, and are a part of a single series with, the 5.20% Notes issued in April 2019. The 5.20% Notes are unsecured obligations and rank pari passu with Main ~~Street's~~Street’s current and future unsecured indebtedness; senior to any of its future indebtedness that expressly provides it is subordinated to the 5.20% Notes; effectively subordinated to all of its existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds. The 5.20% Notes may be redeemed in whole or in part at any time at Main ~~Street's~~Street’s option subject to certain make-whole provisions. The 5.20% Notes bear interest at a rate of 5.20% per year payable semiannually on May 1 and November 1 of each year. The total net proceeds from the 5.20% Notes, resulting from the issue price and after ~~underwriting discounts~~net issue price premiums and estimated offering expenses payable, were approximately ~~$324.1~~$451.4 million. Main Street may from time to time repurchase the 5.20% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of June 30, 2020, the outstanding balance of the 5.20% Notes was $325.0 million and the recorded value of $324.5 million was net of unamortized debt issuance costs of $0.5 million. As of June 30, 2020, if Main Street had adopted the fair value option under ASC 825 for the 5.20% Notes, Main Street estimates its fair value would be approximately $332.8 million. Main Street recognized interest expense related to the 5.20% Notes, including amortization of unamortized deferred issuance costs, of $4.3 million and $2.6 million for the three months ended June 30, 2020 and 2019, respectively, and $8.5 million and $2.6 million for the six months ended June 30, 2020 and 2019, respectively.

The indenture governing the 5.20% Notes (the ~~"5.20%~~“5.20% Notes ~~Indenture"~~Indenture”) contains certain covenants, including covenants requiring Main ~~Street's~~Street’s compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 5.20% Notes and the ~~Trustee~~trustee if Main Street ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 5.20% Notes Indenture. As of ~~June 30, 2020,~~March 31, 2021, Main Street was in compliance with these covenants.

3.00% Notes due 2026

In January 2021, Main Street issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “3.00% Notes”) at an issue price of 99.004%. The total net proceeds from the 3.00% Notes, resulting from the issue price and after underwriting discounts and estimated offering expenses payable, were approximately $294.8 million. The 3.00% Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness; senior to any of its future indebtedness that expressly provides it is subordinated to the 3.00% Notes; effectively subordinated to all of its existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds. The 3.00% Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The 3.00% Notes bear interest at a rate of 3.00% per year

78

Table of Contents

payable semiannually on January 14 and July 14 of each year. Main Street may from time to time repurchase the 3.00% Notes in accordance with the 1940 Act and the rules promulgated thereunder.

~~MAIN STREET CAPITAL CORPORATION~~The indenture governing the 3.00% Notes (the “3.00% Notes Indenture”) contains certain covenants, including covenants requiring Main Street’s compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 3.00% Notes and the trustee if Main Street ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 3.00% Notes Indenture. As of March 31, 2021, Main Street was in compliance with these covenants.

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

NOTE F—FINANCIAL HIGHLIGHTS


	Three Months Ended March 31,
Per Share Data:	2021		2020
NAV at the beginning of the period	$	22.35	$	23.91
Net investment income(1)		0.58		0.57
Net realized loss(1)(2)		(0.23)		(0.35)
Net unrealized appreciation (depreciation)(1)(2)		0.50		(3.00)
Income tax benefit (provision)(1)(2)		(0.01)		0.12
Net increase (decrease) in net assets resulting from operations(1)		0.84		(2.66)
Dividends paid		(0.62)		(0.62)
Accretive effect of stock offerings (issuing shares above NAV per share)		0.01		0.03
Accretive effect of DRIP issuance (issuing shares above NAV per share)		0.02		0.03
Other(3)		0.05		0.04
NAV at the end of the period	$	22.65	$	20.73
Market value at the end of the period	$	39.15	$	20.51
Shares outstanding at the end of the period		68,000,898		64,462,649

(1)	Based on weighted-average number of common shares outstanding for the period.

(2)	Net realized gains or losses, net unrealized appreciation or depreciation, and income taxes can fluctuate significantly from period to period.

(3)	Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.

Six Months Ended June 30,
Per Share Data:
2020 2019
NAV at the beginning of the period
$ 23.91 $ 24.09
Net investment income(1)
1.04 1.27
Net realized loss(1)(2)
(0.48 ) (0.22 )
Net unrealized appreciation (depreciation)(1)(2)
(2.78 ) 0.34
Income tax benefit (provision)(1)(2)
0.25 (0.11 )

Net increase (decrease) in net assets resulting from operations(1)
(1.97 ) 1.28
Dividends paid
(1.23 ) (1.44 )
Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period
— (0.01 )
Accretive effect of stock offerings (issuing shares above NAV per share)
0.17 0.25
Accretive effect of DRIP issuance (issuing shares above NAV per share)
0.05 0.05
Other(3)
(0.08 ) (0.05 )

NAV at the end of the period
$ 20.85 $ 24.17

Market value at the end of the period
$ 20.51 $ 41.12
Shares outstanding at the end of the period
65,763,805 62,925,132


	Three Months Ended March 31,
	2021			2020

	(dollars in thousands)
NAV at end of period	$	1,540,164		$	1,336,170
Average NAV	$	1,527,466		$	1,436,280
Average outstanding debt	$	1,263,950		$	1,100,800
Ratio of total expenses, including income tax expense, to average NAV (1) (2)		1.55	%		0.79	%
Ratio of operating expenses to average NAV (2) (3)		1.51	%		1.36	%
Ratio of operating expenses, excluding interest expense, to average NAV (2) (3)		0.61	%		0.50	%
Ratio of net investment income to average NAV (2)		2.60	%		2.54	%
Portfolio turnover ratio (2)		4.92	%		5.57	%
Total investment return (2) (4)		23.52	%		(51.61)	%
Total return based on change in NAV (2) (5)		3.79	%		(11.16)	%

(1)

Total expenses are the sum of operating expenses and net income tax provision/benefit. Net income tax provision/benefit includes the accrual of net deferred tax provision/benefit relating to the net unrealized appreciation/depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may vary significantly from period to period. Main Street is

79

~~(1)~~: ~~Based on weighted-average number of common shares outstanding for the period.~~
~~(2)~~: ~~Net realized gains or losses, net unrealized appreciation or depreciation, and income taxes can fluctuate significantly from period to period.~~
~~(3)~~: Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.

Six Months Ended June 30,

2020 2019

(dollars in thousands)

NAV at end of period
$ 1,370,944 $ 1,521,082
Average NAV
$ 1,414,501 $ 1,506,543
Average outstanding debt
$ 1,119,229 $ 1,025,943
Ratio of total expenses, including income tax expense, to average NAV(1)(2)
3.96 % 3.32 %
Ratio of operating expenses to average NAV(2)(3)
2.85 % 2.89 %
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3)
1.13 % 1.28 %
Ratio of net investment income to average NAV(2)
4.80 % 2.36 %
Portfolio turnover ratio(2)
9.44 % 9.54 %
Total investment return(2)(4)
(24.97 )% 26.15 %
Total return based on change in NAV(2)(5)
(8.34 )% 5.40 %

~~(1)~~: ~~Total expenses are the sum of operating expenses and net income tax provision/benefit. Net income tax provision/benefit includes the accrual of net deferred tax provision/benefit relating to the net~~

Table of Contents

required to include net deferred tax provision/benefit in calculating its total expenses even though these net deferred taxes are not currently payable/receivable.

(2)	Not annualized.

(3)	Unless otherwise noted, operating expenses include interest, compensation, general and administrative and share-based compensation expenses, net of expenses allocated to the External Investment Manager.

(4)

Total investment return is based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by Main Street’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.

(5)

Total return is based on change in net asset value as calculated using the sum of ending net asset value plus dividends to stockholders and other non-operating changes during the period, as divided by the beginning net asset value. Non-operating changes include any items that affect net asset value other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP and equity incentive plans and other miscellaneous items.

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

unrealized appreciation/depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may vary significantly from period to period. Main Street is required to include net deferred tax provision/benefit in calculating its total expenses even though these net deferred taxes are not currently payable/receivable.

~~(2)~~: ~~Not annualized.~~
~~(3)~~: Unless otherwise noted, operating expenses include interest, compensation, general and administrative and share-based compensation expenses, net of expenses allocated to the External Investment Manager.
~~(4)~~: Total investment return is based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by Main Street's dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.
~~(5)~~: Total return is based on change in net asset value was calculated using the sum of ending net asset value plus dividends to stockholders and other non-operating changes during the period, as divided by the beginning net asset value. Non-operating changes include any items that affect net asset value other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP and equity incentive plans and other miscellaneous items.

NOTE G—DIVIDENDS, DISTRIBUTIONS AND TAXABLE INCOME

Main Street currently pays monthly dividends to its stockholders. Future monthly dividends, if any, will be determined by its Board of Directors on a quarterly basis. Main Street paid regular monthly dividends of $0.205 per share for each month of January through ~~June 2020,~~March 2021, totaling ~~$39.9~~$41.8 million, or $0.615 per share, for the three months ended ~~June 30, 2020, and $79.6 million, or $1.230 per share, for the six months ended June 30, 2020~~March 31, 2021, compared to aggregate regular monthly dividends of approximately ~~$37.6~~$39.7 million, or ~~$0.60~~$0.615 per share, for the three months ended June 30, 2019, and $73.7 million, or $1.185 per share, for the six months ended June 30, 2019. The second quarter 2020 regular monthly dividends represent a 2.5% increase from the regularly monthly dividends paid for the second quarter of 2019. Additionally, Main Street paid a $0.250 per share semi-annual supplemental dividend, totaling $15.8 million, in June 2019. Total dividends paid for the six months ended June 30, 2020 and 2019 equaled $1.230 and $1.435 per share, respectively.March 31, 2020.

MSCC has elected to be treated for U.S. federal income tax purposes as a RIC. ~~MSCC's~~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~~“investment company taxable ~~income"~~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.

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

The determination of the tax attributes for Main ~~Street's~~Street’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate (plus a 3.8% Medicare surtax, if applicable) on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and qualified dividends, but may also include either one or both of capital gains and return of capital.

Listed below is a reconciliation of ~~"Net~~“Net increase (decrease) in net assets resulting from ~~operations"~~operations” to taxable income and to total distributions declared to common stockholders for the ~~six~~three months ended ~~June 30, 2020~~March 31, 2021 and ~~2019.~~2020.

80

Table of Contents


							Three Months Ended March 31,
							2021		2020

	Six months ended June 30,
	2020			2019
	(estimated, dollars in thousands)
							(estimated, dollars in thousands)
Net increase (decrease) in net assets resulting from operations	$	(128,068	)	$	79,655		$	57,346	$	(171,438)
Book-tax difference from share-based compensation expense		322			(4,263	)		2,333		2,720
Net unrealized (appreciation) depreciation		180,684			(21,026	)		(34,001)		193,848
Income tax provision (benefit)		(15,760	)		6,502			682		(8,264)
Pre-tax book income not consolidated for tax purposes		(952	)		(13,294	)
Pre-tax book (income) loss not consolidated for tax purposes								5,353		6,785
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates		36,651			28,630			6,121		21,879

Estimated taxable income(1)		72,877			76,204
Estimated taxable income (1)								37,834		45,530
Taxable income earned in prior year and carried forward for distribution in current year		29,107			41,489			24,350		29,107
Taxable income earned prior to period end and carried forward for distribution next period		(35,573	)		(40,221	)		(34,231)		(48,149)
Dividend payable as of period end and paid in the following period		13,474			12,900			13,940		13,218

Total distributions accrued or paid to common stockholders	$	79,885		$	90,372		$	41,893	$	39,706

(1)

Main Street’s taxable income for each period is an estimate and will not be finally determined until the company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate.

~~(1)~~: Main Street's taxable income for each period is an estimate and will not be finally determined until the company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate.

The Taxable Subsidiaries primarily hold certain portfolio investments for Main Street. The Taxable Subsidiaries permit Main Street to hold equity investments in portfolio companies which are ~~"pass-through"~~“pass-through” entities for tax purposes and to continue to comply with the ~~"source-of-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~~Street’s consolidated financial

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

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. 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~~Street’s consolidated financial statements.

The income tax ~~provision~~expense (benefit) for Main Street is generally composed of (i) deferred tax expense (benefit), which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book tax differences, and (ii) current tax expense, which is primarily the result of current U.S. federal income and state taxes and excise taxes on Main ~~Street's~~Street’s estimated undistributed taxable income. ~~For~~The income tax expense, or benefit, and the related tax asset and liabilities generated by the Taxable Subsidiaries, if any, are reflected in Main Street’s consolidated statement of operations. Main Street’s provision for income taxes was comprised of the following for the three months ended ~~June 30,~~March 31, 2021 and 2020 ~~Main Street recognized a net income tax benefit~~(amounts in thousands):



	Three Months Ended March 31,
	2021		2020
Current tax expense (benefit):
Federal	$	45	$	(202)
State		296		(583)
Excise		293		491
Total current tax expense (benefit)		634		(294)
Deferred tax expense (benefit):
Federal		194		(7,418)
State		(146)		(552)
Total deferred tax expense (benefit)		48		(7,970)

Total income tax provision (benefit)	$	682	$	(8,264)

81

Table of $7.5 million, principally consisting of a deferred tax benefit of $8.0 million, partially offset by a $0.6 million current tax provision, which is primarily related to a $0.4 million provision for current U.S. federal income and state taxes, as well as a $0.2 million provision for excise taxes. For the six months ended June 30, 2020, Main Street recognized a net income tax benefit of $15.8 million, principally consisting of a deferred tax benefit of $16.0 million, partially offset by a $0.3 million current tax expense, which is primarily related to a $0.7 million provision for excise taxes, partially offset by a $0.4 million benefit for current U.S. federal income and state taxes. For the three months ended June 30, 2019, Main Street recognized a net income tax provision of $3.4 million, principally consisting of a deferred tax provision of $2.5 million and a $0.9 million current tax expense, which is primarily related to current U.S. federal income and state taxes. For the six months ended June 30, 2019, Main Street recognized a net income tax provision of $6.5 million, principally consisting of a deferred tax provision of $4.8 million and a $1.7 million current tax expense, which is primarily related to a $1.3 million provision for current U.S. federal income and state taxes and a $0.4 million accrual for excise taxes.Contents

The net deferred tax liability at ~~June 30,~~March 31, 2021 and December 31, 2020 was ~~$0.4~~$2.6 million, ~~compared to $16.1 million at December 31, 2019,~~ primarily related to changes in net unrealized appreciation or depreciation, changes in loss carryforwards, and other temporary book-tax differences relating to portfolio investments held by the Taxable Subsidiaries. At ~~June 30, 2020,~~March 31, 2021, 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~~2028 through 2037. Any net operating losses generated in ~~2019~~2018 and future periods are not subject to expiration and will carryforward indefinitely until utilized. The timing and manner in which Main Street will utilize any loss carryforwards generated before December 31, ~~2019~~2018 may be limited in the future under the provisions of the Code. Additionally, the Taxable Subsidiaries have interest expense limitation carryforwards which have an indefinite carryforward.

