~~0001396440OnAsset Intelligence, Inc., Preferred Stock2022-12-310001396440AFG Capital Group,~~0001396440Clad-Rex Steel, LLC, ~~Preferred Member Units2022-03-31~~Secured Debt 22023-01-012023-06-30

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 ~~March 31,~~June 30, 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 ~~May 4,~~August 3, 2023 was ~~80,466,696.~~82,428,020.

Table of contents

TABLE OF CONTENTS


	PART I
	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—~~March 31~~June 30 , 202 3 (unaudited) and December 31, 2022	1
	Consolidated Statements of Operations (unaudited)—Three and six months ended ~~March 31~~June 30 , 202 3 and 2022	2
	Consolidated Statements of Changes in Net Assets (unaudited)—~~Three~~Six months ended MJune ~~arch 31~~30 , 202 3 and 2022	3
	Consolidated Statements of Cash Flows (unaudited)—~~Three~~Six months ended ~~March 31~~June 30 , 202 3 and 2022	4
	Consolidated Schedule of Investments (unaudited)—~~March 31,~~June 30, 2023	5
	Consolidated Schedule of Investments—December 31, 2022	36
	Notes to Consolidated Financial Statements (unaudited)	67
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—~~Three~~Six months ended ~~March 31~~June 3 0 , ~~202~~3 2023 and ~~202~~22022	108
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	124
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	~~139~~144
Item 4.	Controls and Procedures	~~140~~145
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	~~141~~146
Item 1A.	Risk Factors	~~141~~146
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~141~~146
Item 66.	Exhibits	~~142~~147
	Signatures	~~143~~148

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


		March 31, 2023		December 31, 2022			June 30, 2023		December 31, 2022
		(Unaudited)					(Unaudited)
ASSETS	ASSETS					ASSETS
Investments at fair value:	Investments at fair value:					Investments at fair value:
Control investments (cost: $1,315,277 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)		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)		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)		4,160,917		4,102,177
Control investments (cost: $1,377,194 and $1,270,802 as of June 30, 2023 and December 31, 2022, respectively)						Control investments (cost: $1,377,194 and $1,270,802 as of June 30, 2023 and December 31, 2022, respectively)	$	1,883,699	$	1,703,172
Affiliate investments (cost: $539,826 and $635,536 as of June 30, 2023 and December 31, 2022, respectively)						Affiliate investments (cost: $539,826 and $635,536 as of June 30, 2023 and December 31, 2022, respectively)	563,125		618,359
Non‑Control/Non‑Affiliate investments (cost: $1,825,669 and $1,867,414 as of June 30, 2023 and December 31, 2022, respectively)						Non‑Control/Non‑Affiliate investments (cost: $1,825,669 and $1,867,414 as of June 30, 2023 and December 31, 2022, respectively)	1,763,719		1,780,646
Total investments (cost: $3,742,689 and $3,773,752 as of June 30, 2023 and December 31, 2022, respectively)						Total investments (cost: $3,742,689 and $3,773,752 as of June 30, 2023 and December 31, 2022, respectively)	4,210,543		4,102,177
Cash and cash equivalents	Cash and cash equivalents	39,752		49,121		Cash and cash equivalents	70,886		49,121
Interest and dividend receivable and other assets	Interest and dividend receivable and other assets	84,597		82,731		Interest and dividend receivable and other assets	117,749		82,731
Receivable for securities sold	Receivable for securities sold	505		381		Receivable for securities sold	13,959		381
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
Deferred financing costs (net of accumulated amortization of $11,420 and $10,603 as of June 30, 2023 and December 31, 2022, respectively)						Deferred financing costs (net of accumulated amortization of $11,420 and $10,603 as of June 30, 2023 and December 31, 2022, respectively)	7,101		7,475
Total assets	Total assets	$	4,293,255	$	4,241,885	Total assets	$	4,420,238	$	4,241,885
LIABILITIES	LIABILITIES					LIABILITIES
Credit Facilities	Credit Facilities	$	564,000	$	607,000	Credit Facilities	$	580,000	$	607,000
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)		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)		328,206		343,914
December 2025 Notes (par: $150,000 and $100,000 as of March 31, 2023 and December 31, 2022, respectively)		148,578		99,325
July 2026 Notes (par: $500,000 as of both June 30, 2023 and December 31, 2022)						July 2026 Notes (par: $500,000 as of both June 30, 2023 and December 31, 2022)	498,399		498,136
May 2024 Notes (par: $450,000 as of both June 30, 2023 and December 31, 2022)						May 2024 Notes (par: $450,000 as of both June 30, 2023 and December 31, 2022)	450,454		450,727
SBIC debentures (par: $350,000 ($63,800 due within one year) and $350,000 as of June 30, 2023 and December 31, 2022, respectively)						SBIC debentures (par: $350,000 ($63,800 due within one year) and $350,000 as of June 30, 2023 and December 31, 2022, respectively)	343,943		343,914
December 2025 Notes (par: $150,000 and $100,000 as of June 30, 2023 and December 31, 2022, respectively)						December 2025 Notes (par: $150,000 and $100,000 as of June 30, 2023 and December 31, 2022, respectively)	148,706		99,325

Accounts payable and other liabilities	Accounts payable and other liabilities	39,759		52,092		Accounts payable and other liabilities	48,502		52,092

Interest payable	Interest payable	18,671		16,580		Interest payable	15,355		16,580
Dividend payable	Dividend payable	18,036		17,676		Dividend payable	18,729		17,676
Deferred tax liability, net	Deferred tax liability, net	54,226		47,849		Deferred tax liability, net	61,202		47,849
Total liabilities	Total liabilities	2,120,333		2,133,299		Total liabilities	2,165,290		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; 79,766,002 and 78,463,599 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)		797		784
Common stock, $0.01 par value per share (150,000,000 shares authorized; 81,026,676 and 78,463,599 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)						Common stock, $0.01 par value per share (150,000,000 shares authorized; 81,026,676 and 78,463,599 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	814		784
Additional paid‑in capital	Additional paid‑in capital	2,083,175		2,030,531		Additional paid‑in capital	2,132,041		2,030,531

Total undistributed earnings	Total undistributed earnings	88,950		77,271		Total undistributed earnings	122,093		77,271
Total net assets	Total net assets	2,172,922		2,108,586		Total net assets	2,254,948		2,108,586
Total liabilities and net assets	Total liabilities and net assets	$	4,293,255	$	4,241,885	Total liabilities and net assets	$	4,420,238	$	4,241,885
NET ASSET VALUE PER SHARE	NET ASSET VALUE PER SHARE	$	27.23	$	26.86	NET ASSET VALUE PER SHARE	$	27.69	$	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 March 31,				Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022				2023		2022		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	$	48,862	$	32,577		Control investments	$	47,979	$	36,808	$	96,841	$	69,385
Affiliate investments	Affiliate investments	17,456		13,917			Affiliate investments	20,999		11,893		38,455		25,810
Non‑Control/Non‑Affiliate investments	Non‑Control/Non‑Affiliate investments	53,936		32,901			Non‑Control/Non‑Affiliate investments	58,605		36,499		112,542		69,401
Total investment income	Total investment income	120,254		79,395			Total investment income	127,583		85,200		247,838		164,596
EXPENSES:	EXPENSES:						EXPENSES:
Interest	Interest	(24,997)		(16,687)			Interest	(26,754)		(17,295)		(51,752)		(33,982)
Compensation	Compensation	(11,111)		(7,269)			Compensation	(12,188)		(8,807)		(23,300)		(16,076)
General and administrative	General and administrative	(4,077)		(3,226)			General and administrative	(4,514)		(4,238)		(8,591)		(7,464)
Share‑based compensation	Share‑based compensation	(4,100)		(2,818)			Share‑based compensation	(4,087)		(3,596)		(8,187)		(6,414)
Expenses allocated to the External Investment Manager	Expenses allocated to the External Investment Manager	4,998		2,817			Expenses allocated to the External Investment Manager	5,688		3,462		10,686		6,279
Total expenses	Total expenses	(39,287)		(27,183)			Total expenses	(41,855)		(30,474)		(81,144)		(57,657)
NET INVESTMENT INCOME	NET INVESTMENT INCOME	80,967		52,212			NET INVESTMENT INCOME	85,728		54,726		166,694		106,939
NET REALIZED GAIN (LOSS):	NET REALIZED GAIN (LOSS):						NET REALIZED GAIN (LOSS):
Control investments	Control investments	(2,966)		—			Control investments	(48,111)		—		(51,077)		—
Affiliate investments	Affiliate investments	(26,264)		692			Affiliate investments	9,997		47		(16,267)		739
Non‑Control/Non‑Affiliate investments	Non‑Control/Non‑Affiliate investments	851		2,644			Non‑Control/Non‑Affiliate investments	(37,392)		(5,111)		(36,542)		(2,467)

Total net realized gain (loss)		(28,379)		3,336
Total net realized loss							Total net realized loss	(75,506)		(5,064)		(103,886)		(1,728)
NET UNREALIZED APPRECIATION (DEPRECIATION):	NET UNREALIZED APPRECIATION (DEPRECIATION):						NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	Control investments	17,161		8,279			Control investments	75,779		4,822		92,940		13,101
Affiliate investments	Affiliate investments	33,141		3,041			Affiliate investments	(11,469)		1,731		21,672		4,772
Non‑Control/Non‑Affiliate investments	Non‑Control/Non‑Affiliate investments	(15,184)		3,432			Non‑Control/Non‑Affiliate investments	40,631		(31,146)		25,447		(27,714)

Total net unrealized appreciation		35,118		14,752
Total net unrealized appreciation (depreciation)							Total net unrealized appreciation (depreciation)	104,941		(24,593)		140,059		(9,841)
INCOME TAXES:	INCOME TAXES:						INCOME TAXES:
Federal and state income, excise and other taxes	Federal and state income, excise and other taxes	(1,737)		(1,309)			Federal and state income, excise and other taxes	(1,671)		(809)		(3,407)		(2,118)
Deferred taxes	Deferred taxes	(6,377)		(3,788)			Deferred taxes	(6,976)		(9,511)		(13,353)		(13,299)
Income tax provision	Income tax provision	(8,114)		(5,097)			Income tax provision	(8,647)		(10,320)		(16,760)		(15,417)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	79,592	$	65,203		NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	106,516	$	14,749	$	186,107	$	79,953
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	1.02	$	0.73		NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	1.06	$	0.75	$	2.08	$	1.47
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	$	1.00	$	0.91		NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	1.32	$	0.20	$	2.32	$	1.10
WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	79,552,200		71,708,326			WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	80,807,861		73,304,619		80,190,630		72,512,793

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			Common Stock							Additional Paid-In Capital		Total Undistributed (Overdistributed) Earnings		Total Net Asset Value
		Number of Shares	Par 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																Public offering of common stock, net of offering costs	662,828				7			25,626		—		25,633
Share‑based compensation																Share‑based compensation	—				—			3,596		—		3,596
Purchase of vested stock for employee payroll tax withholding																Purchase of vested stock for employee payroll tax withholding	(115,071)				(1)			(4,894)		—		(4,895)
Dividend reinvestment																Dividend reinvestment	132,156				1			4,999		—		5,000
Amortization of directors’ deferred compensation																Amortization of directors’ deferred compensation	—				—			130		—		130
Issuance of restricted stock, net of forfeited shares																Issuance of restricted stock, net of forfeited shares	467,238				5			(5)		—		—
Dividends to stockholders																Dividends to stockholders	—				—			114		(52,818)		(52,704)

Net increase resulting from operations																Net increase resulting from operations	—				—			—		14,749		14,749
Balances at June 30, 2022																Balances at June 30, 2022	73,517,558				$	735		$	1,837,305	$	27,123	$	1,865,163

Balances at December 31, 2022	Balances at December 31, 2022	78,506,816	$	784	$	2,030,531			$	77,271				$	2,108,586	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		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		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)		Purchase of vested stock for employee payroll tax withholding	(10,489)				—			(404)		—		(404)
Dividend reinvestment	Dividend reinvestment	199,282	2		7,806				—					7,808		Dividend reinvestment	199,282				2			7,806		—		7,808
Amortization of directors’ deferred compensation	Amortization of directors’ deferred compensation	—	—		121				—					121		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	—		—				—					—		Issuance of restricted stock, net of forfeited shares	39,566				—			—		—		—
Dividends to stockholders	Dividends to stockholders	—	—		136				(67,913)					(67,777)		Dividends to stockholders	—				—			136		(67,913)		(67,777)

Net increase resulting from operations	Net increase resulting from operations	—	—		—				79,592					79,592		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	Balances at March 31, 2023	79,794,089				$	797		$	2,083,175	$	88,950	$	2,172,922
Public offering of common stock, net of offering costs																Public offering of common stock, net of offering costs	1,096,514				11			43,193		—		43,204
Share‑based compensation																Share‑based compensation	—				—			4,087		—		4,087
Purchase of vested stock for employee payroll tax withholding																Purchase of vested stock for employee payroll tax withholding	(140,569)				(1)			(5,545)		—		(5,546)
Dividend reinvestment																Dividend reinvestment	174,891				2			6,878		—		6,880
Amortization of directors’ deferred compensation																Amortization of directors’ deferred compensation	—				—			109		—		109
Issuance of restricted stock, net of forfeited shares																Issuance of restricted stock, net of forfeited shares	506,081				5			(5)		—		—
Dividends to stockholders																Dividends to stockholders	—				—			149		(73,373)		(73,224)

Net increase resulting from operations																Net increase resulting from operations	—				—			—		106,516		106,516
Balances at June 30, 2023																Balances at June 30, 2023	81,431,006				$	814		$	2,132,041	$	122,093	$	2,254,948

