000139644012-312022Q3falseP5YP3YP3YP5Yhttp://www.mainstcapital.com/20220930#InterestAndDividendReceivableAndOtherAssetshttp://fasb.org/us-gaap/2022#AccountsPayableAndOtherAccruedLiabilities0001396440main:UnsecuredRevolvingPromissoryNoteMembersrt:AffiliatedEntityMembermain:PrivateLoanFundMember2021-12-292021-12-290001396440us-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMemberThe Affiliati Network, LLC.0001396440OnAsset Intelligence, Inc., ~~Secured Debt Two2022-01-012022-09-30~~Preferred Stock2022-12-310001396440AFG Capital Group, LLC, Preferred Member Units2022-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September 30, 2022~~March 31, 2023


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from: to

Commission File Number: 001-33723

Main Street Capital Corporation

(Exact name of registrant as specified in its charter)


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

(713) 350-6000

(Registrant’s telephone number including area code)

n/a

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

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which

Registered

Common Stock, par value $0.01 per share

MAIN

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every

Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

The number of shares outstanding of the issuer’s common stock as of ~~November 3, 2022~~May 4, 2023 was ~~77,253,793.~~80,466,696.

Table of contents

TABLE OF CONTENTS


	PART I
	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—~~September~~March 31 ~~30, 2022~~, 202 3 (unaudited) and December 31, ~~2021~~2022	1
	Consolidated Statements of Operations (unaudited)—Three ~~and~~ ~~nine~~ months ended ~~September~~March 31 , 202 3 ~~30, 2022~~ and ~~2021~~2022	2
	Consolidated Statements of Changes in Net Assets (unaudited)—~~Nine~~Three months ended ~~September~~M arch 31 , 202 3 ~~30, 2022~~ and ~~2021~~2022	3
	Consolidated Statements of Cash Flows (unaudited)—~~Nin~~eThree months ended ~~September~~March 31 , 202 3 ~~30, 2022~~ and ~~2021~~2022	4
	Consolidated Schedule of Investments (unaudited)—~~September 30, 2022~~March 31, 2023	5
	Consolidated Schedule of Investments—December 31, ~~2021~~2022	3536
	Notes to Consolidated Financial Statements (unaudited)	6167
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—~~Nine~~Three months ended ~~September~~March 31 , 202 3 ~~30, 2022~~ and ~~2021~~202 2	~~100~~108
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	~~115~~124
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	~~135~~139
Item 4.	Controls and Procedures	~~136~~140
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	~~137~~141
Item 1A.	Risk Factors	~~137~~141
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~137~~141
Item 6	Exhibits	~~138~~142
	Signatures	~~139~~143

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


		September 30, 2022		December 31, 2021			March 31, 2023		December 31, 2022
		(Unaudited)					(Unaudited)
ASSETS	ASSETS					ASSETS
Investments at fair value:	Investments at fair value:					Investments at fair value:
Control investments (cost: $1,199,446 and $1,107,597 as of September 30, 2022 and December 31, 2021, respectively)		$	1,599,429	$	1,489,257
Affiliate investments (cost: $576,047 and $578,539 as of September 30, 2022 and December 31, 2021, respectively)		552,581		549,214
Non‑Control/Non‑Affiliate investments (cost: $1,914,134 and $1,573,110 as of September 30, 2022 and December 31, 2021, respectively)		1,821,480		1,523,360
Total investments (cost: $3,689,627 and $3,259,246 as of September 30, 2022 and December 31, 2021, respectively)		3,973,490		3,561,831
Control investments (cost: $1,315,277 and $1,270,802 as of March 31, 2023 and December 31, 2022, respectively)						Control investments (cost: $1,315,277 and $1,270,802 as of March 31, 2023 and December 31, 2022, respectively)	$	1,746,003	$	1,703,172
Affiliate investments (cost: $591,458 and $635,536 as of March 31, 2023 and December 31, 2022, respectively)						Affiliate investments (cost: $591,458 and $635,536 as of March 31, 2023 and December 31, 2022, respectively)	626,227		618,359
Non‑Control/Non‑Affiliate investments (cost: $1,890,979 and $1,867,414 as of March 31, 2023 and December 31, 2022, respectively)						Non‑Control/Non‑Affiliate investments (cost: $1,890,979 and $1,867,414 as of March 31, 2023 and December 31, 2022, respectively)	1,788,687		1,780,646
Total investments (cost: $3,797,714 and $3,773,752 as of March 31, 2023 and December 31, 2022, respectively)						Total investments (cost: $3,797,714 and $3,773,752 as of March 31, 2023 and December 31, 2022, respectively)	4,160,917		4,102,177
Cash and cash equivalents	Cash and cash equivalents	61,158		32,629		Cash and cash equivalents	39,752		49,121
Interest and dividend receivable and other assets	Interest and dividend receivable and other assets	74,283		56,488		Interest and dividend receivable and other assets	84,597		82,731
Receivable for securities sold	Receivable for securities sold	20,929		35,125		Receivable for securities sold	505		381
Deferred financing costs (net of accumulated amortization of $10,203 and $9,462 as of September 30, 2022 and December 31, 2021, respectively)		5,106		4,217
Deferred financing costs (net of accumulated amortization of $11,003 and $10,603 as of March 31, 2023 and December 31, 2022, respectively)						Deferred financing costs (net of accumulated amortization of $11,003 and $10,603 as of March 31, 2023 and December 31, 2022, respectively)	7,484		7,475
Total assets	Total assets	$	4,134,966	$	3,690,290	Total assets	$	4,293,255	$	4,241,885
LIABILITIES	LIABILITIES					LIABILITIES
Credit facility		$	561,000	$	320,000
3.00% Notes due 2026 (par: $500,000 as of both September 30, 2022 and December 31, 2021)		498,004		497,609
5.20% Notes due 2024 (par: $450,000 as of both September 30, 2022 and December 31, 2021)		450,863		451,272
SBIC debentures (par: $350,000 ($16,000 due within one year) as of both September 30, 2022 and December 31, 2021)		343,618		342,731
4.50% Notes due 2022 (par: $185,000 as of both September 30, 2022 and December 31, 2021)		184,899		184,444
Credit Facilities						Credit Facilities	$	564,000	$	607,000
July 2026 Notes (par: $500,000 as of both March 31, 2023 and December 31, 2022)						July 2026 Notes (par: $500,000 as of both March 31, 2023 and December 31, 2022)	498,267		498,136
May 2024 Notes (par: $450,000 as of both March 31, 2023 and December 31, 2022)						May 2024 Notes (par: $450,000 as of both March 31, 2023 and December 31, 2022)	450,590		450,727
SBIC debentures (par: $334,000 ($63,800 due within one year) and $350,000 as of March 31, 2023 and December 31, 2022, respectively)						SBIC debentures (par: $334,000 ($63,800 due within one year) and $350,000 as of March 31, 2023 and December 31, 2022, respectively)	328,206		343,914
December 2025 Notes (par: $150,000 and $100,000 as of March 31, 2023 and December 31, 2022, respectively)						December 2025 Notes (par: $150,000 and $100,000 as of March 31, 2023 and December 31, 2022, respectively)	148,578		99,325

Accounts payable and other liabilities	Accounts payable and other liabilities	40,158		40,469		Accounts payable and other liabilities	39,759		52,092
Payable for securities purchased		—		5,111

Interest payable	Interest payable	16,673		14,926		Interest payable	18,671		16,580
Dividend payable	Dividend payable	16,789		15,159		Dividend payable	18,036		17,676
Deferred tax liability, net	Deferred tax liability, net	43,542		29,723		Deferred tax liability, net	54,226		47,849
Total liabilities	Total liabilities	2,155,546		1,901,444		Total liabilities	2,120,333		2,133,299
Commitments and contingencies (Note K)	Commitments and contingencies (Note K)					Commitments and contingencies (Note K)
NET ASSETS	NET ASSETS					NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 76,155,807 and 70,700,885 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)		763		707
Common stock, $0.01 par value per share (150,000,000 shares authorized; 79,766,002 and 78,463,599 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)						Common stock, $0.01 par value per share (150,000,000 shares authorized; 79,766,002 and 78,463,599 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	797		784
Additional paid‑in capital	Additional paid‑in capital	1,952,992		1,736,346		Additional paid‑in capital	2,083,175		2,030,531

Total undistributed earnings	Total undistributed earnings	25,665		51,793		Total undistributed earnings	88,950		77,271
Total net assets	Total net assets	1,979,420		1,788,846		Total net assets	2,172,922		2,108,586
Total liabilities and net assets	Total liabilities and net assets	$	4,134,966	$	3,690,290	Total liabilities and net assets	$	4,293,255	$	4,241,885
NET ASSET VALUE PER SHARE	NET ASSET VALUE PER SHARE	$	25.94	$	25.29	NET ASSET VALUE PER SHARE	$	27.23	$	26.86

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

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Operations

(in thousands, except shares and per share amounts)

(Unaudited)


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended March 31,
		2022		2021		2022		2021			2023		2022
INVESTMENT INCOME:	INVESTMENT INCOME:									INVESTMENT INCOME:
Interest, fee and dividend income:	Interest, fee and dividend income:									Interest, fee and dividend income:
Control investments	Control investments	$	41,367	$	34,852	$	110,751	$	85,904	Control investments	$	48,862	$	32,577
Affiliate investments	Affiliate investments	12,490		12,274		38,300		34,785		Affiliate investments	17,456		13,917
Non‑Control/Non‑Affiliate investments	Non‑Control/Non‑Affiliate investments	44,530		29,653		113,930		86,192		Non‑Control/Non‑Affiliate investments	53,936		32,901
Total investment income	Total investment income	98,387		76,779		262,981		206,881		Total investment income	120,254		79,395
EXPENSES:	EXPENSES:									EXPENSES:
Interest	Interest	(21,234)		(14,711)		(55,216)		(42,914)		Interest	(24,997)		(16,687)
Compensation	Compensation	(10,404)		(9,576)		(26,480)		(22,790)		Compensation	(11,111)		(7,269)
General and administrative	General and administrative	(4,018)		(3,047)		(11,483)		(9,439)		General and administrative	(4,077)		(3,226)
Share‑based compensation	Share‑based compensation	(3,617)		(2,869)		(10,031)		(7,961)		Share‑based compensation	(4,100)		(2,818)
Expenses allocated to the External Investment Manager	Expenses allocated to the External Investment Manager	3,334		2,728		9,613		7,680		Expenses allocated to the External Investment Manager	4,998		2,817
Total expenses	Total expenses	(35,939)		(27,475)		(93,597)		(75,424)		Total expenses	(39,287)		(27,183)
NET INVESTMENT INCOME	NET INVESTMENT INCOME	62,448		49,304		169,384		131,457		NET INVESTMENT INCOME	80,967		52,212
NET REALIZED GAIN (LOSS):	NET REALIZED GAIN (LOSS):									NET REALIZED GAIN (LOSS):
Control investments	Control investments	(5,822)		8,786		(5,822)		(4,459)		Control investments	(2,966)		—
Affiliate investments	Affiliate investments	601		(5,147)		1,340		3,962		Affiliate investments	(26,264)		692
Non‑Control/Non‑Affiliate investments	Non‑Control/Non‑Affiliate investments	10,252		4,666		7,784		11,072		Non‑Control/Non‑Affiliate investments	851		2,644

Total net realized gain		5,031		8,305		3,302		10,575
Total net realized gain (loss)										Total net realized gain (loss)	(28,379)		3,336
NET UNREALIZED APPRECIATION (DEPRECIATION):	NET UNREALIZED APPRECIATION (DEPRECIATION):									NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	Control investments	7,517		20,671		20,618		65,756		Control investments	17,161		8,279
Affiliate investments	Affiliate investments	(1,069)		14,285		3,703		30,518		Affiliate investments	33,141		3,041
Non‑Control/Non‑Affiliate investments	Non‑Control/Non‑Affiliate investments	(16,529)		3,675		(44,243)		20,798		Non‑Control/Non‑Affiliate investments	(15,184)		3,432

Total net unrealized appreciation (depreciation)		(10,081)		38,631		(19,922)		117,072
Total net unrealized appreciation										Total net unrealized appreciation	35,118		14,752
INCOME TAXES:	INCOME TAXES:									INCOME TAXES:
Federal and state income, excise and other taxes	Federal and state income, excise and other taxes	(1,540)		(953)		(3,658)		(2,242)		Federal and state income, excise and other taxes	(1,737)		(1,309)
Deferred taxes	Deferred taxes	(520)		(11,331)		(13,819)		(20,449)		Deferred taxes	(6,377)		(3,788)
Income tax provision	Income tax provision	(2,060)		(12,284)		(17,477)		(22,691)		Income tax provision	(8,114)		(5,097)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	55,338	$	83,956	$	135,287	$	236,413	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	79,592	$	65,203
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.83	$	0.71	$	2.31	$	1.92	NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	1.02	$	0.73
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.74	$	1.22	$	1.84	$	3.45	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	1.00	$	0.91
WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	75,036,522		69,021,826		73,363,281		68,557,362		WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	79,552,200		71,708,326

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

(in thousands, except shares)

(Unaudited)


		Common Stock			Additional Paid-In Capital				Total Undistributed (Overdistributed) Earnings				Total Net Asset Value
		Number of Shares	Par Value
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		117,388	2		3,626				—				3,628
Share‑based compensation		—	—		2,333				—				2,333
Purchase of vested stock for employee payroll tax withholding		(180)	—		(7)				—				(7)
Dividend reinvestment		106,651	1		3,698				—				3,699
Amortization of directors’ deferred compensation		—	—		195				—				195
Issuance of restricted stock		15,007	—		—				—				—
Dividends to stockholders		—	—		96				(41,893)				(41,797)

Net increase resulting from operations		—	—		—				57,346				57,346
Balances at March 31, 2021		68,000,898	$	680	$	1,625,881			$	(86,397)			$	1,540,164
Public offering of common stock, net of offering costs		231,795	2		9,396				—				9,398
Share‑based compensation		—	—		2,759				—				2,759
Purchase of vested stock for employee payroll tax withholding		(114,357)	(1)		(4,464)				—				(4,465)
Dividend reinvestment		91,632	1		3,755				—				3,756
Amortization of directors’ deferred compensation		—	—		163				—				163
Issuance of restricted stock, net of forfeited shares		321,821	3		(3)				—				—
Dividends to stockholders		—	—		96				(42,140)				(42,044)

Net increase resulting from operations		—	—		—				95,110				95,110
Balances at June 30, 2021		68,531,789	$	685	$	1,637,583			$	(33,427)			$	1,604,841
Public offering of common stock, net of offering costs		772,274	8		31,812				—				31,820
Share‑based compensation		—	—		2,869				—				2,869
Purchase of vested stock for employee payroll tax withholding		(13,818)	—		(575)				—				(575)
Dividend reinvestment		95,364	1		3,984				—				3,985
Amortization of directors’ deferred compensation		—	—		147				—				147
Issuance of restricted stock, net of forfeited shares		23,036	—		—				—				—
Dividends to stockholders		—	—		97				(42,833)				(42,736)

Net increase resulting from operations		—	—		—				83,956				83,956
Balances at September 30, 2021		69,408,645	$	694	$	1,675,917			$	7,696			$	1,684,307

																Common Stock					Additional Paid-In Capital				Total Undistributed (Overdistributed) Earnings				Total Net Asset Value
																Number of Shares			Par Value
Balances at December 31, 2021	Balances at December 31, 2021	70,737,021	$	707	$	1,736,346			$	51,793			$	1,788,846	Balances at December 31, 2021	70,737,021			$	707			$	1,736,346			$	51,793			$	1,788,846
Public offering of common stock, net of offering costs	Public offering of common stock, net of offering costs	1,502,430	15		63,507				—				63,522		Public offering of common stock, net of offering costs	1,502,430			15		63,507				—				63,522
Share‑based compensation	Share‑based compensation	—	—		2,818				—				2,818		Share‑based compensation	—			—		2,818				—				2,818

Dividend reinvestment	Dividend reinvestment	114,043	1		4,812				—				4,813		Dividend reinvestment	114,043			1		4,812				—				4,813
Amortization of directors’ deferred compensation	Amortization of directors’ deferred compensation	—	—		147				—				147		Amortization of directors’ deferred compensation	—			—		147				—				147
Issuance of restricted stock, net of forfeited shares	Issuance of restricted stock, net of forfeited shares	16,913	—		—				—				—		Issuance of restricted stock, net of forfeited shares	16,913			—		—				—				—
Dividends to stockholders	Dividends to stockholders	—	—		109				(51,804)				(51,695)		Dividends to stockholders	—			—		109				(51,804)				(51,695)

Net increase resulting from operations	Net increase resulting from operations	—	—		—				65,203				65,203		Net increase resulting from operations	—			—		—				65,203				65,203
Balances at March 31, 2022	Balances at March 31, 2022	72,370,407	$	723	$	1,807,739			$	65,192			$	1,873,654	Balances at March 31, 2022	72,370,407			$	723	$	1,807,739			$	65,192			$	1,873,654
Public offering of common stock, net of offering costs		662,828	7		25,626				—				25,633
Share‑based compensation		—	—		3,596				—				3,596
Purchase of vested stock for employee payroll tax withholding		(115,071)	(1)		(4,894)				—				(4,895)
Dividend reinvestment		132,156	1		4,999				—				5,000
Amortization of directors’ deferred compensation		—	—		130				—				130
Issuance of restricted stock, net of forfeited shares		467,238	5		(5)				—				—
Dividends to stockholders		—	—		114				(52,818)				(52,704)

Net increase resulting from operations		—	—		—				14,749				14,749
Balances at June 30, 2022		73,517,558	$	735	$	1,837,305			$	27,123			$	1,865,163
Public offering of common stock, net of offering costs		2,618,225	26		105,323				—				105,349
Share‑based compensation		—	—		3,617				—				3,617
Purchase of vested stock for employee payroll tax withholding		(1,106)	—		(48)				—				(48)
Dividend reinvestment		164,216	2		6,555				—				6,557
Amortization of directors’ deferred compensation		—	—		121				—				121
Issuance of restricted stock, net of forfeited shares		9,937	—		—				—				—
Dividends to stockholders		—	—		119				(56,796)				(56,677)

Net increase resulting from operations		—	—		—				55,338				55,338
Balances at September 30, 2022		76,308,830	$	763	$	1,952,992			$	25,665			$	1,979,420

Balances at December 31, 2022															Balances at December 31, 2022	78,506,816			$	784	$	2,030,531			$	77,271			$	2,108,586
Public offering of common stock, net of offering costs															Public offering of common stock, net of offering costs	1,058,914			11		40,885				—				40,896
Share‑based compensation															Share‑based compensation	—			—		4,100				—				4,100
Purchase of vested stock for employee payroll tax withholding															Purchase of vested stock for employee payroll tax withholding	(10,489)			—		(404)				—				(404)
Dividend reinvestment															Dividend reinvestment	199,282			2		7,806				—				7,808
Amortization of directors’ deferred compensation															Amortization of directors’ deferred compensation	—			—		121				—				121
Issuance of restricted stock, net of forfeited shares															Issuance of restricted stock, net of forfeited shares	39,566			—		—				—				—
Dividends to stockholders															Dividends to stockholders	—			—		136				(67,913)				(67,777)

Net increase resulting from operations															Net increase resulting from operations	—			—		—				79,592				79,592
Balances at March 31, 2023															Balances at March 31, 2023	79,794,089			$	797	$	2,083,175			$	88,950			$	2,172,922

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

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


		Nine Months Ended September 30,				Three Months Ended March 31,
		2022		2021				2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES	CASH FLOWS FROM OPERATING ACTIVITIES						CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	135,287	$	236,413		Net increase in net assets resulting from operations	$	79,592	$	65,203
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:						Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies	Investments in portfolio companies	(911,273)		(911,095)			Investments in portfolio companies	(109,036)		(315,369)
Proceeds from sales and repayments of debt investments in portfolio companies	Proceeds from sales and repayments of debt investments in portfolio companies	441,860		530,964			Proceeds from sales and repayments of debt investments in portfolio companies	56,644		218,781
Proceeds from sales and return of capital of equity investments in portfolio companies	Proceeds from sales and return of capital of equity investments in portfolio companies	64,161		83,376			Proceeds from sales and return of capital of equity investments in portfolio companies	6,817		19,963
Net unrealized (appreciation) depreciation		19,922		(117,072)
Net realized gain		(3,302)		(10,575)
Net unrealized appreciation							Net unrealized appreciation	(35,118)		(14,752)
Net realized (gain) loss							Net realized (gain) loss	28,379		(3,336)
Accretion of unearned income	Accretion of unearned income	(9,908)		(10,972)			Accretion of unearned income	(4,673)		(2,834)
Payment-in-kind interest	Payment-in-kind interest	(3,511)		(6,280)			Payment-in-kind interest	(2,895)		(937)
Cumulative dividends	Cumulative dividends	(1,390)		(1,296)			Cumulative dividends	(417)		(887)
Share-based compensation expense	Share-based compensation expense	10,031		7,961			Share-based compensation expense	4,100		2,818
Amortization of deferred financing costs	Amortization of deferred financing costs	2,068		2,277			Amortization of deferred financing costs	753		686
Deferred tax provision	Deferred tax provision	13,819		20,449			Deferred tax provision	6,377		3,788
Changes in other assets and liabilities:	Changes in other assets and liabilities:						Changes in other assets and liabilities:
Interest and dividend receivable and other assets	Interest and dividend receivable and other assets	(18,984)		(669)			Interest and dividend receivable and other assets	(1,357)		(11,731)
Interest payable	Interest payable	1,747		6,645			Interest payable	2,091		2,219
Accounts payable and other liabilities	Accounts payable and other liabilities	199		7,576			Accounts payable and other liabilities	(12,212)		(13,667)
Deferred fees and other	Deferred fees and other	1,946		3,586			Deferred fees and other	925		378
Net cash used in operating activities		(257,328)		(158,712)
Net cash provided by (used in) operating activities							Net cash provided by (used in) operating activities	19,970		(49,677)

CASH FLOWS FROM FINANCING ACTIVITIES	CASH FLOWS FROM FINANCING ACTIVITIES						CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs	Proceeds from public offering of common stock, net of offering costs	194,504		44,846			Proceeds from public offering of common stock, net of offering costs	40,896		63,522

Proceeds from public offering of 3.00% Notes due 2026		—		300,000

Proceeds from public offering of December 2025 Notes							Proceeds from public offering of December 2025 Notes	50,000		—
Dividends paid	Dividends paid	(143,075)		(114,471)			Dividends paid	(59,609)		(46,522)
Proceeds from issuance of SBIC debentures		—		80,200

Repayments of SBIC debentures	Repayments of SBIC debentures	—		(40,000)			Repayments of SBIC debentures	(16,000)		—

Proceeds from credit facility		730,000		645,000
Repayments on credit facility		(489,000)		(714,000)

Proceeds from credit facilities							Proceeds from credit facilities	97,000		185,000
Repayments on credit facilities							Repayments on credit facilities	(140,000)		(167,000)
Debt issuance costs, net	Debt issuance costs, net	(1,629)		(10,166)			Debt issuance costs, net	(1,222)		—
Purchases of vested stock for employee payroll tax withholding	Purchases of vested stock for employee payroll tax withholding	(4,943)		(5,047)			Purchases of vested stock for employee payroll tax withholding	(404)		—

Net cash provided by financing activities		285,857		186,362
Net cash provided by (used in) financing activities							Net cash provided by (used in) financing activities	(29,339)		35,000
		—
Net increase in cash and cash equivalents		28,529		27,650
Net decrease in cash and cash equivalents							Net decrease in cash and cash equivalents	(9,369)		(14,677)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	32,629		31,919			CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	49,121		32,629
CASH AND CASH EQUIVALENTS AT END OF PERIOD	CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	61,158	$	59,569		CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	39,752	$	17,952

Supplemental cash flow disclosures:	Supplemental cash flow disclosures:						Supplemental cash flow disclosures:
Interest paid	Interest paid	$	51,306	$	33,898		Interest paid	$	22,122	$	13,751
Taxes paid	Taxes paid	$	4,896	$	2,046		Taxes paid	$	2,726	$	2,874

Non-cash financing activities:	Non-cash financing activities:						Non-cash financing activities:
Value of shares issued pursuant to the DRIP	Value of shares issued pursuant to the DRIP	$	16,370	$	11,440		Value of shares issued pursuant to the DRIP	$	7,808	$	4,813

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

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)		Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Control Investments (5)	Control Investments (5)																		Control Investments (5)

Analytical Systems Keco Holdings, LLC	Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers																Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
				Secured Debt	(9) (25)	8/16/2019			L +	10.00%		8/16/2024	$	—	$	(3)	$	(3)				Secured Debt	(9) (25)	8/16/2019			L+	10.00%		8/16/2024	$	—	$	(2)	$	(2)
				Secured Debt	(9)	8/16/2019		12.63%	L +	10.00%		8/16/2024	4,735		4,595		4,595					Secured Debt	(9)	8/16/2019		14.75%	L+	10.00%		8/16/2024	4,595		4,495		4,495
				Preferred Member Units		8/16/2019	3,200	12.63%							3,200		—					Preferred Member Units		8/16/2019	3,200	14.13%							3,200		—
				Preferred Member Units		5/20/2021	2,427								2,427		3,844					Preferred Member Units		5/20/2021	2,427								2,427		3,588
				Warrants	(27)	8/16/2019	420					8/16/2029			316		—					Warrants	(27)	8/16/2019	420					8/16/2029			316		—
															10,535		8,436																10,436		8,081
ASC Interests, LLC	ASC Interests, LLC		Recreational and Educational Shooting Facility																ASC Interests, LLC		Recreational and Educational Shooting Facility
				Secured Debt		12/31/2019		13.00%				7/31/2024	300		300		300					Secured Debt		12/31/2019		13.00%				7/31/2024	400		400		400
				Secured Debt		8/1/2013		13.00%				7/31/2024	1,650		1,648		1,648					Secured Debt		8/1/2013		13.00%				7/31/2024	1,650		1,649		1,649
				Member Units		8/1/2013	1,500								1,500		800					Member Units		8/1/2013	1,500								1,500		700
															3,448		2,748																3,549		2,749
ATS Workholding, LLC	ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories																ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
				Secured Debt	(14)	11/16/2017		5.00%				8/16/2023	1,859		1,859		800					Secured Debt	(14)	11/16/2017		5.00%				8/16/2023	1,922		1,922		523
				Secured Debt	(14)	11/16/2017		5.00%				8/16/2023	3,015		2,857		1,298					Secured Debt	(14)	11/16/2017		5.00%				8/16/2023	3,015		2,855		820
				Preferred Member Units		11/16/2017	3,725,862								3,726		—					Preferred Member Units		11/16/2017	3,725,862								3,726		—
															8,442		2,098																8,503		1,343
Barfly Ventures, LLC	Barfly Ventures, LLC	(10)	Casual Restaurant Group																Barfly Ventures, LLC	(10)	Casual Restaurant Group
				Secured Debt		10/15/2020		7.00%				10/31/2024	711		711		711					Secured Debt		10/15/2020		7.00%				10/31/2024	711		711		711
				Member Units		10/26/2020	37								1,584		3,320					Member Units		10/26/2020	37								1,584		3,037
															2,295		4,031																2,295		3,748
Batjer TopCo, LLC	Batjer TopCo, LLC		HVAC Mechanical Contractor																Batjer TopCo, LLC		HVAC Mechanical Contractor
				Secured Debt	(25)	3/7/2022						3/31/2027	—		(8)		(8)					Secured Debt	(25)	3/7/2022						3/7/2027	—		(7)		(7)

				Secured Debt		3/7/2022		11.00%				3/31/2027	11,025		10,927		10,927					Secured Debt		3/7/2022		11.00%				3/7/2027	10,575		10,492		10,492
				Preferred Stock		3/7/2022	4,073								4,095		4,095					Preferred Stock	(8)	3/7/2022	4,073								4,095		6,150
															15,014		15,014																14,580		16,635
Bolder Panther Group, LLC	Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer																Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
				Secured Debt	(9) (25)	12/31/2020			L +	8.00%		12/31/2025	—		—		—					Secured Debt	(9) (28) (47)	12/31/2020		13.91%	SF+	9.22%		10/31/2027	98,535		97,952		98,535
				Secured Debt	(9)	12/31/2020		12.63%	L +	10.00%		12/31/2025	99,194		98,615		99,194					Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		31,420
				Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		27,010																111,952		129,955
															112,615		126,204
Brewer Crane Holdings, LLC	Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services																Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
				Secured Debt	(9)	1/9/2018		12.56%	L +	10.00%		1/9/2023	6,088		6,084		6,084					Secured Debt	(9)	1/9/2018		14.66%	L+	10.00%		1/9/2024	5,840		5,840		5,840
				Preferred Member Units	(8)	1/9/2018	2,950								4,280		5,670					Preferred Member Units	(8)	1/9/2018	2,950								4,280		6,560
															10,364		11,754																10,120		12,400
Bridge Capital Solutions Corporation	Bridge Capital Solutions Corporation		Financial Services and Cash Flow Solutions Provider																Bridge Capital Solutions Corporation		Financial Services and Cash Flow Solutions Provider
				Secured Debt		7/25/2016		13.00%				12/11/2024	8,813		8,813		8,813

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)	Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																	Secured Debt		7/25/2016		13.00%				12/11/2024	8,813	8,813	8,813
			Secured Debt	(30)	7/25/2016		13.00%				12/11/2024	1,000	1,000	1,000			Secured Debt	(29)	7/25/2016		13.00%				12/11/2024	1,000	1,000	1,000
			Preferred Member Units	(8) (30)	7/25/2016	17,742							1,000	1,000			Preferred Member Units	(8) (29)	7/25/2016	17,742							1,000	1,000
			Warrants	(27)	7/25/2016	82					7/25/2026		2,132	4,260			Warrants	(27)	7/25/2016	82					7/25/2026		2,132	4,340
													12,945	15,073													12,945	15,153
Café Brazil, LLC	Café Brazil, LLC	Casual Restaurant Group													Café Brazil, LLC	Casual Restaurant Group
			Member Units	(8)	6/9/2006	1,233							1,742	2,370			Member Units	(8)	6/9/2006	1,233							1,742	1,840

California Splendor Holdings LLC	California Splendor Holdings LLC	Processor of Frozen Fruits													California Splendor Holdings LLC	Processor of Frozen Fruits
			Secured Debt	(9)	3/30/2018		12.38%	L +	10.00%		7/29/2026	28,000	27,948	28,000			Secured Debt	(9)	3/30/2018		14.88%	L+	10.00%		7/29/2026	28,000	27,954	28,000
			Preferred Member Units	(8)	3/30/2018	6,157							10,775	21,025			Preferred Member Units	(8)	3/30/2018	6,157							10,775	25,495
			Preferred Member Units	(8)	7/31/2019	3,671	15.00%			15.00%			3,853	3,853			Preferred Member Units	(8)	7/31/2019	3,671	15.00%			15.00%			4,144	4,144
													42,576	52,878													42,873	57,639
CBT Nuggets, LLC	CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos													CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
			Member Units	(8)	6/1/2006	416							1,300	48,250			Member Units	(8)	6/1/2006	416							1,300	49,860

Centre Technologies Holdings, LLC	Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions													Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
			Secured Debt	(9) (25)	1/4/2019			L +	9.00%		1/4/2026	—	—	—			Secured Debt	(9) (25)	1/4/2019			L+	9.00%		1/4/2026	—	—	—
			Secured Debt	(9)	1/4/2019		11.63%	L +	9.00%		1/4/2026	15,030	14,947	14,947			Secured Debt	(9)	1/4/2019		13.75%	L+	9.00%		1/4/2026	15,030	14,960	14,960
			Preferred Member Units		1/4/2019	13,309							6,122	8,160			Preferred Member Units		1/4/2019	13,309							6,122	9,260
													21,069	23,107													21,082	24,220
Chamberlin Holding LLC	Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor													Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
			Secured Debt	(9) (25)	2/26/2018			L +	6.00%		2/26/2023	—	—	—			Secured Debt	(9) (25) (28)	2/26/2018			SF+	6.00%		2/26/2026	—	—	—
			Secured Debt	(9)	2/26/2018		10.63%	L +	8.00%		2/26/2023	17,466	17,438	17,466			Secured Debt	(9) (28)	2/26/2018		12.86%	SF+	8.00%		2/26/2026	16,945	16,940	16,945
			Member Units	(8)	2/26/2018	4,347							11,440	22,330			Member Units	(8)	2/26/2018	4,347							11,440	22,800
			Member Units	(8) (30)	11/2/2018	1,047,146							1,773	1,991			Member Units	(8) (29)	11/2/2018	1,047,146							1,773	2,830
													30,651	41,787													30,153	42,575
Charps, LLC	Charps, LLC	Pipeline Maintenance and Construction													Charps, LLC	Pipeline Maintenance and Construction
			Unsecured Debt		8/26/2020		10.00%				1/31/2026	5,694	4,635	5,694			Unsecured Debt		8/26/2020		10.00%				1/31/2026	5,694	4,652	5,694
			Preferred Member Units	(8)	2/3/2017	1,829							1,963	13,210			Preferred Member Units	(8)	2/3/2017	1,829							1,963	13,550
													6,598	18,904													6,615	19,244
Clad-Rex Steel, LLC	Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal													Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
			Secured Debt	(9)	12/20/2016		12.13%	L +	9.50%		1/15/2024	10,480	10,430	10,430			Secured Debt	(9) (25) (28)	10/28/2022			SF+	9.00%		1/15/2024	—	—	—
			Secured Debt		12/20/2016		10.00%				12/20/2036	1,057	1,047	1,047			Secured Debt	(9) (28)	12/20/2016		13.79%	SF+	9.00%		1/15/2024	10,000	9,971	9,971
			Member Units	(8)	12/20/2016	717							7,280	9,490			Secured Debt		12/20/2016		10.00%				12/20/2036	1,040	1,031	1,031
			Member Units	(30)	12/20/2016	800							210	610			Member Units	(8)	12/20/2016	717							7,280	7,170
													18,967	21,577
CMS Minerals Investments		Oil & Gas Exploration & Production

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)	Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Member Units	(29)	12/20/2016	800							210	830
																													18,492	19,002
CMS Minerals Investments																CMS Minerals Investments		Oil & Gas Exploration & Production
				Member Units	(8) (30)	4/1/2016	100							1,423	1,890				Member Units	(8) (29)	4/1/2016	100							1,300	1,235

Cody Pools, Inc.	Cody Pools, Inc.		Designer of Residential and Commercial Pools													Cody Pools, Inc.		Designer of Residential and Commercial Pools
				Secured Debt	(9) (25)	3/6/2020			L +	10.50%		12/17/2026	—	(11)	(11)				Secured Debt	(9)	3/6/2020		15.50%	L+	10.50%		12/17/2026	1,054	1,024	1,054
				Secured Debt	(9)	3/6/2020		13.63%	L +	10.50%		12/17/2026	41,225	40,924	41,225				Secured Debt	(9)	3/6/2020		15.50%	L+	10.50%		12/17/2026	40,377	40,117	40,377
				Preferred Member Units	(8) (30)	3/6/2020	587							8,317	57,210				Preferred Member Units	(8) (29)	3/6/2020	587							8,317	59,150
														49,230	98,424														49,458	100,581
Colonial Electric Company LLC	Colonial Electric Company LLC		Provider of Electrical Contracting Services													Colonial Electric Company LLC		Provider of Electrical Contracting Services
				Secured Debt	(25)	3/31/2021						3/31/2026	—	—	—				Secured Debt	(25)	3/31/2021						3/31/2026	—	—	—
				Secured Debt		3/31/2021		12.00%				3/31/2026	23,625	23,451	23,451				Secured Debt		3/31/2021		12.00%				3/31/2026	22,995	22,850	22,850
				Preferred Member Units	(8)	3/31/2021	17,280							7,680	9,210				Preferred Member Units		3/31/2021	17,280							7,680	8,200
														31,131	32,661														30,530	31,050
CompareNetworks Topco, LLC	CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals													CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals

				Secured Debt	(9)	1/29/2019		11.63%	L +	9.00%		1/29/2024	5,350	5,339	5,350				Secured Debt	(9)	1/29/2019		13.75%	L+	9.00%		1/29/2024	4,869	4,862	4,869
				Preferred Member Units	(8)	1/29/2019	1,975							1,975	18,570				Preferred Member Units	(8)	1/29/2019	1,975							1,975	18,440
														7,314	23,920														6,837	23,309
Copper Trail Fund Investments	Copper Trail Fund Investments	(12) (13)	Investment Partnership													Copper Trail Fund Investments	(12) (13)	Investment Partnership
				LP Interests (CTMH, LP)	(31)	7/17/2017	38.75%							710	710				LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							588	588

Datacom, LLC	Datacom, LLC		Technology and Telecommunications Provider													Datacom, LLC		Technology and Telecommunications Provider
				Secured Debt		3/1/2022		7.50%				12/31/2025	223	223	223				Secured Debt		3/1/2022		7.50%				12/31/2025	450	450	450
				Secured Debt		3/31/2021		7.50%				12/31/2025	8,690	8,217	7,749				Secured Debt		3/31/2021		10.00%				12/31/2025	8,555	8,161	7,761
				Preferred Member Units	(8)	3/31/2021	9,000							2,610	2,670				Preferred Member Units	(8)	3/31/2021	9,000							2,610	2,670
														11,050	10,642														11,221	10,881
Digital Products Holdings LLC	Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics													Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
				Secured Debt	(9)	4/1/2018		12.63%	L +	10.00%		4/1/2023	15,863	15,844	15,844				Secured Debt	(9)	4/1/2018		14.75%	L+	10.00%		4/1/2023	15,203	15,203	15,203
				Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835				Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
														25,345	25,679														24,704	25,038
Direct Marketing Solutions, Inc.	Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services													Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
				Secured Debt	(9)	2/13/2018		13.63%	L +	11.00%		2/13/2024	3,400	3,386	3,400				Secured Debt	(25)	2/13/2018						2/13/2026	—	(81)	—
				Secured Debt	(9)	2/13/2018		13.63%	L +	11.00%		2/13/2024	23,050	22,966	23,050				Secured Debt		12/27/2022		14.00%				2/13/2026	26,876	26,744	26,876
				Preferred Stock	(8)	2/13/2018	8,400							8,400	22,220				Preferred Stock	(8)	2/13/2018	8,400							8,400	21,700
														34,752	48,670														35,063	48,576
Flame King Holdings, LLC			Propane Tank and Accessories Distributor
				Secured Debt	(9)	10/29/2021		9.25%	L +	6.50%		10/31/2026	7,600	7,536	7,600

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)	Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Elgin AcquireCo, LLC																Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassic Components
																			Secured Debt	(9) (25) (28)	10/3/2022			SF+	6.00%		10/3/2027	—	(8)	(8)
																			Secured Debt		10/3/2022		12.00%				10/3/2027	18,773	18,604	18,604
																			Secured Debt		10/3/2022		9.00%				10/3/2052	6,346	6,284	6,284
				Secured Debt	(9)	10/29/2021		13.75%	L +	11.00%		10/31/2026	21,200	21,027	21,200				Common Stock		10/3/2022	378							7,603	7,603
				Preferred Equity	(8)	10/29/2021	9,360							10,400	13,840				Common Stock	(29)	10/3/2022	939							1,558	1,558
														38,963	42,640														34,041	34,041
Gamber-Johnson Holdings, LLC	Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems													Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
				Secured Debt	(9) (25)	6/24/2016			L +	8.00%		1/1/2025	—	—	—				Secured Debt	(9) (25) (28)	6/24/2016			SF+	8.50%		1/1/2028	—	—	—
				Secured Debt	(9)	6/24/2016		10.63%	L +	8.00%		1/1/2025	24,078	24,019	24,078				Secured Debt	(9) (28) (41)	12/15/2022		11.50%	SF+	8.50%		1/1/2028	63,278	62,909	63,278
				Member Units	(8)	6/24/2016	9,042							17,692	46,470				Member Units	(8)	6/24/2016	9,042							17,692	59,370
														41,711	70,548														80,601	122,648
Garreco, LLC	Garreco, LLC		Manufacturer and Supplier of Dental Products													Garreco, LLC		Manufacturer and Supplier of Dental Products
				Secured Debt	(9) (37)	7/15/2013		9.50%	L +	8.00%		7/31/2023	3,826	3,826	3,826				Secured Debt	(9) (42)	7/15/2013		12.00%	L+	10.00%		7/31/2023	3,549	3,549	3,549
				Member Units	(8)	7/15/2013	1,200							1,200	1,990				Member Units	(8)	7/15/2013	1,200							1,200	1,580
														5,026	5,816														4,749	5,129
GRT Rubber Technologies LLC	GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products													GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
				Secured Debt		12/19/2014		10.56%	L +	8.00%		10/29/2026	40,493	40,301	40,493				Secured Debt		12/21/2018		10.66%	L+	6.00%		12/21/2023	965	965	965
				Member Units	(8)	12/19/2014	5,879							13,065	46,190				Secured Debt		12/19/2014		12.66%	L+	8.00%		10/29/2026	40,493	40,324	40,493
														53,366	86,683				Member Units	(8)	12/19/2014	5,879							13,065	44,440
																													54,354	85,898
Gulf Manufacturing, LLC	Gulf Manufacturing, LLC		Manufacturer of Specialty Fabricated Industrial Piping Products													Gulf Manufacturing, LLC		Manufacturer of Specialty Fabricated Industrial Piping Products
				Member Units	(8)	8/31/2007	438							2,980	5,810				Member Units	(8)	8/31/2007	438							2,980	7,370

Gulf Publishing Holdings, LLC	Gulf Publishing Holdings, LLC		Energy Industry Focused Media and Publishing													Gulf Publishing Holdings, LLC		Energy Industry Focused Media and Publishing
				Secured Debt	(9) (25)	9/29/2017			L +	9.50%		7/1/2027	—	—	—				Secured Debt	(9) (25)	9/29/2017			L+	9.50%		7/1/2027	—	—	—
				Secured Debt		7/1/2022		12.50%				6/30/2027	2,400	2,400	2,284				Secured Debt		7/1/2022		12.50%				7/1/2027	2,400	2,400	2,284
				Member Units		4/29/2016	3,681							3,681	—				Preferred Equity		7/1/2022	63,720							5,600	3,780
				Member Units		7/1/2022	63,720							5,600	3,920				Member Units		4/29/2016	3,681							3,681	—
														11,681	6,204														11,681	6,064
Harris Preston Fund Investments	Harris Preston Fund Investments	(12) (13)	Investment Partnership													Harris Preston Fund Investments	(12) (13)	Investment Partnership
				LP Interests (2717 MH, L.P.)	(31)	10/1/2017	49.26%							3,895	7,142				LP Interests (2717 MH, L.P.)	(8) (30)	10/1/2017	49.26%							4,027	7,009
				LP Interests (2717 HPP-MS, L.P.)	(31)	3/11/2022	49.26%							244	244
														4,139	7,386
Harrison Hydra-Gen, Ltd.			Manufacturer of Hydraulic Generators
				Common Stock		6/4/2010	107,456							718	3,280

Jensen Jewelers of Idaho, LLC			Retail Jewelry Store
				Secured Debt	(9)	11/14/2006		12.25%	P +	6.75%		11/14/2023	2,450	2,442	2,450

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)	Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																		LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							248	248
																												4,275	7,257
Harrison Hydra-Gen, Ltd.																Harrison Hydra-Gen, Ltd.	Manufacturer of Hydraulic Generators
																		Common Stock		6/4/2010	107,456							718	3,490

Jensen Jewelers of Idaho, LLC																Jensen Jewelers of Idaho, LLC	Retail Jewelry Store
																		Secured Debt	(25)	8/29/2017			P+	6.75%		11/14/2023	—	—	—
																		Secured Debt	(9)	11/14/2006		14.50%	P+	6.75%		11/14/2023	2,450	2,446	2,450
				Member Units	(8)	11/14/2006	627							811	14,970			Member Units	(8)	11/14/2006	627							811	14,850
														3,253	17,420													3,257	17,300
Johnson Downie Opco, LLC	Johnson Downie Opco, LLC		Executive Search Services													Johnson Downie Opco, LLC	Executive Search Services
				Secured Debt	(9) (25)	12/10/2021			L +	11.50%		12/10/2026	—	(15)	(15)			Secured Debt	(9) (25)	12/10/2021			L+	11.50%		12/10/2026	—	(13)	—
				Secured Debt	(9)	12/10/2021		14.13%	L +	11.50%		12/10/2026	9,999	9,915	9,999			Secured Debt	(9)	12/10/2021		16.25%	L+	11.50%		12/10/2026	9,999	9,925	9,999
				Preferred Equity	(8)	12/10/2021	3,150							3,150	5,880			Preferred Equity	(8)	12/10/2021	3,150							3,150	6,550
														13,050	15,864													13,062	16,549
JorVet Holdings, LLC	JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies													JorVet Holdings, LLC	Supplier and Distributor of Veterinary Equipment and Supplies
				Secured Debt		3/28/2022		12.00%				3/28/2027	25,650	25,419	25,419			Secured Debt		3/28/2022		12.00%				3/28/2027	25,650	25,445	25,445
				Common Stock	(8)	3/28/2022	107,406							10,741	10,741			Preferred Equity	(8)	3/28/2022	107,406							10,741	10,741
														36,160	36,160													36,186	36,186
KBK Industries, LLC	KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products													KBK Industries, LLC	Manufacturer of Specialty Oilfield and Industrial Products
				Member Units	(8)	1/23/2006	325							783	14,390			Secured Debt		2/24/2023		10.00%				2/24/2028	5,750	5,694	5,750
																		Member Units	(8)	1/23/2006	325							783	11,980
																												6,477	17,730
Kickhaefer Manufacturing Company, LLC	Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing													Kickhaefer Manufacturing Company, LLC	Precision Metal Parts Manufacturing
				Secured Debt		10/31/2018		11.50%				10/31/2023	20,415	20,361	20,361			Secured Debt		10/31/2018		12.00%				10/31/2026	20,599	20,566	20,566
				Secured Debt		10/31/2018		9.00%				10/31/2048	3,888	3,851	3,851			Secured Debt		10/31/2018		9.00%				10/31/2048	3,869	3,833	3,833
				Member Units		10/31/2018	581							12,240	9,250			Preferred Equity		10/31/2018	581							12,240	7,220
				Member Units	(8) (30)	10/31/2018	800							992	2,460			Member Units	(8) (29)	10/31/2018	800							992	2,780
														37,444	35,922													37,631	34,399
Market Force Information, LLC	Market Force Information, LLC		Provider of Customer Experience Management Services													Market Force Information, LLC	Provider of Customer Experience Management Services
				Secured Debt	(9)	7/28/2017		13.38%	L +	11.00%		7/28/2023	5,000	5,000	5,000			Secured Debt	(9)	7/28/2017		15.75%	L+	11.00%		7/28/2023	6,900	6,888	—
				Secured Debt	(14)	7/28/2017		12.00%			12.00%	7/28/2023	26,079	25,952	2,871			Secured Debt	(14)	7/28/2017		12.00%			12.00%	7/28/2023	26,079	25,952	—
				Member Units		7/28/2017	743,921							16,642	—			Member Units		7/28/2017	743,921							16,642	—
														47,594	7,871													49,482	—
MH Corbin Holding LLC			Manufacturer and Distributor of Traffic Safety Products
MetalForming AcquireCo, LLC																MetalForming AcquireCo, LLC	Distributor of Sheet Metal Folding and Metal Forming Equipment
				Secured Debt		8/31/2015		13.00%				12/31/2022	6,236	6,236	2,709			Secured Debt	(25)	10/19/2022						10/19/2024	—	—	—
				Preferred Member Units		3/15/2019	66,000							4,400	—
				Preferred Member Units		9/1/2015	4,000							6,000	—
														16,636	2,709
MS Private Loan Fund I, LP		(12) (13)	Investment Partnership
				Secured Debt	(25)	1/26/2021						12/31/2024	—	—	—
				LP Interests	(8) (31)	1/26/2021	14.51%							14,250	14,351
														14,250	14,351
MSC Adviser I, LLC		(16)	Third Party Investment Advisory Services
				Member Units	(8)	11/22/2013	1							29,500	112,490

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)	Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)	PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Secured Debt		10/19/2022		12.75%			10/19/2027	23,802	23,588	23,588
																			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%		8.00%			6,127	6,127
																			Common Stock	(8)	10/19/2022	1,537,219						1,537	1,537
																												31,252	31,252
MH Corbin Holding LLC																MH Corbin Holding LLC		Manufacturer and Distributor of Traffic Safety Products
																			Secured Debt	(17)	8/31/2015		13.00%			12/31/2022	6,040	6,040	5,384
																			Preferred Member Units		3/15/2019	66,000						4,400	—
																			Preferred Member Units		9/1/2015	4,000						6,000	—
																												16,440	5,384
MS Private Loan Fund I, LP																MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
																			Secured Debt	(25)	1/26/2021					12/31/2024	—	—	—
																			LP Interests	(8) (30)	1/26/2021	14.51%						14,250	14,775
																												14,250	14,775
MSC Adviser I, LLC																MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
																			Member Units	(8)	11/22/2013	1						29,500	132,650

MSC Income Fund, Inc.	MSC Income Fund, Inc.	(12) (13)	Business Development Company													MSC Income Fund, Inc.	(12) (13)	Business Development Company
				Common Equity	(8)	5/2/2022	94,697							750	761				Common Equity	(8)	5/2/2022	94,697						750	760

Mystic Logistics Holdings, LLC	Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers													Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
				Secured Debt	(25)	8/18/2014						1/31/2024	—	—	—				Secured Debt	(25)	8/18/2014					1/31/2024	—	—	—
				Secured Debt		8/18/2014		10.00%				1/31/2024	5,746	5,746	5,746				Secured Debt		8/18/2014		10.00%			1/31/2024	5,746	5,746	5,746
				Common Stock	(8)	8/18/2014	5,873							2,720	20,700				Common Stock	(8)	8/18/2014	5,873						2,720	25,010
														8,466	26,446													8,466	30,756
NAPCO Precast, LLC	NAPCO Precast, LLC		Precast Concrete Manufacturing													NAPCO Precast, LLC		Precast Concrete Manufacturing
				Member Units		1/31/2008	2,955							2,975	11,180				Member Units		1/31/2008	2,955						2,975	12,500

Nebraska Vet AcquireCo, LLC	Nebraska Vet AcquireCo, LLC		Mixed-Animal Veterinary and Animal Health Product Provider													Nebraska Vet AcquireCo, LLC		Mixed-Animal Veterinary and Animal Health Product Provider

				Secured Debt		12/31/2020		12.00%				12/31/2025	18,281	18,160	18,281				Secured Debt		12/31/2020		12.00%			12/31/2025	20,094	19,982	20,094
				Secured Debt		12/31/2020		12.00%				12/31/2025	10,500	10,429	10,500				Secured Debt		12/31/2020		12.00%			12/31/2025	10,500	10,440	10,500
				Preferred Member Units		12/31/2020	6,987							6,987	7,700				Preferred Member Units	(8)	12/31/2020	6,987						6,987	11,220
														35,576	36,481													37,409	41,814
NexRev LLC	NexRev LLC		Provider of Energy Efficiency Products & Services													NexRev LLC		Provider of Energy Efficiency Products & Services
				Secured Debt		2/28/2018		11.00%				2/28/2025	160	160	160				Secured Debt	(25)	2/28/2018					2/28/2025	—	—	—
				Secured Debt		2/28/2018		11.00%				2/28/2025	12,265	12,110	9,053				Secured Debt		2/28/2018		11.00%			2/28/2025	10,836	10,727	8,870
				Preferred Member Units	(8)	2/28/2018	103,144,186							8,213	1,110				Preferred Member Units	(8)	2/28/2018	103,144,186						8,213	2,990
														20,483	10,323													18,940	11,860
NRP Jones, LLC			Manufacturer of Hoses, Fittings and Assemblies
				Secured Debt		12/21/2017		12.00%				3/20/2023	2,080	2,080	2,080
				Member Units	(8)	12/22/2011	65,962							3,717	4,790
														5,797	6,870
NuStep, LLC			Designer, Manufacturer and Distributor of Fitness Equipment
				Secured Debt	(9)	1/31/2017		9.13%	L +	6.50%		1/31/2025	4,400	4,399	4,399
				Secured Debt		1/31/2017		12.00%				1/31/2025	18,440	18,411	18,411
				Preferred Member Units		1/31/2017	406							10,200	10,200
														33,010	33,010
OMi Topco, LLC			Manufacturer of Overhead Cranes
				Secured Debt		8/31/2021		12.00%				8/31/2026	16,250	16,122	16,250
				Preferred Member Units	(8)	4/1/2008	900							1,080	20,680
														17,202	36,930
Orttech Holdings, LLC			Distributor of Industrial Clutches, Brakes and Other Components
				Secured Debt	(9) (25)	7/30/2021			L +	11.00%		7/31/2026	—	—	—
				Secured Debt	(9)	7/30/2021		13.63%	L +	11.00%		7/31/2026	23,600	23,417	23,417

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)	Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

NRP Jones, LLC															NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
																	Secured Debt		12/21/2017		12.00%				3/20/2025	2,080	2,080	2,080
																	Member Units	(8)	12/22/2011	65,962							114	187
																	Member Units	(8)	12/22/2011	65,962							3,603	4,893
																											5,797	7,160
NuStep, LLC															NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
																	Secured Debt	(9)	1/31/2017		11.25%	L+	6.50%		1/31/2025	4,400	4,399	4,399
																	Secured Debt		1/31/2017		12.00%				1/31/2025	18,440	18,417	18,417
																	Preferred Member Units		1/31/2017	406							10,200	7,630
																	Preferred Member Units		11/2/2022	2,062							2,062	5,150
																											35,078	35,596
OMi Topco, LLC															OMi Topco, LLC	Manufacturer of Overhead Cranes
																	Secured Debt		8/31/2021		12.00%				8/31/2026	15,000	14,897	15,000
																	Preferred Member Units	(8)	4/1/2008	900							1,080	25,100
																											15,977	40,100
Orttech Holdings, LLC															Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
																	Secured Debt	(9) (25)	7/30/2021			L+	11.00%		7/31/2026	—	—	—
																	Secured Debt	(9)	7/30/2021		15.75%	L+	11.00%		7/31/2026	22,800	22,646	22,646
			Preferred Stock	(8) (30)	7/30/2021	10,000							10,000	10,000			Preferred Stock	(8) (29)	7/30/2021	10,000							10,000	13,500
													33,417	33,417													32,646	36,146
Pearl Meyer Topco LLC	Pearl Meyer Topco LLC	Provider of Executive Compensation Consulting Services													Pearl Meyer Topco LLC	Provider of Executive Compensation Consulting Services
			Secured Debt	(25)	4/27/2020						4/27/2025	—	—	—			Secured Debt		4/27/2020		12.00%				4/27/2025	3,500	3,495	3,500
																	Secured Debt		4/27/2020		12.00%				4/27/2025	11,500	11,462	11,500
			Secured Debt		4/27/2020		12.00%				4/27/2025	28,681	28,521	28,681			Secured Debt		4/27/2020		12.00%				4/27/2025	27,681	27,557	27,681
			Member Units	(8)	4/27/2020	13,800							13,000	41,820			Preferred Equity	(8)	4/27/2020	13,800							13,000	43,540
													41,521	70,501													55,514	86,221
PPL RVs, Inc.	PPL RVs, Inc.	Recreational Vehicle Dealer													PPL RVs, Inc.	Recreational Vehicle Dealer
			Secured Debt	(9) (25)	10/31/2019			L +	7.00%		11/15/2027	—	(9)	(9)			Secured Debt	(9) (25)	10/31/2019			L+	7.00%		11/15/2027	—	(8)	—
			Secured Debt	(9)	11/15/2016		8.75%	L +	7.00%		11/15/2027	19,655	19,416	19,655			Secured Debt	(9)	11/15/2016		11.38%	L+	7.00%		11/15/2027	21,655	21,420	21,655
			Common Stock	(8)	6/10/2010	2,000							2,150	19,510			Common Stock	(8)	6/10/2010	2,000							2,150	18,950
			Common Stock		6/14/2022	156,574							157	157			Common Stock		6/14/2022	238,421							238	170
													21,714	39,313													23,800	40,775
Principle Environmental, LLC	Principle Environmental, LLC	Noise Abatement Service Provider													Principle Environmental, LLC	Noise Abatement Service Provider

			Secured Debt		7/1/2011		13.00%				11/15/2026	5,897	5,800	5,800			Secured Debt		7/1/2011		13.00%				11/15/2026	5,897	5,812	5,812
			Preferred Member Units	(8)	2/1/2011	21,806							5,709	12,230			Preferred Member Units	(8)	2/1/2011	21,806							5,709	10,480
			Common Stock		1/27/2021	1,037							1,200	790			Common Stock		1/27/2021	1,037							1,200	500
													12,709	18,820													12,721	16,792
Quality Lease Service, LLC	Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services													Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
			Member Units		6/8/2015	1,000							7,613	625

River Aggregates, LLC		Processor of Construction Aggregates
			Member Units	(30)	12/20/2013	1,500							369	3,460

Robbins Bros. Jewelry, Inc.		Bridal Jewelry Retailer
			Secured Debt	(9) (25)	12/15/2021			L +	11.00%		12/15/2026	—	(38)	(38)
			Secured Debt	(9)	12/15/2021		13.63%	L +	11.00%		12/15/2026	35,910	35,609	35,609
			Preferred Equity		12/15/2021	11,070							11,070	15,210
													46,641	50,781
Tedder Industries, LLC		Manufacturer of Firearm Holsters and Accessories
			Secured Debt		8/31/2018		12.00%				8/31/2023	1,840	1,840	1,840
			Secured Debt		8/31/2018		12.00%				8/31/2023	15,200	15,188	15,117
			Preferred Member Units		8/31/2018	533							9,068	7,137
													26,096	24,094
Televerde, LLC		Provider of Telemarketing and Data Services
			Member Units		1/6/2011	460							1,290	5,204
			Preferred Stock		1/26/2022	248							718	1,794
													2,008	6,998

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Trantech Radiator Topco, LLC Transformer Cooling Products and Services
Secured Debt (25) 5/31/2019 5/31/2024 — (5) (5)
Secured Debt 5/31/2019 12.00% 5/31/2024 8,320 8,288 8,320
Common Stock (8) 5/31/2019 615 4,655 7,420
12,938 15,735
Vision Interests, Inc. Manufacturer / Installer of Commercial Signage
Series A Preferred Stock (8) 12/23/2011 3,000,000 3,000 3,000
VVS Holdco LLC Omnichannel Retailer of Animal Health Products
Secured Debt (9) (30) 12/1/2021 8.63% L + 6.00% 12/1/2023 800 773 773
Secured Debt (30) 12/1/2021 11.50% 12/1/2026 30,400 30,144 30,146
Preferred Equity (8) (30) 12/1/2021 11,840 11,840 12,078
42,757 42,997
Ziegler’s NYPD, LLC Casual Restaurant Group
Secured Debt 6/1/2015 12.00% 10/1/2024 450 450 450
Secured Debt 10/1/2008 6.50% 10/1/2024 1,000 1,000 1,000
Secured Debt 10/1/2008 14.00% 10/1/2024 2,750 2,750 2,676
Preferred Member Units 6/30/2015 10,072 2,834 1,190
Warrants (27) 7/1/2015 587 10/1/2025 600 —
7,634 5,316
Subtotal Control Investments (80.8% of net assets at fair value) $ 1,199,446 $ 1,599,429
Affiliate Investments
AAC Holdings, Inc. (11) Substance Abuse Treatment Service Provider
Secured Debt 12/11/2020 18.00% 18.00% 6/25/2025 $ 11,200 $ 11,051 $ 10,976
Common Stock 12/11/2020 593,928 3,148 75
Warrants (27) 12/11/2020 554,353 12/11/2025 — 75
14,199 11,126
AFG Capital Group, LLC Provider of Rent-to-Own Financing Solutions and Services
Preferred Member Units (8) 11/7/2014 186 1,200 8,780
ATX Networks Corp. (11) Provider of Radio Frequency Management Equipment
Secured Debt (9) 9/1/2021 11.14% L + 7.50% 9/1/2026 6,879 6,304 6,707
Unsecured Debt 9/1/2021 10.00% 10.00% 9/1/2028 3,309 2,205 2,465
Common Stock 9/1/2021 583 — —
8,509 9,172


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)	PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

		Member Units		6/8/2015	1,000						7,513	525

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(29)	12/20/2013	1,500						369	3,620

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(25)	12/15/2021					12/15/2026	—	(33)	(33)
		Secured Debt		12/15/2021		12.50%			12/15/2026	35,460	35,198	35,198
		Preferred Equity		12/15/2021	11,070						11,070	9,930
											46,235	45,095
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt		8/31/2018		12.00%			8/31/2023	1,840	1,840	1,840
		Secured Debt		8/31/2018		12.00%			8/31/2023	15,200	15,195	15,123
		Preferred Member Units		8/31/2018	544						9,245	6,871
		Preferred Member Units		2/1/2023	2,219						222	333
											26,502	24,167
Televerde, LLC	Provider of Telemarketing and Data Services
		Member Units	(8)	1/6/2011	460						1,290	6,599
		Preferred Stock		1/26/2022	248						718	1,794
											2,008	8,393
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt	(25)	5/31/2019					5/31/2024	—	(4)	—
		Secured Debt		5/31/2019		12.00%			5/31/2024	7,920	7,895	7,920
		Common Stock	(8)	5/31/2019	615						4,655	9,306
											12,546	17,226
Vision Interests, Inc.	Manufacturer / Installer of Commercial Signage
		Series A Preferred Stock	(8)	12/23/2011	3,000,000						3,000	3,000

Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions
		Secured Debt		3/31/2023		10.00%			3/31/2025	2,100	2,100	2,100
		Preferred Member Units		1/26/2015	4,876,670						14,000	—
		Preferred Member Units		3/31/2023	5,097,595						11,446	11,446
		Preferred Member Units		3/31/2023	142,512						—	—
		Common Stock		3/31/2023	1,802,780						2,576	—
											30,122	13,546
VVS Holdco LLC	Omnichannel Retailer of Animal Health Products

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
BBB Tank Services, LLC Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
Unsecured Debt (9) (17) 4/8/2016 13.56% L + 11.00% 4/8/2021 800 800 800
Unsecured Debt (9) (17) 4/8/2016 13.56% L + 11.00% 4/8/2021 4,000 4,000 1,498
Member Units 4/8/2016 800,000 800 —
Preferred Stock (non-voting) 12/17/2018 15.00% 15.00% 162 —
5,762 2,298
Boccella Precast Products LLC Manufacturer of Precast Hollow Core Concrete
Secured Debt 9/23/2021 10.00% 2/28/2027 320 320 320
Member Units (8) 6/30/2017 2,160,000 2,256 3,320
2,576 3,640
Buca C, LLC Casual Restaurant Group
Secured Debt 6/30/2015 9.00% 6/30/2023 17,525 17,525 14,006
Preferred Member Units 6/30/2015 6 6.00% 6.00% 4,770 —
22,295 14,006
Career Team Holdings, LLC Provider of Workforce Training and Career Development Services
Secured Debt (9) (25) 12/17/2021 L + 6.00% 12/17/2026 — — —
Secured Debt 12/17/2021 12.50% 12/17/2026 20,250 20,080 20,080
Common Stock 12/17/2021 450,000 4,500 4,500
24,580 24,580
Chandler Signs Holdings, LLC (10) Sign Manufacturer
Class A Units 1/4/2016 1,500,000 1,500 970
Classic H&G Holdings, LLC Provider of Engineered Packaging Solutions
Secured Debt (9) 3/12/2020 8.38% L + 6.00% 3/12/2025 7,760 7,760 7,760
Secured Debt 3/12/2020 8.00% 3/12/2025 19,274 19,171 19,274
Preferred Member Units (8) 3/12/2020 154 5,760 23,790
32,691 50,824
Congruent Credit Opportunities Funds (12) (13) Investment Partnership
LP Interests (Congruent Credit Opportunities Fund
III, LP) (8) (31) 2/4/2015 17.40% 8,214 7,854
DMA Industries, LLC Distributor of aftermarket ride control products
Secured Debt 11/19/2021 12.00% 11/19/2026 21,200 21,025 21,200
Preferred Equity 11/19/2021 5,944 5,944 7,260
26,969 28,460


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

			Secured Debt	(9) (25) (29)	12/1/2021			L+	6.00%		12/1/2023	—		(15)		(15)
			Secured Debt	(29)	12/1/2021		11.50%				12/1/2026	30,400		30,176		30,176
			Preferred Equity	(8) (29)	12/1/2021	11,840								11,840		12,040
														42,001		42,201
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		6/1/2015		12.00%				10/1/2024	450		450		450
			Secured Debt		10/1/2008		6.50%				10/1/2024	1,000		1,000		945
			Secured Debt		10/1/2008		14.00%				10/1/2024	2,750		2,750		2,461
			Preferred Member Units		6/30/2015	10,072								2,834		70
			Warrants	(27)	7/1/2015	587					10/1/2025			600		—
														7,634		3,926
Subtotal Control Investments (80.4% of net assets at fair value)														$	1,315,277	$	1,746,003
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		1/31/2023		18.00%				6/25/2025	$	320	$	315	$	309
			Secured Debt		12/11/2020		18.00%			18.00%	6/25/2025	12,285		12,162		11,855
			Common Stock		12/11/2020	593,928								3,148		—
			Warrants	(27)	12/11/2020	554,353					12/11/2025			—		—
														15,625		12,164
AFG Capital Group, LLC		Provider of Rent-to-Own Financing Solutions and Services
			Preferred Member Units	(8)	11/7/2014	186								1,200		9,400

BBB Tank Services, LLC		Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
			Unsecured Debt	(9) (17)	4/8/2016		15.66%	L+	11.00%		4/8/2021	800		800		800
			Unsecured Debt	(9) (17)	4/8/2016		15.66%	L+	11.00%		4/8/2021	4,000		4,000		2,086
			Member Units		4/8/2016	800,000								800		—
			Preferred Stock (non-voting)		12/17/2018		15.00%							162		—
														5,762		2,886
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	320		320		320
			Member Units		6/30/2017	2,160,000								2,256		2,770
														2,576		3,090
Buca C, LLC		Casual Restaurant Group
			Secured Debt		6/30/2015		12.00%				6/30/2023	16,980		16,980		11,962
			Preferred Member Units		6/30/2015	6	6.00%			6.00%				4,770		—
														21,750		11,962

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Dos Rios Partners (12) (13) Investment Partnership
LP Interests (Dos Rios Partners, LP) (31) 4/25/2013 20.24% 6,605 9,182
LP Interests (Dos Rios Partners - A, LP) (31) 4/25/2013 6.43% 2,097 2,916
8,702 12,098
Dos Rios Stone Products LLC (10) Limestone and Sandstone Dimension Cut Stone Mining Quarries
Class A Preferred Units (30) 6/27/2016 2,000,000 2,000 350
EIG Fund Investments (12) (13) Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) (31) 11/6/2015 5,000,000 1,518 1,470
Freeport Financial Funds (12) (13) Investment Partnership
LP Interests (Freeport Financial SBIC Fund LP) (8) (31) 3/23/2015 9.30% 4,064 4,116
LP Interests (Freeport First Lien Loan Fund III LP) (8) (31) 7/31/2015 5.95% 6,630 6,175
10,694 10,291
GFG Group, LLC. Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt 3/31/2021 9.00% 3/31/2026 11,745 11,661 11,745
Preferred Member Units (8) 3/31/2021 226 4,900 7,140
16,561 18,885
Harris Preston Fund Investments (12) (13) Investment Partnership
LP Interests (HPEP 3, L.P.) (8) (31) 8/9/2017 8.22% 2,558 4,331
LP Interests (HPEP 4, L.P.) (31) 7/12/2022 9.60% 1,896 1,896
LP Interests (423 COR, LP) (31) 6/2/2022 22.93% 1,400 1,400
5,854 7,627
Hawk Ridge Systems, LLC Value-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt (9) 12/2/2016 8.38% L + 6.00% 1/15/2026 3,185 3,182 3,182
Secured Debt 12/2/2016 8.00% 1/15/2026 37,800 37,675 37,800
Preferred Member Units (8) 12/2/2016 226 2,850 19,080
Preferred Member Units (30) 12/2/2016 226 150 1,000
43,857 61,062
Houston Plating and Coatings, LLC Provider of Plating and Industrial Coating Services
Unsecured Convertible Debt 5/1/2017 8.00% 10/2/2024 3,000 3,000 2,750
Member Units (8) 1/8/2003 322,297 2,352 2,220


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (25)	12/17/2021			L+	6.00%		12/17/2026	—	(9)	(9)
			Secured Debt		12/17/2021		12.50%				12/17/2026	20,250	20,100	20,100
			Common Stock		12/17/2021	450,000							4,500	4,500
													24,591	24,591
Chandler Signs Holdings, LLC	(10)	Sign Manufacturer
			Class A Units		1/4/2016	1,500,000							1,500	2,000

Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Secured Debt	(9)	3/12/2020		10.88%	L+	6.00%		3/12/2025	4,560	4,560	4,560
			Secured Debt		3/12/2020		8.00%				3/12/2025	19,274	19,192	19,274
			Preferred Member Units	(8)	3/12/2020	154							5,760	25,700
													29,512	49,534
Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	13.32%							7,220	6,781

DMA Industries, LLC		Distributor of aftermarket ride control products
			Secured Debt		11/19/2021		12.00%				11/19/2026	21,200	21,046	21,200
			Preferred Equity		11/19/2021	5,944							5,944	7,260
													26,990	28,460
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%							6,459	9,283
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%							2,051	2,898
													8,510	12,181
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units	(29)	6/27/2016	2,000,000							2,000	1,580

EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8) (30)	11/6/2015	5,000,000							1,023	976

Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt	(9)	10/29/2021		11.25%	L+	6.50%		10/29/2026	7,600	7,544	7,600