NOTE H—COMMON STOCK

Main Street maintains a program with certain selling agents through which it can sell shares of its common stock by means of at-the-market offerings from time to time (the ~~"ATM Program"~~“ATM Program”). During the ~~six~~three months ended ~~June 30, 2020,~~March 31, 2021, Main Street sold ~~907,515~~112,680 shares of its common stock at a weighted-average price of ~~$33.06~~$31.59 per share and raised ~~$30.0~~$3.6 million of gross proceeds under the ATM Program. Net proceeds were ~~$29.6~~$3.5 million after commissions to the selling agents on shares sold and

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

offering costs. As of June 30, 2020, sales transactions representing 15,000 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, 2020, 7,451,635March 31, 2021, 5,600,692 shares remained available for sale under the ATM Program.

During the year ended December 31, ~~2019,~~2020, Main Street sold ~~2,247,187~~2,645,778 shares of its common stock at a weighted-average price of ~~$40.05~~$32.10 per share and raised ~~$90.0~~$84.9 million of gross proceeds under the ATM Program. Net proceeds were ~~$88.8~~$83.8 million after commissions to the selling agents on shares sold and offering costs.

NOTE I—DIVIDEND REINVESTMENT PLAN ~~("DRIP")~~

The dividend reinvestment feature of Main ~~Street's DRIP~~Street’s dividend reinvestment and direct stock purchase plan (the “DRIP”) provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if Main Street declares a cash dividend, its stockholders who have not ~~"opted out"~~“opted out” of the DRIP by the dividend record date will have their cash dividend automatically reinvested into additional shares of MSCC common stock. The share requirements of the DRIP may be satisfied through the issuance of shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of ~~MSCC's~~MSCC’s common stock on the valuation date determined for each dividend by Main ~~Street's~~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~~Street’s DRIP is administered by its transfer agent on behalf of Main ~~Street's~~Street’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in Main ~~Street's~~Street’s DRIP but may provide a similar dividend reinvestment plan for their clients.

~~For~~Summarized DRIP information for the ~~six~~three months ended ~~June 30,~~March 31, 2021 and 2020 $8.1 million of the total $79.6 million in dividends paid to stockholders represented DRIP participation. During this period, the DRIP participation requirements were satisfied with the issuance of 254,951 newly issued shares. For the six months ended June 30, 2019, $9.0 million of the total $89.4 million in dividends paid to stockholders represented DRIP participation. During this period, the DRIP participation requirements were satisfied with the issuance of 229,317 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.is as follows:


	March 31,
	2021		2020

	($ in millions)
Total dividends paid	$	41.8	$	39.7
DRIP participation	$	3.7	$	3.9
Shares issued for DRIP		106,651		108,722

NOTE J—SHARE-BASED COMPENSATION

Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, Main Street measured the grant date

82

Table of Contents

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.

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

Main ~~Street's~~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~~“Equity and Incentive ~~Plan"~~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~~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, 2020.~~March 31, 2021.


Restricted stock authorized under the plan		3,000,000
Less net restricted stock granted during:
Year ended December 31, 2015		~~(900~~	) (900)
Year ended December 31, 2016		~~(260,514~~	) (260,514)
Year ended December 31, 2017		~~(223,812~~	) (223,812)
Year ended December 31, 2018		~~(243,779~~	) (243,779)
Year ended December 31, 2019		~~(384,049~~	) (384,049)
~~Six~~Year ended December 31, 2020	(370,272)
Three months ended ~~June 30, 2020~~March 31, 2021		~~(376,739~~	)
			(6,881)
Restricted stock available for issuance as of ~~June 30, 2020~~March 31, 2021		~~1,510,207~~


			1,509,793

As of ~~June 30, 2020,~~March 31, 2021, the following table summarizes the restricted stock issued to Main ~~Street's~~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~~	) (6,806)
Year ended December 31, 2016		~~(6,748~~	) (6,748)
Year ended December 31, 2017		~~(5,948~~	) (5,948)
Year ended December 31, 2018		~~(6,376~~	) (6,376)
Year ended December 31, 2019		~~(6,008~~	) (6,008)
~~Six~~Year ended December 31, 2020	(11,463)
Three months ended ~~June 30, 2020~~March 31, 2021		~~(11,463~~	)
			-
Restricted stock available for issuance as of ~~June 30, 2020~~March 31, 2021		256,651

For the three months ended ~~June 30,~~March 31, 2021 and 2020, ~~and 2019,~~ Main Street recognized total share-based compensation expense of ~~$2.8~~$2.3 million and $2.4 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors. For the six months ended June 30, 2020 and 2019, Main Street recognized total share-based compensation expense of $5.7 million and $4.7 million,$2.8, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.

As of ~~June 30, 2020,~~March 31, 2021, there was ~~$17.2~~$10.1 million of total unrecognized compensation expense related to Main ~~Street's~~Street’s non-vested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of approximately ~~2.2~~1.7 years as of ~~June 30, 2020.~~March 31, 2021.

83

Table of Contents

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

NOTE K—COMMITMENTS AND CONTINGENCIES

At ~~June 30, 2020,~~March 31, 2021, Main Street had the following outstanding commitments (in thousands):


Investments with equity capital commitments that have not yet funded:	Amount

Congruent Credit Opportunities Fund III, LP	$	8,117

Encap Energy Fund Investments
EnCap Energy Capital Fund IX, L.P.	$	251
EnCap Energy Capital Fund X, L.P.		1,039
EnCap Flatrock Midstream Fund II, L.P.		4,586
EnCap Flatrock Midstream Fund III, L.P.		423
	$	6,299

EIG Fund Investments	$	3,701

Brightwood Capital Fund III, LP	$	3,000

Freeport Fund Investments
Freeport Financial SBIC Fund LP	$	1,375
Freeport First Lien Loan Fund III LP		3,113
	$	4,488

LKCM Headwater Investments I, L.P.	$	2,500

UnionRock Energy Fund II, LP	$	599

HPEP 3, L.P.	$	1,555

Dos Rios Partners
Dos Rios Partners, LP	$	835
Dos Rios Partners - A, LP		265
	$	1,100


Total equity commitments	$	31,359

84

Amount
Investments with equity capital commitments that have not yet funded:

Congruent Credit Opportunities Funds

Congruent Credit Opportunities Fund II, LP
$ 8,488
Congruent Credit Opportunities Fund III, LP
8,117

$ 16,605
Encap Energy Fund Investments

EnCap Energy Capital Fund VIII, L.P.
$ 202
EnCap Energy Capital Fund IX, L.P.
281
EnCap Energy Capital Fund X, L.P.
1,485
EnCap Flatrock Midstream Fund II, L.P.
4,592
EnCap Flatrock Midstream Fund III, L.P.
409

$ 6,969
EIG Fund Investments

$
4,751
Freeport Fund Investments

Freeport Financial SBIC Fund LP
$ 1,375
Freeport First Lien Loan Fund III LP
1,715

$ 3,090
Brightwood Capital Fund Investments

Brightwood Capital Fund III, LP
$ 3,000
Brightwood Capital Fund IV, LP
250

$ 3,250
Harris Preston Fund Investments

HPEP 3, L.P.
$ 2,181
LKCM Headwater Investments I, L.P.

$
2,500
UnionRock Energy Fund Investments

UnionRock Energy Fund II, LP
$ 2,248
Dos Rios Partners

Dos Rios Partners, LP
$ 835
Dos Rios Partners—A, LP
265

$ 1,100
Access Media Holdings, LLC

$
284

Total equity commitments
$ 42,978

Table of Contents

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~


	Amount

			Amount
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:

MS Private Loan Fund I, LP			$	8,170
SI East, LLC	$	7,500		7,500
Eastern Wholesale Fence LLC				5,946
Adams Publishing Group, LLC				5,000
Bolder Panther Group, LLC				4,500
Classic H&G Holdco, LLC				4,000
Pearl Meyer Topco LLC		5,000		3,988
Adams Publishing Group, LLC		5,000
Electronic Transaction Consultants, LLC				3,704
Ian, Evan & Alexander Corporation (EverWatch)				3,333
Hunter Defense Technologies, Inc.				3,230
NinjaTrader, LLC				3,078
Arcus Hunting LLC				2,892
Mako Steel, LP				2,779
GS HVAM Intermediate, LLC				2,773
Echo US Holdings, LLC.				2,586
Superior Rigging & Erecting Co.				2,500
Klein Hersh, LLC				2,500
Nebraska Vet AcquireCo, LLC				2,500
MB2 Dental Solutions, LLC				2,281
Fortna, Inc.				2,027
PPL RVs, Inc.				2,000
Hawk Ridge Systems, LLC				2,000
RTIC Subsidiary Holdings, LLC				1,918
Lynx FBO Operating LLC				1,875
Market Force Information, LLC		5,000		1,850
Classic H&G Holdco, LLC		4,000
AAC Holdings, Inc.		3,281
Bluestem Brands, Inc.		2,884
Fortna, Inc.		2,703
Echo US Holdings, LLC.		2,037
PPL RVs, Inc.		2,000
Cody Pools, Inc.		1,600		1,600
Chamberlin Holding LLC		1,600		1,600
Direct Marketing Solutions, Inc.		1,600		1,600
Trantech Radiator Topco, LLC		1,600		1,600
Lynx FBO Operating LLC		1,500
GS HVAM Intermediate, LLC		1,364
GRT Rubber Technologies LLC		1,340		1,340
Project Eagle Holdings, LLC				1,250
Gamber-Johnson Holdings, LLC		1,200		1,200
LL Management, Inc.(Lab Logistics)		1,182
California Pizza Kitchen, Inc.		1,066
Tedder Industries, LLC				1,200
Invincible Boat Company, LLC.				1,080
CompareNetworks Topco, LLC		1,000		1,000
NRI Clinical Research, LLC		1,000		1,000
Arcus Hunting LLC		867
Invincible Boat Company, LLC.		864
Analytical Systems Keco, LLC		800
CTVSH, PLLC		800
HW Temps LLC				800
Mystic Logistics Holdings, LLC		800		800
Project BarFly, LLC				760
DTE Enterprises RLOC		750		750
NinjaTrader, LLC		750
Mac Lean-Fogg Company		735
PT Network, LLC				658
ASC Interests, LLC		700		600
PT Network, LLC		658
Wireless Vision Holdings, LLC		592
Jensen Jewelers of Idaho, LLC		500		500
Coastal Television Broadcasting Holdings LLC		500
PaySimple, Inc.		373
Clickbooth.com, LLC				457
American Nuts, LLC		281		281
Dynamic Communities, LLC		250		250
Acousti Engineering Company of Florida				53

Total loan commitments	$	65,677	$	105,309

Total commitments	$	108,655	$	136,668

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

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

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 ~~$0.8~~$0.1 million on the outstanding unfunded commitments as of ~~June 30, 2020.~~March 31, 2021.

Effective January 1, 2019, ASC 842 required that a lessee evaluate its leases to determine whether they should be classified as operating or financing leases. Main Street identified one operating lease for its office space. The lease commenced May 15, 2017 and expires January 31, 2028. It contains two five-year extension options for a final expiration date of January 31, 2038.

85

Table of Contents

As Main Street classified this lease as an operating lease prior to implementation, ASC 842-10-65-1 indicates that a right-of-use asset and lease liability should be recorded based on the effective date. Main Street adopted ASC 842 effective January 1, 2019 and recorded a right-of-use asset and a lease liability as of that date. After this date, Main Street has recorded lease expense on a straight-line basis, consistent with the accounting treatment for lease expense prior to the adoption of ASC 842.

Total operating lease cost incurred by Main Street for each of the three months ended ~~June 30,~~March 31, 2021 and 2020 ~~and 2019~~ was $0.2 million. ~~Total operating lease cost incurred by Main Street for each of the six months ended June 30, 2020 and 2019 was $0.4 million.~~ As of ~~June 30, 2020,~~March 31, 2021, the asset related to the operating lease was ~~$4.5~~$4.1 million and is included in the interest receivable and other assets balance on the consolidated balance sheet. The lease liability was ~~$5.3~~$4.9 million and is included in the accounts payable and other liabilities balance on the consolidated balance sheet. As of ~~June 30, 2020,~~March 31, 2021, the remaining lease term was ~~7.6~~6.8 years and the discount rate was 4.2%.

The following table shows future minimum payments under Main ~~Street's~~Street’s operating lease as of ~~June 30, 2020~~March 31, 2021 (in thousands):



For the Years Ended December 31,	Amount		Amount
2020	$	382
2021		776	$	583
2022		790		790
2023		804		804
2024		818		818
2025				832
Thereafter		2,610		1,779

Total	$	6,180	$	5,606

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~~Street’s financial condition or results of operations in any future reporting period.

NOTE L—RELATED PARTY TRANSACTIONS

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~~Street’s Investment Portfolio. At ~~June 30,~~

~~Table of Contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

~~2020,~~March 31, 2021, Main Street had a receivable of approximately ~~$4.8~~$3.9 million due from the External Investment Manager, which included (i) approximately ~~$3.8~~$2.8 million related primarily to operating expenses incurred by MSCC or its subsidiaries as required to support the External Investment ~~Manager's~~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 ~~$1.1~~$1.2 million of dividends declared but not paid by the External Investment Manager. MSCC has entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for the External Investment Manager’s relationship with MSC Income and its other clients (see further discussion in Note A.1 and Note D).