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)


		Three Months Ended March 31,				Six Months Ended June 30,
		2023		2022				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	$	79,592	$	65,203		Net increase in net assets resulting from operations	$	186,107	$	79,953
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:	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	(109,036)		(315,369)			Investments in portfolio companies	(395,305)		(540,429)
Proceeds from sales and repayments of debt investments in portfolio companies	Proceeds from sales and repayments of debt investments in portfolio companies	56,644		218,781			Proceeds from sales and repayments of debt investments in portfolio companies	291,557		381,697
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	6,817		19,963			Proceeds from sales and return of capital of equity investments in portfolio companies	31,057		30,293
Net unrealized appreciation		(35,118)		(14,752)
Net realized (gain) loss		28,379		(3,336)
Net unrealized (appreciation) depreciation							Net unrealized (appreciation) depreciation	(140,059)		9,841
Net realized loss							Net realized loss	103,886		1,728
Accretion of unearned income	Accretion of unearned income	(4,673)		(2,834)			Accretion of unearned income	(9,900)		(7,354)
Payment-in-kind interest	Payment-in-kind interest	(2,895)		(937)			Payment-in-kind interest	(5,219)		(2,364)
Cumulative dividends	Cumulative dividends	(417)		(887)			Cumulative dividends	(717)		(1,062)
Share-based compensation expense	Share-based compensation expense	4,100		2,818			Share-based compensation expense	8,187		6,414
Amortization of deferred financing costs	Amortization of deferred financing costs	753		686			Amortization of deferred financing costs	1,582		1,372
Deferred tax provision	Deferred tax provision	6,377		3,788			Deferred tax provision	13,353		13,299
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	(1,357)		(11,731)			Interest and dividend receivable and other assets	(34,644)		(3,686)
Interest payable	Interest payable	2,091		2,219			Interest payable	(1,225)		42
Accounts payable and other liabilities	Accounts payable and other liabilities	(12,212)		(13,667)			Accounts payable and other liabilities	(3,360)		(10,216)
Deferred fees and other	Deferred fees and other	925		378			Deferred fees and other	2,382		1,037
Net cash provided by (used in) operating activities	Net cash provided by (used in) operating activities	19,970		(49,677)			Net cash provided by (used in) operating activities	47,682		(39,435)

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	40,896		63,522			Proceeds from public offering of common stock, net of offering costs	84,100		89,155

Proceeds from public offering of December 2025 Notes	Proceeds from public offering of December 2025 Notes	50,000		—			Proceeds from public offering of December 2025 Notes	50,000		—
Dividends paid	Dividends paid	(59,609)		(46,522)			Dividends paid	(125,260)		(94,071)

Proceeds from issuance of SBIC debentures							Proceeds from issuance of SBIC debentures	16,000		—
Repayments of SBIC debentures	Repayments of SBIC debentures	(16,000)		—			Repayments of SBIC debentures	(16,000)		—

Proceeds from credit facilities	Proceeds from credit facilities	97,000		185,000			Proceeds from credit facilities	243,000		303,000
Repayments on credit facilities	Repayments on credit facilities	(140,000)		(167,000)			Repayments on credit facilities	(270,000)		(243,000)
Debt issuance costs, net	Debt issuance costs, net	(1,222)		—			Debt issuance costs, net	(1,807)		—
Purchases of vested stock for employee payroll tax withholding	Purchases of vested stock for employee payroll tax withholding	(404)		—			Purchases of vested stock for employee payroll tax withholding	(5,950)		(4,895)

Net cash provided by (used in) financing activities	Net cash provided by (used in) financing activities	(29,339)		35,000			Net cash provided by (used in) financing activities	(25,917)		50,189

Net decrease in cash and cash equivalents		(9,369)		(14,677)
Net increase in cash and cash equivalents							Net increase in cash and cash equivalents	21,765		10,754
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	49,121		32,629			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	$	39,752	$	17,952		CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	70,886	$	43,383

Supplemental cash flow disclosures:	Supplemental cash flow disclosures:						Supplemental cash flow disclosures:
Interest paid	Interest paid	$	22,122	$	13,751		Interest paid	$	51,333	$	32,505
Taxes paid	Taxes paid	$	2,726	$	2,874		Taxes paid	$	5,909	$	4,920

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	$	7,808	$	4,813		Value of shares issued pursuant to the DRIP	$	14,688	$	9,813

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

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

~~March 31,~~June 30, 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 (28)		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	$	—	$	(2)	$	(2)				Secured Debt	(9) (25)	8/16/2019			L+	10.00%		8/16/2024	$	—	$	(2)	$	(2)
				Secured Debt	(9)	8/16/2019		14.75%	L+	10.00%		8/16/2024	4,595		4,495		4,495					Secured Debt	(9)	8/16/2019		15.25%	L+	10.00%		8/16/2024	4,525		4,444		4,444
				Preferred Member Units		8/16/2019	3,200	14.13%							3,200		—					Preferred Member Units		8/16/2019	3,200	14.13%							3,200		—
				Preferred Member Units		5/20/2021	2,427								2,427		3,588					Preferred Member Units		5/20/2021	2,427								2,427		4,070
				Warrants	(27)	8/16/2019	420					8/16/2029			316		—					Warrants	(27)	8/16/2019	420					8/16/2029			316		—
															10,436		8,081																10,385		8,512
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	400		400		400					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					Secured Debt		8/1/2013		13.00%				7/31/2024	1,650		1,649		1,597
				Member Units		8/1/2013	1,500								1,500		700					Member Units		8/1/2013	1,500								1,594		510
															3,549		2,749																3,643		2,507
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	1,922		1,922		523					Secured Debt	(14)	11/16/2017		5.00%				8/16/2023	2,027		2,027		483
				Secured Debt	(14)	11/16/2017		5.00%				8/16/2023	3,015		2,855		820					Secured Debt	(14)	11/16/2017		5.00%				8/16/2023	3,015		2,855		719
				Preferred Member Units		11/16/2017	3,725,862								3,726		—					Preferred Member Units		11/16/2017	3,725,862								3,726		—
															8,503		1,343																8,608		1,202
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		3,037					Member Units		10/26/2020	37								1,584		3,040
															2,295		3,748																2,295		3,751
Batjer TopCo, LLC	Batjer TopCo, LLC		HVAC Mechanical Contractor																Batjer TopCo, LLC		HVAC Mechanical Contractor
				Secured Debt	(25)	3/7/2022						3/7/2027	—		(7)		(7)					Secured Debt	(25)	3/7/2022						3/7/2027	—		(7)		—

				Secured Debt		3/7/2022		11.00%				3/7/2027	10,575		10,492		10,492					Secured Debt		3/7/2022		10.00%				3/7/2027	10,575		10,497		10,575
				Preferred Stock	(8)	3/7/2022	4,073								4,095		6,150					Preferred Stock	(8)	3/7/2022	4,073								4,095		6,150
															14,580		16,635																14,585		16,725
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) (28) (47)	12/31/2020		13.91%	SF+	9.22%		10/31/2027	98,535		97,952		98,535					Secured Debt	(9) (28) (44)	12/31/2020		14.37%	SF+	9.19%		10/31/2027	97,875		97,328		97,875
				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		31,120
															111,952		129,955																111,328		128,995
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		14.66%	L+	10.00%		1/9/2024	5,840		5,840		5,840					Secured Debt	(9)	1/9/2018		15.17%	L+	10.00%		1/9/2024	5,716		5,716		5,653
				Preferred Member Units	(8)	1/9/2018	2,950								4,280		6,560					Preferred Member Units	(8)	1/9/2018	2,950								4,280		6,360
															10,120		12,400																9,996		12,013
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

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)		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		7/25/2016		13.00%				12/11/2024	8,813	8,813	8,813
			Secured Debt	(29)	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) (29)	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	4,340			Warrants	(27)	7/25/2016	82					7/25/2026		2,132	4,450
													12,945	15,153													12,945	15,263
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	1,840			Member Units	(8)	6/9/2006	1,233							1,742	2,130

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		14.88%	L+	10.00%		7/29/2026	28,000	27,954	28,000			Secured Debt	(9)	3/30/2018		15.25%	L+	10.00%		7/29/2026	28,000	27,958	28,000
			Preferred Member Units	(8)	3/30/2018	6,157							10,775	25,495			Preferred Member Units	(8)	3/30/2018	6,157							10,775	23,435
			Preferred Member Units	(8)	7/31/2019	3,671	15.00%			15.00%			4,144	4,144			Preferred Member Units	(8)	7/31/2019	3,671	15.00%			15.00%			4,295	4,295
													42,873	57,639													43,028	55,730
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	49,860			Member Units	(8)	6/1/2006	416							1,300	50,570

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		13.75%	L+	9.00%		1/4/2026	15,030	14,960	14,960			Secured Debt	(9)	1/4/2019		14.25%	L+	9.00%		1/4/2026	15,030	14,966	15,030
			Preferred Member Units		1/4/2019	13,309							6,122	9,260			Preferred Member Units		1/4/2019	13,309							6,122	10,400
													21,082	24,220													21,088	25,430
Chamberlin Holding LLC	Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor													Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
			Secured Debt	(9) (25) (28)	2/26/2018			SF+	6.00%		2/26/2026	—	—	—			Secured Debt	(9) (25) (28)	2/26/2018			SF+	6.00%		2/26/2026	—	(77)	—
			Secured Debt	(9) (28)	2/26/2018		12.86%	SF+	8.00%		2/26/2026	16,945	16,940	16,945			Secured Debt	(9) (28)	2/26/2018		13.36%	SF+	8.00%		2/26/2026	16,407	16,402	16,407
			Member Units	(8)	2/26/2018	4,347							11,440	22,800			Member Units	(8)	2/26/2018	4,347							11,440	23,940
			Member Units	(8) (29)	11/2/2018	1,047,146							1,773	2,830			Member Units	(8) (29)	11/2/2018	1,047,146							1,773	2,830
													30,153	42,575													29,538	43,177
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	4,652	5,694			Unsecured Debt		8/26/2020		10.00%				1/31/2026	5,694	4,661	5,694
			Preferred Member Units	(8)	2/3/2017	1,829							1,963	13,550			Preferred Member Units	(8)	2/3/2017	1,829							1,963	13,800
													6,615	19,244													6,624	19,494
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) (25) (28)	10/28/2022			SF+	9.00%		1/15/2024	—	—	—			Secured Debt	(25)	10/28/2022						1/15/2024	—	—	—
			Secured Debt	(9) (28)	12/20/2016		13.79%	SF+	9.00%		1/15/2024	10,000	9,971	9,971			Secured Debt		12/20/2016		11.50%				1/15/2024	9,720	9,698	9,634
			Secured Debt		12/20/2016		10.00%				12/20/2036	1,040	1,031	1,031			Secured Debt		12/20/2016		10.00%				12/20/2036	1,031	1,022	1,022
			Member Units	(8)	12/20/2016	717							7,280	7,170			Member Units	(8)	12/20/2016	717							7,280	6,380
																	Member Units	(29)	12/20/2016	800							509	1,129

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)		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			Oil & Gas Exploration & Production
				Member Units	(8) (29)	4/1/2016	100							1,300	1,235
																													18,509	18,165
Cody Pools, Inc.	Cody Pools, Inc.		Designer of Residential and Commercial Pools													Cody Pools, Inc.		Designer of Residential and Commercial Pools
				Secured Debt	(9)	3/6/2020		15.50%	L+	10.50%		12/17/2026	1,054	1,024	1,054				Secured Debt	(25)	3/6/2020						12/17/2026	—	(12)	—
				Secured Debt	(9)	3/6/2020		15.50%	L+	10.50%		12/17/2026	40,377	40,117	40,377				Secured Debt		3/6/2020		12.50%				12/17/2026	46,312	46,273	46,312
				Preferred Member Units	(8) (29)	3/6/2020	587							8,317	59,150				Preferred Member Units	(8) (29)	3/6/2020	587							8,317	65,120
														49,458	100,581														54,578	111,432
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	22,995	22,850	22,850				Secured Debt		3/31/2021		12.00%				3/31/2026	22,680	22,549	22,049
				Preferred Member Units		3/31/2021	17,280							7,680	8,200				Preferred Member Units		6/27/2023	960							960	2,400
														30,530	31,050				Preferred Member Units		3/31/2021	17,280							7,680	7,680
																													31,189	32,129
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		13.75%	L+	9.00%		1/29/2024	4,869	4,862	4,869				Secured Debt	(9)	1/29/2019		14.25%	L+	9.00%		1/29/2024	4,869	4,864	4,869
				Preferred Member Units	(8)	1/29/2019	1,975							1,975	18,440				Preferred Member Units	(8)	1/29/2019	1,975							1,975	16,380
														6,837	23,309														6,839	21,249
Copper Trail Fund Investments	Copper Trail Fund Investments	(12) (13)	Investment Partnership													Copper Trail Fund Investments	(12) (13)	Investment Partnership
																			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							588	588