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
5,352 4,970
I-45 SLF LLC (12) (13) Investment Partnership
Member Units (Fully diluted 20.0%; 21.75% profits
interest) (8) 10/20/2015 — 19,000 12,507
Iron-Main Investments, LLC Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt 8/2/2021 12.50% 11/15/2026 4,600 4,564 4,564
Secured Debt 9/1/2021 12.50% 11/15/2026 3,200 3,174 3,174
Secured Debt 11/15/2021 12.50% 11/15/2026 8,944 8,944 8,944
Secured Debt 11/15/2021 12.50% 11/15/2026 20,000 19,835 19,835
Common Stock 8/3/2021 179,778 1,798 1,798
38,315 38,315
OnAsset Intelligence, Inc. Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt (14) 5/20/2014 12.00% 12.00% 12/31/2022 964 964 690
Secured Debt (14) 3/21/2014 12.00% 12.00% 12/31/2022 983 983 703
Secured Debt (14) 5/10/2013 12.00% 12.00% 12/31/2022 2,116 2,116 1,515
Secured Debt (14) 4/18/2011 12.00% 12.00% 12/31/2022 4,415 4,415 3,160
Unsecured Debt (14) 6/5/2017 10.00% 10.00% 12/31/2022 197 197 197
Preferred Stock (14) 4/18/2011 912 7.00% 7.00% 1,981 —
Common Stock 4/15/2021 635 830 —
Warrants (27) 4/18/2011 4,699 5/10/2023 1,089 —
12,575 6,265
Oneliance, LLC Construction Cleaning Company
Secured Debt (9) (25) 8/6/2021 L + 11.00% 8/6/2023 — — —
Secured Debt (9) 8/6/2021 13.56% L + 11.00% 8/6/2026 5,600 5,556 5,556
Preferred Stock 8/6/2021 1,056 1,056 1,056
6,612 6,612
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) Provider of Rigsite Accommodation Unit Rentals and Related Services
Secured Debt (14) (17) (39) 6/30/2015 12.00% 1/8/2018 30,369 29,865 —
Preferred Member Units 1/8/2013 250 2,500 —
32,365 —
SI East, LLC Rigid Industrial Packaging Manufacturing
Secured Debt 8/31/2018 10.25% 8/31/2023 2,250 2,250 2,250
Secured Debt 8/31/2018 10.25% 8/31/2023 93,236 93,124 93,236
Preferred Member Units (8) 8/31/2018 157 1,218 14,950
96,592 110,436
Slick Innovations, LLC Text Message Marketing Platform


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	10/29/2021		13.75%	L+	9.00%		10/29/2026	21,200	21,048	21,200
			Preferred Equity	(8)	10/29/2021	9,360							10,400	21,190
													38,992	49,990
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%							3,507	3,483
			LP Interests (Freeport First Lien Loan Fund III LP)	(8) (30)	7/31/2015	5.95%							5,767	5,312
													9,274	8,795
GFG Group, LLC.		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		9.00%				3/31/2026	11,345	11,275	11,345
			Preferred Member Units	(8)	3/31/2021	226							4,900	7,590
													16,175	18,935
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%							2,050	3,936
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	8.71%							2,332	2,332
			LP Interests (423 COR, LP)	(8) (30)	6/2/2022	22.93%							1,400	1,400
													5,782	7,668
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		10.75%	L+	6.00%		1/15/2026	4,000	3,998	4,000
			Secured Debt		12/2/2016		10.00%				1/15/2026	37,800	37,694	37,800
			Preferred Member Units	(8)	12/2/2016	226							2,850	17,460
			Preferred Member Units	(29)	12/2/2016	226							150	920
													44,692	60,180
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		8.00%				10/2/2024	3,000	3,000	2,830
			Member Units		1/8/2003	322,297							2,352	3,000
													5,352	5,830
I-45 SLF LLC	(12) (13)	Investment Partnership
			Member Units (Fully diluted 20.0%; 21.75% profits interest)	(8)	10/20/2015	20.00%							20,200	12,958

Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		13.00%				3/31/2028	18,000	17,823	17,823
			Preferred Equity		3/31/2023	80,000							4,000	4,000
													21,823	21,823

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Secured Debt 9/13/2018 11.00% 9/13/2023 4,240 4,209 4,240
Common Stock 9/13/2018 70,000 700 1,640
Warrants (27) 9/13/2018 18,084 9/13/2028 181 440
5,090 6,320
Sonic Systems International, LLC (10) Nuclear Power Staffing Services
Secured Debt (9) 8/20/2021 9.78% L + 7.50% 8/20/2026 15,769 15,510 15,613
Common Stock 8/20/2021 9,968 1,356 1,420
16,866 17,033
Superior Rigging & Erecting Co. Provider of Steel Erecting, Crane Rental & Rigging Services
Secured Debt 8/31/2020 12.00% 8/31/2025 21,500 21,367 21,367
Preferred Member Units 8/31/2020 1,571 4,500 4,500
25,867 25,867
The Affiliati Network, LLC Performance Marketing Solutions
Secured Debt (25) 8/9/2021 8/9/2026 — (15) (15)
Secured Debt 8/9/2021 13.00% 8/9/2026 11,241 11,149 11,149
Preferred Stock (8) 8/9/2021 1,280,000 6,400 6,400
17,534 17,534
UnionRock Energy Fund II, LP (12) (13) Investment Partnership
LP Interests (8) (31) 6/15/2020 11.11% 3,123 5,354
UniTek Global Services, Inc. (11) Provider of Outsourced Infrastructure Services
Secured Debt (9) (29) 10/15/2018 10.76% SF + 5.50% 2.00% 8/20/2024 403 403 380
Secured Debt (9) (29) 8/27/2018 10.76% SF + 5.50% 2.00% 8/20/2024 1,804 1,793 1,701
Secured Convertible Debt 1/1/2021 15.00% 15.00% 2/20/2025 2,312 2,312 4,271
Preferred Stock (8) 8/29/2019 1,133,102 20.00% 20.00% 2,037 2,833
Preferred Stock 8/21/2018 1,521,122 20.00% 20.00% 2,188 1,651
Preferred Stock 6/30/2017 2,281,682 19.00% 19.00% 3,667 —
Preferred Stock 1/15/2015 4,336,866 13.50% 13.50% 7,924 —
Common Stock 4/1/2020 945,507 — —
20,324 10,836
Universal Wellhead Services Holdings, LLC (10) Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
Preferred Member Units (30) 12/7/2016 716,949 14.00% 14.00% 1,032 —
Member Units (30) 12/7/2016 4,000,000 4,000 —
5,032 —
Volusion, LLC Provider of Online Software-as-a-Service eCommerce Solutions
Secured Debt (17) 1/26/2015 11.50% 1/26/2020 16,734 16,734 16,630
Unsecured Convertible Debt 5/16/2018 8.00% 11/16/2023 409 409 409


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/2/2021		13.50%				1/31/2028	4,534	4,502	4,502
			Secured Debt		9/1/2021		13.50%				1/31/2028	3,154	3,132	3,132
			Secured Debt		11/15/2021		13.50%				1/31/2028	8,944	8,944	8,944
			Secured Debt		11/15/2021		13.50%				1/31/2028	19,712	19,568	19,568
			Secured Debt		1/31/2023		13.50%				1/31/2028	11,200	10,836	10,836
			Common Stock		8/3/2021	203,016							2,756	2,756
													49,738	49,738
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	12/31/2023	964	964	563
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	12/31/2023	983	983	574
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	12/31/2023	2,116	2,116	1,236
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	12/31/2023	4,415	4,415	2,577
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	12/31/2023	305	305	305
			Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981	—
			Common Stock		4/15/2021	635							830	—
			Warrants	(27)	4/18/2011	4,699					5/10/2025		1,089	—
													12,683	5,255
Oneliance, LLC		Construction Cleaning Company
			Secured Debt	(9) (25)	8/6/2021			L+	11.00%		8/6/2023	—	—	—
			Secured Debt	(9)	8/6/2021		15.75%	L+	11.00%		8/6/2026	5,520	5,482	5,482
			Preferred Stock		8/6/2021	1,056							1,056	1,056
													6,538	6,538
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)		Provider of Rigsite Accommodation Unit Rentals and Related Services
			Preferred Member Units		1/8/2013	250							2,500	—

SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt	(25)	8/31/2018						8/31/2023	—	—	—
			Secured Debt		8/31/2018		9.50%				8/31/2023	84,536	84,490	84,536
			Preferred Member Units	(8)	8/31/2018	157							1,218	13,650
													85,708	98,186
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%				12/22/2027	13,600	13,468	13,600
			Common Stock	(8)	9/13/2018	70,000							456	1,790
													13,924	15,390
Sonic Systems International, LLC	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		12.26%	L+	7.50%		8/20/2026	15,769	15,542	15,769
			Common Stock		8/20/2021	9,968							1,356	1,230

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Preferred Member Units 1/26/2015 4,876,670 14,000 —
Warrants (27) 1/26/2015 1,831,355 1/26/2025 2,576 —
33,719 17,039
Subtotal Affiliate Investments (27.9% of net assets at fair value) $ 576,047 $ 552,581
Non-Control Investments
AB Centers Acquisition Corporation (10) Applied Behavior Analysis Therapy Provider
Secured Debt (9) (29) (25) 9/6/2022 SF + 6.00% 9/6/2028 $ — $ (41) $ (41)
Secured Debt (9) (29) (25) 9/6/2022 SF + 6.00% 9/6/2028 — (82) (82)
Secured Debt (9) (29) 9/6/2022 9.17% SF + 6.00% 9/6/2028 17,052 16,582 16,582
16,459 16,459
Acousti Engineering Company of Florida (10) Interior Subcontractor Providing Acoustical Walls and Ceilings
Secured Debt (9) 11/2/2020 10.78% L + 8.50% 11/2/2025 1,678 1,668 1,664
Secured Debt (9) 11/2/2020 10.00% L + 8.50% 11/2/2025 10,027 9,954 9,944
Secured Debt (9) 5/26/2021 14.78% L + 12.50% 11/2/2025 817 811 817
12,433 12,425
Acumera, Inc. (10) Managed Security Service Provider
Secured Debt (9) 6/28/2022 12.02% L + 9.50% 10/26/2027 13,831 13,488 13,711
Secured Debt (9) 6/28/2022 12.02% L + 9.50% 10/26/2027 4,368 4,265 4,330
17,753 18,041
Adams Publishing Group, LLC (10) Local Newspaper Operator
Secured Debt (9) 3/11/2022 12.75% P + 6.50% 3/11/2027 3,547 3,547 3,418
Secured Debt (9) 3/11/2022 10.75% L + 7.50% 3/11/2027 24,305 24,245 23,788
27,792 27,206
ADS Tactical, Inc. (11) Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt (9) 3/29/2021 8.80% L + 5.75% 3/19/2026 21,286 20,964 19,676
AMEREQUIP LLC. (10) Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It
Secured Debt (9) (29) (25) 8/31/2022 SF + 7.40% 8/31/2027 — (144) (144)
Secured Debt (9) (29) 8/31/2022 9.84% SF + 7.40% 8/31/2027 37,545 36,830 36,830
Common Stock 8/31/2022 235 1,734 1,734
38,420 38,420
American Health Staffing Group, Inc. (10) Healthcare Temporary Staffing


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)		Fair Value (18)

													16,898		16,999
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		12/31/2022		13.69%	L+	8.50%		12/31/2027	5,000	4,556		4,556
			Preferred Equity		12/31/2022	5,907,649							—		—
													4,556		4,556
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Secured Debt		8/31/2020		12.00%				8/31/2025	20,500	20,395		20,395
			Preferred Member Units		8/31/2020	1,600							4,500		4,970
													24,895		25,365
The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt	(25)	8/9/2021						8/9/2026	—	(13)		(13)
			Secured Debt		8/9/2021		12.00%				8/9/2026	9,321	9,249		9,249
			Preferred Stock	(8)	8/9/2021	1,280,000							6,400		6,400
													15,636		15,636
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	6/15/2020	11.11%							4,067		6,188

UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Secured Debt	(9) (28)	10/15/2018		14.22%	SF+	7.50%	2.00%	8/20/2024	407	406		407
			Secured Debt	(9) (28)	8/27/2018		14.22%	SF+	7.50%	2.00%	8/20/2024	1,821	1,815		1,821
			Secured Convertible Debt		1/1/2021		15.00%			15.00%	2/20/2025	2,494	2,494		4,945
			Preferred Stock	(8)	8/29/2019	1,133,102	20.00%			20.00%			2,248		2,833
			Preferred Stock		8/21/2018	1,521,122	20.00%			20.00%			2,188		2,376
			Preferred Stock		6/30/2017	2,281,682	19.00%			19.00%			3,667		—
			Preferred Stock		1/15/2015	4,336,866	13.50%			13.50%			7,924		—
			Common Stock		4/1/2020	945,507							—		—
													20,742		12,382
Universal Wellhead Services Holdings, LLC	(10)	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
			Preferred Member Units	(29)	12/7/2016	716,949	14.00%			14.00%			1,032		218
			Member Units	(29)	12/7/2016	4,000,000							4,000		—
													5,032		218
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		13.00%				12/12/2027	14,280	14,147		14,147
			Preferred Equity		12/12/2022	3,845							3,845		3,845
													17,992		17,992
Subtotal Affiliate Investments (28.8% of net assets at fair value)													$	591,458	$	626,227

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Secured Debt (9) (25) 11/19/2021 L + 7.00% 11/19/2026 — (11) (11)
Secured Debt (9) 11/19/2021 8.01% L + 7.00% 11/19/2026 6,633 6,578 6,633
6,567 6,622
American Nuts, LLC (10) Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt (9) (29) 3/11/2022 8.98% SF + 6.75% 4/10/2026 15,667 15,430 15,287
Secured Debt (9) (29) 3/11/2022 10.98% SF + 8.75% 4/10/2026 15,667 15,430 15,307
30,860 30,594
American Teleconferencing Services, Ltd. (11) Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt (14) 9/17/2021 7.50% L + 6.50% 12/8/2022 2,980 2,980 168
Secured Debt (9) (14) 5/19/2016 7.50% L + 6.50% 6/8/2023 14,370 13,706 808
16,686 976
ArborWorks, LLC (10) Vegetation Management Services
Secured Debt (9) 11/9/2021 9.97% L + 7.00% 11/9/2026 4,678 4,562 4,131
Secured Debt (9) 11/9/2021 9.87% L + 7.00% 11/9/2026 29,722 29,231 26,245
Common Equity 11/9/2021 234 234 14
34,027 30,390
Archer Systems, LLC (10) Mass Tort Settlement Administration Solutions Provider
Secured Debt (9) (29) 8/11/2022 9.65% SF + 6.50% 8/11/2027 800 660 660
Secured Debt (9) (29) 8/11/2022 8.91% SF + 6.50% 8/11/2027 67,597 66,281 66,281
Common Stock 8/11/2022 1,387,832 1,388 1,388
68,329 68,329
Arrow International, Inc (10) Manufacturer and Distributor of Charitable Gaming Supplies
Secured Debt (9) (23) 12/21/2020 11.96% P + 5.61% 12/21/2025 36,000 35,715 36,000
ATS Operating, LLC (10) For-Profit Thrift Retailer
Secured Debt (9) (29) (25) 1/18/2022 SF + 6.50% 1/18/2027 — — —
Secured Debt (9) (29) 1/18/2022 7.84% SF + 5.50% 1/18/2027 6,660 6,660 6,360
Secured Debt (9) (29) 1/18/2022 9.84% SF + 7.50% 1/18/2027 6,660 6,660 6,384
Common Stock 1/18/2022 720,000 720 720
14,040 13,464
AVEX Aviation Holdings, LLC (10) Specialty Aircraft Dealer
Secured Debt (9) 12/15/2021 10.32% L + 7.00% 12/15/2026 720 659 679
Secured Debt (9) 12/15/2021 10.29% L + 7.00% 12/15/2026 12,148 11,944 11,452
Common Equity 12/15/2021 360 360 258
12,963 12,389
Berry Aviation, Inc. (10) Charter Airline Services
Secured Debt 7/6/2018 12.00% 10.50% 1.50% 1/6/2024 194 194 194


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Non-Control Investments (7)
AB Centers Acquisition Corporation	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9)	9/6/2022		13.00%	P+	5.00%		9/6/2028	$	371	$	333	$	370
			Secured Debt	(9) (28) (32)	9/6/2022		10.80%	SF+	6.00%		9/6/2028	2,224		2,129		2,217
			Secured Debt	(9) (28)	9/6/2022		10.79%	SF+	6.00%		9/6/2028	17,786		17,334		17,784
														19,796		20,371
Acousti Engineering Company of Florida	(10)	Interior Subcontractor Providing Acoustical Walls and Ceilings
			Secured Debt	(9)	11/2/2020		15.50%	P+	7.50%		11/2/2025	1,678		1,670		1,678
			Secured Debt	(9)	11/2/2020		15.50%	P+	7.50%		11/2/2025	9,756		9,696		9,756
			Secured Debt	(9)	5/26/2021		19.50%	P+	11.50%		11/2/2025	796		790		796
														12,156		12,230
Acumera, Inc.	(10)	Managed Security Service Provider
			Secured Debt	(9)	6/28/2022		14.13%	L+	9.50%		10/26/2027	14,618		14,308		14,618
			Secured Debt	(9)	2/15/2023		14.13%	L+	9.50%		10/26/2027	728		710		728
			Secured Debt	(9)	6/28/2022		14.13%	L+	9.50%		10/26/2027	4,368		4,275		4,368
			Warrants	(45)	2/15/2023	21,226					2/15/2028			—		—
														19,293		19,714
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (43)	3/11/2022		10.00%	L+	6.50%		3/11/2027	7,488		7,488		7,176
			Secured Debt	(9) (44)	3/11/2022		10.00%	L+	7.50%		3/11/2027	23,024		22,974		23,024
														30,462		30,200
ADS Tactical, Inc.	(11)	Value-Added Logistics and Supply Chain Provider to the Defense Industry
			Secured Debt	(9)	3/29/2021		10.59%	L+	5.75%		3/19/2026	20,712		20,443		19,262

AMEREQUIP LLC.	(10)	Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It
			Secured Debt	(9) (25) (28)	8/31/2022			SF+	7.40%		8/31/2027	—		(130)		(130)
			Secured Debt	(9) (28)	8/31/2022		12.10%	SF+	7.40%		8/31/2027	37,358		36,722		37,358
			Common Stock	(8)	8/31/2022	235								1,844		1,930
														38,436		39,158
American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			L+	6.00%		11/19/2026	—		(10)		(10)
			Secured Debt	(9)	11/19/2021		11.12%	L+	6.00%		11/19/2026	6,600		6,552		6,600
														6,542		6,590

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Preferred Member Units (8) (30) 7/6/2018 1,548,387 8.00% 8.00% 2,147 4,607
Preferred Member Units (8) (30) 11/12/2019 122,416 16.00% 16.00% 188 378
2,529 5,179
Bettercloud, Inc. (10) SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt (9) (29) (25) 6/30/2022 SF + 6.00% 6/30/2028 — (79) (79)
Secured Debt (9) (29) 6/30/2022 9.78% SF + 6.75% 5.75% 6/30/2028 26,965 26,458 26,965
26,379 26,886
Binswanger Enterprises, LLC (10) Glass Repair and Installation Service Provider
Member Units 3/10/2017 1,050,000 1,050 560
Bluestem Brands, Inc. (11) Multi-Channel Retailer of General Merchandise
Secured Debt (9) 8/28/2020 11.29% L + 8.50% 8/28/2025 6,303 6,303 6,193
Common Stock (8) 10/1/2020 723,184 1 5,445
6,304 11,638
Brainworks Software, LLC (10) Advertising Sales and Newspaper Circulation Software
Secured Debt (9) (14) (17) 8/12/2014 12.50% P + 9.25% 7/22/2019 761 761 761
Secured Debt (9) (14) (17) 8/12/2014 12.50% P + 9.25% 7/22/2019 7,056 7,056 3,440
7,817 4,201
Brightwood Capital Fund Investments (12) (13) Investment Partnership
LP Interests (Brightwood Capital Fund V, LP) (31) 7/12/2021 1.31% 2,000 2,139
LP Interests (Brightwood Capital Fund III, LP) (8) (31) 7/21/2014 1.55% 7,062 4,564
LP Interests (Brightwood Capital Fund IV, LP) (8) (31) 10/26/2016 0.59% 4,350 4,477
13,412 11,180
Burning Glass Intermediate Holding Company, Inc. (10) Provider of Skills-Based Labor Market Analytics
Secured Debt (9) 6/14/2021 7.52% L + 5.00% 6/10/2026 620 590 620
Secured Debt (9) 6/14/2021 7.52% L + 5.00% 6/10/2028 19,933 19,643 19,933
20,233 20,553
Cadence Aerospace LLC (10) Aerostructure Manufacturing
Secured Debt (9) (34) 11/14/2017 11.31% L + 8.50% 0.13% 11/14/2023 28,385 28,302 28,352
CAI Software LLC Provider of Specialized Enterprise Resource Planning Software
Preferred Equity (8) 12/13/2021 1,788,527 1,789 1,789
Preferred Equity 12/13/2021 596,176 — —


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9) (28)	3/11/2022		12.49%	SF+	6.75%	1.00%	4/10/2026	14,839	14,648	12,721
			Secured Debt	(9) (28)	3/11/2022		14.49%	SF+	8.75%	1.00%	4/10/2026	14,839	14,648	12,684
													29,296	25,405
American Teleconferencing Services, Ltd.	(11)	Provider of Audio Conferencing and Video Collaboration Solutions
			Secured Debt	(14)	9/17/2021		7.50%	L+	6.50%		4/7/2023	2,980	2,980	153
			Secured Debt	(9) (14)	5/19/2016		7.50%	L+	6.50%		6/8/2023	14,370	13,706	736
													16,686	889
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt	(9) (28)	11/9/2021		14.83%	SF+	7.00%	3.00%	11/9/2026	4,678	4,576	3,768
			Secured Debt	(9) (28)	11/9/2021		14.83%	SF+	7.00%	3.00%	11/9/2026	29,494	29,067	23,755
			Common Equity		11/9/2021	234							234	—
													33,877	27,523
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Secured Debt	(9) (25) (28)	8/11/2022			SF+	6.00%		8/11/2027	—	(127)	(127)
			Secured Debt	(9) (28)	8/11/2022		10.72%	SF+	6.00%		8/11/2027	65,171	63,985	63,551
			Common Stock		8/11/2022	1,387,832							1,388	1,680
													65,246	65,104
Arrow International, Inc	(10)	Manufacturer and Distributor of Charitable Gaming Supplies
			Secured Debt	(9) (23)	12/21/2020		13.15%	P+	5.40%		12/21/2025	36,000	35,759	36,000

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (28)	1/18/2022		11.39%	SF+	6.50%		1/18/2027	360	360	360
			Secured Debt	(9) (28)	1/18/2022		10.09%	SF+	5.50%		1/18/2027	6,660	6,660	6,582
			Secured Debt	(9) (28)	1/18/2022		12.09%	SF+	7.50%		1/18/2027	6,660	6,660	6,593
			Common Stock		1/18/2022	720,000							720	660
													14,400	14,195
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (28)	12/23/2022		12.52%	SF+	7.75%		12/23/2027	2,210	2,068	2,120
			Secured Debt	(9) (28)	12/23/2022		12.61%	SF+	7.75%		12/23/2027	28,999	27,913	27,808
			Common Equity		12/15/2021	984							965	1,011
													30,946	30,939
Berry Aviation, Inc.	(10)	Charter Airline Services
			Secured Debt		7/6/2018		12.00%			1.50%	1/6/2025	197	197	197
			Preferred Member Units	(8) (29)	7/6/2018	1,548,387	8.00%			8.00%			1,184	5,544
			Preferred Member Units	(8) (25) (29)	11/12/2019	122,416				16.00%			—	340

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
1,789 1,789
Camin Cargo Control, Inc. (11) Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
Secured Debt (9) 6/14/2021 9.62% L + 6.50% 6/4/2026 15,258 15,142 14,724
CaseWorthy, Inc. (10) SaaS Provider of Case Management Solutions
Secured Debt (9) (25) 5/18/2022 L + 5.25% 5/18/2027 — (11) (11)
Secured Debt (9) (25) 5/18/2022 L + 5.25% 5/18/2027 — — —
Secured Debt (9) 5/18/2022 8.26% L + 5.25% 5/18/2027 6,133 6,076 5,999
6,065 5,988
Channel Partners Intermediateco, LLC (10) Outsourced Consumer Services Provider
Secured Debt (9) (29) 2/7/2022 9.08% SF + 6.25% 2/7/2027 5,183 5,075 4,937
Secured Debt (9) (29) (28) 2/7/2022 7.70% SF + 6.25% 2/7/2027 39,155 38,462 37,299
43,537 42,236
Clarius BIGS, LLC (10) Prints & Advertising Film Financing
Secured Debt (14) (17) 9/23/2014 15.00% 15.00% 1/5/2015 2,729 2,729 10
Computer Data Source, LLC (10) Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt (9) 8/6/2021 10.13% L + 7.50% 8/6/2026 5,000 4,923 4,519
Secured Debt (9) 8/6/2021 10.37% L + 7.50% 8/6/2026 18,656 18,364 16,860
23,287 21,379
Construction Supply Investments, LLC (10) Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
Member Units (8) 12/29/2016 861,618 3,335 20,795
Dalton US Inc. (10) Provider of Supplemental Labor Services
Secured Debt (9) (29) 8/16/2022 11.13% SF + 8.00% 8/16/2027 763 530 530
Secured Debt (9) (29) (25) 8/16/2022 SF + 8.00% 8/16/2027 — (78) (78)
Secured Debt (9) (29) 8/16/2022 11.31% SF + 8.00% 8/16/2027 14,389 14,111 14,111
Common Stock 8/16/2022 201 201 201
14,764 14,764
DTE Enterprises, LLC (10) Industrial Powertrain Repair and Services
Secured Debt (9) (25) 4/13/2018 L + 7.50% 4/13/2023 — (2) (2)
Secured Debt (9) 4/13/2018 10.44% L + 7.50% 4/13/2023 7,824 7,803 7,486
Class A Preferred Member Units 4/13/2018 776,316 8.00% 8.00% 776 270


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

													1,381	6,081
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (25) (28)	6/30/2022			SF+	7.00%	6.00%	6/30/2028	—	(72)	(72)
			Secured Debt	(9) (28)	6/30/2022		11.89%	SF+	7.00%	6.00%	6/30/2028	27,919	27,456	27,919
													27,384	27,847
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Member Units		3/10/2017	1,050,000							1,050	230

Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9)	10/19/2022		15.50%	P+	7.50%	14.50%	8/28/2025	1,211	1,211	1,139
			Secured Debt	(9)	8/28/2020		13.07%	L+	8.50%	12.07%	8/28/2025	3,309	2,440	3,111
			Common Stock	(8)	10/1/2020	723,184							1	3,070
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	690
													4,688	8,010
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		12.50%	P+	9.25%		7/22/2019	761	761	761
			Secured Debt	(9) (14) (17)	8/12/2014		12.50%	P+	9.25%		7/22/2019	7,056	7,056	2,134
													7,817	2,895
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.55%							7,062	4,586
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%							4,350	4,664
			LP Interests (Brightwood Capital Fund V, LP)	(30)	7/12/2021	1.31%							2,000	2,280
													13,412	11,530
Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics
			Secured Debt	(9)	6/14/2021		9.83%	L+	5.00%		6/10/2026	774	749	774
			Secured Debt	(9)	6/14/2021		9.63%	L+	5.00%		6/10/2028	19,832	19,568	19,832
													20,317	20,606
Cadence Aerospace LLC	(10)	Aerostructure Manufacturing
			Secured Debt	(9)	11/14/2017		13.14%	L+	6.50%	2.00%	11/14/2023	14,373	14,351	14,373
			Secured Debt	(9)	11/14/2017		13.14%	L+	6.50%	2.00%	11/14/2023	4,472	4,465	4,472
			Secured Debt	(9)	11/14/2017		13.33%	L+	6.50%	2.00%	11/14/2023	5,883	5,873	5,883
			Secured Debt	(9)	11/14/2017		13.23%	L+	6.50%	2.00%	11/14/2023	1,687	1,685	1,687

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Class AA Preferred Member Units (non-voting) (8) 4/13/2018 10.00% 10.00% 1,132 1,132
9,709 8,886
Dynamic Communities, LLC (10) Developer of Business Events and Online Community Groups
Secured Debt (9) (25) 7/17/2018 L + 8.50% 7/17/2023 — — —
Secured Debt (9) 9/28/2022 10.75% L + 7.50% 7/17/2023 2,805 2,791 2,268
Secured Debt (9) 9/28/2022 12.75% L + 9.50% 7/17/2023 2,805 2,791 2,147
5,582 4,415
Eastern Wholesale Fence LLC (10) Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt (9) 11/19/2020 10.07% L + 7.00% 10/30/2025 4,461 4,400 4,342
Secured Debt (9) 11/19/2020 10.07% L + 7.00% 10/30/2025 5,053 4,995 4,918
Secured Debt (9) 11/19/2020 10.07% L + 7.00% 10/30/2025 23,606 23,272 22,974
32,667 32,234
Emerald Technologies Acquisition Co, Inc. (11) Design & Manufacturing
Secured Debt (9) (29) 2/10/2022 9.38% SF + 6.25% 2/10/2028 9,258 9,091 8,911
EnCap Energy Fund Investments (12) (13) Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.) (8) (31) 1/22/2015 0.14% 3,587 2,184
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.) (8) (31) 1/21/2015 0.38% 1,984 1,037
LP Interests (EnCap Energy Capital Fund IX, L.P.) (8) (31) 1/22/2015 0.10% 3,755 2,177
LP Interests (EnCap Energy Capital Fund X, L.P.) (8) (31) 3/25/2015 0.15% 8,326 10,130
LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (31) 3/30/2015 0.84% 5,358 1,583
LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (8) (31) 3/27/2015 0.25% 6,019 5,089
29,029 22,200
Engineering Research & Consulting, LLC (10) Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt (9) (29) 5/23/2022 11.00% SF + 6.25% 5/23/2027 120 72 116
Secured Debt (9) (29) 5/23/2022 9.38% SF + 6.25% 5/23/2028 16,338 16,034 15,772
16,106 15,888
EPIC Y-Grade Services, LP (11) NGL Transportation & Storage
Secured Debt (9) 6/22/2018 8.08% L + 6.00% 6/30/2027 6,840 6,778 5,803


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	11/14/2017		13.33%	L+	6.50%	2.00%	11/14/2023	2,476	2,472	2,476
													28,846	28,891
CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software
			Preferred Equity		12/13/2021	1,788,527							1,789	1,789
			Preferred Equity		12/13/2021	596,176							—	—
													1,789	1,789
Camin Cargo Control, Inc.	(11)	Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
			Secured Debt	(9) (28)	6/14/2021		11.34%	SF+	6.50%		6/4/2026	15,178	15,079	14,646
													15,079	14,646
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Secured Debt	(9) (25)	5/18/2022			L+	6.00%		5/18/2027	—	(10)	(10)
			Secured Debt	(9)	5/18/2022		10.73%	L+	6.00%		5/18/2027	7,993	7,919	7,919
			Secured Debt	(9)	5/18/2022		10.73%	L+	6.00%		5/18/2027	6,133	6,083	6,133
			Common Equity		12/30/2022	245,926							246	246
													14,238	14,288
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (28) (33)	2/7/2022		11.06%	SF+	6.25%		2/7/2027	1,868	1,773	1,830
			Secured Debt	(9) (28) (33)	2/7/2022		11.08%	SF+	6.25%		2/7/2027	38,918	38,307	38,110
			Secured Debt	(9) (28)	3/27/2023		11.14%	SF+	6.25%		2/7/2027	4,930	4,804	4,828
													44,884	44,768
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014		15.00%			15.00%	1/5/2015	2,696	2,696	25

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (34)	8/6/2021		12.34%	L+	7.50%		8/6/2026	5,000	4,933	4,559
			Secured Debt	(9)	8/6/2021		12.35%	L+	7.50%		8/6/2026	18,588	18,334	16,948
													23,267	21,507
Construction Supply Investments, LLC	(10)	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
			Member Units		12/29/2016	861,618							3,335	23,650

Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Secured Debt	(9) (28) (35)	8/16/2022		12.33%	SF+	7.50%		8/16/2027	3,212	3,003	3,129
			Secured Debt	(9) (25) (28)	8/16/2022			SF+	7.50%		8/16/2027	—	(70)	(70)

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Event Holdco, LLC (10) Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt (9) (30) 12/22/2021 9.25% L + 7.00% 12/22/2026 3,692 3,661 3,367
Secured Debt (9) (30) 12/22/2021 10.67% L + 7.00% 12/22/2026 44,308 43,933 40,402
47,594 43,769
Flip Electronics LLC (10) Distributor of Hard-to-Find and Obsolete Electronic Components
Secured Debt (9) (29) 3/24/2022 11.21% SF + 7.50% 1/2/2026 491 491 491
Secured Debt (9) (29) 1/4/2021 11.19% SF + 7.50% 1/2/2026 6,185 6,078 6,078
6,569 6,569
Fuse, LLC (11) Cable Networks Operator
Secured Debt 6/30/2019 12.00% 6/28/2024 1,810 1,810 1,512
Common Stock 6/30/2019 10,429 256 —
2,066 1,512
GeoStabilization International (GSI) (11) Geohazard Engineering Services & Maintenance
Secured Debt 1/2/2019 8.07% L + 5.25% 12/19/2025 20,550 20,474 20,139
GS HVAM Intermediate, LLC (10) Specialized Food Distributor
Secured Debt (9) 10/18/2019 8.26% L + 6.50% 10/2/2024 2,273 2,264 2,211
Secured Debt (9) 10/18/2019 9.62% L + 6.50% 10/2/2024 10,858 10,813 10,564
13,077 12,775
GULF PACIFIC ACQUISITION, LLC (10) Rice Processor and Merchandiser
Secured Debt (9) (29) (25) 9/30/2022 SF + 6.00% 9/30/2028 — (20) (20)
Secured Debt (9) (29) (25) 9/30/2022 SF + 6.00% 9/30/2028 — (15) (15)
Secured Debt (9) (29) 9/30/2022 9.59% SF + 6.00% 9/30/2028 3,661 3,588 3,588
3,553 3,553
HDC/HW Intermediate Holdings (10) Managed Services and Hosting Provider
Secured Debt (9) (29) 12/21/2018 11.76% SF + 9.50% 5.75% 12/21/2023 320 319 297
Secured Debt (9) (29) 12/21/2018 11.76% SF + 9.50% 5.75% 12/21/2023 3,117 3,100 2,888
3,419 3,185
HEADLANDS OP-CO LLC (10) Clinical Trial Sites Operator
Secured Debt (9) (29) (25) 8/1/2022 SF + 6.50% 8/1/2027 — (65) (65)
Secured Debt (9) (29) (25) 8/1/2022 SF + 6.50% 8/1/2027 — (65) (65)
Secured Debt (9) (29) 8/1/2022 9.52% SF + 6.50% 8/1/2027 16,875 16,549 16,549
16,419 16,419


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9) (28)	8/16/2022		12.26%	SF+	7.50%		8/16/2027	14,317	14,068	13,944
			Common Stock		8/16/2022	201							201	201
													17,202	17,204
DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Secured Debt	(9) (25)	4/13/2018			L+	7.50%		6/30/2023	—	—	—
			Secured Debt	(9)	4/13/2018		12.44%	L+	7.50%		6/30/2023	5,634	5,632	5,634
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	380
			Class AA Preferred Member Units (non-voting)	(8)	4/13/2018		10.00%			10.00%			1,190	1,190
													7,598	7,204
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9) (28)	12/20/2022		9.18%	SF+	4.50%	9.18%	12/31/2026	1,875	1,717	1,717
			Secured Debt	(9) (28)	12/20/2022		11.18%	SF+	6.50%	11.18%	12/31/2026	1,875	1,642	1,642
			Preferred Equity		12/20/2022	125,000							128	128
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													3,487	3,487
Eastern Wholesale Fence LLC	(10)	Manufacturer and Distributor of Residential and Commercial Fencing Solutions
			Secured Debt	(9) (28)	11/19/2020		12.95%	SF+	8.00%		10/30/2025	3,495	3,443	3,384
			Secured Debt	(9) (28)	11/19/2020		12.95%	SF+	8.00%		10/30/2025	4,989	4,940	4,830
			Secured Debt	(9) (28)	11/19/2020		12.95%	SF+	8.00%		10/30/2025	23,305	23,027	22,564
													31,410	30,778
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9) (28)	2/10/2022		10.97%	SF+	6.25%		2/10/2028	9,199	9,049	8,739

EnCap Energy Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							3,565	2,091
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,979	950
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,682	2,148
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							8,165	9,362
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(30)	3/30/2015	0.84%							5,358	1,688

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Heartland Dental, LLC (10) Dental Support Organization
Secured Debt (9) 9/9/2020 9.62% L + 6.50% 4/30/2025 14,663 14,405 13,563
HOWLCO LLC (11) (13) (21) Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt (9) 8/19/2021 8.96% L + 6.00% 10/23/2026 25,354 25,354 23,648
Hybrid Promotions, LLC (10) Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt (9) 6/30/2021 10.33% L + 8.25% 6/30/2026 7,088 6,979 6,721
IG Parent Corporation (11) Software Engineering
Secured Debt (9) (29) 7/30/2021 8.41% SF + 5.75% 7/30/2026 443 413 435
Secured Debt (9) (29) 7/30/2021 8.23% SF + 5.75% 7/30/2026 14,536 14,327 14,279
14,740 14,714
Implus Footcare, LLC (10) Provider of Footwear and Related Accessories
Secured Debt (9) 6/1/2017 10.25% L + 7.75% 0.25% 4/30/2024 18,609 18,452 17,194
Independent Pet Partners Intermediate Holdings, LLC (10) Omnichannel Retailer of Specialty Pet Products
Secured Debt (35) 8/20/2020 11.26% (blank) 11.26% 12/22/2022 6,831 6,831 6,831
Secured Debt (14) 12/10/2020 6.00% 6.00% 11/20/2023 18,428 17,664 13,419
Preferred Stock (non-voting) (14) 12/10/2020 6.00% 6.00% 3,235 —
Preferred Stock (non-voting) 12/10/2020 — —
Member Units 11/20/2018 1,558,333 1,558 —
Warrants (38) (25) 11/20/2018 242,914 11/19/2028 — —
29,288 20,250
Industrial Services Acquisition, LLC (10) Industrial Cleaning Services
Secured Debt (9) 8/13/2021 9.88% L + 6.75% 8/13/2026 463 428 463
Secured Debt (9) 8/13/2021 9.69% L + 6.75% 8/13/2026 19,288 18,984 19,288
Preferred Member Units (8) (30) 1/31/2018 144 10.00% 10.00% 127 161
Preferred Member Units (8) (30) 5/17/2019 80 20.00% 20.00% 89 101
Member Units (30) 6/17/2016 900 900 690
20,528 20,703
Infolinks Media Buyco, LLC (10) Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt (9) (25) 11/1/2021 L + 5.75% 11/1/2026 — (20) (20)
Secured Debt (9) 11/1/2021 9.42% L + 5.75% 11/1/2026 8,637 8,495 8,543


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							5,749	6,062
													28,498	22,301
Engineering Research & Consulting, LLC	(10)	Provider of Engineering & Consulting Services to US Department of Defense
			Secured Debt	(9) (28)	5/23/2022		11.43%	SF+	6.50%		5/23/2027	983	940	976
			Secured Debt	(9) (28)	5/23/2022		11.43%	SF+	6.50%		5/23/2028	16,256	15,980	16,138
													16,920	17,114
EPIC Y-Grade Services, LP	(11)	NGL Transportation & Storage
			Secured Debt	(9)	6/22/2018		10.96%	L+	6.00%		6/30/2027	6,806	6,750	5,963

Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9) (28) (29)	12/22/2021		11.73%	SF+	7.00%		12/22/2026	3,692	3,665	3,504
			Secured Debt	(9) (28) (29)	12/22/2021		11.73%	SF+	7.00%		12/22/2026	44,308	43,977	42,045
													47,642	45,549
Flip Electronics LLC	(10)	Distributor of Hard-to-Find and Obsolete Electronic Components
			Secured Debt	(9) (28)	3/24/2022		12.55%	SF+	7.50%		1/2/2026	982	982	982
			Secured Debt	(9) (28)	1/4/2021		12.55%	SF+	7.50%		1/2/2026	11,095	10,872	11,095
													11,854	12,077
Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		12.00%				6/28/2024	1,810	1,810	1,512
			Common Stock		6/30/2019	10,429							256	—
													2,066	1,512
GeoStabilization International (GSI)	(11)	Geohazard Engineering Services & Maintenance
			Secured Debt	(28)	1/2/2019		10.17%	SF+	5.25%		12/19/2025	20,444	20,379	19,319

GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9)	10/18/2019		11.46%	L+	6.50%		10/2/2024	1,136	1,129	1,132
			Secured Debt	(9)	10/18/2019		11.46%	L+	6.50%		10/2/2024	10,707	10,673	10,683
													11,802	11,815
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9) (28) (36)	9/30/2022		10.99%	SF+	6.00%		9/30/2028	353	335	353
			Secured Debt	(9) (28)	9/30/2022		11.11%	SF+	6.00%		9/30/2028	303	286	286
			Secured Debt	(9) (28)	9/30/2022		10.58%	SF+	6.00%		9/30/2028	3,642	3,576	3,642
													4,197	4,281

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
8,475 8,523
Interface Security Systems, L.L.C (10) Commercial Security & Alarm Services
Secured Debt (9) 12/9/2021 12.32% L + 10.00% 8/7/2023 1,398 1,398 1,398
Secured Debt (9) (14) 8/7/2019 10.52% L + 7.00% 1.00% 8/7/2023 7,313 7,237 1,549
Common Stock 12/7/2021 2,143 — —
8,635 2,947
Intermedia Holdings, Inc. (11) Unified Communications as a Service
Secured Debt (9) 8/3/2018 9.12% L + 6.00% 7/19/2025 20,467 20,414 17,960
Invincible Boat Company, LLC. (10) Manufacturer of Sport Fishing Boats
Secured Debt (9) 8/28/2019 9.42% L + 6.50% 8/28/2025 726 721 716
Secured Debt (9) 8/28/2019 8.75% L + 6.50% 8/28/2025 16,889 16,774 16,645
17,495 17,361
INW Manufacturing, LLC (11) Manufacturer of Nutrition and Wellness Products
Secured Debt (9) 5/19/2021 8.71% L + 5.75% 3/25/2027 7,125 6,959 6,306
Isagenix International, LLC (11) Direct Marketer of Health & Wellness Products
Secured Debt (9) 6/21/2018 9.93% L + 7.75% 9.93% 6/14/2025 4,951 4,933 2,140
Jackmont Hospitality, Inc. (10) Franchisee of Casual Dining Restaurants
Secured Debt (9) 11/8/2021 8.75% L + 6.50% 11/4/2024 2,084 2,084 1,987
Preferred Equity (8) 11/8/2021 2,826,667 116 616
2,200 2,603
Joerns Healthcare, LLC (11) Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt 11/15/2021 15.00% 15.00% 15.00% 11/8/2022 1,833 1,833 1,833
Secured Debt (14) 8/21/2019 19.75% 19.75% 8/21/2024 4,034 3,997 1,222
Common Stock 8/21/2019 472,579 4,429 —
10,259 3,055
JTI Electrical & Mechanical, LLC (10) Electrical, Mechanical and Automation Services
Secured Debt (9) (25) 12/22/2021 L + 6.00% 12/22/2026 — (143) (143)
Secured Debt (9) 12/22/2021 8.26% L + 6.00% 12/22/2026 37,421 36,788 37,321
Common Equity 12/22/2021 1,684,211 1,684 2,340
38,329 39,518
KMS, LLC (10) Wholesaler of Closeout and Value-priced Products
Secured Debt (9) 10/4/2021 9.56% L + 7.25% 10/4/2026 1,075 1,026 1,014


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9) (28)	12/21/2018		14.34%	SF+	9.50%	14.34%	12/21/2023	332	331	324
			Secured Debt	(9) (28)	12/21/2018		14.34%	SF+	9.50%	14.34%	12/21/2023	3,394	3,384	3,308
													3,715	3,632
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (25) (28)	8/1/2022			SF+	6.50%		8/1/2027	—	(59)	(59)
			Secured Debt	(9) (25) (28)	8/1/2022			SF+	6.50%		8/1/2027	—	(59)	(59)
			Secured Debt	(9) (28)	8/1/2022		11.12%	SF+	6.50%		8/1/2027	16,748	16,458	16,748
													16,340	16,630
Heartland Dental, LLC	(10)	Dental Support Organization
			Secured Debt	(9)	9/9/2020		11.34%	L+	6.50%		4/30/2025	14,588	14,381	13,676

HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.92%	L+	6.00%		10/23/2026	25,226	25,226	24,317

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9) (28)	6/30/2021		13.10%	SF+	8.25%		6/30/2026	7,088	6,993	5,822

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25) (28)	7/30/2021			SF+	5.75%		7/30/2026	—	(26)	—
			Secured Debt	(9) (28)	7/30/2021		10.59%	SF+	5.75%		7/30/2028	14,475	14,289	14,320
													14,263	14,320
Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9) (28)	6/1/2017		13.99%	SF+	7.75%	1.50%	4/30/2024	18,568	18,461	16,895

Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Secured Debt	(9)	8/20/2020		15.25%	P+	7.50%	15.25%	4/16/2023	7,294	7,294	7,294
			Secured Debt	(14)	12/10/2020		6.00%			6.00%	11/20/2023	18,428	17,664	6,010
			Secured Debt	(28)	11/28/2022		14.95%	SF+	10.00%	14.95%	4/16/2023	2,378	2,358	2,303
			Secured Debt	(28)	2/13/2023		14.66%	SF+	10.00%	14.66%	4/16/2023	2,474	2,424	2,397
			Preferred Stock (non-voting)		12/10/2020		6.00%			6.00%			3,235	—
			Preferred Stock (non-voting)		12/10/2020								—	—
			Member Units		11/20/2018	1,558,333							1,558	—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Secured Debt (9) 10/4/2021 9.56% L + 7.25% 10/4/2026 7,524 7,402 7,101
8,428 8,115
Kore Wireless Group Inc. (11) (13) Mission Critical Software Platform
Secured Debt 12/31/2018 9.17% L + 5.50% 12/20/2024 11,326 11,275 11,199
Lightbox Holdings, L.P. (11) Provider of Commercial Real Estate Software
Secured Debt 5/9/2019 7.96% L + 5.00% 5/9/2026 14,513 14,377 14,005
LKCM Headwater Investments I, L.P. (12) (13) Investment Partnership
LP Interests (8) (31) 1/25/2013 2.27% 1,746 3,197
LL Management, Inc. (10) Medical Transportation Service Provider
Secured Debt (9) (29) 5/2/2019 10.20% SF + 7.25% 9/25/2023 8,126 8,102 8,126
Secured Debt (9) (29) 5/2/2019 9.81% SF + 7.25% 9/25/2023 9,220 9,171 9,220
Secured Debt (9) (29) 5/12/2022 9.13% SF + 7.25% 9/25/2023 10,855 10,728 10,799
28,001 28,145
LLFlex, LLC (10) Provider of Metal-Based Laminates
Secured Debt (9) 8/16/2021 11.28% L + 9.00% 8/16/2026 4,455 4,376 4,234
Logix Acquisition Company, LLC (10) Competitive Local Exchange Carrier
Secured Debt (9) 1/8/2018 8.87% L + 5.75% 12/22/2024 19,662 18,954 17,941
Looking Glass Investments, LLC (12) (13) Specialty Consumer Finance
Member Units 7/1/2015 3 125 25
Mac Lean-Fogg Company (10) Manufacturer and Supplier for Auto and Power Markets
Secured Debt (9) 4/22/2019 7.87% L + 4.75% 12/22/2025 1,786 1,779 1,768
Secured Debt (9) 4/22/2019 7.87% L + 4.75% 12/22/2025 15,163 15,102 15,011
Preferred Stock 10/1/2019 13.75% 9.25% 1,984 1,926
18,865 18,705
Mako Steel, LP (10) Self-Storage Design & Construction
Secured Debt (9) 3/15/2021 10.42% L + 7.25% 3/15/2026 1,643 1,599 1,586
Secured Debt (9) 3/15/2021 11.09% L + 7.25% 3/15/2026 15,324 15,107 14,791
16,706 16,377
MB2 Dental Solutions, LLC (11) Dental Partnership Organization


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Warrants	(25) (46)	11/20/2018	242,914					11/19/2028		—	—
													34,533	18,004
Industrial Services Acquisition, LLC	(10)	Industrial Cleaning Services
			Secured Debt	(9)	8/13/2021		11.50%	L+	6.75%		8/13/2026	1,004	973	1,004
			Secured Debt	(9)	8/13/2021		11.50%	L+	6.75%		8/13/2026	19,190	18,928	19,190
			Preferred Member Units	(8) (29)	1/31/2018	144	10.00%			10.00%			131	147
			Preferred Member Units	(8) (29)	5/17/2019	80	20.00%			20.00%			94	95
			Member Units	(29)	6/17/2016	900							900	600
													21,026	21,036
Infolinks Media Buyco, LLC	(10)	Exclusive Placement Provider to the Advertising Ecosystem
			Secured Debt	(9) (25)	11/1/2021			L+	5.50%		11/1/2026	—	(17)	(17)
			Secured Debt	(9)	11/1/2021		10.23%	L+	5.50%		11/1/2026	8,593	8,469	8,593
													8,452	8,576
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt		12/9/2021		14.76%	L+	10.00%		8/7/2023	1,835	1,835	1,781
			Secured Debt	(9) (14)	8/7/2019		11.63%	L+	7.00%	11.63%	8/7/2023	7,313	7,237	1,082
			Common Stock		12/7/2021	2,143							—	—
													9,072	2,863
Intermedia Holdings, Inc.	(11)	Unified Communications as a Service
			Secured Debt	(9)	8/3/2018		10.84%	L+	6.00%		7/19/2025	20,414	20,370	15,719

Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9) (37)	8/28/2019		11.32%	L+	6.50%		8/28/2025	726	722	726
			Secured Debt	(9)	8/28/2019		11.23%	L+	6.50%		8/28/2025	16,889	16,794	16,889
													17,516	17,615
INW Manufacturing, LLC	(11)	Manufacturer of Nutrition and Wellness Products
			Secured Debt	(9)	5/19/2021		10.48%	L+	5.75%		3/25/2027	6,938	6,794	5,978

Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (14)	6/21/2018		9.93%	L+	7.75%		6/14/2025	5,053	5,036	1,718

Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9)	10/26/2022		12.23%	L+	7.50%		11/4/2024	488	473	487
			Secured Debt	(9)	11/8/2021		12.23%	L+	7.50%		11/4/2024	2,027	2,027	2,027
			Preferred Equity	(8)	11/8/2021	2,826,667							110	500
													2,610	3,014

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Secured Debt (9) (29) (36) 1/28/2021 9.08% SF + 6.00% 1/29/2027 6,816 6,757 6,763
Secured Debt (9) (29) 1/28/2021 9.70% SF + 6.00% 1/29/2027 7,896 7,799 7,834
14,556 14,597
Microbe Formulas, LLC (10) Nutritional Supplements Provider
Secured Debt (9) (29) (25) 4/4/2022 SF + 6.25% 4/3/2028 — (66) (66)
Secured Debt (9) (29) 4/4/2022 8.36% SF + 6.25% 4/3/2028 27,625 27,118 25,665
27,052 25,599
Mills Fleet Farm Group, LLC (10) Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt (9) 10/24/2018 9.06% L + 6.25% 10/24/2024 18,769 18,533 18,309
MonitorUS Holding, LLC (10) (13) (21) SaaS Provider of Media Intelligence Services
Secured Debt (9) (25) 5/24/2022 L + 7.00% 5/24/2027 — (68) (68)
Secured Debt (9) 5/24/2022 9.43% L + 7.00% 5/24/2027 10,107 9,912 9,677
Secured Debt (9) 5/24/2022 8.51% L + 7.00% 5/24/2027 17,038 16,730 16,808
Common Stock 8/30/2022 44,445,814 889 889
27,463 27,306
NBG Acquisition Inc (11) Wholesaler of Home Décor Products
Secured Debt (9) 4/28/2017 9.67% L + 5.50% 4/26/2024 3,876 3,859 1,841
NinjaTrader, LLC (10) Operator of Futures Trading Platform
Secured Debt (9) (25) 12/18/2019 L + 6.75% 12/18/2024 — (2) —
Secured Debt (9) (25) 12/18/2019 L + 6.75% 12/18/2024 — (43) (43)
Secured Debt (9) 12/18/2019 8.53% L + 6.75% 12/18/2024 21,666 21,387 21,666
21,342 21,623
NNE Partners, LLC (10) Oil & Gas Exploration & Production
Secured Debt 3/2/2017 10.86% L + 9.25% 12/31/2023 24,781 24,736 24,073
Northstar Group Services, Inc (11) Commercial & Industrial Services
Secured Debt (9) 11/1/2021 8.62% L + 5.50% 11/12/2026 9,742 9,702 9,535
NTM Acquisition Corp. (11) Provider of B2B Travel Information Content
Secured Debt (9) 7/12/2016 9.50% L + 6.25% 1.00% 6/7/2024 4,490 4,490 4,333
NWN Corporation (10) Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(28)	11/15/2021		23.04%	SF+	18.00%	23.04%	1/31/2024	2,431	2,431	2,431
			Secured Debt	(14) (28)	8/21/2019		21.08%	SF+	16.00%	21.08%	8/21/2024	4,034	3,997	280
			Common Stock		8/21/2019	472,579							4,429	—
													10,857	2,711
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (25)	12/22/2021			L+	6.00%		12/22/2026	—	(126)	(126)
			Secured Debt	(9)	12/22/2021		10.73%	L+	6.00%		12/22/2026	36,711	36,159	36,711
			Common Equity		12/22/2021	1,684,211							1,684	2,840
													37,717	39,425
KMS, LLC	(10)	Wholesaler of Closeout and Value-priced Products
			Secured Debt	(9)	10/4/2021		12.00%	L+	7.25%		10/4/2026	1,053	1,011	988
			Secured Debt	(9)	10/4/2021		12.00%	L+	7.25%		10/4/2026	7,486	7,379	7,011
													8,390	7,999
Kore Wireless Group Inc.	(11)	Mission Critical Software Platform
			Secured Debt	(28)	12/31/2018		10.08%	SF+	5.50%		9/21/2024	11,297	11,258	10,732

Lightbox Holdings, L.P.	(11)	Provider of Commercial Real Estate Software
			Secured Debt		5/9/2019		10.16%	L+	5.00%		5/9/2026	14,438	14,321	13,932

LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	1/25/2013	2.27%							1,746	3,284

LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9) (28)	5/2/2019		12.11%	SF+	7.25%		9/25/2023	8,065	8,053	7,969
			Secured Debt	(9) (28) (38)	5/2/2019		12.13%	SF+	7.25%		9/25/2023	9,197	9,172	9,087
			Secured Debt	(9) (28)	5/12/2022		12.09%	SF+	7.25%		9/25/2023	10,812	10,749	10,683
													27,974	27,739
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		13.75%	L+	9.00%		8/16/2026	4,433	4,364	4,081

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	1/8/2018		10.59%	L+	5.75%		12/22/2024	19,662	19,111	16,098

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Secured Debt (9) 5/7/2021 9.27% L + 6.50% 5/7/2026 3,941 3,832 3,715
Secured Debt (9) 5/7/2021 9.37% L + 6.50% 5/7/2026 40,615 40,014 38,285
43,846 42,000
Ospemifene Royalty Sub LLC (10) Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt (14) 7/8/2013 11.50% 11/15/2026 4,511 4,511 61
OVG Business Services, LLC (10) Venue Management Services
Secured Debt (9) 11/29/2021 9.34% L + 6.25% 11/19/2028 13,965 13,843 13,057
Paragon Healthcare, Inc. (10) Infusion Therapy Treatment Provider
Secured Debt (9) (29) (25) 1/19/2022 SF + 5.75% 1/19/2027 — (111) (111)
Secured Debt (9) (29) 1/19/2022 8.45% SF + 5.75% 1/19/2027 1,620 1,523 1,534
Secured Debt (9) (29) 1/19/2022 8.40% SF + 5.75% 1/19/2027 18,293 17,825 17,330
19,237 18,753
Project Eagle Holdings, LLC (10) Provider of Secure Business Collaboration Software
Secured Debt (9) (25) 7/6/2020 L + 6.50% 7/6/2026 — (20) (20)
Secured Debt (9) 7/6/2020 9.33% L + 6.50% 7/6/2026 29,550 29,083 28,831
29,063 28,811
PTL US Bidco, Inc (10) Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells.
Secured Debt (9) (29) (25) 8/19/2022 SF + 8.25% 8/19/2027 — (184) (184)
Secured Debt (9) (29) 8/19/2022 11.40% SF + 8.25% 8/19/2027 28,625 28,074 28,074
27,890 27,890
RA Outdoors LLC (10) Software Solutions Provider for Outdoor Activity Management
Secured Debt (9) (29) (25) 4/8/2021 SF + 6.75% 4/8/2026 — (12) (12)
Secured Debt (9) (29) 4/8/2021 9.03% SF + 6.75% 4/8/2026 13,369 13,231 12,252
13,219 12,240
Research Now Group, Inc. and Survey Sampling International, LLC (11) Provider of Outsourced Online Surveying
Secured Debt (9) (29) 12/29/2017 8.84% SF + 5.50% 12/20/2024 19,966 19,717 18,128
RM Bidder, LLC (10) Scripted and Unscripted TV and Digital Programming Provider


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125	25

Mako Steel, LP	(10)	Self-Storage Design & Construction
			Secured Debt	(9)	3/15/2021		12.30%	L+	7.25%		3/15/2026	1,825	1,788	1,808
			Secured Debt	(9)	3/15/2021		12.30%	L+	7.25%		3/15/2026	15,245	15,061	15,102
													16,849	16,910
MB2 Dental Solutions, LLC	(11)	Dental Partnership Organization
			Secured Debt	(9) (28) (32)	1/28/2021		10.72%	SF+	6.00%		1/29/2027	9,259	9,184	9,259
			Secured Debt	(9) (28)	1/28/2021		10.72%	SF+	6.00%		1/29/2027	7,856	7,770	7,856
													16,954	17,115
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25) (28)	4/4/2022			SF+	6.25%		4/3/2028	—	(60)	(60)
			Secured Debt	(9) (28)	4/4/2022		11.09%	SF+	6.25%		4/3/2028	25,722	25,294	24,856
													25,234	24,796
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	10/24/2018		11.08%	L+	6.25%		10/24/2024	18,769	18,590	18,366

MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		12.11%	L+	7.00%		5/24/2027	1,930	1,869	1,869
			Secured Debt	(9)	5/24/2022		11.73%	L+	7.00%		5/24/2027	10,107	9,933	10,892
			Secured Debt	(9)	5/24/2022		11.73%	L+	7.00%		5/24/2027	17,038	16,763	17,038
			Common Stock		8/30/2022	44,445,814							889	889
													29,454	30,688
NBG Acquisition Inc	(11)	Wholesaler of Home Décor Products
			Secured Debt	(9) (14)	4/28/2017		10.71%	L+	5.50%		4/26/2024	3,849	3,837	115

NinjaTrader, LLC	(10)	Operator of Futures Trading Platform
			Secured Debt	(9) (25)	12/18/2019			L+	6.25%		12/18/2024	—	(1)	—
			Secured Debt	(9) (25)	12/18/2019			L+	6.25%		12/18/2024	—	(33)	(33)
			Secured Debt	(9)	12/18/2019		11.00%	L+	6.25%		12/18/2024	21,666	21,449	21,666
													21,415	21,633
NTM Acquisition Corp.	(11)	Provider of B2B Travel Information Content
			Secured Debt	(9) (28)	7/12/2016		13.30%	SF+	7.25%	1.00%	6/7/2024	4,298	4,298	4,126

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Member Units 11/12/2015 2,779 46 24
Warrants (26) 11/12/2015 187,161 10/20/2025 425 —
471 24
Roof Opco, LLC (10) Residential Re-Roofing/Repair
Secured Debt (9) (25) 8/27/2021 L + 6.50% 8/27/2026 — (12) (12)
Secured Debt (9) 8/27/2021 8.78% L + 6.50% 8/27/2026 2,333 2,288 2,270
Secured Debt (9) 8/27/2021 8.78% L + 6.50% 8/27/2026 3,173 3,122 3,087
5,398 5,345
RTIC Subsidiary Holdings, LLC (10) Direct-To-Consumer eCommerce Provider of Outdoor Products
Secured Debt (9) 9/1/2020 10.59% L + 7.75% 9/1/2025 2,534 2,514 2,417
Secured Debt (9) 9/1/2020 10.03% L + 7.75% 9/1/2025 16,838 16,708 16,062
19,222 18,479
Rug Doctor, LLC. (10) Carpet Cleaning Products and Machinery
Secured Debt (9) (29) 7/16/2021 11.99% SF + 8.25% 2.00% 11/16/2024 5,625 5,585 5,033
Secured Debt (9) (29) 7/16/2021 11.99% SF + 8.25% 2.00% 11/16/2024 8,340 8,207 7,462
13,792 12,495
Salient Partners L.P. (11) Provider of Asset Management Services
Secured Debt (9) 8/31/2018 9.67% L + 6.00% 10/31/2022 6,251 6,250 5,039
Secured Debt (9) 9/30/2021 9.67% L + 6.00% 10/31/2022 1,250 1,250 2,494
7,500 7,533
Savers, Inc. (11) For-Profit Thrift Retailer
Secured Debt (9) 5/14/2021 9.17% L + 5.50% 4/26/2028 11,315 11,223 10,918
SIB Holdings, LLC (10) Provider of Cost Reduction Services
Secured Debt (9) (29) 10/29/2021 8.81% SF + 6.25% 10/29/2026 323 314 298
Secured Debt (9) (29) 10/29/2021 8.81% SF + 6.25% 10/29/2026 1,573 1,545 1,451
Secured Debt (9) (29) 10/29/2021 8.14% SF + 6.25% 10/29/2026 7,845 7,712 7,238
Common Equity 10/29/2021 95,238 200 200
9,771 9,187
South Coast Terminals Holdings, LLC (10) Specialty Toll Chemical Manufacturer
Secured Debt (9) (25) 12/10/2021 L + 5.75% 12/13/2026 — (75) (75)
Secured Debt (9) 12/10/2021 8.74% L + 5.75% 12/13/2026 41,359 40,664 40,772
Common Equity 12/10/2021 863,636 864 1,068
41,453 41,765
SPAU Holdings, LLC (10) Digital Photo Product Provider
Secured Debt (9) (29) (25) 7/1/2022 SF + 7.50% 7/1/2027 — (61) (61)
Secured Debt (9) (29) 7/1/2022 9.58% SF + 7.50% 7/1/2027 15,968 15,664 15,664
Common Stock 7/1/2022 638,710 639 639
16,242 16,242


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

NWN Corporation	(10)	Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries
			Secured Debt	(9) (28) (39)	5/7/2021		12.85%	SF+	8.00%		5/7/2026	4,963	4,829	4,662
			Secured Debt	(9) (28)	5/7/2021		12.87%	SF+	8.00%		5/7/2026	39,642	38,945	37,237
			Secured Debt		12/16/2022		20.00%			20.00%	8/6/2026	6,838	6,545	6,472
													50,319	48,371
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013		11.50%				11/15/2026	4,474	4,474	88

OVG Business Services, LLC	(10)	Venue Management Services
			Secured Debt	(9)	11/29/2021		10.89%	L+	6.25%		11/19/2028	13,860	13,748	13,514

Paragon Healthcare, Inc.	(10)	Infusion Therapy Treatment Provider
			Secured Debt	(9) (28)	1/19/2022		10.70%	SF+	5.75%		1/19/2027	1,082	984	1,055
			Secured Debt	(9) (28)	1/19/2022		10.78%	SF+	5.75%		1/19/2027	3,237	3,150	3,158
			Secured Debt	(9) (28)	1/19/2022		10.48%	SF+	5.75%		1/19/2027	18,739	18,326	18,281
													22,460	22,494
Project Eagle Holdings, LLC	(10)	Provider of Secure Business Collaboration Software
			Secured Debt	(9) (25)	7/6/2020			L+	6.25%		7/6/2026	—	(17)	(17)
			Secured Debt	(9)	7/6/2020		10.89%	L+	6.25%		7/6/2026	29,363	28,960	28,998
													28,943	28,981
PTL US Bidco, Inc	(13)	Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells.
			Secured Debt	(9)	8/19/2022		14.25%	P+	6.25%		8/19/2027	1,431	1,266	1,392
			Secured Debt	(9) (28)	8/19/2022		12.32%	SF+	7.25%		8/19/2027	28,109	27,620	27,344
													28,886	28,736
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9) (28)	4/8/2021		11.47%	SF+	6.75%		4/8/2026	383	373	346
			Secured Debt	(9) (28)	4/8/2021		11.63%	SF+	6.75%		4/8/2026	13,369	13,251	12,052
													13,624	12,398
Research Now Group, Inc. and Survey Sampling International, LLC	(11)	Provider of Outsourced Online Surveying
			Secured Debt	(9)	12/29/2017		10.31%	L+	5.50%		12/20/2024	19,914	19,721	15,273

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Staples Canada ULC (10) (13) (21) Office Supplies Retailer
Secured Debt (9) (22) 9/14/2017 10.19% L + 7.00% 9/12/2024 14,334 14,286 12,816
Stellant Systems, Inc. (11) Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt (9) (29) 10/22/2021 8.41% SF + 5.50% 10/1/2028 7,642 7,576 7,107
Student Resource Center, LLC (10) Higher Education Services
Secured Debt (9) (25) 6/25/2021 L + 8.00% 6/25/2026 — (11) (11)
Secured Debt (9) 9/30/2022 10.25% L + 7.00% 6/25/2026 6,250 6,156 5,141
Secured Debt (9) 9/30/2022 11.75% L + 9.50% 6/25/2026 4,338 4,271 1,286
10,416 6,416
Tacala Investment Corp. (33) Quick Service Restaurant Group
Secured Debt (9) (32) 3/19/2021 6.62% L + 3.50% 2/5/2027 1,979 1,979 1,855
Team Public Choices, LLC (11) Home-Based Care Employment Service Provider
Secured Debt (9) 12/22/2020 7.81% L + 5.00% 12/18/2027 15,002 14,714 14,327
Tectonic Financial, LLC Financial Services Organization
Common Stock (8) 5/15/2017 200,000 2,000 5,630
Tex Tech Tennis, LLC (10) Sporting Goods & Textiles
Common Stock (30) 7/7/2021 1,000,000 1,000 1,380
U.S. TelePacific Corp. (11) Provider of Communications and Managed Services
Secured Debt (9) (29) 5/17/2017 11.57% SF + 8.50% 7.25% 5/2/2026 18,018 17,945 7,838
USA DeBusk LLC (10) Provider of Industrial Cleaning Services
Secured Debt (9) 10/22/2019 8.27% L + 5.75% 9/8/2026 33,747 33,161 33,110
Veregy Consolidated, Inc. (11) Energy Service Company
Secured Debt (9) (25) 11/9/2020 L + 5.25% 11/3/2025 — (685) (685)
Secured Debt (9) 11/9/2020 8.81% L + 6.00% 11/3/2027 17,685 17,365 16,845
16,680 16,160
Vida Capital, Inc (11) Alternative Asset Manager


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

RM Bidder, LLC	(10)	Scripted and Unscripted TV and Digital Programming Provider
			Member Units		11/12/2015	2,779							46	20
			Warrants	(26)	11/12/2015	327,532					10/20/2025		425	—
													471	20
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(9) (25) (28)	8/27/2021			SF+	6.50%		8/27/2026	—	(10)	—
			Secured Debt	(9) (28)	8/27/2021		11.35%	SF+	6.50%		8/27/2026	2,333	2,294	2,300
			Secured Debt	(9) (28)	8/27/2021		11.35%	SF+	6.50%		8/27/2026	3,173	3,128	3,128
													5,412	5,428
RTIC Subsidiary Holdings, LLC	(10)	Direct-To-Consumer eCommerce Provider of Outdoor Products
			Secured Debt	(9) (28)	9/1/2020		12.52%	SF+	7.75%		9/1/2025	2,055	2,038	1,882
			Secured Debt	(9) (28)	9/1/2020		12.52%	SF+	7.75%		9/1/2025	15,364	15,266	14,069
													17,304	15,951
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9) (28)	7/16/2021		13.02%	SF+	6.25%	2.00%	11/16/2024	5,625	5,595	5,176
			Secured Debt	(9) (28)	7/16/2021		13.02%	SF+	6.25%	2.00%	11/16/2024	8,340	8,238	7,674
													13,833	12,850
Savers, Inc.	(11)	For-Profit Thrift Retailer
			Secured Debt	(9) (28)	5/14/2021		10.34%	SF+	5.50%		4/26/2028	5,642	5,576	5,416

SIB Holdings, LLC	(10)	Provider of Cost Reduction Services
			Secured Debt	(9)	10/29/2021		11.21%	L+	6.25%		10/29/2026	590	582	533
			Secured Debt	(9)	10/29/2021		11.21%	L+	6.25%		10/29/2026	1,544	1,519	1,395
			Secured Debt	(9)	10/29/2021		11.21%	L+	6.25%		10/29/2026	7,732	7,615	6,989
			Common Equity		10/29/2021	95,238							200	97
													9,916	9,014
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (25)	12/10/2021			L+	5.25%		12/13/2026	—	(66)	(66)
			Secured Debt	(9)	12/10/2021		10.03%	L+	5.25%		12/13/2026	41,151	40,540	41,151
			Common Equity		12/10/2021	863,636							864	1,316
													41,338	42,401
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (25) (28)	7/1/2022			SF+	7.50%		7/1/2027	—	(54)	(54)
			Secured Debt	(9) (28)	7/1/2022		12.23%	SF+	7.50%		7/1/2027	15,888	15,617	15,888
			Common Stock		7/1/2022	638,710							639	639
													16,202	16,473
Staples Canada ULC	(10) (13) (21)	Office Supplies Retailer

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Secured Debt 10/10/2019 9.12% L + 6.00% 10/1/2026 15,794 15,648�� 12,372
Vistar Media, Inc. (10) Operator of Digital Out-of-Home Advertising Platform
Preferred Stock 4/3/2019 70,207 767 2,350
VORTEQ Coil Finishers, LLC (10) Specialty Coating of Aluminum and Light-Gauge Steel
Secured Debt (9) 11/30/2021 9.75% L + 7.25% 11/30/2026 25,475 25,049 25,375
Common Equity (8) 11/30/2021 1,038,462 1,038 3,110
26,087 28,485
Wahoo Fitness Acquisition L.L.C. (11) Fitness Training Equipment Provider
Secured Debt (9) (29) 8/17/2021 9.57% SF + 5.75% 8/12/2028 14,719 14,344 9,935
Wall Street Prep, Inc. (10) Financial Training Services
Secured Debt (9) (25) 7/19/2021 L + 7.00% 7/19/2026 — (6) (6)
Secured Debt (9) 7/19/2021 9.28% L + 7.00% 7/19/2026 4,290 4,223 4,072
Common Stock 7/19/2021 400,000 400 310
4,617 4,376
Watterson Brands, LLC (10) Facility Management Services
Secured Debt (9) 12/17/2021 9.63% L + 6.00% 12/17/2026 371 332 359
Secured Debt (9) 12/17/2021 8.25% L + 6.00% 12/17/2026 391 359 379
Secured Debt (9) 12/17/2021 8.25% L + 6.00% 12/17/2026 28,957 28,568 28,056
29,259 28,794
West Star Aviation Acquisition, LLC (10) Aircraft, Aircraft Engine and Engine Parts
Secured Debt (9) (29) 3/1/2022 8.59% SF + 6.00% 3/1/2028 10,794 10,599 10,294
Secured Debt (9) (29) (25) 3/1/2022 SF + 6.00% 3/1/2028 — (21) (21)
Common Stock 3/1/2022 1,541,400 1,541 1,620
12,119 11,893
Winter Services LLC (10) Provider of Snow Removal and Ice Management Services
Secured Debt (9) (25) 11/19/2021 L + 7.00% 11/19/2026 — (36) —
Secured Debt (9) (25) 11/19/2021 L + 7.00% 11/19/2026 — (18) (18)
Secured Debt (9) 11/19/2021 9.23% L + 7.00% 11/19/2026 10,000 9,834 9,683
9,780 9,665
Xenon Arc, Inc. (10) Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt (25) 12/17/2021 L + 5.25% 12/17/2026 — (138) (138)
Secured Debt (25) 12/17/2021 L + 5.25% 12/17/2027 — (206) (206)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9) (22)	9/14/2017		12.02%	L+	7.00%		9/12/2024	13,146	13,111	11,958

Stellant Systems, Inc.	(11)	Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
			Secured Debt	(9) (28)	10/22/2021		10.54%	SF+	5.50%		10/1/2028	7,585	7,524	7,272

Tacala Investment Corp.	(33)	Quick Service Restaurant Group
			Secured Debt	(9) (31)	3/19/2021		8.34%	L+	3.50%		2/5/2027	1,974	1,974	1,943

Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider
			Secured Debt	(9)	12/22/2020		9.93%	L+	5.00%		12/18/2027	14,926	14,666	14,552

Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000	5,170

Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(29)	7/7/2021	1,000,000							1,000	1,980

U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (28)	5/17/2017		13.16%	SF+	8.40%	7.25%	5/2/2026	18,683	18,620	4,904

USA DeBusk LLC	(10)	Provider of Industrial Cleaning Services
			Secured Debt	(9)	10/22/2019		10.38%	L+	5.75%		9/8/2026	33,492	32,983	33,492

UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9) (28)	1/11/2023		12.13%	SF+	7.50%		4/5/2029	4,000	3,885	3,885

Veregy Consolidated, Inc.	(11)	Energy Service Company
			Secured Debt	(9) (25)	11/9/2020			L+	5.25%		11/3/2025	—	(574)	(574)
			Secured Debt	(9)	11/9/2020		10.83%	L+	6.00%		11/3/2027	17,640	17,352	15,196
													16,778	14,622
Vida Capital, Inc	(11)	Alternative Asset Manager
			Secured Debt		10/10/2019		10.63%	L+	6.00%		10/1/2026	15,101	14,978	11,137

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date
(24) Shares/Units Total Rate Reference Rate and Spread (29) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Secured Debt 12/17/2021 8.63% L + 5.25% 12/17/2027 38,311 37,660 36,845
37,316 36,501
YS Garments, LLC (11) Designer and Provider of Branded Activewear
Secured Debt (9) 8/22/2018 7.92% L + 5.50% 8/9/2024 12,659 12,613 12,121
Zips Car Wash, LLC (10) Express Car Wash Operator
Secured Debt (9) (29) 2/11/2022 9.94% SF + 7.25% 3/1/2024 17,512 17,229 17,284
Secured Debt (9) (29) (33) 2/11/2022 9.86% SF + 7.25% 3/1/2024 4,389 4,354 4,289
21,583 21,573
Subtotal Non-Control/Non-Affiliate Investments (92.0% of net assets at fair value) $ 1,914,134 $ 1,821,480
Total Portfolio Investments, September 30, 2022 (200.7% of net assets at fair value) $ 3,689,627 $ 3,973,490


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Vistar Media, Inc.	(10)	Operator of Digital Out-of-Home Advertising Platform
			Preferred Stock		4/3/2019	70,207							767	2,340

VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038	3,930

Wahoo Fitness Acquisition L.L.C.	(11)	Fitness Training Equipment Provider
			Secured Debt	(9) (28)	2/27/2023		14.93%	SF+	5.25%	4.75%	4/30/2023	2,006	1,956	1,956
			Secured Debt	(9) (14) (28)	8/17/2021		10.64%	SF+	5.75%		8/12/2028	14,625	14,284	6,216
													16,240	8,172
Wall Street Prep, Inc.	(10)	Financial Training Services
			Secured Debt	(9) (25)	7/19/2021			L+	7.00%		7/19/2026	—	(5)	(5)
			Secured Debt	(9)	7/19/2021		11.75%	L+	7.00%		7/19/2026	4,208	4,151	4,124
			Common Stock		7/19/2021	400,000							400	420
													4,546	4,539
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(9) (40)	12/17/2021		11.07%	L+	6.25%		12/17/2026	1,945	1,911	1,938
			Secured Debt	(9)	12/17/2021		10.98%	L+	6.00%		12/17/2026	390	362	388
			Secured Debt	(9)	12/17/2021		10.98%	L+	6.25%		12/17/2026	28,884	28,542	28,780
													30,815	31,106
West Star Aviation Acquisition, LLC	(10)	Aircraft, Aircraft Engine and Engine Parts
			Secured Debt	(9) (25) (28)	3/1/2022			SF+	6.00%		3/1/2028	—	(19)	(19)
			Secured Debt	(9) (28)	3/1/2022		10.79%	SF+	6.00%		3/1/2028	10,767	10,591	10,762
			Common Stock		3/1/2022	1,541,400							1,541	2,170
													12,113	12,913
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (25)	11/19/2021			L+	7.00%		11/19/2026	—	(32)	—
			Secured Debt	(9) (25)	11/19/2021			L+	7.00%		11/19/2026	—	(16)	(16)
			Secured Debt	(9)	11/19/2021		11.75%	L+	7.00%		11/19/2026	10,000	9,854	9,999
													9,806	9,983
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt		12/17/2021		9.92%	L+	5.25%		12/17/2026	1,260	1,056	1,248
			Secured Debt		12/17/2021		10.34%	L+	5.25%		12/17/2027	24,239	23,827	24,019
			Secured Debt		12/17/2021		10.35%	L+	5.25%		12/17/2027	38,118	37,532	37,772

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)		Fair Value (18)

													62,415		63,039
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018		14.50%	P+	6.00%		8/9/2026	12,471	12,192		11,226

Zips Car Wash, LLC	(10)	Express Car Wash Operator
			Secured Debt	(9) (28) (38)	2/11/2022		12.15%	SF+	7.25%		3/1/2024	17,468	17,287		17,468
			Secured Debt	(9) (28) (38)	2/11/2022		12.12%	SF+	7.25%		3/1/2024	4,378	4,357		4,372
													21,644		21,840
Subtotal Non-Control/Non-Affiliate Investments (82.3% of net assets at fair value)													$	1,890,979	$	1,788,687
Total Portfolio Investments, March 31, 2023 (191.5% of net assets at fair value)													$	3,797,714	$	4,160,917

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2023

(dollars in thousands)

(Unaudited)

___________________

(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C—C — Fair Value Hierarchy for ~~Investments—~~Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s ~~Credit~~Corporate Facility or SPV Facility (each as defined in Note B.5. — Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.