From time to time, Main Street may make investments in clients of the External Investment Manager in the form of debt or equity capital on terms approved by Main Street’s Board of Directors. In January 2021, Main Street entered into a Term Loan Agreement with MSC Income (the “Term Loan Agreement”). The Term Loan Agreement was unanimously approved by Main Street’s Board, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act and the board of directors of MSC Income, including each director who is not an “interested person” of MSC Income or the External Investment Manager. The Term Loan Agreement provides for a term loan of $40.0 million to MSC Income, bearing interest at a fixed rate of 5.00% per annum, and matures in January 2026. Borrowings under the Term Loan Agreement are expressly subordinated and junior in right of payment to all secured indebtedness of MSC Income and are subject to a two-year no-call period that expires on January 27, 2023.

In December 2020, the External Investment Manager entered into an Investment Management Agreement with the Private Loan Fund to provide investment advisory and management services in exchange for an asset-based fee and

86

Table of Contents

certain incentive fees. The Private Loan Fund is a private investment fund exempt from registration under the 1940 Act that invests in debt investments in middle market companies generally with EBITDA between $7.5 million and $50 million and generally owned by a private equity sponsor, which Main Street generally refers to as Private Loan investments. In connection with the Private Loan Fund’s initial closing in December 2020, Main Street committed to contribute up to $10.0 million as a limited partner and will be entitled to distributions on such interest. In addition, certain of Main Street’s officers and employees (and certain of their immediate family members) have made capital commitments to the Private Loan Fund as limited partners and therefore have a direct pecuniary interests in the Private Loan Fund. As of March 31, 2021, Main Street has funded approximately $[ ] million of its limited partner commitment and Main Street’s unfunded commitment was approximately $8.2 million.

Additionally, Main Street provided the Private Loan Fund with a revolving line of credit pursuant to an Unsecured Revolving Promissory Note, dated February 5, 2021 (the “Private Loan Fund Loan”), in an aggregate amount equal to the amount of limited partner capital commitments to the Private Loan Fund up to $50.0 million. Borrowings under the Private Loan Fund Loan bear interest at a fixed rate of 5.00% per annum and will mature on the earlier of June 30, 2022 and the date of the Private Loan Fund’s final closing. As of March 31, 2021, there was $8.4 of borrowings outstanding under the Private Loan Fund Loan.

In November 2015, Main ~~Street's~~Street’s Board of Directors approved and adopted the Main Street Capital Corporation Deferred Compensation Plan (the ~~"2015~~“2015 Deferred Compensation ~~Plan"~~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~~“2013 Deferred Compensation ~~Plan"~~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'~~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, 2020, $9.9~~March 31, 2021, $13.3 million of compensation and ~~directors' fees~~dividend reinvestments net of unrealized gains and losses and distributions had been deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). Of this amount, ~~$5.0~~$6.1 million ~~was~~had been deferred into phantom Main Street stock units, representing ~~152,633~~154,959 shares of Main Street's common stock. Including phantom stock units issued through dividend reinvestment and net of any shares distributed, the phantom stock units outstanding as of June 30, 2020 represented 154,179 shares of Main Street'sStreet’s common stock. Any amounts deferred under the plan represented by phantom Main Street stock units will not be issued or included as outstanding on the consolidated statements of changes in net assets until such shares are actually distributed to the participant in accordance with the plan, but the related phantom stock units are included in weighted-average shares outstanding with the related dollar amount of the deferral included in total expenses in Main ~~Street's~~Street’s consolidated statements of operations as earned. The dividend amounts related to additional phantom stock units are included in the statements of changes in net assets as an increase to dividends to stockholders offset by a corresponding increase to additional paid-in ~~capital.~~capital.

NOTE M—SUBSEQUENT EVENTS

During ~~August 2020,~~April 2021, Main Street amended its Credit Facility to, among other changes, (i) increase the revolving commitments by lenders to $855.0 million, and with the right to request an increase in commitments under the Credit Facility from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $1.2 billion, subject to certain conditions, (ii) extend the revolving period under the Credit Facility to April 7, 2025 and the final maturity date of the Credit Facility to April 7, 2026 and (iii) make other changes to the Credit Facility, including, but not limited to, changes to financial covenants, LIBOR transition provisions, and technical changes to the general security agreement and equity pledge agreement relating to the Credit Facility.

During May 2021, Main Street declared regular monthly dividends of $0.205 per share for each month of ~~October, November~~July, August and ~~December~~September of ~~2020.~~2021. These regular monthly dividends equal a total of $0.615 per share for the ~~fourth~~third quarter of ~~2020,~~2021, unchanged from the regular monthly dividends paid in the ~~fourth~~third quarter of ~~2019.~~2020. Including the regular monthly dividends declared for the ~~third~~second and ~~fourth~~third quarters of ~~2020,~~2021, Main Street will have paid ~~$29.60~~$31.445 per share in cumulative dividends since its October 2007 initial public offering.

In July 2020, Main Street announced that its External Investment Manager had entered into a definitive asset purchase agreement under which it will become the sole investment adviser and administrator to HMS Income, subject to certain closing conditions. The parties expect the transaction to be completed in the fourth quarter of 2020. Following the closing of the transaction, the External Investment Manager will replace HMS Adviser as the investment adviser and administrator to HMS Income. The base management fee rate under the External Investment Manager's proposed new investment advisory agreement with HMS Income, which has been unanimously approved by the board

87

Table of Contents

Schedule 12-14

MAIN STREET CAPITAL CORPORATION

~~Notes to Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~

of directors of HMS Income, will be reduced from 2.00% to 1.75%, with no changes to the incentive fee calculations. The consummation of the transactions contemplated by the asset purchase agreement is subject to approval of the new investment advisory agreement by stockholders of HMS Income and other customary closing conditions. Post-closing, HMS Income is expected to change its name to MSC Income Fund, Inc.

In July 2020, Main Street issued an additional $125.0 million aggregate principal amount of the 5.20% Notes at an issue price of 102.674%, for total net proceeds to Main Street, resulting from the issue price and after underwriting discounts and estimated offering expenses payable by Main Street, of approximately $127.3 million. Following the issuance of the additional $125.0 million aggregate principal amount of the 5.20% Notes in July 2020, the outstanding principal balance of the 5.20% Notes was $450.0 million. The 5.20% Notes issued in July 2020 have identical terms as, and are a part of a single series with, the 5.20% Notes issued in April 2019 and in December 2019. The aggregate net proceeds from the 5.20% Notes issuances were used to repay a portion of the borrowings outstanding under the Credit Facility.

~~Table of Contents~~

~~Schedule 12-14~~

~~MAIN STREET CAPITAL CORPORATION~~

Consolidated Schedule of Investments In and Advances to Affiliates
~~June 30, 2020~~

March 31, 2021

(dollars in thousands)

(unaudited)

Company	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, 2019 Fair Value		Gross Additions(3)		Gross Reductions(4)		June 30, 2020 Fair Value		Investment(1)(10)(11)	Geography	Gain/(Loss)		Gain/(Loss)		Income(2)		Fair Value		Additions(3)		Reductions(4)		Fair Value


																									Amount of
																									Interest,
																									Fees or
																					Amount of		Amount of		Dividends		December 31,						March 31,
																					Realized		Unrealized		Credited to		2020		Gross		Gross		2021
*Majority-owned investments*
Majority‑owned investments
Café Brazil, LLC	Member Units	(8)	$	—		$	(260	)	$	38	$	2,440	$	—	$	260	$	2,180	Member Units	(8)	$	-	$	230	$	-	$	2,030	$	230	$	-	$	2,260
California Splendor Holdings LLC																			(L+10.00%, Floor 1.00%) Secured Debt	(9)		-		65		784		27,789		79		-		27,869
																			(L+8.00%, Floor 1.00%) Secured Debt	(9)		-		(29)		117		8,043		10		5,629		2,423
California Splendor Holdings LLC	LIBOR Plus 8.00% (Floor 1.00%)	(9)		—			(40	)		354		7,104		14,270		5,840		15,534
	LIBOR Plus 10.00% (Floor 1.00%)	(9)		—			(65	)		1,689		27,801		26		65		27,762
	Preferred Member Units	(9)		—			—			543		7,163		543		—		7,706
	Preferred Member Units	(9)		—			(1,601	)		125		7,382		—		1,601		5,781
																			Preferred Member Units	(9)		-		-		310		8,255		310		-		8,565
																			Preferred Member Units	(9)		-		631		63		6,241		631		-		6,872
Clad-Rex Steel, LLC	LIBOR Plus 9.50% (Floor 1.00%)	(5)		—			49			599		10,781		60		—		10,841	(L+9.50%, Floor 1.00%) Secured Debt	(5)		-		-		292		10,853		-		81		10,773
	Member Units	(5)		—			(1,020	)		245		9,630		—		1,020		8,610
	10% Secured Debt	(5)		—			(11	)		57		1,137		—		24		1,113
	Member Units	(5)		—			—			—		460		—		—		460
																			Member Units	(5)		-		-		72		8,610		-		-		8,610
																			Member Units	(5)		-		-		-		530		-		-		530
																			10.00% Secured Debt	(5)		-		-		28		1,100		-		7		1,093
CMS Minerals Investments	Member Units	(9)		—			(136	)		—		1,900		—		262		1,638	Member Units	(9)		-		180		2		1,624		180		37		1,767

Cody Pools, Inc.	LIBOR Plus 10.50% (Floor 1.75%)	(8)		—			—			822		—		15,850		200		15,650	(L+10.50%, Floor 1.75%) Secured Debt	(8)		-		(7)		439		14,216		7		207		14,016
	Preferred Member Units	(8)		—			—			29		—		8,317		—		8,317
																			Preferred Member Units	(8)		-		3,930		29		14,940		3,930		-		18,870
CompareNetworks Topco, LLC	LIBOR Plus 11.00% (Floor 1.00%)	(9)		—			—			517		8,288		12		350		7,950	Preferred Member Units	(9)		-		1,530		-		6,780		1,530		-		8,310
	Preferred Member Units	(9)		—			1,070			—		3,010		1,070		—		4,080
																			(L+10.00%, Floor 1.00%) Secured Debt	(9)		-		(3)		229		7,953		3		3		7,954
Datacom, LLC																			8.00% Secured Debt	(8)		(1,800)		185		-		1,615		185		1,800		-
																			Preferred Member Units	(8)		-		-		-		-		2,610		-		2,610
																			10.50% PIK Secured Debt	(8)		(1,801)		1,945		1		10,531		1,945		12,475		-
																			Preferred Member Units	(8)		(6,030)		6,030		-		-		6,030		6,030		-
																			Preferred Member Units	(8)		(1,294)		1,294		-		-		1,294		1,294		-
																			5.00% Secured Debt	(8)		-		-		113		-		8,064		27		8,037
Direct Marketing Solutions, Inc.	LIBOR Plus 11.00% (Floor 1.00%)	(9)		—			(9	)		990		15,707		27		487		15,247	Preferred Stock	(9)		-		(1,560)		-		19,380		-		1,560		17,820
	Preferred Stock	(9)		—			(140	)		—		20,200		—		140		20,060
																			(L+11.00%, Floor 1.00%) Secured Debt	(9)		-		-		463		15,007		9		-		15,015
Gamber-Johnson Holdings, LLC	LIBOR Plus 6.50% (Floor 2.00%)	(5)		—			(11	)		856		19,022		1,611		795		19,838	(L+7.00%, Floor 2.00%) Secured Debt	(5)		-		(15)		472		19,838		815		15		20,638
	Member Units	(5)		—			(170	)		2,608		53,410		—		170		53,240
																			Member Units	(5)		-		(88)		3,235		52,490		2,848		88		55,250
GRT Rubber Technologies LLC	LIBOR Plus 7.00%	(8)		—			—			681		15,016		1,759		—		16,775	(L+7.00%) Secured Debt	(8)		-		-		299		16,775		-		-		16,775
	Member Units	(8)		—			(2,020	)		1,341		47,450		—		2,020		45,430

Guerdon Modular Holdings, Inc.	16.00% Secured Debt	(9)		(12,776	)		12,588			—		—		12,776		12,776		—
	LIBOR Plus 8.50% (Floor 1.00%)	(9)		(993	)		1,010			—		—		993		993		—
	Preferred Stock	(9)		(1,140	)		1,140			—		—		1,140		1,140		—
	Common Stock	(9)		(2,849	)		2,983			—		—		2,849		2,849		—
	Warrants	(9)		—			—			—		—		—		—		—

Harborside Holdings, LLC	Member Units	(8)		—			(2,000	)		—		9,560		100		2,000		7,660

IDX Broker, LLC	11.00% Secured Debt	(9)		—			(42	)		711		13,400		42		13,442		—
	Preferred Member Units	(9)		9,337			(9,088	)		1,193		15,040		—		15,040		—
																			Member Units	(8)		-		-		944		44,900		-		-		44,900
Jensen Jewelers of Idaho, LLC	Prime Plus 6.75% (Floor 2.00%)	(9)		—			(56	)		225		4,000		6		206		3,800	(Prime+6.75%, Floor 2.00%) Secured Debt	(9)		-		(3)		86		3,400		3		153		3,250
	Member Units	(9)		—			(1,000	)		111		8,270		—		1,000		7,270
																			Member Units	(9)		-		700		415		7,620		700		-		8,320
Kickhaefer Manufacturing Company, LLC	9.50% Current/2.00% PIK Secured Debt	(5)		—			—			1,493		24,982		1,261		946		25,297	Member Units	(5)		-		-		-		12,240		-		-		12,240
	Member Units	(5)		—			(790	)		—		12,240		—		790		11,450
	9.00% Secured Debt	(5)		—			—			179		3,939		—		15		3,924
	Member Units	(5)		—			—			45		1,160		—		—		1,160
																			11.50% Secured Debt	(5)		-		-		655		22,269		11		-		22,280
																			9.00% Secured Debt	(5)		-		-		89		3,909		-		8		3,901
																			Member Units	(5)		-		-		24		1,160		-		-		1,160
Market Force Information, LLC	12.00% PIK Secured Debt	(9)		—			(11,068	)		304		25,316		2,885		13,946		14,255	(L+11.00%, Floor 1.00%) Secured Debt	(9)		-		-		76		1,600		1,550		-		3,150
	Member Units	(9)		—			(5,280	)		—		5,280		—		5,280		—
																			PIK Secured Debt	(9)		-		(294)		-		13,562		-		294		13,268
MH Corbin Holding LLC	13.00% Secured Debt	(5)		—			(76	)		592		8,890		16		236		8,670	(10.00% Cash, 3.00% PIK) Secured Debt	(5)		-		-		284		8,280		8		80		8,208
	Preferred Member Units	(5)		—			(20	)		—		20		—		20		—
	Preferred Member Units	(5)		—			(1,340	)		—		4,770		—		1,340		3,430