Cybermedia Technologies, LLC																Cybermedia Technologies, LLC		IT and Digital Services Provider
																			Secured Debt	(25)	5/5/2023						5/5/2028	—	—	—
																			Secured Debt		5/5/2023		13.00%				5/5/2028	29,000	28,720	28,720
				LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							588	588				Preferred Member Units		5/5/2023	556							15,000	15,000
																													43,720	43,720
Datacom, LLC	Datacom, LLC		Technology and Telecommunications Provider													Datacom, LLC		Technology and Telecommunications Provider
				Secured Debt		3/1/2022		7.50%				12/31/2025	450	450	450				Secured Debt		3/1/2022		7.50%				12/31/2025	720	716	716
				Secured Debt		3/31/2021		10.00%				12/31/2025	8,555	8,161	7,761				Secured Debt		3/31/2021		10.00%				12/31/2025	8,487	8,132	7,732
				Preferred Member Units	(8)	3/31/2021	9,000							2,610	2,670				Preferred Member Units	(8)	3/31/2021	9,000							2,610	2,350
														11,221	10,881														11,458	10,798
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		14.75%	L+	10.00%		4/1/2023	15,203	15,203	15,203				Secured Debt	(9) (28)	4/1/2018		15.25%	SF+	10.00%		4/27/2026	14,873	14,733	14,733
				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
														24,704	25,038														24,234	24,568
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	(25)	2/13/2018						2/13/2026	—	(81)	—				Secured Debt	(25)	2/13/2018						2/13/2026	—	(74)	—
				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	21,700
														35,063	48,576

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Secured Debt		12/27/2022		13.00%				2/13/2026	26,465	26,355	26,465
																			Preferred Stock	(8)	2/13/2018	8,400							8,400	23,350
																													34,681	49,815
Elgin AcquireCo, LLC	Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassic Components													Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassis Components
				Secured Debt	(9) (25) (28)	10/3/2022			SF+	6.00%		10/3/2027	—	(8)	(8)				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		12.00%				10/3/2027	18,773	18,613	18,613
				Secured Debt		10/3/2022		9.00%				10/3/2052	6,346	6,284	6,284				Secured Debt		10/3/2022		9.00%				10/3/2052	6,335	6,274	6,274
				Common Stock		10/3/2022	378							7,603	7,603				Common Stock		10/3/2022	285							5,726	6,090
				Common Stock	(29)	10/3/2022	939							1,558	1,558				Common Stock	(29)	10/3/2022	939							1,558	1,670
														34,041	34,041														32,163	32,639
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) (28)	6/24/2016			SF+	8.50%		1/1/2028	—	—	—				Secured Debt	(9) (25) (28) (41)	6/24/2016			SF+	8.50%		1/1/2028	—	—	—
				Secured Debt	(9) (28) (41)	12/15/2022		11.50%	SF+	8.50%		1/1/2028	63,278	62,909	63,278				Secured Debt	(9) (28) (41)	12/15/2022		11.00%	SF+	8.00%		1/1/2028	59,678	59,349	59,678
				Member Units	(8)	6/24/2016	9,042							17,692	59,370				Member Units	(8)	6/24/2016	9,042							17,692	70,160
														80,601	122,648														77,041	129,838
Garreco, LLC	Garreco, LLC		Manufacturer and Supplier of Dental Products													Garreco, LLC		Manufacturer and Supplier of Dental Products
				Secured Debt	(9) (42)	7/15/2013		12.00%	L+	10.00%		7/31/2023	3,549	3,549	3,549				Secured Debt	(9) (42)	7/15/2013		12.00%	L+	10.00%		1/31/2024	3,272	3,272	3,272
				Member Units	(8)	7/15/2013	1,200							1,200	1,580				Member Units		7/15/2013	1,200							1,200	1,580
														4,749	5,129														4,472	4,852
GRT Rubber Technologies LLC	GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products													GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
				Secured Debt		12/21/2018		10.66%	L+	6.00%		12/21/2023	965	965	965				Secured Debt		12/21/2018		11.17%	L+	6.00%		12/21/2023	1,300	1,300	1,300
				Secured Debt		12/19/2014		12.66%	L+	8.00%		10/29/2026	40,493	40,324	40,493				Secured Debt		12/19/2014		13.17%	L+	8.00%		10/29/2026	40,493	40,336	40,493
				Member Units	(8)	12/19/2014	5,879							13,065	44,440				Member Units		12/19/2014	5,879							13,065	44,440
														54,354	85,898														54,701	86,233
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	7,370				Member Units	(8)	8/31/2007	438							2,980	8,000

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%				7/1/2027	2,400	2,400	2,284				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				Preferred Equity		7/1/2022	63,720							5,600	3,780
				Member Units		4/29/2016	3,681							3,681	—				Member Units		4/29/2016	3,681							3,681	—
														11,681	6,064														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.)	(8) (30)	10/1/2017	49.26%							4,027	7,009

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)		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				LP Interests (2717 MH, L.P.)	(8) (30)	10/1/2017	49.26%							3,364	6,346
													4,275	7,257				LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							248	315
																												3,612	6,661
Harrison Hydra-Gen, Ltd.	Harrison Hydra-Gen, Ltd.	Manufacturer of Hydraulic Generators													Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
																		Common Stock		6/4/2010	107,456							718	3,490

IG Investor, LLC															IG Investor, LLC		Military and Other Tactical Gear
																		Secured Debt	(25)	6/21/2023						6/21/2028	—	(39)	(39)
																		Secured Debt		6/21/2023		13.00%				6/21/2028	37,704	37,333	37,333
																		Common Equity		6/21/2023	15,096							15,096	15,096
																												52,390	52,390
Independent Pet Partners Intermediate Holdings, LLC															Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Stock		6/4/2010	107,456							718	3,490				Common Equity		4/7/2023	18,006,407							18,300	18,300

Jensen Jewelers of Idaho, LLC	Jensen Jewelers of Idaho, LLC	Retail Jewelry Store													Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(25)	8/29/2017			P+	6.75%		11/14/2023	—	—	—				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				Secured Debt	(9)	11/14/2006		15.00%	P+	6.75%		11/14/2023	2,450	2,448	2,450
			Member Units	(8)	11/14/2006	627							811	14,850				Member Units	(8)	11/14/2006	627							811	13,510
													3,257	17,300														3,259	15,960
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	—	(13)	—				Secured Debt	(9) (25)	12/10/2021			L+	11.50%		12/10/2026	—	(12)	—
			Secured Debt	(9)	12/10/2021		16.25%	L+	11.50%		12/10/2026	9,999	9,925	9,999				Secured Debt	(9)	12/10/2021		16.75%	L+	11.50%		12/10/2026	9,838	9,771	9,838
			Preferred Equity	(8)	12/10/2021	3,150							3,150	6,550				Preferred Equity	(8)	12/10/2021	3,150							3,150	6,550
													13,062	16,549														12,909	16,388
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	25,445	25,445				Secured Debt		3/28/2022		12.00%				3/28/2027	25,650	25,458	25,458
			Preferred Equity	(8)	3/28/2022	107,406							10,741	10,741				Preferred Equity	(8)	3/28/2022	107,406							10,741	10,741
													36,186	36,186														36,199	36,199
KBK Industries, LLC	KBK Industries, LLC	Manufacturer of Specialty Oilfield and Industrial Products													KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		10.00%				2/24/2028	5,750	5,694	5,750				Secured Debt		2/24/2023		9.00%				2/24/2028	5,300	5,251	5,300
			Member Units	(8)	1/23/2006	325							783	11,980				Member Units	(8)	1/23/2006	325							783	12,360
													6,477	17,730														6,034	17,660
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		12.00%				10/31/2026	20,599	20,566	20,566				Secured Debt		10/31/2018		12.00%				10/31/2026	20,599	20,569	20,569
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,869	3,833	3,833				Secured Debt		10/31/2018		9.00%				10/31/2048	3,860	3,824	3,824
			Preferred Equity		10/31/2018	581							12,240	7,220				Preferred Equity		10/31/2018	581							12,240	7,730
			Member Units	(8) (29)	10/31/2018	800							992	2,780
													37,631	34,399
Market Force Information, LLC		Provider of Customer Experience Management Services
			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	—
			Member Units		7/28/2017	743,921							16,642	—
													49,482	—
MetalForming AcquireCo, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2024	—	—	—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)	PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																		Member Units	(8) (29)	10/31/2018	800						992	2,780
																											37,625	34,903
MetalForming AcquireCo, LLC															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	23,588	23,588				Secured Debt		10/19/2022		12.75%			10/19/2027	23,802	23,599	23,599
				Preferred Equity	(8)	10/19/2022	5,915,585	8.00%		8.00%			6,127	6,127				Preferred Equity	(8)	10/19/2022	5,915,585	8.00%		8.00%			6,127	6,245
				Common Stock	(8)	10/19/2022	1,537,219						1,537	1,537				Common Stock	(8)	10/19/2022	1,537,219						1,537	1,400
													31,252	31,252													31,263	31,244
MH Corbin Holding LLC	MH Corbin Holding LLC		Manufacturer and Distributor of Traffic Safety Products												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				Secured Debt	(17)	8/31/2015		13.00%			12/31/2022	5,960	5,960	5,503
				Preferred Member Units		3/15/2019	66,000						4,400	—				Preferred Member Units		3/15/2019	66,000						4,400	—
				Preferred Member Units		9/1/2015	4,000						6,000	—				Preferred Member Units		9/1/2015	4,000						6,000	—
													16,440	5,384													16,360	5,503
MS Private Loan Fund I, LP	MS Private Loan Fund I, LP	(12) (13)	Investment Partnership												MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
				Secured Debt	(25)	1/26/2021					12/31/2024	—	—	—				Secured Debt	(25)	1/26/2021					12/31/2024	—	—	—
				LP Interests	(8) (30)	1/26/2021	14.51%						14,250	14,775				LP Interests	(8) (30)	1/26/2021	14.51%						14,250	14,635
													14,250	14,775													14,250	14,635
MSC Adviser I, LLC	MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services												MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
				Member Units	(8)	11/22/2013	1						29,500	132,650				Member Units	(8)	11/22/2013	100%						29,500	133,970

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	760				Common Equity	(8)	5/2/2022	350,451						2,750	2,688

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	25,010				Common Stock	(8)	8/18/2014	5,873						2,720	27,150
													8,466	30,756													8,466	32,896
NAPCO Precast, LLC	NAPCO Precast, LLC		Precast Concrete Manufacturing												NAPCO Precast, LLC		Precast Concrete Manufacturing
				Member Units		1/31/2008	2,955						2,975	12,500				Member Units		1/31/2008	2,955						2,975	12,710

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	20,094	19,982	20,094				Secured Debt		12/31/2020		12.00%			12/31/2025	21,294	21,166	21,294
				Secured Debt		12/31/2020		12.00%			12/31/2025	10,500	10,440	10,500				Secured Debt		12/31/2020		12.00%			12/31/2025	10,500	10,445	10,500
				Preferred Member Units	(8)	12/31/2020	6,987						6,987	11,220				Preferred Member Units	(8)	12/31/2020	6,987						6,987	12,790
													37,409	41,814													38,598	44,584
NexRev LLC	NexRev LLC		Provider of Energy Efficiency Products & Services												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	10,836	10,727	8,870
				Preferred Member Units	(8)	2/28/2018	103,144,186						8,213	2,990
													18,940	11,860

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																	Secured Debt	(25)	2/28/2018						2/28/2025	—	—	—
																	Secured Debt		2/28/2018		10.00%				2/28/2025	9,811	9,725	8,368
																	Preferred Member Units	(8)	2/28/2018	103,144,186							8,213	3,450
																											17,938	11,818
NRP Jones, LLC	NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies													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			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							114	145
			Member Units	(8)	12/22/2011	65,962							3,603	4,893			Member Units	(8)	12/22/2011	65,962							3,603	3,865
													5,797	7,160													5,797	6,090
NuStep, LLC	NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment													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	(9)	1/31/2017		11.75%	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			Secured Debt		1/31/2017		12.00%				1/31/2025	18,440	18,420	18,420
			Preferred Member Units		1/31/2017	406							10,200	7,630			Preferred Member Units		1/31/2017	406							10,200	8,380
			Preferred Member Units		11/2/2022	2,062							2,062	5,150			Preferred Member Units		11/2/2022	2,062							2,062	5,150
													35,078	35,596													35,081	36,349
OMi Topco, LLC	OMi Topco, LLC	Manufacturer of Overhead Cranes													OMi Topco, LLC	Manufacturer of Overhead Cranes
			Secured Debt		8/31/2021		12.00%				8/31/2026	15,000	14,897	15,000			Secured Debt		8/31/2021		12.00%				8/31/2026	14,250	14,159	14,250
			Preferred Member Units	(8)	4/1/2008	900							1,080	25,100			Preferred Member Units	(8)	4/1/2008	900							1,080	29,310
													15,977	40,100													15,239	43,560
Orttech Holdings, LLC	Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components													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) (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			Secured Debt	(9)	7/30/2021		16.25%	L+	11.00%		7/31/2026	22,800	22,658	22,800
			Preferred Stock	(8) (29)	7/30/2021	10,000							10,000	13,500			Preferred Stock	(8) (29)	7/30/2021	10,000							10,000	16,560
													32,646	36,146													32,658	39,360
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		4/27/2020		12.00%				4/27/2025	3,500	3,495	3,500			Secured Debt		4/27/2020		12.00%				4/27/2025	3,500	3,496	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	13,500	13,460	13,500
			Secured Debt		4/27/2020		12.00%				4/27/2025	27,681	27,557	27,681			Secured Debt		4/27/2020		12.00%				4/27/2025	27,681	27,571	27,681
			Preferred Equity	(8)	4/27/2020	13,800							13,000	43,540			Preferred Equity	(8)	4/27/2020	13,800							13,000	44,090
													55,514	86,221													57,527	88,771
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	—	(8)	—			Secured Debt	(9) (25)	10/31/2019			L+	8.75%		11/15/2027	—	(8)	—
			Secured Debt	(9)	11/15/2016		11.38%	L+	7.00%		11/15/2027	21,655	21,420	21,655			Secured Debt	(9)	11/15/2016		13.63%	L+	8.75%		11/15/2027	20,290	20,083	20,290
			Common Stock	(8)	6/10/2010	2,000							2,150	18,950			Common Stock	(8)	6/10/2010	2,000							2,150	18,070
			Common Stock		6/14/2022	238,421							238	170			Common Stock	(29)	6/14/2022	238,421							238	250
													23,800	40,775													22,463	38,610
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	5,812	5,812			Secured Debt		7/1/2011		13.00%				11/15/2026	5,897	5,817	5,817
			Preferred Member Units	(8)	2/1/2011	21,806							5,709	10,480			Preferred Member Units	(8)	2/1/2011	21,806							5,709	10,480
			Common Stock		1/27/2021	1,037							1,200	500
													12,721	16,792
Quality Lease Service, LLC		Provider of Rigsite Accommodation Unit Rentals and Related Services