(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.

(3)See Note C—Fair Value Hierarchy for Investments—Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.

(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(5)Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.

(6)Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.

(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.

(8)Income producing through dividends or distributions.

(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, ~~70%~~92% of the loans (based on the par amount) contain LIBOR or Term SOFR (“SOFR”) floors which range between 0.50% and 2.00%, with a weighted-average floor of ~~1.06%~~1.08%.

(10)Private Loan portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Private Loan portfolio investments.

(11)Middle Market portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Middle Market portfolio investments.

(12)Other Portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Other Portfolio investments.

(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.

(14)Non-accrual and non-income producing investment.

(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”

(16)External Investment Manager. Investment is not encumbered as security for the Company's Credit ~~Facility~~Facilities or in support of the SBA-guaranteed debentures issued by the Funds.

(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.

(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of ~~September 30, 2022.~~March 31, 2023.

(20)All portfolio company headquarters are based in the United States, unless otherwise noted.

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Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

(21)Portfolio company headquarters are located outside of the United States.

(22)In connection with the Company's debt investment in Staples Canada ULC and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company’s investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend ~~$17.6~~$16.2 million Canadian Dollars and receive ~~$13.6~~$12.5 million U.S. Dollars with a settlement date of September 14, 2023. The unrealized appreciation on the forward foreign currency contract was ~~$0.8~~$0.5 million as of ~~September 30, 2022.~~March 31, 2023.

(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of ~~Prime plus~~ Prime+5.10% (Floor 2.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(24)Investment date represents the date of initial investment in the security position.

(25)The position is unfunded and no interest income is being earned as of ~~September 30, 2022.~~March 31, 2023. The position may earn a nominal unused facility fee on committed amounts.

(26)Warrants are presented in equivalent units with a strike price of $14.28 per unit.

(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.

(28)As of September 30, 2022, borrowings under the loan facility bore interest at SOFR+6.25% (Floor 1.00%). Due to an amendment and subsequent funding during the quarter, the term loan facility has different floating rate reset dates. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2022.

~~(29)~~A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR (“L”), SOFR (“SF”) or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of ~~September 30, 2022,~~March 31, 2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to ~~0.26%~~0.35%.

~~(30)~~(29)Shares/Units represent ownership in a related Real Estate or HoldCo entity.

~~(31)~~(30)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.

~~(32)~~(31)Short-term portfolio investments. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of short-term portfolio investments.

~~(33)~~(32)As of ~~September 30, 2022,~~March 31, 2023, borrowings under the loan facility bore interest at SOFR+~~7.25%~~6.00% (Floor 1.00%). Each new draw or funding on the delayed draw term loan facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of ~~September 30, 2022.~~March 31, 2023.

~~(34)~~The security has an effective contractual interest rate of 2.00% PIK + LIBOR+6.50%, Floor 1.00%, but the issuer may, in its discretion, elect to pay the PIK interest in cash. The rate presented represents the effective current yield based on actual payments received during the period.

~~(35)~~(33)As of ~~September 30, 2022,~~March 31, 2023, borrowings under the loan facility bore interest at ~~LIBOR+6.50% PIK~~SOFR+6.25% (Floor 1.00%). Each new draw or ~~Prime+5.50% PIK. Revolving~~funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2023.

(34)As of March 31, 2023, borrowings under the loan facility bore interest at LIBOR+7.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of ~~September 30, 2022.~~March 31, 2023.

~~(36)~~(35)As of ~~September 30, 2022,~~March 31, 2023, borrowings under the loan facility bore interest at SOFR+~~6.00%~~7.50% (Floor 1.00%). ~~Delayed draw term loan~~RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of ~~September 30, 2022.~~March 31, 2023.

(36)As of March 31, 2023, borrowings under the loan facility bore interest at SOFR+6.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2023.

3334

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(Unaudited)

(37)As of March 31, 2023, borrowings under the loan facility bore interest at LIBOR+6.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2023.

(38)As of March 31, 2023, borrowings under the loan facility bear interest at SOFR+7.25% (Floor 1.00%). Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2023.

(39)As of March 31, 2023, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2023.

(40)As of March 31, 2023, borrowings under the loan facility bore interest at LIBOR+6.25% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2023.

(41)Index based floating interest rate is subject to contractual maximum ~~index~~base rate of ~~1.50% as of September 30, 2022.~~3.00%.

~~(38)~~(42)Index based floating interest rate is subject to contractual maximum base rate of 2.00%.

(43)Index based floating interest rate is subject to contractual maximum base rate of 3.50%.

(44)Index based floating interest rate is subject to contractual maximum base rate of 2.50%.

(45)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.

~~(39)~~(46)~~Portfolio company is~~Warrants are presented in equivalent shares/units with a ~~bankruptcy process~~strike price of $1.50 per share/unit.

(47)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 asany other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR+8.00% (Floor 1.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such ~~the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete.As noted in footnote (14), our debt investment in this portfolio company is on non-accrual status.~~higher rate.

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Control Investments (5)
Analytical Systems Keco Holdings, LLC Manufacturer of Liquid and Gas Analyzers
Secured Debt (9) 8/16/2019 12.00 % L + 10.00% 8/16/2024 $ 4,945 $ 4,736 $ 4,736
Preferred Member Units 8/16/2019 3,200 3,200 —
Preferred Member Units 5/20/2021 2,427 2,427 4,894
Warrants (27) 8/16/2019 420 8/16/2029 316 —
10,679 9,630
ASC Interests, LLC Recreational and Educational Shooting Facility
Secured Debt 12/31/2019 13.00 % 7/31/2022 200 200 200
Secured Debt 8/1/2013 13.00 % 7/31/2022 1,650 1,636 1,636
Member Units 8/1/2013 1,500 1,500 720
3,336 2,556
ATS Workholding, LLC (10) Manufacturer of Machine Cutting Tools and Accessories
Secured Debt (14) 11/16/2017 5.00 % 8/16/2023 4,794 4,635 3,005
Preferred Member Units 11/16/2017 3,725,862 3,726 —
8,361 3,005
Barfly Ventures, LLC (10) Casual Restaurant Group
Secured Debt 10/15/2020 7.00 % 10/31/2024 711 711 711
Member Units 10/26/2020 37 1,584 1,930
2,295 2,641
Bolder Panther Group, LLC Consumer Goods and Fuel Retailer
Secured Debt (9) 12/31/2020 10.50 % L + 9.00% 12/31/2025 39,000 38,687 39,000
Class A Preferred Member Units (8) 12/31/2020 14.00 % 10,194 10,194
Class B Preferred Member Units (8) 12/31/2020 140,000 8.00 % 14,000 23,170
62,881 72,364
Brewer Crane Holdings, LLC Provider of Crane Rental and Operating Services
Secured Debt (9) 1/9/2018 11.00 % L + 10.00% 1/9/2023 8,060 8,037 8,037
Preferred Member Units (8) 1/9/2018 2,950 4,280 7,710
12,317 15,747
Bridge Capital Solutions Corporation Financial Services and Cash Flow Solutions Provider
Secured Debt 7/25/2016 13.00 % 12/11/2024 8,813 8,813 8,813
Warrants (27) 7/25/2016 82 7/25/2026 2,132 4,060
Secured Debt (30) 7/25/2016 13.00 % 12/11/2024 1,000 1,000 1,000

~~Table of contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2021~~

~~(dollars in thousands)~~

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Preferred Member Units (8) (30) 7/25/2016 17,742 1,000 1,000
12,945 14,873
Café Brazil, LLC Casual Restaurant Group
Member Units (8) 6/9/2006 1,233 1,742 2,570
California Splendor Holdings LLC Processor of Frozen Fruits
Secured Debt (9) 3/30/2018 11.00 % L + 10.00% 3/30/2023 28,000 27,915 27,915
Preferred Member Units (8) 7/31/2019 6,725 15.00 % 15.00 % 9,510 9,510
Preferred Member Units (8) 3/30/2018 6,157 10,775 13,275
48,200 50,700
CBT Nuggets, LLC Produces and Sells IT Training Certification Videos

Member Units (8) 6/1/2006 416

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

Secured Debt (9) 1/4/2019

12.00 % L + 10.00% 1/4/2024 9,416 9,370 8,864

Preferred Member Units 1/4/2019 12,696

5,840 5,840

15,210 14,704
Chamberlin Holding LLC Roofing and Waterproofing Specialty Contractor

Secured Debt (9) 2/26/2018

9.00 % L + 8.00% 2/26/2023 17,817 17,738 17,817

Member Units (8) 2/26/2018 4,347

11,440 24,140

Member Units (8) (30) 11/2/2018 1,047,146

1,322 1,540

30,500 43,497
Charps, LLC Pipeline Maintenance and Construction

Unsecured Debt 8/26/2020

10.00 % 1/31/2024 5,694 4,599 5,694

Preferred Member Units (8) 2/3/2017 1,829

1,963 13,990

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

Secured Debt (9) 12/20/2016

10.50 % L + 9.50% 1/15/2024 10,480 10,401 10,401

Member Units (8) 12/20/2016 717

7,280 10,250

Secured Debt 12/20/2016

10.00 % 12/20/2036 1,081 1,071 1,071

Member Units (30) 12/20/2016 800

210 530

18,962 22,252
CMS Minerals Investments Oil & Gas Exploration & Production


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Control Investments (5)

Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(9) (25)	8/16/2019			L+	10.00%		8/16/2024	$	—	$	(3)	$	(3)
			Secured Debt	(9)	8/16/2019		14.13%	L+	10.00%		8/16/2024	4,665		4,545		4,545
			Preferred Member Units		8/16/2019	3,200	14.13%							3,200		—
			Preferred Member Units		5/20/2021	2,427								2,427		3,504
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														10,485		8,046
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt		12/31/2019		13.00%				7/31/2024	400		400		400
			Secured Debt		8/1/2013		13.00%				7/31/2024	1,650		1,649		1,649
			Member Units		8/1/2013	1,500								1,500		800
														3,549		2,849
ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
			Secured Debt	(14)	11/16/2017		5.00%				8/16/2023	1,901		1,901		634
			Secured Debt	(14)	11/16/2017		5.00%				8/16/2023	3,015		2,857		1,005
			Preferred Member Units		11/16/2017	3,725,862								3,726		—
														8,484		1,639
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%				10/31/2024	711		711		711
			Member Units		10/26/2020	37								1,584		3,320
														2,295		4,031
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/31/2027	—		(8)		(8)
			Secured Debt	(25)	3/7/2022						3/31/2027	—		—		—
			Secured Debt		3/7/2022		11.00%				3/31/2027	11,025		10,933		10,933
			Preferred Stock	(8)	3/7/2022	4,073								4,095		4,095
														15,020		15,020
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (29) (40)	12/31/2020		13.39%	SF+	9.26%		10/31/2027	99,194		98,576		99,194
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		31,420
														112,576		130,614
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		14.12%	L+	10.00%		1/9/2023	5,964		5,964		5,964

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

Member Units (8) (30) 4/1/2016 100

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

Secured Debt (9) 3/6/2020

12.25 % L + 10.50% 12/17/2026 42,497 42,117 42,484

Preferred Member Units (8) (30) 3/6/2020 587

8,317 47,640

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

Secured Debt 3/31/2021

12.00 % 3/31/2026 24,570 24,351 24,351

Preferred Member Units (8) 3/31/2021 17,280

7,680 9,130

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

Secured Debt (9) 1/29/2019

10.00 % L + 9.00% 1/29/2024 6,477 6,452 6,477

Preferred Member Units (8) 1/29/2019 1,975

1,975 12,000

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

LP Interests (CTMH, LP) (31) 7/17/2017 38.8 %

710 710
Datacom, LLC Technology and Telecommunications Provider

Secured Debt 3/31/2021

5.00 % 12/31/2025 8,892 8,296 7,668

Preferred Member Units 3/31/2021 9,000

2,610 2,610

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

Secured Debt (9) 4/1/2018

11.00 % L + 10.00% 4/1/2023 16,853 16,801 16,801

Preferred Member Units (8) 4/1/2018 3,857

9,501 9,835

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

Secured Debt (9) 2/13/2018

12.00 % L + 11.00% 2/13/2024 24,070 23,911 24,048

Preferred Stock (8) 2/13/2018 8,400

8,400 18,350

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

Secured Debt (9) 6/24/2016

9.50 % L + 7.50% 1/1/2025 21,598 21,535 21,598

Member Units (8) 6/24/2016 9,042

17,692 49,700

39,227 71,298
Garreco, LLC Manufacturer and Supplier of Dental Products

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

9.00 % L + 8.00% 7/31/2022 4,196 4,196 4,196

Member Units (8) 7/15/2013 1,200

1,200 2,270


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
		Preferred Member Units	(8)	1/9/2018	2,950							4,280	7,080
												10,244	13,044
Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Secured Debt		7/25/2016		13.00%				12/11/2024	8,813	8,813	8,813
		Secured Debt	(30)	7/25/2016		13.00%				12/11/2024	1,000	1,000	1,000
		Preferred Member Units	(8) (30)	7/25/2016	17,742							1,000	1,000
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132	4,340
												12,945	15,153
Café Brazil, LLC	Casual Restaurant Group
		Member Units	(8)	6/9/2006	1,233							1,742	2,210

California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(9)	3/30/2018		13.75%	L+	10.00%		7/29/2026	28,000	27,951	28,000
		Preferred Member Units	(8)	3/30/2018	6,157							10,775	25,495
		Preferred Member Units	(8)	7/31/2019	3,671	15.00%			15.00%			3,994	3,994
												42,720	57,489
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	49,002

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			L+	9.00%		1/4/2026	—	—	—
		Secured Debt	(9)	1/4/2019		13.13%	L+	9.00%		1/4/2026	15,030	14,954	14,954
		Preferred Member Units		1/4/2019	13,309							6,122	8,700
												21,076	23,654
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			L+	6.00%		2/26/2023	—	—	—
		Secured Debt	(9)	2/26/2018		12.13%	L+	8.00%		2/26/2023	16,945	16,935	16,945
		Member Units	(8)	2/26/2018	4,347							11,440	22,920
		Member Units	(8) (30)	11/2/2018	1,047,146							1,773	2,710
												30,148	42,575
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		10.00%				1/31/2026	5,694	4,643	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	13,340
												6,606	19,034
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

5,396 6,466
GRT Rubber Technologies LLC Manufacturer of Engineered Rubber Products

Secured Debt 12/19/2014

8.10 % L + 8.00% 10/29/2026 38,885 38,672 38,885

Member Units (8) 12/19/2014 5,879

13,065 46,190

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

Member Units (8) 8/31/2007 438

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

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

10.50 % L + 9.50% 5.25 % 9/30/2020 257 257 257

Secured Debt (17) 4/29/2016

12.50 % 6.25 % 4/29/2021 13,565 13,565 9,717

Member Units 4/29/2016 3,681

3,681 —

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

LP Interests (2717 MH, L.P.) (31) 10/1/2017 49.3 %

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

Common Stock 6/4/2010 107,456

718 3,530
Jensen Jewelers of Idaho, LLC Retail Jewelry Store

Secured Debt (9) 11/14/2006

10.00 % P + 6.75% 11/14/2023 2,550 2,536 2,550

Member Units (8) 11/14/2006 627

811 12,420

3,347 14,970
Johnson Downie Opco, LLC Executive Search Services

Secured Debt (9) 12/10/2021

13.00 % L + 11.50% 12/10/2026 11,475 11,344 11,344

Preferred Equity 12/10/2021 3,150

3,150 3,150

14,494 14,494
KBK Industries, LLC Manufacturer of Specialty Oilfield and Industrial Products

Member Units (8) 1/23/2006 325

783 13,620
Kickhaefer Manufacturing Company, LLC Precision Metal Parts Manufacturing

Secured Debt 10/31/2018

11.50 % 10/31/2023 20,415 20,324 20,324

Member Units 10/31/2018 581

12,240 12,310

Secured Debt 10/31/2018

9.00 % 10/31/2048 3,915 3,876 3,876

Member Units (8) (30) 10/31/2018 800

992 2,460

37,432 38,970


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9) (25) (29)	10/28/2022			SF+	9.00%		1/15/2024	—	—	—
			Secured Debt	(9) (29)	12/20/2016		13.23%	SF+	9.00%		1/15/2024	10,480	10,440	10,440
			Secured Debt		12/20/2016		10.00%				12/20/2036	1,049	1,039	1,039
			Member Units	(8)	12/20/2016	717							7,280	8,220
			Member Units	(30)	12/20/2016	800							210	610
													18,969	20,309
CMS Minerals Investments		Oil & Gas Exploration & Production
			Member Units	(8) (30)	4/1/2016	100							1,304	1,670

Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(9)	3/6/2020		15.38%	L+	10.50%		12/17/2026	1,462	1,443	1,462
			Secured Debt	(9)	3/6/2020		15.38%	L+	10.50%		12/17/2026	40,801	40,521	40,801
			Preferred Member Units	(8) (30)	3/6/2020	587							8,317	58,180
													50,281	100,443
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(25)	3/31/2021						3/31/2026	—	—	—
			Secured Debt		3/31/2021		12.00%				3/31/2026	23,310	23,151	23,151
			Preferred Member Units	(8)	3/31/2021	17,280							7,680	9,160
													30,831	32,311
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9) (17) (25)	1/29/2019			L+	9.00%		1/29/2022	—	—	—
			Secured Debt	(9)	1/29/2019		13.13%	L+	9.00%		1/29/2024	5,241	5,232	5,241
			Preferred Member Units	(8)	1/29/2019	1,975							1,975	19,830
													7,207	25,071
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(31)	7/17/2017	38.75%							588	588

Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%				12/31/2025	223	223	223
			Secured Debt		3/31/2021		7.50%				12/31/2025	8,622	8,190	7,789
			Preferred Member Units	(8)	3/31/2021	9,000							2,610	2,670
													11,023	10,682
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		14.13%	L+	10.00%		4/1/2023	15,533	15,523	15,523
			Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Market Force Information, LLC Provider of Customer Experience Management Services

Secured Debt (9) 7/28/2017

12.00 % L + 11.00% 7/28/2023 3,400 3,400 3,400

Secured Debt (17) 7/28/2017

12.00 % 12.00 % 7/28/2023 26,079 25,952 8,936

Member Units 7/28/2017 743,921

16,642 —

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

Secured Debt 8/31/2015

13.00 % 3/31/2022 8,250 8,241 5,934

Preferred Member Units 3/15/2019 66,000

4,400 —

Preferred Member Units 9/1/2015 4,000

6,000 —

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

Unsecured Debt 2/11/2021

5.00 % 2/28/2022 63,151 63,151 63,151

LP Interests (31) 1/26/2021 12.1 %

2,500 2,581

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

Member Units (8) 11/22/2013

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

Secured Debt 8/18/2014

12.00 % 1/17/2022 6,378 6,377 6,378

Common Stock (8) 8/18/2014 5,873

2,720 8,840

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

Member Units (8) 1/31/2008 2,955

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

Secured Debt 12/31/2020

12.00 % 12/31/2025 10,500 10,412 10,412

Secured Debt 12/31/2020

12.00 % 12/31/2025 4,868 4,829 4,829

Preferred Member Units 12/31/2020 6,987

6,987 7,700


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
												25,024	25,358
Direct Marketing Solutions, Inc.	Provider of Omni-Channel Direct Marketing Services
		Secured Debt	(9) (25)	2/13/2018			L+	11.00%		2/13/2026	—	(88)	—
		Secured Debt	(9)	12/27/2022		15.13%	L+	11.00%		2/13/2026	27,267	27,122	27,267
		Preferred Stock	(8)	2/13/2018	8,400							8,400	22,220
												35,434	49,487
Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassic Components
		Secured Debt	(9) (25) (29)	10/3/2022			SF+	6.00%		10/3/2027	—	(9)	(9)
		Secured Debt		10/3/2022		12.00%				10/3/2027	18,773	18,594	18,594
		Secured Debt		10/3/2022		9.00%				10/3/2052	6,357	6,294	6,294
		Common Stock		10/3/2022	378							7,603	7,603
		Common Stock	(30)	10/3/2022	939							1,558	1,558
												34,040	34,040
Gamber-Johnson Holdings, LLC	Manufacturer of Ruggedized Computer Mounting Systems
		Secured Debt	(9) (25) (29)	6/24/2016			SF+	8.50%		1/1/2028	—	—	—
		Secured Debt	(9) (29)	12/15/2022		11.50%	SF+	8.50%		1/1/2028	64,078	63,685	64,078
		Member Units	(8)	6/24/2016	9,042							17,692	50,890
												81,377	114,968
Garreco, LLC	Manufacturer and Supplier of Dental Products
		Secured Debt	(9) (37)	7/15/2013		9.50%	L+	8.00%		7/31/2023	3,826	3,826	3,826
		Member Units	(8)	7/15/2013	1,200							1,200	1,800
												5,026	5,626
GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products
		Secured Debt		12/21/2018		10.12%	L+	6.00%		12/21/2023	670	670	670
		Secured Debt		12/19/2014		12.12%	L+	8.00%		10/29/2026	40,493	40,313	40,493
		Member Units	(8)	12/19/2014	5,879							13,065	44,440
												54,048	85,603
Gulf Manufacturing, LLC	Manufacturer of Specialty Fabricated Industrial Piping Products
		Member Units	(8)	8/31/2007	438							2,980	6,790

Gulf Publishing Holdings, LLC	Energy Industry Focused Media and Publishing
		Secured Debt	(9) (25)	9/29/2017			L+	9.50%		7/1/2027	—	—	—
		Secured Debt		7/1/2022		12.50%				7/1/2027	2,400	2,400	2,284
		Preferred Equity		7/1/2022	63,720							5,600	3,780

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

22,228 22,941
NexRev LLC Provider of Energy Efficiency Products & Services

Secured Debt 2/28/2018

11.00 % 2/28/2023 16,217 16,173 14,045

Preferred Member Units (8) 2/28/2018 86,400,000

6,880 2,690

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

Secured Debt 12/21/2017

12.00 % 3/20/2023 2,080 2,080 2,080

Member Units (8) 12/22/2011 65,962

3,717 6,440

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

Secured Debt (9) 1/31/2017

7.50 % L + 6.50% 1/31/2025 1,720 1,720 1,720

Secured Debt 1/31/2017

11.00 % 1/31/2025 17,240 17,236 17,240

Preferred Member Units 1/31/2017 406

10,200 13,500

29,156 32,460
OMi Topco, LLC Manufacturer of Overhead Cranes

Secured Debt 8/31/2021

12.00 % 8/31/2026 18,000 17,831 18,000

Preferred Member Units (8) 4/1/2008 900

1,080 20,210

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

Secured Debt (9) 7/30/2021

12.00 % L + 11.00% 7/31/2026 24,375 24,151 24,151

Preferred Stock (8) (30) 7/30/2021 10,000

10,000 10,000

34,151 34,151
Pearl Meyer Topco LLC Provider of Executive Compensation Consulting Services

Secured Debt 4/27/2020

12.00 % 4/27/2025 32,674 32,438 32,674

Member Units (8) 4/27/2020 13,800

13,000 26,970

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

Secured Debt (9) 10/31/2019

7.50 % L + 7.00% 11/15/2022 750 726 726

Secured Debt (9) 11/15/2016

7.50 % L + 7.00% 11/15/2022 11,655 11,655 11,655

Common Stock (8) 6/10/2010 2,000

2,150 14,360

14,531 26,741
Principle Environmental, LLC Noise Abatement Service Provider

Secured Debt 2/1/2011

13.00 % 11/15/2026 1,473 1,465 1,465

Secured Debt 7/1/2011

13.00 % 11/15/2026 5,924 5,808 5,808


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Member Units		4/29/2016	3,681							3,681	—
													11,681	6,064
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(31)	10/1/2017	49.26%							3,895	7,552
			LP Interests (2717 HPP-MS, L.P.)	(31)	3/11/2022	49.26%							248	248
													4,143	7,800
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock		6/4/2010	107,456							718	3,280

Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(25)	8/29/2017			P+	6.75%		11/14/2023	—	—	—
			Secured Debt	(9)	11/14/2006		13.75%	P+	6.75%		11/14/2023	2,450	2,444	2,450
			Member Units	(8)	11/14/2006	627							811	14,970
													3,255	17,420
Johnson Downie Opco, LLC		Executive Search Services
			Secured Debt	(9) (25)	12/10/2021			L+	11.50%		12/10/2026	—	(14)	—
			Secured Debt	(9)	12/10/2021		15.63%	L+	11.50%		12/10/2026	9,999	9,920	9,999
			Preferred Equity	(8)	12/10/2021	3,150							3,150	5,540
													13,056	15,539
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	25,650	25,432	25,432
			Preferred Equity	(8)	3/28/2022	107,406							10,741	10,741
													36,173	36,173
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Member Units	(8)	1/23/2006	325							783	15,570

Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2023	20,415	20,374	20,374
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,879	3,842	3,842
			Preferred Equity		10/31/2018	581							12,240	7,220
			Member Units	(8) (30)	10/31/2018	800							992	2,850
													37,448	34,286
Market Force Information, LLC		Provider of Customer Experience Management Services
			Secured Debt	(9)	7/28/2017		15.13%	L+	11.00%		7/28/2023	6,275	6,253	6,090
			Secured Debt	(14)	7/28/2017		12.00%			12.00%	7/28/2023	26,079	25,952	1,610

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

Preferred Member Units 2/1/2011 21,806

5,709 11,160

Common Stock 1/27/2021 1,037

1,200 710

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

Member Units 6/8/2015 1,000

9,213 2,149
River Aggregates, LLC Processor of Construction Aggregates

Member Units (8) (30) 12/20/2013 1,500

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

Secured Debt (9) 12/15/2021

12.00 % L + 11.00% 12/15/2026 36,360 35,956 35,956

Preferred Equity 12/15/2021 11,070

11,070 11,070

47,026 47,026
Tedder Industries, LLC Manufacturer of Firearm Holsters and Accessories

Secured Debt 8/31/2018

12.00 % 8/31/2022 16,240 16,181 16,181

Preferred Member Units 8/31/2018 505

8,579 8,579

24,760 24,760
Televerde, LLC Provider of Telemarketing and Data Services

Member Units 1/6/2011 460

1,290 7,280

Trantech Radiator Topco, LLC Transformer Cooling Products and Services

Secured Debt 5/31/2019

12.00 % 5/31/2024 8,720 8,663 8,712

Common Stock (8) 5/31/2019 615

4,655 8,660

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

LP Interests (8) (31) 6/15/2020 49.6 %

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

Series A Preferred Stock 12/23/2011 3,000,000

3,000 3,000
VVS Holdco LLC Omnichannel Retailer of Animal Health Products

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

7.00 % L + 6.00% 12/1/2026 1,200 1,170 1,169


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Member Units		7/28/2017	743,921							16,642	—
													48,847	7,700
MetalForming AcquireCo, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2024	—	—	—
			Secured Debt		10/19/2022		12.75%				10/19/2027	23,802	23,576	23,576
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			6,010	6,010
			Common Stock		10/19/2022	1,537,219							1,537	1,537
													31,123	31,123
MH Corbin Holding LLC		Manufacturer and Distributor of Traffic Safety Products
			Secured Debt		8/31/2015		13.00%				12/31/2022	6,156	6,156	4,548
			Preferred Member Units		3/15/2019	66,000							4,400	—
			Preferred Member Units		9/1/2015	4,000							6,000	—
													16,556	4,548
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt	(25)	1/26/2021						12/31/2024	—	—	—
			LP Interests	(8) (31)	1/26/2021	14.51%							14,250	14,833
													14,250	14,833
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	1							29,500	122,930

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	94,697							750	753

Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
			Secured Debt	(25)	8/18/2014						1/31/2024	—	—	—
			Secured Debt		8/18/2014		10.00%				1/31/2024	5,746	5,746	5,746
			Common Stock	(8)	8/18/2014	5,873							2,720	22,830
													8,466	28,576
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units		1/31/2008	2,955							2,975	11,830

Nebraska Vet AcquireCo, LLC		Mixed-Animal Veterinary and Animal Health Product Provider
			Secured Debt	(9) (25)	12/31/2020			L+	7.00%		12/31/2025	—	—	—
			Secured Debt		12/31/2020		12.00%				12/31/2025	20,094	19,972	20,094
			Secured Debt		12/31/2020		12.00%				12/31/2025	10,500	10,434	10,500

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

Secured Debt (30) 12/1/2021

11.50 % 12/1/2026 30,400 30,100 30,100

Preferred Equity (30) 12/1/2021 11,840

11,840 11,840

43,110 43,109
Ziegler’s NYPD, LLC Casual Restaurant Group

Secured Debt 6/1/2015

12.00 % 10/1/2022 625 625 625

Secured Debt 10/1/2008

6.50 % 10/1/2022 1,000 1,000 1,000

Secured Debt 10/1/2008

14.00 % 10/1/2022 2,750 2,750 2,750

Preferred Member Units 6/30/2015 10,072

2,834 2,130

Warrants (27) 7/1/2015 587 10/1/2025

600 —

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

$ 1,107,597 $ 1,489,257

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

Secured Debt 12/11/2020

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

Common Stock 12/11/2020 593,928

3,148 2,079

Warrants (27) 12/11/2020 554,353 12/11/2025

— 1,940

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

Secured Debt 4/25/2019

10.00 % 5/25/2022 144 144 144

Preferred Member Units (8) 11/7/2014 186

1,200 7,740

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

Secured Debt (9) 9/1/2021

8.50 % L + 7.50% 9/1/2026 7,667 7,092 7,092

Unsecured Debt 9/1/2021

10.00 % 10.00 % 9/1/2028 3,067 1,963 1,963

Common Stock 9/1/2021 583

— —

9,055 9,055


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
		Preferred Member Units		12/31/2020	6,987							6,987	7,700
												37,393	38,294
NexRev LLC	Provider of Energy Efficiency Products & Services
		Secured Debt	(25)	2/28/2018						2/28/2025	—	—	—
		Secured Debt		2/28/2018		11.00%				2/28/2025	11,465	11,335	8,477
		Preferred Member Units	(8)	2/28/2018	103,144,186							8,213	1,110
												19,548	9,587
NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		Secured Debt		12/21/2017		12.00%				3/20/2023	2,080	2,080	2,080
		Member Units	(8)	12/22/2011	65,962							3,717	4,790
												5,797	6,870
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9)	1/31/2017		10.63%	L+	6.50%		1/31/2025	4,400	4,399	4,399
		Secured Debt		1/31/2017		12.00%				1/31/2025	18,440	18,414	18,414
		Preferred Member Units		1/31/2017	406							10,200	8,040
		Preferred Member Units		11/2/2022	2,062							2,062	5,150
												35,075	36,003
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				8/31/2026	15,750	15,634	15,750
		Preferred Member Units	(8)	4/1/2008	900							1,080	22,810
												16,714	38,560
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9) (25)	7/30/2021			L+	11.00%		7/31/2026	—	—	—
		Secured Debt	(9)	7/30/2021		15.13%	L+	11.00%		7/31/2026	23,600	23,429	23,429
		Preferred Stock	(8) (30)	7/30/2021	10,000							10,000	11,750
												33,429	35,179
Pearl Meyer Topco LLC	Provider of Executive Compensation Consulting Services
		Secured Debt	(25)	4/27/2020						4/27/2025	—	—	—
		Secured Debt	(25)	4/27/2020						4/27/2025	—	—	—
		Secured Debt		4/27/2020		12.00%				4/27/2025	28,681	28,537	28,681
		Preferred Equity	(8)	4/27/2020	13,800							13,000	43,260
												41,537	71,941
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			L+	7.00%		11/15/2027	—	(9)	—
		Secured Debt	(9)	11/15/2016		10.25%	L+	7.00%		11/15/2027	21,655	21,408	21,655
		Common Stock	(8)	6/10/2010	2,000							2,150	18,950

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
BBB Tank Services, LLC Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market

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

12.00 % L + 11.00% 4/8/2021 4,800 4,800 2,508

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

15.00 % 15.00 %

162 —

Member Units 4/8/2016 800,000

800 —

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

Secured Debt 9/23/2021

10.00 % 2/28/2027 320 320 320

Member Units (8) 6/30/2017 2,160,000

2,256 4,830

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

LP Interests (Brightwood Capital Fund V, LP) (31) 7/12/2021 15.8 %

1,000 1,000
Buca C, LLC Casual Restaurant Group

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

10.25 % L + 9.25% 6/30/2020 19,491 19,491 14,370

Preferred Member Units 6/30/2015 6 6.00 % 6.00 %

4,770 —

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

Secured Debt 12/17/2021

12.50 % 12/17/2026 20,250 20,050 20,050

Class A Common Units 12/17/2021 450,000

4,500 4,500

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

Class A Units 1/4/2016 1,500,000

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

Secured Debt (9) 3/12/2020

7.00 % L + 6.00% 3/12/2025 4,000 4,000 4,000

Secured Debt 3/12/2020

8.00 % 3/12/2025 19,274 19,139 19,274

Preferred Member Units (8) 3/12/2020 154

5,760 15,260

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

LP Interests (Congruent Credit Opportunities Fund III, LP) (8) (31) 2/4/2015 17.4 %

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

Secured Debt 11/19/2021

12.00 % 11/19/2026 21,200 20,993 20,993


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)	PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
		Common Stock		6/14/2022	238,421						238	238
											23,787	40,843
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt	(25)	2/1/2011					11/15/2026	—	—	—
		Secured Debt		7/1/2011		13.00%			11/15/2026	5,897	5,806	5,806
		Preferred Member Units	(8)	2/1/2011	21,806						5,709	12,420
		Common Stock		1/27/2021	1,037						1,200	590
											12,715	18,816
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000						7,513	525

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(30)	12/20/2013	1,500						369	3,620

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(9) (25)	12/15/2021					12/15/2026	—	(35)	(35)
		Secured Debt	(9)	12/15/2021		12.50%			12/15/2026	35,685	35,404	35,404
		Preferred Equity		12/15/2021	11,070						11,070	14,880
											46,439	50,249
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt		8/31/2018		12.00%			8/31/2023	1,840	1,840	1,840
		Secured Debt		8/31/2018		12.00%			8/31/2023	15,200	15,192	15,120
		Preferred Member Units		8/31/2018	544						9,245	7,681
											26,277	24,641
Televerde, LLC	Provider of Telemarketing and Data Services
		Member Units		1/6/2011	460						1,290	5,408
		Preferred Stock		1/26/2022	248						718	1,794
											2,008	7,202
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt	(25)	5/31/2019					5/31/2024	—	(5)	—
		Secured Debt		5/31/2019		12.00%			5/31/2024	7,920	7,894	7,920
		Common Stock	(8)	5/31/2019	615						4,655	7,800
											12,544	15,720
Vision Interests, Inc.	Manufacturer / Installer of Commercial Signage
		Series A Preferred Stock	(8)	12/23/2011	3,000,000						3,000	3,000

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

Preferred Equity 11/19/2021 5,944

5,944 5,944

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

LP Interests (Dos Rios Partners, LP) (31) 4/25/2013 20.2 %

6,605 10,329

LP Interests (Dos Rios Partners - A, LP) (31) 4/25/2013 6.4 %

2,097 3,280

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

Class A Preferred Units (30) 6/27/2016 2,000,000

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

LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) (31) 11/6/2015 5,000,000

594 547
Flame King Holdings, LLC Propane Tank and Accessories Distributor

Secured Debt (9) 10/29/2021

7.50 % L + 6.50% 10/31/2026 6,400 6,324 6,324

Secured Debt (9) 10/29/2021

12.00 % L + 11.00% 10/31/2026 21,200 20,996 20,996

Preferred Equity 10/29/2021 9,360

10,400 10,400

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

LP Interests (Freeport Financial SBIC Fund LP) (31) 3/23/2015 9.3 %

5,974 6,078

LP Interests (Freeport First Lien Loan Fund III LP) (8) (31) 7/31/2015 6.0 %

7,629 7,231

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

Secured Debt 3/31/2021

12.00 % 3/31/2026 12,545 12,435 12,545

Preferred Member Units (8) 3/31/2021 226

4,900 6,990

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

LP Interests (HPEP 3, L.P.) (31) 8/9/2017 8.2 %

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

Secured Debt (9) 12/2/2016

7.00 % L + 6.00% 1/15/2026 2,585 2,585 2,585

Secured Debt 12/2/2016

8.00 % 1/15/2026 34,800 34,672 34,800


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (25) (30)	12/1/2021			L+	6.00%		12/1/2023	—		(21)		(21)
			Secured Debt	(30)	12/1/2021		11.50%				12/1/2026	30,400		30,158		30,161
			Preferred Equity	(8) (30)	12/1/2021	11,840								11,840		11,940
														41,977		42,080
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		6/1/2015		12.00%				10/1/2024	450		450		450
			Secured Debt		10/1/2008		6.50%				10/1/2024	1,000		1,000		945
			Secured Debt		10/1/2008		14.00%				10/1/2024	2,750		2,750		2,676
			Preferred Member Units		6/30/2015	10,072								2,834		240
			Warrants	(27)	7/1/2015	587					10/1/2025			600		—
														7,634		4,311
Subtotal Control Investments (80.8% of net assets at fair value)														$	1,270,802	$	1,703,172
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		12/11/2020		18.00%			18.00%	6/25/2025	$	11,726	$	11,590	$	11,550
			Common Stock		12/11/2020	593,928								3,148		—
			Warrants	(27)	12/11/2020	554,353					12/11/2025			—		—
														14,738		11,550
AFG Capital Group, LLC		Provider of Rent-to-Own Financing Solutions and Services
			Preferred Member Units	(8)	11/7/2014	186								1,200		9,400

ATX Networks Corp.	(11)	Provider of Radio Frequency Management Equipment
			Secured Debt	(9)	9/1/2021		12.23%	L+	7.50%		9/1/2026	6,783		6,208		6,343
			Unsecured Debt		9/1/2021		10.00%			10.00%	9/1/2028	3,396		2,291		2,598
			Common Stock		9/1/2021	583								—		3,270
														8,499		12,211
BBB Tank Services, LLC		Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
			Unsecured Debt	(9) (17)	4/8/2016		15.12%	L+	11.00%		4/8/2021	800		800		800
			Unsecured Debt	(9) (17)	4/8/2016		15.12%	L+	11.00%		4/8/2021	4,000		4,000		2,086
			Member Units		4/8/2016	800,000								800		—
			Preferred Stock (non-voting)		12/17/2018		15.00%							162		—
														5,762		2,886

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

Preferred Member Units (8) 12/2/2016 226

2,850 14,680

Preferred Member Units (30) 12/2/2016 226

150 770

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

Unsecured Convertible Debt 5/1/2017

8.00 % 5/1/2022 3,000 3,000 2,960

Member Units (8) 1/8/2003 322,297

2,352 3,210

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

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

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

Secured Debt 8/3/2021

13.00 % 8/1/2026 4,600 4,557 4,557

Secured Debt 9/1/2021

12.50 % 9/1/2026 3,200 3,170 3,170

Secured Debt 8/3/2021

12.50 % 11/30/2026 20,000 19,805 19,805

Secured Debt 8/3/2021

12.50 % 12.50 % 3/31/2022 8,944 8,944 8,944

Common Stock 8/3/2021 179,778

1,798 1,798

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

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

14.00 % 14.00 %

107 107

Member Units 12/23/2013 2,179,001

2,019 2,557

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

Secured Debt 5/20/2014

12.00 % 12.00 % 12/31/2022 935 935 935

Secured Debt 3/21/2014

12.00 % 12.00 % 12/31/2022 954 954 954

Secured Debt 5/10/2013

12.00 % 12.00 % 12/31/2022 2,055 2,055 2,055

Secured Debt 4/18/2011

12.00 % 12.00 % 12/31/2022 4,286 4,286 4,286

Unsecured Debt 6/5/2017

10.00 % 10.00 % 12/31/2022 192 192 192

Preferred Stock 4/18/2011 912 7.00 % 7.00 %

1,981 —


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	320	320	320
			Member Units	(8)	6/30/2017	2,160,000							2,256	2,970
													2,576	3,290
Buca C, LLC		Casual Restaurant Group
			Secured Debt		6/30/2015		9.00%				6/30/2023	17,355	17,355	12,337
			Preferred Member Units		6/30/2015	6	6.00%			6.00%			4,770	—
													22,125	12,337
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (25)	12/17/2021			L+	6.00%		12/17/2026	—	(9)	(9)
			Secured Debt		12/17/2021		12.50%				12/17/2026	20,250	20,090	20,090
			Common Stock		12/17/2021	450,000							4,500	4,500
													24,581	24,581
Chandler Signs Holdings, LLC	(10)	Sign Manufacturer
			Class A Units		1/4/2016	1,500,000							1,500	1,790

Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Secured Debt	(9)	3/12/2020		9.75%	L+	6.00%		3/12/2025	4,560	4,560	4,560
			Secured Debt		3/12/2020		8.00%				3/12/2025	19,274	19,182	19,274
			Preferred Member Units	(8)	3/12/2020	154							5,760	24,637
													29,502	48,471
Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (31)	2/4/2015	13.32%							8,096	7,657

DMA Industries, LLC		Distributor of aftermarket ride control products
			Secured Debt		11/19/2021		12.00%				11/19/2026	21,200	21,035	21,200
			Preferred Equity		11/19/2021	5,944							5,944	7,260
													26,979	28,460
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(31)	4/25/2013	20.24%							6,459	9,127
			LP Interests (Dos Rios Partners - A, LP)	(31)	4/25/2013	6.43%							2,051	2,898
													8,510	12,025
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

Common Stock 4/15/2021 635

830 —

Warrants (27) 4/18/2011 4,699 5/10/2023

1,089 —

12,322 8,422
Oneliance, LLC Construction Cleaning Company

Secured Debt (9) 8/6/2021

12.00 % L + 11.00% 8/6/2026 5,600 5,547 5,547

Preferred Stock 8/6/2021 1,056

1,056 1,056

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

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

12.00 % 1/8/2018 30,369 29,865 —

Preferred Member Units 1/8/2013 250

2,500 —

32,365 —

SI East, LLC Rigid Industrial Packaging Manufacturing

Secured Debt 8/31/2018

10.25 % 8/31/2023 65,850 65,738 65,850

Preferred Member Units (8) 8/31/2018 157

1,218 11,570

66,956 77,420
Slick Innovations, LLC Text Message Marketing Platform

Secured Debt 9/13/2018

13.00 % 9/13/2023 5,320 5,248 5,320

Common Stock 9/13/2018 70,000

700 1,510

Warrants (27) 9/13/2018 18,084 9/13/2028

181 400

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

Secured Debt (9) 8/20/2021

8.50 % L + 7.50% 8/20/2026 11,982 11,757 11,757

Common Stock 8/20/2021 7,866

1,070 1,070

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

Secured Debt 8/31/2020

12.00 % 8/31/2025 21,500 21,332 21,332

Preferred Member Units 8/31/2020 1,571

4,500 4,500

25,832 25,832
The Affiliati Network, LLC Performance Marketing Solutions

Secured Debt 8/9/2021

7.00 % 8/9/2026 280 262 262

Secured Debt 8/9/2021

11.83 % 8/9/2026 12,961 12,834 12,834

Preferred Stock (8) 8/9/2021 1,280,000

6,400 6,400

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

Secured Debt (9) 10/15/2018

8.50 % L + 5.50% 2.00 % 8/20/2024 397 396 371

Secured Debt (9) 8/27/2018

8.50 % L + 5.50% 2.00 % 8/20/2024 1,986 1,974 1,852

Secured Convertible Debt 1/1/2021

15.00 % 15.00 % 2/20/2025 1,197 1,197 2,375


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Class A Preferred Units	(30)	6/27/2016	2,000,000							2,000	1,330

EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8) (31)	11/6/2015	5,000,000.00							1,060	1,013

Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt	(9)	10/29/2021		10.75%	L+	6.50%		10/31/2026	7,600	7,537	7,600
			Secured Debt	(9)	10/29/2021		13.25%	L+	9.00%		10/31/2026	21,200	21,038	21,200
			Preferred Equity	(8)	10/29/2021	9,360							10,400	17,580
													38,975	46,380
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(31)	3/23/2015	9.30%							3,507	3,483
			LP Interests (Freeport First Lien Loan Fund III LP)	(8) (31)	7/31/2015	5.95%							6,303	5,848
													9,810	9,331
GFG Group, LLC.		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		9.00%				3/31/2026	11,345	11,269	11,345
			Preferred Member Units	(8)	3/31/2021	226							4,900	7,140
													16,169	18,485
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(31)	8/9/2017	8.22%							2,558	4,331
			LP Interests (HPEP 4, L.P.)	(31)	7/12/2022	8.71%							2,332	2,332
			LP Interests (423 COR, LP)	(31)	6/2/2022	22.93%							1,400	1,400
													6,290	8,063
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		10.13%	L+	6.00%		1/15/2026	3,185	3,183	3,185
			Secured Debt		12/2/2016		9.00%				1/15/2026	37,800	37,685	37,800
			Preferred Member Units	(8)	12/2/2016	226							2,850	17,460
			Preferred Member Units	(30)	12/2/2016	226							150	920
													43,868	59,365
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		8.00%				10/2/2024	3,000	3,000	3,000
			Member Units		1/8/2003	322,297							2,352	2,400
													5,352	5,400

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

Preferred Stock (8) 8/29/2019 1,133,102 20.00 % 20.00 %

1,757 2,833

Preferred Stock 8/21/2018 1,521,122 20.00 % 20.00 %

2,188 1,498

Preferred Stock 1/15/2015 4,336,866 13.50 % 13.50 %

7,924 —

Preferred Stock 6/30/2017 2,281,682 19.00 % 19.00 %

3,667 —

Common Stock 4/1/2020 945,507

— —

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

Preferred Member Units (30) 12/7/2016 716,949 14.00 % 14.00 %

1,032 —

Member Units (30) 12/7/2016 4,000,000

4,000 —

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

Secured Debt (17) 1/26/2015

11.50 % 1/26/2020 17,434 17,434 17,434

Unsecured Convertible Debt 5/16/2018

8.00 % 11/16/2023 409 409 409

Preferred Member Units 1/26/2015 4,876,670

14,000 5,990

Warrants (27) 1/26/2015 1,831,355 1/26/2025

2,576 —

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

$ 578,539 $ 549,214

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

Secured Debt (9) 11/2/2020

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

Secured Debt (9) 5/26/2021

14.00 % L + 12.50% 11/2/2025 850 841 850

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

Secured Debt (9) 3/29/2021

6.75 % L + 5.75% 3/19/2026 22,136 21,734 22,012
American Health Staffing Group, Inc. (10) Healthcare Temporary Staffing

Secured Debt (9) 11/19/2021

7.00 % L + 6.00% 11/19/2026 7,067 6,988 6,988


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
I-45 SLF LLC	(12) (13)	Investment Partnership
			Member Units (Fully diluted 20.0%; 21.75% profits interest)	(8)	10/20/2015	20.00%							19,000	11,758

Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/2/2021		12.50%				11/15/2026	4,534	4,500	4,500
			Secured Debt		9/1/2021		12.50%				11/15/2026	3,154	3,130	3,130
			Secured Debt		11/15/2021		12.50%				11/15/2026	8,944	8,944	8,944
			Secured Debt		11/15/2021		12.50%				11/15/2026	19,712	19,559	19,559
			Common Stock		8/3/2021	179,778							1,798	1,798
													37,931	37,931
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	12/31/2023	964	964	569
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	12/31/2023	983	983	580
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	12/31/2023	2,116	2,116	1,249
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	12/31/2023	4,415	4,415	2,606
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	12/31/2023	305	305	305
			Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981	—
			Common Stock		4/15/2021	635							830	—
			Warrants	(27)	4/18/2011	4,699					12/31/2023		1,089	—
													12,683	5,309
Oneliance, LLC		Construction Cleaning Company
			Secured Debt	(9) (25)	8/6/2021			L+	11.00%		8/6/2023	—	—	—
			Secured Debt	(9)	8/6/2021		15.13%	L+	11.00%		8/6/2026	5,600	5,559	5,559
			Preferred Stock		8/6/2021	1,056							1,056	1,056
													6,615	6,615
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)		Provider of Rigsite Accommodation Unit Rentals and Related Services
			Secured Debt	(14) (17) (39)	6/30/2015		12.00%				1/8/2018	30,369	29,865	—
			Preferred Member Units		1/8/2013	250							2,500	—
													32,365	—
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt	(25)	8/31/2018						8/31/2023	—	—	—
			Secured Debt		8/31/2018		9.50%				8/31/2023	89,786	89,708	89,786
			Preferred Member Units	(8)	8/31/2018	157							1,218	13,650

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
American Nuts, LLC (10) Roaster, Mixer and Packager of Bulk Nuts and Seeds

Secured Debt (9) 12/21/2018

9.00 % L + 8.00% 4/10/2025 12,017 11,854 12,017
American Teleconferencing Services, Ltd. (11) Provider of Audio Conferencing and Video Collaboration Solutions

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

7.50 % L + 6.50% 9/9/2021 2,980 2,980 89

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

7.50 % L + 6.50% 6/28/2023 14,370 13,706 431

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

Secured Debt (9) 11/9/2021

8.00 % L + 7.00% 11/9/2026 32,605 31,873 31,873

Common Equity 11/9/2021 234

234 234

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

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

9.18 % L + 7.93% 12/21/2025 22,500 22,300 22,500
AVEX Aviation Holdings, LLC (10) Specialty Aircraft Dealer

Secured Debt (9) 12/15/2021

7.50 % L + 6.50% 12/15/2026 13,320 13,005 13,005

Common Equity 12/15/2021 360

360 360

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

Secured Debt 7/6/2018

12.00 % 1.50 % 1/6/2024 4,694 4,674 4,694

Preferred Member Units (8)(30) 11/12/2019 122,416 16.00 % 16.00 %

168 208

Preferred Member Units (30) 7/6/2018 1,548,387 8.00 % 8.00 %

1,671 2,487

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

Secured Debt (9) 3/10/2017

9.50 % L + 8.50% 3/10/2023 12,194 12,107 12,194

Member Units 3/10/2017 1,050,000

1,050 730

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

Secured Debt (9) 8/28/2020

10.00 % L + 8.50% 8/28/2025 5,357 5,357 5,337

Common Stock (8) 10/1/2020 723,184

1 1,515

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

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

12.50 % P + 9.25% 7/22/2019 7,817 7,817 4,201


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
													90,926	103,436
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%				12/22/2027	13,840	13,698	13,840
			Common Stock	(8)	9/13/2018	70,000							456	1,530
													14,154	15,370
Sonic Systems International, LLC	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.24%	L+	7.50%		8/20/2026	15,769	15,527	15,769
			Common Stock		8/20/2021	9,968							1,356	1,280
													16,883	17,049
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		12/31/2022		13.27%	L+	8.50%		12/31/2027	5,000	4,556	4,556
			Preferred Equity		12/31/2022	5,907,649							—	—
													4,556	4,556
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Secured Debt		8/31/2020		12.00%				8/31/2025	21,500	21,378	21,378
			Preferred Member Units		8/31/2020	1,571							4,500	4,500
													25,878	25,878
The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt		8/9/2021		13.00%				8/9/2026	120	106	106
			Secured Debt		8/9/2021		13.00%				8/9/2026	9,521	9,442	9,442
			Preferred Stock	(8)	8/9/2021	1,280,000							6,400	6,400
													15,948	15,948
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (31)	6/15/2020	11.11%							3,734	5,855

UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Secured Debt	(9) (29)	10/15/2018		10.76%	SF+	5.50%	2.00%	8/20/2024	406	405	382
			Secured Debt	(9) (29)	8/27/2018		10.76%	SF+	5.50%	2.00%	8/20/2024	1,814	1,807	1,712
			Secured Convertible Debt		1/1/2021		15.00%			15.00%	2/20/2025	2,403	2,403	4,592
			Preferred Stock	(8)	8/29/2019	1,133,102	20.00%			20.00%			2,141	2,833
			Preferred Stock		8/21/2018	1,521,122	20.00%			20.00%			2,188	1,991
			Preferred Stock		6/30/2017	2,281,682	19.00%			19.00%			3,667	—
			Preferred Stock		1/15/2015	4,336,866	13.50%			13.50%			7,924	—
			Common Stock		4/1/2020	945,507							—	—
													20,535	11,510
Universal Wellhead Services Holdings, LLC	(10)	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
			Preferred Member Units	(30)	12/7/2016	716,949	14.00%			14.00%			1,032	220

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Brightwood Capital Fund Investments (12) (13) Investment Partnership

LP Interests (Brightwood Capital Fund III, LP) (8) (31) 7/21/2014 1.6 %

7,200 4,269

LP Interests (Brightwood Capital Fund IV, LP) (8) (31) 10/26/2016 0.6 %

4,350 4,394

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

Secured Debt (9) 6/14/2021

6.00 % L + 5.00% 6/10/2026 465 429 429

Secured Debt (9) 6/14/2021

6.00 % L + 5.00% 6/10/2028 20,134 19,803 19,985

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

Secured Debt (32) 11/14/2017

9.28 % 0.22 % 11/14/2023 28,540 28,399 26,767
CAI Software LLC Provider of Specialized Enterprise Resource Planning Software

Preferred Equity 12/13/2021 1,788,527

1,789 1,789

Preferred Equity 12/13/2021 596,176

— —

1,789 1,789
Camin Cargo Control, Inc. (11) Provider of Mission Critical Inspection, Testing and Fuel Treatment Services

Secured Debt (9) 6/14/2021

7.50 % L + 6.50% 6/4/2026 15,920 15,775 15,840
Cenveo Corporation (11) Provider of Digital Marketing Agency Services

Common Stock 9/7/2018 322,907

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

Secured Debt (9) 5/15/2019

7.75 % L + 6.25% 5/15/2026 2,857 2,804 2,663
Clarius BIGS, LLC (10) Prints & Advertising Film Financing

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

15.00 % 15.00 % 1/5/2015 2,756 2,756 33
Computer Data Source, LLC (10) Third Party Maintenance Provider to the Data Center Ecosystem

Secured Debt (9) 8/6/2021

8.50 % L + 7.50% 8/6/2026 21,681 21,234 21,234
Construction Supply Investments, LLC (10) Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors

Member Units (8) 12/29/2016 861,618

3,335 14,640


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			Member Units	(30)	12/7/2016	4,000,000								4,000		—
														5,032		220
Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt	(17)	1/26/2015		11.50%				1/26/2020	16,734		16,734		14,914
			Unsecured Convertible Debt		5/16/2018		8.00%				11/16/2023	409		409		—
			Preferred Member Units		1/26/2015	4,876,670								14,000		—
			Warrants	(27)	1/26/2015	1,831,355					1/26/2025			2,576		—
														33,719		14,914
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		13.00%				12/12/2027	$	14,280	$	14,140	$	14,140
			Preferred Equity		12/12/2022	3,845								$	3,845	$	3,845
														$	17,985	$	17,985
Subtotal Affiliate Investments (29.3% of net assets at fair value)														$	635,536	$	618,359
Non-Control Investments (7)
AB Centers Acquisition Corporation	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9) (25) (29)	9/6/2022			SF+	6.00%		9/6/2028	$	—	$	(39)	$	(39)
			Secured Debt	(9) (29)	9/6/2022		10.20%	SF+	6.00%		9/6/2028	741		653		741
			Secured Debt	(9) (29)	9/6/2022		10.58%	SF+	6.00%		9/6/2028	17,052		16,602		17,052
														17,216		17,754
Acousti Engineering Company of Florida	(10)	Interior Subcontractor Providing Acoustical Walls and Ceilings
			Secured Debt	(9)	11/2/2020		13.23%	L+	8.50%		11/2/2025	1,678		1,669		1,678
			Secured Debt	(9)	11/2/2020		13.23%	L+	8.50%		11/2/2025	9,891		9,825		9,891
			Secured Debt	(9)	5/26/2021		16.17%	L+	12.50%		11/2/2025	807		800		807
														12,294		12,376
Acumera, Inc.	(10)	Managed Security Service Provider
			Secured Debt	(9)	6/28/2022		13.88%	L+	9.50%		10/26/2027	14,618		14,291		14,618
			Secured Debt	(9)	6/28/2022		13.57%	L+	9.00%		10/26/2027	4,368		4,270		4,368
														18,561		18,986
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (36)	3/11/2022		10.00%	L+	6.00%		3/11/2027	4,729		4,729		4,729
			Secured Debt	(9) (36)	3/11/2022		10.00%	L+	7.50%		3/11/2027	24,086		24,033		24,086
														28,762		28,815
ADS Tactical, Inc.	(11)	Value-Added Logistics and Supply Chain Provider to the Defense Industry
			Secured Debt	(9)	3/29/2021		10.14%	L+	5.75%		3/19/2026	21,077		20,781		18,969

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Darr Equipment LP (10) Heavy Equipment Dealer

Secured Debt 12/26/2017

12.50 % 1.00 % 6/22/2023 4,685 4,685 4,227

Warrants (28) 4/15/2014 915,734 12/23/2023

474 160

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

Secured Debt (9) 4/13/2018

9.50 % L + 8.00% 4/13/2023 9,324 9,259 8,884

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

10.00 % 10.00 %

1,051 1,051

Class A Preferred Member Units 4/13/2018 776,316 8.00 % 8.00 %

776 320

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

Secured Debt (9) 7/17/2018

9.50 % L + 8.50% 7/17/2023 5,681 5,638 5,569
Eastern Wholesale Fence LLC (10) Manufacturer and Distributor of Residential and Commercial Fencing Solutions

Secured Debt (9) 11/19/2020

8.00 % L + 7.00% 10/30/2025 31,810 31,238 31,810
EnCap Energy Fund Investments (12) (13) Investment Partnership

LP Interests (EnCap Energy Capital Fund VIII, L.P.) (8) (31) 1/22/2015 0.1 %

3,745 1,599

LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.) (31) 1/21/2015 0.4 %

2,097 777

LP Interests (EnCap Energy Capital Fund IX, L.P.) (8) (31) 1/22/2015 0.1 %

4,047 2,284

LP Interests (EnCap Energy Capital Fund X, L.P.) (8) (31) 3/25/2015 0.1 %

8,443 8,276

LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (31) 3/30/2015 0.8 %

6,582 2,796

LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (8) (31) 3/27/2015 0.2 %

6,082 5,064

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

Secured Debt (9) 6/22/2018

7.00 % L + 6.00% 6/30/2027 6,892 6,819 5,862
Event Holdco, LLC (10) Event and Learning Management Software for Healthcare Organizations and Systems

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

8.00 % L + 7.00% 12/22/2026 51,692 51,135 51,135


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
AMEREQUIP LLC.	(10)	Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It
			Secured Debt	(9) (25) (29)	8/31/2022			SF+	7.40%		8/31/2027	—	(137)	(137)
			Secured Debt	(9) (29)	8/31/2022		11.72%	SF+	7.40%		8/31/2027	37,491	36,819	37,463
			Common Stock		8/31/2022	235							1,779	1,779
													38,461	39,105
American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			L+	6.00%		11/19/2026	—	(10)	(10)
			Secured Debt	(9)	11/19/2021		11.12%	L+	6.00%		11/19/2026	6,617	6,565	6,617
													6,555	6,607
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9) (29)	3/11/2022		10.46%	SF+	6.75%		4/10/2026	15,628	15,408	14,606
			Secured Debt	(9) (29)	3/11/2022		12.46%	SF+	8.75%		4/10/2026	15,628	15,408	14,654
													30,816	29,260
American Teleconferencing Services, Ltd.	(11)	Provider of Audio Conferencing and Video Collaboration Solutions
			Secured Debt	(14)	9/17/2021		7.50%	L+	6.50%		1/31/2023	2,980	2,980	168
			Secured Debt	(9) (14)	5/19/2016		7.50%	L+	6.50%		6/8/2023	14,370	13,706	808
													16,686	976
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt	(9)	11/9/2021		13.41%	L+	9.00%		11/9/2026	4,678	4,569	3,945
			Secured Debt	(9)	11/9/2021		13.56%	L+	9.00%		11/9/2026	29,722	29,261	25,065
			Common Equity		11/9/2021	234							234	—
													34,064	29,010
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Secured Debt	(9) (25) (29)	8/11/2022			SF+	6.50%		8/11/2027	—	(135)	(135)
			Secured Debt	(9) (29)	8/11/2022		10.92%	SF+	6.50%		8/11/2027	67,597	66,330	66,511
			Common Stock		8/11/2022	1,387,832							1,388	1,388
													67,583	67,764
Arrow International, Inc	(10)	Manufacturer and Distributor of Charitable Gaming Supplies
			Secured Debt	(9) (23) (29)	12/21/2020		10.36%	SF+	6.60%		12/21/2025	36,000	35,737	36,000

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (25) (29)	1/18/2022			SF+	5.50%		1/18/2027	—	—	—
			Secured Debt	(9) (29)	1/18/2022		9.32%	SF+	5.50%		1/18/2027	6,660	6,660	6,582
			Secured Debt	(9) (29)	1/18/2022		11.32%	SF+	7.50%		1/18/2027	6,660	6,660	6,593

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Flip Electronics LLC (10) Distributor of Hard-to-Find and Obsolete Electronic Components

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

9.09 % L + 8.09% 1/2/2026 5,400 5,304 5,287
Fortna Acquisition Co., Inc. (10) Process, Physical Distribution and Logistics Consulting Services

Secured Debt 7/23/2019

5.09 % L + 5.00% 4/8/2025 7,595 7,525 7,595
Fuse, LLC (11) Cable Networks Operator

Secured Debt 6/30/2019

12.00 % 6/28/2024 1,810 1,810 1,672

Common Stock 6/30/2019 10,429

256 —

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

Secured Debt 1/2/2019

5.35 % L + 5.25% 12/19/2025 20,710 20,615 20,606
GoWireless Holdings, Inc. (11) Provider of Wireless Telecommunications Carrier Services

Secured Debt (9) 1/10/2018

7.50 % L + 6.50% 12/22/2024 18,534 18,440 18,576
Grupo Hima San Pablo, Inc. (11) Tertiary Care Hospitals

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

9.25 % L + 7.00% 4/30/2019 4,504 4,504 1,269

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

13.75 % 10/15/2018 2,055 2,040 49

Secured Debt (17) 3/7/2013

12.00 % 12/24/2021 147 147 147

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

Secured Debt (9) 10/18/2019

6.75 % L + 5.75% 10/2/2024 13,243 13,167 13,243
GS Operating, LLC (10) Distributor of Industrial and Specialty Parts

Secured Debt (9) 2/24/2020

8.00 % L + 6.50% 2/24/2025 28,451 28,068 28,451
HDC/HW Intermediate Holdings (10) Managed Services and Hosting Provider

Secured Debt (9) 12/21/2018

8.50 % L + 7.50% 12/21/2023 3,449 3,419 3,059
Heartland Dental, LLC (10) Dental Support Organization

Secured Debt (9) 9/9/2020

7.50 % L + 6.50% 4/30/2025 14,813 14,477 14,887


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Common Stock		1/18/2022	720,000							720	660
													14,040	13,835
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer
			Secured Debt	(9) (25) (29)	12/23/2022			SF+	7.25%		12/23/2027	—	(57)	(57)
			Secured Debt	(9) (29)	12/23/2022		12.17%	SF+	7.25%		12/23/2027	29,071	27,927	27,927
			Common Equity		12/15/2021	360							360	406
													28,230	28,276
Berry Aviation, Inc.	(10)	Charter Airline Services
			Secured Debt		7/6/2018		12.00%			1.50%	1/6/2024	195	195	195
			Preferred Member Units	(8) (30)	7/6/2018	1,548,387	8.00%			8.00%			1,161	4,561
			Preferred Member Units	(8) (25) (30)	11/12/2019	122,416				16.00%			—	270
													1,356	5,026
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (25) (29)	6/30/2022			SF+	1.00%	6.00%	6/30/2028	—	(76)	(76)
			Secured Debt	(9) (29)	6/30/2022		11.40%	SF+	1.00%	6.00%	6/30/2028	27,505	27,020	27,505
													26,944	27,429
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Member Units		3/10/2017	1,050,000							1,050	420

Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (25)	10/19/2022			L+	8.50%		8/28/2025	—	—	—
			Secured Debt	(9)	8/28/2020		12.94%	L+	8.50%		8/28/2025	3,239	2,280	3,139
			Common Stock	(8)	10/1/2020	723,184							1	4,860
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	1,095
													3,317	9,094
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		12.50%	P+	9.25%		7/22/2019	761	761	761
			Secured Debt	(9) (14) (17)	8/12/2014		12.50%	P+	9.25%		7/22/2019	7,056	7,056	2,916
													7,817	3,677
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(8) (31)	7/21/2014	1.55%							7,062	4,727
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (31)	10/26/2016	0.59%							4,350	4,541
			LP Interests (Brightwood Capital Fund V, LP)	(31)	7/12/2021	1.31%							2,000	2,229
													13,412	11,497

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
HOWLCO LLC (11) (13) (21) Provider of Accounting and Business Development Software to Real Estate End Markets

Secured Debt (9) 8/19/2021

7.00 % L + 6.00% 10/23/2026 25,546 25,546 25,546
Hybrid Promotions, LLC (10) Wholesaler of Licensed, Branded and Private Label Apparel

Secured Debt (9) 6/30/2021

9.25 % L + 8.25% 6/30/2026 7,088 6,957 7,028
IG Parent Corporation (11) Software Engineering

Secured Debt (9) 7/30/2021

6.75 % L + 5.75% 7/30/2026 9,591 9,419 9,419
Implus Footcare, LLC (10) Provider of Footwear and Related Accessories

Secured Debt (9) 6/1/2017

8.75 % L + 7.75% 4/30/2024 18,702 18,471 17,743
Independent Pet Partners Intermediate Holdings, LLC (10) Omnichannel Retailer of Specialty Pet Products

Secured Debt (29) 8/20/2020

7.20 % 12/22/2022 6,563 6,563 6,563

Secured Debt 12/10/2020

6.00 % 6.00 % 11/20/2023 17,891 16,861 16,861

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

6.00 % 6.00 %

3,235 4,329

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

— —

Member Units 11/20/2018 1,558,333

1,558 —

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

Secured Debt (9) 8/13/2021

7.75 % L + 6.75% 8/13/2026 19,897 19,490 19,490

Preferred Member Units (8) (30) 1/31/2018 144 10.00 % 10.00 %

120 164

Preferred Member Units (8) (30) 5/17/2019 80 20.00 % 20.00 %

81 99

Member Units (30) 6/17/2016 900

900 730

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

Secured Debt (9) 11/1/2021

7.00 % L + 6.00% 11/1/2026 8,680 8,487 8,487
Interface Security Systems, L.L.C (10) Commercial Security & Alarm Services

Secured Debt (9) 12/9/2021

11.75 % L + 10.00% 8/7/2023 525 525 525

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

9.75 % L + 7.00% 1.00 % 8/7/2023 7,313 7,237 5,233

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

Secured Debt (9) 8/3/2018

7.00 % L + 6.00% 7/19/2025 20,627 20,559 20,527


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics
			Secured Debt	(9) (25)	6/14/2021			L+	5.00%		6/10/2026	—	(28)	—
			Secured Debt	(9)	6/14/2021		8.91%	L+	5.00%		6/10/2028	19,933	19,656	19,933
													19,628	19,933
Cadence Aerospace LLC	(10)	Aerostructure Manufacturing
			Secured Debt	(9) (34)	11/14/2017		11.99%	L+	8.50%	0.01%	11/14/2023	28,328	28,264	28,328

CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software
			Preferred Equity	(8)	12/13/2021	1,788,527							1,789	1,789
			Preferred Equity		12/13/2021	596,176							—	—
													1,789	1,789
Camin Cargo Control, Inc.	(11)	Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
			Secured Debt	(9)	6/14/2021		10.88%	L+	6.50%		6/4/2026	15,218	15,110	14,685

CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Secured Debt	(9) (25)	5/18/2022			L+	6.00%		5/18/2027	—	(11)	(11)
			Secured Debt	(9)	5/18/2022		10.73%	L+	6.00%		5/18/2027	7,993	7,914	7,914
			Secured Debt	(9)	5/18/2022		10.48%	L+	5.75%		5/18/2027	6,133	6,079	6,133
			Common Equity		12/30/2022	245,926							246	246
													14,228	14,282
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (29) (42)	2/7/2022		10.72%	SF+	6.25%		2/7/2027	1,868	1,767	1,841
			Secured Debt	(9) (28 ) (29)	2/7/2022		10.71%	SF+	6.25%		2/7/2027	39,047	38,396	38,484
													40,163	40,325
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014		15.00%			15.00%	1/5/2015	2,712	2,712	19

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (43)	8/6/2021		12.56%	L+	8.00%		8/6/2026	5,000	4,928	4,621
			Secured Debt	(9)	8/6/2021		12.56%	L+	8.00%		8/6/2026	18,588	18,315	17,178
													23,243	21,799
Construction Supply Investments, LLC	(10)	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Invincible Boat Company, LLC. (10) Manufacturer of Sport Fishing Boats

Secured Debt (9) 8/28/2019

8.00 % L + 6.50% 8/28/2025 17,510 17,354 17,510
INW Manufacturing, LLC (11) Manufacturer of Nutrition and Wellness Products

Secured Debt (9) 5/19/2021

6.50 % L + 5.75% 3/25/2027 7,406 7,205 7,258
Isagenix International, LLC (11) Direct Marketer of Health & Wellness Products

Secured Debt (9) 6/21/2018

6.75 % L + 5.75% 6/14/2025 5,158 5,135 3,865
Jackmont Hospitality, Inc. (10) Franchisee of Casual Dining Restaurants

Secured Debt (9) 5/26/2015

8.00 % L + 7.00% 11/4/2024 2,100 2,100 2,100

Preferred Equity 11/8/2021 2,826,667

314 314

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

Secured Debt (9) 8/21/2019

7.00 % L + 6.00% 8/21/2024 4,034 3,989 3,658

Secured Debt 11/15/2021

15.00 % 15.00 % 11/8/2022 1,000 1,004 1,004

Common Stock 8/21/2019 472,579

4,429 —

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

Secured Debt (9) 12/22/2021

7.00 % L + 6.00% 12/22/2026 37,895 36,972 36,972

Common Equity 12/22/2021 1,684,211

1,684 1,684

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

Secured Debt (9) 11/13/2020

7.75 % L + 7.00% 11/13/2025 43,321 42,342 43,278
KMS, LLC (10) Wholesaler of Closeout and Value-priced Products

Secured Debt (9) 10/4/2021

8.25 % L + 7.25% 10/4/2026 7,581 7,415 7,415
Kore Wireless Group Inc. (11) (13) Mission Critical Software Platform

Secured Debt 12/31/2018

5.72 % L + 5.50% 12/20/2024 11,415 11,345 11,400
Laredo Energy, LLC (10) Oil & Gas Exploration & Production

Member Units 5/4/2020 1,155,952

11,560 9,659


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Member Units	(8)	12/29/2016	861,618							3,335	21,165

Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Secured Debt	(9) (29)	8/16/2022		11.90%	SF+	8.00%		8/16/2027	1,092	871	1,077
			Secured Debt	(9) (25) (29)	8/16/2022			SF+	8.00%		8/16/2027	—	(74)	(74)
			Secured Debt	(9) (29)	8/16/2022		12.56%	SF+	8.00%		8/16/2027	14,389	14,125	14,186
			Common Stock		8/16/2022	201							201	201
													15,123	15,390
DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Secured Debt	(9) (25)	4/13/2018			L+	7.50%		4/13/2023	—	(1)	(1)
			Secured Debt	(9)	4/13/2018		12.24%	L+	7.50%		4/13/2023	6,074	6,065	5,934
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	380
			Class AA Preferred Member Units (non-voting)	(8)	4/13/2018		10.00%			10.00%			1,161	1,161
													8,001	7,474
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9) (29)	12/20/2022		9.18%	SF+	4.50%	9.18%	12/31/2026	1,875	1,717	1,717
			Secured Debt	(9) (29)	12/20/2022		11.18%	SF+	6.50%	11.18%	12/31/2026	1,875	1,642	1,642
			Preferred Equity		12/20/2022	125,000							128	128
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													3,487	3,487
Eastern Wholesale Fence LLC	(10)	Manufacturer and Distributor of Residential and Commercial Fencing Solutions
			Secured Debt	(9)	11/19/2020		11.73%	L+	7.00%		10/30/2025	3,346	3,290	3,276
			Secured Debt	(9)	11/19/2020		11.73%	L+	7.00%		10/30/2025	5,021	4,967	4,916
			Secured Debt	(9)	11/19/2020		11.73%	L+	7.00%		10/30/2025	23,456	23,149	22,967
													31,406	31,159
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9) (29)	2/10/2022		10.67%	SF+	6.25%		2/10/2028	9,258	9,099	8,787

EnCap Energy Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (31)	1/22/2015	0.14%							3,566	2,092
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	(8) (31)	1/21/2015	0.38%							1,984	1,037

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
LaserAway Intermediate Holdings II, LLC (11) Aesthetic Dermatology Service Provider

Secured Debt (9) 10/18/2021

6.50 % L + 5.75% 10/14/2027 4,130 4,050 4,115
Lightbox Holdings, L.P. (11) Provider of Commercial Real Estate Software

Secured Debt 5/23/2019

5.22 % L + 5.00% 5/9/2026 14,625 14,460 14,442
LKCM Headwater Investments I, L.P. (12) (13) Investment Partnership

LP Interests (8) (31) 1/25/2013 2.3 %

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

Secured Debt (9) 5/2/2019

8.25 % L + 7.25% 9/25/2023 17,438 17,309 17,438
LLFlex, LLC (10) Provider of Metal-Based Laminates

Secured Debt (9) 8/16/2021

10.00 % L + 9.00% 8/16/2026 4,478 4,382 4,382
Logix Acquisition Company, LLC (10) Competitive Local Exchange Carrier

Secured Debt (9) 1/8/2018

6.75 % L + 5.75% 12/22/2024 25,850 24,605 24,428
Looking Glass Investments, LLC (12) (13) Specialty Consumer Finance

Member Units 7/1/2015 3

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

Secured Debt (9) 4/22/2019

5.88 % L + 5.25% 12/22/2025 17,080 16,995 17,080

Preferred Stock 10/1/2019

13.75 % 9.25 %

1,920 1,920

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

Secured Debt (9) 3/15/2021

8.00 % L + 7.25% 3/13/2026 17,589 17,267 17,589
MB2 Dental Solutions, LLC (11) Dental Partnership Organization

Secured Debt (9) 1/28/2021

7.00 % L + 6.00% 1/29/2027 11,682 11,531 11,682
Mills Fleet Farm Group, LLC (10) Omnichannel Retailer of Work, Farm and Lifestyle Merchandise

Secured Debt (9) 10/24/2018

7.25 % L + 6.25% 10/24/2024 17,781 17,563 17,781


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (31)	1/22/2015	0.10%							3,699	2,019
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (31)	3/25/2015	0.15%							8,236	9,351
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(31)	3/30/2015	0.84%							5,358	1,688
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (31)	3/27/2015	0.25%							6,023	5,718
													28,866	21,905
Engineering Research & Consulting, LLC	(10)	Provider of Engineering & Consulting Services to US Department of Defense
			Secured Debt	(9) (29)	5/23/2022		11.68%	SF+	6.50%		5/23/2027	131	85	131
			Secured Debt	(9) (29)	5/23/2022		10.92%	SF+	6.50%		5/23/2028	16,338	16,047	16,338
													16,132	16,469
EPIC Y-Grade Services, LP	(11)	NGL Transportation & Storage
			Secured Debt	(9)	6/22/2018		10.70%	L+	6.00%		6/30/2027	6,823	6,764	6,141

Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9) (30)	12/22/2021		10.67%	L+	7.00%		12/22/2026	3,692	3,663	3,507
			Secured Debt	(9) (30)	12/22/2021		10.67%	L+	7.00%		12/22/2026	44,308	43,955	42,083
													47,618	45,590
Flip Electronics LLC	(10)	Distributor of Hard-to-Find and Obsolete Electronic Components
			Secured Debt	(9) (29)	3/24/2022		11.21%	SF+	7.50%		1/2/2026	736	736	736
			Secured Debt	(9) (29)	1/4/2021		12.19%	SF+	7.50%		1/2/2026	11,095	10,852	11,095
													11,588	11,831
Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		12.00%				6/28/2024	1,810	1,810	1,512
			Common Stock		6/30/2019	10,429							256	—
													2,066	1,512
GeoStabilization International (GSI)	(11)	Geohazard Engineering Services & Maintenance
			Secured Debt	(29)	1/2/2019		9.44%	SF+	5.25%		12/19/2025	20,497	20,427	19,472

GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9)	10/18/2019		11.20%	L+	6.50%		10/2/2024	2,177	2,169	2,171
			Secured Debt	(9)	10/18/2019		11.24%	L+	6.50%		10/2/2024	10,734	10,695	10,705
													12,864	12,876
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
NBG Acquisition Inc (11) Wholesaler of Home Décor Products

Secured Debt (9) 4/28/2017

6.50 % L + 5.50% 4/26/2024 3,987 3,961 2,758
NinjaTrader, LLC (10) Operator of Futures Trading Platform

Secured Debt (9) 12/18/2019

7.25 % L + 6.25% 12/18/2024 31,425 30,837 31,368
NNE Partners, LLC (10) Oil & Gas Exploration & Production

Secured Debt 3/2/2017

9.37 % L + 4.75% 4.50 % 12/31/2023 24,781 24,709 23,154
Northstar Group Services, Inc (11) Commercial & Industrial Services

Secured Debt (9) 11/1/2021

6.50 % L + 5.50% 11/12/2026 10,000 9,952 10,034
NTM Acquisition Corp. (11) Provider of B2B Travel Information Content

Secured Debt (9) 7/12/2016

8.25 % L + 6.25% 1.00 % 6/7/2024 4,598 4,598 4,552
NWN Corporation (10) Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries

Secured Debt (9) 5/7/2021

7.50 % L + 6.50% 5/7/2026 42,972 42,108 42,323
Ospemifene Royalty Sub LLC (10) Estrogen-Deficiency Drug Manufacturer and Distributor

Secured Debt (14) 7/8/2013

11.50 % 11/15/2026 4,562 4,562 112
OVG Business Services, LLC (10) Venue Management Services

Secured Debt (9) 11/29/2021

7.25 % L + 6.25% 11/19/2028 14,000 13,861 13,861
Project Eagle Holdings, LLC (10) Provider of Secure Business Collaboration Software

Secured Debt (9) 7/6/2020

7.75 % L + 6.75% 7/6/2026 29,738 29,151 29,714
PT Network, LLC (10) Provider of Outpatient Physical Therapy and Sports Medicine Services

Secured Debt (9) 10/12/2017

8.50 % L + 5.50% 2.00 % 11/30/2023 8,889 8,889 8,889

Common Stock 1/1/2020 2

— 80

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

Secured Debt (9) 4/8/2021

7.75 % L + 6.75% 4/8/2026 19,374 19,193 18,352


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9) (29)	9/30/2022		10.42%	SF+	6.00%		9/30/2028	252	233	252
			Secured Debt	(9) (25) (29)	9/30/2022			SF+	6.00%		9/30/2028	—	(15)	(15)
			Secured Debt	(9) (29)	9/30/2022		10.73%	SF+	6.00%		9/30/2028	3,661	3,591	3,661
													3,809	3,898
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9) (29)	12/21/2018		14.34%	SF+	9.50%	2.00%	12/21/2023	320	319	311
			Secured Debt	(9) (29)	12/21/2018		14.34%	SF+	9.50%	2.00%	12/21/2023	3,277	3,262	3,186
													3,581	3,497
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (25) (29)	8/1/2022			SF+	6.50%		8/1/2027	—	(62)	(62)
			Secured Debt	(9) (25) (29)	8/1/2022			SF+	6.50%		8/1/2027	—	(62)	(62)
			Secured Debt	(9) (29)	8/1/2022		10.62%	SF+	6.50%		8/1/2027	16,791	16,483	16,791
													16,359	16,667
Heartland Dental, LLC	(10)	Dental Support Organization
			Secured Debt	(9)	9/9/2020		10.88%	L+	6.50%		4/30/2025	14,663	14,430	13,599

HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.69%	L+	6.00%		10/23/2026	25,290	25,290	24,381

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(29)	6/30/2021		12.07%	SF+	8.25%		6/30/2026	7,088	6,986	6,144

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (29) (41)	7/30/2021		10.17%	SF+	5.75%		7/30/2026	698	670	698
			Secured Debt	(9) (29)	7/30/2021		10.17%	SF+	5.75%		7/30/2028	14,499	14,304	14,499
													14,974	15,197
Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/1/2017		13.98%	L+	7.75%	1.50%	4/30/2024	18,515	18,384	17,464

Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Secured Debt	(9) (35)	8/20/2020		13.00%	P+	5.50%	13.00%	2/27/2023	7,027	7,027	7,027
			Secured Debt	(14)	12/10/2020		6.00%			6.00%	11/20/2023	18,428	17,664	7,633
			Secured Debt	(29)	11/28/2022		14.42%	SF+	10.00%	14.42%	2/27/2023	806	769	769
			Preferred Stock (non-voting)		12/10/2020		6.00%			6.00%			3,235	—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)
Research Now Group, Inc. and Survey Sampling International, LLC (11) Provider of Outsourced Online Surveying

Secured Debt (9) 12/29/2017

6.50 % L + 5.50% 12/20/2024 20,124 19,789 19,899
RM Bidder, LLC (10) Scripted and Unscripted TV and Digital Programming Provider

Member Units 11/12/2015 2,779

46 26

Warrants (26) 11/12/2015 187,161 10/20/2025

425 —

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

Secured Debt (9) 8/27/2021

7.00 % L + 6.00% 8/27/2026 2,800 2,704 2,704
RTIC Subsidiary Holdings, LLC (10) Direct-To-Consumer eCommerce Provider of Outdoor Products

Secured Debt (9) 9/1/2020

9.00 % L + 7.75% 9/1/2025 18,191 17,997 18,191
Rug Doctor, LLC. (10) Carpet Cleaning Products and Machinery

Secured Debt (9) 7/16/2021

7.25 % L + 6.25% 11/16/2024 11,145 10,902 10,902
Salient Partners L.P. (11) Provider of Asset Management Services

Secured Debt (9) 8/31/2018

7.00 % L + 6.00% 10/30/2022 6,251 6,247 4,063

Secured Debt (9) 9/30/2021

6.00 % L + 5.00% 10/30/2022 1,250 1,250 2,435

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

Secured Debt (9) 5/14/2021

6.25 % L + 5.50% 4/26/2028 11,400 11,295 11,386
SIB Holdings, LLC (10) Provider of Cost Reduction Services

Secured Debt (9) 10/29/2021

7.00 % L + 6.00% 10/29/2026 6,282 6,134 6,145

Common Equity 10/29/2021 95,238

200 200

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

Secured Debt (9) 12/10/2021

7.25 % L + 6.25% 12/13/2026 50,704 49,589 49,589

Common Equity 12/10/2021 863,636

864 864

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

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

8.00 % L + 7.00% 9/12/2024 16,116 16,039 15,620
Stellant Systems, Inc. (11) Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Preferred Stock (non-voting)		12/10/2020								—	—
			Member Units		11/20/2018	1,558,333							1,558	—
			Warrants	(25) (38)	11/20/2018	242,914					11/19/2028		—	—
													30,253	15,429
Industrial Services Acquisition, LLC	(10)	Industrial Cleaning Services
			Secured Debt	(9)	8/13/2021		11.50%	L+	6.75%		8/13/2026	463	430	463
			Secured Debt	(9)	8/13/2021		11.50%	L+	6.75%		8/13/2026	19,239	18,956	19,239
			Preferred Member Units	(8) (30)	1/31/2018	144	10.00%			10.00%			129	145
			Preferred Member Units	(8) (30)	5/17/2019	80	20.00%			20.00%			92	93
			Member Units	(30)	6/17/2016	900							900	600
													20,507	20,540
Infolinks Media Buyco, LLC	(10)	Exclusive Placement Provider to the Advertising Ecosystem
			Secured Debt	(9) (25)	11/1/2021			L+	5.50%		11/1/2026	—	(19)	(19)
			Secured Debt	(9)	11/1/2021		10.23%	L+	5.50%		11/1/2026	8,593	8,461	8,593
													8,442	8,574
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(44)	12/9/2021		14.22%	L+	10.00%		8/7/2023	1,682	1,682	1,682
			Secured Debt	(9) (14)	8/7/2019		12.07%	L+	7.00%	1.00%	8/7/2023	7,313	7,237	1,082
			Common Stock		12/7/2021	2,143							—	—
													8,919	2,764
Intermedia Holdings, Inc.	(11)	Unified Communications as a Service
			Secured Debt	(9)	8/3/2018		10.38%	L+	6.00%		7/19/2025	20,467	20,418	15,811

Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		10.14%	L+	6.50%		8/28/2025	622	618	622
			Secured Debt	(9)	8/28/2019		10.17%	L+	6.50%		8/28/2025	16,889	16,784	16,889
													17,402	17,511
INW Manufacturing, LLC	(11)	Manufacturer of Nutrition and Wellness Products
			Secured Debt	(9)	5/19/2021		10.48%	L+	5.75%		3/25/2027	7,125	6,968	6,092

Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (14)	6/21/2018		9.93%	L+	7.75%		6/14/2025	5,053	5,038	1,537

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

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

Secured Debt (9) 10/22/2021

6.25 % L + 5.50% 10/1/2028 7,700 7,625 7,700
Student Resource Center, LLC (10) Higher Education Services

Secured Debt (9) 6/25/2021

9.00 % L + 8.00% 6/25/2026 10,969 10,753 10,826
Tacala Investment Corp. (34) Quick Service Restaurant Group

Secured Debt (9) 3/19/2021

4.25 % L + 3.50% 2/5/2027 1,995 1,995 1,994
Team Public Choices, LLC (11) Home-Based Care Employment Service Provider

Secured Debt (9) 12/22/2020

6.00 % L + 5.00% 12/18/2027 15,109 14,778 15,071
Tectonic Financial, LLC Financial Services Organization

Common Stock (8) 5/15/2017 200,000

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

Common Stock (30) 7/7/2021 1,000,000

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

Secured Debt (9) 5/17/2017

7.00 % L + 6.00% 5/2/2023 17,088 16,985 12,917
USA DeBusk LLC (10) Provider of Industrial Cleaning Services

Secured Debt (9) 10/22/2019

6.75 % L + 5.75% 9/8/2026 37,281 36,510 37,281
Veregy Consolidated, Inc. (11) Energy Service Company

Secured Debt (9) 11/9/2020

6.25 % L + 5.25% 11/3/2025 5,875 5,111 5,111

Secured Debt (9) 11/9/2020

7.00 % L + 6.00% 11/3/2027 14,888 14,524 14,925

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

Secured Debt 10/10/2019

6.10 % L + 6.00% 10/1/2026 17,089 16,905 15,850
Vistar Media, Inc. (10) Operator of Digital Out-of-Home Advertising Platform

Preferred Stock 4/3/2019 70,207

767 1,726
VORTEQ Coil Finishers, LLC (10) Specialty Coating of Aluminum and Light-Gauge Steel


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9)	10/26/2022		12.23%	L+	7.50%		11/4/2024	500	483	500
			Secured Debt	(9)	11/8/2021		12.23%	L+	7.50%		11/4/2024	2,079	2,079	2,079
			Preferred Equity	(8)	11/8/2021	2,826,667	12.00%			12.00%			123	623
													2,685	3,202
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt		11/15/2021		18.00%				1/31/2024	2,297	2,297	2,297
			Secured Debt	(14)	8/21/2019		19.75%			19.75%	8/21/2024	4,034	3,997	504
			Common Stock		8/21/2019	472,579							4,429	—
													10,723	2,801
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (25)	12/22/2021			L+	6.00%		12/22/2026	—	(135)	(135)
			Secured Debt	(9)	12/22/2021		10.73%	L+	6.00%		12/22/2026	36,947	36,358	36,947
			Common Equity		12/22/2021	1,684,211							1,684	2,840
													37,907	39,652
KMS, LLC	(10)	Wholesaler of Closeout and Value-priced Products
			Secured Debt	(9)	10/4/2021		12.00%	L+	7.25%		10/4/2026	1,064	1,019	995
			Secured Debt	(9)	10/4/2021		12.00%	L+	7.25%		10/4/2026	7,505	7,391	7,022
													8,410	8,017
Kore Wireless Group Inc.	(11)	Mission Critical Software Platform
			Secured Debt	(29)	12/31/2018		10.08%	SF+	5.50%		9/21/2024	11,326	11,280	10,930

Lightbox Holdings, L.P.	(11)	Provider of Commercial Real Estate Software
			Secured Debt		5/9/2019		9.73%	L+	5.00%		5/9/2026	14,475	14,349	13,968

LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (31)	1/25/2013	2.27%							1,746	3,197

LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9) (29)	5/2/2019		11.21%	SF+	7.25%		9/25/2023	8,106	8,087	8,047
			Secured Debt	(9) (29)	5/2/2019		11.67%	SF+	7.25%		9/25/2023	9,197	9,160	9,130
			Secured Debt	(9) (29)	5/12/2022		11.67%	SF+	7.25%		9/25/2023	10,827	10,733	10,749
													27,980	27,926
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		12.74%	L+	9.00%		8/16/2026	4,444	4,370	4,350

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, ~~2021~~2022

(dollars in thousands)

Portfolio Company (1) (20) Business Description Type of Investment (2) (3) (15) Investment Date (24) Shares/Units Total Rate Reference Rate and Spread (25) PIK Rate (19) Maturity
Date Principal (4) Cost (4) Fair Value (18)

Secured Debt (9) 11/30/2021

8.50 % L + 7.50% 11/30/2026 25,962 25,450 25,450

Common Equity 11/30/2021 1,038,462

1,038 1,038

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

Secured Debt (9) 8/17/2021

6.75 % L + 5.75% 8/12/2028 15,000 14,569 14,916
Wall Street Prep, Inc. (10) Financial Training Services

Secured Debt (9) 7/19/2021

8.00 % L + 7.00% 7/19/2026 4,373 4,288 4,285

Common Stock 7/19/2021 400,000

400 400

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

Secured Debt (9) 12/17/2021

7.25 % L + 6.25% 12/17/2026 25,876 25,267 25,267
Winter Services LLC (10) Provider of Snow Removal and Ice Management Services

Secured Debt (9) 11/19/2021

8.00 % L + 7.00% 11/19/2026 10,278 10,018 10,061
Xenon Arc, Inc. (10) Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers

Secured Debt (9) 12/17/2021

6.75 % L + 6.00% 12/17/2026 38,600 37,423 37,423
YS Garments, LLC (11) Designer and Provider of Branded Activewear

Secured Debt (9) 8/22/2018

6.50 % L + 5.50% 8/9/2024 13,034 12,967 12,578
Subtotal Non-Control/Non-Affiliate Investments (85.2% of net assets at fair value)

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

$ 3,259,246 $ 3,561,831


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	1/8/2018		10.13%	L+	5.75%		12/22/2024	19,662	19,033	16,221

Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125	25

Mako Steel, LP	(10)	Self-Storage Design & Construction
			Secured Debt	(9) (45)	3/15/2021		11.79%	L+	7.25%		3/15/2026	3,103	3,063	3,083
			Secured Debt	(9)	3/15/2021		11.09%	L+	7.25%		3/15/2026	15,324	15,122	15,224
													18,185	18,307
MB2 Dental Solutions, LLC	(11)	Dental Partnership Organization
			Secured Debt	(9) (29)	1/28/2021		10.42%	SF+	6.00%		1/29/2027	8,338	8,267	8,338
			Secured Debt	(9) (29)	1/28/2021		10.42%	SF+	6.00%		1/29/2027	7,876	7,784	7,876
													16,051	16,214
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25) (29)	4/4/2022			SF+	6.25%		4/3/2028	—	(63)	(63)
			Secured Debt	(9) (29)	4/4/2022		9.86%	SF+	6.25%		4/3/2028	26,075	25,619	25,181
													25,556	25,118
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	10/24/2018		10.66%	L+	6.25%		10/24/2024	18,769	18,562	18,338

MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9) (25)	5/24/2022			L+	7.00%		5/24/2027	—	(64)	(64)
			Secured Debt	(9)	5/24/2022		11.73%	L+	7.00%		5/24/2027	10,107	9,923	10,714
			Secured Debt	(9)	5/24/2022		11.73%	L+	7.00%		5/24/2027	17,038	16,746	17,038
			Common Stock		8/30/2022	44,445,814							889	889
													27,494	28,577
NBG Acquisition Inc	(11)	Wholesaler of Home Décor Products
			Secured Debt	(9)	4/28/2017		9.67%	L+	5.50%		4/26/2024	3,849	3,834	1,251

NinjaTrader, LLC	(10)	Operator of Futures Trading Platform
			Secured Debt	(9) (25)	12/18/2019			L+	6.25%		12/18/2024	—	(1)	—
			Secured Debt	(9) (25)	12/18/2019			L+	6.25%		12/18/2024	—	(38)	(38)
			Secured Debt	(9)	12/18/2019		9.99%	L+	6.25%		12/18/2024	21,666	21,418	21,666

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
													21,379	21,628
NTM Acquisition Corp.	(11)	Provider of B2B Travel Information Content
			Secured Debt	(9)	7/12/2016		9.50%	L+	6.25%	1.00%	6/7/2024	4,358	4,358	4,228

NWN Corporation	(10)	Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries
			Secured Debt	(9) (29) (46)	5/7/2021		10.85%	SF+	8.00%		5/7/2026	3,941	3,797	3,720
			Secured Debt	(9) (29)	5/7/2021		12.56%	SF+	8.00%		5/7/2026	39,851	39,094	37,616
			Secured Debt		12/16/2022		20.00%			20.00%	8/6/2026	6,509	6,194	6,194
													49,085	47,530
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013		11.50%				11/15/2026	4,489	4,489	103

OVG Business Services, LLC	(10)	Venue Management Services
			Secured Debt	(9)	11/29/2021		10.64%	L+	6.25%		11/19/2028	13,930	13,813	13,094

Paragon Healthcare, Inc.	(10)	Infusion Therapy Treatment Provider
			Secured Debt	(9) (29)	1/19/2022		10.26%	SF+	5.75%		1/19/2027	541	437	530
			Secured Debt	(9) (29) (47)	1/19/2022		9.96%	SF+	5.75%		1/19/2027	2,701	2,609	2,649
			Secured Debt	(9) (29)	1/19/2022		9.81%	SF+	5.75%		1/19/2027	18,293	17,852	17,939
													20,898	21,118
Project Eagle Holdings, LLC	(10)	Provider of Secure Business Collaboration Software
			Secured Debt	(9) (25)	7/6/2020			L+	6.25%		7/6/2026	—	(18)	(18)
			Secured Debt	(9)	7/6/2020		10.64%	L+	6.25%		7/6/2026	29,475	29,040	29,419
													29,022	29,401
PTL US Bidco, Inc	(10) (13)	Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells.
			Secured Debt	(9) (25) (29)	8/19/2022			SF+	7.25%		8/19/2027	—	(174)	(174)
			Secured Debt	(9) (29)	8/19/2022		11.80%	SF+	7.25%		8/19/2027	28,265	27,749	27,911
													27,575	27,737
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9) (25) (29)	4/8/2021			SF+	6.75%		4/8/2026	—	(11)	(11)

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9) (29)	4/8/2021		10.56%	SF+	6.75%		4/8/2026	13,369	13,241	12,094
													13,230	12,083
Research Now Group, Inc. and Survey Sampling International, LLC	(11)	Provider of Outsourced Online Surveying
			Secured Debt	(9)	12/29/2017		8.84%	L+	5.50%		12/20/2024	19,966	19,745	15,116

RM Bidder, LLC	(10)	Scripted and Unscripted TV and Digital Programming Provider
			Member Units		11/12/2015	2,779							46	19
			Warrants	(26)	11/12/2015	327,532					10/20/2025		425	—
													471	19
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(9) (29)	8/27/2021		10.97%	SF+	6.50%		8/27/2026	311	300	311
			Secured Debt	(9) (29)	8/27/2021		10.32%	SF+	6.50%		8/27/2026	2,333	2,291	2,333
			Secured Debt	(9) (29)	8/27/2021		10.32%	SF+	6.50%		8/27/2026	3,173	3,125	3,173
													5,716	5,817
RTIC Subsidiary Holdings, LLC	(10)	Direct-To-Consumer eCommerce Provider of Outdoor Products
			Secured Debt	(9) (29) (48)	9/1/2020		12.02%	SF+	7.75%		9/1/2025	1,361	1,343	1,258
			Secured Debt	(9) (29)	9/1/2020		11.49%	SF+	7.75%		9/1/2025	16,623	16,506	15,367
													17,849	16,625
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9) (29)	7/16/2021		13.02%	SF+	6.25%	2.00%	11/16/2024	5,625	5,590	5,037
			Secured Debt	(9) (29)	7/16/2021		13.02%	SF+	6.25%	2.00%	11/16/2024	8,340	8,223	7,478
													13,813	12,515
Savers, Inc.	(11)	For-Profit Thrift Retailer
			Secured Debt	(9) (29)	5/14/2021		10.34%	SF+	5.50%		4/26/2028	11,286	11,199	10,938

SIB Holdings, LLC	(10)	Provider of Cost Reduction Services
			Secured Debt	(9)	10/29/2021		11.01%	L+	6.25%		10/29/2026	417	408	393
			Secured Debt	(9)	10/29/2021		11.01%	L+	6.25%		10/29/2026	1,553	1,527	1,433
			Secured Debt	(9)	10/29/2021		11.01%	L+	6.25%		10/29/2026	7,750	7,626	7,151
			Common Equity		10/29/2021	95,238							200	146
													9,761	9,123
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (25)	12/10/2021			L+	5.75%		12/13/2026	—	(71)	(71)
			Secured Debt	(9)	12/10/2021		9.69%	L+	5.75%		12/13/2026	41,255	40,603	41,255
			Common Equity		12/10/2021	863,636							864	1,316

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
													41,396	42,500
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (25) (29)	7/1/2022			SF+	7.50%		7/1/2027	—	(57)	(57)
			Secured Debt	(9) (29)	7/1/2022		11.06%	SF+	7.50%		7/1/2027	15,928	15,641	15,928
			Common Stock		7/1/2022	638,710							639	639
													16,223	16,510
Staples Canada ULC	(10) (13) (21)	Office Supplies Retailer
			Secured Debt	(9) (22)	9/14/2017		11.83%	L+	7.00%		9/12/2024	13,740	13,698	12,481

Stellant Systems, Inc.	(11)	Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
			Secured Debt	(9) (29)	10/22/2021		10.05%	SF+	5.50%		10/1/2028	7,623	7,559	7,166

Tacala Investment Corp.	(33)	Quick Service Restaurant Group
			Secured Debt	(9) (32)	3/19/2021		7.88%	L+	3.50%		2/5/2027	1,974	1,974	1,904

Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider
			Secured Debt	(9)	12/22/2020		9.93%	L+	5.00%		12/18/2027	14,964	14,690	14,290

Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000	5,630

Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(30)	7/7/2021	1,000,000							1,000	1,830

U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (29)	5/17/2017		11.57%	SF+	1.25%	7.25%	5/2/2026	18,352	18,284	6,859

USA DeBusk LLC	(10)	Provider of Industrial Cleaning Services
			Secured Debt	(9)	10/22/2019		9.82%	L+	5.75%		9/8/2026	33,577	33,031	33,577

Veregy Consolidated, Inc.	(11)	Energy Service Company
			Secured Debt	(9) (25)	11/9/2020			L+	5.25%		11/3/2025	—	(630)	(630)
			Secured Debt	(9)	11/9/2020		10.41%	L+	6.00%		11/3/2027	17,685	17,381	15,479

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
													16,751	14,849
Vida Capital, Inc	(11)	Alternative Asset Manager
			Secured Debt		10/10/2019		10.38%	L+	6.00%		10/1/2026	15,448	15,313	12,049

Vistar Media, Inc.	(10)	Operator of Digital Out-of-Home Advertising Platform
			Preferred Stock		4/3/2019	70,207							767	2,250

VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038	3,930

Wahoo Fitness Acquisition L.L.C.	(11)	Fitness Training Equipment Provider
			Secured Debt	(9) (29)	8/17/2021		10.64%	SF+	5.75%		8/12/2028	14,625	14,268	8,409

Wall Street Prep, Inc.	(10)	Financial Training Services
			Secured Debt	(9) (25)	7/19/2021			L+	7.00%		7/19/2026	—	(6)	(6)
			Secured Debt	(9)	7/19/2021		10.74%	L+	7.00%		7/19/2026	4,235	4,173	4,146
			Common Stock		7/19/2021	400,000							400	420
													4,567	4,560
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(9)	12/17/2021		10.73%	L+	6.00%		12/17/2026	371	334	370
			Secured Debt	(9)	12/17/2021		10.73%	L+	6.00%		12/17/2026	391	361	391
			Secured Debt	(9)	12/17/2021		10.73%	L+	6.00%		12/17/2026	28,957	28,591	28,947
													29,286	29,708
West Star Aviation Acquisition, LLC	(10)	Aircraft, Aircraft Engine and Engine Parts
			Secured Debt	(9) (25) (29)	3/1/2022			SF+	6.00%		3/1/2028	—	(20)	(20)
			Secured Debt	(9) (29)	3/1/2022		8.59%	SF+	6.00%		3/1/2028	10,794	10,608	10,685
			Common Stock		3/1/2022	1,541,400							1,541	1,950
													12,129	12,615
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (25)	11/19/2021			L+	7.00%		11/19/2026	—	(34)	—
			Secured Debt	(9) (25)	11/19/2021			L+	7.00%		11/19/2026	—	(17)	(17)
			Secured Debt	(9)	11/19/2021		10.74%	L+	7.00%		11/19/2026	10,000	9,848	9,992
													9,797	9,975
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (29)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)		Fair Value (18)
			Secured Debt	(25)	12/17/2021			L+	5.25%		12/17/2026	—	(218)		(218)
			Secured Debt		12/17/2021		10.84%	L+	5.25%		12/17/2027	24,300	23,864		24,135
			Secured Debt		12/17/2021		8.63%	L+	5.25%		12/17/2027	38,311	37,691		38,051
													61,337		61,968
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018		9.51%	L+	5.50%		8/9/2024	12,659	12,619		12,127

Zips Car Wash, LLC	(10)	Express Car Wash Operator
			Secured Debt	(9) (29)	2/11/2022		11.67%	SF+	7.25%		3/1/2024	17,512	17,279		17,512
			Secured Debt	(9) (29) (33)	2/11/2022		11.67%	SF+	7.25%		3/1/2024	4,389	4,360		4,379
													21,639		21,891
Subtotal Non-Control/Non-Affiliate Investments (84.4%% of net assets at fair value)													$	1,867,414	$	1,780,646
Total Portfolio Investments, December 31, 2022 (194.5%% of net assets at fair value)													$	3,773,752	$	4,102,177

____________________

(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Credit ~~Facility~~Facilities or in support of the SBA-guaranteed debentures issued by the Funds.

(3)See Note C—C — Fair Value Hierarchy for ~~Investments—~~Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.

~~Table of contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2021~~

~~(dollars in thousands)~~

(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.

(8)Income producing through dividends or distributions.

(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, ~~67%~~66% of ~~the~~these floating rate loans (based on the par amount) contain LIBOR or Term SOFR (“SOFR”) floors which range between 0.50% and 2.00%, with a weighted-average ~~LIBOR~~ floor of ~~1.06%~~1.04%.

(10)Private Loan portfolio investment. See Note C—C — Fair Value Hierarchy for ~~Investments—~~Investments — Portfolio Composition for a description of Private Loan portfolio investments.

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

(11)Middle Market portfolio investment. See Note C—C — Fair Value Hierarchy for ~~Investments—~~Investments — Portfolio Composition for a description of Middle Market portfolio investments.

(12)Other Portfolio investment. See Note C—C — Fair Value Hierarchy for ~~Investments—~~Investments — Portfolio Composition for a description of Other Portfolio investments.

(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~~Company’s Credit ~~Facility~~Facilities or in support of the SBA-guaranteed debentures issued by the Funds.

(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.

(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C—C — Fair Value Hierarchy for ~~Investments—~~Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

(19)Investments may have a portion, or all, of their income received from Paid-in-Kind ~~("PIK"~~(“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of December 31, ~~2021.~~2022.

(20)All portfolio company headquarters are based in the United States, unless otherwise noted.

(21)Portfolio company headquarters are located outside of the United States.

(22)In connection with the ~~Company's~~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~~Company’s investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend ~~$21.4~~$16.9 million Canadian Dollars and receive ~~$16.9~~$13.1 million U.S. Dollars with a settlement date of September 14, ~~2022.~~2023. The unrealized ~~depreciation~~appreciation on the forward foreign currency contract was ~~not significant~~$0.6 million as of December 31, ~~2021.~~2022.

(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder.Therefore, the Company receives a higher interest rate than the contractual stated interest rate of LIBOR plus 7.25% (Floor 1.25%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

~~(24)Investment date represents the date of initial investment in the security position.~~

~~(25)~~A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR (“L”) or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate(“P”)), which typically resets every one, three, or six months at the borrower’s option.

~~(26)Warrants are presented in equivalent units with a strike price of $14.28 per unit.~~

~~(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.~~

~~(28)Warrants are presented in equivalent units with a strike price of $1.50 per unit.~~

~~(29)~~As of December 31, 2021, borrowings under the loan facility bore interest at LIBOR+6.00% or Prime+5.00%. Delayed draw term loan facility permits the borrower to make an interest rate election on each new tranche of borrowings under the facility. The rate presented represents a weighted-average rate for borrowings under the facility.

~~(30)Shares/Units represent ownership in a related Real Estate or HoldCo entity.~~

~~Table of contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Consolidated Schedule of Investments (Continued)~~

~~December 31, 2021~~

~~(dollars in thousands)~~

~~(31)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.~~

~~(32)~~The security has an effective contractual interest rate of 2.00% PIK + LIBOR+6.50%, Floor 1.00%, but the issuer may, in its discretion, elect to pay the PIK interest in cash. The rate presented represents the effective current yield based on actual payments received during the period.

~~(33)~~The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of ~~LIBOR plus 7.96%~~SOFR+6.00% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

~~(34)~~(24)Investment date represents the date of initial investment in the security position.

(25)The position is unfunded and no interest income is being earned as of December 31, 2022. The position may earn a nominal unused facility fee on committed amounts.

(26)Warrants are presented in equivalent units with a strike price of $14.28 per unit.

(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.

(28)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+6.25% (Floor 1.00%). Due to an amendment and subsequent funding during the quarter, the term loan facility has different floating rate reset dates. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

(29)A majority of the variable rate loans in the Company’s Investment Portfolio bear interest at a rate that may be determined by reference to either LIBOR (“L”), SOFR (“SF”) or an alternate Base rate (commonly based on the Federal Funds Rate or the Prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of December 31, 2022, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.35%.

(30)Shares/Units represent ownership in a related Real Estate or HoldCo entity.

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

(31)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.

(32)Short-term portfolio investments. See Note C—C — Fair Value Hierarchy for ~~Investments—~~Investments — Portfolio Composition for a description of short-term portfolio investments.

(33)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+7.25% (Floor 1.00%). Each new draw on the delayed draw term loan facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

(34)The security has an effective contractual interest rate of 2.00% PIK + LIBOR+6.50%, Floor 1.00%, but the issuer may, in its discretion, elect to pay the PIK interest in cash. The rate presented represents the effective current yield based on actual payments received during the period.

(35)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+6.50% PIK or Prime+5.50% PIK. Revolving facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

(36)Index based floating interest rate is subject to contractual maximum ~~index~~base rate of ~~1.50% as of December 31, 2021.~~2.50%.

~~(36)~~(37)Index based floating interest rate is subject to contractual maximum base rate of 1.50%.

(38)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.

(39)Portfolio company is in a bankruptcy process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete.As noted in footnote (14), our debt investment in this portfolio company is on non-accrual status.

(40)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR+8.00% (Floor 1.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(41)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+5.75% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

(42)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+6.25% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

(43)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

(44)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+10.00%. RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

(45)As of December 31, 2022, borrowings under the loan facility bore interest at LIBOR+7.25% (Floor 0.75%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

(46)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

(47)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+5.75% (Floor 1.00%). Delayed draw term loan facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

(48)As of December 31, 2022, borrowings under the loan facility bore interest at SOFR+7.75% (Floor 1.25%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2022.

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Notes to the Consolidated Financial Statements

(Unaudited)

NOTE A—A — ORGANIZATION AND BASIS OF PRESENTATION

1.Organization

Main Street Capital Corporation (“MSCC”, or together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market (“LMM”) companies and debt capital to middle market (“Middle Market”) companies. ~~The~~Main Street’s portfolio investments ~~of MSCC and its consolidated subsidiaries~~ are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. ~~MSCC~~Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy. ~~MSCC and its consolidated subsidiaries invest~~Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States and in secured debt investments of Middle Market companies generally headquartered in the United States.

MSCC was formed in March 2007 to operate as an internally managed business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Because MSCC is internally managed, all of the executive officers and other employees are employed by MSCC. Therefore, MSCC does not pay any external investment advisory fees, but instead directly incurs the operating costs associated with employing investment and portfolio management professionals.

MSCC wholly owns several investment funds, including Main Street Mezzanine Fund, LP (“MSMF”) and Main Street Capital III, LP (“MSC III” and, together with MSMF, the “Funds”), and each of their general partners. The Funds are each licensed as a Small Business Investment Company (“SBIC”) by the United States Small Business Administration (“SBA”).

MSC Adviser I, LLC (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of ~~MSCC~~Main Street to provide investment management and other services to parties other than ~~MSCC and its subsidiaries or their portfolio companies~~Main Street (“External Parties”) and receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission (“SEC”) to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of ~~MSCC~~Main Street and is not included as a consolidated subsidiary ~~of MSCC~~ in ~~MSCC’s~~Main Street’s consolidated financial statements.

MSCC has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSCC generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.

~~MSCC~~Main Street has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSCC to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSCC also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).

Unless otherwise noted or the context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and “Main Street” refer to MSCC and its consolidated subsidiaries, which include the Funds, the Taxable Subsidiaries and the ~~Taxable~~Structured Subsidiaries.

2.Basis of Presentation

Main Street’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies (“ASC 946”). For each of the periods presented herein, Main Street’s consolidated financial statements include the accounts of MSCC and its consolidated subsidiaries. The Investment ~~Portfolio, as used herein, refers to all of Main Street’s investments in LMM portfolio companies,~~

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Portfolio, as used herein, refers to all of Main Street’s investments in LMM portfolio companies, investments in Private Loan portfolio companies, investments in Middle Market portfolio companies, Other Portfolio investments and the investment in the External Investment Manager (see Note C—C — Fair Value Hierarchy for ~~Investments—~~Investments — Portfolio ~~Composition—~~Composition — Investment Portfolio Composition for additional discussion of Main Street’s Investment Portfolio and definitions for the defined terms Private Loan and Other Portfolio). Main Street’s results of operations for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ cash flows for the ~~nine~~three months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ and financial position as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, are presented on a consolidated basis. The effects of all intercompany transactions between MSCC and its consolidated subsidiaries have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements of Main Street are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, ~~2021.~~2022. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 are not necessarily indicative of the operating results to be expected for the full year. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Principles of Consolidation

Under ASC 946, Main Street is precluded from consolidating other entities in which Main Street has equity investments, including those in which it has a controlling interest, unless the other entity is another investment company. An exception to this general principle in ASC 946 occurs if Main Street holds a controlling interest in an operating company that provides all or substantially all of its services directly to Main Street or to its portfolio companies. Accordingly, as noted above, MSCC’s consolidated financial statements include the financial position and operating results for the Funds, the Taxable Subsidiaries and the ~~Taxable~~Structured Subsidiaries. Main Street has determined that none of its portfolio investments qualify for this exception, including the investment in the External Investment Manager. Therefore, Main Street’s Investment Portfolio is carried on the Consolidated Balance Sheets at fair value, as discussed further in Note B.1.—Summary of Significant Accounting ~~Policies—~~Policies — Valuation of the Investment Portfolio, with any adjustments to fair value recognized as “Net Unrealized Appreciation (Depreciation)” until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a “Net Realized Gain (Loss),”, in both cases on the Consolidated Statements of Operations.

Portfolio Investment Classification

Main Street classifies its Investment Portfolio in accordance with the requirements of the 1940 Act. Under the 1940 Act, (a) “Control Investments” are defined as investments in which Main Street owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate Investments” are defined as investments in which Main Street owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation and (c) “Non-Control/Non-Affiliate Investments” are defined as investments that are neither Control Investments nor Affiliate Investments. For purposes of determining the classification of its Investment Portfolio, Main Street has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the External Investment Manager.

NOTE B—B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.Valuation of the Investment Portfolio

Main Street accounts for its Investment Portfolio at fair value. As a result, Main Street follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires Main Street to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.

Main Street’s portfolio strategy calls for it to invest primarily in illiquid debt and equity securities issued by privately held, LMM companies and debt securities issued by Middle Market companies that are generally larger in size than the LMM companies and that can be more liquid than the debt securities issued by LMM companies. Main Street categorizes some of its investments in LMM companies and Middle Market companies as Private Loan portfolio investments, which are primarily debt securities in privately held companies that have primarily been originated directly by Main Street or, to a lesser extent, through its strategic relationships with other investment funds on a collaborative basis ~~and~~through investments that are often referred to in the debt markets as “club ~~deals.”~~deals” because of the small lender group size. In both cases, our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are made in companies that are consistent with the size of companies Main Street invests in through its LMM portfolio and Middle Market portfolio. Main Street’s portfolio also includes Other Portfolio investments which primarily consist of investments that are not consistent with the typical profiles for its LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ or Middle Market portfolio investments, including investments which may be managed by third parties. Main Street’s portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital and are more liquid than investments within the other portfolios. Main Street’s portfolio investments may be subject to restrictions on resale.

LMM investments and Other Portfolio investments generally have no established trading market, while Private Loan investments may include investments which have no established market or have established markets that are not active. Middle Market and short-term portfolio investments generally have established markets that are not active. Main Street determines in good faith the fair value of its Investment Portfolio pursuant to a valuation policy in accordance with ASC 820, with such valuation process approved by its Board of Directors and in accordance with the 1940 Act. Main Street’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of Main Street’s Investment Portfolio.

For LMM portfolio investments, Main Street generally reviews external events, including private mergers, sales and acquisitions involving comparable companies, and includes these events in the valuation process by using an enterprise value waterfall methodology (“Waterfall”) for its LMM equity investments and an income approach using a yield-to-maturity model (“Yield-to-Maturity”) valuation method for its LMM debt investments. For Private Loan and Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value the investment in a current hypothetical sale using the Yield-to-Maturity valuation method. For Middle Market and short-term portfolio investments in debt securities for which it has determined that ~~thirds-party~~third-party quotes or other independent prices are available, Main Street primarily uses quoted prices in the valuation process. Main Street determines the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. For its Other Portfolio equity investments, Main Street generally calculates the fair value of the investment primarily based on the net asset value (“NAV”) of the fund and adjusts the fair value for other factors deemed relevant that would affect the fair value of the investment. All of the valuation approaches for Main Street’s portfolio investments estimate the value of the investment as if Main Street were to sell, or exit, the investment as of the measurement date.

These valuation approaches consider the value associated with Main Street’s ability to control the capital structure of the portfolio company, as well as the timing of a potential exit. For valuation purposes, “control” portfolio investments are composed of debt and equity securities in companies for which Main Street has a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors. For valuation purposes, “non-control” portfolio investments are generally composed of debt and equity securities in companies

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

~~securities in companies~~ for which Main Street does not have a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors.

Under the Waterfall valuation method, Main Street estimates the enterprise value of a portfolio company using a combination of market and income approaches or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations of the portfolio company, and then performs a Waterfall calculation by allocating the enterprise value over the portfolio company’s securities in order of their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value. There is no single methodology for estimating enterprise value. For any one portfolio company, enterprise value is generally described as a range of values from which a single estimate of enterprise value is derived. In estimating the enterprise value of a portfolio company, Main Street analyzes various factors including the portfolio company’s historical and projected financial results. Due to SEC deadlines for Main Street’s quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited, projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in determining. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, Main Street also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, Main Street allocates the enterprise value to investments in order of the legal priority of the various components of the portfolio company’s capital structure. In applying the Waterfall valuation method, Main Street assumes the loans are paid-off at the principal amount in a change in control transaction and are not assumed by the buyer, which Main Street believes is consistent with its past transaction history and standard industry practices.

Under the Yield-to-Maturity valuation method, Main Street also uses the income approach to determine the fair value of debt securities based on projections of the discounted future free cash flows that the debt security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of the portfolio company. Main Street’s estimate of the expected repayment date of its debt securities is generally the maturity date of the instrument, as Main Street generally intends to hold its loans and debt securities to maturity. The Yield-to-Maturity analysis also considers changes in leverage levels, credit quality, portfolio company performance, changes in market-based interest rates and other factors. Main Street will generally use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of Main Street’s general intent to hold its loans to maturity, the fair value will not exceed the principal amount of the debt security valued using the Yield-to-Maturity valuation method. A change in the assumptions that Main Street uses to estimate the fair value of its debt securities using the Yield-to-Maturity valuation method could have a material impact on the determination of fair value. If there is deterioration in credit quality or if a debt security is in workout status, Main Street may consider other factors in determining the fair value of the debt security, including the value attributable to the debt security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.

Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, Main Street measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date and adjusts the investment’s fair value for factors known to Main Street that would affect that fund’s NAV, including, but not limited to, fair values for individual investments held by the fund if Main Street holds the same investment or for a publicly traded investment. In addition, in determining the fair value of the investment, Main Street considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of Main Street’s investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, and expected future cash flows available to equity holders, including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding Main Street’s ability to realize the full NAV of its interests in the investment fund.

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

~~(Unaudited)~~

Pursuant to its internal valuation process and the requirements under the 1940 Act, Main Street performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

estimates of fair value for its investments in its LMM portfolio companies, Main Street, among other things, consults with a nationally recognized independent financial advisory services ~~firm.~~firm (the “Financial Advisory Firm”). The ~~nationally recognized independent financial advisory services firm~~Financial Advisory Firm analyzes and provides observations, recommendations and an assurance certification regarding the Company’s determinations of the fair value of its LMM portfolio company investments. The ~~nationally recognized independent financial advisory services firm~~Financial Advisory Firm is generally consulted relative to Main Street’s investments in each LMM portfolio company at least once every calendar year, and for Main Street’s investments in new LMM portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the ~~nationally recognized independent financial advisory services firm~~Financial Advisory Firm on its investments in one or more LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street’s investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from ~~its independent financial advisory services firm~~the Financial Advisory Firm in arriving at Main Street’s determination of fair value on its investments in a total of 5119 LMM portfolio companies for the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, representing ~~80%~~30% of the total LMM portfolio at fair value as of ~~September 30, 2022,~~March 31, 2023, and on a total of 4319 LMM portfolio companies for the ~~nine~~three months ended ~~September 30, 2021,~~March 31, 2022, representing ~~70%~~30% of the total LMM portfolio at fair value as of ~~September 30, 2021.~~March 31, 2022. Excluding its investments in LMM portfolio companies that, as of ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ as applicable, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment or whose primary purpose is to own real estate for which a third-party appraisal is obtained on at least an annual basis, the percentage of the LMM portfolio reviewed and certified by ~~Main Street’s independent financial advisory services firm~~the Financial Advisory Firm for the ~~nine~~three months ended ~~September 30,~~March 31, 2023 and 2022 was 32% and ~~2021 was 80% and 74%~~36% of the total LMM portfolio at fair value, ~~as of September 30, 2022 and 2021,~~ respectively.

For valuation purposes, all of Main Street’s Private Loan portfolio investments are non-control investments. For Private Loan portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Private Loan debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Private Loan equity investments in a current hypothetical sale using the Waterfall valuation method.

In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its Private Loan portfolio companies, Main Street, among other things, consults with ~~a nationally recognized independent financial advisory services firm.~~the Financial Advisory Firm. The ~~nationally recognized independent financial advisory services firm~~Financial Advisory Firm analyzes and provides observations and recommendations and an assurance certification regarding ~~the Company’s~~Main Street’s determinations of the fair value of its Private Loan portfolio company investments. The ~~nationally recognized independent financial advisory services firm~~Financial Advisory Firm is generally consulted relative to Main Street’s investments in each Private Loan portfolio company at least once every calendar year, and for Main Street’s investments in new Private Loan portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the ~~nationally recognized independent financial advisory services firm~~Financial Advisory Firm on its investments in one or more Private Loan portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street’s investment in a Private Loan portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from ~~its independent financial advisory services firm~~the Financial Advisory Firm in arriving at its determination of fair value on its investments in a total of 4019 Private Loan portfolio companies for the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, representing ~~50%~~25% of the total Private Loan portfolio at fair value as of ~~September 30, 2022,~~March 31, 2023, and on a total of 3118 Private Loan portfolio companies for the ~~nine~~three months ended ~~September 30, 2021,~~March 31, 2022, representing ~~57%~~26% of the total Private Loan portfolio at fair value as of ~~September 30, 2021.~~March 31, 2022. Excluding its investments in Private Loan portfolio companies that, as of ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ as applicable, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment and its investments in Private Loan portfolio companies that were not reviewed because the investment is valued based upon third-party quotes or other independent pricing, the percentage of the Private Loan portfolio reviewed and certified by ~~Main Street’s independent financial advisory services firm~~the Financial Advisory Firm for the ~~nine~~three months ended ~~September 30,~~March 31, 2023 and 2022 was 28% and ~~2021 was 70% and 75%~~42% of the total Private Loan portfolio at fair value, ~~as of September 30, 2022 and 2021,~~ respectively.

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~~MAIN STREET CAPITAL CORPORATION~~

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

~~(Unaudited)~~

For valuation purposes, all of Main Street’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. ~~The Company~~Main Street generally consults on a limited basis with ~~a financial advisory services firm~~the Financial Advisory Firm in connection with determining the fair value of its Middle Market portfolio investments due to the nature of these investments. The vast majority ~~(95%~~(90% and ~~93%~~89% as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, respectively) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent pricing services, (ii) Main Street has consulted with and received an assurance certification from ~~independent financial services firm~~the Financial Advisory Firm within the last twelve months or (iii) are new investments that have not been in the Investment Portfolio for at least twelve months subsequent to the initial investment.

For valuation purposes, all of Main Street’s short-term portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. Because all of the short-term portfolio investments are typically valued using third-party quotes or other independent pricing services, Main Street generally does not consult with any financial advisory services firms in connection with determining the fair value of its short-term portfolio investments.

For valuation purposes, all of Main Street’s Other Portfolio investments are non-control investments. Main Street’s Other Portfolio investments comprised ~~2.9% and 4.7%~~2.8% of Main Street’s Investment Portfolio at fair value as of ~~September 30, 2022~~both March 31, 2023 and December 31, ~~2021,~~2022, respectively. Similar to the LMM investment portfolio, market quotations for Other Portfolio equity investments are generally not readily available. For its Other Portfolio equity investments, Main Street generally determines the fair value of these investments using the NAV valuation method.

For valuation purposes, Main Street’s investment in the External Investment Manager is a control investment. Market quotations are not readily available for this investment, and as a result, Main Street determines the fair value of the External Investment Manager using the Waterfall valuation method under the market approach. In estimating the enterprise value, Main Street analyzes various factors, including the entity’s historical and projected financial results, as well as its size, marketability and performance relative to the population of market comparables. This valuation approach estimates the value of the investment as if Main Street were to sell, or exit, the investment. In addition, Main Street considers its ability to control the capital structure of the company, as well as the timing of a potential exit, in connection with determining the fair value of the External Investment Manager. Main Street consults with and receives an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value for its investment in the External Investment Adviser on a quarterly rotation basis similar to its practice for other investment portfolio assets without third party quotes or other independent pricing.

Due to the inherent uncertainty in the valuation process, Main Street’s determination of fair value for its Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. Main Street determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.

Main Street uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its LMM, Private Loan and Middle Market portfolio companies. This system takes into account both quantitative and qualitative factors of each LMM, Private Loan and Middle Market portfolio company.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Main Street’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of its executive officers to serve as the Board of Directors’ valuation designee. Main Street ~~adopted~~believes its Investment Portfolio as of March 31, 2023 and December 31, 2022 approximates fair value as of those dates based on the ~~Valuation Procedures effective April 1,~~markets in which it operates and other conditions in existence on those reporting dates.

6672

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(Unaudited)

2021. Main Street believes its Investment Portfolio as of September 30, 2022 and December 31, 2021 approximates fair value as of those dates based on the markets in which it operates and other conditions in existence on those reporting dates.

2.Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1.—Summary of Significant Accounting ~~Policies—~~Policies — Valuation of the Investment Portfolio, the consolidated financial statements include investments in the Investment Portfolio whose values have been estimated by Main Street, pursuant to valuation policies and procedures approved and overseen by Main Street’s Board of Directors, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the Investment Portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.

Macroeconomic factors, including the COVID-19 pandemic, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions and rising interest rates, and the related effect on the U.S. and global economies, have impacted, and may continue to impact, the businesses and operating results of certain of Main Street’s portfolio companies, as well as market interest rate spreads. As a result of these and other current effects of macroeconomic factors, as well as the uncertainty regarding the extent and duration of their impact, the valuation of Main Street’s Investment Portfolio has and may continue to experience increased volatility.

3.Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value.

At ~~September 30, 2022,~~March 31, 2023, cash balances totaling ~~$58.2~~$35.2 million exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Company to risk related to the uninsured balance. All of the Company’s cash deposits are held at large established high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote.

4.Interest, Dividend and Fee Income

Main Street records interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded aswhen dividends are declared by the portfolio company or at ~~the point~~such other time that an obligation exists for the portfolio company to make a distribution. ~~In accordance with Main Street’s valuation policies,~~ Main Street evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if Main Street otherwise does not expect the debtor to be able to service its debt obligation, Main Street will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, Main Street removes it from non-accrual status.

As of ~~September 30,~~March 31, 2023, Main Street’s total Investment Portfolio had 13 investments on non-accrual status, which comprised 0.6% of its fair value and 3.2% of its cost. As of December 31, 2022, Main Street’s total Investment Portfolio had 1112 investments on non-accrual status, which comprised ~~0.8%~~0.6% of its fair value and 3.7% of its cost. ~~As of December 31, 2021, Main Street’s total Investment Portfolio had nine investments on non-accrual status, which comprised 0.7% of its fair value and 3.3% of its cost.~~

Main Street holds certain debt and preferred equity instruments in its Investment Portfolio that contain payment-in-kind (“PIK”) interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment.

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~~(Unaudited)~~

Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.9. ~~—Summary~~— Summary of Significant Accounting ~~Policies—~~Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the PIK interest and cumulative dividends in cash. Main Street stops accruing PIK

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interest and cumulative dividends and writes off any accrued and uncollected interest and dividends in arrears when it determines that such PIK interest and dividends in arrears are no longer collectible. For the three months ended ~~September 30,~~March 31, 2023 and 2022, (i) 2.4% and ~~2021, (i)~~ 1.2% ~~and 2.1%~~, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and ~~0.6%~~1.1%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2022 and 2021, (i) 1.3% and 3.0%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.5% and 0.6%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash.

Main Street may periodically provide services, including structuring and advisory services, to its portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.

A presentation of total investment income Main Street received from its Investment Portfolio in each of the periods presented is as follows:


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended March 31,
		2022		2021		2022		2021			2023		2022
		(dollars in thousands)									(dollars in thousands)
Interest, fee and dividend income:	Interest, fee and dividend income:									Interest, fee and dividend income:
Interest income	Interest income	$	75,023	$	50,468	$	198,446	$	139,882	Interest income	$	93,392	$	59,441
Dividend income	Dividend income	19,424		23,012		53,959		59,328		Dividend income	24,222		16,622
Fee income	Fee income	3,940		3,299		10,576		7,671		Fee income	2,640		3,332
Total interest, fee and dividend income	Total interest, fee and dividend income	$	98,387	$	76,779	$	262,981	$	206,881	Total interest, fee and dividend income	$	120,254	$	79,395

5.Deferred Financing Costs

Deferred financing costs include commitment fees and other direct costs related to Main Street’s multi-year revolving credit facility (the “Corporate Facility”) and special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit ~~Facility”~~Facilities”) and its unsecured notes, as well as the commitment fees and leverage fees (3.4% of the total commitment and draw amounts, as applicable) on the SBIC debentures. See further discussion of Main Street’s debt in Note E—E — Debt. Deferred financing costs in connection with the Credit ~~Facility~~Facilities are capitalized as an asset. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the principal amount outstanding.

6.Equity Offering Costs

The Company’s offering costs are charged against the proceeds from equity offerings when the proceeds are received.

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7.Unearned Income—Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value

Main Street capitalizes debt origination fees received in connection with financings and reflects such fees as unearned income netted against the applicable debt investments. The unearned income from the fees is accreted into income over the life of the financing.

In connection with its portfolio debt investments, Main Street sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are 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

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discount recorded on a debt investment resulting from this allocation is reflected as unearned income, which is netted against the applicable debt investment, and accreted into interest income over the life of the debt investment. The actual collection of this interest is deferred until the time of debt principal repayment.

Main Street may also purchase debt securities at a discount or at a premium to the par value of the debt security. In the case of a purchase at a discount, Main Street records the investment at the par value of the debt security net of the discount, and the discount is accreted into interest income over the life of the debt investment. In the case of a purchase at a premium, Main Street records the investment at the par value of the debt security plus the premium, and the premium is amortized as a reduction to interest income over the life of the debt investment.

To maintain RIC tax treatment (as discussed in Note B.9.—Summary of Significant Accounting ~~Policies—~~Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the interest income. For the three months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ 1.8% and 1.8%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium reduction. For the nine months ended September 30, 2022 and 2021, 1.9% and 2.1%2.0%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium reduction.

8.Share-Based Compensation

Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, Main Street measures the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.

Main Street has also adopted Accounting Standards Update (“ASU”) 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which requires 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

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~~(Unaudited)~~

and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) the filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

The Taxable Subsidiaries primarily hold certain equity investments for Main Street. The Taxable Subsidiaries permit Main Street to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with Main Street for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street’s consolidated financial statements as portfolio 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

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corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in Main Street’s consolidated financial statements.

The External Investment Manager is an indirect wholly-owned subsidiary of MSCC owned through a Taxable Subsidiary and is a disregarded entity for tax purposes. The External Investment Manager has entered into a tax sharing agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio investment of MSCC and is not included as a consolidated subsidiary of MSCC in MSCC’s consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for its stand-alone financial reporting purposes the External Investment Manager is treated as if it is taxed at corporate income tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the External Investment Manager are reflected in the External Investment Manager’s separate financial statements.

The Taxable Subsidiaries and the External Investment Manager use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided, if necessary, against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Main Street’s net assets as included on the Consolidated Balance Sheets and Consolidated Statements of Changes in Net Assets include an adjustment to classification as a result of permanent book-to-tax differences, which include differences in the book and tax treatment of income and expenses.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

10.Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the Investment Portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

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~~(Unaudited)~~

11.Fair Value of Financial Instruments

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Main Street believes that the carrying amounts of its financial instruments, consisting of cash and cash equivalents, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.

To estimate the fair value of Main Street’s multiple tranches of unsecured debt instruments as disclosed in Note E –— Debt, Main Street uses quoted market prices. For the estimated fair value of Main Street’s SBIC debentures, Main Street uses the Yield-to-Maturity valuation method based on projections of the discounted future free cash flows that the debt security will likely generate, including both the discounted cash flows of the associated interest and principal amounts for the debt security.

12.Earnings per Share

Basic and diluted per share calculations are computed utilizing the weighted-average number of shares of common stock outstanding for the period. In accordance with ASC 260, Earnings Per Share, the unvested shares of restricted stock awarded pursuant to Main Street’s equity compensation plans are participating securities and, therefore, are included in the

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basic earnings per share calculation. As a result, for all periods presented, there is no difference between diluted earnings per share and basic earnings per share amounts.

13.Recently Issued or Adopted Accounting Standards

In March 2020, the FASB issued ASU 2020-04, ~~“Reference~~Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial ~~reporting.”~~reporting. The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and also with certain lenders. Many of these agreements include language for choosing an alternative successor rate if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The Company adopted this amendment in March 2020 and plans to apply the amendments in this update to account for contract modifications due to changes in reference rates when LIBOR reference is no longer used. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the ~~nine~~three months ended ~~September 30,~~March 31, 2023 and the year ended December 31, 2022, the effect of which was not material to the consolidated financial statements and the notes thereto. ~~The Company does not expect ASU 2022-04 to have a material impact to the consolidated financial statements and the notes thereto.~~

In December 2021, the SEC published Staff Accounting Bulletin No. 120 (“SAB 120”) to provide accounting and disclosure guidance for stock compensation awards made to executives and conforming amendments to the Staff Accounting Bulletin Series to align with the current authoritative accounting guidance in ASC 718, Compensation –— Stock Compensation. In part, SAB 120 requires that an entity disclose how it determines the current price of underlying shares for grant-date fair value, the policy for when an adjustment to the share price is required, how it determines the amount of an adjustment to the share price and any significant assumptions used in determining an adjustment to the share price. SAB 120 is effective for all stock compensation awards issued after December 1, 2021. Main Street is in compliance with the guidance pursuant to SAB 120 for any share-based compensation disclosures. See Note J –— Share-Based Compensation for further discussion of Main Street’s policies and procedures regarding share-based compensation. The impact of SAB 120 was not material to the consolidated financial statements and the notes thereto.

In June 2022, the FASB issued ASU 2022-03, ~~“Fair~~Fair Value Measurement of Equity Securities Subject to Contractual Sale ~~Restrictions.”~~Restrictions. The amendments in this update provide that a contractual restriction on the sale of

an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this update also require additional disclosures for equity securities subject to contractual sales restrictions. ASU 2022-03 is ~~required~~effective for years beginning after December 15, 2023, though early

~~Table~~ adoption is permitted. The Company elected to early adopt ASU 2022-03 as of ~~contents~~

~~MAIN STREET CAPITAL CORPORATION~~

~~Notes to~~December 31, 2022 and it did not have a material impact on the ~~Consolidated Financial Statements (Continued)~~

~~(Unaudited)~~consolidated financial statements and the notes thereto.