Mid-Columbia Lumber Products, LLC	10.00% Secured Debt	(9)		—			—			44		1,602		148		1,750		—
	12.00% Secured Debt	(9)		—			—			119		3,644		256		3,900		—
	Member Units	(9)		(27	)		(1,000	)		1		—		1,027		1,027		—
	9.50% Secured Debt	(9)		—			—			30		701		19		720		—
	Member Units	(9)		—			(219	)		20		1,640		709		219		2,130
																			Preferred Member Units	(5)		-		(1,170)		-		2,370		-		1,170		1,200
MSC Adviser I, LLC	Member Units	(8)		—			(5,440	)		1,056		74,520		—		5,440		69,080	Member Units	(8)		-		460		1,179		116,760		460		-		117,220

Mystic Logistics Holdings, LLC	10.00% Secured Debt	(6)		—			—			404		6,253		985		279		6,959	12.00% Secured Debt	(6)		-		-		205		6,723		2		-		6,725
	Common Stock	(6)		—			1,980			—		8,410		1,980		—		10,390
																			Common Stock	(6)		-		(1,710)		476		8,990		-		1,710		7,280
OMi Holdings, Inc.	Common Stock	(8)		—			1,080			543		16,950		1,080		—		18,030	Common Stock	(8)		-		(1,550)		450		20,380		-		1,550		18,830
Pearl Meyer Topco LLC																			12.00% Secured Debt	(6)		-		-		1,064		34,689		14		-		34,703
																			12.00% Secured Debt	(6)		-		-		44		2,513		-		1,500		1,013
Pearl Meyer Topco LLC	12.00% Secured Debt	(6)		—			—			1,151		—		34,663		—		34,663
	Member Units	(6)		—			—			—		—		13,800		800		13,000
																			Member Units	(6)		-		-		850		15,940		-		-		15,940
PPL RVs, Inc.	LIBOR Plus 8.75% PIK (Floor 0.50%)	(8)		—			—			664		12,118		136		250		12,004	Common Stock	(8)		-		830		38		11,500		830		-		12,330
	Common Stock	(8)		—			1,210			—		9,930		1,210		—		11,140
																			(L+7.00%, Floor 0.50%) Secured Debt	(8)		-		(7)		236		11,806		13		207		11,612
Principle Environmental, LLC																			13.00% Secured Debt	(8)		-		(62)		214		6,397		6		62		6,340
																			Warrants	(8)		-		330		-		870		330		1,200		-
																			Common Stock	(8)		-		(360)		-		-		1,200		360		840
																			Preferred Member Units	(8)		-		(120)		-		10,500		-		120		10,380
Quality Lease Service, LLC																			Member Units	(7)		-		(178)		-		4,460		-		578		3,882
Trantech Radiator Topco, LLC																			Common Stock	(7)		-		(340)		29		6,030		-		340		5,690
																			12.00% Secured Debt	(7)		-		-		267		8,644		5		-		8,649
Ziegler’s NYPD, LLC																			6.50% Secured Debt	(8)		-		21		16		979		21		-		1,000
																			Preferred Member Units	(8)		-		290		-		1,780		290		-		2,070
																			14.00% Secured Debt	(8)		-		-		96		2,750		-		-		2,750
																			12.00% Secured Debt	(8)		-		-		19		625		-		-		625
Other controlled investments
2717 MH, L.P.																			LP Interests (2717 HPP-MS, L.P.)	(8)		-		-		-		250		-		-		250
																			LP Interests (2717 MH, L.P.)	(8)		-		(65)		-		2,702		46		65		2,684
ASC Interests, LLC																			Member Units	(8)		-		50		-		1,120		50		-		1,170
																			13.00% Secured Debt	(8)		-		-		62		1,715		5		-		1,720
ASK (Analytical Systems Keco Holdings, LLC)																			Preferred Member Units	(8)		-		(470)		-		3,200		-		470		2,730
																			(L+10.00%, Floor 2.00%) Secured Debt	(8)		-		-		171		4,874		15		-		4,889
																			Warrants	(8)		-		(10)		-		10		-		10		-
ATS Workholding, LLC																			5.00% Secured Debt	(9)		-		(123)		-		3,347		-		163		3,184

88

Table of Contents

Company	Investment(1)(10)(11)	Geography												Investment(1)(10)(11)	Geography	Gain/(Loss)		Gain/(Loss)		Income(2)		Fair Value		Additions(3)		Reductions(4)		Fair Value


																				Amount of
																				Interest,
																				Fees or
																Amount of		Amount of		Dividends		December 31,						March 31,
																Realized		Unrealized		Credited to		2020		Gross		Gross		2021
Principle Environmental, LLC (d/b.a TruHorizon Environmental Solutions)	13.00% Secured Debt	(8)	—		55		440	6,397		—	—	6,397
	Preferred Member Units	(8)	—		(480	)	—	13,390		—	480	12,910
	Warrants	(8)	—		(20	)	—	1,090		—	20	1,070
Barfly Ventures, LLC														7.00% Secured Debt	(5)		-		-		20		343		368		-		711
														Member Units	(5)		-		-		-		1,584		-		-		1,584
Quality Lease Service, LLC	Member Units	(7)	—		(3,810	)	—	9,289		301	3,810	5,780
Bolder Panther Group, LLC														8.00% Class B Preferred Member Units	(9)		-		-		276		14,000		-		-		14,000
														(L+9.00%, Floor 1.50%) Secured Debt	(9)		-		-		744		27,225		14		-		27,239
Trantech Radiator Topco, LLC	12.00% Secured Debt	(7)	—		74		557	9,102		85	320	8,867
	Common Stock	(7)	—		3,025		58	4,655		3,025	—	7,680
														14.00% Class A Preferred Member Units	(9)		-		-		352		10,194		-		-		10,194
Vision Interests, Inc.	13.00% Secured Debt	(9)	—		—		133	2,028		—	—	2,028
	Series A Preferred Stock	(9)	—		(629	)	—	4,089		—	629	3,460
	Common Stock		(3,586	)	3,296		—	409		3,296	3,705	—

Ziegler's NYPD, LLC	6.50% Secured Debt	(8)	—		(101	)	33	1,000		—	101	899
	12.00% Secured Debt	(8)	—		—		38	625		—	—	625
	14.00% Secured Debt	(8)	—		(384	)	195	2,750		—	384	2,366
	Warrants	(8)	—		—		—	—		—	—	—
	Preferred Member Units	(8)	—		(130	)	—	1,269		—	130	1,139

*Other controlled investments*
Access Media Holdings, LLC	10.00% PIK Secured Debt	(5)	—		(2,450	)	25	6,387		—	2,450	3,937
	Preferred Member Units	(5)	—		—		—	(284	)	—	—	(284	)
	Member Units	(5)	—		—		—	—		—	—	—

Analytical Systems Keco, LLC	LIBOR Plus 10.00% (Floor 2.00%)	(8)	—		—		366	5,210		36	270	4,976
	Preferred Member Units	(8)	—		690		—	3,200		690	—	3,890
	Warrants	(8)	—		194		—	316		194	—	510

ASC Interests, LLC	13.00% Secured Debt	(8)	—		—		115	1,639		—	33	1,606
	Member Units	(8)	—		(240	)	—	1,290		—	240	1,050

ATS Workholding, LLC	5.00% Secured Debt	(9)	—		(619	)	187	4,521		63	619	3,965
	Preferred Member Units	(9)	—		(939	)	—	939		—	939	—
														(L+8.00%, Floor 1.50%) Secured Debt	(9)		-		-		15		-		500		-		500
Bond-Coat, Inc.	15.00% Secured Debt		—		—		1,399	11,473		123	11,596	—		Common Stock	(8)		-		440		-		2,040		440		-		2,480
	Common Stock	(8)	—		(1,470	)	—	8,300		—	1,470	6,830

Brewer Crane Holdings, LLC	LIBOR Plus 10.00% (Floor 1.00%)	(9)	—		—		518	8,989		10	248	8,751		Preferred Member Units	(9)		-		(360)		337		5,850		-		360		5,490
	Preferred Member Units	(9)	—		—		50	4,280		—	—	4,280
														(L+10.00%, Floor 1.00%) Secured Debt	(9)		-		-		237		8,513		5		124		8,394
Bridge Capital Solutions Corporation	13.00% Secured Debt	(6)	—		—		868	7,797		288	—	8,085		Preferred Member Units	(6)		-		-		25		1,000		-		-		1,000
	Warrants	(6)	—		(180	)	—	3,500		—	180	3,320
	13.00% Secured Debt	(6)	—		—		67	996		1	—	997
	Preferred Member Units	(6)	—		—		50	1,000		—	—	1,000
														13.00% Secured Debt	(6)		-		-		33		998		1		-		999
														13.00% Secured Debt	(6)		-		-		457		8,403		170		-		8,573
														Warrants	(6)		-		120		-		3,220		120		-		3,340
CBT Nuggets, LLC	Member Units	(9)	—		(4,790	)	454	50,850		—	4,790	46,060		Member Units	(9)		-		-		-		46,080		-		-		46,080

Centre Technologies Holdings, LLC	LIBOR Plus 10.00% (Floor 2.00%)	(8)	—		—		743	12,136		13	306	11,843		(L+10.00%, Floor 2.00%) Secured Debt	(8)		-		-		363		11,549		16		1,753		9,813
	Preferred Member Units	(8)	—		—		60	5,840		—	—	5,840
														Preferred Member Units	(8)		-		-		30		6,160		-		-		6,160
Chamberlin Holding LLC	LIBOR Plus 10.00% (Floor 1.00%)	(8)	—		(17	)	1,054	17,773		17	17	17,773		(L+8.00%, Floor 1.00%) Secured Debt	(8)		-		(8)		352		15,212		8		8		15,212
	Member Units	(8)	—		110		1,485	24,040		110	—	24,150
	Member Units	(8)	—		(530	)	34	1,450		—	530	920
														Member Units	(8)		-		210		576		28,070		210		-		28,280
														Member Units	(8)		-		60		17		1,270		60		-		1,330
Charps, LLC	15.00% Secured Debt	(5)	—		—		152	2,000		—	—	2,000		Preferred Member Units	(5)		-		800		141		10,520		800		-		11,320
	Preferred Member Units	(5)	—		1,210		311	6,920		1,210	—	8,130
														(8.67% Cash, 1.33% PIK) Unsecured Debt	(5)		-		(481)		356		8,475		146		904		7,718
Copper Trail Fund Investments	LP Interests (CTMH, LP)	(9)	—		—		—	872		—	110	762
														0.15 Secured Debt	(5)		-		-		4		669		-		669		-
Datacom, LLC	8.00% Secured Debt	(8)	—		—		—	1,615		—	—	1,615
	10.50% PIK Secured Debt	(8)	—		—		—	10,142		—	—	10,142
	Class A Preferred Member Units	(8)	—		—		—	—		—	—	—
	Class B Preferred Member Units	(8)	—		—		—	—		—	—	—
Colonial Electric Company LLC														12.00% Secured Debt	(6)		-		-		378		-		24,948		-		24,948
														Preferred Member Units	(6)		-		-		-		-		7,680		-		7,680
Copper Trail Energy Fund I, LP - CTMH														LP Interests (CTMH, LP)	(9)		-		-		-		747		-		37		710
Digital Products Holdings LLC	LIBOR Plus 10.00% (Floor 1.00%)	(5)	—		350		1,123	18,452		373	660	18,165		(L+10.00%, Floor 1.00%) Secured Debt	(5)		-		-		502		18,077		11		330		17,758
	Preferred Member Units	(5)	—		(579	)	100	5,174		—	579	4,595
														Preferred Member Units	(5)		-		-		50		9,835		-		-		9,835
Garreco, LLC	LIBOR Plus 8.00% (Floor 1.00%, Ceiling 1.50%)	(8)	—		—		220	4,515		4	—	4,519		Member Units	(8)		-		260		-		1,410		260		-		1,670
	Member Units	(8)	—		(860	)	—	2,560		—	860	1,700
														(L+8.00%, Floor 1.00%, Ceiling 1.50%) Secured Debt	(8)		-		-		102		4,519		-		-		4,519
Gulf Manufacturing, LLC	Member Units	(8)	—		(2,630	)	119	7,430		—	2,630	4,800		Member Units	(8)		-		140		154		4,510		140		-		4,650

Gulf Publishing Holdings, LLC	LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 5.25% / 5.25% PIK	(8)	—		—		14	280		3	40	243		(5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%) Secured Debt	(8)		-		-		7		250		7		3		253
	6.25% Current / 6.25% PIK	(8)	—		(1,091	)	809	12,493		214	1,091	11,616
	Member Units	(8)	—		(2,420	)	—	2,420		—	2,420	—

Harris Preston Fund Investments	LP Interests (2717 MH, L.P.)	(8)	—		(180	)	—	3,157		—	180	2,977
														(6.25% Cash, 6.25% PIK) Secured Debt	(8)		-		-		421		12,044		421		206		12,259
Harrison Hydra-Gen, Ltd.	Common Stock	(8)	—		(2,330	)	104	7,970		—	2,330	5,640		Common Stock	(8)		-		(130)		-		5,450		-		130		5,320