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)	PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																	Common Stock		1/27/2021	1,037						1,200	500
																										12,726	16,797
Quality Lease Service, LLC														Quality Lease Service, LLC		Provider of Rigsite Accommodation Unit Rentals and Related Services
			Member Units		6/8/2015	1,000						7,513	525				Member Units		6/8/2015	1,000						7,546	460

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

Robbins Bros. Jewelry, Inc.	Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer												Robbins Bros. Jewelry, Inc.		Bridal Jewelry Retailer
			Secured Debt	(25)	12/15/2021					12/15/2026	—	(33)	(33)				Secured Debt	(25)	12/15/2021					12/15/2026	—	(31)	(31)
			Secured Debt		12/15/2021		12.50%			12/15/2026	35,460	35,198	35,198				Secured Debt		12/15/2021		12.50%			12/15/2026	35,010	34,769	34,325
			Preferred Equity		12/15/2021	11,070						11,070	9,930				Preferred Equity		12/15/2021	11,070						11,070	6,140
												46,235	45,095													45,808	40,434
Tedder Industries, LLC	Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories												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	1,840	1,840	1,840
			Secured Debt		8/31/2018		12.00%			8/31/2023	15,200	15,195	15,123				Secured Debt		8/31/2018		12.00%			8/31/2023	15,200	15,198	15,127
			Preferred Member Units		8/31/2018	544						9,245	6,871				Preferred Member Units		8/31/2018	544						9,245	6,290
			Preferred Member Units		2/1/2023	2,219						222	333				Preferred Member Units		2/1/2023	3,551						355	533
												26,502	24,167													26,638	23,790
Televerde, LLC	Televerde, LLC	Provider of Telemarketing and Data Services												Televerde, LLC		Provider of Telemarketing and Data Services
			Member Units	(8)	1/6/2011	460						1,290	6,599				Member Units	(8)	1/6/2011	460						1,290	6,082
			Preferred Stock		1/26/2022	248						718	1,794				Preferred Stock		1/26/2022	248						718	1,794
												2,008	8,393													2,008	7,876
Trantech Radiator Topco, LLC	Trantech Radiator Topco, LLC	Transformer Cooling Products and Services												Trantech Radiator Topco, LLC		Transformer Cooling Products and Services
			Secured Debt	(25)	5/31/2019					5/31/2024	—	(4)	—				Secured Debt	(25)	5/31/2019					5/31/2024	—	(3)	—
			Secured Debt		5/31/2019		12.00%			5/31/2024	7,920	7,895	7,920				Secured Debt		5/31/2019		12.00%			5/31/2024	7,920	7,903	7,920
			Common Stock	(8)	5/31/2019	615						4,655	9,306				Common Stock	(8)	5/31/2019	615						4,655	11,770
												12,546	17,226													12,555	19,690
UnionRock Energy Fund III, LP														UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
																	LP Interests	(30)	6/6/2023							150	150

Vision Interests, Inc.	Vision Interests, Inc.	Manufacturer / Installer of Commercial Signage												Vision Interests, Inc.		Manufacturer / Installer of Commercial Signage
			Series A Preferred Stock	(8)	12/23/2011	3,000,000						3,000	3,000				Series A Preferred Stock	(8)	12/23/2011	3,000,000						3,000	3,000

Volusion, LLC	Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions												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				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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

																						Preferred Member Units		1/26/2015	4,876,670								14,000		—
																						Preferred Member Units		3/31/2023	5,097,595								11,446		10,740
																						Preferred Member Units		3/31/2023	142,512								—		—
																						Common Stock		3/31/2023	1,802,780								2,576		—
																																	30,122		12,840
VVS Holdco LLC																			VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
				Secured Debt	(9) (25) (29)	12/1/2021			L+	6.00%		12/1/2023	—		(15)		(15)					Secured Debt	(9) (25) (29)	12/1/2021			L+	6.00%		12/1/2023	—		(10)		(10)
				Secured Debt	(29)	12/1/2021		11.50%				12/1/2026	30,400		30,176		30,176					Secured Debt	(29)	12/1/2021		11.50%				12/1/2026	29,158		28,958		28,958
				Preferred Equity	(8) (29)	12/1/2021	11,840								11,840		12,040					Preferred Equity	(8) (29)	12/1/2021	11,840								11,840		11,840
															42,001		42,201																40,788		40,788
Ziegler’s NYPD, LLC	Ziegler’s NYPD, LLC		Casual Restaurant Group																Ziegler’s NYPD, LLC		Casual Restaurant Group
				Secured Debt		6/1/2015		12.00%				10/1/2024	450		450		450					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		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					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					Preferred Member Units		6/30/2015	10,072								2,834		70
				Warrants	(27)	7/1/2015	587					10/1/2025			600		—					Warrants	(27)	7/1/2015	587					10/1/2025			600		—
															7,634		3,926																7,634		3,926
Subtotal Control Investments (80.4% of net assets at fair value)															$	1,315,277	$	1,746,003
Subtotal Control Investments (83.5% of net assets at fair value)																			Subtotal Control Investments (83.5% of net assets at fair value)														$	1,377,194	$	1,883,699
Affiliate Investments (6)	Affiliate Investments (6)																		Affiliate Investments (6)
AAC Holdings, Inc.	AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider																AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
				Secured Debt		1/31/2023		18.00%				6/25/2025	$	320	$	315	$	309				Secured Debt		1/31/2023		18.00%			18.00%	6/25/2025	$	381	$	376	$	360
				Secured Debt		12/11/2020		18.00%			18.00%	6/25/2025	12,285		12,162		11,855					Secured Debt		12/11/2020		18.00%			18.00%	6/25/2025	12,848		12,739		12,141
				Common Stock		12/11/2020	593,928								3,148		—					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					Warrants	(27)	12/11/2020	554,353					12/11/2025			—		—
																																	16,263		12,501
BBB Tank Services, LLC	BBB Tank Services, LLC		Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market																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		16.17%	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					Unsecured Debt	(9) (17)	4/8/2016		16.17%	L+	11.00%		4/8/2021	4,000		4,000		2,202
				Member Units		4/8/2016	800,000								800		—					Member Units		4/8/2016	800,000								800		—
				Preferred Stock (non-voting)		12/17/2018		15.00%							162		—					Preferred Stock (non-voting)		12/17/2018		15.00%							162		—
															5,762		2,886																5,762		3,002
Boccella Precast Products LLC	Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete																Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
				Secured Debt		9/23/2021		10.00%				2/28/2027	320		320		320					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					Member Units		6/30/2017	2,160,000								2,256		2,350
															2,576		3,090																2,576		2,670
Buca C, LLC	Buca C, LLC		Casual Restaurant Group																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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Secured Debt		6/30/2015		12.00%				6/30/2023	16,980	16,980	11,964
																			Preferred Member Units		6/30/2015	6	6.00%			6.00%			4,770	—
																													21,750	11,964
Career Team Holdings, LLC	Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services													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	(9)	12/17/2021		11.25%	L+	6.00%		12/17/2026	450	442	442
				Secured Debt		12/17/2021		12.50%				12/17/2026	20,250	20,100	20,100				Secured Debt		12/17/2021		12.50%				12/17/2026	20,250	20,110	20,110
				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				Common Stock		12/17/2021	450,000							4,500	4,500
																													25,052	25,052
Classic H&G Holdings, LLC	Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions													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	(9)	3/12/2020		11.25%	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				Secured Debt		3/12/2020		8.00%				3/12/2025	19,274	19,203	19,274
				Preferred Member Units	(8)	3/12/2020	154							5,760	25,700				Preferred Member Units	(8)	3/12/2020	154							5,760	18,230
														29,512	49,534														29,523	42,064
Congruent Credit Opportunities Funds	Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership													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				LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	13.32%							6,224	5,562

DMA Industries, LLC	DMA Industries, LLC		Distributor of aftermarket ride control products													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				Secured Debt		11/19/2021		12.00%				11/19/2026	20,000	19,856	20,000
				Preferred Equity		11/19/2021	5,944							5,944	7,260				Preferred Equity		11/19/2021	5,944							5,944	7,260
														26,990	28,460														25,800	27,260
Dos Rios Partners	Dos Rios Partners	(12) (13)	Investment Partnership													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, LP)	(30)	4/25/2013	20.24%							6,313	9,138
				LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%							2,051	2,898				LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%							2,005	2,852
														8,510	12,181														8,318	11,990
Dos Rios Stone Products LLC	Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries													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				Class A Preferred Units	(29)	6/27/2016	2,000,000							2,000	1,580

EIG Fund Investments	EIG Fund Investments	(12) (13)	Investment Partnership													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				LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8) (30)	11/6/2015	5,000,000							1,021	974

Flame King Holdings, LLC	Flame King Holdings, LLC		Propane Tank and Accessories Distributor													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				Preferred Equity	(8)	10/29/2021	9,360							10,400	24,350

Freeport Financial Funds																Freeport Financial Funds	(12) (13)	Investment Partnership

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)		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				LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%							3,507	3,628
				Preferred Equity	(8)	10/29/2021	9,360							10,400	21,190				LP Interests (Freeport First Lien Loan Fund III LP)	(8) (30)	7/31/2015	5.95%							5,767	5,312
														38,992	49,990														9,274	8,940
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
GFG Group, LLC																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				Secured Debt		3/31/2021		9.00%				3/31/2026	11,345	11,281	11,345
				Preferred Member Units	(8)	3/31/2021	226							4,900	7,590				Preferred Member Units	(8)	3/31/2021	226							4,900	8,310
														16,175	18,935														16,181	19,655
Harris Preston Fund Investments	Harris Preston Fund Investments	(12) (13)	Investment Partnership													Harris Preston Fund Investments	(12) (13)	Investment Partnership
																			LP Interests (HPEP 3, L.P.)	(8) (30)	8/9/2017	8.22%							2,050	4,106
				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%							2,796	2,796
				LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	8.71%							2,332	2,332				LP Interests (423 COR, L.P.)	(8) (30)	6/2/2022	22.93%							1,400	1,400
				LP Interests (423 COR, LP)	(8) (30)	6/2/2022	22.93%							1,400	1,400				LP Interests (423 HAR, L.P.)	(30)	6/2/2023	15.60%							750	750
														5,782	7,668														6,996	9,052
Hawk Ridge Systems, LLC	Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions													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	(9) (28)	12/2/2016		11.53%	SF+	6.00%		1/15/2026	3,666	3,664	3,666
				Secured Debt		12/2/2016		10.00%				1/15/2026	37,800	37,694	37,800				Secured Debt		12/2/2016		12.50%				1/15/2026	41,942	41,823	41,942
				Preferred Member Units	(8)	12/2/2016	226							2,850	17,460				Preferred Member Units	(8)	12/2/2016	226							2,850	17,460
				Preferred Member Units	(29)	12/2/2016	226							150	920				Preferred Member Units	(29)	12/2/2016	226							150	920
														44,692	60,180														48,487	63,988
Houston Plating and Coatings, LLC	Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services													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				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				Member Units		1/8/2003	322,297							2,352	3,560
														5,352	5,830														5,352	6,390
I-45 SLF LLC	I-45 SLF LLC	(12) (13)	Investment Partnership													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				Member Units (Fully diluted 20.0%; 21.75% profits interest)	(8)	10/20/2015	20.00%							20,200	11,751

Infinity X1 Holdings, LLC	Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products													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				Secured Debt		3/31/2023		13.00%				3/31/2028	18,000	17,832	17,832
				Preferred Equity		3/31/2023	80,000							4,000	4,000				Preferred Equity		3/31/2023	80,000							4,000	4,000
														21,823	21,823														21,832	21,832
Integral Energy Services																Integral Energy Services	(10)	Nuclear Power Staffing Services
																			Secured Debt	(9)	8/20/2021		13.04%	L+	7.50%		8/20/2026	15,769	15,560	15,575