In November 2022, the FASB issued ASU 2022-06,

~~adoption is permitted.~~Reference rate reform (Topic 848) — Deferral of the Sunset Date of Topic 848. The amendments in this update defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company utilized the optional expedients provided by ASU 2020-04 during the three months ended March 31, 2023 and the year ended December 31, 2022, the effect of which was not material to the consolidated financial statements and the notes thereto. The Company will continue to utilize the optional expedients provided by ASU 2020-04 and extended by ASU 2022-06 through the year end December 31, 2024. The Company does not expect ASU ~~2022-03~~2022-06 to have a material impact to the consolidated financial statements and the notes thereto.

From time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that are adopted by ~~Main Street~~the Company as of the specified effective date. ~~Main Street~~The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.

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(Unaudited)

NOTE C—C — FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. Main Street accounts for its investments at fair value.

Fair Value Hierarchy

In accordance with ASC 820, Main Street has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).

Investments recorded on Main Street’s Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1—Investments whose values are based on unadjusted quoted prices for identical assets in an active market that Main Street has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).

Level 2—Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment. Level 2 inputs include the following:

•Quoted prices for similar assets in active markets (for example, investments in restricted stock);

•Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);

•Pricing models whose inputs are observable for substantially the full term of the investment (for example, market interest rate indices); and

•Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.

Level 3—Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

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

~~(Unaudited)~~

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, all of Main Street’s LMM portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main Street’s LMM portfolio investments were categorized as Level 3 as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, Main Street’s Private Loan portfolio investments primarily consisted of investments in interest-bearing secured debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not

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(Unaudited)

available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street’s Private Loan portfolio investments were categorized as Level 3 as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, Main Street’s Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street’s Middle Market portfolio investments were categorized as Level 3 as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, Main 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 Other Portfolio investments were categorized as Level 3 as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022.

As of ~~September 30,~~March 31, 2023 and December 31, 2022, Main Street held one short-term portfolio investment, which was a secured debt investment. The fair value determination for this investment consisted of available observable inputs in non-active markets sufficient to determine the fair value of the investment. As a result, Main Street’s short-term portfolio investment was categorized as Level 2 as of ~~September 30, 2022. As of~~March 31, 2023 and December 31, 2021, Main Street held one short-term portfolio investment, which was a secured debt investment. The fair value determination for this investment consisted of available observable inputs in non-active markets sufficient to determine the fair value of the investment. As a result, Main Street’s short-term portfolio investment was categorized as Level 2 as of December 31, 2021.2022.

The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:

•Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;

•Current and projected financial condition of the portfolio company;

•Current and projected ability of the portfolio company to service its debt obligations;

•Type and amount of collateral, if any, underlying the investment;

•Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;

•Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);

•Pending debt or capital restructuring of the portfolio company;

•Projected operating results of the portfolio company;

•Current information regarding any offers to purchase the investment;

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

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•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

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(Unaudited)

•Other factors deemed relevant.

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of Main Street’s LMM equity securities, which are generally valued through an average of the discounted cash flow technique and the market comparable/enterprise value technique (unless one of these approaches is determined to not be appropriate), are (i) EBITDA multiples and (ii) the weighted-average cost of capital (“WACC”). Significant increases (decreases) in EBITDA multiple inputs in isolation would result in a significantly higher (lower) fair value measurement. On the contrary, significant increases (decreases) in WACC inputs in isolation would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of Main Street’s LMM, Private Loan and Middle Market securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see Note B.1.— Summary of Significant Accounting Policies — Valuation of the Investment Portfolio) and (ii) the percentage of expected principal recovery. Significant increases (decreases) in any of these discount rates in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in any of these expected principal recovery percentages in isolation would result in a significantly higher (lower) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.

The following tables provide a summary of the significant unobservable inputs used to fair value Main Street’s Level 3 portfolio investments as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021:~~2022:


Type of Investment	Type of Investment	Fair Value as of September 30, 2022 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)	Weighted Average(3)		Median(3)		Type of Investment	Fair Value as of March 31, 2023 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)	Weighted Average(3)		Median(3)
Equity investments	Equity investments	$	1,105,236	Discounted cash flow	WACC	9.4% - 22.4%	14.5	%	15.6	%	Equity investments	$	1,217,243	Discounted cash flow	WACC	9.3% - 22.3%	14.4	%	15.2	%
				Market comparable / Enterprise value	EBITDA multiple (1)	4.3x - 8.3x (2)	6.7x		6.0x					Market comparable / Enterprise value	EBITDA multiple (1)	4.5x - 8.5x (2)	6.8x		6.2x
Debt investments	Debt investments	$	2,548,347	Discounted cash flow	Risk adjusted discount factor	6.5% - 17.0% (2)	10.3	%	10.4	%	Debt investments	$	2,696,096	Discounted cash flow	Risk adjusted discount factor	6.0% - 16.4% (2)	10.2	%	10.5	%
					Expected principal recovery percentage	0.0% - 200.0%	99.6	%	100.0	%					Expected principal recovery percentage	0.0% - 100.0%	99.5	%	100.0	%
Debt investments	Debt investments	$	318,052	Market approach	Third-party quote	5.6 - 98.9	90.6		93.0		Debt investments	$	245,636	Market approach	Third-party quote	3.0 - 97.5	87.3		93.9
Total Level 3 investments	Total Level 3 investments	$	3,971,635								Total Level 3 investments	$	4,158,975

____________________

(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~~2.0x - 15.7x and the range for risk adjusted discount factor is ~~5.0%~~3.4% - ~~35.4%~~35.0%.

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(Unaudited)

(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.


Type of Investment	Type of Investment	Fair Value as of December 31, 2021 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)	Weighted Average(3)		Median(3)		Type of Investment	Fair Value as of December 31, 2022 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)	Weighted Average(3)		Median(3)
Equity investments	Equity investments	$	1,050,269	Discounted cash flow	WACC	9.1% - 20.6%	13.8	%	14.8	%	Equity investments	$	1,172,077	Discounted cash flow	WACC	9.4% - 22.5%	14.5	%	15.4	%
				Market comparable / Enterprise value	EBITDA multiple (1)	4.8x - 7.7x(2)	6.6x		5.9x					Market comparable / Enterprise value	EBITDA multiple (1)	4.3x - 8.3x (2)	6.7x		6.0x
Debt investments	Debt investments	$	2,158,424	Discounted cash flow	Risk adjusted discount factor	5.6% - 15.7%(2)	9.8	%	9.3	%	Debt investments	$	2,663,958	Discounted cash flow	Risk adjusted discount factor	5.7% - 15.7% (2)	10.0	%	10.3	%
					Expected principal recovery percentage	0.0% - 100.0%	99.6	%	100.0	%					Expected principal recovery percentage	0.0% - 100.0%	99.4	%	100.0	%
Debt investments	Debt investments	$	351,144	Market approach	Third-party quote	3.0 - 100.5	94.4		99.0		Debt investments	$	264,238	Market approach	Third-party quote	5.6 - 98.5	87.0		91.4
Total Level 3 investments	Total Level 3 investments	$	3,559,837								Total Level 3 investments	$	4,100,273

____________________

(1)EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.

(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is ~~2.2x~~2.0x - ~~11.0x~~15.7x and the range for risk adjusted discount factor is ~~4.2%~~3.8% - ~~38.5%~~43.3%.

(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.

The following tables provide a summary of changes in fair value of Main Street’s Level 3 portfolio investments for the ~~nine-month~~three-month periods ended ~~September 30,~~March 31, 2023 and 2022 ~~and 2021~~ (amounts in thousands):


Type of Investment	Type of Investment	Fair Value as of December 31, 2021		Transfers Into Level 3 Hierarchy		Redemptions/ Repayments		New Investments		Net Changes from Unrealized to Realized		Net Unrealized Appreciation (Depreciation)		Other(1)		Fair Value as of September 30, 2022		Type of Investment	Fair Value as of December 31, 2022		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 March 31, 2023
Debt	Debt	$	2,509,568	$	—	$	(436,372)	$	869,214	$	9,632	$	(78,710)	$	(6,933)	$	2,866,399	Debt	$	2,928,196	$	—	$	(88,300)	$	106,658	$	33,064	$	(26,440)	$	(11,446)	$	2,941,732
Equity	Equity	1,043,709		—		(49,447)		47,475		(11,801)		63,591		6,933		1,100,460		Equity	1,166,643		—		(2,871)		8,476		(3,946)		29,890		14,022		1,212,214
Equity Warrant	Equity Warrant	6,560		—		(474)		—		(615)		(696)		—		4,775		Equity Warrant	5,434		—		—		—		—		2,171		(2,576)		5,029
		$	3,559,837	$	—	$	(486,293)	$	916,689	$	(2,784)	$	(15,815)	$	—	$	3,971,635		$	4,100,273	$	—	$	(91,171)	$	115,134	$	29,118	$	5,621	$	—	$	4,158,975

____________________

(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.


Type of Investment	Type of Investment	Fair Value as of December 31, 2020		Transfers Into Level 3 Hierarchy		Redemptions/ Repayments		New Investments		Net Changes from Unrealized to Realized		Net Unrealized Appreciation (Depreciation)		Other(1)		Fair Value as of September 30, 2021		Type of Investment	Fair Value as of December 31, 2021		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 March 31, 2022
Debt	Debt	$	1,807,134	$	—	$	(528,158)	$	814,863	$	13,279	$	2,115	$	(3,485)	$	2,105,748	Debt	$	2,509,568	$	—	$	(183,699)	$	287,044	$	2,123	$	(6,807)	$	—	$	2,608,229
Equity	Equity	866,734		—		(64,335)		48,181		(2,826)		115,774		5,767		969,295		Equity	1,043,709		—		(17,569)		24,711		418		22,512		—		1,073,781
Equity Warrant	Equity Warrant	10,998		—		—		—		(1,940)		944		(2,282)		7,720		Equity Warrant	6,560		—		—		—		—		200		—		6,760
		$	2,684,866	$	—	$	(592,493)	$	863,044	$	8,513	$	118,833	$	—	$	3,082,763		$	3,559,837	$	—	$	(201,268)	$	311,755	$	2,541	$	15,905	$	—	$	3,688,770

____________________

(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.

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(Unaudited)

At ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, Main Street’s investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:


				Fair Value Measurements									Fair Value Measurements
				(in thousands)									(in thousands)
At September 30, 2022		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At March 31, 2023										At March 31, 2023	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	LMM portfolio investments	$	1,910,915	$	—	$	—	$	1,910,915	LMM portfolio investments	$	2,112,619	$	—	$	—	$	2,112,619
Private Loan portfolio investments	Private Loan portfolio investments	1,476,934		—		—		1,476,934		Private Loan portfolio investments	1,491,395		—		—		1,491,395
Middle Market portfolio investments	Middle Market portfolio investments	354,286		—		—		354,286		Middle Market portfolio investments	306,244		—		—		306,244
Other Portfolio investments	Other Portfolio investments	117,010		—		—		117,010		Other Portfolio investments	116,067		—		—		116,067
External Investment Manager	External Investment Manager	112,490		—		—		112,490		External Investment Manager	132,650		—		—		132,650
Short-term portfolio investments	Short-term portfolio investments	1,855		—		1,855		—		Short-term portfolio investments	1,942		—		1,942		—
Total investments	Total investments	$	3,973,490	$	—	$	1,855	$	3,971,635	Total investments	$	4,160,917	$	—	$	1,942	$	4,158,975


				Fair Value Measurements									Fair Value Measurements
				(in thousands)									(in thousands)
At December 31, 2021		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At December 31, 2022										At December 31, 2022	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	LMM portfolio investments	$	1,716,415	$	—	$	—	$	1,716,415	LMM portfolio investments	$	2,060,459	$	—	$	—	$	2,060,459
Private Loan portfolio investments	Private Loan portfolio investments	1,141,772		—		—		1,141,772		Private Loan portfolio investments	1,471,466		—		—		1,471,466
Middle Market portfolio investments	Middle Market portfolio investments	395,167		—		—		395,167		Middle Market portfolio investments	329,119		—		—		329,119
Other Portfolio investments	Other Portfolio investments	166,083		—		—		166,083		Other Portfolio investments	116,299		—		—		116,299
External Investment Manager	External Investment Manager	140,400		—		—		140,400		External Investment Manager	122,930		—		—		122,930
Short-term portfolio investments	Short-term portfolio investments	1,994		—		1,994		—		Short-term portfolio investments	1,904		—		1,904		—
Total investments	Total investments	$	3,561,831	$	—	$	1,994	$	3,559,837	Total investments	$	4,102,177	$	—	$	1,904	$	4,100,273

Investment Portfolio Composition

Main Street’s principal investment objective is to maximize its portfolio’s total return by generating current income from its debt investments and current income and capital appreciation from its equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. Main Street seeks to achieve its investment objective through its LMM, Private Loan and Middle Market investment strategies.

Main Street’s LMM investment strategy ~~involves~~is focused on investments in secured debt, equity warrants and direct equity investments in privately held, LMM companies based in the United States. Main Street’s LMM portfolio companies generally have annual revenues between $10 million and $150 million, and its LMM investments generally range in size from $5 million to $75 million. The LMM debt investments are typically secured by a first priority lien on the assets of the portfolio company, can include either fixed or floating rate terms and generally have a term of between five and seven years from the original investment date. In most LMM portfolio investments, Main Street receives nominally priced equity warrants and/or makes direct equity investments in connection with a debt investment.

Main Street’s private loan (“Private Loan”) investment strategy ~~involves~~is focused on investments in privately held companies that are generally consistent with the size of its LMM portfolio companies or Middle Market portfolio companies, and its Private Loan investments generally range in size from $10 million to $75 million. Main Street’s Private Loan investments ~~generally~~primarily consist of ~~loans~~debt securities that have primarily been originated directly by Main Street or, ~~through strategic~~to a

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(Unaudited)

lesser extent, through its strategic relationships with other investment funds on a collaborative basis ~~and~~through investments that are often referred to in the debt markets as “club ~~deals.”~~deals” because of the small lender group size. In both cases, our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Main Street’s Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. Main Street may have the option to invest alongside the sponsor in the equity securities of its Private Loan portfolio companies.

Main Street’s Middle Market investment strategy ~~involves~~is focused on investments in syndicated loans to or debt securities in Middle Market companies, which Main Street defines as companies with annual revenues between $150 million and $1.5 billion, and its Middle Market investments generally range in size from $3 million to $25 million. Main Street’s Middle Market portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.

Main Street’s other portfolio (“Other Portfolio”) investments primarily consist of investments that are not consistent with the typical profiles for its LMM, Private Loan or Middle Market portfolio investments, including investments which may be managed by third parties. In the Other Portfolio, Main Street may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds. For Other Portfolio investments, Main Street generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be liquidated over a five to ten-year period.

Based upon Main Street’s liquidity and capital structure management activities, Main Street’s Investment Portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be liquidated in one year or less. These short-term portfolio investments are not expected to be a significant portion of the overall Investment Portfolio.

Main Street’s external asset management business is conducted through its External Investment Manager. The External Investment Manager earns management fees based on the assets under management for external parties and may earn incentive fees, or a carried interest, based on the performance of the assets managed. Main Street entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income Fund, Inc. (“MSC Income”). Through this agreement, Main Street shares employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities. Main Street allocates the related expenses to the External Investment Manager pursuant to the sharing agreement. Main Street’s total expenses for the three months ended ~~September 30,~~March 31, 2023 and 2022 ~~and 2021~~ are net of expenses allocated to the External Investment Manager of ~~$3.3~~$5.0 million and ~~$2.7 million, respectively, and for the nine months ended September 30, 2022 and 2021 of $9.6 million and $7.7~~$2.8 million, respectively.

Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ Main Street did not record investment income from any single portfolio company in excess of 10% of total investment income.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The following tables provide a summary of Main Street’s investments in the LMM, Private Loan and Middle Market portfolios as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 (this information excludes ~~the~~ Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed further below):


		As of September 30, 2022										As of March 31, 2023
		LMM (a)			Private Loan			Middle Market				LMM (a)			Private Loan			Middle Market
		(dollars in millions)										(dollars in millions)
Number of portfolio companies	Number of portfolio companies	75			87			33			Number of portfolio companies	79			86			30
Fair value	Fair value	$	1,910.9		$	1,476.9		$	354.3		Fair value	$	2,112.6		$	1,491.4		$	306.2
Cost	Cost	$	1,593.7		$	1,523.8		$	419.4		Cost	$	1,727.9		$	1,527.6		$	391.0
Debt investments as a % of portfolio (at cost)	Debt investments as a % of portfolio (at cost)	73.0		%	97.1		%	94.4		%	Debt investments as a % of portfolio (at cost)	72.9		%	97.1		%	93.6		%
Equity investments as a % of portfolio (at cost)	Equity investments as a % of portfolio (at cost)	27.0		%	2.9		%	5.6		%	Equity investments as a % of portfolio (at cost)	27.1		%	2.9		%	6.4		%
% of debt investments at cost secured by first priority lien	% of debt investments at cost secured by first priority lien	99.1		%	99.9		%	98.8		%	% of debt investments at cost secured by first priority lien	99.2		%	99.5		%	99.3		%
Weighted-average annual effective yield (b)	Weighted-average annual effective yield (b)	11.8		%	9.9		%	9.6		%	Weighted-average annual effective yield (b)	12.6		%	12.4		%	11.8		%
Average EBITDA (c)	Average EBITDA (c)	$	7.7		$	41.9		$	70.7		Average EBITDA (c)	$	8.3		$	38.1		$	65.4

____________________

(a)At ~~September 30, 2022,~~March 31, 2023, Main Street had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 41%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of ~~September 30,~~March 31, 2023, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on Main Street’s debt portfolio as of March 31, 2023 including debt investments on non-accrual status was 12.2% for its LMM portfolio, 12.0% for its Private Loan portfolio and 10.4% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including four LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.


	As of December 31, 2022
	LMM (a)			Private Loan			Middle Market
	(dollars in millions)
Number of portfolio companies	78			85			31
Fair value	$	2,060.5		$	1,471.5		$	329.1
Cost	$	1,719.9		$	1,500.3		$	401.7
Debt investments as a % of portfolio (at cost)	73.7		%	97.1		%	93.8		%
Equity investments as a % of portfolio (at cost)	26.3		%	2.9		%	6.2		%
% of debt investments at cost secured by first priority lien	99.1		%	99.6		%	98.8		%
Weighted-average annual effective yield (b)	12.3		%	11.6		%	11.0		%
Average EBITDA (c)	$	8.0		$	38.1		$	68.7

____________________

(a)At December 31, 2022, Main Street had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 41%.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 2022, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on Main Street’s debt portfolio as of ~~September 30,~~December 31, 2022 including debt investments on non-accrual status was ~~11.1%~~11.6% for its LMM portfolio, ~~9.6%~~11.2% for its Private Loan portfolio and ~~9.1%~~10.3% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.

As of December 31, 2021
LMM (a) Private Loan Middle Market
(dollars in millions)
Number of portfolio companies 73 75 36
Fair value $ 1,716.4 $ 1,141.8 $ 395.2
Cost $ 1,455.7 $ 1,157.5 $ 440.9
Debt investments as a % of portfolio (at cost) 70.9 % 95.7 % 93.3 %
Equity investments as a % of portfolio (at cost) 29.1 % 4.3 % 6.7 %
% of debt investments at cost secured by first priority lien 99.0 % 98.7 % 98.7 %
Weighted-average annual effective yield (b) 11.2 % 8.2 % 7.5 %
Average EBITDA (c) $ 6.2 $ 41.3 $ 76.0

~~____________________~~

~~(a)At December 31, 2021, Main Street had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 40%.~~

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

~~(Unaudited)~~

~~(b)~~The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 2021, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on Main Street’s debt portfolio as of December 31, 2021 including debt investments on non-accrual status was 10.6% for its LMM portfolio, 8.0% for its Private Loan portfolio and 6.9% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.

~~(c)~~The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies, three Private Loan portfolio companies and one Middle Market portfolio company, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.

For the three months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ Main Street achieved an annualized total return on investments of ~~10.5%~~13.4% and ~~18.0%, respectively. For the nine months ended September 30, 2022 and 2021, Main Street achieved an annualized total return on investments of 9.6% and 16.6%~~11.8%, respectively. For the year ended December 31, ~~2021,~~2022, Main Street achieved a total return on investments of ~~16.6%~~11.1%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. Main Street’s total return on investments is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.

As of ~~September 30, 2022,~~March 31, 2023, Main Street had Other Portfolio investments in 14 companies, collectively totaling ~~$117.0~~$116.1 million in fair value and ~~$121.3~~$119.7 million in cost basis and which comprised ~~2.9%~~2.8% and ~~3.3%~~3.2% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, ~~2021,~~2022, Main Street had Other Portfolio investments in 1314 companies, collectively totaling ~~$166.1~~$116.3 million in fair value and ~~$173.7~~$120.4 million in cost basis and which comprised ~~4.7%~~2.8% and ~~5.3%~~3.2% of Main Street’s Investment Portfolio at fair value and cost, respectively.

As discussed further in Note ~~A.1—~~A.1. — Organization and Basis of Presentation—Organization, Main Street holds an investment in the External Investment Manager, a wholly-owned subsidiary that is treated as a portfolio investment. As of ~~September 30, 2022,~~March 31, 2023, this investment had a fair value of ~~$112.5~~$132.7 million and a cost basis of $29.5 million, which comprised ~~2.8%~~3.2% and 0.8% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, ~~2021,~~2022, this investment had a fair value of ~~$140.4~~$122.9 million and a cost basis of $29.5 million, which comprised ~~3.9%~~3.0% and ~~0.9%~~0.8% of Main Street’s Investment Portfolio at fair value and cost, respectively.

The following tables summarize the composition of Main Street’s total combined LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments, as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 (this information excludes ~~the~~ Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed above).


Cost:	Cost:	September 30, 2022		December 31, 2021		Cost:	March 31, 2023		December 31, 2022
First lien debt	First lien debt	85.4	%	82.5	%	First lien debt	84.7	%	85.0	%
Equity	Equity	13.9		16.2		Equity	14.6		14.2
Second lien debt	Second lien debt	0.1		0.6		Second lien debt	0.3		0.3
Equity warrants	Equity warrants	0.2		0.3		Equity warrants	0.2		0.2
Other	Other	0.4		0.4		Other	0.2		0.3
		100.0	%	100.0	%		100.0	%	100.0	%

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(Unaudited)


Fair Value:	Fair Value:	September 30, 2022		December 31, 2021		Fair Value:	March 31, 2023		December 31, 2022
First lien debt	First lien debt	76.1	%	74.3	%	First lien debt	74.6	%	75.2	%
Equity	Equity	23.2		24.6		Equity	24.7		24.1
Second lien debt	Second lien debt	0.2		0.5		Second lien debt	0.4		0.3
Equity warrants	Equity warrants	0.1		0.2		Equity warrants	0.1		0.1
Other	Other	0.4		0.4		Other	0.2		0.3
		100.0	%	100.0	%		100.0	%	100.0	%

The following tables summarize the composition of Main Street’s total combined LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments by geographic region of the United States and other countries at cost and fair value as a percentage of the total combined LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments, as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 (this information excludes ~~the~~ Other Portfolio investments, short-term portfolio investments and the External Investment Manager). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.


Cost:	Cost:	September 30, 2022		December 31, 2021		Cost:	March 31, 2023		December 31, 2022
West	West	28.1	%	28.3	%	West	28.8	%	28.5	%
Northeast						Northeast	19.5		19.0
Southwest	Southwest	20.7		21.6		Southwest	19.1		20.1
Northeast		20.6		22.6
Midwest	Midwest	15.2		15.1		Midwest	16.7		16.3
Southeast	Southeast	13.2		11.6		Southeast	13.9		14.0
Canada	Canada	0.6		0.8		Canada	0.4		0.6
Other Non-United States	Other Non-United States	1.6		—		Other Non-United States	1.6		1.5
		100.0	%	100.0	%		100.0	%	100.0	%


Fair Value:	Fair Value:	September 30, 2022		December 31, 2021		Fair Value:	March 31, 2023		December 31, 2022
West	West	28.4	%	28.5	%	West	28.4	%	28.7	%
Southwest	Southwest	22.1		23.0		Southwest	21.4		21.4
Northeast	Northeast	20.3		21.9		Northeast	19.1		18.8
Midwest	Midwest	15.4		15.8		Midwest	17.1		16.6
Southeast	Southeast	11.7		10.0		Southeast	12.2		12.4
Canada	Canada	0.6		0.8		Canada	0.3		0.6
Other Non-United States	Other Non-United States	1.5		—		Other Non-United States	1.5		1.5
		100.0	%	100.0	%		100.0	%	100.0	%

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Main Street’s LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments are in companies conducting business in a variety of industries. The following tables summarize the composition of Main Street’s total combined LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments by industry at cost and fair value as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 (this information excludes ~~the~~ Other Portfolio investments, short-term portfolio investments and the External Investment Manager).


Cost:	Cost:	September 30, 2022		December 31, 2021		Cost:	March 31, 2023		December 31, 2022
Internet Software & Services	Internet Software & Services	8.0	%	7.2	%	Internet Software & Services	8.0	%	8.0	%
Machinery	Machinery	8.0		7.3		Machinery	7.3		7.4
Commercial Services & Supplies	Commercial Services & Supplies	6.9		5.9		Commercial Services & Supplies	6.7		6.7
Construction & Engineering	Construction & Engineering	6.3		7.8		Construction & Engineering	5.8		5.8
Distributors						Distributors	5.2		5.1
Health Care Providers & Services						Health Care Providers & Services	4.8		4.7
Diversified Consumer Services	Diversified Consumer Services	4.8		3.4		Diversified Consumer Services	4.6		4.5
Professional Services						Professional Services	4.6		4.2
Leisure Equipment & Products	Leisure Equipment & Products	4.6		4.1		Leisure Equipment & Products	4.5		4.5
Health Care Providers & Services		4.6		3.9
Professional Services		4.2		4.6
Distributors		4.2		4.7
Energy Equipment & Services		3.8		4.0
IT Services	IT Services	3.4		3.5		IT Services	3.6		3.3
Specialty Retail	Specialty Retail	3.2		3.5		Specialty Retail	3.2		3.2
Energy Equipment & Services						Energy Equipment & Services	3.1		3.7
Tobacco	Tobacco	3.2		2.1		Tobacco	3.1		3.1
Containers & Packaging	Containers & Packaging	2.9		2.3		Containers & Packaging	2.5		2.6
Media						Media	2.4		2.4
Aerospace & Defense	Aerospace & Defense	2.4		1.9		Aerospace & Defense	2.4		2.3
Media		2.4		1.8
Computers & Peripherals						Computers & Peripherals	2.2		2.2
Building Products	Building Products	2.0		2.3		Building Products	1.9		1.9
Software						Software	1.9		1.9
Textiles, Apparel & Luxury Goods	Textiles, Apparel & Luxury Goods	1.9		2.2		Textiles, Apparel & Luxury Goods	1.8		1.9
Communications Equipment	Communications Equipment	1.8		2.3		Communications Equipment	1.8		1.8
Diversified Telecommunication Services	Diversified Telecommunication Services	1.8		2.6		Diversified Telecommunication Services	1.7		1.9
Software		1.7		1.8
Auto Components						Auto Components	1.7		1.7
Food Products						Food Products	1.6		1.6
Electronic Equipment, Instruments & Components						Electronic Equipment, Instruments & Components	1.6		1.6
Diversified Financial Services	Diversified Financial Services	1.5		2.1		Diversified Financial Services	1.4		1.5
Food Products		1.6		2.0
Internet & Catalog Retail	Internet & Catalog Retail	1.4		1.6		Internet & Catalog Retail	1.3		1.3
Health Care Equipment & Supplies	Health Care Equipment & Supplies	1.3		0.3		Health Care Equipment & Supplies	1.3		1.3
Food & Staples Retailing	Food & Staples Retailing	1.2		0.8		Food & Staples Retailing	1.1		1.2
Chemicals	Chemicals	1.2		1.7		Chemicals	1.1		1.1
Computers & Peripherals		1.2		1.3
Oil, Gas & Consumable Fuels		1.1		1.8
Electronic Equipment, Instruments & Components		1.1		1.4
Hotels, Restaurants & Leisure	Hotels, Restaurants & Leisure	1.1		1.4		Hotels, Restaurants & Leisure	1.1		1.1
Electrical Equipment						Electrical Equipment	1.0		1.0
Household Products						Household Products	1.0		0.4

Household Durables		0.8		1.0

Life Sciences Tools & Services		0.5		1.4

Other (1)	Other (1)	3.9		4.0		Other (1)	2.7		3.1
		100.0	%	100.0	%		100.0	%	100.0	%

____________________

(1)Includes various industries with each industry individually less than 1.0% of the total combined LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments at each date.

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(Unaudited)


Fair Value:	Fair Value:	September 30, 2022		December 31, 2021		Fair Value:	March 31, 2023		December 31, 2022
Machinery	Machinery	8.9	%	8.5	%	Machinery	8.4	%	8.4	%
Internet Software & Services						Internet Software & Services	6.9		6.8
Diversified Consumer Services	Diversified Consumer Services	7.0		5.9		Diversified Consumer Services	6.8		6.8
Internet Software & Services		6.9		6.4
Commercial Services & Supplies	Commercial Services & Supplies	6.3		5.5		Commercial Services & Supplies	6.0		6.1
Construction & Engineering	Construction & Engineering	6.1		7.7		Construction & Engineering	5.6		5.7
Distributors	Distributors	4.5		4.7		Distributors	5.6		5.5
Health Care Providers & Services	Health Care Providers & Services	4.3		3.6		Health Care Providers & Services	4.5		4.3
Professional Services						Professional Services	4.1		3.8
Leisure Equipment & Products	Leisure Equipment & Products	4.1		4.0		Leisure Equipment & Products	3.9		4.0
Professional Services		3.9		3.9
Specialty Retail	Specialty Retail	3.7		4.1		Specialty Retail	3.3		3.5
Tobacco	Tobacco	3.4		2.2		Tobacco	3.3		3.4
IT Services	IT Services	3.2		3.3		IT Services	3.3		3.1
Containers & Packaging		3.1		2.5
Computers & Peripherals						Computers & Peripherals	3.1		3.0
Media	Media	3.0		2.2		Media	2.9		3.0
Energy Equipment & Services	Energy Equipment & Services	2.8		2.8		Energy Equipment & Services	2.7		2.7
Containers & Packaging						Containers & Packaging	2.6		2.8
Aerospace & Defense	Aerospace & Defense	2.2		1.7		Aerospace & Defense	2.2		2.2
Software	Software	2.0		2.0		Software	2.1		2.1
Building Products						Building Products	1.8		1.9
Food Products						Food Products	1.8		1.8
Textiles, Apparel & Luxury Goods	Textiles, Apparel & Luxury Goods	1.9		2.1		Textiles, Apparel & Luxury Goods	1.6		1.8
Building Products		1.9		2.2
Computers & Peripherals		1.9		2.2
Diversified Financial Services	Diversified Financial Services	1.7		2.3		Diversified Financial Services	1.6		1.7
Auto Components						Auto Components	1.6		1.6
Diversified Telecommunication Services	Diversified Telecommunication Services	1.7		2.5		Diversified Telecommunication Services	1.5		1.8
Food Products		1.7		1.9
Internet & Catalog Retail	Internet & Catalog Retail	1.5		1.5		Internet & Catalog Retail	1.3		1.3
Chemicals						Chemicals	1.1		1.1
Construction Materials						Construction Materials	1.1		1.0
Food & Staples Retailing	Food & Staples Retailing	1.2		0.8		Food & Staples Retailing	1.0		1.1
Chemicals		1.1		1.6
Health Care Equipment & Supplies	Health Care Equipment & Supplies	1.0		0.1		Health Care Equipment & Supplies	1.0		1.0
Communications Equipment		1.0		1.5
Construction Materials		1.0		1.1
Oil, Gas & Consumable Fuels		0.9		1.4

Hotels, Restaurants & Leisure		0.8		1.0
Electrical Equipment						Electrical Equipment	1.0		1.0

Life Sciences Tools & Services		0.4		1.3

Other (1)	Other (1)	4.9		5.5		Other (1)	6.3		5.7
		100.0		100.0			100.0		100.0

____________________

At ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, Main Street had no portfolio investment that was greater than 10% of the Investment Portfolio at fair value.

Unconsolidated Significant Subsidiaries

In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, Main Street must determine which of its unconsolidated controlled portfolio companies, if any, are considered “significant subsidiaries.” In evaluating its unconsolidated controlled portfolio companies in accordance with Regulation S-X, there are two tests that Main Street

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

~~(Unaudited)~~

must utilize to determine if any of Main Street’s Control Investments (as defined in Note A–Organization and Basis of Presentation, including those unconsolidated portfolio companies defined as Control Investments in which Main Street

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

does not own greater than 50% of the voting securities nor have rights to maintain greater than 50% of the board representation) are considered significant subsidiaries: the investment test and the income test. The investment test is generally measured by dividing Main Street’s investment in the Control Investment by the value of Main Street’s total investments. The income test is generally measured by dividing the absolute value of the combined sum of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) from the relevant Control Investment for the period being tested by the absolute value of Main Street’s change in net assets resulting from operations for the same period. Rules 3-09 and 4-08(g) of Regulation S-X require Main Street to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control Investments in which Main Street owns greater than 50% of the voting securities) in an annual report and (2) summarized financial information of a Control Investment in a quarterly report, respectively, if certain thresholds of the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.

As of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, Main Street had no single investment that qualified as a significant subsidiary under either the investment or income tests.

NOTE D—D — EXTERNAL INVESTMENT MANAGER

As discussed further in Note ~~A.1—~~A.1. — Organization and Basis of ~~Presentation—~~Presentation — Organization and Note C—C — Fair Value Hierarchy for ~~Investments—~~Investments — Portfolio ~~Composition—~~Composition — Investment Portfolio Composition, the External Investment Manager provides investment management and other services to External Parties. The External Investment Manager is accounted for as a portfolio investment of MSCC since the External Investment Manager conducts all of its investment management activities for External Parties.

The External Investment Manager serves as the investment adviser and administrator to MSC Income pursuant to an Investment Advisory and Administrative Services Agreement entered into in October 2020 between the External Investment Manager and MSC Income (the “Advisory Agreement”). Under the Advisory Agreement, the External Investment Manager earns a 1.75% annual base management fee on MSC Income’s average total assets, an incentive fee equal to 20% of pre-investment fee net investment income above a specified investment return hurdle rate and a 20% incentive fee on cumulative net realized capital gains in exchange for providing advisory services to MSC Income.

As described more fully in Note L –— Related Party Transactions, the External Investment Manager also serves as the investment adviser and administrator to MS Private Loan Fund I, LP, a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments (the “Private Loan Fund”). The External Investment Manager entered into an Investment Management Agreement in December 2020 with the Private Loan Fund, pursuant to which the External Investment Manager provides investment advisory and management services to the Private Loan Fund in exchange for an asset-based fee and certain incentive fees. The External Investment Manager may also advise other clients, including funds and separately managed accounts, pursuant to advisory and services agreements with such clients in exchange for asset-based and incentive fees.

The External Investment Manager provides administrative services for certain External Party clients that, to the extent not waived, are reported as administrative services fees. The administrative services fees generally represent expense reimbursements for a portion of the compensation, overhead and related expenses for certain professionals directly attributable to performing administrative services for clients. These fees are recognized as other revenue in the period in which the related services are rendered.

Main Street determines the fair value of the External Investment Manager using the Waterfall valuation method under the market approach (see further discussion in Note B.1.—Summary of Significant Accounting ~~Policies—~~Policies — Valuation of the Investment Portfolio). Any change in fair value of the investment in the External Investment Manager is recognized on Main Street’s Consolidated Statements of Operations in “Net Unrealized Appreciation (Depreciation)—Control investments.”

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

~~(Unaudited)~~

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

investment of Main Street and is not included as a consolidated subsidiary of Main Street in its consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for financial reporting purposes the External Investment Manager is treated as if it is taxed at corporate income tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. Main Street owns the External Investment Manager through the Taxable Subsidiary to allow MSCC to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The taxable income, or loss, of the External Investment Manager may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. As a result of the above described financial reporting and tax treatment, the External Investment Manager provides for any income tax expense, or benefit, and any tax assets or liabilities in its separate financial statements.

Main Street shares employees with the External Investment Manager and allocates costs related to such shared employees to the External Investment Manager generally based on a combination of the direct time spent, new investment origination activity and assets under management, depending on the nature of the expense. The total contribution of the External Investment Manager to Main Street’s net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ the total contribution to Main Street’s net investment income was ~~$5.0~~$8.1 million and ~~$4.2 million, respectively. For the nine months ended September 30, 2022 and 2021, the total contribution to Main Street’s net investment income was $15.2 million and $11.6~~$5.1 million, respectively.

Summarized financial information from the separate financial statements of the External Investment Manager as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 and for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and 2022 ~~and 2021~~ is as follows:


		As of		As of			As of		As of
		September 30, 2022		December 31, 2021			March 31, 2023		December 31, 2022
		(dollars in thousands)					(dollars in thousands)
Cash		$	309	$	—

Accounts receivable - advisory clients	Accounts receivable - advisory clients	5,917		5,595		Accounts receivable - advisory clients	$	9,405	$	8,130
Intangible Asset	Intangible Asset	29,500		29,500		Intangible Asset	29,500		29,500
Total assets	Total assets	$	35,726	$	35,095	Total assets	$	38,905	$	37,630

Accounts payable to MSCC and its subsidiaries	Accounts payable to MSCC and its subsidiaries	$	4,588	$	3,288	Accounts payable to MSCC and its subsidiaries	$	6,349	$	4,455
Dividend payable to MSCC and its subsidiaries	Dividend payable to MSCC and its subsidiaries	1,638		2,307		Dividend payable to MSCC and its subsidiaries	3,056		3,675
Equity	Equity	29,500		29,500		Equity	29,500		29,500
Total liabilities and equity	Total liabilities and equity	$	35,726	$	35,095	Total liabilities and equity	$	38,905	$	37,630


	Three Months Ended March 31,
	2023		2022
	(dollars in thousands)
Management fee income	$	5,470	$	5,444
Incentive fees	3,304		137
Administrative services fees	151		151
Total revenues	8,925		5,732
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs	(4,268)		(2,260)
Other G&A expenses	(730)		(557)
Total allocated expenses	(4,998)		(2,817)
Pre-tax income	3,927		2,915
Tax expense	(871)		(642)
Net income	$	3,056	$	2,273

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
(dollars in thousands)
Management fee income $ 5,472 $ 4,592 $ 16,337 $ 12,707
Incentive fees (182) 19 45 19
Administrative services fees 154 — 458 —
Total revenues 5,444 4,611 16,840 12,726
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs (2,660) (2,278) (7,572) (6,394)
Other G&A expenses (674) (450) (2,041) (1,286)
Total allocated expenses (3,334) (2,728) (9,613) (7,680)
Pre-tax income 2,110 1,883 7,227 5,046
Tax expense (472) (424) (1,605) (1,138)
Net income $ 1,638 $ 1,459 $ 5,622 $ 3,908

NOTE E—E — DEBT

Summary of debt as of ~~September 30, 2022~~March 31, 2023 is as follows:

Outstanding
Balance Unamortized Debt
Issuance
(Costs)/Premiums (2) Recorded Value Estimated Fair
Value (1)
(in thousands)
Credit Facility $ 561,000 $ — $ 561,000 $ 561,000
3.00% Notes due 2026 500,000 (1,996) 498,004 422,715
5.20% Notes due 2024 450,000 863 450,863 444,114
SBIC Debentures 350,000 (6,382) 343,618 288,546
4.50% Notes due 2022 185,000 (101) 184,899 184,819
Total Debt $ 2,046,000 $ (7,616) $ 2,038,384 $ 1,901,194


	Outstanding Balance		Unamortized Debt Issuance (Costs)/Premiums (1)		Recorded Value		Estimated Fair Value (2)
	(dollars in thousands)
Corporate Facility	$	394,000	$	—	$	394,000	$	394,000
SPV Facility	170,000		—		170,000		170,000
July 2026 Notes	500,000		(1,733)		498,267		438,945
May 2024 Notes	450,000		590		450,590		439,754
SBIC Debentures	334,000		(5,794)		328,206		261,555
December 2025 Notes	150,000		(1,422)		148,578		153,598
Total Debt	$	1,998,000	$	(8,359)	$	1,989,641	$	1,857,852

____________________

(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the July 2026 Notes, May 2024 Notes, December 2025 Notes and SBIC Debentures are reflected as contra-liabilities on the Consolidated Balance Sheets.

(2)Estimated fair value for outstanding debt if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.11.—Summary of Significant Accounting ~~Policies—~~Policies — Fair Value of Financial ~~Instruments~~Instruments.

Summary of debt as of December 31, 2022 is as follows:


	Outstanding Balance		Unamortized Debt Issuance (Costs)/Premiums (1)		Recorded Value		Estimated Fair Value (2)
	(dollars in thousands)
Corporate Facility	$	407,000	$	—	$	407,000	$	407,000
SPV Facility	200,000		—		200,000		200,000
July 2026 Notes	500,000		(1,864)		498,136		434,250
May 2024 Notes	450,000		727		450,727		444,749
SBIC Debentures	350,000		(6,086)		343,914		290,204
December 2025 Notes	100,000		(675)		99,325		106,607
Total Debt	$	2,007,000	$	(7,898)	$	1,999,102	$	1,882,810

.____________________

~~(2)~~(1)The unamortized debt issuance costs for the Credit ~~Facility~~Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the ~~3.00%~~July 2026 Notes, ~~due 2026, 5.20%~~May 2024 Notes, ~~due 2024, 4.50%~~December 2025 Notes ~~due 2022~~ and SBIC Debentures are reflected as contra-liabilities on the Consolidated Balance Sheets.

~~Table of contents~~

~~MAIN STREET CAPITAL CORPORATION~~

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

~~(Unaudited)~~

~~Summary of debt as of December 31, 2021 is as follows:~~

Outstanding
Balance Unamortized Debt
Issuance
(Costs)/Premiums (2) Recorded Value Estimated Fair
Value (1)
(in thousands)
Credit Facility $ 320,000 $ — $ 320,000 $ 320,000
3.00% Notes due 2026 500,000 (2,391) 497,609 502,285
5.20% Notes due 2024 450,000 1,272 451,272 480,767
SBIC Debentures 350,000 (7,269) 342,731 328,206
4.50% Notes due 2022 185,000 (556) 184,444 190,043
Total Debt $ 1,805,000 $ (8,944) $ 1,796,056 $ 1,821,301

~~____________________~~

~~(1)~~(2)Estimated fair value for outstanding debt if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.11.—Summary of Significant Accounting ~~Policies—~~Policies — Fair Value of Financial ~~Instruments~~Instruments.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

~~(2)~~
The unamortized debt issuance costs for the Credit Facility are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the 3.00% Notes due 2026, 5.20% Notes due 2024, 4.50% Notes due 2022 and SBIC Debentures are reflected as contra-liabilities on the Consolidated Balance Sheets.

Summarized interest expense for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2023 and 2022 ~~and 2021~~ is as follows:

Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(dollars in thousands)
Credit Facility $ 6,551 $ 1,574 $ 11,249 $ 3,948
3.00% Notes due 2026 3,882 2,487 11,645 7,124
5.20% Notes due 2024 5,714 5,714 17,141 17,141
SBIC Debentures 2,855 2,704 8,482 8,002
4.50% Notes due 2022 2,233 2,233 6,699 6,699
Total Interest Expense $ 21,234 $ 14,711 $ 55,216 $ 42,914


	Three Months Ended March 31,
	2023		2022
	(dollars in thousands)
Corporate Facility	$	6,610	$	2,059
SPV Facility	3,427		—
July 2026 Notes	3,882		3,882
May 2024 Notes	5,714		5,714
SBIC Debentures	2,752		2,799
December 2025 Notes	2,612		—
December 2022 Notes	—		2,233
Total Interest Expense	$	24,997	$	16,687

SBIC Debentures

Under existing SBIC regulations, SBA-approved SBICs under common control have the ability to issue debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. Main Street’s SBIC debentures payable, under existing SBA-approved commitments, were $334.0 million as of March 31, 2023 and $350.0 million ~~at both September 30, 2022 and~~as of December 31, ~~2021.~~2022. SBIC debentures provide for interest to be paid semiannually, with principal due at the applicable 10-year maturity date of each debenture. Main Street expects to maintain SBIC debentures under the SBIC program in the future, subject to periodic repayments and borrowings, in an amount up to the regulatory maximum amount for affiliated SBIC funds. The weighted-average annual interest rate on the SBIC debentures was 2.9% as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021.~~2022. The first principal maturity due under the existing SBIC debentures is in ~~2023,~~2024, and the weighted-average remaining duration as of ~~September 30, 2022~~March 31, 2023 was ~~5.4~~5.1 years. In accordance with SBIC regulations, the Funds are precluded from incurring additional non-SBIC debt without the prior approval of the SBA.

As of ~~September 30, 2022,~~March 31, 2023, the SBIC debentures consisted of (i) ~~$175.0~~$159.0 million par value of SBIC debentures outstanding issued by MSMF, with a recorded value of ~~$171.9~~$156.2 million that was net of unamortized debt issuance costs of

~~Table of contents~~

~~MAIN STREET CAPITAL CORPORATION~~

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

~~(Unaudited)~~

~~$3.1~~ $2.8 million and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of ~~$171.7~~$172.0 million that was net of unamortized debt issuance costs of ~~$3.3~~$3.0 million.

~~Credit~~Corporate Facility

Main Street maintains the ~~Credit~~Corporate Facility to provide additional liquidity to support its investment and operational activities. As of ~~September 30, 2022,~~March 31, 2023, the ~~Credit~~Corporate Facility included total commitments of ~~$920.0~~$980.0 million from a diversified group of 18 lenders ~~held a maturity date in August 2027~~ and contained an accordion feature with the right to request an increase in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $1.4 billion. The revolving period under the Corporate Facility expires in August 2026 and the Corporate Facility is scheduled to mature in August 2027.

As of ~~September 30, 2022,~~March 31, 2023, borrowings under the ~~Credit~~Corporate Facility bore interest, subject to Main Street’s election and resetting on a monthly basis on the first of each month, on a per annum basis at a rate equal to the applicable SOFR rate plus an applicable credit spread adjustment of 0.10% plus (i) 1.875% (or the applicable Prime ~~Rate~~rate plus 0.875%) as long as Main Street meets certain agreed upon excess collateral and maximum leverage requirements or (ii) 2.0% (or the applicable Prime Rate plus 1.0%) otherwise. Main Street pays unused commitment fees of 0.25% per annum on the unused lender commitments under the ~~Credit~~Corporate Facility. The ~~Credit~~Corporate Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership or assets of the Funds and the External Investment Manager. As of September 30, 2022, the Credit Facility contained certain affirmative and negative covenants, including but not limited to: (i) maintaining minimum liquidity, (ii) maintaining an interest coverage ratio of at least 2.0 to 1.0, (iii) maintaining a 1940 Act asset coverage ratio of at least 1.5 to 1.0, (iv) maintaining a minimum tangible net worth and (v) maintaining a minimum asset coverage ratio of 200% with respect to the consolidated assets (with certain limitations on the contribution of equity in financing subsidiaries as specified therein) of MSCC and the guarantors under the Credit Facility to the secured debt of MSCC and the guarantors.

As of September 30, 2022, the interest rate on the Credit Facility was 4.5%. The average interest rate for borrowings under the Credit Facility was 4.1% and 2.0% for the three months ended September 30, 2022 and 2021, respectively, and 2.9% and 2.0% for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, Main Street was in compliance with all financial covenants of the Credit Facility.

~~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% Notes”) at an issue price of 99.16%. The 4.50% Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness; senior to any of its future indebtedness that expressly provides it is subordinated to the 4.50% Notes; effectively subordinated to all of its existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds. The 4.50% Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The 4.50% Notes bear interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. The total net proceeds from the 4.50% Notes, resulting from the issue price and after underwriting discounts and estimated offering expenses payable, were $182.2 million. Main Street may from time to time repurchase the 4.50% Notes in accordance with the 1940 Act and the rules promulgated thereunder.

The indenture governing the 4.50% Notes (the “4.50% Notes Indenture”) contains certain covenants, including covenants requiring Main Street’s compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 4.50% Notes and the trustee if Main Street ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 4.50% Notes Indenture. As of September 30, 2022, Main Street was in compliance with these covenants.connection

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

~~5.20%~~ with the Corporate Facility, MSCC has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

As of March 31, 2023, the interest rate on the Corporate Facility was 6.6%. The average interest rate for borrowings under the Corporate Facility was 6.5% and 2.0% for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, Main Street was in compliance with all financial covenants of the Corporate Facility.

SPV Facility

In November 2022 and December 2022, MSCC Funding I, LLC (“MSCC Funding”), a wholly-owned Structured Subsidiary that primarily holds originated loan investments, entered into (i) the SPV Facility with MSCC as collateral manager and (ii) a lender joinder agreement (the “Joinder Agreement”) to the SPV Facility that increased the total number of lenders from three to four lenders and increased the total commitments under the SPV Facility from $240.0 million to $255.0 million, respectively. As of March 31, 2023, the SPV Facility included total commitments of $255.0 million and an accordion feature, subject to the satisfaction of various conditions, that could bring total commitments and borrowing availability to up to $450.0 million. The revolving period under the SPV Facility expires in November 2025 and the SPV Facility is scheduled to mature in November 2027. Advances under the SPV Facility bear interest at a per annum rate equal to the one-month SOFR in effect, plus a 0.10% credit spread adjustment plus an applicable margin of 2.50% during the revolving period and 2.625% and 2.75% during the first and second years thereafter, respectively. MSCC Funding pays a commitment fee of 0.50% per annum on the unused lender commitments up to 35% the total lender commitments and 0.75% per annum on the unused lender commitments greater than 35% of the total lender commitments. The SPV Facility is secured by a collateral loan on the assets of MSCC Funding and its subsidiaries. In connection with the SPV Facility, MSCC Funding has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

As of March 31, 2023, the interest rate on the SPV Facility was 7.3%. The average interest rate for borrowings under the SPV Facility was 7.1% for the three months ended March 31, 2023. As of March 31, 2023, MSCC Funding was in compliance with all financial covenants of the SPV Facility.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

MSCC Funding balance sheets as of March 31, 2023 and December 31, 2022 are as follows:

Balance Sheets

(dollars in thousands)


	March 31, 2023		December 31, 2022
	(Unaudited)
ASSETS
Investments at fair value:


Non-Control Investments (cost: $300,018 and $314,752 as of March 31, 2023 and December 31, 2022, respectively)	$	301,102	$	316,507

Cash and cash equivalents	10,865		10,838
Interest and dividend receivable and other assets	3,281		2,828
Accounts receivable to MSCC and its subsidiaries	—		556
Receivable for securities sold	62		369
Deferred financing costs (net of accumulated amortization of $282 and $141 as of March 31, 2023 and December 31, 2022, respectively)	2,679		2,630
Total assets	317,989		333,728
LIABILITIES
SPV Facility	$	170,000	$	200,000
Accounts payable and other liabilities	192		112

Interest payable	1,104		1,272


Total liabilities	171,296		201,384

NET ASSETS

Contributed capital	136,883		126,010




Total undistributed earnings	9,810		6,334
Total net assets	146,693		132,344
Total liabilities and net assets	$	317,989	$	333,728

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

MSCC Funding statement of operations for the three months ended March 31, 2023 are as follows:

Statement of Operations

(dollars in thousands)

(Unaudited)


	March 31, 2023
INVESTMENT INCOME:
Interest, fee and dividend income:


Non‑Control/Non‑Affiliate investments	$	8,717

EXPENSES:
Interest	(3,428)
Management Fee to MSCC	(365)
General and administrative	(57)


Total expenses	(3,850)
NET INVESTMENT INCOME (LOSS)	4,867






NET UNREALIZED APPRECIATION (DEPRECIATION):


Non‑Control/Non‑Affiliate investments	(1,391)
SBIC debentures	—
Total net unrealized appreciation (depreciation)	(1,391)




NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,476

December 2022 Notes

In November 2017, Main Street issued $185.0 million in aggregate principal amount of 4.50% unsecured notes due December 1, 2022 (the “December 2022 Notes”) at an issue price of 99.16%. The December 2022 Notes bore interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. In December 2022, Main Street repaid the entire principal amount of the issued and outstanding December 2022 Notes at par value plus the accrued and unpaid interest.

May 2024 Notes

In April 2019, Main Street issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the ~~“5.20%~~“May 2024 Notes”) at an issue price of 99.125%. Subsequently, in December 2019, Main Street issued an additional $75.0 million aggregate principal amount of the ~~5.20%~~May 2024 Notes at an issue price of 105.0% and, in July 2020, Main Street issued an additional $125.0 million aggregate principal amount at an issue price of ~~102.674%~~102.7%. The ~~5.20%~~May 2024 Notes issued in December 2019 and July 2020 have identical terms as, and are a part of a single series with, the ~~5.20%~~May 2024 Notes issued in April 2019. The ~~5.20%~~May 2024 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness; senior to any of its future indebtedness that expressly provides it is subordinated to the 5.20% Notes; effectively subordinated to all of its existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds.indebtedness. The ~~5.20%~~May 2024 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The ~~5.20%~~May 2024 Notes bear interest at a rate of 5.20% per year payable semiannually on May 1 and November 1 of each year. The total net proceeds from the 5.20% Notes, resulting from the issue price and after net issue price premiums and estimated offering expenses payable, were $451.4 million. Main Street may from time to time repurchase the 5.20% Notes in accordance with the 1940 Act and the rules promulgated thereunder.

The indenture governing the 5.20% Notes (the “5.20% Notes Indenture”) contains certain covenants, including covenants requiring Main Street’s compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 5.20% Notes and the trustee if Main Street ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 5.20% Notes Indenture. As of ~~September 30, 2022,~~March 31, 2023, Main Street was in compliance with ~~these covenants.~~all covenants and other requirements of the May 2024 Notes.

~~3.00%~~July 2026 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%~~“July 2026 Notes”) at an issue price of 99.004%. Subsequently, in October 2021, Main Street issued an additional $200.0 million aggregate principal amount of the ~~3.00%~~July 2026 Notes at an issue price of 101.741%. The ~~3.00%~~ July 2026

Table of contents

MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Notes issued in October 2021 have identical terms as, and are a part of a single series with, the ~~3.00%~~July 2026 Notes issued in January 2021. The ~~3.00%~~July 2026 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.indebtedness. The ~~3.00%~~July 2026 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The ~~3.00%~~July 2026 Notes bear interest at a rate of 3.00% per year payable semiannually on January 14 and July 14 of each year. The total net proceeds from the 3.00% Notes, resulting from the issue price and after net issue price premiums and estimated offering expenses payable, were $498.3 million. Main Street may from time to time repurchase the 3.00% Notes in accordance with the 1940 Act and the rules promulgated thereunder.

The indenture governing the 3.00% Notes (the “3.00% Notes Indenture”) contains certain covenants, including covenants requiring Main Street’s compliance with (regardless of whether Main Street is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring Main Street to provide financial information to the holders of the 3.00% Notes and the trustee if Main Street ceases to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 3.00% Notes Indenture. As of ~~September 30, 2022,~~March 31, 2023, Main Street was in compliance with ~~these covenants.~~all covenants and other requirements of the July 2026 Notes.

December 2025 Notes

In December 2022, Main Street issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Series A Notes”) at par. In February 2023, Main Street issued an additional $50.0 million in aggregate principal amount of 7.53% Series B unsecured notes due December 23, 2025 (the “December 2025 Series B Notes” and, together with the December 2025 Series A Notes, the “December 2025 Notes”), at par. The December 2025 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The December 2025 Notes may be redeemed in whole or in part at any time at Main Street’s option at par plus accrued interest to the prepayment date, subject to certain make-whole provisions. The December 2025 Series A Notes and the December 2025 Series B Notes bear interest at a rate of 7.84% and 7.53% per year, respectively, payable semiannually on June 23 and December 23 of each year. In addition, Main Street is obligated to offer to repay the December 2025 Notes at par plus accrued and unpaid interest if certain change in control events occur. The December 2025 Notes will bear interest at an increased rate from the date that (i) the December 2025 Notes receive a below investment grade rating by a rating agency if there is one or two rating agencies providing ratings of the December 2025 Notes, or two-thirds of the rating agencies if there are three rating agencies who are rating the notes (a “Below Investment Grade Event”), or (ii) the ratio of the Company’s consolidated secured indebtedness (other than indebtedness of the Funds or any Structured Subsidiaries) to the value of its consolidated total assets is greater than 0.35 to 1.00 (a “Secured Debt Ratio Event”), to and until the date on which the Below Investment Grade Event and the Secured Debt Ratio Event are no longer continuing. The governing agreement for the December 2025 Notes contains customary terms and conditions for senior unsecured notes issued in a private placement, as well as customary events of default with customary cure and notice periods.

As of March 31, 2023, Main Street was in compliance with all covenants and other requirements of the December 2025 Notes.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

NOTE F—F — FINANCIAL HIGHLIGHTS


		Nine Months Ended September 30,					Three Months Ended March 31,
Per Share Data:	Per Share Data:	2022		2021		Per Share Data:	2023		2022
NAV at the beginning of the period	NAV at the beginning of the period	$	25.29	$	22.35	NAV at the beginning of the period	$	26.86	$	25.29
Net investment income (1)	Net investment income (1)	2.31		1.92		Net investment income (1)	1.02		0.73
Net realized gain (1)(2)		0.05		0.15
Net realized gain (loss) (1)(2)						Net realized gain (loss) (1)(2)	(0.36)		0.05
Net unrealized appreciation (depreciation) (1)(2)	Net unrealized appreciation (depreciation) (1)(2)	(0.28)		1.71		Net unrealized appreciation (depreciation) (1)(2)	0.44		0.20
Income tax provision (1)(2)		(0.24)		(0.33)
Income tax benefit (provision) (1)(2)						Income tax benefit (provision) (1)(2)	(0.10)		(0.07)
Net increase in net assets resulting from operations (1)	Net increase in net assets resulting from operations (1)	1.84		3.45		Net increase in net assets resulting from operations (1)	1.00		0.91
Dividends paid from net investment income	Dividends paid from net investment income	(2.19)		(1.85)		Dividends paid from net investment income	(0.85)		(0.72)
Distributions from capital gains		—		—

Dividends paid	Dividends paid	(2.19)		(1.85)		Dividends paid	(0.85)		(0.72)
Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period						Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period	(0.01)		(0.01)
Accretive effect of stock offerings (issuing shares above NAV per share)	Accretive effect of stock offerings (issuing shares above NAV per share)	0.98		0.26		Accretive effect of stock offerings (issuing shares above NAV per share)	0.15		0.35
Accretive effect of DRIP issuance (issuing shares above NAV per share)	Accretive effect of DRIP issuance (issuing shares above NAV per share)	0.08		0.06		Accretive effect of DRIP issuance (issuing shares above NAV per share)	0.03		0.03
Other (3)	Other (3)	(0.06)		0.01		Other (3)	0.05		0.04
NAV at the end of the period	NAV at the end of the period	$	25.94	$	24.27	NAV at the end of the period	$	27.23	$	25.89
Market value at the end of the period	Market value at the end of the period	$	33.64	$	41.10	Market value at the end of the period	$	39.46	$	42.64
Shares outstanding at the end of the period	Shares outstanding at the end of the period	76,308,830		69,408,645		Shares outstanding at the end of the period	79,794,089		72,370,407

____________________

(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~~tax provision or benefit can fluctuate significantly from period to period.

(3)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.


		Nine Months Ended September 30,							Three Months Ended March 31,
		2022			2021				2023			2022
		(dollars in thousands)							(dollars in thousands)
NAV at end of period	NAV at end of period	$	1,979,420		$	1,684,307		NAV at end of period	$	2,172,922		$	1,873,654
Average NAV	Average NAV	$	1,876,771		$	1,586,020		Average NAV	$	2,140,754		$	1,831,250
Average outstanding debt	Average outstanding debt	$	1,880,100		$	1,264,680		Average outstanding debt	$	1,992,000		$	1,784,750
Ratio of total expenses, including income tax expense, to average NAV (1)(2)	Ratio of total expenses, including income tax expense, to average NAV (1)(2)	5.92		%	6.19		%	Ratio of total expenses, including income tax expense, to average NAV (1)(2)	2.21		%	1.76		%
Ratio of operating expenses to average NAV (2)(3)	Ratio of operating expenses to average NAV (2)(3)	4.99		%	4.76		%	Ratio of operating expenses to average NAV (2)(3)	1.84		%	1.48		%
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)	Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)	2.05		%	2.05		%	Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)	0.67		%	0.57		%
Ratio of net investment income to average NAV (2)	Ratio of net investment income to average NAV (2)	9.03		%	8.29		%	Ratio of net investment income to average NAV (2)	3.78		%	2.85		%
Portfolio turnover ratio (2)	Portfolio turnover ratio (2)	12.46		%	20.69		%	Portfolio turnover ratio (2)	1.54		%	6.49		%
Total investment return (2)(4)	Total investment return (2)(4)	(20.81)		%	33.57		%	Total investment return (2)(4)	9.13		%	(3.32)		%
Total return based on change in NAV (2)(5)	Total return based on change in NAV (2)(5)	7.56		%	15.61		%	Total return based on change in NAV (2)(5)	3.77		%	3.64		%

____________________

(1)Total expenses are the sum of operating expenses and net income tax ~~provision/benefit.~~provision. Net income tax ~~provision/benefit~~provision includes the accrual of net deferred tax ~~provision/benefit~~provision relating to the net unrealized ~~appreciation/~~appreciation or depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may ~~vary significantly from period to period. Main Street is required to include net~~

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

vary significantly from period to period. Main Street is required to include net deferred tax ~~provision/benefit~~provision in calculating its total expenses even though these net deferred taxes are not currently ~~payable/~~payable or receivable.

(2)Not annualized.

(3)Unless otherwise noted, operating expenses include interest, compensation, general and administrative and share-based compensation expenses, net of expenses allocated to the External Investment Manager of ~~$9.6~~$5.0 million and ~~$7.7~~$2.8 million for the ~~nine~~three months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ respectively.

(4)Total investment return is based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by Main Street’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.

(5)Total return based on change in ~~net asset value~~NAV was calculated using the sum of ending ~~net asset value~~NAV plus dividends to stockholders and other non-operating changes during the period, as divided by the beginning ~~net asset value.~~NAV. Non-operating changes include any items that affect ~~net asset value~~NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP and equity incentive plans and other miscellaneous items.

NOTE G—G — DIVIDENDS, DISTRIBUTIONS AND TAXABLE INCOME

Main Street currently pays regular monthly dividends to its stockholders and periodically pays supplemental dividends to its stockholders. Future dividends, if any, will be determined by its Board of Directors on a quarterly basis. Main Street paid regular monthly dividends of ~~$0.215~~$0.225 per share, totaling ~~$48.1~~$53.6 million, or $0.675 per share, for the three months ended March 31, 2023 compared to aggregate regular monthly dividends of $46.0 million, or $0.645 per share, for the three months ended September 30, 2022, and $141.2 million, or $1.94 per share, for the nine months ended September 30, 2022 compared to aggregate regular monthly dividends of $42.3 million, or $0.615 per share, for the three months ended September 30, 2021, and $126.2 million, or $1.85 per share, for the nine months ended September 30, 2021.March 31, 2022. Main Street also paid a supplemental dividend of ~~$7.6~~$14.0 million, or ~~$0.10~~$0.175 per share, during the three months ended ~~September 30, 2022, and $18.5~~March 31, 2023 compared to supplemental dividends paid of $5.4 million, or ~~$0.25~~$0.075 per share, during the ~~nine~~three months ended ~~September 30,~~March 31, 2022. ~~Main Street did not pay a supplemental dividend during the three or nine months ended September 30, 2021.~~

MSCC has elected to be treated for U.S. federal income tax purposes as a RIC. MSCC’s taxable income includes the taxable income generated by MSCC and certain of its subsidiaries, including the Funds and Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSCC generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

The determination of the tax attributes for Main Street’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate (plus a 3.8% Medicare surtax, if applicable) on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and qualified dividends, but may also include either one or both of capital gains and return of capital.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Listed below is a reconciliation of “Net increase in net assets resulting from operations” to taxable income and to total distributions declared to common stockholders for the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 and ~~2021.~~2022.


		Nine Months Ended September 30,					Three Months Ended March 31,
		2022		2021			2023		2022
		(estimated, dollars in thousands)					(estimated, dollars in thousands)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	135,287	$	236,413	Net increase in net assets resulting from operations	$	79,592	$	65,203
Book-tax difference from share-based compensation expense	Book-tax difference from share-based compensation expense	(3,456)		(5,436)		Book-tax difference from share-based compensation expense	2,747		2,818
Net unrealized (appreciation) depreciation		19,922		(117,072)
Net unrealized appreciation						Net unrealized appreciation	(35,118)		(14,752)
Income tax provision	Income tax provision	17,477		22,691		Income tax provision	8,114		5,097
Pre-tax book income not consolidated for tax purposes		(28,333)		(35,701)
Pre-tax book (income) loss not consolidated for tax purposes						Pre-tax book (income) loss not consolidated for tax purposes	15,791		(2,933)
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates	Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates	24,026		6,027		Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates	5,824		2,862
Estimated taxable income (1)	Estimated taxable income (1)	164,923		106,922		Estimated taxable income (1)	76,950		58,295
Taxable income earned in prior year and carried forward for distribution in current year	Taxable income earned in prior year and carried forward for distribution in current year	50,834		24,350		Taxable income earned in prior year and carried forward for distribution in current year	49,216		50,834
Taxable income earned prior to period end and carried forward for distribution next period	Taxable income earned prior to period end and carried forward for distribution next period	(71,128)		(18,959)		Taxable income earned prior to period end and carried forward for distribution next period	(76,289)		(72,844)
Dividend payable as of period end and paid in the following period	Dividend payable as of period end and paid in the following period	16,789		14,553		Dividend payable as of period end and paid in the following period	18,036		15,519
Total distributions accrued or paid to common stockholders	Total distributions accrued or paid to common stockholders	$	161,418	$	126,866	Total distributions accrued or paid to common stockholders	$	67,913	$	51,804

____________________

(1)~~Main Street’s~~MSCC’s taxable income for each period is an estimate and will not be finally determined until the company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate.

The Taxable Subsidiaries primarily hold certain equity investments for Main Street. The Taxable Subsidiaries permit Main Street to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with ~~Main Street~~MSCC for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in Main Street’s consolidated financial statements.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The income tax expense (benefit) for Main Street is generally composed of (i) deferred tax expense (benefit), which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book tax differences, and (ii) current tax expense, which is primarily the result of current U.S. federal income and state taxes and excise taxes on Main Street’s estimated undistributed taxable income. The income tax expense, or benefit, and the related tax assets and liabilities generated by the Taxable Subsidiaries, if any, are reflected in Main Street’s Consolidated Statements of Operations. Main Street’s provision for income taxes was comprised of the following for the three ~~and nine~~ months ended ~~September 30, 2022~~March 31, 2023 and ~~2021 (amounts in thousands):~~2022:


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended March 31,
		2022		2021		2022		2021			2023		2022
Current tax expense (benefit):
											(dollars in thousands)
Current tax expense:										Current tax expense:
Federal	Federal	$	66	$	(239)	$	182	$	(99)	Federal	$	140	$	52
State	State	496		1,056		1,110		1,712		State	857		543
Excise	Excise	978		136		2,366		629		Excise	740		714
Total current tax expense	Total current tax expense	1,540		953		3,658		2,242		Total current tax expense	1,737		1,309
Deferred tax expense (benefit):
Deferred tax expense:										Deferred tax expense:
Federal	Federal	125		7,989		10,098		15,284		Federal	5,806		2,807
State	State	395		3,342		3,721		5,165		State	571		981
Total deferred tax expense	Total deferred tax expense	520		11,331		13,819		20,449		Total deferred tax expense	6,377		3,788

Total income tax provision	Total income tax provision	$	2,060	$	12,284	$	17,477	$	22,691	Total income tax provision	$	8,114	$	5,097

The net deferred tax liability at ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 was ~~$43.5~~$54.2 million and ~~$29.7~~$47.8 million, respectively, with the change primarily related to changes in net unrealized appreciation or depreciation, changes in loss carryforwards, and other temporary book-tax differences relating to portfolio investments held by the Taxable Subsidiaries.

At ~~September 30, 2022,~~March 31, 2023, for U.S. federal income tax purposes, the Taxable Subsidiaries had a net operating loss carryforward from prior years which, if unused, will expire in various taxable years from 2034 through 2037. Any net operating losses generated in 2018 and future periods are not subject to expiration and will carryforward indefinitely until utilized. Additionally, the Taxable Subsidiaries have interest expense limitation carryforwards which have an indefinite carryforward period.

NOTE H—H — COMMON STOCK

Main Street maintains a program with certain selling agents through which it can sell shares of its common stock by means of at-the-market offerings from time to time (the “ATM Program”). During the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, Main Street sold ~~3,429,904~~1,055,416 shares of its common stock at a weighted-average price of ~~$40.99~~$39.15 per share and raised ~~$140.6~~$41.3 million of gross proceeds under the ATM Program. Net proceeds were ~~$139.2~~$40.9 million after commissions to the selling agents on shares sold and offering costs. As of ~~September 30, 2022,~~March 31, 2023, sales transactions representing ~~153,023~~27,570 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the ~~net asset value~~NAV per share. In March 2022, Main Street entered into new distribution agreements to sell up to 15,000,000 shares through the ATM Program. As of ~~September 30, 2022, 12,440,162~~March 31, 2023, 9,407,268 shares remained available for sale under the ATM Program.

During the year ended December 31, ~~2021,~~2022, Main Street sold ~~2,332,795~~5,407,382 shares of its common stock at a weighted-average price of ~~$42.71~~$39.29 per share and raised ~~$99.6~~$212.4 million of gross proceeds under the ATM Program. Net proceeds were ~~$98.4~~$209.9 million after commissions to the selling agents on shares sold and offering costs. ~~As of December 31, 2021, sales transactions representing 36,136 shares had not settled and are not included in shares issued~~

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

~~and outstanding on~~During the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the net asset value per share.