J&J Services, Inc.	11.50% Secured Debt	(7)	—		135		1,053	17,430		170	2,400	15,200		11.50% Secured Debt	(7)		-		(5)		373		12,800		5		5		12,800
	Preferred Stock	(7)	—		2,815		—	7,160		2,815	75	9,900
														Preferred Stock	(7)		-		-		-		12,680		-		-		12,680
KBK Industries, LLC	Member Units	(5)	—		(2,330	)	437	15,470		—	2,330	13,140		Member Units	(5)		-		-		28		13,200		-		-		13,200
MS Private Loan Fund														LP Interests	(8)		-		-		-		-		142		-		142
														5.0% Unsecured Debt	(8)		-		-		111		-		8,422		-		8,422
MSC Income Fund Inc.														5.0% Unecured Debt	(8)		-		210		368		-		39,822		-		39,822
NAPCO Precast, LLC	Member Units	(8)	—		(3,830	)	4	14,760		—	3,830	10,930		Member Units	(8)		-		(530)		79		16,100		-		530		15,570
Nebraska Vet AcquireCo, LLC (NVS)														Preferred Member Units	(5)		-		-		-		6,500		-		-		6,500
														12.00% Secured Debt	(5)		-		-		326		10,395		5		-		10,400
NexRev LLC	11.00% PIK Secured Debt	(8)	—		(1,701	)	913	17,469		182	1,919	15,732		Preferred Member Units	(8)		-		1,810		20		1,470		1,810		-		3,280
	Preferred Member Units	(8)	—		(6,310	)	—	6,310		—	6,310	—
														11.00% Secured Debt	(8)		-		178		474		16,726		188		218		16,696
NRI Clinical Research, LLC	10.50% Secured Debt	(9)	—		(17	)	394	5,981		1,536	517	7,000		9.00% Secured Debt	(9)		-		(8)		135		5,620		8		8		5,620
	Warrants	(9)	—		160		—	1,230		160	—	1,390
	Member Units	(9)	—		333		377	4,988		710	377	5,321
														Warrants	(9)		-		40		-		1,490		40		-		1,530
														Member Units	(9)		-		150		136		5,600		150		-		5,750
NRP Jones, LLC														12.00% Secured Debt	(5)		-		-		62		2,080		-		-		2,080
														Member Units	(5)		-		419		(45)		2,821		419		-		3,240
NuStep, LLC														Preferred Member Units	(5)		-		610		-		10,780		610		-		11,390
														12.00% Secured Debt	(5)		-		-		529		17,193		10		-		17,203
Pegasus Research Group, LLC														Member Units	(8)		-		(560)		-		8,830		-		560		8,270
River Aggregates, LLC														Member Units	(8)		-		-		-		3,240		-		-		3,240
Tedder Industries, LLC														12.00% Secured Debt	(9)		-		-		482		16,301		17		1,600		14,718
														Preferred Member Units	(9)		-		-		-		8,136		-		-		8,136
														12.00% Secured Debt	(9)		-		-		(1)		-		-		-		-
UnionRock Energy Fund II, LP														LP Interests	(9)		-		520		-		2,894		1,895		-		4,788
Vision Interests, Inc.														13.00% Secured Debt	(9)		-		-		66		2,028		-		-		2,028
														Series A Preferred Stock	(9)		-		(160)		-		3,160		-		160		3,000
Other Amounts related to investments transferred to or from other 1940 Act classification during the period																	-		-		-		-		-		-		-
Total Control Investments																$	(10,925)	$	14,261	$	24,025	$	1,113,725	$	126,139	$	46,901	$	1,192,964
Affiliate Investments
AAC Holdings, Inc.														(10.00% Cash, 8.00% PIK) Secured Debt	(7)	$	-	$	163	$	435	$	9,187	$	362	$	-	$	9,548
														Warrants	(7)		-		(1,136)		-		2,938		-		1,136		1,802
														Common Stock	(7)		-		(1,218)		-		3,148		-		1,218		1,930
														(L+11.00%, Floor 1.00%) Secured Debt	(7)		-		-		(16)		-		-		-		-
AFG Capital Group, LLC														Preferred Member Units	(8)		-		510		-		5,810		510		-		6,320
														10.00% Secured Debt	(8)		-		-		11		491		-		87		404
American Trailer Rental Group LLC														Member Units	(5)		-		1,870		-		16,010		1,870		-		17,880
BBB Tank Services, LLC														Member Units	(8)		-		-		-		280		-		-		280
														(L+11.00%, Floor 1.00%) Unsecured Debt	(8)		-		-		164		4,722		20		-		4,742
														PIK Preferred Stock (non-voting)	(8)		-		-		6		151		6		-		157

89

Table of Contents


							Amount of
							Interest,
							Fees or
			Amount of		Amount of		Dividends		December 31,						March 31,
			Realized		Unrealized		Credited to		2020		Gross		Gross		2021
Company	Investment(1)(10)(11)	Geography	Gain/(Loss)		Gain/(Loss)		Income(2)		Fair Value		Additions(3)		Reductions(4)		Fair Value
Boccella Precast Products LLC	Member Units	(6)		-		(290)		360		6,040		-		290		5,750
Buca C, LLC	(2.56% Cash, 7.69% PIK) (L+9.25%, Floor 1.00%) Secured Debt	(7)		-		(373)		362		14,256		-		373		13,883
CAI Software LLC	Member Units	(6)		-		410		(10)		7,190		410		-		7,600
	12.50% Secured Debt	(6)		-		(46)		1,489		47,474		46		3,399		44,121
Chandler Signs Holdings, LLC	Class A Units	(8)		-		(420)		-		1,460		-		420		1,040
Classic H&G Holdings, LLC	Preferred Member Units	(6)		-		1,670		320		9,510		1,670		-		11,180
	12.00% Secured Debt	(6)		-		(10)		758		24,800		10		10		24,800
Congruent Credit Opportunities Funds	LP Interests (Congruent Credit Opportunities Fund III, LP)	(8)		-		-		215		11,540		-		-		11,540
	LP Interests (Fund II)	(8)		(4,449)		4,355		-		94		4,355		4,449		-
Copper Trail Energy Fund I, LP	LP Interests (Copper Trail Energy Fund I, LP)	(9)		-		61		91		1,782		61		-		1,843
Dos Rios Partners	LP Interests (Dos Rios Partners, LP)	(8)		-		(316)		-		5,417		-		316		5,101
	LP Interests (Dos Rios Partners - A, LP)	(8)		-		(100)		-		1,720		-		100		1,620
Dos Rios Stone Products LLC	Class A Preferred Units	(8)		-		(230)		-		1,250		-		230		1,020
East Teak Fine Hardwoods, Inc.	Common Stock	(7)		-		-		-		300		-		-		300
EIG Fund Investments	LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)		3		-		33		526		34		113		446
Freeport Financial SBIC Fund LP	LP Interests (Freeport First Lien Loan Fund III LP)	(5)		-		-		245		10,321		-		1,398		8,923
	LP Interests (Freeport Financial SBIC Fund LP)	(5)		-		-		-		5,264		-		-		5,264
GFG Group, LLC.	Preferred Member Units	(5)		-		-		-		-		4,900		-		4,900
	12.00% Secured Debt	(5)		-		-		315		-		15,588		-		15,588
Hawk Ridge Systems, LLC	10.00% Secured Debt	(9)		-		-		2		-		-		-		-
	10.00% Secured Debt	(9)		-		(8)		468		18,400		8		8		18,400
	Preferred Member Units	(9)		-		1,290		337		8,030		1,290		-		9,320
	Preferred Member Units	(9)		-		70		-		420		70		-		490
Houston Plating and Coatings, LLC	8.00% Unsecured Convertible Debt	(8)		-		-		60		2,900		-		-		2,900
	Member Units	(8)		-		(830)		1		5,080		-		830		4,250
HPEP 3, L.P.	LP Interests (HPEP 3, L.P.)	(8)		-		-		-		3,258		374		-		3,632
I-45 SLF LLC	Member Units (Fully diluted 20.0%; 24.40% profits interest) (8)	(8)		-		639		456		15,789		639		2,000		14,428
L.F. Manufacturing Holdings, LLC	PIK Preferred Member Units (non-voting)	(8)		-		-		3		93		3		-		96
	Member Units	(8)		-		-		-		2,050		-		-		2,050
OnAsset Intelligence, Inc.	PIK Unsecured Debt	(8)		-		-		2		64		3		2		66
	PIK Secured Debt	(8)		-		-		219		7,301		219		-		7,520
PCI Holding Company, Inc.	Preferred Stock	(9)		-		(203)		2,852		4,130		-		4,130		-
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	12.00% Secured Debt	(8)		(357)		-		-		-		-		-		-
SI East, LLC (Stavig)	9.50% Secured Debt	(7)		-		(39)		768		32,963		39		3,789		29,213
	Preferred Member Units	(7)		-		380		0		9,780		380		-		10,160
Slick Innovations, LLC	Common Stock	(6)		-		180		-		1,330		180		-		1,510
	Warrants	(6)		-		40		-		360		40		-		400
	12.00% Secured Debt	(6)		-		(12)		185		5,720		12		172		5,560
Superior Rigging & Erecting Co.	Preferred Member Units	(7)		-		-		-		4,500		-		-		4,500
	12.00% Secured Debt	(7)		-		-		653		21,298		8		-		21,306
UniTek Global Services, Inc.	PIK Secured Debt	(6)		-		-		19		-		1,092		-		1,092
	PIK Preferred Stock	(6)		-		(52)		72		3,208		92		72		3,228
	(L+6.50% Floor 1.00%) Secured Debt	(6)		-		62		41		2,426		65		393		2,098
Volusion, LLC	11.50% Secured Debt	(8)		-		-		582		19,243		-		-		19,243
	Preferred Member Units	(8)		-		-		-		5,990		-		-		5,990
	8.00% Unsecured Convertible Debt	(8)		-		-		8		291		-		-		291
Other Amounts related to investments transferred to or from other 1940 Act classification during the period				-		-		-		-		-		-		-
Total Affiliate investments			$	(4,803)	$	6,417	$	11,505	$	366,301	$	34,356	$	24,934	$	375,723

(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.”

90

Company
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,
2019
Fair Value Gross
Additions(3) Gross
Reductions(4) June 30,
2020
Fair
Value
NRP Jones, LLC
12.00% Secured Debt (5) — — 387 6,376 — — 6,376
Member Units (5) — (1,590 ) 25 4,710 — 1,590 3,120

NuStep, LLC
12.00% Secured Debt (5) — — 1,218 19,703 21 160 19,564
Preferred Member Units (5) — — — 10,200 — — 10,200

Pegasus Research Group, LLC
Member Units (8) — 1,790 491 8,170 1,790 — 9,960

River Aggregates, LLC
Zero Coupon Secured Debt (8) — — — 722 — — 722
Member Units (8) — 1,170 187 4,990 1,170 — 6,160
Member Units (8) — 151 — 3,169 151 — 3,320

Tedder Industries, LLC
12.00% Secured Debt (9) — — 41 640 — — 640
12.00% Secured Debt (9) — — 1,009 16,272 14 — 16,286
Preferred Member Units (9) — — — 8,136 — — 8,136

UnionRock Energy Fund II, LP
LP Interests (9) — — — — 2,894 — 2,894

Other

Amounts related to investments transferred to or from other 1940 Act classification during the period
(7,832 ) 4,656 4 4,564 — — —

Total Control investments
$ (19,866 ) $ (42,235 ) $ 38,800 $ 1,032,721 $ 143,295 $ 163,313 $ 1,008,139

Affiliate Investments

AFG Capital Group, LLC

10.00% Secured Debt

(8)

$
—
$
—
$
37
$
838
$
—
$
174
$
664
Preferred Member Units (8) — (10 ) — 5,180 — 10 5,170

American Trailer Rental Group LLC
LIBOR Plus 7.25% (Floor 1.00%) (5) — (182 ) 1,119 27,087 182 27,269 —
Member Units (5) — 779 — 8,540 4,520 — 13,060

BBB Tank Services, LLC
LIBOR Plus 11.00% (Floor 1.00%) (8) — (51 ) 335 4,698 37 51 4,684
Preferred Member Units (8) — — 10 131 10 — 141
Member Units (8) — (80 ) — 290 — 80 210

Boccella Precast Products LLC
LIBOR Plus 10.00% (Floor 1.00%) (6) — (138 ) 982 13,244 138 13,382 —
Member Units (6) — (290 ) 369 6,270 — 290 5,980

Buca C, LLC
LIBOR Plus 9.25% (Floor 1.00%) (7) — (1,714 ) 1,036 18,794 24 1,714 17,104
Preferred Member Units (7) — (4,005 ) 69 4,701 69 4,005 765

CAI Software LLC
12.50% Secured Debt (6) — 108 996 9,160 19,500 16 28,644
Member Units (6) — 369 10 5,210 720 — 5,930

Chandler Signs Holdings, LLC
Class A Units (8) — (200 ) (91 ) 2,740 — 200 2,540

Charlotte Russe, Inc
Common Stock (9) — — — — — — —

Classic H&G Holdings, LLC
12.00% Secured Debt (6) — — 1,518 — 25,753 — 25,753
Preferred Member Units (6) — — — — 5,760 — 5,760

Congruent Credit Opportunities Funds
LP Interests (Fund II) (8) — — — 855 — — 855
LP Interests (Fund III) (8) — (399 ) 394 13,915 — 1,411 12,504

Copper Trail Fund Investments
LP Interests (Copper Trail Energy Fund I, LP) (9) — (791 ) 594 2,362 — 540 1,822

Dos Rios Partners
LP Interests (Dos Rios Partners, LP) (8) — (504 ) — 7,033 759 504 7,288
LP Interests (Dos Rios Partners—A, LP) (8) — (160 ) — 2,233 241 160 2,314

East Teak Fine Hardwoods, Inc.
Common Stock (7) — (100 ) 4 400 — 100 300

EIG Fund Investments
LP Interests (EIG Global Private Debt fund-A, L.P.) (8) 6 (111 ) 69 720 94 219 595

Freeport Financial Funds
LP Interests (Freeport Financial SBIC Fund LP) (5) — (624 ) — 5,778 — 624 5,154
LP Interests (Freeport First Lien Loan Fund III LP) (5) — 46 80 9,696 1,035 160 10,571

Fuse, LLC
12.00% Secured Debt (9) — (338 ) 118 1,939 — 338 1,601
Common Stock (9) — — — 256 — — 256

Harris Preston Fund Investments
LP Interests (HPEP 3, L.P.) (8) — — — 2,474 345 — 2,819

Hawk Ridge Systems, LLC
LIBOR Plus 6.00% (Floor 1.00%) (9) — — 25 600 — — 600
11.00% Secured Debt (9) — (15 ) 760 13,400 15 15 13,400
Preferred Member Units (9) — (580 ) 45 7,900 — 580 7,320
Preferred Member Units (9) — (30 ) — 420 — 30 390

Houston Plating and Coatings, LLC
8.00% Unsecured Convertible Debt (8) — (1,000 ) 121 4,260 — 1,000 3,260
Member Units (8) — (3,110 ) 66 10,330 — 3,110 7,220

I-45 SLF LLC
Member Units (8) — (3,654 ) 1,258 14,407 3,200 3,654 13,953

L.F. Manufacturing Holdings, LLC
Preferred Member Units (8) — — 6 81 6 — 87
Member Units (8) — — — 2,050 — — 2,050

OnAsset Intelligence, Inc.
12.00% PIK Secured Debt (8) — — 399 6,474 399 — 6,873
10.00% PIK Secured Debt (8) — — 3 58 3 — 61
Preferred Stock (8) — — — — — — —
Warrants (8) — — — — — — —

Table of Contents

(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 March 31, 2021 for control investments located in this region was $258,822. This represented 16.8% of net assets as of March 31, 2021. The fair value as of March 31, 2021 for affiliate investments located in this region was $52,555. This represented 3.4% of net assets as of March 31, 2021.