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																		Common Stock		8/20/2021	9,968							1,356	820
																												16,916	16,395
Iron-Main Investments, LLC	Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing													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		8/2/2021		13.50%				1/31/2028	4,514	4,484	4,484
																		Secured Debt		9/1/2021		13.50%				1/31/2028	3,140	3,119	3,119
																		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	19,624	19,488	19,488
																		Secured Debt		1/31/2023		13.50%				1/31/2028	11,162	10,819	10,819
																		Common Stock		8/3/2021	203,016							2,756	2,756
																												49,610	49,610
ITA Holdings Group, LLC																ITA Holdings Group, LLC	Air Ambulance Services
				Secured Debt		9/1/2021		13.50%				1/31/2028	3,154	3,132	3,132			Secured Debt	(25) (28)	6/21/2023			SF+	9.00%	2.00%	6/21/2027	—	(12)	(12)
				Secured Debt		11/15/2021		13.50%				1/31/2028	8,944	8,944	8,944			Secured Debt	(25) (28)	6/21/2023			SF+	9.00%	2.00%	6/21/2027	—	(10)	(10)
				Secured Debt		11/15/2021		13.50%				1/31/2028	19,712	19,568	19,568			Secured Debt	(28)	6/21/2023		15.38%	SF+	8.00%	2.00%	6/21/2027	4,318	3,252	3,252
				Secured Debt		1/31/2023		13.50%				1/31/2028	11,200	10,836	10,836			Secured Debt	(28)	6/21/2023		17.38%	SF+	10.00%	2.00%	6/21/2027	4,318	3,252	3,252
				Common Stock		8/3/2021	203,016							2,756	2,756			Warrants	(27)	6/21/2023	193,307					6/21/2033		2,091	2,091
														49,738	49,738													8,573	8,573
OnAsset Intelligence, Inc.	OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services													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)	5/20/2014		12.00%			12.00%	12/31/2023	964	964	441
				Secured Debt	(14)	3/21/2014		12.00%			12.00%	12/31/2023	983	983	574			Secured Debt	(14)	3/21/2014		12.00%			12.00%	12/31/2023	983	983	450
				Secured Debt	(14)	5/10/2013		12.00%			12.00%	12/31/2023	2,116	2,116	1,236			Secured Debt	(14)	5/10/2013		12.00%			12.00%	12/31/2023	2,116	2,116	969
				Secured Debt	(14)	4/18/2011		12.00%			12.00%	12/31/2023	4,415	4,415	2,577			Secured Debt	(14)	4/18/2011		12.00%			12.00%	12/31/2023	4,415	4,415	2,022
				Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	12/31/2023	305	305	305			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	—			Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981	—
				Common Stock		4/15/2021	635							830	—			Common Stock		4/15/2021	635							830	—
				Warrants	(27)	4/18/2011	4,699					5/10/2025		1,089	—			Warrants	(27)	4/18/2011	4,699					5/10/2025		1,089	—
														12,683	5,255													12,683	4,187
Oneliance, LLC	Oneliance, LLC		Construction Cleaning Company													Oneliance, LLC	Construction Cleaning Company
				Secured Debt	(9) (25)	8/6/2021			L+	11.00%		8/6/2023	—	—	—			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			Secured Debt	(9)	8/6/2021		16.25%	L+	11.00%		8/6/2026	5,520	5,485	5,424
				Preferred Stock		8/6/2021	1,056							1,056	1,056			Preferred Stock		8/6/2021	1,128							1,128	1,128
														6,538	6,538													6,613	6,552
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)		Provider of Rigsite Accommodation Unit Rentals and Related Services													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	—			Preferred Member Units		1/8/2013	250							2,500	—

SI East, LLC	SI East, LLC		Rigid Industrial Packaging Manufacturing													SI East, LLC	Rigid Industrial Packaging Manufacturing
				Secured Debt	(25)	8/31/2018						8/31/2023	—	—	—			Secured Debt	(25)	8/31/2018						6/16/2028	—	—	—
				Secured Debt		8/31/2018		9.50%				8/31/2023	84,536	84,490	84,536			Secured Debt	(23)	6/16/2023		12.78%				6/16/2028	54,536	54,268	54,536
				Preferred Member Units	(8)	8/31/2018	157							1,218	13,650			Preferred Member Units	(8)	8/31/2018	165							1,525	15,780
														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)

~~March 31,~~June 30, 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 (28)	PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																														55,793	70,316
Slick Innovations, LLC																		Slick Innovations, LLC		Text Message Marketing Platform
																					Secured Debt		9/13/2018		14.00%			12/22/2027	13,040	12,920	13,040
																					Common Stock	(8)	9/13/2018	70,000						456	1,850
														16,898		16,999														13,376	14,890
Student Resource Center, LLC	Student Resource Center, LLC	(10)	Higher Education Services															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					Secured Debt		12/31/2022		8.50%		8.50%	12/31/2027	5,214	4,770	4,770
				Preferred Equity		12/31/2022	5,907,649							—		—					Preferred Equity		12/31/2022	5,907,649						—	—
														4,556		4,556														4,770	4,770
Superior Rigging & Erecting Co.	Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services															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					Secured Debt		8/31/2020		12.00%			8/31/2025	20,500	20,405	20,405
				Preferred Member Units		8/31/2020	1,600							4,500		4,970					Preferred Member Units		8/31/2020	1,636						4,500	5,640
														24,895		25,365														24,905	26,045
The Affiliati Network, LLC	The Affiliati Network, LLC		Performance Marketing Solutions															The Affiliati Network, LLC		Performance Marketing Solutions
				Secured Debt	(25)	8/9/2021						8/9/2026	—	(13)		(13)					Secured Debt	(25)	8/9/2021					8/9/2026	—	(12)	(12)
				Secured Debt		8/9/2021		12.00%				8/9/2026	9,321	9,249		9,249					Secured Debt		8/9/2021		13.00%			8/9/2026	8,921	8,857	8,728
				Preferred Stock	(8)	8/9/2021	1,280,000							6,400		6,400					Preferred Stock	(8)	8/9/2021	1,280,000						6,400	6,400
														15,636		15,636														15,245	15,116
UnionRock Energy Fund II, LP	UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership															UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
				LP Interests	(8) (30)	6/15/2020	11.11%							4,067		6,188					LP Interests	(8) (30)	6/15/2020	11.11%						4,067	5,224

UniTek Global Services, Inc.	UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services															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 Convertible Debt		1/1/2021		15.00%		15.00%	2/20/2025	2,590	2,590	6,159
				Secured Debt	(9) (28)	8/27/2018		14.22%	SF+	7.50%	2.00%	8/20/2024	1,821	1,815		1,821					Preferred Stock	(8)	8/29/2019	1,133,102	20.00%		20.00%			2,362	2,833
				Secured Convertible Debt		1/1/2021		15.00%			15.00%	2/20/2025	2,494	2,494		4,945					Preferred Stock		8/21/2018	1,521,122	20.00%		20.00%			2,188	3,659
				Preferred Stock	(8)	8/29/2019	1,133,102	20.00%			20.00%			2,248		2,833					Preferred Stock		6/30/2017	2,281,682	19.00%		19.00%			3,667	—
				Preferred Stock		8/21/2018	1,521,122	20.00%			20.00%			2,188		2,376					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						—	—
				Preferred Stock		1/15/2015	4,336,866	13.50%			13.50%			7,924		—														18,731	12,651
				Common Stock		4/1/2020	945,507							—		—
														20,742		12,382
Universal Wellhead Services Holdings, LLC	Universal Wellhead Services Holdings, LLC	(10)	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry															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					Preferred Member Units	(29)	12/7/2016	716,949	14.00%		14.00%			1,034	220
				Member Units	(29)	12/7/2016	4,000,000							4,000		—					Member Units	(29)	12/7/2016	4,000,000						4,000	—
														5,032		218														5,034	220
World Micro Holdings, LLC	World Micro Holdings, LLC		Supply Chain Management															World Micro Holdings, LLC		Supply Chain Management
				Secured Debt		12/12/2022		13.00%				12/12/2027	14,280	14,147		14,147					Secured Debt		12/12/2022		13.00%			12/12/2027	14,280	14,154	14,154
				Preferred Equity		12/12/2022	3,845							3,845		3,845					Preferred Equity	(8)	12/12/2022	3,845						3,845	3,845
														17,992		17,992														17,999	17,999
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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Subtotal Affiliate Investments (25.0% of net assets at fair value)																			Subtotal Affiliate Investments (25.0% of net assets at fair value)														$	539,826	$	563,125
Non-Control Investments (7)	Non-Control Investments (7)																		Non-Control Investments (7)
AB Centers Acquisition Corporation	AB Centers Acquisition Corporation	(10)	Applied Behavior Analysis Therapy Provider																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) (25)	9/6/2022			P+	5.00%		9/6/2028	$	—	$	(68)	$	(68)
				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) (25) (28)	9/6/2022			SF+	6.00%		9/6/2028	—		(83)		—
				Secured Debt	(9) (28)	9/6/2022		10.79%	SF+	6.00%		9/6/2028	17,786		17,334		17,784					Secured Debt	(9) (28)	9/6/2022		11.20%	SF+	6.00%		9/6/2028	21,296		20,736		21,296
															19,796		20,371																20,585		21,228
Acousti Engineering Company of Florida	Acousti Engineering Company of Florida	(10)	Interior Subcontractor Providing Acoustical Walls and Ceilings																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		15.75%	P+	7.50%		11/2/2025	1,678		1,673		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)	11/2/2020		15.75%	P+	7.50%		11/2/2025	9,620		9,567		9,620
				Secured Debt	(9)	5/26/2021		19.50%	P+	11.50%		11/2/2025	796		790		796					Secured Debt	(9)	5/26/2021		19.75%	P+	11.50%		11/2/2025	785		780		785
															12,156		12,230																12,020		12,083
Acumera, Inc.	Acumera, Inc.	(10)	Managed Security Service Provider																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) (25) (28)	6/7/2023			SF+	7.50%		6/7/2028	—		(30)		(30)
				Secured Debt	(9)	6/28/2022		14.13%	L+	9.50%		10/26/2027	4,368		4,275		4,368					Secured Debt	(9) (28)	6/7/2023		12.85%	SF+	7.50%		6/7/2028	43,656		43,162		43,162
				Warrants	(45)	2/15/2023	21,226					2/15/2028			—		—					Warrants	(43)	6/7/2023	47,352					2/15/2028			—		—
															19,293		19,714																43,132		43,132
Adams Publishing Group, LLC	Adams Publishing Group, LLC	(10)	Local Newspaper Operator																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) (28) (41)	3/11/2022		10.00%	SF+	7.00%		3/11/2027	7,094		7,094		6,976
				Secured Debt	(9) (44)	3/11/2022		10.00%	L+	7.50%		3/11/2027	23,024		22,974		23,024					Secured Debt	(9) (28) (41)	3/11/2022		10.00%	SF+	7.00%		3/11/2027	22,383		22,337		22,383
															30,462		30,200																29,431		29,359
ADS Tactical, Inc.	ADS Tactical, Inc.	(11)	Value-Added Logistics and Supply Chain Provider to the Defense Industry																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					Secured Debt	(9) (28)	3/29/2021		10.94%	SF+	5.75%		3/19/2026	20,424		20,181		19,492

AMEREQUIP LLC.	AMEREQUIP LLC.	(10)	Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It																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) (25) (28)	8/31/2022			SF+	7.40%		8/31/2027	—		(122)		(122)
				Secured Debt	(9) (28)	8/31/2022		12.10%	SF+	7.40%		8/31/2027	37,358		36,722		37,358					Secured Debt	(9) (28)	8/31/2022		12.70%	SF+	7.40%		8/31/2027	37,264		36,665		37,264
				Common Stock	(8)	8/31/2022	235								1,844		1,930					Common Stock	(8)	8/31/2022	235								1,844		1,930
															38,436		39,158																38,387		39,072
American Health Staffing Group, Inc.	American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing																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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Secured Debt	(9) (25)	11/19/2021			L+	6.00%		11/19/2026	—	(9)	(9)
																			Secured Debt	(9)	11/19/2021		11.43%	L+	6.00%		11/19/2026	6,583	6,538	6,583
																													6,529	6,574
American Nuts, LLC	American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds													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		11.79%	SF+	6.75%		4/10/2026	14,800	14,625	12,216
				Secured Debt	(9) (28)	3/11/2022		14.49%	SF+	8.75%	1.00%	4/10/2026	14,839	14,648	12,684				Secured Debt	(9) (14) (28)	3/11/2022		14.79%	SF+	8.75%	1.00%	4/10/2026	14,800	14,625	10,618
														29,296	25,405														29,250	22,834
American Teleconferencing Services, Ltd.	American Teleconferencing Services, Ltd.	(11)	Provider of Audio Conferencing and Video Collaboration Solutions													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	(14) (17)	9/17/2021		7.50%	L+	6.50%		4/7/2023	2,980	2,980	135
				Secured Debt	(9) (14)	5/19/2016		7.50%	L+	6.50%		6/8/2023	14,370	13,706	736				Secured Debt	(9) (14) (17)	5/19/2016		7.50%	L+	6.50%		6/8/2023	14,370	13,706	647
														16,686	889														16,686	782
ArborWorks, LLC	ArborWorks, LLC	(10)	Vegetation Management Services													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		15.25%	SF+	7.00%	3.00%	11/9/2026	4,928	4,833	3,799
				Secured Debt	(9) (28)	11/9/2021		14.83%	SF+	7.00%	3.00%	11/9/2026	29,494	29,067	23,755				Secured Debt	(9) (28)	11/9/2021		15.23%	SF+	7.00%	14.40%	11/9/2026	29,789	29,362	22,962
				Common Equity		11/9/2021	234							234	—				Common Equity		11/9/2021	234							234	—
														33,877	27,523														34,429	26,761
Archer Systems, LLC	Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider													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) (25) (28)	8/11/2022			SF+	6.00%		8/11/2027	—	(121)	(121)
				Secured Debt	(9) (28)	8/11/2022		10.72%	SF+	6.00%		8/11/2027	65,171	63,985	63,551				Secured Debt	(9) (28)	8/11/2022		11.39%	SF+	6.00%		8/11/2027	53,233	52,304	52,846
				Common Stock		8/11/2022	1,387,832							1,388	1,680				Common Stock		8/11/2022	1,387,832							1,388	1,940
														65,246	65,104														53,571	54,665
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	ATS Operating, LLC	(10)	For-Profit Thrift Retailer													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		11.75%	SF+	6.50%		1/18/2027	720	720	720
				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		10.65%	SF+	5.50%		1/18/2027	6,660	6,660	6,660
				Secured Debt	(9) (28)	1/18/2022		12.09%	SF+	7.50%		1/18/2027	6,660	6,660	6,593				Secured Debt	(9) (28)	1/18/2022		12.65%	SF+	7.50%		1/18/2027	6,660	6,660	6,660
				Common Stock		1/18/2022	720,000							720	660				Common Stock		1/18/2022	720,000							720	660
														14,400	14,195														14,760	14,700
AVEX Aviation Holdings, LLC	AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider													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		12.63%	SF+	7.25%		12/23/2027	1,474	1,339	1,425
				Secured Debt	(9) (28)	12/23/2022		12.61%	SF+	7.75%		12/23/2027	28,999	27,913	27,808				Secured Debt	(9) (28)	12/23/2022		12.65%	SF+	7.25%		12/23/2027	19,346	18,855	18,714
				Common Equity		12/15/2021	984							965	1,011				Common Equity		12/15/2021	984							965	1,011
														30,946	30,939														21,159	21,150
Berry Aviation, Inc.	Berry Aviation, Inc.	(10)	Charter Airline Services													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							—	3,940
				Preferred Member Units	(8) (29)	7/6/2018	1,548,387	8.00%			8.00%			1,184	5,544				Preferred Member Units	(8) (29)	11/12/2019	122,416							—	310
				Preferred Member Units	(8) (25) (29)	11/12/2019	122,416				16.00%			—	340														—	4,250