~~During August~~year ended December 31, 2022, Main Street completed a public equity offering (the “Equity Offering”) of 1,345,500 shares of common stock at a public offering price of $42.85 per share, including the underwriters’ full exercise of their option to purchase 175,500 additional shares, resulting in total net proceeds, including exercise of the underwriters’ option to purchase additional shares and after deducting underwriting discounts and estimated offering expenses payable by Main Street, of approximately $55.1 million.

NOTE I—I — DIVIDEND REINVESTMENT PLAN

The dividend reinvestment feature of Main Street’s dividend reinvestment and direct stock purchase plan (the “DRIP”) provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if Main Street declares a cash dividend, its stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividend automatically reinvested into additional shares of MSCC common stock. The share requirements of the DRIP may be satisfied through the issuance of shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of MSCC’s common stock on the valuation date determined for each dividend by Main Street’s Board of Directors. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased, before any associated brokerage or other costs. Main Street’s DRIP is administered by its transfer agent on behalf of Main Street’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in Main Street’s DRIP but may provide a similar dividend reinvestment plan for their clients.

Summarized DRIP information for the ~~nine~~three months ended ~~September 30,~~March 31, 2023 and 2022 ~~and 2021~~ is as follows:


		Nine Months Ended September 30,					Three Months Ended March 31,
		2022		2021			2023		2022
		($ in millions)					(dollars in thousands)
DRIP participation	DRIP participation	$	16.4	$	11.4	DRIP participation	$	7,808	$	4,813
Shares issued for DRIP	Shares issued for DRIP	410,415		293,647		Shares issued for DRIP	199,282		114,043

NOTE J—J — SHARE-BASED COMPENSATION

Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards (“RSAs”), Main Street measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.

Main Street’s Board of Directors approves the issuance of shares of restricted stock to Main Street employees pursuant to the Main Street Capital Corporation 2022 Equity and Incentive Plan (the “Equity and Incentive Plan”). These shares generally vest over a three-year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances approved by Main Street’s Board of Directors under the Equity and Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of ~~September 30, 2022.~~March 31, 2023.


Restricted stock authorized under the plan			5,000,000
Less net restricted stock granted ~~during:~~			(48,792)
~~Nine months ended September 30, 2022~~			~~(10,256)~~

Restricted stock available for issuance as of ~~September 30, 2022~~March 31, 2023			~~4,989,744~~4,951,208

~~Table of contents~~

~~MAIN STREET CAPITAL CORPORATION~~

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

~~(Unaudited)~~

As of ~~September 30, 2022,~~March 31, 2023, the following table summarizes the restricted stock issued to Main Street’s non-employee directors and the remaining shares of restricted stock available for issuance pursuant to the Main Street Capital Corporation 2022 Non-Employee Director Restricted Stock Plan. These shares are granted upon appointment or election to the board

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

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:~~			(3,825)
~~Nine months ended September 30, 2022~~			~~(4,590)~~

Restricted stock available for issuance as of ~~September 30, 2022~~March 31, 2023			~~295,410~~296,175

For the three months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ Main Street recognized total share-based compensation expense of ~~$3.6~~$4.1 million and $2.9 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors. For the nine months ended September 30, 2022 and 2021, Main Street recognized total share-based compensation expense of $10.0 million and $8.0$2.8 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.

Summarized RSAs for the three months ended March 31, 2023 is as follows:


	Three Months Ended March 31, 2023
	Number			Weighted-Average Grant-Date Fair Value
Restricted Stock Awards (RSAs):	of Shares			( $ per share)
Non-vested, December 31, 2022	817,401			$	38.78
Granted (1)	34,547			38.70
Vested (1)(2)	(35,092)			39.16
Forfeited	(7,581)			40.72
Non-vested, March 31, 2023	809,275			$	38.74
Aggregate intrinsic value as of March 31, 2023 (in thousands)	$	31,934	(3)

___________________________

(1)Restricted units generally vest over a three-year period from the grant date (as noted above).

(2)Vested shares included 10,489 shares withheld for payroll taxes paid on behalf of employees.

(3)Aggregate intrinsic value is the product of total non-vested restricted shares as of March 31, 2023 and $39.46 per share, the closing price of our common stock on March 31, 2023.

The total fair value of RSAs that vested during the three months ended March 31, 2023 was $1.4 million.

As of ~~September 30, 2022,~~March 31, 2023, there was ~~$25.0~~$21.6 million of total unrecognized compensation expense related to Main Street’s non-vested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of ~~2.4~~2.2 years as of ~~September 30, 2022.~~March 31, 2023.

NOTE K—K — COMMITMENTS AND CONTINGENCIES

At ~~September 30, 2022,~~March 31, 2023, Main Street had the following outstanding commitments (in thousands):



Investments with equity capital commitments that have not yet funded:	Amount

Brightwood Capital Fund Investments
Brightwood Capital Fund V, LP	$	3,000
Brightwood Capital Fund III, LP	300
	3,300

Freeport Fund Investments
Freeport First Lien Loan Fund III LP	~~4,871~~6,733
Freeport Financial SBIC Fund LP	~~3,285~~3,841

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


	~~8,156~~10,574

Harris Preston Fund Investments
HPEP 4, L.P.	~~8,104~~7,668
HPEP 3, L.P.	1,555
HPEP 423 COR, LP	600
2717 ~~HPP-MS, LP~~MH, L.P.	5652
	~~10,315~~9,875

MS Private Loan Fund I, LP	750

UnionRock Energy Fund II, LP	~~1,957~~2,124

Total Equity Commitments (1)(2)	$	26,623

Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:

Dalton US Inc.	$	16,865
Xenon Arc, Inc.	11,340
HEADLANDS OP-CO LLC	10,125
MS Private Loan Fund I, LP	10,000
JTI Electrical & Mechanical, LLC	8,421
PTL US Bidco, Inc	8,110
AMEREQUIP LLC.	7,704
SI East, LLC	7,500
NinjaTrader, LLC	7,472
Archer Systems, LLC	7,115
Veregy Consolidated, Inc.	5,875
Robbins Bros. Jewelry, Inc.	4,500
South Coast Terminals Holdings, LLC	4,465
Winter Services LLC	4,444
Channel Partners Intermediateco, LLC	4,346
Direct Marketing Solutions, Inc.	4,250
Bettercloud, Inc.	4,189
Microbe Formulas, LLC	3,601
Watterson Brands, LLC	3,453
Classic H&G Holdco, LLC	3,440
Paragon Healthcare, Inc.	3,245
VVS Holdco, LLC	3,200
SPAU Holdings, LLC	3,194
MetalForming AcquireCo, LLC	2,795
Batjer TopCo, LLC	2,700
Infolinks Media Buyco, LLC	2,520
IG Parent Corporation	2,500

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


~~Total Equity Commitments (1)(2)~~	$	~~24,478~~

~~Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:~~

~~Xenon Arc, Inc.~~	$	~~32,400~~
~~Dalton US Inc.~~	~~19,314~~
~~CaseWorthy, Inc.~~	~~10,452~~
~~HEADLANDS OP-CO LLC~~	~~10,125~~
~~MS Private Loan Fund I, LP~~	~~10,000~~
~~PTL US Bidco, Inc~~	~~9,542~~
~~JTI Electrical & Mechanical, LLC~~	~~8,421~~
~~AMEREQUIP LLC.~~	~~7,704~~
~~NinjaTrader, LLC~~	~~7,472~~
~~Paragon Healthcare, Inc.~~	~~6,490~~
~~Archer Systems, LLC~~	~~6,315~~
~~Veregy Consolidated, Inc.~~	~~5,875~~
~~SI East, LLC~~	~~5,250~~
~~Watterson Brands, LLC~~	~~5,028~~
~~Bolder Panther Group, LLC~~	~~5,000~~
~~Pearl Meyer Topco LLC~~	~~5,000~~
~~NWN Corporation~~	~~4,819~~
~~Robbins Bros. Jewelry, Inc.~~	~~4,500~~
~~South Coast Terminals Holdings, LLC~~	~~4,465~~
~~AB Centers Acquisition Corporation~~	~~4,448~~
~~Winter Services LLC~~	~~4,444~~
~~Adams Publishing Group, LLC~~	~~4,335~~
~~Bettercloud, Inc.~~	~~4,189~~
~~MonitorUS Holding, LLC~~	~~3,614~~
~~Microbe Formulas, LLC~~	~~3,601~~
~~MB2 Dental Solutions, LLC~~	~~3,500~~
~~GRT Rubber Technologies LLC~~	~~3,350~~
~~SPAU Holdings, LLC~~	~~3,194~~
~~Cody Pools, Inc.~~	~~2,950~~
~~AVEX Aviation Holdings, LLC~~	~~2,880~~
~~Batjer TopCo, LLC~~	~~2,700~~
~~GULF PACIFIC ACQUISITION, LLC~~	~~2,525~~
~~Infolinks Media Buyco, LLC~~	~~2,520~~
~~Engineering Research & Consulting, LLC~~	~~2,501~~
Nebraska Vet AcquireCo, LLC	2,500
~~Mako Steel, LP~~CaseWorthy, Inc.	~~2,414~~2,459
West Star Aviation Acquisition, LLC	2,411
~~VVS Holdco, LLC~~	~~2,400~~
Centre Technologies Holdings, LLC	2,400
~~IG Parent~~GRT Rubber Technologies LLC	2,385
ArborWorks, LLC	2,339
NWN Corporation	~~2,057~~2,335
Bluestem Brands, Inc.	2,154
MB2 Dental Solutions, LLC	2,023
PPL RVs, Inc.	2,000
The Affiliati Network, LLC	2,000
Cody Pools, Inc.	1,896
Elgin AcquireCo, LLC	1,877
GULF PACIFIC ACQUISITION, LLC	1,868
Mako Steel, LP	1,826
Johnson Downie Opco, LLC	1,800
Career Team Holdings, LLC	1,800
Engineering Research & Consulting, LLC	1,638
MonitorUS Holding, LLC	1,634
Trantech Radiator Topco, LLC	1,600
Colonial Electric Company LLC	1,600
Chamberlin Holding LLC	1,600
Roof Opco, LLC	1,556
Burning Glass Intermediate Holding Company, Inc.	1,549
Pearl Meyer Topco LLC	1,500
AVEX Aviation Holdings, LLC	1,474
ATS Operating, LLC	1,440
RTIC Subsidiary Holdings, LLC	1,370
American Health Staffing Group, Inc.	1,333
Evergreen North America Acquisitions, LLC	1,313
Project Eagle Holdings, LLC	1,250
Gamber-Johnson Holdings, LLC	1,200
GS HVAM Intermediate, LLC	1,136
AB Centers Acquisition Corporation	1,112
KMS, LLC	1,086
Wahoo Fitness Acquisition L.L.C.	1,000
Eastern Wholesale Fence LLC	967
RA Outdoors LLC	894
Orttech Holdings, LLC	800
Mystic Logistics Holdings, LLC	800
Project BarFly, LLC	760
DTE Enterprises, LLC	750
Jensen Jewelers of Idaho, LLC	500
Jackmont Hospitality, Inc.	400
Clad-Rex Steel, LLC	400

95104

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


~~PPL RVs,~~Wall Street Prep, Inc.	~~2,000~~400
~~The Affiliati Network, LLC~~	~~2,000~~
~~Evergreen North America Acquisitions, LLC~~	~~1,854~~
~~ATS Operating, LLC~~	~~1,800~~
~~Career Team Acquireco LLC~~	~~1,800~~
~~Johnson Downie Opco, LLC~~	~~1,800~~
~~Burning Glass Intermediate Holding Company, Inc.~~	~~1,704~~
~~Chamberlin Holding LLC~~	~~1,600~~
~~Colonial Electric Company LLC~~	~~1,600~~
~~Trantech Radiator Topco, LLC~~	~~1,600~~
~~Roof Opco, LLC~~	~~1,556~~
~~American Health Staffing Group, Inc.~~	~~1,333~~
~~RA Outdoors LLC~~	~~1,278~~
~~Project Eagle~~Gulf Publishing Holdings, ~~LLC~~	~~1,250~~
~~Gamber-Johnson Holdings, LLC~~	~~1,200~~
~~KMS, LLC~~	~~1,086~~
~~Channel Partners Intermediateco, LLC~~	~~1,032~~
~~RTIC Subsidiary Holdings, LLC~~	~~890~~
~~Hawk Ridge Systems, LLC~~	~~815~~
~~Acumera, Inc.~~	~~801~~
~~Mystic Logistics Holdings, LLC~~	~~800~~
~~Orttech Holdings, LLC~~	~~800~~
~~Project BarFly, LLC~~	~~760~~
~~DTE Enterprises, LLC~~	~~750~~
~~Student Resource Center, LLC~~	~~750~~
~~Jensen Jewelers of Idaho, LLC~~	~~500~~
~~Flip Electronics LLC~~	~~491~~
~~Interface Security Systems, L.L.C~~	~~439~~
~~ASC Interests,~~ LLC	400
Flame King Holdings, LLC	400
~~Gulf~~Adams Publishing ~~Holdings,~~Group, LLC	~~400~~
~~Wall Street Prep, Inc.~~	~~400~~394
Invincible Boat Company, LLC.	353
~~SIB Holdings,~~ASC Interests, LLC	~~267~~300
~~Dynamic Communities, LLC~~	~~250~~
~~Classic H&G Holdco, LLC~~AAC Holdings, Inc.	240
~~Datacom, LLC~~	~~227~~
Acousti Engineering Company of Florida	53
Acumera, Inc.	15
Interface Security Systems, L.L.C	1


Total Loan Commitments	~~270,384~~228,660

Total Commitments	$	~~294,862~~255,283

____________________

(1)This table excludes commitments related to six additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses. The Company does not

~~Table of contents~~

~~MAIN STREET CAPITAL CORPORATION~~

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

~~(Unaudited)~~

expect any material future capital to be called on its commitment to these investments and as a result has excluded those commitments from this table.

(2)This table excludes commitments related to three additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses or for follow on investments in existing portfolio companies. The Company does not expect any material future capital to be called on its commitment to these investments to pay fund expenses, and based on representations from the fund manager, the Company does not expect any further capital will be called on its commitment for follow on investments. As a result, the Company has excluded those commitments from this table.

Main Street will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit ~~Facility)~~Facilities). Main Street follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. The Company had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of ~~September 30, 2022.~~

~~Main Street has one operating lease for its office space. The lease commenced May 15, 2017 and expires~~ March 31, ~~2034. It contains two five-year extension options for a final expiration date of March 31, 2044.~~

~~In accordance with ASC 842, Main Street has recorded this lease as a right-of-use asset and a lease liability and records lease expense on a straight-line basis.~~

Total operating lease cost incurred by Main Street for each of the three months ended September 30, 2022 and 2021 was $0.2 million and for each of the nine months ended September 30, 2022 and 2021 was $0.5 million. As of September 30, 2022, the asset related to the operating lease was $3.4 million and is included in the ~~interest receivable and other assets~~ ~~balance on the Consolidated Balance Sheets. The lease liability was $4.0 million and is included in the~~ ~~accounts payable and other liabilities~~ ~~balance on the Consolidated Balance Sheets. As of September 30, 2022, the remaining lease term was 5.3 years and the discount rate was 4.2%.~~

~~The following table shows future minimum payments under Main Street’s operating lease as of September 30, 2022 (in thousands):~~

For the Years Ended December 31, Amount
2022 $ 197
2023 804
2024 818
2025 832
2026 846
Thereafter 933
Total $ 4,430
2023.

Main Street may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to impose liability on Main Street in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, Main Street does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on Main Street’s financial condition or results of operations in any future reporting period.

NOTE L—L — RELATED PARTY TRANSACTIONS

As discussed further in Note D—D — External Investment Manager, the External Investment Manager is treated as a wholly-owned portfolio company of Main Street and is included as part of Main Street’s Investment Portfolio. At

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

~~(Unaudited)~~

~~September 30, 2022,~~ March 31, 2023, Main Street had a receivable of ~~$6.2~~$9.4 million due from the External Investment Manager, which included (i) ~~$4.6~~$6.3 million related primarily to operating expenses incurred by Main Street as required to support the External Investment Manager’s business and amounts due from the External Investment Manager to Main Street under a tax sharing agreement (see further discussion in Note D—D — External Investment Manager) and (ii) ~~$1.6~~$3.1 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

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Investment Manager’s relationship with MSC Income and its other clients (see further discussion in Note ~~A.1—~~A.1 — Organization and Basis of ~~Presentation—~~Presentation — Organization and Note D—D — External Investment Manager).

From time to time, Main Street may make investments in clients of the External Investment Manager in the form of debt or equity capital on terms approved by Main Street’s Board of Directors.

In May 2022, Main Street purchased 94,697 shares of common stock of MSC Income from MSC Income at the price shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its May dividend on such date. Main Street’s purchase of MSC Income common stock was unanimously approved by the Board of Directors and MSC Income’s board of directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of each board. As of ~~September 30, 2022,~~March 31, 2023, Main Street owned 94,697 shares of MSC Income. In addition, certain of Main Street’s officers and employees own shares of MSC Income and therefore have direct pecuniary interests in MSC Income.

In December 2020, the External Investment Manager entered into an Investment Management Agreement with the Private Loan Fund to provide investment advisory and management services in exchange for an asset-based fee and certain incentive fees. The Private Loan Fund is a private investment fund exempt from registration under the 1940 Act that co-invests with Main Street in Main Street’s Private Loan investment strategy. In connection with the Private Loan Fund’s initial closing in December 2020, Main Street committed to contribute up to $10.0 million as a limited partner and is entitled to distributions on such interest. In February 2022, Main Street increased its total commitment to the Private Loan Fund from $10.0 million to $15.0 million. In addition, certain of Main Street’s officers and employees (and certain of their immediate family members) have made capital commitments to the Private Loan Fund as limited partners and therefore have direct pecuniary interests in the Private Loan Fund. As of ~~September 30, 2022,~~March 31, 2023, Main Street has funded $14.3 million of its limited partner commitment and Main Street’s unfunded commitment was $0.7 million. Main Street’s limited partner commitment to the Private Loan Fund was unanimously approved by the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act.

Additionally, Main Street provided the Private Loan Fund with a revolving line of credit pursuant to an Unsecured Revolving Promissory Note, dated February 5, 2021 and was subsequently amended on November 30, 2021 and on December 29, 2021 (as amended, the “PL Fund 2021 Note”), in an aggregate amount equal to the amount of limited partner capital commitments to the Private Loan Fund up to $85.0 million. Borrowings under the PL Fund 2021 Note bore interest at a fixed rate of 5.00% per annum and matured on February 28, 2022. The PL Fund 2021 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act. In February 2022, the Private Loan Fund fully repaid all borrowings outstanding under the PL Fund 2021 Note and the PL Fund 2021 Note was extinguished.

In March 2022, Main Street provided the Private Loan Fund with a revolving line of credit pursuant to a Secured Revolving Promissory Note, dated March 17, 2022 (the “PL Fund 2022 Note”), which provides for borrowings up to $10.0 million. Borrowings under the PL Fund 2022 Note bear interest at a fixed rate of 5.00% per annum and mature on the date upon which the Private Loan Fund’s investment period concludes, which is scheduled to occur in March 2026. Available borrowings under the PL Fund 2022 Note are subject to a 0.25% non-use fee. The PL Fund 2022 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act. As of ~~September 30, 2022,~~March 31, 2023, there were no borrowings outstanding under the PL Fund 2022 Note.

In November 2015, Main Street’s Board of Directors approved and adopted the Main Street Capital Corporation Deferred Compensation Plan (the “2015 Deferred Compensation Plan”). The 2015 Deferred Compensation Plan became

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~~MAIN STREET CAPITAL CORPORATION~~

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

~~(Unaudited)~~

effective on January 1, 2016 and replaced the Deferred Compensation Plan for Non-Employee Directors previously adopted by the Board of Directors in June 2013 (the “2013 Deferred Compensation Plan”). Under the 2015 Deferred Compensation Plan, non-employee directors and certain key employees may defer receipt of some or all of their cash compensation and directors’ fees, subject to certain limitations. Individuals participating in the 2015 Deferred Compensation Plan receive distributions of their respective balances based on predetermined payout schedules or other events as defined by the plan and are also able to direct investments made on their behalf among investment alternatives permitted from time to time under the plan, including phantom Main Street stock units. As of ~~September 30, 2022, $14.0~~ March 31, 2023, $17.2

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

million of compensation, plus net unrealized gains and losses and investment income, and minus previous distributions, was deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). Of this amount, ~~$5.4~~$6.2 million is deferred into phantom Main Street stock units, representing ~~161,814~~156,122 shares of Main Street’s common stock. Any amounts deferred under the plan represented by phantom Main Street stock units will not be issued or included as outstanding on the Consolidated Statements of Changes in Net Assets until such shares are actually distributed to the participant in accordance with the plan, but the related phantom stock units are included in weighted-average shares outstanding with the related dollar amount of the deferral included in total expenses in Main Street’s Consolidated Statements of Operations as the deferred fees represented by such phantom stock units are earned over the service period. The dividend amounts related to additional phantom stock units are included in the Consolidated Statements of Changes in Net Assets as an increase to dividends to stockholders offset by a corresponding increase to additional paid-in capital.

NOTE M—M — SUBSEQUENT EVENTS

In ~~November 2022,~~May 2023, Main Street declared a supplemental cash dividend of ~~$0.10~~$0.225 per share payable in ~~December 2022.~~June 2023. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that Main Street declared for the ~~fourth~~second quarter of ~~2022 of $0.22 per share for each of October, November and December 2022.~~

~~In November 2022, Main Street declared regular monthly dividends~~2023 of $0.225 per share for each of April, May and June 2023.

In May 2023, Main Street also declared regular monthly dividends of $0.23 per share for each month of ~~January, February~~July, August and ~~March~~September of 2023. These regular monthly dividends equal a total of ~~$0.675~~$0.69 per share for the ~~first~~third quarter of 2023, representing a ~~4.7%~~7.0% increase from the regular monthly dividends paid in the ~~first~~third quarter of 2022. Including the regular monthly and supplemental dividends declared for the ~~fourth quarter of 2022~~second and ~~first quarter~~third quarters of 2023, Main Street will have paid ~~$35.795~~$37.56 per share in cumulative dividends since its October 2007 initial public offering.

99107

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2021 Fair Value (13)		Gross Additions(3)		Gross Reductions(4)		September 30, 2022 Fair Value (13)		Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2022 Fair Value (13)		Gross Additions(3)		Gross Reductions(4)		March 31, 2023 Fair Value (13)
Majority-owned investments	Majority-owned investments																					Majority-owned investments
ASK (Analytical Systems Keco Holdings, LLC)	ASK (Analytical Systems Keco Holdings, LLC)		L+	10.00%		Secured Debt	(8)	$	—	$	—	$	4	$	(4)	$	1	$	—	$	(3)	ASK (Analytical Systems Keco Holdings, LLC)		L+	10.00%		Secured Debt	(8)	$	—	$	—	$	1	$	(3)	$	1	$	—	$	(2)
		12.63%	L+	10.00%		Secured Debt	(8)	—		—		506		4,740		65		210		4,595			14.75%	L+	10.00%		Secured Debt	(8)	—		—		188		4,545		20		70		4,495
		12.63%				Preferred Member Units	(8)	—		—		—		—		—		—		—			14.13%				Preferred Member Units	(8)	—		—		—		—		—		—		—
						Preferred Member Units	(8)	—		(1,050)		—		4,894		—		1,050		3,844							Preferred Member Units	(8)	—		84		—		3,504		84		—		3,588
						Warrants	(8)	—		—		—		—		—		—		—							Warrants	(8)	—		—		—		—		—		—		—
Brewer Crane Holdings, LLC	Brewer Crane Holdings, LLC	12.56%	L+	10.00%		Secured Debt	(9)	—		—		649		8,037		19		1,972		6,084		Brewer Crane Holdings, LLC	14.66%	L+	10.00%		Secured Debt	(9)	—		—		212		5,964		—		124		5,840
						Preferred Member Units	(9)	—		(2,040)		795		7,710		—		2,040		5,670							Preferred Member Units	(9)	—		(520)		30		7,080		—		520		6,560
Café Brazil, LLC	Café Brazil, LLC					Member Units	(8)	—		(200)		178		2,570		—		200		2,370		Café Brazil, LLC					Member Units	(8)	—		(370)		16		2,210		—		370		1,840
California Splendor Holdings LLC	California Splendor Holdings LLC	12.38%	L+	10.00%		Secured Debt	(9)	—		52		2,467		27,915		85		—		28,000		California Splendor Holdings LLC	14.88%	L+	10.00%		Secured Debt	(9)	—		(3)		1,045		28,000		3		3		28,000
						Preferred Member Units	(9)	—		7,750		188		13,275		7,750		—		21,025							Preferred Member Units	(9)	—		—		63		25,495		—		—		25,495
		15.00%			15.00%	Preferred Member Units	(9)	—		—		792		9,510		792		6,449		3,853			15.00%			15.00%	Preferred Member Units	(9)	—		—		150		3,994		150		—		4,144
Clad-Rex Steel, LLC	Clad-Rex Steel, LLC	12.13%	L+	9.50%		Secured Debt	(5)	—		—		898		10,401		29		—		10,430		Clad-Rex Steel, LLC		SF+	9.00%		Secured Debt	(5)	—		—		1		—		—		—		—
		10.00%				Secured Debt	(5)	—		—		81		1,071		—		24		1,047			13.79%	SF+	9.00%		Secured Debt	(5)	—		—		369		10,440		11		480		9,971
						Member Units	(5)	—		(760)		595		10,250		—		760		9,490			10.00%				Secured Debt	(5)	—		—		26		1,039		—		8		1,031
						Member Units	(5)	—		80		—		530		80		—		610							Member Units	(5)	—		(1,050)		50		8,220		—		1,050		7,170
																											Member Units	(5)	—		220		—		610		220		—		830
CMS Minerals Investments	CMS Minerals Investments					Member Units	(9)	—		331		150		1,974		331		415		1,890		CMS Minerals Investments					Member Units	(9)	—		(431)		44		1,670		—		435		1,235
Cody Pools, Inc.	Cody Pools, Inc.		L+	10.50%		Secured Debt	(8)	—		—		84		(13)		2,866		2,864		(11)		Cody Pools, Inc.	15.50%	L+	10.50%		Secured Debt	(8)	—		11		59		1,462		13		421		1,054
		13.63%	L+	10.50%		Secured Debt	(8)	—		(66)		4,044		42,497		66		1,338		41,225			15.50%	L+	10.50%		Secured Debt	(8)	—		(20)		1,577		40,801		20		444		40,377
						Preferred Member Units	(8)	—		9,570		3,710		47,640		9,570		—		57,210							Preferred Member Units	(8)	—		970		29		58,180		970		—		59,150
CompareNetworks Topco, LLC	CompareNetworks Topco, LLC		L+	9.00%		Secured Debt	(9)	—		—		—		—		—		—		—		CompareNetworks Topco, LLC		L+	9.00%		Secured Debt	(9)	—		—		—		—		—		—		—
		11.63%	L+	9.00%		Secured Debt	(9)	—		(13)		468		6,477		13		1,140		5,350			13.75%	L+	9.00%		Secured Debt	(9)	—		(3)		180		5,241		3		375		4,869
						Preferred Member Units	(9)	—		6,570		474		12,000		6,570		—		18,570							Preferred Member Units	(9)	—		(1,390)		158		19,830		—		1,390		18,440
Datacom, LLC	Datacom, LLC	7.50%				Secured Debt	(8)	—		—		—		—		223		—		223		Datacom, LLC	7.50%				Secured Debt	(8)	—		—		4		223		227		—		450
		7.50%				Secured Debt	(8)	—		160		624		7,668		284		203		7,749			10.00%				Secured Debt	(8)	—		—		254		7,789		39		67		7,761
						Preferred Member Units	(8)	—		60		72		2,610		60		—		2,670							Preferred Member Units	(8)	—		—		—		2,670		—		—		2,670
Direct Marketing Solutions, Inc.	Direct Marketing Solutions, Inc.	13.63%	L+	11.00%		Secured Debt	(9)	—		14		102		(22)		4,272		850		3,400		Direct Marketing Solutions, Inc.					Secured Debt	(9)	—		(7)		11		—		7		7		—
		13.63%	L+	11.00%		Secured Debt	(9)	—		(53)		2,322		24,070		53		1,073		23,050			14.00%				Secured Debt	(9)	—		(14)		959		27,267		14		405		26,876
						Preferred Stock	(9)	—		3,870		1,029		18,350		3,870		—		22,220							Preferred Stock	(9)	—		(520)		171		22,220		—		520		21,700
Elgin AcquireCo, LLC																						Elgin AcquireCo, LLC		SF+	6.00%		Secured Debt	(5)	—		—		2		(9)		1		—		(8)
																							12.00%				Secured Debt	(5)	—		—		573		18,594		10		—		18,604
																							9.00%				Secured Debt	(5)	—		—		144		6,294		1		11		6,284
																											Common Stock	(5)	—		—		—		7,603		—		—		7,603
																											Common Stock	(5)	—		—		—		1,558		—		—		1,558
Gamber-Johnson Holdings, LLC	Gamber-Johnson Holdings, LLC	10.63%	L+	8.00%		Secured Debt	(5)	—		—		5		—		—		—		—		Gamber-Johnson Holdings, LLC		SF+	8.50%		Secured Debt	(5)	—		—		2		—		—		—		—
		10.63%	L+	8.00%		Secured Debt	(5)	—		(4)		1,722		21,598		2,484		4		24,078			11.50%	SF+	8.50%		Secured Debt	(5)	—		(24)		1,852		64,078		24		824		63,278
						Member Units	(5)	—		(3,230)		715		49,700		—		3,230		46,470							Member Units	(5)	—		8,480		1,567		50,890		8,480		—		59,370
GRT Rubber Technologies LLC	GRT Rubber Technologies LLC	10.56%	L+	8.00%		Secured Debt	(8)	—		(21)		2,756		38,885		1,629		21		40,493		GRT Rubber Technologies LLC	10.66%	L+	6.00%		Secured Debt	(8)	—		—		28		670		295		—		965
						Member Units	(8)	—		—		2,483		46,190		—		—		46,190			12.66%	L+	8.00%		Secured Debt	(8)	—		(12)		1,280		40,493		12		12		40,493
Jensen Jewelers of Idaho, LLC		12.25%	P+	6.75%		Secured Debt	(9)	—		(6)		207		2,550		6		106		2,450
						Member Units	(9)	—		2,550		1,996		12,420		2,550		—		14,970							Member Units	(8)	—		—		42		44,440		—		—		44,440
Kickhaefer Manufacturing Company, LLC		11.50%				Secured Debt	(5)	—		—		1,818		20,324		37		—		20,361
		9.00%				Secured Debt	(5)	—		—		265		3,876		1		26		3,851
						Member Units	(5)	—		(3,060)		—		12,310		—		3,060		9,250
						Member Units	(5)	—		—		84		2,460		—		—		2,460
Market Force Information, LLC		13.38%	L+	11.00%		Secured Debt	(9)	—		—		374		3,400		1,600		—		5,000
		12.00%			12.00%	Secured Debt	(9)	—		(6,065)		—		8,936		—		6,065		2,871
Gulf Publishing Holdings, LLC																						Gulf Publishing Holdings, LLC		L+	9.50%		Secured Debt	(8)	—		—		—		—		—		—		—

~~100~~108

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2021 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	September 30, 2022 Fair Value (13)	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2022 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	March 31, 2023 Fair Value (13)
																12.50%				Secured Debt	(8)	—	—	75	2,284	—	—	2,284
																				Preferred Equity	(8)	—	—	—	3,780	—	—	3,780
																				Member Units	(8)	—	—	—	—	—	—	—
Jensen Jewelers of Idaho, LLC															Jensen Jewelers of Idaho, LLC		P+	6.75%		Secured Debt	(9)	—	—	—	—	—	—	—
																14.50%	P+	6.75%		Secured Debt	(9)	—	(2)	90	2,450	2	2	2,450
																				Member Units	(9)	—	(120)	129	14,970	—	120	14,850
Kickhaefer Manufacturing Company, LLC															Kickhaefer Manufacturing Company, LLC	12.00%				Secured Debt	(5)	—	—	780	20,374	192	—	20,566
																9.00%				Secured Debt	(5)	—	—	88	3,842	—	9	3,833
																				Preferred Equity	(5)	—	—	—	7,220	—	—	7,220
																				Member Units	(5)	—	(70)	29	2,850	—	70	2,780
Market Force Information, LLC															Market Force Information, LLC	15.75%	L+	11.00%		Secured Debt	(9)	—	(6,725)	260	6,090	635	6,725	—
																12.00%			12.00%	Secured Debt	(9)	—	(1,610)	—	1,610	—	1,610	—
																				Member Units	(9)	—	—	—	—	—	—	—
MetalForming AcquireCo, LLC															MetalForming AcquireCo, LLC					Secured Debt	(7)	—	—	3	—	—	—	—
																12.75%				Secured Debt	(7)	—	—	739	23,576	12	—	23,588
																8.00%			8.00%	Preferred Equity	(7)	—	—	148	6,010	117	—	6,127
						Member Units	(9)	—	—	—	—	—	—	—						Common Stock	(7)	—	—	327	1,537	—	—	1,537
MH Corbin Holding LLC	MH Corbin Holding LLC	13.00%				Secured Debt	(5)	—	(1,220)	795	5,934	9	3,234	2,709	MH Corbin Holding LLC	13.00%				Secured Debt	(5)	—	952	196	4,548	952	116	5,384
						Preferred Member Units	(5)	—	—	—	—	—	—	—						Preferred Member Units	(5)	—	—	—	—	—	—	—
						Preferred Member Units	(5)	—	—	—	—	—	—	—						Preferred Member Units	(5)	—	—	—	—	—	—	—
MSC Adviser I, LLC	MSC Adviser I, LLC					Member Units	(8)	—	(27,910)	5,620	140,400	—	27,910	112,490	MSC Adviser I, LLC					Member Units	(8)	—	9,720	3,057	122,930	9,720	—	132,650
Mystic Logistics Holdings, LLC	Mystic Logistics Holdings, LLC	10.00%				Secured Debt	(6)	—	—	3	—	—	—	—	Mystic Logistics Holdings, LLC					Secured Debt	(6)	—	—	1	—	—	—	—
		10.00%				Secured Debt	(6)	—	(1)	460	6,378	1	633	5,746		10.00%				Secured Debt	(6)	—	—	144	5,746	—	—	5,746
						Common Stock	(6)	—	11,860	2,860	8,840	11,860	—	20,700						Common Stock	(6)	—	2,180	992	22,830	2,180	—	25,010
OMi Topco, LLC	OMi Topco, LLC	12.00%				Secured Debt	(8)	—	(41)	1,625	18,000	41	1,791	16,250	OMi Topco, LLC	12.00%				Secured Debt	(8)	—	(13)	485	15,750	13	763	15,000
						Preferred Member Units	(8)	—	470	1,676	20,210	470	—	20,680						Preferred Member Units	(8)	—	2,290	675	22,810	2,290	—	25,100
PPL RVs, Inc.	PPL RVs, Inc.		L+	7.00%		Secured Debt	(8)	—	—	79	727	1,264	2,000	(9)	PPL RVs, Inc.		L+	7.00%		Secured Debt	(8)	—	—	—	—	—	—	—
		8.75%	L+	7.00%		Secured Debt	(8)	—	239	1,155	11,655	8,000	—	19,655		11.38%	L+	7.00%		Secured Debt	(8)	—	(13)	629	21,655	13	13	21,655
						Common Stock	(8)	—	5,150	908	14,360	5,150	—	19,510						Common Stock	(8)	—	—	104	18,950	—	—	18,950
						Common Stock	(8)	—	—	—	—	157	—	157						Common Stock	(8)	—	(68)	—	238	—	68	170
Principle Environmental, LLC	Principle Environmental, LLC					Secured Debt	(8)	—	—	104	1,465	9	1,474	—	Principle Environmental, LLC					Secured Debt	(8)	—	—	—	—	—	—	—
		13.00%				Secured Debt	(8)	—	—	602	5,808	18	26	5,800		13.00%				Secured Debt	(8)	—	—	198	5,806	6	—	5,812
						Preferred Member Units	(8)	—	1,070	656	11,160	1,070	—	12,230						Preferred Member Units	(8)	—	(1,940)	286	12,420	—	1,940	10,480
						Common Stock	(8)	—	80	—	710	80	—	790						Common Stock	(8)	—	(90)	—	590	—	90	500
Quality Lease Service, LLC	Quality Lease Service, LLC					Member Units	(7)	—	76	—	2,148	76	1,599	625	Quality Lease Service, LLC					Member Units	(7)	—	—	—	525	—	—	525
Robbins Bros. Jewelry, Inc.	Robbins Bros. Jewelry, Inc.	13.63%	L+	11.00%		Secured Debt	(9)	—	—	24	(44)	6	—	(38)	Robbins Bros. Jewelry, Inc.					Secured Debt	(9)	—	—	8	(35)	2	—	(33)
		13.63%	L+	11.00%		Secured Debt	(9)	—	—	3,465	36,000	59	450	35,609		12.50%				Secured Debt	(9)	—	—	1,128	35,404	19	225	35,198
						Preferred Equity	(9)	—	4,140	558	11,070	4,140	—	15,210						Preferred Equity	(9)	—	(4,950)	—	14,880	—	4,950	9,930
Trantech Radiator Topco, LLC	Trantech Radiator Topco, LLC	8.00%				Secured Debt	(7)	—	—	5	(8)	3	—	(5)	Trantech Radiator Topco, LLC					Secured Debt	(7)	—	(1)	2	—	1	1	—
		12.00%				Secured Debt	(7)	—	(17)	785	8,720	17	417	8,320		12.00%				Secured Debt	(7)	—	(5)	242	7,920	5	5	7,920
						Common Stock	(7)	—	(1,240)	87	8,660	—	1,240	7,420						Common Stock	(7)	—	1,510	29	7,800	1,506	—	9,306
Ziegler’s NYPD, LLC		12.00%				Secured Debt	(8)	—	—	57	625	—	175	450
Volusion, LLC															Volusion, LLC	10.00%				Secured Debt	(8)	—	—	—	—	2,100	—	2,100
		6.50%				Secured Debt	(8)	—	—	49	1,000	—	—	1,000						Secured Debt	(8)	(3,188)	1,821	166	14,914	—	14,914	—
		14.00%				Secured Debt	(8)	—	(74)	292	2,750	—	74	2,676
						Preferred Member Units	(8)	—	(940)	—	2,130	—	940	1,190
						Warrants	(8)	—	—	—	—	—	—	—
Other controlled investments
2717 MH, L.P.						LP Interests (2717 MH, L.P.)	(8)	—	1,979	—	3,971	3,171	—	7,142
						LP Interests (2717 HPP-MS, L.P.)	(8)	—	—	—	—	244	—	244
ASC Interests, LLC		13.00%				Secured Debt	(8)	—	—	24	200	130	30	300
		13.00%				Secured Debt	(8)	—	—	211	1,636	12	—	1,648
						Member Units	(8)	—	80	—	720	80	—	800
ATS Workholding, LLC		5.00%				Secured Debt	(9)	—	(411)	—	1,088	147	435	800
		5.00%				Secured Debt	(9)	—	(576)	—	1,917	—	619	1,298
						Preferred Member Units	(9)	—	—	—	—	—	—	—
Barfly Ventures, LLC		7.00%				Secured Debt	(5)	—	—	38	710	1	—	711
						Member Units	(5)	—	1,390	—	1,930	1,390	—	3,320
Batjer TopCo, LLC						Secured Debt	(8)	—	—	4	—	451	459	(8)

~~101~~109

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(unaudited)

Company Total Rate Base Rate Spread PIK Rate Type of 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,
2021 Fair Value (13) Gross
Additions(3) Gross
Reductions(4) September 30,
2022 Fair Value (13)
11.00% Secured Debt (8) — — — — — — —
11.00% Secured Debt (8) — — 824 — 10,927 — 10,927
Preferred Stock (8) — — — — 4,095 — 4,095
Bolder Panther Group, LLC L+ 8.00% Secured Debt (9) — — 19 — — — —
12.63% L+ 10.00% Secured Debt (9) — 266 5,780 39,000 60,194 — 99,194
8.00% Class B Preferred Member Units (9) — 3,840 558 23,170 3,840 — 27,010
Bridge Capital Solutions Corporation 13.00% Secured Debt (6) — — 869 8,813 — — 8,813
13.00% Secured Debt (6) — — 99 1,000 — — 1,000
Preferred Member Units (6) — — 75 1,000 — — 1,000
Warrants (6) — 83 — 1,712 83 — 1,795
Warrants (6) — 117 — 2,348 117 — 2,465
CBT Nuggets, LLC Member Units (9) — (2,370) 2,471 50,620 — 2,370 48,250
Centre Technologies Holdings, LLC L+ 9.00% Secured Debt (8) — — 25 — 1,440 1,440 —
11.63% L+ 9.00% Secured Debt (8) — 507 1,271 8,864 6,470 387 14,947
Preferred Member Units (8) — 2,038 90 5,840 2,320 — 8,160
Chamberlin Holding LLC 8.63% L+ 6.00% Secured Debt (8) — — 6 — — — —
10.63% L+ 8.00% Secured Debt (8) — (51) 1,314 17,817 51 402 17,466
Member Units (8) — (1,810) 1,335 24,140 — 1,810 22,330
Member Units (8) — — 55 1,540 451 — 1,991
Charps, LLC 10.00% Unsecured Debt (5) — (36) 461 5,694 36 36 5,694
Preferred Member Units (5) — (780) 425 13,990 — 780 13,210
Colonial Electric Company LLC Secured Debt (6) — — 46 — 1,600 1,600 —
12.00% Secured Debt (6) — — 2,224 24,351 45 945 23,451
Preferred Member Units (6) — 80 1,287 9,130 80 — 9,210
Copper Trail Energy Fund I, LP - CTMH LP Interests (CTMH, LP) (9) — — — 710 — — 710
Digital Products Holdings LLC 12.63% L+ 10.00% Secured Debt (5) — — 1,436 16,801 33 990 15,844
Preferred Member Units (5) — — 150 9,835 — — 9,835
Flame King Holdings, LLC 9.25% L+ 6.50% Secured Debt (9) — 64 464 6,324 1,276 — 7,600
13.75% L+ 11.00% Secured Debt (9) — 173 2,035 20,996 204 — 21,200
Preferred Equity (9) — 3,440 909 10,400 3,440 — 13,840
Garreco, LLC 9.50% L+ 8.00% Secured Debt (8) — — 290 4,196 — 370 3,826
Member Units (8) — (280) 321 2,270 — 280 1,990
Gulf Manufacturing, LLC Member Units (8) — 170 1,365 5,640 170 — 5,810
Gulf Publishing Holdings, LLC L+ 9.50% Secured Debt (8) — — 7 257 — 257 —
Secured Debt (8) (5,822) 3,848 503 9,717 — 9,717 —
12.50% Secured Debt (8) — (116) — — 2,400 116 2,284
Member Units (8) — — — — — — —
Member Units (8) — (1,680) — — 5,600 1,680 3,920
Harrison Hydra-Gen, Ltd. Common Stock (8) — (250) — 3,530 — 250 3,280
Johnson Downie Opco, LLC 14.13% L+ 11.50% Secured Debt (8) — — 10 (18) 3 — (15)
14.13% L+ 11.50% Secured Debt (8) — 84 1,109 11,362 114 1,477 9,999
Preferred Equity (8) — 2,730 808 3,150 2,730 — 5,880
JorVet Holdings, LLC 12.00% Secured Debt (9) — — 1,881 — 25,419 — 25,419


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2022 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	March 31, 2023 Fair Value (13)
					Unsecured Convertible Debt	(8)	(409)	409	—	—	409	409	—
					Preferred Member Units	(8)	—	—	—	—	—	—	—
					Preferred Member Units	(8)	—	—	—	—	11,446	—	11,446
					Preferred Member Units	(8)	—	—	—	—	—	—	—
					Common Stock	(8)	—	(2,576)	—	—	2,576	2,576	—
					Warrants	(8)	—	2,576	—	—	—	—	—
Ziegler’s NYPD, LLC	12.00%				Secured Debt	(8)	—	—	14	450	—	—	450
	6.50%				Secured Debt	(8)	—	—	16	945	—	—	945
	14.00%				Secured Debt	(8)	—	(215)	96	2,676	—	215	2,461
					Preferred Member Units	(8)	—	(170)	—	240	—	170	70
					Warrants	(8)	—	—	—	—	—	—	—
Other controlled investments
2717 MH, L.P.					LP Interests (2717 MH, L.P.)	(8)	631	(675)	141	7,552	1,031	1,574	7,009
					LP Interests (2717 HPP-MS, L.P.)	(8)	—	—	—	248	—	—	248
ASC Interests, LLC	13.00%				Secured Debt	(8)	—	—	13	400	—	—	400
	13.00%				Secured Debt	(8)	—	—	54	1,649	—	—	1,649
					Member Units	(8)	—	(100)	—	800	—	100	700
ATS Workholding, LLC	5.00%				Secured Debt	(9)	—	(132)	—	634	21	132	523
	5.00%				Secured Debt	(9)	—	(186)	—	1,005	—	185	820
					Preferred Member Units	(9)	—	—	—	—	—	—	—
Barfly Ventures, LLC	7.00%				Secured Debt	(5)	—	—	30	711	—	—	711
					Member Units	(5)	—	(280)	—	3,320	—	283	3,037
Batjer TopCo, LLC					Secured Debt	(8)	—	—	—	(8)	1	—	(7)
					Secured Debt	(8)	—	—	—	—	—	—	—
	11.00%				Secured Debt	(8)	—	—	311	10,933	9	450	10,492
					Preferred Stock	(8)	—	2,055	167	4,095	2,055	—	6,150
Bolder Panther Group, LLC					Secured Debt	(9)	—	—	1	—	—	—	—
	13.91%	SF+	9.22%		Secured Debt	(9)	—	(36)	3,431	99,194	36	695	98,535
	8.00%				Class B Preferred Member Units	(9)	—	—	1,096	31,420	—	—	31,420
Bridge Capital Solutions Corporation	13.00%				Secured Debt	(6)	—	—	286	8,813	—	—	8,813
	13.00%				Secured Debt	(6)	—	—	32	1,000	—	—	1,000
					Preferred Member Units	(6)	—	—	25	1,000	—	—	1,000
					Warrants	(6)	—	—	—	1,828	—	—	1,828
					Warrants	(6)	—	—	—	2,512	—	—	2,512
CBT Nuggets, LLC					Member Units	(9)	—	860	1,235	49,002	858	—	49,860
Centre Technologies Holdings, LLC		L+	9.00%		Secured Debt	(8)	—	—	3	—	—	—	—
	13.75%	L+	9.00%		Secured Debt	(8)	—	—	517	14,954	6	—	14,960
					Preferred Member Units	(8)	—	560	30	8,700	560	—	9,260
Chamberlin Holding LLC		SF+	6.00%		Secured Debt	(8)	—	—	2	—	—	—	—
	12.86%	SF+	8.00%		Secured Debt	(8)	—	(6)	540	16,945	6	6	16,945

~~102~~110

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2021 Fair Value (13)		Gross Additions(3)		Gross Reductions(4)		September 30, 2022 Fair Value (13)		Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2022 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	March 31, 2023 Fair Value (13)
						Common Stock	(9)	—		—		468		—		10,741		—		10,741							Member Units	(8)	—	(120)	285	22,920	—	120	22,800
																											Member Units	(8)	—	120	23	2,710	120	—	2,830
Charps, LLC																						Charps, LLC	10.00%				Unsecured Debt	(5)	—	(9)	149	5,694	9	9	5,694
																											Preferred Member Units	(5)	—	210	196	13,340	210	—	13,550
Colonial Electric Company LLC																						Colonial Electric Company LLC					Secured Debt	(6)	—	—	2	—	—	—	—
																							12.00%				Secured Debt	(6)	—	—	704	23,151	14	315	22,850
																											Preferred Member Units	(6)	—	(960)	(1,273)	9,160	—	960	8,200
Copper Trail Energy Fund I, LP - CTMH																						Copper Trail Energy Fund I, LP - CTMH					LP Interests (CTMH, LP)	(9)	—	—	—	588	—	—	588
Digital Products Holdings LLC																						Digital Products Holdings LLC	14.75%	L+	10.00%		Secured Debt	(5)	—	—	564	15,523	9	329	15,203
																											Preferred Member Units	(5)	—	—	50	9,835	—	—	9,835
Garreco, LLC																						Garreco, LLC	12.00%	L+	10.00%		Secured Debt	(8)	—	—	112	3,826	—	277	3,549
																											Member Units	(8)	—	(220)	12	1,800	—	220	1,580
Gulf Manufacturing, LLC																						Gulf Manufacturing, LLC					Member Units	(8)	—	580	718	6,790	580	—	7,370
Harrison Hydra-Gen, Ltd.																						Harrison Hydra-Gen, Ltd.					Common Stock	(8)	—	210	—	3,280	210	—	3,490
Johnson Downie Opco, LLC																						Johnson Downie Opco, LLC		L+	11.50%		Secured Debt	(8)	—	(1)	3	—	1	1	—
																							16.25%	L+	11.50%		Secured Debt	(8)	—	(5)	407	9,999	5	5	9,999
																											Preferred Equity	(8)	—	1,010	71	5,540	1,010	—	6,550
JorVet Holdings, LLC																						JorVet Holdings, LLC	12.00%				Secured Debt	(9)	—	—	782	25,432	13	—	25,445
																											Preferred Equity	(9)	—	—	221	10,741	—	—	10,741
KBK Industries, LLC	KBK Industries, LLC					Member Units	(5)	—		770		1,007		13,620		770		—		14,390		KBK Industries, LLC	10.00%				Secured Debt	(5)	—	56	184	—	6,000	250	5,750
																											Member Units	(5)	—	(3,590)	6,134	15,570	—	3,590	11,980
MS Private Loan Fund	MS Private Loan Fund					LP Interests	(8)	—		20		437		2,581		11,770		—		14,351		MS Private Loan Fund					Secured Debt	(8)	—	—	6	—	—	—	—
																											Secured Debt	(8)	—	—	—	—	—	—	—
																											LP Interests	(8)	—	(58)	370	14,833	—	58	14,775
MSC Income Fund, Inc.	MSC Income Fund, Inc.					Common Equity	(8)	—		11		15		—		761		—		761		MSC Income Fund, Inc.					Common Equity	(8)	—	7	15	753	7	—	760
NAPCO Precast, LLC	NAPCO Precast, LLC					Member Units	(8)	—		(2,380)		4		13,560		—		2,380		11,180		NAPCO Precast, LLC					Member Units	(8)	—	670	—	11,830	670	—	12,500
Nebraska Vet AcquireCo, LLC (NVS)	Nebraska Vet AcquireCo, LLC (NVS)	8.71%	L+	7.00%		Secured Debt	(5)	—		—		7		—		—		—		—		Nebraska Vet AcquireCo, LLC (NVS)		L+	7.00%		Secured Debt	(5)	—	—	2	—	—	—	—
		12.00%				Secured Debt	(5)	—		121		1,146		4,829		13,452		—		18,281			12.00%				Secured Debt	(5)	—	(10)	613	20,094	10	10	20,094
		12.00%				Secured Debt	(5)	—		71		972		10,412		88		—		10,500			12.00%				Secured Debt	(5)	—	(5)	320	10,500	5	5	10,500
						Preferred Member Units	(5)	—		—		—		7,700		—		—		7,700							Preferred Member Units	(5)	—	3,520	125	7,700	3,520	—	11,220
NexRev LLC	NexRev LLC	11.00%				Secured Debt	(8)	—		—		26		800		—		640		160		NexRev LLC					Secured Debt	(8)	—	—	—	—	—	—	—
		11.00%				Secured Debt	(8)	—		(928)		1,560		13,245		—		4,192		9,053			11.00%				Secured Debt	(8)	—	1,000	320	8,477	1,022	629	8,870
						Preferred Member Units	(8)	—		(2,913)		60		2,690		1,333		2,913		1,110							Preferred Member Units	(8)	—	1,880	131	1,110	1,880	—	2,990
NRP Jones, LLC	NRP Jones, LLC	12.00%				Secured Debt	(5)	—		—		189		2,080		—		—		2,080		NRP Jones, LLC	12.00%				Secured Debt	(5)	—	—	62	2,080	—	—	2,080
						Member Units	(5)	—		(1,585)		449		6,200		—		1,585		4,615							Member Units	(5)	—	279	13	4,615	278	—	4,893
						Member Units	(5)	—		(65)		13		240		—		65		175							Member Units	(5)	—	11	(2)	175	12	—	187
NuStep, LLC	NuStep, LLC	9.13%	L+	6.50%		Secured Debt	(5)	—		—		208		1,720		2,679		—		4,399		NuStep, LLC	11.25%	L+	6.50%		Secured Debt	(5)	—	—	122	4,399	—	—	4,399
		12.00%				Secured Debt	(5)	—		(4)		1,612		17,240		1,175		4		18,411			12.00%				Secured Debt	(5)	—	—	556	18,414	3	—	18,417
						Preferred Member Units	(5)	—		(3,300)		—		13,500		—		3,300		10,200							Preferred Member Units	(5)	—	(410)	—	8,040	—	410	7,630
																											Preferred Member Units	(5)	—	—	—	5,150	—	—	5,150
Orttech Holdings, LLC	Orttech Holdings, LLC		L+	11.00%		Secured Debt	(5)	—		—		16		175		—		175		—		Orttech Holdings, LLC		L+	11.00%		Secured Debt	(5)	—	—	—	—	—	—	—
		13.63%	L+	11.00%		Secured Debt	(5)	—		—		2,305		23,976		41		600		23,417			15.75%	L+	11.00%		Secured Debt	(5)	—	—	924	23,429	17	800	22,646
						Preferred Stock	(5)	—		—		579		10,000		—		—		10,000							Preferred Stock	(5)	—	1,750	269	11,750	1,750	—	13,500
Pearl Meyer Topco LLC	Pearl Meyer Topco LLC					Secured Debt	(6)	—		—		24		—		1,500		1,500		—		Pearl Meyer Topco LLC	12.00%				Secured Debt	(6)	—	5	29	—	3,500	—	3,500
		12.00%				Secured Debt	(6)	—		—		—		—		—		—		—
		12.00%				Secured Debt	(6)	—		(76)		2,819		32,674		76		4,069		28,681
						Member Units	(6)	—		14,850		5,754		26,970		14,850		—		41,820
River Aggregates, LLC						Member Units	(8)	—		180		—		3,280		180		—		3,460
Tedder Industries, LLC		12.00%				Secured Debt	(9)	—		—		158		1,040		800		—		1,840
		12.00%				Secured Debt	(9)	—		(71)		1,431		15,141		47		71		15,117
						Preferred Member Units	(9)	—		(1,933)		—		8,579		488		1,930		7,137
Televerde, LLC						Member Units	(8)	—		(2,076)		—		7,280		—		2,076		5,204
						Preferred Stock	(8)	—		1,076		—		—		1,794		—		1,794
Vision Interests, Inc.						Series A Preferred Stock	(9)	—		—		144		3,000		—		—		3,000
VVS Holdco LLC		8.63%	L+	6.00%		Secured Debt	(5)	—		—		45		1,169		805		1,201		773
		11.50%				Secured Debt	(5)	—		—		2,697		30,100		46		—		30,146
						Preferred Equity	(5)	—		240		300		11,840		238		—		12,078
								—		—		—		—		—		—		—
								—		—		—		—		—		—		—
Other								—		—		—		—		—		—		—
Amounts related to investments transferred from other 1940 Act classification during the period								—		—		985		41,748		—		—		—
Total Control investments								$	(5,822)	$	20,618	$	110,751	$	1,489,257	$	280,134	$	128,214	$	1,599,429
Affiliate Investments
AAC Holdings, Inc.		18.00%			18.00%	Secured Debt	(7)	$	—	$	143	$	1,492	$	9,794	$	1,182	$	—	$	10,976
						Common Stock	(7)	—		(2,004)		—		2,079		—		2,004		75

~~103~~111

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2021 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	September 30, 2022 Fair Value (13)	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2022 Fair Value (13)		Gross Additions(3)		Gross Reductions(4)		March 31, 2023 Fair Value (13)
						Warrants	(7)	—	(1,865)	—	1,940	—	1,865	75		12.00%				Secured Debt	(6)	—		38		142		—		11,500		—		11,500
																12.00%				Secured Debt	(6)	—		(20)		868		28,681		20		1,020		27,681
																				Preferred Equity	(6)	—		280		2,879		43,260		280		—		43,540
River Aggregates, LLC															River Aggregates, LLC					Member Units	(8)	—		—		—		3,620		—		—		3,620
Tedder Industries, LLC															Tedder Industries, LLC	12.00%				Secured Debt	(9)	—		—		55		1,840		—		—		1,840
																12.00%				Secured Debt	(9)	—		—		459		15,120		3		—		15,123
																				Preferred Member Units	(9)	—		(810)		—		7,681		—		810		6,871
																				Preferred Member Units	(9)	—		111		—		—		333		—		333
Televerde, LLC															Televerde, LLC					Member Units	(8)	—		1,191		171		5,408		1,191		—		6,599
																				Preferred Stock	(8)	—		—		—		1,794		—		—		1,794
Vision Interests, Inc.															Vision Interests, Inc.					Series A Preferred Stock	(9)	—		—		168		3,000		—		—		3,000
VVS Holdco LLC															VVS Holdco LLC		L+	6.00%		Secured Debt	(5)	—		—		8		(21)		6		—		(15)
																11.50%				Secured Debt	(5)	—		—		889		30,161		15		—		30,176
																				Preferred Equity	(5)	—		100		38		11,940		100		—		12,040
																						—		—		—		—		—		—		—
																						—		—		—		—		—		—		—
Other															Other							—		—		—		—		—		—		—
Amounts related to investments transferred to or from other 1940 Act classification during the period															Amounts related to investments transferred to or from other 1940 Act classification during the period							—		—		(171)		(14,914)		—		—		—
Total Control investments															Total Control investments							$	(2,966)	$	17,161	$	48,862	$	1,703,172	$	83,687	$	55,770	$	1,746,003
Affiliate Investments															Affiliate Investments
AAC Holdings, Inc.															AAC Holdings, Inc.	18.00%				Secured Debt	(7)	$	—	$	(6)	$	—	$	—	$	315	$	6	$	309
																18.00%			18.00%	Secured Debt	(7)	—		(268)		572		11,550		572		267		11,855
																				Common Stock	(7)	—		—		—		—		—		—		—
																				Warrants	(7)	—		—		—		—		—		—		—
AFG Capital Group, LLC	AFG Capital Group, LLC					Preferred Member Units	(8)	—	—	2	144	—	144	—	AFG Capital Group, LLC					Preferred Member Units	(8)	—		—		—		9,400		—		—		9,400
						Preferred Member Units	(8)	—	1,040	200	7,740	1,040	—	8,780
ATX Networks Corp.	ATX Networks Corp.	11.14%	L+	7.50%		Secured Debt	(6)	—	403	562	7,092	631	1,016	6,707	ATX Networks Corp.		L+	7.50%		Secured Debt	(6)	—		(134)		886		6,343		575		6,918		—
		10.00%			10.00%	Unsecured Debt	(6)	—	260	242	1,963	502	—	2,465					10.00%	Unsecured Debt	(6)	—		(306)		1,160		2,598		1,160		3,758		—
						Common Stock	(6)	—	—	—	—	—	—	—						Common Stock	(6)	3,248		(3,270)		—		3,270		3,248		6,518		—
BBB Tank Services, LLC	BBB Tank Services, LLC	13.56%	L+	11.00%		Unsecured Debt	(8)	—	—	75	800	—	—	800	BBB Tank Services, LLC	15.66%	L+	11.00%		Unsecured Debt	(8)	—		—		31		800		—		—		800
		13.56%	L+	11.00%		Unsecured Debt	(8)	—	(209)	377	1,707	—	209	1,498		15.66%	L+	11.00%		Unsecured Debt	(8)	—		—		155		2,086		—		—		2,086
						Member Units	(8)	—	—	—	—	—	—	—						Member Units	(8)	—		—		—		—		—		—		—
		15.00%			15.00%	Preferred Stock (non-voting)	(8)	—	—	—	—	—	—	—		15.00%				Preferred Stock (non-voting)	(8)	—		—		—		—		—		—		—
Boccella Precast Products LLC	Boccella Precast Products LLC	10.00%				Secured Debt	(6)	—	—	24	320	—	—	320	Boccella Precast Products LLC	10.00%				Secured Debt	(6)	—		—		8		320		—		—		320
						Member Units	(6)	—	(1,510)	73	4,830	—	1,510	3,320						Member Units	(6)	—		(200)		29		2,970		—		200		2,770
Buca C, LLC	Buca C, LLC	9.00%				Secured Debt	(7)	—	1,604	1,488	14,370	1,602	1,966	14,006	Buca C, LLC	12.00%				Secured Debt	(7)	—		—		521		12,337		—		375		11,962
		6.00%			6.00%	Preferred Member Units	(7)	—	—	—	—	—	—	—		6.00%			6.00%	Preferred Member Units	(7)	—		—		—		—		—		—		—
Career Team Holdings, LLC	Career Team Holdings, LLC	8.63%	L+	6.00%		Secured Debt	(6)	—	—	5	—	—	—	—	Career Team Holdings, LLC		L+	6.00%		Secured Debt	(6)	—		—		2		(9)		1		1		(9)
		12.50%				Secured Debt	(6)	—	—	1,950	20,050	30	—	20,080		12.50%				Secured Debt	(6)	—		—		643		20,090		10		—		20,100
						Common Stock	(6)	—	—	—	4,500	—	—	4,500						Common Stock	(6)	—		—		—		4,500		—		—		4,500
Chandler Signs Holdings, LLC	Chandler Signs Holdings, LLC					Class A Units	(8)	—	510	—	460	510	—	970	Chandler Signs Holdings, LLC					Class A Units	(8)	—		210		36		1,790		210		—		2,000
Classic H&G Holdings, LLC	Classic H&G Holdings, LLC	8.38%	L+	6.00%		Secured Debt	(6)	—	—	455	4,000	11,720	7,960	7,760	Classic H&G Holdings, LLC	10.88%	L+	6.00%		Secured Debt	(6)	—		—		127		4,560		—		—		4,560
		8.00%				Secured Debt	(6)	—	(32)	1,201	19,274	32	32	19,274		8.00%				Secured Debt	(6)	—		(11)		396		19,274		11		11		19,274
						Preferred Member Units	(6)	—	8,530	1,294	15,260	8,530	—	23,790
Congruent Credit Opportunities Funds						LP Interests (Congruent Credit Opportunities Fund III, LP)	(8)	—	(63)	427	9,959	—	2,105	7,854
DMA Industries, LLC		12.00%				Secured Debt	(7)	—	175	1,961	20,993	207	—	21,200
						Preferred Equity	(7)	—	1,316	—	5,944	1,316	—	7,260
Dos Rios Partners						LP Interests (Dos Rios Partners - A, LP)	(8)	—	(1,147)	—	10,329	—	1,147	9,182
						LP Interests (Dos Rios Partners, LP)	(8)	—	(364)	—	3,280	—	364	2,916
Dos Rios Stone Products LLC						Class A Preferred Units	(8)	—	(290)	—	640	—	290	350
EIG Fund Investments						LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	11	—	46	547	1,093	170	1,470
Freeport Financial SBIC Fund LP						LP Interests (Freeport Financial SBIC Fund LP)	(5)	—	(52)	2	6,078	—	1,962	4,116
						LP Interests (Freeport First Lien Loan Fund III LP)	(5)	—	(57)	309	7,231	—	1,056	6,175
GFG Group, LLC.		9.00%				Secured Debt	(5)	—	(25)	969	12,545	25	825	11,745
						Preferred Member Units	(5)	—	150	417	6,990	150	—	7,140
Hawk Ridge Systems, LLC		8.38%	L+	6.00%		Secured Debt	(9)	—	—	150	2,585	597	—	3,182
		8.00%				Secured Debt	(9)	—	(4)	2,145	34,800	3,004	4	37,800
						Preferred Member Units	(9)	—	4,400	803	14,680	4,400	—	19,080

~~104~~112

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(unaudited)

Company Total Rate Base Rate Spread PIK Rate Type of 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,
2021 Fair Value (13) Gross
Additions(3) Gross
Reductions(4) September 30,
2022 Fair Value (13)
Preferred Member Units (9) — 230 — 770 230 — 1,000
Houston Plating and Coatings, LLC 8.00% Unsecured Convertible Debt (8) — (210) 182 2,960 — 210 2,750
Member Units (8) — (990) 17 3,210 — 990 2,220
HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (8) 779 254 (80) 4,712 1,033 1,414 4,331
LP Interests (HPEP 4, L.P.) (8) — — — — 1,896 — 1,896
LP Interests (423 COR, LP) (8) — — — — 1,400 — 1,400
I-45 SLF LLC
Member Units (Fully diluted 20.0%; 21.75% profits
interest)
(8) — (1,880) 1,499 14,387 — 1,880 12,507
Iron-Main Investments, LLC 12.50% Secured Debt (5) — — 443 4,557 7 — 4,564
12.50% Secured Debt (5) — — 308 3,170 4 — 3,174
12.50% Secured Debt (5) — — 848 8,944 — — 8,944
12.50% Secured Debt (5) — — 1,926 19,805 30 — 19,835
Common Stock (5) — — — 1,798 — — 1,798
L.F. Manufacturing Holdings, LLC Preferred Member Units (non-voting) (8) — — 9 107 10 117 —
Member Units (8) 617 (541) 224 2,560 617 3,177 —
OnAsset Intelligence, Inc. 12.00% 12.00% Secured Debt (8) — (273) 28 935 28 273 690
12.00% 12.00% Secured Debt (8) — (280) 29 954 29 280 703
12.00% 12.00% Secured Debt (8) — (602) 62 2,055 62 602 1,515
12.00% 12.00% Secured Debt (8) — (1,255) 129 4,285 130 1,255 3,160
10.00% 10.00% Unsecured Debt (8) — — 5 192 5 — 197
7.00% 7.00% Preferred Stock (8) — — — — — — —
Common Stock (8) — — — — — — —
Warrants (8) — — — — — — —
Oneliance, LLC 13.56% L+ 11.00% Secured Debt (7) — — — — — — —
13.56% L+ 11.00% Secured Debt (7) — — 536 5,547 9 — 5,556
Preferred Stock (7) — — — 1,056 — — 1,056
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) 12.00% Secured Debt (8) (67) — — — — — —
Preferred Member Units (8) — — — — — — —
SI East, LLC (Stavig) 10.25% Secured Debt (7) — — 195 2,250 3,750 3,750 2,250
10.25% Secured Debt (7) — — 6,068 63,600 31,125 1,489 93,236
Preferred Member Units (7) — 3,380 568 11,570 3,380 — 14,950
Slick Innovations, LLC 11.00% Secured Debt (6) — (41) 481 5,320 41 1,121 4,240
Common Stock (6) — 130 — 1,510 130 — 1,640
Warrants (6) — 40 — 400 40 — 440
Sonic Systems International, LLC 9.75% L+ 7.50% Secured Debt (8) — 102 966 11,757 3,856 — 15,613
Common Stock (8) — 64 32 1,070 350 — 1,420
Superior Rigging & Erecting Co. 12.00% Secured Debt (7) — — 1,991 21,332 35 — 21,367
Preferred Member Units (7) — — — 4,500 — — 4,500


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2022 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	March 31, 2023 Fair Value (13)
					Preferred Member Units	(6)	—	1,062	780	24,637	1,063	—	25,700
Congruent Credit Opportunities Funds					LP Interests (Congruent Credit Opportunities Fund III, LP)	(8)	—	—	123	7,657	—	876	6,781
DMA Industries, LLC	12.00%				Secured Debt	(7)	—	(11)	647	21,200	11	11	21,200
					Preferred Equity	(7)	—	—	—	7,260	—	—	7,260
Dos Rios Partners					LP Interests (Dos Rios Partners, LP)	(8)	—	156	—	9,127	156	—	9,283
					LP Interests (Dos Rios Partners - A, LP)	(8)	—	—	—	2,898	—	—	2,898
Dos Rios Stone Products LLC					Class A Preferred Units	(8)	—	250	—	1,330	250	—	1,580
EIG Fund Investments					LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	14	—	19	1,013	15	52	976
Flame King Holdings, LLC	11.25%	L+	6.50%		Secured Debt	(9)	—	(4)	215	7,600	4	4	7,600
	13.75%	L+	9.00%		Secured Debt	(9)	—	(11)	730	21,200	11	11	21,200
					Preferred Equity	(9)	—	3,610	538	17,580	3,610	—	21,190
Freeport Financial SBIC Fund LP					LP Interests (Freeport Financial SBIC Fund LP)	(5)	—	—	—	3,483	—	—	3,483
					LP Interests (Freeport First Lien Loan Fund III LP)	(5)	—	—	134	5,848	—	536	5,312
GFG Group, LLC.	9.00%				Secured Debt	(5)	—	(6)	261	11,345	6	6	11,345
					Preferred Member Units	(5)	—	450	39	7,140	450	—	7,590
Hawk Ridge Systems, LLC	10.75%	L+	6.00%		Secured Debt	(9)	—	—	90	3,185	815	—	4,000
	10.00%				Secured Debt	(9)	—	(10)	893	37,800	10	10	37,800
					Preferred Member Units	(9)	—	—	65	17,460	—	—	17,460
					Preferred Member Units	(9)	—	—	—	920	—	—	920
Houston Plating and Coatings, LLC	8.00%				Unsecured Convertible Debt	(8)	—	(170)	60	3,000	—	170	2,830
					Member Units	(8)	—	600	2	2,400	600	—	3,000
HPEP 3, L.P.					LP Interests (HPEP 3, L.P.)	(8)	—	113	—	4,331	113	508	3,936
					LP Interests (HPEP 4, L.P.)	(8)	—	—	—	2,332	—	—	2,332
					LP Interests (423 COR, LP)	(8)	—	—	117	1,400	—	—	1,400
I-45 SLF LLC					Member Units (Fully diluted 20.0%; 21.75% profits interest)	(8)	—	—	528	11,758	1,200	—	12,958
Infinity X1 Holdings, LLC	13.00%				Secured Debt	(9)	—	—	183	—	17,823	—	17,823
					Preferred Equity	(9)	—	—	—	—	4,000	—	4,000
Iron-Main Investments, LLC	13.50%				Secured Debt	(5)	—	—	151	4,500	2	—	4,502
	13.50%				Secured Debt	(5)	—	—	105	3,130	2	—	3,132
	13.50%				Secured Debt	(5)	—	—	294	8,944	—	—	8,944
	13.50%				Secured Debt	(5)	—	—	658	19,559	9	—	19,568
	13.50%				Secured Debt	(5)	—	—	489	—	10,836	—	10,836

~~105~~113

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2021 Fair Value (13)		Gross Additions(3)		Gross Reductions(4)		September 30, 2022 Fair Value (13)		Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2022 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	March 31, 2023 Fair Value (13)
																											Common Stock	(5)	—	—	—	1,798	958	—	2,756
OnAsset Intelligence, Inc.																						OnAsset Intelligence, Inc.	12.00%			12.00%	Secured Debt	(8)	—	(6)	—	569	—	6	563
																							12.00%			12.00%	Secured Debt	(8)	—	(6)	—	580	—	6	574
																							12.00%			12.00%	Secured Debt	(8)	—	(14)	—	1,249	—	13	1,236
																							12.00%			12.00%	Secured Debt	(8)	—	(28)	—	2,606	—	29	2,577
																							10.00%			10.00%	Unsecured Debt	(8)	—	—	—	305	—	—	305
																							7.00%			7.00%	Preferred Stock	(8)	—	—	—	—	—	—	—
																											Common Stock	(8)	—	—	—	—	—	—	—
																											Warrants	(8)	—	—	—	—	—	—	—
Oneliance, LLC																						Oneliance, LLC		L+	11.00%		Secured Debt	(7)	—	—	—	—	—	—	—
																							15.75%	L+	11.00%		Secured Debt	(7)	—	—	219	5,559	3	80	5,482
																											Preferred Stock	(7)	—	—	—	1,056	—	—	1,056
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)																						Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)					Secured Debt	(8)	(29,526)	29,865	—	—	29,865	29,865	—
																											Preferred Member Units	(8)	—	—	—	—	—	—	—
SI East, LLC (Stavig)																						SI East, LLC (Stavig)					Secured Debt	(7)	—	—	7	—	—	—	—
																							9.50%				Secured Debt	(7)	—	(33)	2,144	89,786	33	5,283	84,536
																											Preferred Member Units	(7)	—	—	343	13,650	—	—	13,650
Slick Innovations, LLC																						Slick Innovations, LLC	14.00%				Secured Debt	(6)	—	(9)	492	13,840	9	249	13,600
																											Common Stock	(6)	—	260	—	1,530	260	—	1,790
Sonic Systems International, LLC																						Sonic Systems International, LLC	12.26%	L+	7.50%		Secured Debt	(8)	—	(17)	499	15,769	17	17	15,769
																											Common Stock	(8)	—	(50)	11	1,280	—	50	1,230
Student Resource Center, LLC																						Student Resource Center, LLC	13.69%	L+	8.50%		Secured Debt	(6)	—	—	108	4,556	—	—	4,556
																											Preferred Equity	(6)	—	—	—	—	—	—	—
Superior Rigging & Erecting Co.																						Superior Rigging & Erecting Co.	12.00%				Secured Debt	(7)	—	—	652	21,378	17	1,000	20,395
																											Preferred Member Units	(7)	—	470	—	4,500	470	—	4,970
The Affiliati Network, LLC	The Affiliati Network, LLC					Secured Debt	(9)	—		—		28		262		3,523		3,800		(15)		The Affiliati Network, LLC					Secured Debt	(9)	—	—	7	106	1,321	1,440	(13)
		13.00%				Secured Debt	(9)	—		—		1,166		12,834		35		1,720		11,149			12.00%				Secured Debt	(9)	—	—	293	9,442	7	200	9,249
						Preferred Stock	(9)	—		—		339		6,400		—		—		6,400							Preferred Stock	(9)	—	—	80	6,400	—	—	6,400
UnionRock Energy Fund II, LP	UnionRock Energy Fund II, LP					LP Interests	(9)	—		(64)		194		6,123		1,880		2,649		5,354		UnionRock Energy Fund II, LP					LP Interests	(9)	—	—	—	5,855	530	197	6,188
UniTek Global Services, Inc.	UniTek Global Services, Inc.	10.76%	SF+	5.50%	2.00%	Secured Debt	(6)	—		3		29		371		9		—		380		UniTek Global Services, Inc.	14.22%	SF+	7.50%	2.00%	Secured Debt	(6)	—	23	12	382	25	—	407
		10.76%	SF+	5.50%	2.00%	Secured Debt	(6)	—		26		146		1,852		61		212		1,701			14.22%	SF+	7.50%	2.00%	Secured Debt	(6)	—	102	62	1,712	112	3	1,821
		15.00%			15.00%	Secured Convertible Debt	(6)	—		782		167		2,375		1,896		—		4,271			15.00%			15.00%	Secured Convertible Debt	(6)	—	262	91	4,592	353	—	4,945
		20.00%			20.00%	Preferred Stock	(6)	—		(280)		280		2,832		281		280		2,833			20.00%			20.00%	Preferred Stock	(6)	—	(107)	107	2,833	107	107	2,833
		20.00%			20.00%	Preferred Stock	(6)	—		153		—		1,498		153		—		1,651			20.00%			20.00%	Preferred Stock	(6)	—	385	—	1,991	385	—	2,376
		19.00%			19.00%	Preferred Stock	(6)	—		—		—		—		—		—		—			19.00%			19.00%	Preferred Stock	(6)	—	—	—	—	—	—	—
		13.50%			13.50%	Preferred Stock	(6)	—		—		—		—		—		—		—			13.50%			13.50%	Preferred Stock	(6)	—	—	—	—	—	—	—
						Common Stock	(6)	—		—		—		—		—		—		—							Common Stock	(6)	—	—	—	—	—	—	—
Volusion, LLC		11.50%				Secured Debt	(8)	—		(104)		1,490		17,434		—		804		16,630
Universal Wellhead Services Holdings, LLC																						Universal Wellhead Services Holdings, LLC	14.00%			14.00%	Preferred Member Units	(8)	—	—	—	220	—	2	218
		8.00%				Unsecured Convertible Debt	(8)	—		—		24		409		—		—		409							Member Units	(8)	—	—	—	—	—	—	—
						Preferred Member Units	(8)	—		(5,989)		—		5,990		—		5,990		—
World Micro Holdings, LLC																						World Micro Holdings, LLC	13.00%				Secured Debt	(7)	—	—	471	14,140	7	—	14,147
						Warrants	(8)	—		—		—		—		—		—		—							Preferred Equity	(7)	—	—	—	3,845	—	—	3,845
Other	Other							—		—		—		—		—		—		—		Other							—	—	—	—	—	—	—
Amounts related to investments transferred from other 1940 Act classification during the period								—		139		1,302		32,597		—		—		—
Total Affiliate investments								$	1,340	$	3,703	$	38,300	$	549,214	$	92,606	$	56,642	$	552,581

114

Table of contentsSchedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

March 31, 2023

(dollars in thousands)

(unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2022 Fair Value (13)		Gross Additions(3)		Gross Reductions(4)		March 31, 2023 Fair Value (13)
Amounts related to investments transferred to or from other 1940 Act classification during the period							—		—		171		14,914		—		—		—
Total Affiliate investments							$	(26,264)	$	33,141	$	17,456	$	618,359	$	81,567	$	58,785	$	626,227

____________________

(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.”