(6)

Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2021 for control investments located in this region was $112,201. This represented 7.3% of net assets as of March 31, 2021. The fair value as of March 31, 2021 for affiliate investments located in this region was $107,338. This represented 7.0% of net assets as of March 31, 2021.

(7)

Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2021 for control investments located in this region was $43,701. This represented 2.8% of net assets as of March 31, 2021. The fair value as of March 31, 2021 for affiliate investments located in this region was $92,642. This represented 6.0% of net assets as of March 31, 2021.

(8)

Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2021 for control investments located in this region was $492,297. This represented 32.0% of net assets as of March 31, 2021. The fair value as of March 31, 2021 for affiliate investments located in this region was $93,135. This represented 6.0% of net assets as of March 31, 2021.

(9)

Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2021 for control investments located in this region was $285,943. This represented 18.6% of net assets as of March 31, 2021. The fair value as of March 31, 2021 for affiliate investments located in this region was $30,053. This represented 2.0% of net assets as of March 31, 2021.

(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.

(12)	Investment has an unfunded commitment as of March 31, 2021 (see Note K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

91


(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, 2020~~March 31, 2021
OR
o ◻		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: to


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


Title of Each Class		Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	MAIN	New York Stock Exchange

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Affiliate Investments(6)

AFG Capital Group, LLC	November 7, 2014	Provider of Rent-to-Own Financing Solutions and Services
			10.00% Secured Debt (Maturity—May 25, 2022)	664	664	664
			Preferred Member Units (186 units)		1,200	5,170

					1,864	5,834

American Trailer Rental Group LLC	June 7, 2017	Provider of Short-term Trailer and Container Rental
			Member Units (Milton Meisler Holdings LLC) (73,493 units)		8,596	13,060

BBB Tank Services, LLC	April 8, 2016	Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, (Maturity—April 8, 2021)(9)	4,800	4,734	4,684
			Preferred Stock (non-voting)(8)		141	141
			Member Units (800,000 units)		800	210

					5,675	5,035

Boccella Precast Products LLC	June 30, 2017	Manufacturer of Precast Hollow Core Concrete
			Member Units (2,160,000 units)(8)		2,256	5,980

Buca C, LLC	June 30, 2015	Casual Restaurant Group
			LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.25%, Secured Debt (Maturity—June 30, 2020)(9)(17)	19,004	19,004	17,104
			Preferred Member Units (6 units; 6% cumulative)(8)(19)		4,770	765

					23,774	17,869

CAI Software LLC	October 10, 2014	Provider of Specialized Enterprise Resource Planning Software
			12.50% Secured Debt (Maturity—December 7, 2023)	28,644	28,452	28,644
			Member Units (70,764 units)(8)		1,102	5,930

					29,554	34,574

Chandler Signs Holdings, LLC(10)	January 4, 2016	Sign Manufacturer
			Class A Units (1,500,000 units)		1,500	2,540

Charlotte Russe, Inc(11)	May 28, 2013	Fast-Fashion Retailer to Young Women
			Common Stock (19,041 shares)		3,141	—

Classic H&G Holdings, LLC	March 12, 2020	Provider of Engineered Packaging Solutions
			12.00% Secured Debt (Maturity—March 12, 2025)	26000	25,753	25,753
			Preferred Member Units (154 units)		5,760	5,760

					31,513	31,513

Congruent Credit Opportunities Funds(12)(13)	January 24, 2012	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)		5,210	855
			LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%)(8)		12,589	12,504

					17,799	13,359

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


L.F. Manufacturing Holdings, LLC(10)	December 23, 2013	Manufacturer of Fiberglass Products
			Preferred Member Units (non-voting; 14% cumulative)(8)(19)		87	87
			Member Units (2,179,001 units)		2,019	2,050

					2,106	2,137

OnAsset Intelligence, Inc.	April 18, 2011	Provider of Transportation Monitoring / Tracking Products and Services
			12.00% PIK Secured Debt (Maturity—June 30, 2021)(19)	6,873	6,873	6,873
			10.00% PIK Unsecured Debt (Maturity—June 30, 2021)(19)	61	61	61
			Preferred Stock (912 shares)		1,981	—
			Warrants (5,333 equivalent shares; Expiration—April 18, 2021; Strike price—$0.01 per share)		1,919	—

					10,834	6,934

PCI Holding Company, Inc.	December 18, 2012	Manufacturer of Industrial Gas Generating Systems
			12.00% Current, Secured Debt (Maturity—July 1, 2020)	11,356	11,356	11,356
			Preferred Stock (1,740,000 shares) (non-voting)		1,740	4,350
			Preferred Stock (1,500,000 shares)		3,927	4,130

					17,023	19,836

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	January 8, 2013	Provider of Rigsite Accommodation Unit Rentals and Related Services
			12.00% Secured Debt (Maturity—January 8, 2018)(14)(15)	30,369	29,865	—
			Preferred Member Units (250 units)		2,500	—

					32,365	—

Salado Stone Holdings, LLC(10)	June 27, 2016	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units (Salado Acquisition, LLC) (2,000,000 units)		2,000	430

Slick Innovations, LLC	September 13, 2018	Text Message Marketing Platform
			14.00% Current, Secured Debt (Maturity—September 13, 2023)	6,280	6,136	6,136
			Common Stock (70,000 shares)(8)		700	1,130
			Warrants (18,084 equivalent units; Expiration—September 13, 2028; Strike price—$0.01 per unit)		181	300

					7,017	7,566

SI East, LLC	August 31, 2018	Rigid Industrial Packaging Manufacturing
			9.50% Current, Secured Debt (Maturity—August 31, 2023)	32,963	32,723	32,963
			Preferred Member Units (157 units)(8)		6,000	9,310

					38,723	42,273

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Non-Control/Non-Affiliate Investments(7)

AAC Holdings, Inc.(11)	June 30, 2017	Substance Abuse Treatment Service Provider
			10.00% Current / 8.00% PIK Secured Debt (Maturity—March 24, 2021)(19)	2,264	2,196	2,196
			Prime Plus 13.50% (Floor 1.00%), Current Coupon 16.75%, Secured Debt (Maturity—April 17, 2020)(9)(17)	3,121	2,961	2,887
			Prime Plus 9.75% (Floor 1.00%), Current Coupon 13.00%, Secured Debt (Maturity—June 30, 2023)(9)(14)	14,396	14,030	6,442

					19,187	11,525

Adams Publishing Group, LLC(10)	November 19, 2015	Local Newspaper Operator
			LIBOR Plus 7.50% (Floor 1.75%), Current Coupon 9.25%, Secured Debt (Maturity—July 3, 2023)(9)	6,301	6,162	6,054

ADS Tactical, Inc.(10)	March 7, 2017	Value-Added Logistics and Supply Chain Provider to the Defense Industry
			LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 7.00%, Secured Debt (Maturity—July 26, 2023)(9)	19,738	19,616	19,444

Aethon United BR LP(10)	September 8, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—September 8, 2023)(9)	9,750	9,644	9,002

Affordable Care Holding Corp.(10)	May 9, 2019	Dental Service Organization
			LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity—October 22, 2022)(9)	14,321	14,095	12,746

ALKU, LLC.(11)	October 18, 2019	Specialty National Staffing Operator
			LIBOR Plus 5.50%, Current Coupon 6.38%, Secured Debt (Maturity—July 29, 2026)(9)	9,975	9,883	9,676

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 9.43%, Secured Debt (Maturity—April 10, 2023)(9)	12,186	11,977	11,605

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 7.66%, Secured Debt (Maturity—June 8, 2023)(9)	17,374	16,531	11,276

APTIM Corp.(11)	August 17, 2018	Engineering, Construction & Procurement
			7.75% Secured Debt (Maturity—June 15, 2025)	12,452	10,947	4,919

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Arcus Hunting LLC(10)	January 6, 2015	Manufacturer of Bowhunting and Archery Products and Accessories
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.45%, Secured Debt (Maturity—March 31, 2021)(9)	13,423	13,423	13,423

ASC Ortho Management Company, LLC(10)	August 31, 2018	Provider of Orthopedic Services
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.93%, Secured Debt (Maturity—August 31, 2023)(9)	5,264	5,194	4,924
			13.25% PIK Secured Debt (Maturity—December 1, 2023)(19)	1,980	1,951	1,919

					7,145	6,843

ATX Networks Corp.(11)(13)(21)	June 30, 2015	Provider of Radio Frequency Management Equipment
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.45% / 1.00% PIK, Current Coupon Plus PIK 8.45%, Secured Debt (Maturity—June 11, 2021)(9)(19)	13,530	13,419	12,380

Barfly Ventures, LLC(10)	August 31, 2015	Casual Restaurant Group
			9.00% PIK Secured Debt (Maturity—March 23, 2021)(14)(19)	110	110	110
			12.00% Secured Debt (Maturity—August 31, 2020)(14)	10,185	10,073	1,111
			Options (3 equivalent units)		607	—
			Warrant (2 equivalent unit; Expiration—August 31, 2025; Strike price—$1.00 per unit)		473	—

					11,263	1,221

Berry Aviation, Inc.(10)	July 6, 2018	Charter Airline Services
			10.50% Current / 1.5% PIK, Secured Debt (Maturity— January 6, 2024)(19)	4,588	4,556	4,522
			Preferred Member Units (Berry Acquisition, LLC) (122,416 units; 16% cumulative)(8)(19)		135	135
			Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units; 8% cumulative)(19)		1,671	804

					6,362	5,461

BigName Commerce, LLC(10)	May 11, 2017	Provider of Envelopes and Complimentary Stationery Products
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 4.35% / 4.35% PIK, Current Coupon plus PIK 8.70%, Secured Debt (Maturity—May 11, 2022)(9)(19)	2,233	2,222	2,134

Binswanger Enterprises, LLC(10)	March 10, 2017	Glass Repair and Installation Service Provider
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—March 9, 2022)(9)	13,538	13,312	13,313
			Member Units (1,050,000 units)		1,050	730

					14,362	14,043

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Bluestem Brands, Inc.(11)	December 19, 2013	Multi-Channel Retailer of General Merchandise
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—September 9, 2020)(9)	635	635	635
			Prime Plus 6.50% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity—November 6, 2020)(9)(14)	10,622	10,571	3,983

					11,206	4,618

Bojangles', Inc.(11)	February 5, 2019	Quick Service Restaurant Group
			LIBOR Plus 4.75%, Current Coupon 4.93%, Secured Debt (Maturity—January 28, 2026)	7,723	7,593	7,498
			LIBOR Plus 8.50%, Current Coupon 8.68%, Secured Debt (Maturity—January 28, 2027)	5,000	4,912	4,575

					12,505	12,073

Brainworks Software, LLC(10)	August 12, 2014	Advertising Sales and Newspaper Circulation Software
			Prime Plus 9.25% (Floor 3.25%), Current Coupon 12.50%, Secured Debt (Maturity—July 22, 2019)(9)(14)(17)	6,733	6,733	4,915

Brightwood Capital Fund Investments(12)(13)	July 21, 2014	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.6%)(8)		10,920	8,075
			LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.6%)(8)		4,750	4,384

					15,670	12,459

Cadence Aerospace LLC(10)	November 14, 2017	Aerostructure Manufacturing
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—November 14, 2023)(9)	26,868	26,678	24,545

California Pizza Kitchen, Inc.(11)	August 29, 2016	Casual Restaurant Group
			LIBOR Plus 10.00% (Floor 1.50%), Current Coupon 11.50%, Secured Debt (Maturity—August 23, 2022)(9)	3,929	3,882	3,857
			LIBOR Plus 6.00% PIK (Floor 1.00%), Current Coupon 7.00% PIK, Secured Debt (Maturity—August 23, 2022)(9)(19)	12,064	11,990	3,534

					15,872	7,391

Central Security Group, Inc.(11)	December 4, 2017	Security Alarm Monitoring Service Provider
			LIBOR Plus 5.63% (Floor 1.00%), Current Coupon 6.63%, Secured Debt (Maturity—October 6, 2021)(9)	13,667	13,637	5,768

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Cenveo Corporation(11)	September 4, 2015	Provider of Digital Marketing Agency Services
			Libor Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity—June 7, 2023)(9)	5,674	5,520	5,107
			Common Stock (177,130 shares)		5,309	2,657

					10,829	7,764

Chisholm Energy Holdings, LLC(10)	May 15, 2019	Oil & Gas Exploration & Production
			LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity—May 15, 2026)(9)	3,571	3,493	3,278

Clarius BIGS, LLC(10)	September 23, 2014	Prints & Advertising Film Financing
			15.00% PIK Secured Debt (Maturity—January 5, 2015)(14)(17)	2,841	2,841	45