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

														1,381	6,081
Bettercloud, Inc.	Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions													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) (25) (28)	6/30/2022			SF+	7.00%		6/30/2028	—	(69)	(69)
				Secured Debt	(9) (28)	6/30/2022		11.89%	SF+	7.00%	6.00%	6/30/2028	27,919	27,456	27,919				Secured Debt	(9) (28)	6/30/2022		12.26%	SF+	7.00%	6.00%	6/30/2028	28,345	27,904	28,345
														27,384	27,847														27,835	28,276
Binswanger Enterprises, LLC	Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider													Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
				Member Units		3/10/2017	1,050,000							1,050	230				Member Units		3/10/2017	1,050,000							1,050	180

Bluestem Brands, Inc.	Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise													Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
																			Secured Debt	(9)	10/19/2022		15.75%	P+	7.50%	14.75%	8/28/2025	1,418	1,418	1,333
																			Secured Debt	(9) (28)	8/28/2020		13.77%	SF+	8.50%	12.77%	8/28/2025	3,415	2,635	3,210
																			Common Stock		10/1/2020	723,184							1	2,265
																			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	510
																													5,090	7,318
Bond Brand Loyalty ULC																Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
				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) (25) (28)	5/1/2023			SF+	7.00%		5/1/2028	—	(28)	(28)
				Secured Debt	(9)	8/28/2020		13.07%	L+	8.50%	12.07%	8/28/2025	3,309	2,440	3,111				Secured Debt	(9) (28)	5/1/2023		11.19%	SF+	6.00%		5/1/2028	6,421	6,297	6,297
				Common Stock	(8)	10/1/2020	723,184							1	3,070				Secured Debt	(9) (28)	5/1/2023		13.19%	SF+	8.00%		5/1/2028	6,421	6,297	6,297
				Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	690				Common Equity		5/1/2023	571							571	571
														4,688	8,010														13,137	13,137
Brainworks Software, LLC	Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software													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	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				Secured Debt	(9) (14) (17)	8/12/2014		12.50%	P+	9.25%		7/22/2019	7,056	7,056	1,382
														7,817	2,895														7,817	2,143
Brightwood Capital Fund Investments	Brightwood Capital Fund Investments	(12) (13)	Investment Partnership													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 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 IV, LP)	(8) (30)	10/26/2016	0.59%							4,350	4,589
				LP Interests (Brightwood Capital Fund V, LP)	(30)	7/12/2021	1.31%							2,000	2,280				LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	1.31%							2,000	2,331
														13,412	11,530														13,412	11,506
Burning Glass Intermediate Holding Company, Inc.	Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics													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) (28)	6/14/2021		10.20%	SF+	5.00%		6/10/2026	774	751	774
				Secured Debt	(9)	6/14/2021		9.63%	L+	5.00%		6/10/2028	19,832	19,568	19,832				Secured Debt	(9) (28)	6/14/2021		10.20%	SF+	5.00%		6/10/2028	19,782	19,530	19,782
														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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																													20,281	20,556
Cadence Aerospace LLC																Cadence Aerospace LLC	(10)	Aerostructure Manufacturing
																			Secured Debt	(9) (28)	11/14/2017		13.91%	SF+	6.50%	2.00%	11/14/2024	5,044	5,038	5,044
																			Secured Debt	(9) (28)	11/14/2017		13.91%	SF+	6.50%	2.00%	11/14/2024	1,569	1,568	1,569
																			Secured Debt	(9) (28)	11/14/2017		13.91%	SF+	6.50%	2.00%	11/14/2024	2,064	2,062	2,064
				Secured Debt	(9)	11/14/2017		13.33%	L+	6.50%	2.00%	11/14/2023	2,476	2,472	2,476				Secured Debt	(9) (28)	11/14/2017		13.91%	SF+	6.50%	2.00%	11/14/2024	594	593	594
														28,846	28,891														9,261	9,271
CAI Software LLC	CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software													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	1,788,527							1,789	1,789
				Preferred Equity		12/13/2021	596,176							—	—				Preferred Equity		12/13/2021	596,176							—	—
														1,789	1,789														1,789	1,789
Camin Cargo Control, Inc.	Camin Cargo Control, Inc.	(11)	Provider of Mission Critical Inspection, Testing and Fuel Treatment Services													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				Secured Debt	(9) (28)	6/14/2021		11.72%	SF+	6.50%		6/4/2026	15,138	15,047	14,608
														15,079	14,646
CaseWorthy, Inc.	CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions													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) (25) (28)	5/18/2022			SF+	6.00%		5/18/2027	—	(9)	(9)
				Secured Debt	(9)	5/18/2022		10.73%	L+	6.00%		5/18/2027	7,993	7,919	7,919				Secured Debt	(9) (28)	5/18/2022		11.54%	SF+	6.00%		5/18/2027	7,973	7,903	7,973
				Secured Debt	(9)	5/18/2022		10.73%	L+	6.00%		5/18/2027	6,133	6,083	6,133				Secured Debt	(9) (28)	5/18/2022		11.54%	SF+	6.00%		5/18/2027	6,133	6,086	6,133
				Common Equity		12/30/2022	245,926							246	246				Common Equity		12/30/2022	245,926							246	246
														14,238	14,288														14,226	14,343
Channel Partners Intermediateco, LLC	Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider													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		11.51%	SF+	6.25%		2/7/2027	3,940	3,851	3,877
				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) (33)	2/7/2022		11.39%	SF+	6.25%		2/7/2027	38,735	38,166	38,121
				Secured Debt	(9) (28)	3/27/2023		11.14%	SF+	6.25%		2/7/2027	4,930	4,804	4,828				Secured Debt	(9) (28)	3/27/2023		11.39%	SF+	6.25%		2/7/2027	4,914	4,796	4,836
														44,884	44,768														46,813	46,834
Clarius BIGS, LLC	Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing													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				Secured Debt	(14) (17)	9/23/2014		15.00%			15.00%	1/5/2015	2,696	2,696	22

Computer Data Source, LLC	Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem													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) (34)	8/6/2021		12.71%	L+	7.50%		8/6/2026	5,000	4,938	4,682
				Secured Debt	(9)	8/6/2021		12.35%	L+	7.50%		8/6/2026	18,588	18,334	16,948				Secured Debt	(9)	8/6/2021		12.82%	L+	7.50%		8/6/2026	18,450	18,217	17,277
														23,267	21,507														23,155	21,959
Construction Supply Investments, LLC	Construction Supply Investments, LLC	(10)	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors													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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Member Units		12/29/2016	861,618							3,335	24,435

Dalton US Inc.																Dalton US Inc.	(10)	Provider of Supplemental Labor Services
																			Secured Debt	(9) (28) (35)	8/16/2022		13.69%	SF+	8.50%		8/16/2027	3,614	3,417	3,614
																			Secured Debt	(9) (25) (28)	8/16/2022			SF+	8.50%		8/16/2027	—	(66)	(66)
				Secured Debt	(9) (28)	8/16/2022		12.26%	SF+	7.50%		8/16/2027	14,317	14,068	13,944				Secured Debt	(9) (28)	8/16/2022		13.69%	SF+	8.50%		8/16/2027	14,270	14,035	14,270
				Common Stock		8/16/2022	201							201	201				Common Stock		8/16/2022	201							201	201
														17,202	17,204														17,587	18,019
DTE Enterprises, LLC	DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services													DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
				Secured Debt	(9) (25)	4/13/2018			L+	7.50%		6/30/2023	—	—	—				Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	260
				Secured Debt	(9)	4/13/2018		12.44%	L+	7.50%		6/30/2023	5,634	5,632	5,634				Class AA Preferred Member Units (non-voting)	(8)	4/13/2018		10.00%			10.00%			1,220	1,220
				Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	380														1,996	1,480
Dynamic Communities, LLC																Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
				Class AA Preferred Member Units (non-voting)	(8)	4/13/2018		10.00%			10.00%			1,190	1,190				Secured Debt		12/20/2022						7/17/2023	1	1	1
														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		9.70%	SF+	4.50%	9.70%	12/31/2026	1,957	1,798	1,798
				Secured Debt	(9) (28)	12/20/2022		11.18%	SF+	6.50%	11.18%	12/31/2026	1,875	1,642	1,642				Secured Debt	(9) (28)	12/20/2022		11.70%	SF+	6.50%	11.70%	12/31/2026	1,972	1,739	1,739
				Preferred Equity		12/20/2022	125,000							128	128				Preferred Equity		12/20/2022	125,000							128	128
				Preferred Equity		12/20/2022	2,376,241							—	—				Preferred Equity		12/20/2022	2,376,241							—	—
				Common Equity		12/20/2022	1,250,000							—	—				Common Equity		12/20/2022	1,250,000							—	—
														3,487	3,487														3,666	3,666
Eastern Wholesale Fence LLC	Eastern Wholesale Fence LLC	(10)	Manufacturer and Distributor of Residential and Commercial Fencing Solutions													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		13.39%	SF+	8.00%		10/30/2025	3,346	3,300	3,219
				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		13.39%	SF+	8.00%		10/30/2025	4,827	4,784	4,644
				Secured Debt	(9) (28)	11/19/2020		12.95%	SF+	8.00%		10/30/2025	23,305	23,027	22,564				Secured Debt	(9) (28)	11/19/2020		13.39%	SF+	8.00%		10/30/2025	22,549	22,306	21,695
														31,410	30,778														30,390	29,558
Emerald Technologies Acquisition Co, Inc.	Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing													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				Secured Debt	(9) (28)	2/10/2022		11.66%	SF+	6.25%		2/10/2028	9,141	8,999	8,821

EnCap Energy Fund Investments	EnCap Energy Fund Investments	(12) (13)	Investment Partnership													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, L.P.)	(8) (30)	1/22/2015	0.14%							3,566	1,984
				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 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 IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,590	1,631
				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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							7,160	6,862
																			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(8) (30)	3/30/2015	0.84%							5,225	1,555
				LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							5,749	6,062				LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							5,106	5,102
														28,498	22,301														26,626	18,084
Engineering Research & Consulting, LLC	Engineering Research & Consulting, LLC	(10)	Provider of Engineering & Consulting Services to US Department of Defense													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)	5/23/2022		13.75%	P+	5.50%		5/23/2027	655	615	655
				Secured Debt	(9) (28)	5/23/2022		11.43%	SF+	6.50%		5/23/2028	16,256	15,980	16,138				Secured Debt	(9) (28)	5/23/2022		11.76%	SF+	6.50%		5/23/2028	16,216	15,953	16,216
														16,920	17,114														16,568	16,871
EPIC Y-Grade Services, LP	EPIC Y-Grade Services, LP	(11)	NGL Transportation & Storage													EPIC Y-Grade Services, LP	(11)	NGL Transportation & Storage
																			Secured Debt	(9) (28)	6/22/2018		11.36%	SF+	6.00%		6/30/2027	6,788	6,736	6,073

Escalent, Inc.																Escalent, Inc.	(10)	Market Research and Consulting Firm
																			Secured Debt	(9) (25) (28)	4/7/2023			SF+	8.00%		4/6/2029	—	(38)	(38)
																			Secured Debt	(9) (28)	4/7/2023		13.34%	SF+	8.00%		4/6/2029	26,306	25,545	25,545
				Secured Debt	(9)	6/22/2018		10.96%	L+	6.00%		6/30/2027	6,806	6,750	5,963				Common Equity		4/7/2023	649,794							663	663
																													26,170	26,170
Event Holdco, LLC	Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems													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		12.54%	SF+	7.00%		12/22/2026	3,692	3,667	3,566
				Secured Debt	(9) (28) (29)	12/22/2021		11.73%	SF+	7.00%		12/22/2026	44,308	43,977	42,045				Secured Debt	(9) (28) (29)	12/22/2021		12.54%	SF+	7.00%		12/22/2026	44,308	43,999	42,797
														47,642	45,549														47,666	46,363
Flip Electronics LLC	Flip Electronics LLC	(10)	Distributor of Hard-to-Find and Obsolete Electronic Components													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	(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				Secured Debt	(28)	1/4/2021		12.69%	SF+	7.50%		1/2/2026	11,095	10,892	11,095
														11,854	12,077														11,874	12,077
Fuse, LLC	Fuse, LLC	(11)	Cable Networks Operator													Fuse, LLC	(11)	Cable Networks Operator
				Secured Debt		6/30/2019		12.00%				6/28/2024	1,810	1,810	1,512				Secured Debt		6/30/2019		12.00%				6/28/2024	1,810	1,810	1,374
				Common Stock		6/30/2019	10,429							256	—				Common Stock		6/30/2019	10,429							256	—
														2,066	1,512														2,066	1,374
GeoStabilization International (GSI)	GeoStabilization International (GSI)	(11)	Geohazard Engineering Services & Maintenance													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				Secured Debt	(28)	1/2/2019		10.17%	SF+	5.25%		12/19/2025	20,444	20,385	19,831