(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.

(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.

(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $444,151. This represented 25.4% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $77,468. This represented 12.4% of net assets as of March 31, 2023.

(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $163,180. This represented 9.3% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $109,543. This represented 17.5% of net assets as of March 31, 2023.

(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $49,003. This represented 2.8% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $200,667. This represented 32.0% of net assets as of March 31, 2023.

(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $639,016. This represented 36.6% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $84,732. This represented 13.5% of net assets as of March 31, 2023.

~~106~~

115

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2022~~March 31, 2023

(dollars in thousands)

(unaudited)

~~(5)~~Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2022 for control investments located in this region was $346,535. This represented 21.7% of net assets as of September 30, 2022. The fair value as of September 30, 2022 for affiliate investments located in this region was $67,491. This represented 12.2% of net assets as of September 30, 2022.

~~(6)~~Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of September 30, 2022 for control investments located in this region was $144,681. This represented 9.0% of net assets as of September 30, 2022. The fair value as of September 30, 2022 for affiliate investments located in this region was $105,372. This represented 19.1% of net assets as of September 30, 2022.

~~(7)~~Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2022 for control investments located in this region was $16,360. This represented 1.0% of net assets as of September 30, 2022. The fair value as of September 30, 2022 for affiliate investments located in this region was $196,507. This represented 35.6% of net assets as of September 30, 2022.

~~(8)~~Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2022 for control investments located in this region was $593,513. This represented 37.1% of net assets as of September 30, 2022. The fair value as of September 30, 2022 for affiliate investments located in this region was $99,261. This represented 18.0% of net assets as of September 30, 2022.

(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of ~~September 30, 2022~~March 31, 2023 for control investments located in this region was ~~$498,340.~~$450,653. This represented ~~31.2%~~25.8% of net assets as of ~~September 30, 2022.~~March 31, 2023. The fair value as of ~~September 30, 2022~~March 31, 2023 for affiliate investments located in this region was ~~$83,950.~~$153,817. This represented ~~15.2%~~24.6% of net assets as of ~~September 30, 2022.~~March 31, 2023.

(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.

(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.

(12)Investment has an unfunded commitment as of ~~September 30, 2022~~March 31, 2023 (see Note K)K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

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

~~107~~116

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates

~~September 30, 2021~~March 31, 2022

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2020 Fair Value		Gross Additions(3)		Gross Reductions(4)		September 30, 2021 Fair Value			Company		Total Rate		Base Rate		Spread	PIK Rate		Type of 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, 2021 Fair Value			Gross Additions(3)			Gross Reductions(4)			March 31, 2022 Fair Value
Majority-owned investments	Majority-owned investments																						Majority-owned investments
ASK (Analytical Systems Keco Holdings, LLC)	ASK (Analytical Systems Keco Holdings, LLC)					Preferred Member Units	(8)	$	—	$	(3,200)	$	—	$	3,200	$	—	$	3,200	$	—		ASK (Analytical Systems Keco Holdings, LLC)		12.00%		L+		10.00%			Secured Debt		(8)		$	—		$	—		$	170		$	4,736		$	23		$	70		$	4,689
						Preferred Member Units	(8)	—		2,356		—		—		4,783		—		4,783												Preferred Member Units		(8)		—			(576)			—			4,894			—			576			4,318
						Warrants	(8)	—		(10)		—		10		—		10		—
Brewer Crane Holdings, LLC																						Brewer Crane Holdings, LLC		11.00%		L+		10.00%			Secured Debt		(9)		—			—			224			8,037			6			124			7,919
		12.00%	L+	10.00%		Secured Debt	(8)	—		—		520		4,873		134		220		4,787												Preferred Member Units		(9)		—			70			265			7,710			70			—			7,780
Café Brazil, LLC	Café Brazil, LLC					Member Units	(8)	—		540		470		2,030		540		—		2,570			Café Brazil, LLC									Member Units		(8)		—			60			52			2,570			60			—			2,630
California Splendor Holdings LLC	California Splendor Holdings LLC					Preferred Member Units	(9)	—		4,564		188		6,241		4,564		—		10,805			California Splendor Holdings LLC		11.00%		L+		10.00%			Secured Debt		(9)		—			—			787			27,915			17			—			27,932
		11.00%	L+	10.00%		Secured Debt	(9)	—		36		2,579		35,832		196		8,129		27,899												Preferred Member Units		(9)		—			—			357			9,510			357			—			9,867
		15.00%			15.00%	Preferred Member Units	(9)	—		—		939		8,255		939		—		9,194												Preferred Member Units		(9)		—			3,990			63			13,275			3,990			—			17,265
Clad-Rex Steel, LLC	Clad-Rex Steel, LLC					Member Units	(5)	—		—		—		530		—		—		530			Clad-Rex Steel, LLC		10.50%		L+		9.50%			Secured Debt		(5)		—			—			285			10,401			10			—			10,411
						Member Units	(5)	—		1,640		2,181		8,610		1,640		—		10,250					10.00%							Secured Debt		(5)		—			—			27			1,071			—			8			1,063
		10.00%				Secured Debt	(5)	—		—		83		1,100		—		22		1,078												Member Units		(5)		—			80			348			10,780			80			—			10,860
		10.50%	L+	9.50%		Secured Debt	(5)	—		—		878		10,853		—		460		10,393
CMS Minerals Investments	CMS Minerals Investments					Member Units	(9)	—		453		22		1,624		454		195		1,883			CMS Minerals Investments									Member Units		(9)		—			192			43			1,974			192			109			2,057
Cody Pools, Inc.	Cody Pools, Inc.					Preferred Member Units	(8)	—		15,450		1,602		14,940		15,450		—		30,390			Cody Pools, Inc.		12.25%		L+		10.50%			Secured Debt		(8)		—			(23)			1,380			42,484			2,888			2,890			42,482
		12.25%	L+	10.50%		Secured Debt	(8)	—		6		1,400		14,216		8,000		4,169		18,047												Preferred Member Units		(8)		—			—			687			47,640			—			—			47,640
CompareNetworks Topco, LLC																						CompareNetworks Topco, LLC		10.00%		L+		9.00%			Secured Debt		(9)		—			(8)			159			6,477			8			688			5,797
																															Preferred Member Units		(9)		—			1,610			158			12,000			1,610			—			13,610
Datacom, LLC	Datacom, LLC	8.00%				Secured Debt	(8)	(1,800)		185		—		1,615		185		1,800		—			Datacom, LLC		7.50%							Secured Debt		(8)		—			—			209			7,668			43			68			7,643
						Preferred Member Units	(8)	(1,294)		1,294		—		—		1,294		1,294		—
						Preferred Member Units	(8)	(6,030)		6,030		—		—		6,030		6,030		—
		10.50%			10.50%	Secured Debt	(8)	(1,801)		1,945		1		10,531		1,945		12,476		—
						Preferred Member Units	(8)	—		—		—		—		2,610		—		2,610
		5.00%				Secured Debt	(8)	—		—		564		—		8,288		81		8,207												Preferred Member Units		(8)		—			60			24			2,610			60			—			2,670
Direct Marketing Solutions, Inc.	Direct Marketing Solutions, Inc.					Preferred Stock	(9)	—		(2,230)		672		19,380		—		2,230		17,150			Direct Marketing Solutions, Inc.		12.00%		L+		11.00%			Secured Debt		(9)		—			(18)			752			24,048			21			332			23,737
		12.00%	L+	11.00%		Secured Debt	(9)	—		—		1,401		15,006		28		235		14,799												Preferred Stock		(9)		—			4,100			343			18,350			4,100			—			22,450
Gamber-Johnson Holdings, LLC	Gamber-Johnson Holdings, LLC					Member Units	(5)	—		32		3,744		52,490		2,880		—		55,370			Gamber-Johnson Holdings, LLC		10.50%		L+		8.50%			Secured Debt		(5)		—			(5)			520			21,598			5			5			21,598
		9.00%	L+	7.00%		Secured Debt	(5)	—		(31)		1,435		19,838		830		30		20,638												Member Units		(5)		—			(4,580)			180			49,700			—			4,580			45,120
GRT Rubber Technologies LLC	GRT Rubber Technologies LLC					Member Units	(8)	—		—		3,636		44,900		—		—		44,900			GRT Rubber Technologies LLC		8.23%		L+		8.00%			Secured Debt		(8)		—			(11)			803			38,885			11			11			38,885
		7.10%	L+	7.00%		Secured Debt	(8)	—		—		904		16,775		—		—		16,775												Member Units		(8)		—			—			1,217			46,190			—			—			46,190
Jensen Jewelers of Idaho, LLC	Jensen Jewelers of Idaho, LLC					Member Units	(9)	—		3,640		1,264		7,620		3,640		—		11,260			Jensen Jewelers of Idaho, LLC		10.00%		P+		6.75%			Secured Debt		(9)		—			(3)			64			2,550			3			103			2,450
		10.00%	P+	6.75%		Secured Debt	(9)	—		(10)		244		3,400		10		660		2,750												Member Units		(9)		—			2,700			537			12,420			2,700			—			15,120
Kickhaefer Manufacturing Company, LLC	Kickhaefer Manufacturing Company, LLC					Member Units	(5)	—		50		75		1,160		50		—		1,210			Kickhaefer Manufacturing Company, LLC		11.50%							Secured Debt		(5)		—			—			599			20,324			12			—			20,336
						Member Units	(5)	—		—		—		12,240		—		—		12,240					9.00%							Secured Debt		(5)		—			—			88			3,876			—			8			3,868
		11.50%				Secured Debt	(5)	—		—		1,915		22,269		44		2,000		20,313												Member Units		(5)		—			(70)			—			12,310			—			70			12,240
		9.00%				Secured Debt	(5)	—		—		266		3,909		—		24		3,885												Member Units		(5)		—			—			26			2,460			—			—			2,460
Market Force Information, LLC	Market Force Information, LLC	12.00%	L+	11.00%		Secured Debt	(9)	—		—		282		1,600		1,800		—		3,400			Market Force Information, LLC		12.00%		L+		11.00%			Secured Debt		(9)		—			—			102			3,400			—			—			3,400
		12.00%			12.00%	Secured Debt	(9)	—		(2,403)		—		13,562		—		2,403		11,159					12.00%					12.00%		Secured Debt		(9)		—			—			—			8,936			—			—			8,936
MH Corbin Holding LLC	MH Corbin Holding LLC					Preferred Member Units	(5)	—		(2,370)		—		2,370		—		2,370		—			MH Corbin Holding LLC		13.00%							Secured Debt		(5)		—			(1,495)			274			5,934			9			1,575			4,368
		13.00%				Secured Debt	(5)	—		(2,059)		854		8,280		25		2,299		6,006
MSC Adviser I, LLC	MSC Adviser I, LLC					Member Units	(8)	—		11,320		3,908		116,760		11,320		—		128,080			MSC Adviser I, LLC									Member Units		(8)		—			(7,480)			2,277			140,400			—			7,480			132,920
Mystic Logistics Holdings, LLC	Mystic Logistics Holdings, LLC					Common Stock	(6)	—		(1,820)		548		8,990		—		1,820		7,170			Mystic Logistics Holdings, LLC		10.00%							Secured Debt		(6)		—			(1)			157			6,378			1			281			6,098
		12.00%				Secured Debt	(6)	—		—		622		6,723		7		24		6,706												Common Stock		(6)		—			2,220			568			8,840			2,220			—			11,060
OMi Holdings, Inc.						Preferred Member Units	(8)	—		(170)		1,330		20,380		—		170		20,210
OMi Topco, LLC																						OMi Topco, LLC		12.00%							Secured Debt		(8)		—			(14)			554			18,000			14			514			17,500
		12.00%				Secured Debt	(8)	—		176		550		—		18,000		—		18,000												Preferred Member Units		(8)		—			—			479			20,210			—			—			20,210
PPL RVs, Inc.	PPL RVs, Inc.					Common Stock	(8)	—		2,190		805		11,500		2,190		—		13,690			PPL RVs, Inc.		7.50%		L+		7.00%			Secured Debt		(8)		—			—			36			726			1,257			—			1,983
																								7.50%		L+		7.00%			Secured Debt		(8)		—			—			219			11,655			—			—			11,655
																															Common Stock		(8)		—			560			104			14,360			560			—			14,920
Principle Environmental, LLC																						Principle Environmental, LLC		13.00%							Secured Debt		(8)		—			—			51			1,465			3			500			968
																								13.00%							Secured Debt		(8)		—			—			198			5,808			6			—			5,814

~~108~~117

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2021~~March 31, 2022

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2020 Fair Value	Gross Additions(3)	Gross Reductions(4)	September 30, 2021 Fair Value		Company		Total Rate		Base Rate		Spread	PIK Rate		Type of 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, 2021 Fair Value		Gross Additions(3)		Gross Reductions(4)		March 31, 2022 Fair Value
		7.50%	L+	7.00%		Secured Debt	(8)	—	(21)	708	11,806	790	221	12,375											Preferred Member Units		(8)		—		—		219		11,160		—		—		11,160
Principle Environmental, LLC						Warrants	(8)	—	330	—	870	330	1,200	—
						Common Stock	(8)	—	(490)	—	—	1,200	490	710
						Preferred Member Units	(8)	—	(920)	—	10,500	—	920	9,580
		13.00%				Secured Debt	(8)	—	(62)	649	6,397	18	63	6,352											Common Stock		(8)		—		—		—		710		—		—		710
Quality Lease Service, LLC	Quality Lease Service, LLC					Member Units	(7)	—	(180)	—	4,460	—	1,430	3,030		Quality Lease Service, LLC									Member Units		(7)		—		(29)		—		2,149		—		679		1,470
Robbins Bros. Jewelry, Inc.															Robbins Bros. Jewelry, Inc.		12.00%		L+		11.00%			Secured Debt		(9)		—		—		1,117		35,956		21		—		35,977
																								Preferred Equity		(9)		—		—		140		11,070		—		—		11,070
Trantech Radiator Topco, LLC	Trantech Radiator Topco, LLC					Common Stock	(7)	—	620	87	6,030	620	—	6,650		Trantech Radiator Topco, LLC		12.00%							Secured Debt		(7)		—		(7)		269		8,712		8		407		8,313
		12.00%				Secured Debt	(7)	—	—	811	8,644	14	—	8,658											Common Stock		(7)		—		—		29		8,660		—		—		8,660
Ziegler’s NYPD, LLC	Ziegler’s NYPD, LLC					Preferred Member Units	(8)	—	350	—	1,780	350	—	2,130		Ziegler’s NYPD, LLC		12.00%							Secured Debt		(8)		—		—		19		625		—		—		625
		12.00%				Secured Debt	(8)	—	—	57	625	—	—	625				6.50%							Secured Debt		(8)		—		—		16		1,000		—		—		1,000
		14.00%				Secured Debt	(8)	—	—	292	2,750	—	—	2,750				14.00%							Secured Debt		(8)		—		—		96		2,750		—		—		2,750
		6.50%				Secured Debt	(8)	—	21	49	979	21	—	1,000											Preferred Member Units		(8)		—		—		—		2,130		—		—		2,130
Other controlled investments	Other controlled investments															Other controlled investments
2717 MH, L.P.	2717 MH, L.P.					LP Interests (2717 HPP-MS, L.P.)	(8)	—	—	—	250	—	250	—		2717 MH, L.P.									LP Interests (2717 MH, L.P.)		(8)		—		189		—		3,971		346		—		4,317
						LP Interests (2717 MH, L.P.)	(8)	—	585	—	2,702	689	—	3,391											LP Interests (2717 HPP-MS, L.P.)		(8)		—		—		—		—		244		—		244
ASC Interests, LLC	ASC Interests, LLC					Member Units	(8)	—	(400)	—	1,120	—	400	720		ASC Interests, LLC		13.00%							Secured Debt		(8)		—		—		7		200		—		30		170
		13.00%				Secured Debt	(8)	—	—	193	1,715	116	—	1,831				13.00%							Secured Debt		(8)		—		—		59		1,636		6		—		1,642
																								Member Units		(8)		—		80		—		720		80		—		800
ATS Workholding, LLC	ATS Workholding, LLC	5.00%				Secured Debt	(9)	—	(304)	—	3,347	—	472	2,875		ATS Workholding, LLC		5.00%							Secured Debt		(9)		—		—		—		3,005		—		—		3,005
Barfly Ventures, LLC	Barfly Ventures, LLC					Member Units	(5)	—	346	—	1,584	346	—	1,930		Barfly Ventures, LLC		7.00%							Secured Debt		(5)		—		—		12		711		—		—		711
		7.00%				Secured Debt	(5)	—	—	58	343	367	—	710											Member Units		(5)		—		120		—		1,930		120		—		2,050
Batjer TopCo, LLC															Batjer TopCo, LLC		11.00%							Secured Debt		(8)		—		—		196		—		10,917		—		10,917
																								Member Units		(8)		—		—		—		—		4,073		—		4,073
Bolder Panther Group, LLC	Bolder Panther Group, LLC	10.50%	L+	9.00%		Secured Debt	(9)	—	329	2,582	27,225	11,775	—	39,000		Bolder Panther Group, LLC		10.50%		L+		9.00%			Secured Debt		(9)		—		(20)		1,160		39,000		10,214		20		49,194
		14.00%				Class A Preferred Member Units	(9)	—	—	1,067	10,194	—	—	10,194											Class A Preferred Member Units		(9)		—		—		292		10,194		—		10,194		—
		8.00%				Class B Preferred Member Units	(9)	—	6,310	2,087	14,000	6,310	—	20,310
		9.50%	L+	8.00%		Secured Debt	(9)	—	—	36	—	500	500	—
Bond-Coat, Inc.						Common Stock	(8)	(2,320)	4,310	—	2,040	4,310	6,350	—
Brewer Crane Holdings, LLC						Preferred Member Units	(9)	—	(1,570)	397	5,850	—	1,570	4,280
		11.00%	L+	10.00%		Secured Debt	(9)	—	—	708	8,513	15	372	8,156											Class B Preferred Member Units		(9)		—		2,760		368		23,170		2,760		—		25,930
Bridge Capital Solutions Corporation	Bridge Capital Solutions Corporation					Preferred Member Units	(6)	—	—	75	1,000	—	—	1,000		Bridge Capital Solutions Corporation		13.00%							Secured Debt		(6)		—		—		286		8,813		—		—		8,813
						Warrants	(6)	—	840	—	3,220	840	—	4,060				13.00%							Secured Debt		(6)		—		—		33		1,000		—		—		1,000
		13.00%				Secured Debt	(6)	—	—	100	998	2	—	1,000											Preferred Member Units		(6)		—		—		25		1,000		—		—		1,000
		13.00%				Secured Debt	(6)	—	—	1,279	8,403	410	—	8,813											Warrants		(6)		—		200		—		4,060		200		—		4,260
CBT Nuggets, LLC	CBT Nuggets, LLC					Member Units	(9)	—	6,540	1,901	46,080	6,540	—	52,620		CBT Nuggets, LLC									Member Units		(9)		—		(1,740)		412		50,620		—		1,740		48,880
Centre Technologies Holdings, LLC	Centre Technologies Holdings, LLC					Preferred Member Units	(8)	—	(320)	90	6,160	—	320	5,840		Centre Technologies Holdings, LLC		12.00%		L+		10.00%			Secured Debt		(8)		—		—		288		8,864		7		233		8,638
		12.00%	L+	10.00%		Secured Debt	(8)	—	—	969	11,549	28	2,059	9,518											Preferred Member Units		(8)		—		—		30		5,840		—		—		5,840
Chamberlin Holding LLC	Chamberlin Holding LLC					Member Units	(8)	—	160	51	1,270	160	—	1,430		Chamberlin Holding LLC		9.00%		L+		8.00%			Secured Debt		(8)		—		(18)		419		17,817		18		154		17,681
						Member Units	(8)	—	(3,930)	3,707	28,070	—	3,930	24,140											Member Units		(8)		—		—		295		24,140		—		—		24,140
		9.00%	L+	8.00%		Secured Debt	(8)	—	18	1,117	15,212	4,000	1,395	17,817											Member Units		(8)		—		—		17		1,540		—		—		1,540
Charps, LLC	Charps, LLC					Preferred Member Units	(5)	—	3,720	2,120	10,520	3,720	—	14,240		Charps, LLC		10.00%							Unsecured Debt		(5)		—		(18)		158		5,694		18		18		5,694
		10.00%				Unsecured Debt	(5)	—	(382)	846	8,475	282	3,723	5,034											Preferred Member Units		(5)		—		100		209		13,990		100		—		14,090
Colonial Electric Company LLC															Colonial Electric Company LLC		12.00%							Secured Debt		(6)		—		—		745		24,351		16		316		24,051
		15.00%				Secured Debt	(5)	—	—	4	669	—	669	—											Preferred Member Units		(6)		—		—		369		9,130		—		—		9,130
Copper Trail Energy Fund I, LP - CTMH															Copper Trail Energy Fund I, LP - CTMH									LP Interests (CTMH, LP)		(9)		—		—		—		710		—		—		710

~~109~~118

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2021~~March 31, 2022

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2020 Fair Value	Gross Additions(3)	Gross Reductions(4)	September 30, 2021 Fair Value		Company		Total Rate		Base Rate		Spread	PIK Rate		Type of 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, 2021 Fair Value		Gross Additions(3)		Gross Reductions(4)		March 31, 2022 Fair Value
Colonial Electric Company LLC						Preferred Member Units	(6)	—	780	200	—	8,460	—	8,460
		12.00%				Secured Debt	(6)	—	—	1,938	—	24,969	315	24,654
CompareNetworks Topco, LLC						Preferred Member Units	(9)	—	5,220	316	6,780	5,220	—	12,000
		10.00%	L+	9.00%		Secured Debt	(9)	—	(16)	609	7,954	15	1,492	6,477
Copper Trail Energy Fund I, LP - CTMH						LP Interests (CTMH, LP)	(9)	—	—	—	747	—	37	710
Digital Products Holdings LLC	Digital Products Holdings LLC					Preferred Member Units	(5)	—	—	150	9,835	—	—	9,835		Digital Products Holdings LLC		11.00%		L+		10.00%			Secured Debt		(5)		—		—		466		16,801		12		330		16,483
		11.00%	L+	10.00%		Secured Debt	(5)	—	—	1,494	18,077	33	990	17,120											Preferred Member Units		(5)		—		—		50		9,835		—		—		9,835
Garreco, LLC	Garreco, LLC					Member Units	(8)	—	800	—	1,410	800	—	2,210		Garreco, LLC		9.00%		L+		8.00%			Secured Debt		(8)		—		—		94		4,196		—		—		4,196
		9.00%	L+	8.00%		Secured Debt	(8)	—	—	308	4,519	—	—	4,519											Member Units		(8)		—		70		40		2,270		70		—		2,340
Gulf Manufacturing, LLC	Gulf Manufacturing, LLC					Member Units	(8)	—	1,130	1,210	4,510	1,130	—	5,640		Gulf Manufacturing, LLC									Member Units		(8)		—		(350)		195		5,640		—		350		5,290
Gulf Publishing Holdings, LLC	Gulf Publishing Holdings, LLC	10.50%	L+	9.50%	5.25%	Secured Debt	(8)	—	—	17	250	14	7	257		Gulf Publishing Holdings, LLC		10.50%					5.25%		Secured Debt		(8)		—		—		3		257		—		—		257
		12.50%			6.25%	Secured Debt	(8)	—	(2,012)	1,065	12,044	849	2,431	10,462				12.50%					6.25%		Secured Debt		(8)		—		(1,717)		212		9,717		—		1,717		8,000
Harrison Hydra-Gen, Ltd.	Harrison Hydra-Gen, Ltd.					Common Stock	(8)	—	(1,920)	—	5,450	—	1,920	3,530		Harrison Hydra-Gen, Ltd.									Common Stock		(8)		—		—		—		3,530		—		—		3,530
J&J Services, Inc.						Preferred Stock	(7)	—	2,720	—	12,680	2,720	—	15,400
Johnson Downie Opco, LLC															Johnson Downie Opco, LLC		13.00%		L+		11.50%			Secured Debt		(8)		—		—		382		11,344		6		—		11,350
																								Preferred Equity		(8)		—		—		318		3,150		—		—		3,150
JorVet Holdings, LLC															JorVet Holdings, LLC		12.00%							Secured Debt		(9)		—		—		257		—		25,394		—		25,394
		11.50%				Secured Debt	(7)	—	(30)	1,084	12,800	30	2,030	10,800											Common Stock		(9)		—		—		—		—		10,741		—		10,741
KBK Industries, LLC	KBK Industries, LLC					Member Units	(5)	—	420	456	13,200	420	—	13,620		KBK Industries, LLC									Member Units		(5)		—		310		211		13,620		310		—		13,930
MS Private Loan Fund	MS Private Loan Fund					LP Interests	(8)	—	—	—	—	1,000	—	1,000		MS Private Loan Fund		5.00%							Unsecured Debt		(8)		—		—		435		63,151		17,000		80,151		—
		5.00%				Unsecured Debt	(8)	—	—	642	—	33,866	3,575	30,291											LP Interests		(8)		—		—		72		2,581		5,000		—		7,581
MSC Income Fund Inc.		5.00%				Unsecured Debt	(8)	—	352	1,603	—	60,000	—	60,000
NAPCO Precast, LLC	NAPCO Precast, LLC					Member Units	(8)	—	(2,540)	1,823	16,100	—	2,540	13,560		NAPCO Precast, LLC									Member Units		(8)		—		(190)		—		13,560		—		190		13,370
Nebraska Vet AcquireCo, LLC (NVS)	Nebraska Vet AcquireCo, LLC (NVS)					Preferred Member Units	(5)	—	—	—	6,500	—	—	6,500		Nebraska Vet AcquireCo, LLC (NVS)		12.00%							Secured Debt		(5)		—		—		541		10,412		6		—		10,418
		12.00%				Secured Debt	(5)	—	—	979	10,395	13	—	10,408				12.00%							Secured Debt		(5)		—		—		—		4,829		1,408		—		6,237
																								Preferred Member Units		(5)		—		—		—		7,700		—		—		7,700
NexRev LLC	NexRev LLC					Preferred Member Units	(8)	—	1,810	60	1,470	1,810	—	3,280		NexRev LLC		11.00%							Secured Debt		(8)		—		—		850		14,045		10		218		13,837
		11.00%				Secured Debt	(8)	—	(1,351)	1,417	16,727	28	2,005	14,750
NRI Clinical Research, LLC						Member Units	(9)	8,786	(4,835)	2,805	5,600	—	5,600	—
						Warrants	(9)	—	(1,238)	—	1,490	—	1,490	—
		9.00%				Secured Debt	(9)	—	(48)	380	5,620	48	5,668	—											Preferred Member Units		(8)		—		—		20		2,690		—		—		2,690
NRP Jones, LLC	NRP Jones, LLC					Member Units	(5)	—	3,619	(45)	2,821	3,619	—	6,440		NRP Jones, LLC		12.00%							Secured Debt		(5)		—		—		62		2,080		—		—		2,080
		12.00%				Secured Debt	(5)	—	—	189	2,080	—	—	2,080											Member Units		(5)		—		(150)		101		6,440		—		150		6,290
NuStep, LLC	NuStep, LLC					Preferred Member Units	(5)	—	2,720	—	10,780	2,720	—	13,500		NuStep, LLC		7.50%		L+		6.50%			Secured Debt		(5)		—		—		48		1,720		1,200		—		2,920
		10.50%				Secured Debt	(5)	—	17	1,507	17,193	47	—	17,240				12.00%							Secured Debt		(5)		—		—		504		17,240		—		—		17,240
		7.50%	L+	6.50%		Secured Debt	(5)	—	—	25	—	2,000	400	1,600											Preferred Member Units		(5)		—		—		—		13,500		—		—		13,500
Orttech Holdings, LLC	Orttech Holdings, LLC					Preferred Stock	(5)	—	—	—	—	12,600	1,000	11,600		Orttech Holdings, LLC		12.00%		L+		11.00%			Secured Debt		(5)		—		—		743		24,150		13		—		24,163
		12.00%	L+	11.00%		Secured Debt	(5)	—	—	767	—	24,183	—	24,183											Preferred Stock		(5)		—		—		193		10,000		—		—		10,000
Pearl Meyer Topco LLC	Pearl Meyer Topco LLC					Member Units	(6)	—	5,539	1,949	15,940	5,540	—	21,480		Pearl Meyer Topco LLC		12.00%							Secured Debt		(6)		—		(18)		1,004		32,674		1,518		18		34,174
		12.00%				Secured Debt	(6)	—	258	3,223	37,202	310	3,838	33,674											Member Units		(6)		—		8,080		1,756		26,970		8,080		—		35,050
Pegasus Research Group, LLC						Member Units	(8)	—	(1,550)	—	8,830	—	1,550	7,280
River Aggregates, LLC	River Aggregates, LLC					Member Units	(8)	—	160	125	3,240	160	—	3,400		River Aggregates, LLC									Member Units		(8)		—		—		—		3,280		—		—		3,280
Tedder Industries, LLC	Tedder Industries, LLC					Preferred Member Units	(9)	—	—	—	8,136	—	—	8,136		Tedder Industries, LLC		12.00%							Secured Debt		(9)		—		—		525		16,181		582		—		16,763
		12.00%				Secured Debt	(9)	—	—	1,486	16,301	2,032	1,600	16,733											Preferred Member Units		(9)		—		—		—		8,579		—		—		8,579
UnionRock Energy Fund II, LP						LP Interests	(9)	—	2,407	—	2,894	3,781	220	6,455
Televerde, LLC															Televerde, LLC									Member Units		(8)		—		(731)		—		7,280		—		1,808		5,472
																								Preferred Stock		(8)		—		—		—		—		1,794		—		1,794
Vision Interests, Inc.	Vision Interests, Inc.					Series A Preferred Stock	(9)	—	(160)	—	3,160	—	160	3,000		Vision Interests, Inc.									Series A Preferred Stock		(9)		—		—		—		3,000		—		—		3,000
VVS Holdco LLC															VVS Holdco LLC		7.00%		L+		6.00%			Secured Debt		(5)		—		—		21		1,169		1		400		770
																	11.50%							Secured Debt		(5)		—		—		889		30,100		15		—		30,115
		13.00%				Secured Debt	(9)	—	—	200	2,028	—	—	2,028											Preferred Equity		(5)		—		—		150		11,840		—		—		11,840
Other	Other															Other
Amounts related to investments transferred to or from other 1940 Act classification during the period															Amounts related to investments transferred to or from other 1940 Act classification during the period													—		—		(236)		6,123		—		—		—
Total Control investments															Total Control investments													$	—	$	8,279	$	32,577	$	1,489,257	$	122,644	$	119,115	$	1,486,663
Affiliate Investments															Affiliate Investments

~~110~~119

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2021~~March 31, 2022

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2020 Fair Value		Gross Additions(3)		Gross Reductions(4)		September 30, 2021 Fair Value			Company		Total Rate		Base Rate		Spread	PIK Rate		Type of 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, 2021 Fair Value			Gross Additions(3)			Gross Reductions(4)			March 31, 2022 Fair Value
Amounts related to investments transferred from other 1940 Act classification during the period								—		—		—		—		—		—		—
Total Control investments								$	(4,459)	$	65,756	$	85,904	$	1,113,725	$	340,046	$	117,553	$	1,336,218
Affiliate Investments
AAC Holdings, Inc.	AAC Holdings, Inc.					Common Stock	(7)	$	—	$	(1,038)	$	—	$	3,148	$	—	$	1,038	$	2,110		AAC Holdings, Inc.		18.00%					8.00%		Secured Debt		(7)		$	—		$	30		$	478		$	9,794		$	250		$	—		$	10,044
						Warrants	(7)	—		(968)		—		2,938		—		968		1,970												Common Stock		(7)		—			—			—			2,079			—			—			2,079
		18.00%			8.00%	Secured Debt	(7)	—		(89)		1,329		9,187		744		223		9,708												Warrants		(7)		—			—			—			1,940			—			—			1,940
AFG Capital Group, LLC	AFG Capital Group, LLC					Preferred Member Units	(8)	—		1,570		200		5,810		1,570		—		7,380			AFG Capital Group, LLC		10.00%							Secured Debt		(8)		—			—			2			144			—			86			58
		10.00%				Secured Debt	(8)	—		—		26		491		—		260		231												Preferred Member Units		(8)		—			610			—			7,740			610			—			8,350
ATX Networks Corp.	ATX Networks Corp.	10.00%			10.00%	Secured Debt	(6)	—		—		—		—		1,963		—		1,963			ATX Networks Corp.		8.50%		L+		7.50%			Secured Debt		(6)		—			230			—			7,092			230			—			7,322
		8.50%	L+	7.50%		Secured Debt	(6)	—		—		—		—		7,092		—		7,092
		8.75%	L+	6.25%	1.50%	Secured Debt	(6)	(4,528)		1,133		—		12,263		1,521		13,784		—					10.00%					10.00%		Unsecured Debt		(6)		—			82			77			1,963			159			—			2,122
BBB Tank Services, LLC	BBB Tank Services, LLC					Member Units	(8)	—		(280)		—		280		—		280		—			BBB Tank Services, LLC		12.00%		L+		11.00%			Unsecured Debt		(8)		—			(209)			144			2,507			—			209			2,298
		12.00%	L+	11.00%		Unsecured Debt	(8)	—		(1,000)		464		4,722		27		1,001		3,748												Preferred Stock (non-voting)		(8)		—			—			—			—			—			—			—
		15.00%			15.00%	Preferred Stock (non-voting)	(8)	—		(162)		11		151		11		162		—												Member Units		(8)		—			—			—			—			—			—			—
Boccella Precast Products LLC	Boccella Precast Products LLC					Member Units	(6)	—		(1,210)		379		6,040		—		1,210		4,830			Boccella Precast Products LLC		10.00%							Secured Debt		(6)		—			—			8			320			—			—			320
		10.00%				Secured Debt	(6)	—		—		1		—		320		—		320												Member Units		(6)		—			—			40			4,830			—			—			4,830
Brightwood Capital Fund Investments - Fund V	Brightwood Capital Fund Investments - Fund V					LP Interests (Brightwood Capital Fund V, LP)	(6)	—		—		—		—		1,000		—		1,000			Brightwood Capital Fund Investments - Fund V									LP Interests (Brightwood Capital Fund V, LP)		(6)		—			139			—			1,000			639			—			1,639
Buca C, LLC	Buca C, LLC	10.25%	L+	9.25%		Secured Debt	(7)	—		(373)		1,264		14,256		487		373		14,370			Buca C, LLC		12.25%		L+		11.25%			Secured Debt		(7)		—			—			540			14,370			—			—			14,370
CAI Software LLC						Member Units	(6)	—		7,321		1,900		7,190		7,321		1,921		12,590
Career Team Holdings, LLC																						Career Team Holdings, LLC		12.50%							Secured Debt		(6)		—			—			645			20,050			10			—			20,060
		12.50%				Secured Debt	(6)	—		(1)		5,547		47,474		23,601		4,474		66,601												Class A Common Units		(6)		—			—			—			4,499			—			—			4,499
Chandler Signs Holdings, LLC	Chandler Signs Holdings, LLC					Class A Units	(8)	—		(810)		—		1,460		—		810		650			Chandler Signs Holdings, LLC									Class A Units		(8)		—			160			—			460			160			—			620
Charlotte Russe, Inc						Common Stock	(9)	(3,141)		3,141		—		—		3,141		3,141		—
Classic H&G Holdings, LLC	Classic H&G Holdings, LLC					Preferred Member Units	(6)	—		4,110		820		9,510		4,110		—		13,620			Classic H&G Holdings, LLC		7.00%		L+		6.00%			Secured Debt		(6)		—			—			159			4,000			3,600			—			7,600
		7.00%	L+	6.00%		Secured Debt	(6)	—		—		26		—		1,400		—		1,400					8.00%							Secured Debt		(6)		—			(11)			396			19,274			11			11			19,274
		8.00%				Secured Debt	(6)	—		(73)		1,807		24,800		73		5,599		19,274												Preferred Member Units		(6)		—			1,020			352			15,260			1,020			—			16,280
Congruent Credit Opportunities Funds	Congruent Credit Opportunities Funds					LP Interests (Congruent Credit Opportunities Fund II, LP)	(8)	(4,449)		4,355		—		94		4,355		4,449		—			Congruent Credit Opportunities Funds									LP Interests (Congruent Credit Opportunities Fund III, LP)		(8)		—			—			163			9,959			—			1,106			8,853
DMA Industries, LLC																						DMA Industries, LLC		12.00%							Secured Debt		(7)		—			—			647			20,993			11			—			21,004
						LP Interests (Congruent Credit Opportunities Fund III, LP)	(8)	—		(96)		583		11,540		—		1,137		10,403												Preferred Equity		(7)		—			—			—			5,944			—			—			5,944
Copper Trail Energy Fund I, LP						LP Interests (Copper Trail Energy Fund I, LP)	(9)	(203)		379		378		1,782		379		2,161		—
Dos Rios Partners	Dos Rios Partners					LP Interests (Dos Rios Partners - A, LP)	(8)	—		1,450		—		1,720		1,450		—		3,170			Dos Rios Partners									LP Interests (Dos Rios Partners - A, LP)		(8)		—			28			—			3,280			28			—			3,308
						LP Interests (Dos Rios Partners, LP)	(8)	—		4,567		—		5,417		4,567		—		9,984												LP Interests (Dos Rios Partners, LP)		(8)		—			90			—			10,329			90			—			10,419
Dos Rios Stone Products LLC	Dos Rios Stone Products LLC					Class A Preferred Units	(8)	—		(340)		—		1,250		—		340		910			Dos Rios Stone Products LLC									Class A Preferred Units		(8)		—			(290)			—			640			—			290			350
East Teak Fine Hardwoods, Inc.						Common Stock	(7)	(80)		180		100		300		180		480		—
EIG Fund Investments	EIG Fund Investments					LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	9		92		35		526		125		177		474			EIG Fund Investments									LP Interests (EIG Global Private Debt Fund-A, L.P.)		(8)		2			—			27			547			2			50			499
Flame King Holdings, LLC																						Flame King Holdings, LLC		7.50%		L+		6.50%			Secured Debt		(9)		—			—			139			6,324			1,204			—			7,528
																								12.00%		L+		11.00%			Secured Debt		(9)		—			—			647			20,996			10			—			21,006
																															Preferred Equity		(9)		—			—			280			10,400			—			—			10,400
Freeport Financial SBIC Fund LP	Freeport Financial SBIC Fund LP					LP Interests (Freeport Financial SBIC Fund LP)	(5)	—		869		—		5,264		869		—		6,133			Freeport Financial SBIC Fund LP									LP Interests (Freeport Financial SBIC Fund LP)		(5)		—			—			2			6,078			—			1,493			4,585
																															LP Interests (Freeport First Lien Loan Fund III LP)		(5)		—			—			108			7,231			—			—			7,231
GFG Group, LLC.																						GFG Group, LLC.		12.00%							Secured Debt		(5)		—			(6)			383			12,545			6			6			12,545
																															Preferred Member Units		(5)		—			—			251			6,990			—			1			6,989
Hawk Ridge Systems, LLC																						Hawk Ridge Systems, LLC		7.00%		L+		6.00%			Secured Debt		(9)		—			—			47			2,585			—			—			2,585
																								8.00%							Secured Debt		(9)		—			(8)			702			34,800			8			8			34,800
																															Preferred Member Units		(9)		—			—			579			14,680			1,890			—			16,570

~~111~~120

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2021~~March 31, 2022

(dollars in thousands)

(unaudited)


Company	Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2020 Fair Value	Gross Additions(3)	Gross Reductions(4)	September 30, 2021 Fair Value		Company		Total Rate	Base Rate	Spread		PIK Rate		Type of 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, 2021 Fair Value		Gross Additions(3)		Gross Reductions(4)		March 31, 2022 Fair Value
						LP Interests (Freeport First Lien Loan Fund III LP)	(5)	—	66	613	10,321	66	3,156	7,231
GFG Group, LLC.						Preferred Member Units	(5)	—	2,090	460	—	6,990	—	6,990
		12.00%				12.00% Secured Debt	(5)	—	—	1,211	—	15,631	3,200	12,431
Hawk Ridge Systems, LLC						Preferred Member Units	(9)	—	270	—	420	270	—	690
						Preferred Member Units	(9)	—	5,130	691	8,030	5,130	—	13,160
		7.00%	L+	6.00%		Secured Debt	(9)	—	—	23	—	2,585	—	2,585
		9.00%				Secured Debt	(9)	—	(25)	1,366	18,400	25	25	18,400										Preferred Member Units		(9)		—		1,990		—		771		99		—		870
Houston Plating and Coatings, LLC	Houston Plating and Coatings, LLC					Member Units	(8)	—	(1,620)	180	5,080	—	1,620	3,460		Houston Plating and Coatings, LLC		8.00%						Unsecured Convertible Debt		(8)		—		(90)		60		2,960		—		90		2,870
		8.00%				Unsecured Convertible Debt	(8)	—	—	182	2,900	—	—	2,900										Member Units		(8)		—		(240)		1		3,210		—		241		2,969
HPEP 3, L.P.	HPEP 3, L.P.					LP Interests (HPEP 3, L.P.)	(8)	—	803	—	3,258	1,177	252	4,183		HPEP 3, L.P.								LP Interests (HPEP 3, L.P.)		(8)		698		(280)		2		4,712		—		28		4,684
I-45 SLF LLC	I-45 SLF LLC					Member Units (Fully diluted 20.0%; 24.40% profits interest) (8)	(8)	—	413	1,386	15,787	1,215	2,000	15,002		I-45 SLF LLC								Member Units (Fully diluted 20.0%; 24.40% profits interest)		(8)		—		52		516		14,387		52		—		14,439
Iron-Main Investments, LLC	Iron-Main Investments, LLC					Common Stock	(5)	—	—	—	—	1,027	—	1,027		Iron-Main Investments, LLC		12.50%						Secured Debt		(5)		—		—		102		3,170		1		—		3,171
		12.50%				Secured Debt	(5)	—	—	98	—	3,168	—	3,168				12.50%						Secured Debt		(5)		—		—		146		4,557		2		—		4,559
		13.00%				Secured Debt	(5)	—	—	191	—	4,555	—	4,555				12.50%						Secured Debt		(5)		—		—		915		28,749		10		—		28,759
																							Common Stock		(5)		—		—		—		1,798		—		—		1,798
L.F. Manufacturing Holdings, LLC	L.F. Manufacturing Holdings, LLC					Member Units	(8)	—	50	—	2,050	50	—	2,100		L.F. Manufacturing Holdings, LLC								Preferred Member Units (non-voting)		(8)		—		—		4		107		4		—		111
		14.00%			14.00%	Preferred Member Units (non-voting)	(8)	—	—	10	93	10	—	103										Member Units		(8)		—		—		224		2,560		—		—		2,560
Meisler Operating LLC						Common Stock	(5)	17,048	(7,414)	—	16,010	—	16,010	—
OnAsset Intelligence, Inc.	OnAsset Intelligence, Inc.					Common Stock	(8)	—	(830)	—	—	830	830	—		OnAsset Intelligence, Inc.		12.00%				12.00%		Secured Debt		(8)		—		—		29		935		29		—		964
																	12.00%				12.00%		Secured Debt		(8)		—		—		29		954		29		—		983
						Warrants	(8)	—	830	—	—	830	830	—				12.00%				12.00%		Secured Debt		(8)		—		—		62		2,055		61		—		2,116
		10.00%			10.00%	Unsecured Debt	(8)	—	—	6	64	129	6	187				12.00%				12.00%		Secured Debt		(8)		—		—		129		4,286		129		—		4,415
		12.00%			12.00%	Secured Debt	(8)	—	—	685	7,301	686	—	7,987				10.00%				10.00%		Unsecured Debt		(8)		—		—		5		191		6		—		197
Oneliance, LLC	Oneliance, LLC					Preferred Stock	(7)	—	—	—	—	1,056	—	1,056		Oneliance, LLC		12.00%	L+	11.00%				Secured Debt		(7)		—		—		171		5,547		3		—		5,550
		12.00%	L+	11.00%		Secured Debt	(7)	—	—	162	—	5,545	—	5,545										Preferred Stock		(7)		—		—		—		1,056		—		—		1,056
PCI Holding Company, Inc.						Preferred Stock	(9)	—	(203)	2,852	4,130	—	4,130	—
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	12.00%				Secured Debt	(8)	(694)	—	—	—	—	—	—		Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)		12.00%						Secured Debt		(8)		(8)		—		—		—		—		—		—
SI East, LLC (Stavig)	SI East, LLC (Stavig)					Preferred Member Units	(7)	—	5,422	2,102	9,780	5,422	4,782	10,420		SI East, LLC (Stavig)		10.25%						Secured Debt		(7)		—		(18)		2,048		65,850		18		325		65,543
		10.25%				Secured Debt	(7)	—	(74)	2,332	32,962	34,500	3,862	63,600										Preferred Member Units		(7)		—		960		89		11,570		959		—		12,529
Slick Innovations, LLC	Slick Innovations, LLC					Common Stock	(6)	—	180	—	1,330	180	—	1,510		Slick Innovations, LLC		13.00%						Secured Debt		(6)		—		(13)		182		5,320		13		213		5,120
						Warrants	(6)	—	40	—	360	40	—	400										Common Stock		(6)		—		—		—		1,510		—		—		1,510
		13.00%				Secured Debt	(6)	—	(33)	545	5,720	33	433	5,320										Warrants		(6)		—		—		—		400		—		—		400
Sonic Systems International, LLC	Sonic Systems International, LLC					Common Stock	(8)	—	—	26	—	1,070	—	1,070		Sonic Systems International, LLC		8.50%	L+	7.50%				Secured Debt		(8)		—		—		267		11,757		12		—		11,769
		8.50%	L+	7.50%		Secured Debt	(8)	—	—	111	—	11,747	—	11,747										Common Stock		(8)		—		(60)		11		1,070		—		60		1,010
Superior Rigging & Erecting Co.	Superior Rigging & Erecting Co.					Preferred Member Units	(7)	—	—	—	4,500	—	—	4,500		Superior Rigging & Erecting Co.		12.00%						Secured Debt		(7)		—		—		656		21,332		12		—		21,344
		12.00%				Secured Debt	(7)	—	—	1,982	21,298	25	—	21,323										Preferred Member Units		(7)		—		—		—		4,500		—		—		4,500
The Affiliati Network, LLC	The Affiliati Network, LLC					Preferred Stock	(9)	—	—	—	—	6,400	—	6,400		The Affiliati Network, LLC		7.00%						Secured Debt		(9)		—		—		14		262		1,521		720		1,063
		10.00%				Secured Debt	(9)	—	—	2	—	381	—	381				11.83%						Secured Debt		(9)		—		—		390		12,834		7		—		12,841
		11.83%				Secured Debt	(9)	—	—	421	—	13,862	239	13,623										Preferred Stock		(9)		—		590		122		6,400		590		—		6,990
UnionRock Energy Fund II, LP															UnionRock Energy Fund II, LP								LP Interests		(9)		—		(1,885)		236		6,123		—		4,470		1,653
UniTek Global Services, Inc.	UniTek Global Services, Inc.	15.00%			15.00%	Secured Convertible Debt	(6)	—	966	105	—	2,249	87	2,162		UniTek Global Services, Inc.		8.50%	L+	5.50%		2.00%		Secured Debt		(6)		—		—		9		371		2		—		373
		20.00%			20.00%	Preferred Stock	(6)	—	737	—	375	737	—	1,112				8.50%	L+	5.50%		2.00%		Secured Debt		(6)		—		—		43		1,852		12		—		1,864
		20.00%			20.00%	Preferred Stock	(6)	—	(230)	230	2,833	230	230	2,833				15.00%				15.00%		Secured Convertible Debt		(6)		—		(80)		47		2,375		47		34		2,388
		8.50%	L+	5.50%	2.00%	Secured Debt	(6)	—	114	183	2,425	243	454	2,214										Preferred Stock		(6)		—		(87)		88		2,833		88		88		2,833
																							Preferred Stock		(6)		—		337		—		1,498		337		—		1,835
Volusion, LLC															Volusion, LLC		11.50%						Secured Debt		(8)		—		—		496		17,434		—		350		17,084
																	8.00%						Unsecured Convertible Debt		(8)		—		—		8		409		—		—		409
																							Preferred Member Units		(8)		—		—		—		5,989		—		—		5,989
Other															Other												—		—		—		—		—		—		—

~~112~~121

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2021~~March 31, 2022

(dollars in thousands)

(unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of 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, 2021 Fair Value		Gross Additions(3)		Gross Reductions(4)		March 31, 2022 Fair Value
Amounts related to investments transferred to or from other 1940 Act classification during the period							—		—		—		(6,123)		—		—		—
Total Affiliate investments							$	692	$	3,041	$	13,917	$	549,214	$	13,981	$	9,879	$	559,439

________________

(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.”

(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of ~~September 30, 2021~~March 31, 2022 for control investments located in this region was ~~$297,953.~~$338,390. This represented ~~25.9%~~22.8% of net assets as of ~~September 30, 2021.~~March 31, 2022. The fair value as of ~~September 30, 2021~~March 31, 2022 for affiliate investments located in this region was ~~$41,535.~~$69,637. This represented ~~13.9%~~12.4% of net assets as of ~~September 30, 2021.~~March 31, 2022.

(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of ~~September 30, 2021~~March 31, 2022 for control investments located in this region was ~~$117,017.~~$134,636. This represented ~~10.8%~~9.1% of net assets as of ~~September 30, 2021.~~March 31, 2022. The fair value as of ~~September 30, 2021~~March 31, 2022 for affiliate investments located in this region was ~~$144,241.~~$100,269. This represented ~~21.7%~~17.9% of net assets as of ~~September 30, 2021.~~March 31, 2022.

(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of ~~September 30, 2021~~March 31, 2022 for control investments located in this region was ~~$44,538.~~$18,443. This represented 1.2% of net assets as of ~~September 30, 2021.~~March 31, 2022. The fair value as of ~~September 30, 2021~~March 31, 2022 for affiliate investments located in this region was ~~$134,602.~~$165,903. This represented ~~40.5%~~29.7% of net assets as of ~~September 30, 2021.~~March 31, 2022.

(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2022 for control investments located in this region was $587,631. This represented 39.5% of net assets as of March 31, 2022. The fair value as of March 31, 2022 for affiliate investments located in this region was $107,324. This represented 19.2% of net assets as of March 31, 2022.

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~September 30, 2021~~March 31, 2022

(dollars in thousands)

(unaudited)

~~(8)~~Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2021 for control investments located in this region was $573,437. This represented 44.4% of net assets as of September 30, 2021. The fair value as of September 30, 2021 for affiliate investments located in this region was $109,522. This represented 20.5% of net assets as of September 30, 2021.

(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of ~~September 30, 2021~~March 31, 2022 for control investments located in this region was ~~$303,273.~~$407,563. This represented ~~37.3%~~27.4% of net assets as of ~~September 30, 2021.~~March 31, 2022. The fair value as of ~~September 30, 2021~~March 31, 2022 for affiliate investments located in this region was ~~$55,239.~~$116,306. This represented ~~17.3%~~20.8% of net assets as of ~~September 30, 2021.~~March 31, 2022.

(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.

(12)Investment has an unfunded commitment as of ~~September 30, 2021~~March 31, 2022 (see Note K)K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q contains forward-looking statements regarding the plans and objectives of management for future operations and which relate to future events or our future performance or financial condition. Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including, without limitation the factors referenced in Item 1A entitled “Risk Factors” below in Part II of this Quarterly Report on Form 10-Q, if any, and discussed in Item 1A entitled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, ~~2021,~~2022, filed with the Securities and Exchange Commission (“SEC”) on February ~~25, 2022~~24, 2023 and elsewhere in this Quarterly Report on Form 10-Q and our other SEC filings. Other factors that could cause actual results to differ materially include changes in the economy and future changes in laws or regulations and conditions in our operating areas.

We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to refer to any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including subsequent periodic and current reports.

This discussion should be read in conjunction with our consolidated financial statements as of December 31, ~~2021,~~2022, and for the year then ended, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, both contained in our Annual Report on Form 10-K for the year ended December 31, ~~2021,~~2022, as well as the consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) contained in this report.

ORGANIZATION

Main Street Capital Corporation (“MSCC”, or together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment ~~firm.~~ firm primarily focused on providing customized debt and equity financing to lower middle market (“LMM”) companies and debt capital to middle market (“Middle Market”) companies. The portfolio investments of Main Street are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States and in secured debt investments of Middle Market companies generally headquartered in the United States.

MSC Adviser I, LLC (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of Main Street to provide investment management and other services to parties other than Main Street (“External Parties”) and receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission (“SEC”) to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its

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investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.

MSCC has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSCC to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSCC also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).

~~ECONOMIC UPDATE~~

~~The recent disruption of~~Unless otherwise noted or the ~~U.S.~~context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and ~~global economies, including supply chain delays, labor~~“Main Street” refer to MSCC and ~~material availability constraints, price increases and other impacts of inflation, cost and availability of capital~~its consolidated subsidiaries, which include the Funds, the Taxable Subsidiaries and the effects of the COVID-19 pandemic and geopolitical events, has had, and threatens to continue to have, adverse consequences for our business and operating results, and the businesses and operating results of our portfolio companies. During the quarter ended September 30, 2022, we continued to work collectively with our employees and portfolio companies to navigate these significant challenges. Neither our management team nor our Board of Directors is able to predict the full impact of the economic disruption, including its duration and the magnitude. As such, while we will continue to monitor the evolving situation, we are unable to predict with any certainty the extent to which these events, or any future impacts, will negatively affect our portfolio companies’ operating results and financial condition or the impact that such disruptions may have on our results of operations and financial condition in the future.Structured Subsidiaries.

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OVERVIEW OF OUR BUSINESS

Our principal investment objective is to maximize our portfolio’s total return by generating current income from our debt investments and current income and capital appreciation from our equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. We seek to achieve our investment objective through our ~~lower middle market (“LMM”),~~LMM, Private Loan (as defined below) and ~~middle market (“~~Middle ~~Market”)~~Market investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million and our LMM portfolio investments generally range in size from $5 million to $75 million. Our private loan (“Private Loan”) investment strategy involves investments in companies that are consistent with the size of the companies in our LMM and Middle Market investment strategies, and our Private Loan investments generally range in size from $10 million to $75 million. Our Middle Market investment strategy involves investments in companies that are generally larger in size than our LMM companies, with annual revenues typically between $150 million and $1.5 billion, and our Middle Market investments generally range in size from $3 million to $25 million.

We seek to fill the financing gap for LMM businesses, which, historically, have had limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM creates the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity ~~participations.~~participation. Our ability to invest across a company’s capital structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options, or a “one stop” financing solution. Providing customized, ~~“one stop”~~“one-stop” financing solutions is important to LMM portfolio companies. We generally seek to partner directly with entrepreneurs, management teams and business owners in making our investments. Our LMM portfolio debt investments are generally secured by a first lien on the assets of the portfolio company and typically have a term of between five and seven years from the original investment date.

Private Loan investments ~~generally~~primarily consist of ~~loans~~debt securities that have primarily been originated directly by us or, to a lesser extent, through our strategic relationships with other investment funds on a collaborative basis ~~and~~through investments that are often referred to in the debt markets as “club ~~deals.”~~deals” because of the small lender group size. Our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are typically similar in size, structure, terms and conditions to investments we hold in our LMM portfolio and Middle Market portfolio. Our Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. We may also invest alongside the private equity sponsor in the equity securities of our Private Loan portfolio companies.

Our Middle Market portfolio investments primarily consist of direct investments in or secondary purchases of interest-bearing syndicated loans or debt securities in privately held companies based in the United States that are generally larger in size than the companies included in our LMM portfolio. Our Middle Market portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.

Our other portfolio (“Other Portfolio”) investments primarily consist of investments that are not consistent with the typical profiles for our LMM, Private Loan or Middle Market portfolio investments, including investments which may

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be managed by third parties. In our Other Portfolio, we may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds.

Subject to changes in our cash and overall liquidity, our Investment Portfolio (as defined below) may also include short-term portfolio investments that are atypical of our LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital. These assets are typically expected to be liquidated in one year or less and are not expected to be a significant portion of the overall Investment Portfolio. The “Investment Portfolio”, as used herein, refers to all of our investments in LMM companies (including both our LMM and Private Loan portfolio investments) and investments in Middle Market companies (including both our Private Loan and Middle Market portfolio investments), Other Portfolio investments and our investment in the External Investment Manager.

Our external asset management business is conducted through ~~MSC Adviser I, LLC (the “External Investment Manager”). We have entered into an agreement with~~ the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income Fund, Inc. (“MSC Income”) and its other clients. Through this agreement, we share employees with theManager. The External Investment Manager ~~including their related infrastructure, business relationships,~~earns management ~~expertise~~fees based on the assets of the funds under management and ~~capital raising capabilities.~~may earn incentive fees, or a carried interest, based on the performance of the funds managed.

Our portfolio investments are generally made through MSCC, the Taxable Subsidiaries, the Funds and the ~~Funds.~~Structured Subsidiaries. MSCC, the Taxable Subsidiaries, the Funds and the ~~Funds~~Structured Subsidiaries share the same investment strategies and criteria, although they are subject to different regulatory ~~regimes.~~regimes (see Regulation). An investor’s return in MSCC will depend, in part, on the Taxable Subsidiaries’, the Funds’ and the ~~Funds’~~Structured Subsidiaries’ investment returns as they are wholly-owned subsidiaries of MSCC.

The level of new portfolio investment activity will fluctuate from period to period based upon our view of the current economic fundamentals, our ability to identify new investment opportunities that meet our investment criteria,

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and our ability to consummate the identified opportunities. The level of new investment activity, and associated interest and fee income, will directly impact future investment income. In addition, the level of dividends paid by portfolio companies and the portion of our portfolio debt investments on non-accrual status will directly impact future investment income. While we intend to grow our portfolio and our investment income over the long term, our growth and our operating results may be more limited during depressed economic periods. However, we intend to appropriately manage our cost structure and liquidity position based on applicable economic conditions and our investment outlook. The level of realized gains or losses and unrealized appreciation or depreciation on our investments will also fluctuate depending upon portfolio activity, economic conditions and the performance of our individual portfolio companies. The changes in realized gains and losses and unrealized appreciation ~~and~~or depreciation could have a material impact on our operating results.

Because we are internally managed, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals. We believe that our internally managed structure provides us with a better alignment of interests between our management team and our employees and our shareholders and a beneficial operating expense structure when compared to other publicly traded and privately held investment firms which are externally ~~managed. Our~~managed, and our internally managed structure allows us the opportunity to leverage our non-interest operating expenses as we grow our Investment Portfolio and our External Investment Manager’s asset management ~~business.~~business (as defined below). The ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.4% and 1.5%, for the trailing twelve months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ respectively, and ~~1.5%~~1.4% for the year ended December 31, ~~2021.~~2022. The ratio of our total operating expenses, including interest expense, as a percentage of our quarterly average total assets was 3.5% and 3.3% for ~~each of~~ the trailing twelve months ended ~~September 30,~~March 31, 2023 and 2022, respectively, and ~~2021, and 3.4%~~3.3% for the year ended December 31, ~~2021.~~2022. Our ratio of expenses as a percentage of our average net asset value is described in greater detail in Note F – Financial Highlights to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

Additionally, the External Investment Manager has entered into an Investment Management Agreement with MS Private Loan Fund I, LP, a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments (the “Private Loan Fund”), pursuant to which the External Investment Manager provides investment advisory and management services to the Private Loan Fund in exchange for an asset-based fee and certain incentive fees. The

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External Investment Manager may also advise other clients, including funds and separately managed accounts, pursuant to advisory and services agreements with such clients in exchange for asset-based and incentive fees.

The External Investment Manager earns management fees based on the assets of the funds and accounts under management and may earn incentive fees, or a carried interest, based on the performance of the funds and accounts managed. The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. The total contribution to our net investment income was ~~$5.0~~$8.1 million and ~~$4.2~~$5.1 million for the three months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ respectively. The External Investment Manager earned base management fee income of $5.5 million and ~~$4.6~~$5.4 million during the three months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ respectively. During the three months ended September 30, 2022, the External Investment Manager did not earn incentive fee income. Incentive fee income earned in the three months ended September 30, 2021 was not significant. During the three months ended September 30,March 31, 2023 and 2022, the External Investment Manager earned ~~$0.2~~incentive fee income of $3.3 million ~~in administrative services fee income. No~~and $0.1 million, respectively. During both of the three months ended March 31, 2023 and 2022, the External Investment Manager earned administrative services fee income ~~was earned in the three months ended September 30, 2021.~~of $0.2 million. Our total expenses are net of expenses allocated to the External Investment Manager for the ~~three months ended September 30,~~March 31, 2023 and 2022 ~~and 2021~~ of ~~$3.3~~$5.0 million and ~~$2.7 million, respectively. The total contribution to our net investment income was $15.2 million and $11.6 million for the nine months ended September 30, 2022 and 2021,~~

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respectively. The External Investment Manager earned base management fee income of $16.3 million and $12.7 million during the nine months ended September 30, 2022 and 2021, respectively. Incentive fee income earned during the nine months ended September 30, 2022 and 2021, respectively, was not significant. During the nine months ended September 30, 2022, the External Investment Manager earned $0.5 million in administrative services fee income. No administrative services fee income was earned in the nine months ended September 30, 2021. Our total expenses are net of expenses allocated to the External Investment Manager for the nine months ended September 30, 2022 and 2021 of $9.6 million and $7.7$2.8 million, respectively.

We have received an exemptive order from the SEC permitting co-investments among us, MSC Income and other funds and clients advised by the External Investment Manager in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. We have made co-investments with, and in the future intend to continue to make co-investments with MSC Income, the Private Loan Fund and other clients advised by the External Investment Manager, in accordance with the conditions of the order. The order requires, among other things, that we and the External Investment Manager consider whether each such investment opportunity is appropriate for us and the External Investment Manager’s advised clients, as applicable, and if it is appropriate, to propose an allocation of the investment opportunity between such parties. Because the External Investment Manager may receive performance-based fee compensation from funds and clients advised by the External Investment Manager, this may provide the Company and the External Investment Manager an incentive to allocate opportunities to other participating funds and clients instead of us. However, both we and the External Investment Manager have policies and procedures in place to manage this conflict, including oversight by the independent members of our Board of Directors. ~~Additional information regarding the operation of the co-investment program is set forth in the order granting exemptive relief, which may be reviewed on the SEC’s website at www.sec.gov.~~ In addition to the co-investment program described above, we also co-invest in syndicated deals and other transactions where ~~only~~ price is the only negotiated point by us and our affiliates.

INVESTMENT PORTFOLIO SUMMARY

The following tables provide a summary of our investments in the LMM, Private Loan and Middle Market portfolios as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 (this information excludes ~~the~~ Other Portfolio investments, short-term portfolio investments and the External Investment Manager which are discussed further below):


		As of September 30, 2022										As of March 31, 2023
		LMM (a)			Private Loan			Middle Market				LMM (a)			Private Loan			Middle Market
		(dollars in millions)										(dollars in millions)
Number of portfolio companies	Number of portfolio companies	75			87			33			Number of portfolio companies	79			86			30
Fair value	Fair value	$	1,910.9		$	1,476.9		$	354.3		Fair value	$	2,112.6		$	1,491.4		$	306.2
Cost	Cost	$	1,593.7		$	1,523.8		$	419.4		Cost	$	1,727.9		$	1,527.6		$	391.0
Debt investments as a % of portfolio (at cost)	Debt investments as a % of portfolio (at cost)	73.0		%	97.1		%	94.4		%	Debt investments as a % of portfolio (at cost)	72.9		%	97.1		%	93.6		%
Equity investments as a % of portfolio (at cost)	Equity investments as a % of portfolio (at cost)	27.0		%	2.9		%	5.6		%	Equity investments as a % of portfolio (at cost)	27.1		%	2.9		%	6.4		%
% of debt investments at cost secured by first priority lien	% of debt investments at cost secured by first priority lien	99.1		%	99.9		%	98.8		%	% of debt investments at cost secured by first priority lien	99.2		%	99.5		%	99.3		%
Weighted-average annual effective yield (b)	Weighted-average annual effective yield (b)	11.8		%	9.9		%	9.6��		%	Weighted-average annual effective yield (b)	12.6		%	12.4		%	11.8		%
Average EBITDA (c)	Average EBITDA (c)	$	7.7		$	41.9		$	70.7		Average EBITDA (c)	$	8.3		$	38.1		$	65.4

____________________

(a)At ~~September 30,~~March 31, 2023, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 41%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of March 31, 2023, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on our debt portfolio as of March 31, 2023 including debt investments on non-accrual status was 12.2% for our LMM portfolio, 12.0% for our Private Loan portfolio and 10.4% for our Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in

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shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including four LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.