Clickbooth.com, LLC(10)	December 5, 2017	Provider of Digital Advertising Performance Marketing Solutions
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.95%, Secured Debt (Maturity—January 31, 2025)(9)	8,407	8,283	8,191

Coastal Television Broadcasting Holdings LLC(10)	June 4, 2020	Operator of Television Broadcasting Networks
			LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity—June 4, 2025)(9)	8,900	8,714	8,714

Construction Supply Investments, LLC(10)	December 29, 2016	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
			Member Units (50,687 units)		5,637	7,700

Corel Corporation(11)(13)(21)	July 24, 2019	Publisher of Desktop and Cloud-based Software
			LIBOR Plus 5.00%, Current Coupon 5.36%, Secured Debt (Maturity—July 2, 2026)(9)	19,652	18,761	18,620

CTVSH, PLLC(10)	August 3, 2017	Emergency Care and Specialty Service Animal Hospital
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity—August 3, 2022)(9)	9,399	9,352	9,264

Darr Equipment LP(10)	April 15, 2014	Heavy Equipment Dealer
			11.5% Current / 1% PIK Secured Debt (Maturity—June 22, 2023)(19)	5,929	5,929	5,929
			Warrants (915,734 equivalent units; Expiration—December 23, 2023; Strike price—$1.50 per unit)		474	110

					6,403	6,039

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Digital River, Inc.(11)	February 24, 2015	Provider of Outsourced e-Commerce Solutions and Services
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—February 12, 2023)(9)	13,628	13,379	13,492

DTE Enterprises, LLC(10)	April 13, 2018	Industrial Powertrain Repair and Services
			LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity—April 13, 2023)(9)	10,992	10,849	10,691
			Class AA Preferred Member Units (non-voting; 10% cumulative)(8)(19)		904	904
			Class A Preferred Member Units (776,316 units)		776	1,260

					12,529	12,855

Dynamic Communities, LLC(10)	July 17, 2018	Developer of Business Events and Online Community Groups
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—July 17, 2023)(9)	5,390	5,316	5,045

Echo US Holdings, LLC.(10)	November 12, 2019	Developer and Manufacturer of PVC and Polypropylene Materials
			LIBOR Plus 6.25% (Floor 1.63%), Current Coupon 7.88%, Secured Debt (Maturity—October 25, 2024)(9)	22,851	22,740	21,750

EnCap Energy Fund Investments(12)(13)	December 28, 2010	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%)		3,635	678
			LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.) (Fully diluted 0.4%)		2,097	346
			LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%)(8)		4,359	1,245
			LP Interests (EnCap Energy Capital Fund X, L.P.) (Fully diluted 0.1%)(8)		8,555	5,792
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%)		7,473	3,931
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%)(8)		6,974	5,797

					33,093	17,789

Encino Acquisition Partners Holdings, Inc.(11)	November 16, 2018	Oil & Gas Exploration & Production
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—October 29, 2025)(9)	9,000	8,926	6,570

EPIC Y-Grade Services, LP(11)	June 22, 2018	NGL Transportation & Storage
			LIBOR Plus 6.00%, (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—June 13, 2024)	6,875	6,777	5,145

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Fortna, Inc.(10)	July 23, 2019	Process, Physical Distribution and Logistics Consulting Services
			LIBOR Plus 5.00%, Current Coupon 5.18%, Secured Debt (Maturity—April 8, 2025)	9,739	9,592	8,795

GeoStabilization International (GSI)(11)	December 31, 2018	Geohazard Engineering Services & Maintenance
			LIBOR Plus 5.25%, Current Coupon 5.43%, Secured Debt (Maturity—December 19, 2025)	16,294	16,158	15,642

GoWireless Holdings, Inc.(11)	December 31, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity—December 22, 2024)(9)	17,868	17,727	15,061

Grupo Hima San Pablo, Inc.(11)	March 7, 2013	Tertiary Care Hospitals
			LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 9.69%, Secured Debt (Maturity—April 30, 2019)(9)(17)	4,504	4,504	3,084
			13.75% Secured Debt (Maturity—October 15, 2018)(17)	2,055	2,040	167

					6,544	3,251

GS HVAM Intermediate, LLC(10)	October 18, 2019	Specialized Food Distributor
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—October 2, 2024)(9)	13,580	13,463	12,635

Gexpro Services(10)	February 24, 2020	Distributor of Industrial and Specialty Parts
			LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity—February 24, 2025)(9)	29,327	28,779	27,148

HDC/HW Intermediate Holdings(10)	December 21, 2018	Managed Services and Hosting Provider
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity—December 21, 2023)(9)	3,482	3,430	3,159

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 8.25%, Secured Debt (Maturity—January 28, 2021)(9)	20,694	20,344	15,728

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 8.07%, Secured Debt (Maturity—March 29, 2023)(9)	31,161	30,790	30,559

HW Temps LLC	July 2, 2015	Temporary Staffing Solutions
			12.00% Current Secured Debt (Maturity—March 29, 2023)	10,001	9,875	8,912

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Hydrofarm Holdings LLC(10)	May 18, 2017	Wholesaler of Horticultural Products
			LIBOR Plus 8.50%, Current Coupon 8.68% Secured Debt (Maturity—May 12, 2022)	6,907	6,825	5,610

Hyperion Materials & Technologies, Inc.(11)(13)	September 12, 2019	Manufacturer of Cutting and Machine Tools & Speciality Polishing Compounds
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity—August 28, 2026)(9)	22,388	21,979	19,883

iEnergizer Limited(10)(13)(21)	April 17, 2019	Provider of Business Outsourcing Solutions
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—April 17, 2024)(9)	11,438	11,340	11,137

Implus Footcare, LLC(10)	June 1, 2017	Provider of Footwear and Related Accessories
			LIBOR Plus 2.50% (Floor 1.00%), Current Coupon 3.50% / PIK 5.25%, Current Coupon Plus PIK 8.75%, Secured Debt (Maturity—April 30, 2024)(9)(19)	18,732	18,372	17,185

Independent Pet Partners Intermediate Holdings, LLC(10)	November 20, 2018	Omnichannel Retailer of Specialty Pet Products
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.31%, Secured Debt (Maturity—November 19, 2023)(9)	19,514	19,071	16,503
			Member Units (1,558,333 units)		1,558	—

					20,629	16,503

Industrial Services Acquisition, LLC(10)	June 17, 2016	Industrial Cleaning Services
			6% Current / 7% PIK Unsecured Debt (Maturity—December 17, 2022)(19)	5,428	5,371	5,428
			Preferred Member Units (Industrial Services Investments, LLC) (144 units; 10% cumulative)(8)(19)		107	107
			Preferred Member Units (Industrial Services Investments, LLC) (80 units; 20% cumulative)(8)(19)		65	65
			Member Units (Industrial Services Investments, LLC) (900 units)		900	530

					6,443	6,130

Inn of the Mountain Gods Resort and Casino(11)	October 30, 2013	Hotel & Casino Owner & Operator
			9.25% Secured Debt (Maturity—November 30, 2020)	7,176	7,099	6,028

Interface Security Systems, L.L.C(10)	August 7, 2019	Commercial Security & Alarm Services
			LIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.75% / 3.00% PIK, Secured Debt (Maturity—August 7, 2023)(9)(19)	7,557	7,435	7,557

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Intermedia Holdings, Inc.(11)	August 3, 2018	Unified Communications as a Service
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—July 19, 2025)(9)	20,050	19,961	19,681

Invincible Boat Company, LLC.(10)	August 28, 2019	Manufacturer of Sport Fishing Boats
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—August 28, 2025)(9)	9,538	9,445	8,993

Isagenix International, LLC(11)	June 21, 2018	Direct Marketer of Health & Wellness Products
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—June 14, 2025)(9)	5,777	5,732	2,302

JAB Wireless, Inc.(10)	May 2, 2018	Fixed Wireless Broadband Provider
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 8.17%, Secured Debt (Maturity—May 2, 2023)(9)	14,700	14,608	14,180

Jackmont Hospitality, Inc.(10)	May 26, 2015	Franchisee of Casual Dining Restaurants
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity—May 26, 2021)(9)	4,033	4,030	3,303

Joerns Healthcare, LLC(11)	April 3, 2013	Manufacturer and Distributor of Health Care Equipment & Supplies
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00% Secured Debt (Maturity—August 21, 2024)(9)	4,016	3,948	3,784
			Common Stock (472,579 shares)		4,429	2,480

					8,377	6,264

Kemp Technologies Inc.(10)	June 27, 2019	Provider of Application Delivery Controllers
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—March 29, 2024)(9)	7,425	7,302	7,139

Kore Wireless Group Inc.(11)	December 31, 2018	Mission Critical Software Platform
			LIBOR Plus 5.50%, Current Coupon 5.81%, Secured Debt (Maturity—December 20, 2024)	19,236	19,139	18,034

Larchmont Resources, LLC(11)	August 13, 2013	Oil & Gas Exploration & Production
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—August 7, 2021)(9)	2,145	2,145	1,180
			Member Units (Larchmont Intermediate Holdco, LLC) (2,828 units)		353	353

					2,498	1,533

Laredo Energy VI, LP(10)	January 15, 2019	Oil & Gas Exploration & Production
			Member Units (1,155,952 units)		11,560	11,560

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Lightbox Holdings, L.P.(11)	May 23, 2019	Provider of Commercial Real Estate Software
			LIBOR Plus 5.00%, Current Coupon 5.18%, Secured Debt (Maturity—May 9, 2026)	14,888	14,687	13,771

LKCM Headwater Investments I, L.P.(12)(13)	January 25, 2013	Investment Partnership
			LP Interests (Fully diluted 2.3%)(8)		1,746	3,354

LL Management, Inc.(10)	May 2, 2019	Medical Transportation Service Provider
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.56%, Secured Debt (Maturity—September 25, 2023)(9)	13,650	13,537	12,976

Logix Acquisition Company, LLC(10)	June 24, 2016	Competitive Local Exchange Carrier
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—December 22, 2024)(9)	26,272	24,534	22,200

Looking Glass Investments, LLC(12)(13)	July 1, 2015	Specialty Consumer Finance
			Member Units (2.6 units)		125	25
			Member Units (LGI Predictive Analytics LLC) (190,712 units)		41	8

					166	33

LSF9 Atlantis Holdings, LLC(11)	May 17, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—May 1, 2023)(9)	9,275	9,275	7,914

Lulu's Fashion Lounge, LLC(10)	August 31, 2017	Fast Fashion E-Commerce Retailer
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.07% / 2.50% PIK, Current Coupon Plus PIK 12.57%, Secured Debt (Maturity—August 28, 2022)(9)(19)	11,335	11,115	9,692

Lynx FBO Operating LLC(10)	September 30, 2019	Fixed Based Operator in the General Aviation Industry
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—September 30, 2024)(9)	13,647	13,375	12,656
			Member Units (3,704 units)		500	445

					13,875	13,101

Mac Lean-Fogg Company(10)	April 22, 2019	Manufacturer and Supplier for Auto and Power Markets
			LIBOR Plus 5.00%, Current Coupon 5.00%, Secured Debt (Maturity—December 22, 2025)	16,564	16,453	15,141
			Preferred Stock (1,516 shares; 4.50% Cash / 9.25% PIK cumulative)(8)(19)	1,809	1,809	1,806

					18,262	16,947

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


MHVC Acquisition Corp.(11)	May 8, 2017	Provider of Differentiated Information Solutions, Systems Engineering, and Analytics
			LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity—April 29, 2024)(9)	19,899	19,813	19,203

Mills Fleet Farm Group, LLC(10)	October 24, 2018	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.84% / 0.75% PIK, Current Coupon Plus PIK 8.59%, Secured Debt (Maturity—October 24, 2024)(9)(19)	13,959	13,663	12,425

NBG Acquisition Inc(11)	April 28, 2017	Wholesaler of Home Décor Products
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.57%, Secured Debt (Maturity—April 26, 2024)(9)	4,153	4,111	1,910

NinjaTrader, LLC(10)	December 18, 2019	Operator of Futures Trading Platform
			LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—December 18, 2024)(9)	9,125	8,955	8,877

NNE Partners, LLC(10)	March 2, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 8.00%, Current Coupon 8.34%, Secured Debt (Maturity—March 2, 2022)	23,417	23,287	20,701

Novetta Solutions, LLC (11)	June 21, 2017	Provider of Advanced Analytics Solutions for Defense Agencies
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity—October 17, 2022)(9)	20,950	20,628	20,548

NTM Acquisition Corp.(11)	July 12, 2016	Provider of B2B Travel Information Content
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity—June 7, 2022)(9)	4,793	4,793	4,314

Ospemifene Royalty Sub LLC (QuatRx)(10)	July 8, 2013	Estrogen-Deficiency Drug Manufacturer and Distributor
			11.50% Secured Debt (Maturity—November 15, 2026)(14)	4,814	4,814	261

PaySimple, Inc.(10)	September 9, 2019	Leading Technology Services Commerce Platform
			LIBOR Plus 5.50%, Current Coupon 5.69%, Secured Debt (Maturity—August 23, 2025)(9)	24,135	23,890	21,721

Permian Holdco 2, Inc.(11)	February 12, 2013	Storage Tank Manufacturer
			14.00% PIK Unsecured Debt (Maturity—October 15, 2021)(19)	488	488	93
			18.00% PIK Unsecured Debt (Maturity—June 30, 2022)(19)	348	348	348
			Preferred Stock (Permian Holdco 1, Inc.) (154,558 units)		799	—

					1,635	441

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


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	—

					342	—

PricewaterhouseCoopers Public Sector LLP(11)	May 24, 2018	Provider of Consulting Services to Governments
			LIBOR Plus 8.00%, Current Coupon 8.18%, Secured Debt (Maturity—May 1, 2026)	9,000	8,967	8,235

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 6.73% / 2.00% PIK, Current Coupon Plus PIK 8.73%, Secured Debt (Maturity—November 30, 2023)(9)(19)	8,555	8,555	8,074

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 6.50%, Secured Debt (Maturity—December 20, 2024)(9)	18,023	17,543	16,736