GS HVAM Intermediate, LLC	GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor													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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Secured Debt	(9) (25) (28)	10/18/2019			SF+	6.50%		10/2/2024	—	(6)	(6)
																			Secured Debt	(25)	10/18/2019						10/2/2024	—	(14)	(14)
																			Secured Debt	(9) (28)	10/18/2019		11.70%	SF+	6.50%		10/2/2024	10,679	10,651	10,679
																													10,631	10,659
GULF PACIFIC ACQUISITION, LLC																GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
																			Secured Debt	(9) (28) (36)	9/30/2022		11.14%	SF+	5.75%		9/30/2028	303	285	303
																			Secured Debt	(9) (28)	9/30/2022		11.14%	SF+	5.75%		9/30/2028	303	287	303
																			Secured Debt	(9) (28)	9/30/2022		11.14%	SF+	5.75%		9/30/2028	3,642	3,579	3,642
																													4,151	4,248
HDC/HW Intermediate Holdings	HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider													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	344	343	315
				Secured Debt	(9) (28)	12/21/2018		14.34%	SF+	9.50%	14.34%	12/21/2023	3,394	3,384	3,308				Secured Debt	(9) (28)	12/21/2018		14.34%	SF+	9.50%	14.34%	12/21/2023	3,487	3,480	3,188
														3,715	3,632														3,823	3,503
HEADLANDS OP-CO LLC	HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator													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	—	(55)	(55)
				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	—	(55)	(55)
				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				Secured Debt	(9) (28)	8/1/2022		11.60%	SF+	6.50%		8/1/2027	16,706	16,433	16,706
																													16,323	16,596
HOWLCO LLC	HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets													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				Secured Debt	(9) (28)	8/19/2021		11.32%	SF+	6.00%		10/23/2026	25,162	25,162	24,464

Hybrid Promotions, LLC	Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel													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				Secured Debt	(9) (28)	6/30/2021		15.76%	SF+	10.25%	2.00%	6/30/2026	7,088	7,001	5,716

IG Parent Corporation	IG Parent Corporation	(11)	Software Engineering													IG Parent Corporation	(11)	Software Engineering
				Secured Debt	(9) (25) (28)	7/30/2021			SF+	5.75%		7/30/2026	—	(26)	—				Secured Debt	(9) (25) (28)	7/30/2021			SF+	5.75%		7/30/2026	—	(24)	—
				Secured Debt	(9) (28)	7/30/2021		10.59%	SF+	5.75%		7/30/2028	14,475	14,289	14,320				Secured Debt	(9) (28)	7/30/2021		10.95%	SF+	5.75%		7/30/2028	14,426	14,249	14,426
														14,263	14,320														14,225	14,426
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
Imaging Business Machines, L.L.C.																Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
				Secured Debt	(9)	8/20/2020		15.25%	P+	7.50%	15.25%	4/16/2023	7,294	7,294	7,294				Secured Debt	(9) (28)	6/8/2023		12.24%	SF+	7.00%		6/30/2028	20,872	20,167	20,167
				Secured Debt	(14)	12/10/2020		6.00%			6.00%	11/20/2023	18,428	17,664	6,010				Common Equity		6/8/2023	849							1,166	1,166
				Secured Debt	(28)	11/28/2022		14.95%	SF+	10.00%	14.95%	4/16/2023	2,378	2,358	2,303														21,333	21,333
				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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Implus Footcare, LLC																Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
				Warrants	(25) (46)	11/20/2018	242,914					11/19/2028		—	—				Secured Debt	(9) (28)	6/1/2017		14.65%	SF+	7.75%	1.50%	7/31/2024	18,592	18,506	16,591
														34,533	18,004
Industrial Services Acquisition, LLC	Industrial Services Acquisition, LLC	(10)	Industrial Cleaning Services													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) (28)	8/13/2021		12.25%	SF+	6.75%		8/13/2026	1,004	976	1,004
				Secured Debt	(9)	8/13/2021		11.50%	L+	6.75%		8/13/2026	19,190	18,928	19,190				Secured Debt	(9) (28)	8/13/2021		12.25%	SF+	6.75%		8/13/2026	19,142	18,900	19,142
				Preferred Member Units	(8) (29)	1/31/2018	144	10.00%			10.00%			131	147				Preferred Member Units	(8) (29)	1/31/2018	144	10.00%			10.00%			133	149
				Preferred Member Units	(8) (29)	5/17/2019	80	20.00%			20.00%			94	95				Preferred Member Units	(8) (29)	5/17/2019	80	20.00%			20.00%			97	98
				Member Units	(29)	6/17/2016	900							900	600				Member Units	(29)	6/17/2016	900							900	600
														21,026	21,036														21,006	20,993
Infolinks Media Buyco, LLC	Infolinks Media Buyco, LLC	(10)	Exclusive Placement Provider to the Advertising Ecosystem													Infolinks Media Buyco, LLC	(10)	Exclusive Placement Provider to the Advertising Ecosystem
																			Secured Debt	(9) (28)	11/1/2021		10.70%	SF+	5.50%		11/1/2026	1,512	1,481	1,481
																			Secured Debt	(9) (28)	11/1/2021		10.70%	SF+	5.50%		11/1/2026	8,550	8,435	8,550
																													9,916	10,031
Inspire Aesthetics Management, LLC																Inspire Aesthetics Management, LLC	(10)	Surgical and non-surgical plastic surgery and aesthetics provider
																			Secured Debt	(9) (28)	4/3/2023		13.14%	SF+	8.00%		4/3/2028	286	264	264
				Secured Debt	(9) (25)	11/1/2021			L+	5.50%		11/1/2026	—	(17)	(17)				Secured Debt	(9) (28)	4/3/2023		13.07%	SF+	8.00%		4/3/2028	10,273	10,023	10,023
				Secured Debt	(9)	11/1/2021		10.23%	L+	5.50%		11/1/2026	8,593	8,469	8,593				Common Equity		4/3/2023	106,032							336	336
														8,452	8,576														10,623	10,623
Interface Security Systems, L.L.C	Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services													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	(28)	12/9/2021		15.34%	SF+	10.00%	15.34%	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				Secured Debt	(9) (14) (28)	8/7/2019		12.23%	SF+	7.00%	12.23%	8/7/2023	7,313	7,237	823
				Common Stock		12/7/2021	2,143							—	—				Common Stock		12/7/2021	2,143							—	—
														9,072	2,863														9,072	2,604
Intermedia Holdings, Inc.	Intermedia Holdings, Inc.	(11)	Unified Communications as a Service													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				Secured Debt	(9) (28)	8/3/2018		11.19%	SF+	6.00%		7/19/2025	20,361	20,322	16,594

Invincible Boat Company, LLC.	Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats													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		12.04%	L+	6.50%		8/28/2025	622	618	605
				Secured Debt	(9)	8/28/2019		11.23%	L+	6.50%		8/28/2025	16,889	16,794	16,889				Secured Debt	(9)	8/28/2019		12.04%	L+	6.50%		8/28/2025	16,889	16,804	16,429
														17,516	17,615														17,422	17,034
INW Manufacturing, LLC	INW Manufacturing, LLC	(11)	Manufacturer of Nutrition and Wellness Products													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				Secured Debt	(9) (28)	5/19/2021		11.29%	SF+	5.75%		3/25/2027	6,938	6,803	5,504

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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Isagenix International, LLC																Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
																			Secured Debt	(9) (28)	4/13/2023		12.46%	SF+	5.50%	3.00%	4/14/2028	2,305	2,050	2,074
																			Common Equity		4/13/2023	186,322							—	—
																													2,050	2,074
Jackmont Hospitality, Inc.																Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
																			Secured Debt	(9)	10/26/2022		12.69%	L+	7.50%		11/4/2024	651	639	651
																			Secured Debt	(9)	11/8/2021		12.69%	L+	7.50%		11/4/2024	2,027	2,027	2,027
																			Preferred Equity		11/8/2021	2,826,667							110	500
																													2,776	3,178
Joerns Healthcare, LLC	Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies													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)	11/15/2021		23.35%	SF+	18.00%	23.35%	1/31/2024	2,431	2,431	2,151
				Secured Debt	(14) (28)	8/21/2019		21.08%	SF+	16.00%	21.08%	8/21/2024	4,034	3,997	280				Secured Debt	(14) (28)	8/21/2019		21.48%	SF+	16.00%	21.48%	8/21/2024	4,034	3,997	280
				Common Stock		8/21/2019	472,579							4,429	—				Common Stock		8/21/2019	472,579							4,429	—
														10,857	2,711														10,857	2,431
JTI Electrical & Mechanical, LLC	JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services													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) (25)	12/22/2021			L+	6.00%		12/22/2026	—	(118)	(118)
				Secured Debt	(9)	12/22/2021		10.73%	L+	6.00%		12/22/2026	36,711	36,159	36,711				Secured Debt	(9)	12/22/2021		11.54%	L+	6.00%		12/22/2026	36,474	35,961	36,474
				Common Equity		12/22/2021	1,684,211							1,684	2,840				Common Equity		12/22/2021	1,684,211							1,684	2,660
														37,717	39,425														37,527	39,016
KMS, LLC	KMS, LLC	(10)	Wholesaler of Closeout and Value-priced Products													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		12.81%	L+	7.25%		10/4/2026	1,042	1,003	954
				Secured Debt	(9)	10/4/2021		12.00%	L+	7.25%		10/4/2026	7,486	7,379	7,011				Secured Debt	(9)	10/4/2021		12.81%	L+	7.25%		10/4/2026	7,467	7,368	6,835
														8,390	7,999														8,371	7,789
Kore Wireless Group Inc.	Kore Wireless Group Inc.	(11)	Mission Critical Software Platform													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				Secured Debt	(28)	12/31/2018		10.84%	SF+	5.50%		9/21/2024	11,238	11,205	10,657

Lightbox Holdings, L.P.	Lightbox Holdings, L.P.	(11)	Provider of Commercial Real Estate Software													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				Secured Debt	(28)	5/9/2019		10.50%	SF+	5.00%		5/9/2026	14,400	14,293	14,040

LKCM Headwater Investments I, L.P.	LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership													LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
				LP Interests	(8) (30)	1/25/2013	2.27%							1,746	3,284				LP Interests	(8) (30)	1/25/2013	2.27%							1,746	3,354

LL Management, Inc.	LL Management, Inc.	(10)	Medical Transportation Service Provider													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)	5/2/2019		12.43%	SF+	7.25%		9/25/2023	8,004	7,998	8,004
				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) (38)	5/2/2019		12.45%	SF+	7.25%		9/25/2023	9,154	9,141	9,154
				Secured Debt	(9) (28)	5/12/2022		12.09%	SF+	7.25%		9/25/2023	10,812	10,749	10,683				Secured Debt	(9) (28)	5/12/2022		12.44%	SF+	7.25%		9/25/2023	10,778	10,746	10,778
														27,974	27,739														27,885	27,936
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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

LLFlex, LLC																LLFlex, LLC	(10)	Provider of Metal-Based Laminates
																			Secured Debt	(9) (28)	8/16/2021		15.22%	SF+	9.00%	1.00%	8/16/2026	4,428	4,320	4,037

Logix Acquisition Company, LLC																Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
																			Secured Debt	(9)	1/8/2018		11.48%	L+	5.75%		12/22/2024	23,921	22,663	19,137

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

Mako Steel, LP	Mako Steel, LP	(10)	Self-Storage Design & Construction													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		12.91%	L+	7.25%		3/15/2026	2,373	2,339	2,373
				Secured Debt	(9)	3/15/2021		12.30%	L+	7.25%		3/15/2026	15,245	15,061	15,102				Secured Debt	(9)	3/15/2021		12.91%	L+	7.25%		3/15/2026	15,147	14,980	15,147
														16,849	16,910														17,319	17,520
MB2 Dental Solutions, LLC	MB2 Dental Solutions, LLC	(11)	Dental Partnership Organization													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) (32)	1/28/2021		11.20%	SF+	6.00%		1/29/2027	10,244	10,165	10,244
				Secured Debt	(9) (28)	1/28/2021		10.72%	SF+	6.00%		1/29/2027	7,856	7,770	7,856				Secured Debt	(9) (28)	1/28/2021		11.20%	SF+	6.00%		1/29/2027	7,836	7,756	7,836
														16,954	17,115														17,921	18,080
Microbe Formulas, LLC	Microbe Formulas, LLC	(10)	Nutritional Supplements Provider													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) (25) (28)	4/4/2022			SF+	6.25%		4/3/2028	—	(57)	(57)
				Secured Debt	(9) (28)	4/4/2022		11.09%	SF+	6.25%		4/3/2028	25,722	25,294	24,856				Secured Debt	(9) (28)	4/4/2022		11.44%	SF+	6.25%		4/3/2028	24,123	23,741	23,945
														25,234	24,796														23,684	23,888
Mills Fleet Farm Group, LLC	Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise													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				Secured Debt	(9) (28)	10/24/2018		11.77%	SF+	6.50%		10/24/2024	18,769	18,618	17,884