	As of December 31, 2022
	LMM (a)			Private Loan			Middle Market
	(dollars in millions)
Number of portfolio companies	78			85			31
Fair value	$	2,060.5		$	1,471.5		$	329.1
Cost	$	1,719.9		$	1,500.3		$	401.7
Debt investments as a % of portfolio (at cost)	73.7		%	97.1		%	93.8		%
Equity investments as a % of portfolio (at cost)	26.3		%	2.9		%	6.2		%
% of debt investments at cost secured by first priority lien	99.1		%	99.6		%	98.8		%
Weighted-average annual effective yield (b)	12.3		%	11.6		%	11.0		%
Average EBITDA (c)	$	8.0		$	38.1		$	68.7

____________________

(a)At December 31, 2022, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 41%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of ~~September 30,~~December 31, 2022, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on our debt portfolio as of ~~September 30,~~December 31, 2022 including debt investments on non-accrual status was ~~11.1%~~11.6% for our LMM portfolio, ~~9.6%~~11.2% for our Private Loan portfolio and ~~9.1%~~10.3% for our Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

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~~metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.~~

~~____________________~~

~~(a)At December 31, 2021, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 40%.~~

~~(b)~~The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 2021, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on our debt portfolio as of December 31, 2021 including debt investments on non-accrual status was 10.6% for our LMM portfolio, 8.0% for our Private Loan portfolio and 6.9% for our Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

~~(c)~~The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies, three Private Loan portfolio companies and one Middle Market portfolio company, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.

For the three months ended ~~September 30,~~March 31, 2023 and 2022, ~~and 2021,~~ we achieved an annualized total return on investments of ~~10.5%~~13.4% and ~~18.0%, respectively. For the nine months ended September 30, 2022 and 2021, we achieved an annualized total return on investments of 9.6% and 16.6%~~11.8%, respectively. For the year ended December 31, ~~2021,~~2022, we achieved a total return on investments of ~~16.6%~~11.1%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. Our total return on investments is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

As of ~~September 30, 2022,~~March 31, 2023, we had Other Portfolio investments in 14 companies, collectively totaling ~~$117.0~~$116.1 million in fair value and ~~$121.3~~$119.7 million in cost basis and which comprised ~~2.9%~~2.8% and ~~3.3%~~3.2% of our Investment Portfolio at fair value and cost, respectively. As of December 31, ~~2021,~~2022, we had Other Portfolio investments in 1314 companies, collectively totaling ~~$166.1~~$116.3 million in fair value and ~~$173.7~~$120.4 million in cost basis and which comprised ~~4.7%~~2.8% and ~~5.3%~~3.2% of our Investment Portfolio at fair value and cost, respectively.

As previously discussed, the External Investment Manager is a wholly-owned subsidiary that is treated as a portfolio investment. As of ~~September 30, 2022,~~March 31, 2023, this investment had a fair value of ~~$112.5~~$132.7 million and a cost basis of $29.5 million, which comprised ~~2.8%~~3.2% and 0.8% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2021, this investment had a fair value of $140.4 million and a cost basis of $29.5 million, which comprised 3.9% and 0.9% of our Investment Portfolio at fair value and cost, respectively.

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December 31, 2022, this investment had a fair value of $122.9 million and a cost basis of $29.5 million, which comprised 3.0% and 0.8% of our Investment Portfolio at fair value and cost, respectively.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. Critical accounting policies are those that require management to make subjective or complex judgments about the effect of matters that are inherently uncertain and may change in subsequent periods. Changes that may be required in the underlying assumptions or estimates in these areas could have a material impact on our current and future financial condition and results of operations.

Management has discussed the development and selection of each critical accounting policy and estimate with the Audit Committee of the Board of Directors. Our critical accounting policies and estimates include the Investment Portfolio Valuation and Revenue Recognition policies described below. Our significant accounting policies are described in greater detail in Note B—B — Summary of Significant Accounting Policiesto the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

Investment Portfolio Valuation

The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our Investment Portfolio and the related amounts of unrealized appreciation and depreciation. We consider this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of both ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021,~~2022, our Investment Portfolio valued at fair value represented ~~96%~~97% of our total assets. We are required to report our investments at fair value. We follow the provisions of FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See Note B.1.— Summary of Significant Accounting Policies — Valuation of the Investment Portfolio included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a detailed discussion of our ~~investment portfolio~~Investment Portfolio valuation process and procedures.

Due to the inherent uncertainty in the valuation process, our determination of fair value for our Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Our Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of our executive officers to serve as the Board of Directors’ valuation designee. We ~~adopted the Valuation Procedures effective April 1, 2021. We~~ believe our Investment Portfolio as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.

Revenue Recognition

Interest and Dividend Income

We record interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded as dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. In accordance with our valuation policies, we evaluate accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service its debt obligation, we will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has

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demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly

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improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, we remove it from non-accrual status.

Fee Income

We may periodically provide services, including structuring and advisory services to our portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.

Payment-in-Kind (“PIK”) Interest and Cumulative Dividends

We hold certain debt and preferred equity instruments in our Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.9.—Summary of Significant Accounting ~~Policies—~~Policies — Income Taxes included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended ~~September 30,~~March 31, 2023 and 2022, (i) 2.4% and ~~2021, (i)~~ 1.2% ~~and 2.1%~~, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and 0.6%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2022 and 2021, (i) 1.3% and 3.0%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.5% and 0.6%1.1%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash.

INVESTMENT PORTFOLIO COMPOSITION

The following tables summarize the composition of our total combined LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments as of ~~September 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022 (this information excludes ~~the~~ Other Portfolio investments, short-term portfolio investments and the External Investment Manager).


Cost:	Cost:	September 30, 2022		December 31, 2021		Cost:	March 31, 2023		December 31, 2022
First lien debt	First lien debt	85.4	%	82.5	%	First lien debt	84.7	%	85.0	%
Equity	Equity	13.9		16.2		Equity	14.6		14.2
Second lien debt	Second lien debt	0.1		0.6		Second lien debt	0.3		0.3
Equity warrants	Equity warrants	0.2		0.3		Equity warrants	0.2		0.2
Other	Other	0.4		0.4		Other	0.2		0.3
		100.0	%	100.0	%		100.0	%	100.0	%


Fair Value:	Fair Value:	September 30, 2022		December 31, 2021		Fair Value:	March 31, 2023		December 31, 2022
First lien debt	First lien debt	76.1	%	74.3	%	First lien debt	74.6	%	75.2	%
Equity	Equity	23.2		24.6		Equity	24.7		24.1
Second lien debt	Second lien debt	0.2		0.5		Second lien debt	0.4		0.3
Equity warrants	Equity warrants	0.1		0.2		Equity warrants	0.1		0.1
Other	Other	0.4		0.4		Other	0.2		0.3
		100.0	%	100.0	%		100.0	%	100.0	%

Our LMM, ~~portfolio investments,~~ Private Loan ~~portfolio investments~~ and Middle Market portfolio investments carry a number of risks including: (1) investing in companies which may have limited operating histories and financial

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resources; (2) holding investments that generally are not publicly traded and which may be subject to legal and other restrictions on resale; and (3) other risks common to investing in below investment-grade debt and equity investments in our Investment Portfolio. Please see ~~“Item~~Item 1A. Risk ~~Factors—~~

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Factors — Risks Related to our ~~Investments”~~Investments contained in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2021~~2022 for a more complete discussion of the risks involved with investing in our Investment Portfolio.

PORTFOLIO ASSET QUALITY

We utilize an internally developed investment rating system to rate the performance of each LMM, Private Loan and Middle Market portfolio company and to monitor our expected level of returns on each of our LMM, Private Loan and Middle Market investments in relation to our expectations for the portfolio company. The investment rating system takes into consideration various factors, including each investment’s expected level of returns, the collectability of our debt investments and the ability to receive a return of the invested capital in our equity investments, comparisons to competitors and other industry participants, the portfolio company’s future outlook and other factors that are deemed to be significant to the portfolio company.

As of ~~September 30, 2022,~~March 31, 2023, our total Investment Portfolio had 1113 investments on non-accrual status, which comprised ~~0.8%~~0.6% of its fair value and ~~3.7%~~3.2% of its cost. As of December 31, ~~2021,~~2022, our total Investment Portfolio had ~~nine~~12 investments on non-accrual status, which comprised ~~0.7%~~0.6% of its fair value and ~~3.3%~~3.7% of its cost.

The operating results of our portfolio companies are impacted by changes in the broader fundamentals of the United States economy. In periods during which the United States economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements, to an increase in defaults on our debt investments or in realized losses on our investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on our equity investments. Consequently, we can provide no assurance that the performance of certain portfolio companies will not be negatively impacted by future economic cycles or other conditions, which could also have a negative impact on our future results.

DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS

Comparison of the three months ended ~~September 30,~~March 31, 2023 and 2022 ~~and September 30, 2021~~

Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the three months ended ~~September 30, 2022~~March 31, 2023 and ~~September 30, 2021.~~2022.


		Three Months Ended September 30,				Net Change					Three Months Ended March 31,				Net Change
		2022		2021		Amount		%			2023		2022		Amount		%
		(dollars in thousands)									(dollars in thousands)
Total investment income	Total investment income	$	98,387	$	76,779	$	21,608	28	%	Total investment income	$	120,254	$	79,395	$	40,859	51	%
Total expenses	Total expenses	(35,939)		(27,475)		(8,464)		31	%	Total expenses	(39,287)		(27,183)		(12,104)		45	%
Net investment income	Net investment income	62,448		49,304		13,144		27	%	Net investment income	80,967		52,212		28,755		55	%
Net realized gain from investments		5,031		8,305		(3,274)		NM
Net unrealized appreciation (depreciation) from investments		(10,081)		38,631		(48,712)		NM
Net realized gain (loss) from investments										Net realized gain (loss) from investments	(28,379)		3,336		(31,715)		NM
Net unrealized appreciation from investments										Net unrealized appreciation from investments	35,118		14,752		20,366		NM
Income tax provision	Income tax provision	(2,060)		(12,284)		10,224		NM		Income tax provision	(8,114)		(5,097)		(3,017)		NM
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	55,338	$	83,956	$	(28,618)	(34)	%	Net increase in net assets resulting from operations	$	79,592	$	65,203	$	14,389	22	%

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		Three Months Ended September 30,				Net Change					Three Months Ended March 31,				Net Change
		2022		2021		Amount		%			2023		2022		Amount		%
		(dollars in thousands, except per share amounts)									(dollars in thousands, except per share amounts)
Net investment income	Net investment income	$	62,448	$	49,304	$	13,144	27	%	Net investment income	$	80,967	$	52,212	$	28,755	55	%
Share‑based compensation expense	Share‑based compensation expense	3,617		2,869		748		26	%	Share‑based compensation expense	4,100		2,818		1,282		45	%

Deferred compensation benefit		(298)		(22)		(276)		NM
Deferred compensation expense (benefit)										Deferred compensation expense (benefit)	376		(376)		752		NM
Distributable net investment income (a)	Distributable net investment income (a)	$	65,767	$	52,151	$	13,616	26	%	Distributable net investment income (a)	$	85,443	$	54,654	$	30,789	56	%
Net investment income per share—Basic and diluted	Net investment income per share—Basic and diluted	$	0.83	$	0.71	$	0.12	17	%	Net investment income per share—Basic and diluted	$	1.02	$	0.73	$	0.29	40	%

Distributable net investment income per share—Basic and diluted (a)	Distributable net investment income per share—Basic and diluted (a)	$	0.88	$	0.76	$	0.12	16	%	Distributable net investment income per share—Basic and diluted (a)	$	1.07	$	0.76	$	0.31	41	%

____________________

~~____________________~~

NM — Net ~~change~~Change % not meaningful

(a)Distributable net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impacts of share-based compensation expense and deferred compensation expense or benefit. We believe presenting distributable net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing our financial performance since share-based compensation does not require settlement in cash and deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing our financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the table above.

Investment Income

Total investment income for the three months ended ~~September 30, 2022~~March 31, 2023 was ~~$98.4~~$120.3 million, a ~~28%~~51% increase from the ~~$76.8~~$79.4 million of total investment income for the corresponding period of ~~2021.~~2022. The following table provides a summary of the changes in the comparable period activity.


		Three Months Ended September 30,				Net Change						Three Months Ended March 31,				Net Change
		2022		2021		Amount		%				2023		2022		Amount		%
		(dollars in thousands)										(dollars in thousands)
Interest income	Interest income	$	75,023	$	50,468	$	24,555	49	%	(a)	Interest income	$	93,392	$	59,441	$	33,951	57	%	(a)
Dividend income	Dividend income	19,424		23,012		(3,588)		(16)	%	(b)	Dividend income	24,222		16,622		7,600		46	%	(b)
Fee income	Fee income	3,940		3,299		641		19	%	(c)	Fee income	2,640		3,332		(692)		(21)	%	(c)
Total investment income	Total investment income	$	98,387	$	76,779	$	21,608	28	%	(d)	Total investment income	$	120,254	$	79,395	$	40,859	51	%	(d)

____________________

(a)The increase in interest income was primarily due to (i) higher average levels of Investment Portfolio debt investments, primarily from (a) net origination activity in the fourth quarter of 2021 of $209.7 million and $290.4 million in our LMM and Private Loan portfolios, respectively, and (b) net origination activity of $136.9 million and $360.8 million in our LMM and Private Loan portfolios, respectively, for the nine months ended September 30, 2022 and (ii) an increase in ~~floating~~ interest rates on floating rate Investment Portfolio debt investments ~~based upon the~~primarily resulting from increases in benchmark index rates and (iii) an increase in ~~market index rates to which such floating~~ interest ~~rates are indexed. These increases were partially offset by a $3.3 million decrease in accelerated, prepayment, repricing and other activity related to certain investment portfolio debt investments.~~rate spreads on new investments over the prior year.

(b)The ~~decrease~~increase in dividend income from Investment Portfolio equity investments was primarily a result of a ~~$4.7~~(i) $7.4 million ~~decrease~~increase related to dividend income considered to be less consistent or non-recurring ~~partially offset by~~and (ii) continued strong dividend income from a variety of portfolio ~~companies and the improved operating results, financial condition and liquidity positions of certain of our portfolio~~ companies.

(c)The ~~increase~~decrease in fee income was primarily related to a $1.5 million ~~increase~~decrease related to ~~higher~~lower originations of Investment Portfolio investments, ~~as discussed above,~~ partially offset by a $0.8 million ~~decrease~~increase in fees received from refinancing and prepayment of debt investments.

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(d)The increase in total investment income includes a net ~~reduction~~increase of ~~$8.0~~$8.1 million in the impact of certain income considered less consistent or non-recurring, including a ~~$4.7~~$7.4 million ~~decrease~~increase in dividend income and a ~~$3.3~~$0.7 million ~~decrease~~increase in total accelerated prepayment ~~repricing~~ and other activity related to certain Investment Portfolio debt investments.

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Expenses

Total expenses for the three months ended ~~September 30, 2022~~March 31, 2023 were ~~$35.9~~$39.3 million, a ~~31%~~45% increase from the ~~$27.5~~$27.2 million in the corresponding period of ~~2021.~~2022. The following table provides a summary of the changes in the comparable period activity.


		Three Months Ended September 30,				Net Change						Three Months Ended March 31,				Net Change
		2022		2021		Amount		%				2023		2022		Amount		%
		(dollars in thousands)										(dollars in thousands)
Cash compensation	Cash compensation	$	10,702	$	9,599	$	1,104	11	%	(a)	Cash compensation	$	10,735	$	7,645	$	3,090	40	%	(a)
Deferred compensation plan expense (benefit)	Deferred compensation plan expense (benefit)	(298)		(22)		(276)		NM		(b)	Deferred compensation plan expense (benefit)	376		(376)		752		200	%	(b)
Compensation	Compensation	10,404		9,576		828		9	%		Compensation	11,111		7,269		3,842		53	%
General and administrative	General and administrative	4,018		3,047		971		32	%		General and administrative	4,077		3,226		851		26	%
Interest	Interest	21,234		14,711		6,523		44	%	(c)	Interest	24,997		16,687		8,310		50	%	(c)
Share-based compensation	Share-based compensation	3,617		2,869		748		26	%		Share-based compensation	4,100		2,818		1,282		46	%	(d)
Gross expenses	Gross expenses	39,273		30,204		9,070		30	%		Gross expenses	44,285		30,000		14,285		48	%
Expenses allocated to the External Investment Manager	Expenses allocated to the External Investment Manager	(3,334)		(2,728)		(606)		22	%		Expenses allocated to the External Investment Manager	(4,998)		(2,817)		(2,181)		77	%	(e)
Total expenses	Total expenses	$	35,939	$	27,476	$	8,464	31	%		Total expenses	$	39,287	$	27,183	$	12,104	45	%

____________________

(a)The increase in cash compensation was primarily related to increased ~~headcount,~~incentive compensation accruals, increased base compensation rates and ~~incentive compensation accruals.~~increased headcount.

(b)The ~~change~~increase in ~~the~~ non-cash deferred compensation plan expense was ~~due to the comparable period reduction to~~a result of compensation expense recorded in the first quarter of 2023 resulting from ~~a decrease~~an increase in the fair value of deferred compensation plan assets and corresponding liabilities ~~of the Main Street Capital Corporation Deferred Compensation plan (see “Related Party Transactions and Agreements” below) (the “Deferred Compensation Plan”)~~ in the ~~third~~ quarter ~~of 2022~~ compared to ~~an increase~~a decrease in compensation expense resulting from a decrease in such fair values in the corresponding period of ~~2021.~~2022.

(c)The increase in interest expense was primarily related to (i) an increased weighted average interest rate on our debt obligations resulting from the addition of the special purpose vehicle revolving credit facility (the “SPV Facility”) and the December 2025 Notes at higher contractual interest rates and an increased average interest rate on our multi-year corporate-level revolving credit facility (the “Corporate Facility” and, together with the SPV Facility, the “Credit Facilities” due to increases in benchmark index rates and (ii) increased average outstanding borrowings to ~~support~~fund our investment activity ~~including borrowings under~~and support the growth of our ~~multi-year revolving credit facility (our “Credit Facility”) and an aggregate of $200.0~~Investment Portfolio.

(d)Share-based compensation increased $1.3 million in ~~principal amount~~the first quarter of ~~our 3.00% Notes (as defined~~2023 from the comparable period of the prior year, principally attributable to an increase in ~~“—Liquidity~~incentive based grants related to incentive compensation awards for 2022 and ~~Capital Resources—Capital Resources” below) issued~~the accelerated vesting of certain prior incentive grants.

(e)The increase in ~~October 2021~~expenses allocated to the External Investment Manager was primarily related to increased overall operating costs at Main Street, an increase in assets under management and ~~(ii)~~ the ~~increased interest rate under our Credit Facility as a result of increases to market index rates.~~positive operating results from the assets managed for clients.

Net Investment Income

Net investment income for the three months ended ~~September 30, 2022~~March 31, 2023 increased ~~27%~~55% to ~~$62.4~~$81.0 million, or ~~$0.83~~$1.02 per share, compared to net investment income of ~~$49.3~~$52.2 million, or ~~$0.71~~$0.73 per share, ~~for~~in the corresponding period of ~~2021.~~2022. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses, both as discussed above. The increase in net investment income per share reflects these changes and the impact of the increase in weighted average shares outstanding for the three months ended ~~September 30, 2022,~~March 31, 2023, primarily due to ~~(i)~~ shares issued over the last twelve months through our ~~our~~(i) public offering in August 2022 and ~~our ATM Program (as defined in “—Liquidity and Capital Resources—Capital Resources” below),~~at-the-market (“ATM”) program, (ii) ~~shares issued through our~~ equity incentive plans and (iii) ~~shares issued through our~~ dividend reinvestment ~~plan, in each case over the last twelve months.~~plan. The increase in net investment income on a per share basis includes a ~~$0.12~~$0.10 per share ~~decrease~~increase in investment income considered less consistent or non-recurring, aspartially offset by an increase in deferred compensation expense of $0.01 per share resulting from the comparable period difference in the change in fair value of deferred compensation plan assets and corresponding liabilities, both of which are discussed above.

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Distributable Net Investment Income

Distributable net investment income for the three months ended ~~September 30, 2022~~March 31, 2023 increased ~~26%~~56% to ~~$65.8~~$85.4 million, or ~~$0.88~~$1.07 per share, compared with ~~$52.2~~$54.7 million, or $0.76 per share, in the corresponding period of ~~2021.~~2022. The

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increase in distributable net investment income was primarily due to the increased level of total investment income, partially offset by higher operating expenses, excluding the impact of share-based compensation expense and deferred compensation expense (benefit), both as discussed above. The increase in distributable net investment income per share reflects the net impact of the increase in weighted average shares outstanding for the three months ended ~~September 30, 2022,~~March 31, 2023, primarily due to ~~(i)~~ shares issued over the last twelve months through our ~~our~~(i) public offering in August 2022 and ~~our~~ ATM ~~Program,~~program, (ii) ~~shares issued through our~~ equity incentive plans and (iii) ~~shares issued through our~~ dividend reinvestment ~~plan, in each case over the last twelve months.~~plan. The increase in distributable net investment income on a per share basis includes a ~~$0.12~~$0.10 per share ~~decrease~~increase in investment income considered less consistent or non-recurring, as discussed above.

Net Realized Gain (Loss) from Investments

The following table provides a summary of the primary components of the total net realized ~~gain~~loss on investments of ~~$5.0~~$28.4 million for the three months ended ~~September 30, 2022:~~March 31, 2023:


		Three Months Ended September 30, 2022														Three Months Ended March 31, 2023
		Full Exits			Partial Exits			Restructures			Other (a)		Total			Full Exits			Partial Exits			Restructures			Other (a)		Total
		Net Gain/(Loss)		# of Investments	Net Gain/(Loss)		# of Investments	Net Gain/(Loss)		# of Investments	Net Gain/(Loss)		Net Gain/(Loss)			Net Gain/(Loss)		# of Investments	Net Gain/(Loss)		# of Investments	Net Gain/(Loss)		# of Investments	Net Gain/(Loss)		Net Gain/(Loss)
		(dollars in thousands)														(dollars in thousands)
LMM portfolio	LMM portfolio	$	—	—	$	—	—	$	(5,822)	1	$	—	$	(5,822)	LMM portfolio	$	—	—	$	(29,526)	1	$	(3,597)	1	$	2	$	(33,121)
Private Loan portfolio	Private Loan portfolio	8,855		3	—		—	—		—	257		9,112		Private Loan portfolio	868		1	—		—	—		—	(128)		740
Middle Market portfolio	Middle Market portfolio	1,038		1	—		—	—		—	153		1,191		Middle Market portfolio	3,248		1	—		—	—		—	56		3,304
Other Portfolio	Other Portfolio	—		—	550		1	—		—	—		550		Other Portfolio	—		—	631		1	—		—	67		698
Short-term portfolio		—		—	—		—	—		—	—		—

Total net realized gain/(loss)	Total net realized gain/(loss)	$	9,893	4	$	550	1	$	(5,822)	1	$	410	$	5,031	Total net realized gain/(loss)	$	4,116	2	$	(28,895)	2	$	(3,597)	1	$	(3)	$	(28,379)

____________________

(a)Other activity includes realized gains and losses from transactions involving ~~eight~~nine portfolio companies which are not considered to be significant individually or in the aggregate.

Net Unrealized Appreciation (Depreciation)

The following table provides a summary of the total net unrealized ~~depreciation~~appreciation of ~~$10.1~~$35.1 million for the three months ended ~~September 30, 2022:~~March 31, 2023:


		Three Months Ended September 30, 2022												Three Months Ended March 31, 2023
		LMM(a)		Private Loan		Middle Market		Other			Total			LMM(a)		Private Loan		Middle Market		Other			Total
		(dollars in millions)												(dollars in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period	Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period	$	5.8	$	(9.0)	$	(1.0)	$	(0.6)		$	(4.8)	Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period	$	32,940	$	124	$	(3,248)	$	(698)		$	29,118
Net unrealized appreciation (depreciation) relating to portfolio investments	Net unrealized appreciation (depreciation) relating to portfolio investments	4.1		1.6		(8.6)		(2.4)		(b)	(5.3)		Net unrealized appreciation (depreciation) relating to portfolio investments	11,164		(7,514)		(8,909)		11,259		(b)	6,000
Total net unrealized appreciation (depreciation) relating to portfolio investments	Total net unrealized appreciation (depreciation) relating to portfolio investments	$	9.9	$	(7.4)	$	(9.6)	$	(3.0)		$	(10.1)	Total net unrealized appreciation (depreciation) relating to portfolio investments	$	44,104	$	(7,390)	$	(12,157)	$	10,561		$	35,118

____________________

(a)Includes unrealized appreciation on 2829 LMM portfolio investments and unrealized depreciation on 2823 LMM portfolio investments.

(b)~~Other includes~~Includes (i) ~~$5.8~~$9.7 million of unrealized ~~depreciation~~appreciation relating to the External Investment Manager, ~~and~~ (ii) ~~$0.3 million of unrealized depreciation relating to the assets of the Deferred Compensation Plan, partially offset by $3.6~~$1.1 million of net unrealized appreciation relating to the Other ~~Portfolio.~~Portfolio and (iii) $0.4 million of unrealized appreciation relating to the assets of the deferred compensation plan.

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Income Tax ~~Benefit (Provision)~~Provision

The income tax provision for the three months ended ~~September 30, 2022~~March 31, 2023 of $2.1 million principally consisted of (i) a current tax provision of $1.6 million, related to a $1.0 million provision for excise tax on our estimated undistributed taxable income and a $0.6 million provision for current U.S. federal and state income taxes and (ii) a deferred tax provision of $0.5 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences. The income tax provision for the three months ended September 30, 2021 of $12.3$8.1 million principally consisted of (i) a deferred tax provision of $11.3 million, and (ii) a current tax provision of $1.0 million related to a $0.9 million provision for current U.S. federal and state income taxes, and a $0.1 million provision for excise tax on our estimated undistributed taxable income.

~~Net Increase in Net Assets Resulting from Operations~~

The net increase in net assets resulting from operations for the three months ended September 30, 2022 was $55.3 million, or $0.74 per share, compared with $84.0 million, or $1.22 per share, during the three months ended September 30, 2021. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021.

~~Comparison of the nine months ended September 30, 2022 and September 30, 2021~~

Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the nine months ended September 30, 2022 and September 30, 2021.

Nine Months Ended
September 30, Net Change
2022 2021 Amount %
(dollars in thousands)
Total investment income $ 262,981 $ 206,881 $ 56,100 27 %
Total expenses (93,597) (75,424) (18,173) 24 %
Net investment income 169,384 131,457 37,927 29 %
Net realized gain from investments 3,302 10,575 (7,273) NM
Net unrealized appreciation (depreciation) from investments (19,922) 117,072 (136,994) NM
Income tax provision (17,477) (22,691) 5,214 NM
Net increase in net assets resulting from operations $ 135,287 $ 236,413 $ (101,126) (43) %

Nine Months Ended
September 30, Net Change
2022 2021 Amount %
(dollars in thousands, except per share amounts)
Net investment income $ 169,384 $ 131,457 $ 37,927 29 %
Share‑based compensation expense 10,031 7,961 2,070 26 %
Deferred compensation expense (benefit) (1,899) 706 (2,605) NM
Distributable net investment income (a) $ 177,516 $ 140,124 $ 37,392 27 %
Net investment income per share—Basic and diluted $ 2.31 $ 1.92 $ 0.39 20 %
Distributable net investment income per share—Basic and diluted (a) $ 2.42 $ 2.04 $ 0.38 19 %

~~____________________~~

~~NM Net change % not meaningful~~

~~(a)~~Distributable net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impacts of share-based compensation expense and deferred compensation expense or benefit. We believe presenting distributable net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing our financial performance since share-based compensation does not require settlement in cash and deferred compensation expense or benefit does not result in a net cash impact to Main Street

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upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing our financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the table above.

~~Investment Income~~

Total investment income for the nine months ended September 30, 2022 was $263.0 million, a 27% increase from the $206.9 million of total investment income for the corresponding period of 2021. The following table provides a summary of the changes in the comparable period activity.

Nine Months Ended
September 30, Net Change
2022 2021 Amount %
(dollars in thousands)
Interest income $ 198,446 $ 139,882 $ 58,564 42 % (a)
Dividend income 53,959 59,328 (5,369) (9) % (b)
Fee income 10,576 7,671 2,905 38 % (c)
Total investment income $ 262,981 $ 206,881 $ 56,100 27 % (d)

~~____________________~~

~~(a)~~The increase in interest income was primarily due to (i) higher average levels of Investment Portfolio debt investments primarily from (a) net origination activity in the fourth quarter of 2021 of $209.7 million and $290.4 million in our LMM and Private Loan portfolios, respectively, and (b) net origination activity of $136.9 million and $360.8 million in our LMM and Private Loan portfolios, respectively, for the nine months ended September 30, 2022 and (ii) an increase in floating interest rates on Investment Portfolio debt investments based upon the increases in market index rates to which such floating interest rates are indexed. These increases were partially offset by a $0.3 million decrease in accelerated, prepayment, repricing and other activity related to certain investment portfolio debt investments.

~~(b)~~The decrease in dividend income from Investment Portfolio equity investments was primarily a result of an $11.3 million decrease related to dividend income considered to be less consistent or non-recurring, partially offset by growth in dividend income from a variety of portfolio companies resulting from the improved operating results, financial condition and liquidity positions of certain of our portfolio companies.

~~(c)~~The increase in fee income was primarily related to (i) a $2.7 million increase related to higher originations of Investment Portfolio investments as discussed above and (ii) a $0.2 million increase from refinancing and prepayment of debt investments.

~~(d)~~The increase in total investment income includes a net reduction of $11.1 million in the impact of certain income considered less consistent or non-recurring, including (i) an $11.3 million decrease in dividend income and (ii) a $0.3 million decrease in accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.

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~~Expenses~~

Total expenses for the nine months ended September 30, 2022 were $93.6 million, a 24% increase from the $75.4 million in the corresponding period of 2021. The following table provides a summary of the changes in the comparable period activity.

Nine Months Ended
September 30, Net Change
2022 2021 Amount %
(dollars in thousands)
Cash compensation $ 28,379 $ 22,084 $ 6,295 29 % (a)
Deferred compensation plan expense (benefit) (1,899) 706 (2,605) (369) % (b)
Compensation 26,480 22,790 3,690 16 %
General and administrative 11,483 9,439 2,044 22 %
Interest 55,216 42,914 12,302 29 % (c)
Share-based compensation 10,031 7,961 2,070 26 %
Gross expenses 103,209 83,104 20,105 24 %
Expenses allocated to the External Investment Manager (9,613) (7,680) (1,933) 25 %
Total expenses $ 93,596 $ 75,424 $ 18,172 24 %

~~____________________~~

~~(a)The increase in compensation expense was primarily related to increased headcount, base compensation rates and incentive compensation accruals.~~

~~(b)~~The change in the non-cash deferred compensation plan expense was due to the comparable period reduction to compensation expense resulting from a decrease in the fair value of Deferred Compensation Plan assets and corresponding liabilities in the third quarter of 2022 compared to an increase in such fair values in the corresponding period of 2021.

~~(c)~~The increase in interest expense was primarily related to (i) increased borrowings to support our investment activity, including borrowings under our Credit Facility and an aggregate of $200.0 million in principal amount of our 3.00% Notes issued in October 2021 and (ii) the increased interest rate under our Credit Facility as a result of increases to market index rates.

~~Net Investment Income~~

Net investment income for the nine months ended September 30, 2022 increased 29% to $169.4 million, or $2.31 per share, compared to net investment income of $131.5 million, or $1.92 per share, for the corresponding period of 2021. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses, both as discussed above. The increase in net investment income per share reflects these changes and the impact of the increase in weighted average shares outstanding for the nine months ended September 30, 2022, primarily due to (i) shares issued through our our public offering in August 2022 and our ATM Program, (ii) shares issued through our equity incentive plans and (iii) shares issued through our dividend reinvestment plan, in each case over the last twelve months. The increase in net investment income on a per share basis includes (i) a $0.17 per share decrease in investment income considered less consistent or non-recurring and (ii) a decrease in compensation expense of $0.04 per share resulting from the comparable period difference in the fair value of Deferred Compensation Plan assets and corresponding liabilities, both of which are discussed above.

~~Distributable Net Investment Income~~

Distributable net investment income for the nine months ended September 30, 2022 increased 27% to $177.5 million, or $2.42 per share, compared with $140.1 million, or $2.04 per share, in the corresponding period of 2021. The increase in distributable net investment income was primarily due to the increased level of total investment income, partially offset by higher operating expenses, excluding the impact of share-based compensation expense and deferred compensation expense (benefit), both as discussed above. The increase in distributable net investment income per share reflects the net impact of the increase in weighted average shares outstanding for the nine months ended September 30, 2022, primarily due to (i) shares issued through our our public offering in August 2022 and our ATM Program, (ii) shares issued through our equity incentive plans and (iii) shares issued through our dividend reinvestment plan, in each

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case over the last twelve months. The increase in distributable net investment income on a per share basis includes a $0.17 per share decrease in investment income considered less consistent or non-recurring, as discussed above.

~~Net Realized Gain (Loss) from Investments~~

~~The following table provides a summary of the primary components of the total net realized gain on investments of $3.3 million for the nine months ended September 30, 2022:~~

Nine Months Ended September 30, 2022
Full Exits Partial Exits Restructures Other (a) Total
Net Gain/(Loss) # of Investments Net Gain/(Loss) # of Investments Net Gain/(Loss) # of Investments Net Gain/(Loss) Net Gain/(Loss)
(dollars in thousands)
LMM portfolio $ — — $ — — $ (5,822) 1 $ (458) $ (6,280)
Private Loan portfolio 10,415 4 — — — — 441 10,856
Middle Market portfolio (5,031) 2 — — — — 153 (4,878)
Other Portfolio — — 3,119 2 — — 441 3,560
Short-term portfolio — — — — — — 44 44
Total net realized gain/(loss) $ 5,384 6 $ 3,119 2 $ (5,822) 1 $ 621 $ 3,302

~~____________________~~

~~(a)Other activity includes realized gains and losses from transactions involving 12 portfolio companies which are not considered to be significant individually or in the aggregate.~~

~~Net Unrealized Appreciation (Depreciation)~~

~~The following table provides a summary of the total net unrealized depreciation of $19.9 million for the nine months ended September 30, 2022:~~

Nine Months Ended September 30, 2022
LMM(a) Private
Loan Middle
Market Other Total
(dollars in millions)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period $ 6.8 $ (11.5) $ 4.9 $ (3.3) $ (3.1)
Net unrealized appreciation (depreciation) relating to portfolio investments 49.8 (18.8) (24.3) (23.5) (b) (16.8)
Total net unrealized appreciation (depreciation) relating to portfolio investments $ 56.6 $ (30.3) $ (19.4) $ (26.8) $ (19.9)

~~____________________~~

~~(a)Includes unrealized appreciation on 34 LMM portfolio investments and unrealized depreciation on 31 LMM portfolio investments.~~

~~(b)~~Other includes (i) $27.9 million of unrealized depreciation relating to the External Investment Manager and (ii) $2.2 million of net unrealized depreciation relating to the assets of the Deferred Compensation Plan, partially offset by $6.6 million of net unrealized appreciation relating to the Other Portfolio.

~~Income Tax Benefit (Provision)~~

~~The income tax provision for the nine months ended September 30, 2022 of $17.5 million principally consisted of (i) a deferred tax provision of $13.8~~$6.4 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences and (ii) a current tax provision of ~~$3.7~~$1.7 million,

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related to a ~~$2.4~~$1.0 million provision for current U.S. federal and state income taxes and a $0.7 million provision for excise tax on our estimated undistributed taxable income. The income tax provision for the three months ended March 31, 2022 of $5.1 million principally consisted of (i) a deferred tax provision of $3.8 million and (ii) a current tax provision of $1.3 million primarily related to a $0.7 million provision for excise tax on our estimated undistributed taxable income and a ~~$1.3~~$0.6 million provision for current U.S. federal and state income taxes. The income tax provision for the nine months ended September 30, 2021 of $22.7 million principally consisted of (i) a deferred tax provision of $20.4 million and (ii) a current tax provision of $2.2 million primarily related to a $1.6 million provision for current U.S. federal and state income taxes and a $0.6 million provision for excise tax in our estimated undistributed taxable income.

Net Increase in Net Assets Resulting from Operations

The net increase in net assets resulting from operations for the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 was ~~$135.3~~$79.6 million, or ~~$1.84~~$1.00 per share, compared with ~~$236.4~~$65.2 million, or ~~$3.45~~$0.91 per share, during the ~~nine~~three months ended ~~September 30, 2021.~~March 31, 2022. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the ~~nine~~three months ended ~~September 30, 2022~~March 31, 2023 as compared to the ~~nine~~three months ended ~~September 30, 2021.~~March 31, 2022.

~~Liquidity and Capital Resources~~LIQUIDITY AND CAPITAL RESOURCES

~~This “Liquidity and Capital Resources” section should be read in conjunction with the “Economic Update” section above.~~

Cash Flows

For the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, we realized a net ~~increase~~decrease in cash and cash equivalents of ~~$28.5~~$9.4 million, which is the result of ~~$285.9~~$20.0 million of cash provided by our ~~financing~~operating activities ~~partially offset by $257.3~~and $29.3 million of cash used in our ~~operating~~financing activities.

The ~~$257.3~~$20.0 million of cash ~~used in~~provided by our operating activities resulted primarily from (i) cash uses totaling $911.3 million for the funding of new and follow-on portfolio company investments and settlement of accruals for portfolio investments existing as of December 31, 2021 and (ii) cash payments of $18.8 million related to changes in other assets and liabilities, partially offset by (i) cash proceeds totaling $506.0 million from the sales and repayments of debt investments and sales of and return on capital from equity investments and (ii) cash flows that we generated from the operating profits earned totaling ~~$166.7~~$77.8 million, which is our distributable net investment income, excluding the non-cash effects of the accretion of unearned income, payment-in-kind interest income, cumulative dividends and the amortization expense for deferred financing ~~costs.~~costs and (ii) cash proceeds totaling $63.5 million from the sales and repayments of debt investments and sales of and return on capital from equity investments, partially offset by (i) cash uses totaling $109.0 million for the funding of new and follow-on portfolio company investments and settlement of accruals for portfolio investments existing as of December 31, 2022 and (ii) cash payments of $12.3 million related to changes in other assets and liabilities.

The ~~$285.9~~$29.3 million of cash ~~provided by~~used in our financing activities principally consisted of (i) ~~$194.5~~$59.6 million in net cash proceeds from equity offerings from our ATM Program and Equity Offering (both as described below) and direct stock purchase plan and (ii) $241.0 million in net proceeds from the Credit Facility, partially offset by (i) $143.1 million in cash dividends paid to stockholders of our common stock (ii) $43.0 million in net repayments from our Corporate Facility and ~~(ii) $4.9~~the SPV Facility, (iii) $16.0 million in repayments of SBIC debentures, (iv) $1.2 million in debt issuance costs and (v) $0.4 million for purchases of vested restricted stock from employees to satisfy their tax withholding requirements upon the vesting of such restricted ~~stock.~~stock, partially offset by (i) $50.0 million in proceeds from the issuance of additional aggregate principal amount of the December 2025 Notes (as defined below) and (ii) $40.9 million in net cash proceeds from equity offerings from our ATM Program (as described below) and direct stock purchase plan.

Capital Resources

As of ~~September 30, 2022,~~March 31, 2023, we had ~~$61.2~~$39.8 million in cash and cash equivalents and ~~$359.0~~$671.0 million of unused capacity under the Credit ~~Facility~~Facilities which we maintain to support our investment and operating activities. As of ~~September 30, 2022,~~March 31, 2023, our ~~net asset value~~NAV totaled ~~$1,979.4~~$2,172.9 million, or ~~$25.94~~$27.23 per share.

~~The Credit Facility provides additional liquidity to support our investment and operational activities.~~ As of ~~September 30, 2022, the Credit Facility included total commitments~~March 31, 2023, we had $394.0 million outstanding and $586.0 million of ~~$920.0 million from a diversified group of 18 lenders, held a maturity date in August 2027 and contained an accordion feature with the right to request an increase in~~undrawn commitments under the ~~facility from new~~Corporate Facility, and ~~existing lenders~~$170.0 million outstanding and $85.0 million of undrawn commitments under our SPV Facility, both of which we estimated approximated fair value. Availability under our Credit Facilities is subject to certain leverage and borrowing base limitations, various covenants, reporting requirements and other customary requirements for similar credit facilities. For further information on ~~the same~~our Credit Facilities, including key terms and conditions as the existing commitments up to a total of $1.4 billion. As of September 30, 2022, borrowings under the Credit Facility bore interest, subject to our election and resetting on a monthly basis on the first of each month, on a per annum basis at a rate equal to the applicable SOFR rate plus an applicable credit spread adjustment of 0.10% plus (i) 1.875% (or the applicable Prime Rate plus 0.875%) as long as we meet certain agreed upon excess collateral and maximum leverage requirements or (ii) 2.0% (or the applicable Prime Rate plus 1.0%) otherwise. We pay unused commitment fees of 0.25% per annum on the unused lender commitments under the Credit Facility. The Credit Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership or assets of the Funds and the External Investment Manager. As of September 30, 2022, the Credit Facility contained certain affirmative and negative covenants, including but not limited to: (i) maintaining minimum liquidity, (ii) maintaining an interest coverage ratio of at least 2.0 to 1.0, (iii) maintaining a 1940 Act asset coverage ratio of at least 1.5 to 1.0, (iv) maintaining a minimum tangible net worth and

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(v) maintaining a minimum asset coverage ratio of 200% with respect to the consolidated assets (with certain limitations on the contribution of equity in financing subsidiaries as specified therein) of MSCC and the guarantors under the Credit Facility to the secured debt of MSCC and the guarantors. As of September 30, 2022, we had $561.0 million in borrowings outstanding under the Credit Facility, the interest rate on the Credit Facility was 4.5% and we were in compliance with all financial covenants, refer to Note E — Debt included in Item 1. Consolidated Financial Statementsof ~~the Credit Facility.~~this Quarterly Report on Form 10-Q.

Through the Funds, we have the ability to issue SBIC debentures guaranteed by the SBA at favorable interest rates and favorable terms and conditions. Under existing SBIC regulations, SBA-approved SBICs under common control have the ability to issue debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. Under

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existing SBA-approved commitments, we had ~~$350.0~~$334.0 million of outstanding SBIC debentures guaranteed by the SBA as of ~~September 30, 2022~~March 31, 2023 through our wholly-owned SBICs, which bear a weighted-average annual fixed interest rate of 2.9%, paid semiannually, and mature ten years from issuance. The first maturity related to our SBIC debentures occurs in ~~2023,~~March 2024, and the weighted-average remaining duration is ~~5.4~~5.1 years as of ~~September 30, 2022.~~March 31, 2023. Debentures guaranteed by the SBA have fixed interest rates that equal prevailing 10-year Treasury Note rates plus a market spread and have a maturity of ten years with interest payable semiannually. The principal amount of the debentures is not required to be paid before maturity, but may be pre-paid at any time with no prepayment penalty. We expect to maintain SBIC debentures under the SBIC program in the future, subject to periodic repayments and borrowings, in an amount up to the regulatory maximum amount for affiliated SBIC funds.

In November 2017, we issued $185.0 million in aggregate principal amount of 4.50% unsecured notes due December 1, 2022 (the “4.50% Notes”) at an issue price of 99.16%. The 4.50% Notes are unsecured obligations and rank pari passu with our current and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 4.50% Notes; effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under our Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, including without limitation, the indebtedness of the Funds. The 4.50% Notes may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. The 4.50% Notes bear interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. We may from time to time repurchase the 4.50% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of September 30, 2022, the outstanding principal balance of the 4.50% Notes was $185.0 million.

The indenture governing the 4.50% Notes (the “4.50% Notes Indenture”) contains certain covenants, including covenants requiring our compliance with (regardless of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring us to provide financial information to the holders of the 4.50% Notes and the trustee if we cease to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 4.50% Notes Indenture. As of September 30, 2022, we were in compliance with these covenants.

In April 2019, we issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the ~~“5.20%~~“May 2024 Notes”) ~~at an issue price of 99.125%~~. ~~Subsequently, in~~In December 2019 and July 2020, we issued an additional $75.0 million and $125.0 million, respectively, in aggregate principal amount of the ~~5.20% Notes at an issue price of 105.0%. Also, in July 2020, we issued an additional $125.0 million in~~May 2024 Notes. The outstanding aggregate principal amount of the ~~5.20% Notes 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 aggregate net proceeds from the 5.20% Notes Notes issuances were used to repay a portion of the borrowings outstanding under the Credit Facility. The 5.20% Notes Notes are unsecured obligations and rank pari passu with our current and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 5.20% Notes; effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under our Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, including without limitation, the indebtedness of the Funds. The 5.20% Notes may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. The 5.20% Notes bear interest at a rate of 5.20% per year payable semiannually on May 1 and November 1 of each year. We may from time to time repurchase the 5.20% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of September 30, 2022, the outstanding principal balance of the 5.20%2024 Notes was $450.0 ~~million.~~

~~The indenture governing the 5.20% Notes (the “5.20% Notes Indenture”) contains certain covenants, including covenants requiring our compliance with (regardless~~million as of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring us to provide financial information to the holders of the 5.20% Notesboth March 31, 2023 and ~~the trustee if we cease to be subject to the reporting~~

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requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 5.20% Notes Indenture. As of September 30, 2022, we were in compliance with these covenants.

In January 2021, we issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the ~~“3.00%~~“July 2026 Notes”) ~~at an issue price of 99.004%~~. In October 2021, we issued an additional $200.0 million in aggregate principal amount of the ~~3.00% Notes at an issue price of 101.741%.~~July 2026 Notes. The 3.00% Notes issued in October 2021 have identical terms as, and are a part of a single series with, the 3.00% Notes issued in January 2021. The 3.00% Notes are unsecured obligations and rank pari passu with our current and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 3.00% Notes; effectively subordinated to all of our existing and future secured indebtedness, to the extentoutstanding aggregate principal amount of the ~~value~~July 2026 Notes was $500.0 million as of both March 31, 2023 and March 31, 2022.

In December 2022, we issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Notes”). In February 2023, we issued an additional $50.0 million in aggregate principal amount of the assets securing such indebtedness, including borrowings under our Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, including without limitation, the indebtedness of the Funds. The 3.00%December 2025 Notes ~~may be redeemed in whole or in part at any time at our option subject to certain make whole provisions. The 3.00% Notes bear~~bearing interest at a fixed rate of ~~3.00%~~7.53% per ~~year payable semiannually on January 14 and July 14 of each~~ year. ~~We may from time to time repurchase the 3.00% Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of September 30, 2022, the~~The outstanding aggregate principal ~~balance~~amount of the ~~3.00%~~December 2025 Notes as of March 31, 2023 and December 31, 2022 was ~~$500.0 million.~~

The indenture governing the 3.00% Notes (the “3.00% Notes Indenture”) contains certain covenants, including covenants requiring our compliance with (regardless of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring us to provide financial information to the holders of the 3.00% Notes$150.0 million and the trustee if we cease to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 3.00% Notes Indenture. As of September 30, 2022, we were in compliance with these covenants.$100.0 million, respectively.

We maintain a program with certain selling agents through which we can sell shares of our common stock by means of at-the-market offerings from time to time (the “ATM Program”).

During the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, we sold ~~3,429,904~~1,055,416 shares of our common stock at a weighted-average price of ~~$40.99~~$39.15 per share and raised ~~$140.6~~$41.3 million of gross proceeds under the ATM Program. Net proceeds were ~~$139.2~~$40.9 million after commissions to the selling agents on shares sold and offering costs. As of ~~September 30, 2022,~~March 31, 2023, sales transactions representing ~~73,124~~27,570 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the ~~net asset value~~NAV per share. ~~In March 2022, we entered into new distribution agreements to sell up to 15,000,000 shares through the ATM Program.~~ As of ~~September 30, 2022, 12,440,162~~March 31, 2023, 9,407,268 shares remained available for sale under the ATM Program.

During the year ended December 31, ~~2021,~~2022, we sold ~~2,332,795~~5,407,382 shares of our common stock at a weighted-average price of ~~$42.71~~$39.29 per share and raised ~~$99.6~~$212.4 million of gross proceeds under the ATM Program. Net proceeds were ~~$98.4~~$209.9 million after commissions to the selling agents on shares sold and offering costs. ~~As of~~

During the year ended December 31, 2021, sales transactions representing 36,136 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the net asset value per share.

~~During August~~ 2022, we completed a public equity offering (the “Equity Offering”) of 1,345,500 shares of common stock at a public offering price of $42.85 per share, including the underwriters’ full exercise of their option to purchase 175,500 additional shares, resulting in total net proceeds, including exercise of the underwriters’ option to purchase additional shares and after deducting underwriting discounts and estimated offering expenses payable by us, of approximately $55.1 million.

We anticipate that we will continue to fund our investment activities through existing cash and cash equivalents, cash flows generated through our ongoing operating activities, utilization of available borrowings under our Credit ~~Facility,~~Facilities, and a combination of future issuances of debt and equity capital. Our primary uses of funds will be investments in portfolio companies, operating expenses, cash distributions to holders of our common stock and repayments of note and debenture obligations as they come due.

We periodically invest excess cash balances into marketable securities and idle funds investments. The primary investment objective of marketable securities and idle funds investments is to generate incremental cash returns on excess cash balances prior to utilizing those funds for investment in our LMM, Private Loan and Middle Market portfolio investments. Marketable securities and idle funds investments generally consist of debt investments, independently rated debt investments, certificates of deposit with financial institutions, diversified bond funds and publicly traded debt and equity investments. We may also invest in short-term portfolio investments that are atypical of

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our LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital and are more liquid

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than investments within the other portfolios. Short-term portfolio investments consist primarily of investments in secured debt investments and independently rated debt investments.

If our common stock trades below our ~~net asset value~~NAV per share, we will generally not be able to issue additional common stock at the market price, unless our stockholders approve such a sale and our Board of Directors makes certain determinations. We did not seek stockholder authorization to sell shares of our common stock below the then current ~~net asset value~~NAV per share of our common stock at our ~~2022 annual meeting~~2023 Annual Meeting of ~~stockholders,~~Stockholders, and have not sought such authorization since 2012, because our common stock price per share has generally traded significantly above the ~~net asset value~~NAV per share of our common stock since 2011. We would therefore need future approval from our stockholders to issue shares below the then current ~~net asset value~~NAV per share.

In order to satisfy the Code requirements applicable to a RIC, we intend to distribute to our stockholders, after consideration and application of our ability under the Code to carry forward certain excess undistributed taxable income from one tax year into the next tax year, substantially all of our taxable income.

In addition, as a BDC, we generally are required to meet a coverage ratio, or BDC asset coverage ratio, of total assets to total senior securities, which include borrowings and any preferred stock we may issue in the future, of at least 200% (or 150% if certain requirements are met). In January 2008, we received an exemptive order from the SEC to exclude SBA-guaranteed debt securities issued by the Funds and any other wholly-owned subsidiaries of ours which operate as SBICs from the BDC asset coverage ratio which, in turn, enables us to fund more investments with debt capital. In May 2022, our stockholders also approved the application of the reduced BDC asset coverage ratio. As a result, the BDC asset coverage ratio applicable to us decreased from 200% to 150% effective May 3, 2022. As of ~~September 30, 2022,~~March 31, 2023, our BDC asset coverage ratio was ~~216%~~230%.

Although we have been able to secure access to additional liquidity, including through the Credit ~~Facility,~~Facilities, public and private debt issuances, leverage available through the SBIC program and equity offerings, there is no assurance that debt or equity capital will be available to us in the future on favorable terms, or at all.

Recently Issued or Adopted Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. We believe that the impact of recently issued standards and any that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. For a description of recently issued or adopted accounting standards, see Note ~~B.13 –~~B.13. — Summary of Significant Accounting Policies — Recently Issued or Adopted Accounting Standards included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

Inflation

Inflation has not historically had a significant effect on our results of operations in any of the reporting periods presented herein. However, our portfolio companies have experienced, specifically including over the last few ~~quarters~~years, as a result of ~~the COVID-19 pandemic,~~ recent geopolitical events, ~~and the related~~ supply chain and labor issues, and may continue to experience, the increasing impacts of inflation on their operating results, including periodic escalations in their costs for labor, raw materials and third-party services and required energy consumption. These issues and challenges related to inflation are receiving significant attention from our investment teams and the management teams of our portfolio companies as we work to manage these growing challenges. Prolonged or more severe impacts of inflation to our portfolio companies could continue to ~~impact~~affect their operating profits and, thereby, increase their borrowing costs, and as a result negatively impact their ability to service their debt obligations and/or reduce their available cash for distributions. In addition, these factors could have a negative ~~impact~~effect on the fair value of our investments in these portfolio companies. The combined impacts ~~of these impacts~~therefrom in turn could negatively affect our results of operations.

Off-Balance Sheet Arrangements

We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Consolidated Balance Sheets. At ~~September 30, 2022,~~March 31, 2023, we had a total of ~~$294.9~~$255.3 million in outstanding commitments comprised of (i) 7882 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) 10 investments with equity capital commitments that had not been fully called.

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~~with additional commitments not yet funded and (ii) ten investments with equity capital commitments that had not been fully called.~~

Contractual Obligations

As of ~~September 30, 2022,~~March 31, 2023, the future fixed commitments for cash payments in connection with our SBIC debentures, the ~~4.50%~~December 2025 Notes, the ~~5.20%~~May 2024 Notes, the ~~3.00%~~July 2026 Notes and rent obligations under our office lease for each of the next five years and thereafter are as ~~follows (dollars in thousands):~~follows:

2022 2023 2024 2025 2026 Thereafter Total
3.00% Notes due 2026 $ — $ — $ — $ — $ 500,000 $ — $ 500,000
Interest due on 3.00% Notes due 2026 — 15,017 15,000 15,000 15,000 — 60,017
5.20% Notes due 2024 — — 450,000 — — — 450,000
Interest due on 5.20% Notes due 2024 11,700 23,400 11,700 — — — 46,800
SBIC debentures — 16,000 63,800 — — 270,200 350,000
Interest due on SBIC debentures — 9,960 8,455 7,228 7,228 15,565 48,436
4.50% Notes due 2022 185,000 — — — — — 185,000
Interest due on 4.50% Notes due 2022 4,163 — — — — — 4,163
Operating Lease Obligation (1) 197 804 818 832 846 933 4,430
Total $ 201,060 $ 65,181 $ 549,773 $ 23,060 $ 523,074 $ 286,698 $ 1,648,846


	2023		2024		2025		2026		2027		Thereafter		Total
	(dollars in thousands)
July 2026 Notes	$	—	$	—	$	—	$	500,000	$	—	$	—	$	500,000
Interest due on July 2026 Notes	7,517		15,000		15,000		15,000		—		—		52,517
May 2024 Notes	—		450,000		—		—		—		—		450,000
Interest due on May 2024 Notes	23,400		11,700		—		—		—		—		35,100
SBIC debentures	—		63,800		—		—		75,000		195,200		334,000
Interest due on SBIC debentures	4,939		8,455		7,228		7,228		6,512		9,053		43,415
December 2025 Notes	—		—		150,000		—		—		—		150,000
Interest due on December 2025 Notes	11,166		11,605		11,637		—		—		—		34,408
Operating Lease Obligation (1)	389		1,020		1,115		1,135		1,155		7,673		12,487
Total	$	47,411	$	561,580	$	184,980	$	523,363	$	82,667	$	211,926	$	1,611,927

____________________

(1)Operating Lease Obligation means a rent payment obligation under a lease classified as an operating lease and disclosed pursuant to ASC 842, as may be modified or supplemented.

As of ~~September 30, 2022,~~March 31, 2023, we had ~~$561.0~~$394.0 million in borrowings outstanding under our ~~Credit~~Corporate Facility, and the ~~Credit~~Corporate Facility is scheduled to mature in August 2027. As of March 31, 2023, we had $170.0 million in borrowings outstanding under our SPV Facility, and the SPV Facility is scheduled to mature in November 2027.

Related Party Transactions and Agreements

We have entered into agreements and transactions with the External Investment Manager, MSC Income and the Private Loan Fund, whereby we have made debt and equity investments and receive certain fees, expense reimbursements and investment income. See Note D –— External Investment Manager and Note L—L — Related Party Transactions included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding these related party ~~transactions.~~transactions and agreements.

In addition, we have a deferred compensation plan, whereby non-employee directors and certain key employees may defer receipt of some or all of their cash compensation and directors’ fees, subject to certain limitations. See Note K—L — Related Party Transactions included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding the deferred compensation plan.

Recent Developments

In ~~November 2022,~~May 2023, we declared a supplemental cash dividend of ~~$0.10~~$0.225 per share payable in ~~December 2022.~~June 2023. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that we declared for the ~~fourth~~second quarter of ~~2022 of $0.215 per share for each of October, November and December 2022 or total monthly cash dividends of $0.645 per share for the quarter.~~

~~In November 2022, we declared regular monthly dividends~~2023 of $0.225 per share for each of ~~January, February~~April, May and ~~March~~June 2023 or total monthly cash dividends of $0.690 per share for the quarter. Total dividends declared for the second quarter of 2023equal a total of $0.90, representing a 25% increase over the total dividends paid in the second quarter of 2022.

In May 2023, we declared regular monthly dividends of $0.23 per share for each of July, August and September of 2023. These regular monthly dividends equal a total of ~~$0.675~~$0.69 per share for the ~~first~~third quarter of ~~2022,~~2023, representing a ~~4.7%~~7.0% increase from the regular monthly dividends paid in the ~~first~~third quarter of 2022. Including the regular monthly and supplemental dividends declared for the ~~fourth quarter of 2022~~second and ~~first quarter~~third quarters of 2023 we will have paid ~~$35.795~~$37.56 per share in cumulative dividends since our October 2007 initial public offering.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates, and changes in interest rates may affect both our interest expense on the debt outstanding under our Credit ~~Facility~~Facilities and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rate indices, including LIBOR, SOFR and Prime rates, to the extent that any debt investments include floating interest rates. See ~~“Risk~~Risk Factors—Risks Related to our Investments — ~~Changes relating to the LIBOR calculation process, the phase-out~~The interest rates of ~~LIBOR and the use of replacement rates for LIBOR may adversely affect the value~~some of our ~~portfolio securities.”~~investments are priced using a spread over LIBOR, which will be phased out in the future., ~~“Risk~~Risk Factors — Risks Related to our ~~Investments~~Business and Structure — We are subject to risks associated with the ~~current~~ interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments.” and ~~“Risk~~Risk Factors — Risks Related to Leverage — Because we borrow money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.” included in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2021~~2022 for more information regarding risks associated with our debt investments and borrowings that utilize LIBOR, SOFR or Prime as a reference rate.

The majority of our debt investments are made with either fixed interest rates or floating rates that are subject to contractual minimum interest rates for the term of the investment. As of ~~September 30, 2022, 76%~~March 31, 2023, 73% of our debt ~~investment portfolio~~Investment Portfolio (at cost) bore interest at floating rates, 92% of which were subject to contractual minimum interest rates. As of ~~September 30, 2022, 73%~~March 31, 2023, 72% of our debt obligations bore interest at fixed rates. Our interest expense will be affected by changes in the published SOFR rate in connection with our Credit ~~Facility;~~Facilities; however, the interest rates on our outstanding SBIC debentures, ~~4.50%~~May 2024 Notes, ~~5.20%~~July 2026 Notes and ~~3.00%~~December 2025 Notes which collectively comprise the majority of our outstanding debt, are fixed for the life of such debt. As of ~~September 30, 2022,~~March 31, 2023, we had not entered into any interest rate hedging arrangements. Due to our limited use of derivatives, we have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and, therefore, are not subject to registration or regulation as a pool operator under such Act. The Company intends to operate as a “limited derivatives user” under Rule 18f-4 under the 1940 Act.

The following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of ~~September 30, 2022.~~March 31, 2023.


Basis Point Change	Basis Point Change	Increase (Decrease) in Interest Income		(Increase) Decrease in Interest Expense		Increase (Decrease) in Net Investment Income		Increase (Decrease) in Net Investment Income per Share		Basis Point Change	Increase (Decrease) in Interest Income		(Increase) Decrease in Interest Expense		Increase (Decrease) in Net Investment Income		Increase (Decrease) in Net Investment Income per Share
		(dollars in thousands, except per share amounts)									(dollars in thousands, except per share amounts)
(200)	(200)	$	(46,228)	$	11,220	$	(35,008)	$	(0.46)	(200)	$	(46,109)	$	11,844	$	(34,265)	$	(0.43)
(175)	(175)	$	(40,828)	$	9,818	$	(31,010)	$	(0.41)	(175)	(40,450)		10,434		(30,016)		(0.38)
(150)	(150)	$	(35,227)	$	8,415	$	(26,812)	$	(0.35)	(150)	(34,804)		9,024		(25,780)		(0.32)
(125)	(125)	(29,492)		7,013		(22,479)		(0.29)		(125)	(29,164)		7,614		(21,550)		(0.27)
(100)	(100)	(23,687)		5,610		(18,077)		(0.24)		(100)	(23,523)		6,204		(17,319)		(0.22)
(75)	(75)	(17,835)		4,208		(13,627)		(0.18)		(75)	(17,873)		4,794		(13,079)		(0.16)
(50)	(50)	(11,982)		2,805		(9,177)		(0.12)		(50)	(12,223)		3,384		(8,839)		(0.11)
(25)	(25)	(6,130)		1,403		(4,727)		(0.06)		(25)	(6,574)		1,974		(4,600)		(0.06)
25	25	5,576		(1,403)		4,173		0.05		25	4,736		(846)		3,890		0.05
50	50	11,427		(2,805)		8,622		0.11		50	10,375		(2,256)		8,119		0.10
75	75	17,280		(4,208)		13,072		0.17		75	16,025		(3,666)		12,359		0.15
100	100	23,132		(5,610)		17,522		0.23		100	21,675		(5,076)		16,599		0.21
125	125	28,984		(7,013)		21,971		0.29		125	27,325		(6,486)		20,839		0.26
150	150	34,837		(8,415)		26,422		0.35		150	32,974		(7,896)		25,078		0.31
175	175	40,689		(9,818)		30,871		0.40		175	38,624		(9,306)		29,318		0.37
200	200	46,541		(11,220)		35,321		0.46		200	44,274		(10,716)		33,558		0.42
300		69,951		(16,830)		53,121		0.70
400		93,360		(22,440)		70,920		0.93

Although we believe that this analysis is indicative of the impact of interest rate changes to our Net Investment Income as of ~~September 30, 2022,~~March 31, 2023, the analysis does not take into consideration future changes in the credit market, credit

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quality or other business or economic developments that could affect our Net Investment Income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above. The hypothetical results

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assume that all LIBOR, SOFR and Prime ~~Rate~~rate changes would be effective on the first day of the period. However, the contractual LIBOR, SOFR and Prime ~~Rate~~rate reset dates would vary throughout the period. The majority of our investments are based on contracts which reset quarterly, while our Credit ~~Facility resets~~Facilities reset monthly. The hypothetical results would also be impacted by the changes in the amount of debt outstanding under our Credit ~~Facility~~Facilities (with an increase (decrease) in the debt outstanding under the Credit ~~Facility~~Facilities resulting in an (increase) decrease in the hypothetical interest expense).

Item 4. Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer, ~~President,~~ Chief Financial Officer, Chief Compliance Officer and Chief Accounting Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer, ~~President,~~ Chief Financial Officer, Chief Compliance Officer and Chief Accounting Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act. There have been no changes in our internal control over financial reporting that occurred during the quarter ended ~~September 30, 2022~~March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

Item 1A. Risk Factors

You should carefully consider the risks described below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, ~~“Item~~Item 1A. Risk ~~Factors”~~Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2021~~2022 that we filed with the SEC on February ~~25, 2022,~~24, 2023, which could materially affect our business, financial condition and/or operating results. ~~There~~

We maintain our cash at financial institutions, often in balances that exceed federally insured limits

Our cash is held in accounts at U.S. banking institutions that we believe are of high quality. Cash held in deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions fail, we could lose all or a portion of those amounts held in excess of such insurance limitations. While the FDIC took control of two such banking institutions, Silicon Valley Bank (“SVB”) on March 10, 2023 and Signature Bank (“Signature”) on March 12, 3023, we did not have ~~been no~~any accounts with SVB or Signature and therefore did not experience any direct risk of loss and our indirect exposure to SVB and Signature through our portfolio companies was determined to be immaterial. Any material ~~changes~~loss, individually or in the aggregate, from a similarly failed banking relationship above FDIC insurance limits that we may experience in the future could have an adverse effect on our ability to ~~the risk factors as previously disclosed~~pay our operational expenses or make other payments and may require us to move our accounts to other banks, which could cause a temporary delay in making payments to our ~~Annual Report on Form 10-K for the fiscal year ended December 31, 2021.~~

~~The risks described in~~vendors and employees and cause other operational inconveniences. In addition, if any of our ~~Annual Report on Form 10-K for the fiscal year ended December 31, 2021~~portfolio companies are ~~not the only risks facing us. Additional risks and uncertainties not currently known~~unable to access funds pursuant to such instruments or lending arrangements with such a financial institution, such portfolio company’s ability to pay their obligations or make distributions to us ~~or that we currently deem to~~could be ~~immaterial also may materially and~~ adversely ~~affect our business, financial condition and/or operating results.~~affected.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended ~~September 30, 2022,~~March 31, 2023, we issued ~~164,216~~199,282 shares of our common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value of the shares of common stock issued during the three months ended ~~September 30, 2022~~March 31, 2023, under the dividend reinvestment plan was ~~$6.6~~$7.8 million.

Upon vesting of restricted stock awarded pursuant to our employee equity compensation plan, shares may be withheld to meet applicable tax withholding requirements. Any withheld shares are treated as common stock purchases by the Company in our consolidated financial statements as they reduce the number of shares received by employees upon vesting (see “Purchase of vested stock for employee payroll tax withholding” in the Consolidated Statements of Changes in Net Assets for share amounts withheld).

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Item 6. Exhibits

Listed below are the exhibits which are filed as part of this report (according to the number assigned to them in Item 601 of Regulation S-K):


Exhibit Number						Description of Exhibit
31.1						Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2						Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1						Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
32.2						Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
~~101.INS~~101						The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal year 2023, filed with the SEC on May 5, 2023, formatted in Inline ~~XBRL Instance Document -~~Extensible Business Reporting Language (iXBRL): (i) the ~~instance document does not appear~~Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, (ii) the Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, (iii) the Consolidated Statements of Changes in Net Assets for the ~~Interactive Data File because XBRL tags are embedded within~~periods ended March 31, 2023 and 2022, (iv) the ~~Inline XBRL document.~~Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022, (v) the Consolidated Schedule of Investments for the periods ended March 31, 2023 and December 31, 2022, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the three months ended March 31, 2023 and 2022.
~~101.SCH~~						~~Inline XBRL Taxonomy Extension Schema Document~~
~~101.CAL~~						~~Inline XBRL Taxonomy Extension Calculation Linkbase Document~~
~~101.DEF~~						~~Inline XBRL Taxonomy Extension Definition Linkbase Document~~
~~101.LAB~~						~~Inline XBRL Taxonomy Extension Label Linkbase Document~~
~~101.PRE~~						~~Inline XBRL Taxonomy Extension Presentation Linkbase Document~~
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			Main Street Capital Corporation

			/s/ DWAYNE L. HYZAK
Date: ~~November 4, 2022~~May 5, 2023			Dwayne L. Hyzak
			Chief Executive Officer
			(principal executive officer)

			/s/ JESSE E. MORRIS
Date: ~~November 4, 2022~~May 5, 2023			Jesse E. Morris
			Chief Financial Officer and Chief Operating Officer
			(principal financial officer)

			/s/ ~~LANCE A. PARKER~~RYAN R. NELSON
Date: ~~November 4, 2022~~May 5, 2023			~~Lance A. Parker~~Ryan R. Nelson
			~~Vice President and~~ Chief Accounting Officer
			(principal accounting officer)

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	As of December 31, 2021
	LMM (a)			Private Loan			Middle Market
	(dollars in millions)
Number of portfolio companies	73			75			36
Fair value	$	1,716.4		$	1,141.8		$	395.2
Cost	$	1,455.7		$	1,157.5		$	440.9
Debt investments as a % of portfolio (at cost)	70.9		%	95.7		%	93.3		%
Equity investments as a % of portfolio (at cost)	29.1		%	4.3		%	6.7		%
% of debt investments at cost secured by first priority lien	99.0		%	98.7		%	98.7		%
Weighted-average annual effective yield (b)	11.2		%	8.2		%	7.5		%
Average EBITDA (c)	$	6.2		$	41.3		$	76.0


For the Years Ended December 31,	Amount
2022	$	197
2023	804
2024	818
2025	832
2026	846
Thereafter	933
Total	$	4,430


	Nine Months Ended September 30, 2022
	Full Exits			Partial Exits			Restructures			Other (a)		Total
	Net Gain/(Loss)		# of Investments	Net Gain/(Loss)		# of Investments	Net Gain/(Loss)		# of Investments	Net Gain/(Loss)		Net Gain/(Loss)
	(dollars in thousands)
LMM portfolio	$	—	—	$	—	—	$	(5,822)	1	$	(458)	$	(6,280)
Private Loan portfolio	10,415		4	—		—	—		—	441		10,856
Middle Market portfolio	(5,031)		2	—		—	—		—	153		(4,878)
Other Portfolio	—		—	3,119		2	—		—	441		3,560
Short-term portfolio	—		—	—		—	—		—	44		44
Total net realized gain/(loss)	$	5,384	6	$	3,119	2	$	(5,822)	1	$	621	$	3,302