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	13

					471	13

SAFETY Investment Holdings, LLC	April 29, 2016	Provider of Intelligent Driver Record Monitoring Software and Services
			Member Units (2,000,000 units)		2,000	2,060

Salient Partners L.P.(11)	June 25, 2015	Provider of Asset Management Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity—August 31, 2021)(9)	6,450	6,438	5,876

Staples Canada ULC(10)(13)(21)	September 14, 2017	Office Supplies Retailer
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity—September 12, 2024)(9)(22)	13,828	13,665	11,685

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

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


TEAM Public Choices, LLC(10)	October 28, 2019	Home-Based Care Employment Service Provider
			LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity—September 20, 2024)(9)	17,372	17,214	16,615

Tectonic Financial, Inc.	May 15, 2017	Financial Services Organization
			Common Stock (200,000 shares)		2,000	2,600

TGP Holdings III LLC(11)	September 30, 2017	Outdoor Cooking & Accessories
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—September 25, 2025)(9)	5,500	5,444	4,922

The Pasha Group(11)	February 2, 2018	Diversified Logistics and Transportation Provided
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 7.77%, Secured Debt (Maturity—January 26, 2023)(9)	12,279	11,578	11,358

USA DeBusk LLC(10)	October 22, 2019	Provider of Industrial Cleaning Services
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity—October 22, 2024)(9)	25,137	24,702	23,119

U.S. TelePacific Corp.(11)	September 14, 2016	Provider of Communications and Managed Services
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.07%, Secured Debt (Maturity—May 2, 2023)(9)	17,088	16,916	13,719

Vida Capital, Inc(11)	October 10, 2019	Alternative Asset Manager
			LIBOR Plus 6.00%, Current Coupon 6.76%, Secured Debt (Maturity—October 1, 2026)	18,338	18,090	18,292

VIP Cinema Holdings, Inc.(11)	March 9, 2017	Supplier of Luxury Seating to the Cinema Industry
			Prime Plus 7.00% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (Maturity—May 18, 2020)(9)(17)	994	994	994
			Prime Plus 7.00% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (Maturity—March 1, 2023)(9)(14)	10,063	10,030	—

					11,024	994

Vistar Media, Inc.(10)	February 17, 2017	Operator of Digital Out-of-Home Advertising Platform
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity—April 3, 2023)(9)	4,670	4,529	4,536
			Preferred Stock (70,207 shares)		767	1,600
			Warrants (69,675 equivalent shares; Expiration—April 3, 2029; Strike price—$10.92 per share)		—	1,620

					5,296	7,756

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)		Cost(4)		Fair Value(18)


Wireless Vision Holdings, LLC(10)	September 29, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 8.94% (Floor 1.00%), Current Coupon 9.84% / 1.00% PIK, Current Coupon Plus PIK 10.84%, Secured Debt (Maturity—September 29, 2022)(9)(19)(23)	6,985		6,874		6,984
			LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 9.91% / 1.00% PIK, Current Coupon Plus PIK 10.91%, Secured Debt (Maturity—September 29, 2022)(9)(19)(23)	6,070		6,001		6,070

						12,875		13,054

YS Garments, LLC(11)	August 22, 2018	Designer and Provider of Branded Activewear
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.31% Secured Debt (Maturity—August 9, 2024)(9)	14,278		14,171		13,064

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 (79.5% of net assets at fair value)					$	1,257,360	$	1,089,705


Total Portfolio Investments, June 30, 2020					$	2,425,854	$	2,419,553

Portfolio Company(1)(20)	Investment Date(26)	Business Description	Type of Investment(2)(3)(25)


Felix Investments Holdings II(10)	August 9, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.40%, Secured Debt (Maturity—August 9, 2022)(9)	5,000	4,944	5,000

Flavors Holdings Inc.(11)	October 15, 2014	Global Provider of Flavoring and Sweetening Products
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.77%, Secured Debt (Maturity—April 3, 2020)(9)	11,297	11,247	10,619

Fortna, Inc.(10)	July 23, 2019	Process, Physcial Distribution and Logistics Consulting Services
			LIBOR Plus 5.00%, Current Coupon 6.75%, Secured Debt (Maturity—April 8, 2025)	7,751	7,577	7,577

GeoStabilization International (GSI)(11)	December 31, 2018	Geohazard Engineering Services & Maintenance
			LIBOR Plus 5.25%, Current Coupon 7.05%, Secured Debt (Maturity—December 19, 2025)	16,376	16,230	16,335

GoWireless Holdings, Inc. (11)	December 31, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity—December 22, 2024)(9)	18,120	17,964	17,471

Grupo Hima San Pablo, Inc.(11)	March 7, 2013	Tertiary Care Hospitals
			LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.91%, Secured Debt (Maturity—April 30, 2019)(9)(17)	4,504	4,504	3,343
			13.75% Secured Debt (Maturity—October 15, 2018)(17)	2,055	2,040	167

					6,544	3,510

GS HVAM Intermediate, LLC(10)	October 18, 2019	Specialized Food Distributor
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.51%, Secured Debt (Maturity—October 2, 2024)(9)	11,364	11,233	11,233

HDC/HW Intermediate Holdings(10)	December 21, 2018	Managed Services and Hosting Provider
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.53%, Secured Debt (Maturity—December 21, 2023)(9)	3,498	3,440	3,493

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 9.26%, Secured Debt (Maturity—January 28, 2021)(9)	20,764	20,119	19,206

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 9.02%, Secured Debt (Maturity—March 29, 2023)(9)	29,097	28,659	29,097

Type of Investment	Fair Value as of December 31, 2019 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)

Equity investments	$	819,749	Discounted cash flow	WACC	9.6% -2 0.3%	13.6%	14.2%
			Market comparable / Enterprise Value	EBITDA multiple(1)	4.9x - 8.5x(2)	7.2x	6.4x
Debt investments	$	1,212,741	Discounted cash flow	Risk adjusted discount factor	5.9% - 16.5%(2)	10.4%	10.0%
				Expected principal recovery percentage	1.4% - 100.0%	99.3%	100.0%
Debt investments	$	569,834	Market approach	Third-party quote	28.1 - 101.0	94.7	98.0

Total Level 3 investments	$	2,602,324

Type of Investment	Fair Value as of December 31, 2019		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, 2020

Debt	$	1,782,575	$	—	$	(256,050	)	$	225,646	$	29,876		$	(124,365	)	$	(12,268	)	$	1,645,414
Equity	$	809,538	$	—	$	(21,380	)	$	45,061	$	(1,112	)	$	(80,261	)	$	12,268		$	764,114
Equity Warrant	$	10,211	$	—	$	(1,096	)	$	—	$	1,096		$	(186	)	$	—		$	10,025

	$	2,602,324	$	—	$	(278,526	)	$	270,707	$	29,860		$	(204,812	)	$	—		$	2,419,553

Type of Investment	Fair Value as of December 31, 2018		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, 2019

Debt	$	1,686,753	$	—	$	(235,999	)	$	254,123	$	15,063		$	(8,776	)	$	(8,860	)	$	1,702,304
Equity		755,710		—		(11,298	)		24,058		(5,869	)		23,362			10,667			796,630
Equity Warrant		11,446		—		1,217			—		(1,090	)		(271	)		(1,807	)		9,495

	$	2,453,909	$	—	$	(246,080	)	$	278,181	$	8,104		$	14,315		$	—		$	2,508,429

Type of Instrument	Fair Value as of December 31, 2019		Repayments			Net Realized Loss		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation			Fair Value as of June 30, 2020

SBIC debentures at fair value	$	21,927	$	(22,000	)	$	533	$	—	$	(460	)	$	—

Type of Instrument	Fair Value as of December 31, 2018		Repayments			Net Realized Loss		New SBIC Debentures		Net Unrealized (Appreciation) Depreciation			Fair Value as of June 30, 2019

SBIC debentures at fair value	$	44,688	$	(24,000	)	$	5,689	$	—	$	(4,945	)	$	21,432

			Fair Value Measurements

			(in thousands)
At June 30, 2020	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	$	1,188,005	$	—	$	—	$	1,188,005
Middle Market portfolio investments		410,502		—		—		410,502
Private Loan portfolio investments		653,824		—		—		653,824
Other Portfolio investments		98,142		—		—		98,142
External Investment Manager		69,080		—		—		69,080

Total investments	$	2,419,553	$	—	$	—	$	2,419,553

			Fair Value Measurements

			(in thousands)
At December 31, 2019	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	$	1,206,865	$	—	$	—	$	1,206,865
Middle Market portfolio investments		522,083		—		—		522,083
Private Loan portfolio investments		692,117		—		—		692,117
Other Portfolio investments		106,739		—		—		106,739
External Investment Manager		74,520		—		—		74,520

Total investments	$	2,602,324	$	—	$	—	$	2,602,324



SBIC debentures at fair value	$	21,927	$	—	$	—	$	21,927

	As of June 30, 2020

	LMM(a)		Middle Market		Private Loan
	(dollars in millions)
Number of portfolio companies		69		44		64
Fair value	$	1,188.0	$	410.5	$	653.8
Cost	$	1,032.3	$	516.5	$	750.7
% of portfolio at cost—debt		65.5%		94.1%		93.1%
% of portfolio at cost—equity		34.5%		5.9%		6.9%
% of debt investments at cost secured by first priority lien		98.2%		92.1%		95.3%
Weighted-average annual effective yield(b)		11.6%		7.7%		8.7%
Average EBITDA(c)	$	5.3	$	78.1	$	51.8

Cost:

First lien debt	77.4%	78.2%
Equity	18.5%	17.2%
Second lien debt	3.1%	3.5%
Equity warrants	0.5%	0.6%
Other	0.5%	0.5%

	100.0%	100.0%

Fair Value:

First lien debt	69.8%	70.1%
Equity	26.5%	26.0%
Second lien debt	2.8%	3.0%
Equity warrants	0.4%	0.4%
Other	0.5%	0.5%

	100.0%	100.0%

Cost:

Machinery	7.5%	7.7%
Commercial Services & Supplies	5.3%	6.1%
Aerospace & Defense	5.1%	4.9%
Energy Equipment & Services	5.0%	5.4%
Professional Services	5.0%	2.9%
Health Care Providers & Services	4.8%	4.5%
Construction & Engineering	4.7%	5.4%
Internet Software & Services	4.3%	4.1%
Media	4.1%	5.3%
IT Services	4.0%	4.6%
Diversified Telecommunication Services	3.9%	3.9%
Leisure Equipment & Products	3.9%	3.8%
Hotels, Restaurants & Leisure	3.8%	3.7%
Software	3.5%	2.4%
Electronic Equipment, Instruments & Components	3.4%	3.5%
Communications Equipment	3.4%	3.1%
Oil, Gas & Consumable Fuels	3.3%	3.6%
Specialty Retail	3.0%	3.1%
Food Products	2.9%	3.0%
Distributors	2.5%	1.1%
Diversified Financial Services	1.9%	1.9%
Containers & Packaging	1.7%	1.7%
Computers & Peripherals	1.5%	2.3%
Trading Companies & Distributors	1.3%	0.0%
Diversified Consumer Services	1.1%	0.4%
Transportation Infrastructure	1.1%	1.0%
Food & Staples Retailing	1.1%	1.0%
Chemicals	1.0%	1.0%
Internet & Catalog Retail	1.0%	0.9%
Building Products	0.9%	1.3%
Construction Materials	0.4%	1.0%
Road & Rail	0.4%	1.4%
Other(1)	3.2%	4.0%

	100.0%	100.0%

	As of June 30, 2020		As of December 31, 2019

	(dollars in thousands)
Cash	$	—	$	—
Accounts receivable—HMS Income		4,836		2,708

Total assets	$	4,836	$	2,708



Accounts payable to MSCC and its subsidiaries	$	3,780	$	1,592
Dividend payable to MSCC and its subsidiaries		1,056		1,116
Equity		—		—

Total liabilities and equity	$	4,836	$	2,708

	Six Months Ended June 30,

Per Share Data:	2020			2019
NAV at the beginning of the period	$	23.91		$	24.09
Net investment income(1)		1.04			1.27
Net realized loss(1)(2)		(0.48	)		(0.22	)
Net unrealized appreciation (depreciation)(1)(2)		(2.78	)		0.34
Income tax benefit (provision)(1)(2)		0.25			(0.11	)

Net increase (decrease) in net assets resulting from operations(1)		(1.97	)		1.28
Dividends paid		(1.23	)		(1.44	)
Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period		—			(0.01	)
Accretive effect of stock offerings (issuing shares above NAV per share)		0.17			0.25
Accretive effect of DRIP issuance (issuing shares above NAV per share)		0.05			0.05
Other(3)		(0.08	)		(0.05	)

NAV at the end of the period	$	20.85		$	24.17



Market value at the end of the period	$	20.51		$	41.12
Shares outstanding at the end of the period		65,763,805			62,925,132

	Amount

Investments with equity capital commitments that have not yet funded:
Congruent Credit Opportunities Funds
Congruent Credit Opportunities Fund II, LP	$	8,488
Congruent Credit Opportunities Fund III, LP		8,117

	$	16,605
Encap Energy Fund Investments
EnCap Energy Capital Fund VIII, L.P.	$	202
EnCap Energy Capital Fund IX, L.P.		281
EnCap Energy Capital Fund X, L.P.		1,485
EnCap Flatrock Midstream Fund II, L.P.		4,592
EnCap Flatrock Midstream Fund III, L.P.		409

	$	6,969
EIG Fund Investments	$	4,751
Freeport Fund Investments
Freeport Financial SBIC Fund LP	$	1,375
Freeport First Lien Loan Fund III LP		1,715

	$	3,090
Brightwood Capital Fund Investments
Brightwood Capital Fund III, LP	$	3,000
Brightwood Capital Fund IV, LP		250

	$	3,250
Harris Preston Fund Investments
HPEP 3, L.P.	$	2,181
LKCM Headwater Investments I, L.P.	$	2,500
UnionRock Energy Fund Investments
UnionRock Energy Fund II, LP	$	2,248
Dos Rios Partners
Dos Rios Partners, LP	$	835
Dos Rios Partners—A, LP		265

	$	1,100
Access Media Holdings, LLC	$	284

Total equity commitments	$	42,978