MonitorUS Holding, LLC	MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services													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		12.54%	L+	7.00%		5/24/2027	3,709	3,652	3,648
				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		12.54%	L+	7.00%		5/24/2027	10,107	9,944	10,899
				Secured Debt	(9)	5/24/2022		11.73%	L+	7.00%		5/24/2027	17,038	16,763	17,038				Secured Debt	(9) (28)	5/24/2022		12.54%	SF+	7.00%		5/24/2027	17,038	16,779	17,038
				Common Stock		8/30/2022	44,445,814							889	889				Common Stock		8/30/2022	44,445,814							889	889
														29,454	30,688														31,264	32,474
NBG Acquisition Inc	NBG Acquisition Inc	(11)	Wholesaler of Home Décor Products													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				Secured Debt	(9) (14)	4/28/2017		10.71%	L+	5.50%		4/26/2024	3,849	3,834	154

NinjaTrader, LLC	NinjaTrader, LLC	(10)	Operator of Futures Trading Platform													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) (28)	12/18/2019			SF+	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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Secured Debt	(9) (25) (28)	12/18/2019			SF+	6.25%		12/18/2024	—	(29)	(29)
																			Secured Debt	(9) (28)	12/18/2019		11.26%	SF+	6.00%		12/18/2024	20,467	20,291	20,467
																													20,261	20,438
NTM Acquisition Corp.																NTM Acquisition Corp.	(11)	Provider of B2B Travel Information Content
																			Secured Debt	(9) (28)	7/12/2016		13.64%	SF+	7.25%	1.00%	6/7/2024	4,237	4,237	4,068

NWN Corporation	NWN Corporation	(10)	Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries													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) (39)	5/7/2021		13.13%	SF+	8.00%		5/7/2026	2,919	2,797	2,811
				Secured Debt	(9) (28)	5/7/2021		12.87%	SF+	8.00%		5/7/2026	39,642	38,945	37,237				Secured Debt	(9) (28)	5/7/2021		13.19%	SF+	8.00%		5/7/2026	39,381	38,747	37,923
				Secured Debt		12/16/2022		20.00%			20.00%	8/6/2026	6,838	6,545	6,472				Secured Debt		12/16/2022		20.00%			20.00%	8/6/2026	7,190	6,918	6,934
														50,319	48,371														48,462	47,668
Ospemifene Royalty Sub LLC		(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
Obra Capital, Inc																Obra Capital, Inc	(11)	Alternative Asset Manager
				Secured Debt	(14)	7/8/2013		11.50%				11/15/2026	4,474	4,474	88				Secured Debt	(28)	10/10/2019		11.22%	SF+	6.00%		10/1/2026	18,230	17,243	13,763

OVG Business Services, LLC		(10)	Venue Management Services
Ospemifene Royalty Sub LLC																Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
				Secured Debt	(9)	11/29/2021		10.89%	L+	6.25%		11/19/2028	13,860	13,748	13,514				Secured Debt	(14)	7/8/2013		11.50%				11/15/2026	4,461	4,461	75

Paragon Healthcare, Inc.	Paragon Healthcare, Inc.	(10)	Infusion Therapy Treatment Provider													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		11.10%	SF+	5.75%		1/19/2027	216	125	216
				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		10.92%	SF+	5.75%		1/19/2027	3,221	3,140	3,221
				Secured Debt	(9) (28)	1/19/2022		10.48%	SF+	5.75%		1/19/2027	18,739	18,326	18,281				Secured Debt	(9) (28)	1/19/2022		10.88%	SF+	5.75%		1/19/2027	18,692	18,306	18,692
														22,460	22,494														21,571	22,129
Project Eagle Holdings, LLC		(10)	Provider of Secure Business Collaboration Software
Power System Solutions																Power System Solutions	(10)	Backup Power Generation
				Secured Debt	(9) (25)	7/6/2020			L+	6.25%		7/6/2026	—	(17)	(17)				Secured Debt	(9) (25) (28)	6/7/2023			SF+	6.75%		6/7/2028	—	(91)	(91)
				Secured Debt	(9)	7/6/2020		10.89%	L+	6.25%		7/6/2026	29,363	28,960	28,998				Secured Debt	(9) (25) (28)	6/7/2023			SF+	6.75%		6/7/2028	—	(91)	(91)
														28,943	28,981				Secured Debt	(9) (28)	6/7/2023		11.90%	SF+	6.75%		6/7/2028	18,511	17,965	17,965
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				Common Equity		6/7/2023	1,234							1,234	1,234
				Secured Debt	(9) (28)	8/19/2022		12.32%	SF+	7.25%		8/19/2027	28,109	27,620	27,344														19,017	19,017
														28,886	28,736
RA Outdoors LLC		(10)	Software Solutions Provider for Outdoor Activity Management
PrimeFlight Aviation Services																PrimeFlight Aviation Services	(10)	Air Freight & Logistics
				Secured Debt	(9) (28)	4/8/2021		11.47%	SF+	6.75%		4/8/2026	383	373	346				Secured Debt	(9) (28)	5/1/2023		11.94%	SF+	6.85%		5/1/2029	8,000	7,770	7,770
				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

Project Eagle Holdings, LLC																Project Eagle Holdings, LLC	(10)	Provider of Secure Business Collaboration Software

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Secured Debt	(9) (25) (28)	7/6/2020			SF+	6.00%		7/6/2026	—	(16)	(16)
																			Secured Debt	(9) (28)	7/6/2020		11.22%	SF+	6.00%		7/6/2026	29,271	28,901	29,271
																													28,885	29,255
PTL US Bidco, Inc																PTL US Bidco, Inc	(10) (13)	Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells.
																			Secured Debt	(9)	8/19/2022		14.50%	P+	6.25%		8/19/2027	2,385	2,230	2,385
																			Secured Debt	(9) (28)	8/19/2022		12.64%	SF+	7.25%		8/19/2027	27,552	27,096	26,681
																													29,326	29,066
RA Outdoors LLC																RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
																			Secured Debt	(9) (25) (28)	4/8/2021			SF+	6.75%		4/8/2026	—	(9)	(37)
																			Secured Debt	(9) (28)	4/8/2021		11.88%	SF+	6.75%		4/8/2026	13,369	13,261	12,171
																													13,252	12,134
Research Now Group, Inc. and Survey Sampling International, LLC																Research Now Group, Inc. and Survey Sampling International, LLC	(11)	Provider of Outsourced Online Surveying
																			Secured Debt	(9) (28)	12/29/2017		10.80%	SF+	5.50%		12/20/2024	19,862	19,696	14,238

RM Bidder, LLC	RM Bidder, LLC	(10)	Scripted and Unscripted TV and Digital Programming Provider													RM Bidder, LLC	(10)	Scripted and Unscripted TV and Digital Programming Provider
				Member Units		11/12/2015	2,779							46	20				Member Units		11/12/2015	2,779							46	17
				Warrants	(26)	11/12/2015	327,532					10/20/2025		425	—				Warrants	(26)	11/12/2015	327,532					10/20/2025		425	—
														471	20														471	17
Roof Opco, LLC	Roof Opco, LLC	(10)	Residential Re-Roofing/Repair													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) (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		11.65%	SF+	6.50%		8/27/2026	2,333	2,297	2,333
				Secured Debt	(9) (28)	8/27/2021		11.35%	SF+	6.50%		8/27/2026	3,173	3,128	3,128				Secured Debt	(9) (28) (37)	8/27/2021		12.65%	SF+	7.50%		8/27/2026	4,418	4,342	4,418
														5,412	5,428														6,629	6,751
RTIC Subsidiary Holdings, LLC	RTIC Subsidiary Holdings, LLC	(10)	Direct-To-Consumer eCommerce Provider of Outdoor Products													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		13.01%	SF+	7.75%		9/1/2025	1,781	1,766	1,645
				Secured Debt	(9) (28)	9/1/2020		12.52%	SF+	7.75%		9/1/2025	15,364	15,266	14,069				Secured Debt	(9) (28)	9/1/2020		13.01%	SF+	7.75%		9/1/2025	15,141	15,055	13,985
														17,304	15,951														16,821	15,630
Rug Doctor, LLC.	Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery													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		13.43%	SF+	6.00%	2.00%	11/16/2024	5,682	5,656	5,343
				Secured Debt	(9) (28)	7/16/2021		13.02%	SF+	6.25%	2.00%	11/16/2024	8,340	8,238	7,674				Secured Debt	(9) (28)	7/16/2021		13.43%	SF+	6.00%	2.00%	11/16/2024	8,425	8,338	7,922
														13,833	12,850														13,994	13,265
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	SIB Holdings, LLC	(10)	Provider of Cost Reduction Services													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)

~~March 31,~~June 30, 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 (28)		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				Secured Debt	(9) (28)	10/29/2021		11.68%	SF+	6.25%		10/29/2026	590	582	534
																			Secured Debt	(9) (28)	10/29/2021		11.68%	SF+	6.25%		10/29/2026	1,534	1,511	1,387
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				Secured Debt	(9) (28)	10/29/2021		11.68%	SF+	6.25%		10/29/2026	7,633	7,526	6,899
																			Common Equity		10/29/2021	95,238							200	97
Tacala Investment Corp.		(33)	Quick Service Restaurant Group
																													9,819	8,917
South Coast Terminals Holdings, LLC																South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
																			Secured Debt	(9) (25)	12/10/2021			L+	5.25%		12/13/2026	—	(62)	(62)
																			Secured Debt	(9)	12/10/2021		10.90%	L+	5.25%		12/13/2026	35,094	34,608	35,094
																			Common Equity		12/10/2021	863,636							864	1,208
																													35,410	36,240
SPAU Holdings, LLC																SPAU Holdings, LLC	(10)	Digital Photo Product Provider
																			Secured Debt	(9) (28)	7/1/2022		12.96%	SF+	7.50%		7/1/2027	958	907	958
																			Secured Debt	(9) (28)	7/1/2022		12.61%	SF+	7.50%		7/1/2027	15,808	15,554	15,808
																			Common Stock		7/1/2022	638,710							639	550
																													17,100	17,316
Staples Canada ULC																Staples Canada ULC	(10) (13) (21)	Office Supplies Retailer
																			Secured Debt	(9) (22)	9/14/2017		12.26%	L+	7.00%		9/12/2024	12,552	12,523	11,660

Stellant Systems, Inc.																Stellant Systems, Inc.	(11)	Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
				Secured Debt	(9) (31)	3/19/2021		8.34%	L+	3.50%		2/5/2027	1,974	1,974	1,943				Secured Debt	(9) (28)	10/22/2021		10.91%	SF+	5.50%		10/1/2028	7,565	7,508	7,234

Team Public Choices, LLC	Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider													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				Secured Debt	(9) (28)	12/22/2020		10.27%	SF+	5.00%		12/18/2027	14,888	14,643	14,466

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

Tex Tech Tennis, LLC	Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles													Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
				Preferred Equity	(29)	7/7/2021	1,000,000							1,000	1,980				Preferred Equity	(29)	7/7/2021	1,000,000							1,000	2,040

U.S. TelePacific Corp.	U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services													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				Secured Debt	(9) (28)	6/1/2023		6.00%	SF+	1.00%	6.00%	5/2/2027	9,457	3,903	3,924
																			Secured Debt	(9) (28)	6/1/2023		6.00%	SF+	1.00%	6.00%	5/2/2027	946	20	—
																													3,923	3,924
USA DeBusk LLC	USA DeBusk LLC	(10)	Provider of Industrial Cleaning Services													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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

																			Secured Debt	(9)	10/22/2019		10.94%	L+	5.75%		9/8/2026	33,407	32,936	33,407

UserZoom Technologies, Inc.																UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
																			Secured Debt	(9) (28)	1/11/2023		12.42%	SF+	7.50%		4/5/2029	4,000	3,890	3,890

Veregy Consolidated, Inc.																Veregy Consolidated, Inc.	(11)	Energy Service Company
																			Secured Debt	(9) (25) (28)	11/9/2020			SF+	5.25%		11/3/2025	—	(519)	(519)
																			Secured Debt	(9) (28)	11/9/2020		11.31%	SF+	6.00%		11/3/2027	17,512	17,242	15,321
																													16,723	14,802
Vistar Media, Inc.	Vistar Media, Inc.	(10)	Operator of Digital Out-of-Home Advertising Platform													Vistar Media, Inc.	(10)	Operator of Digital Out-of-Home Advertising Platform
				Preferred Stock		4/3/2019	70,207							767	2,340				Preferred Stock		4/3/2019	70,207							767	2,340

VORTEQ Coil Finishers, LLC	VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel													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				Common Equity	(8)	11/30/2021	1,038,462							1,038	3,810
														16,240	8,172
Wall Street Prep, Inc.	Wall Street Prep, Inc.	(10)	Financial Training Services													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) (25) (28)	7/19/2021			SF+	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				Secured Debt	(9) (28)	7/19/2021		12.19%	SF+	7.00%		7/19/2026	3,751	3,704	3,747
				Common Stock		7/19/2021	400,000							400	420				Common Stock		7/19/2021	400,000							400	420
														4,546	4,539														4,099	4,162
Watterson Brands, LLC	Watterson Brands, LLC	(10)	Facility Management Services													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) (28) (40)	12/17/2021		11.64%	SF+	6.25%		12/17/2026	1,482	1,450	1,482
				Secured Debt	(9)	12/17/2021		10.98%	L+	6.00%		12/17/2026	390	362	388				Secured Debt	(9) (28)	12/17/2021		11.64%	SF+	6.25%		12/17/2026	389	363	389
				Secured Debt	(9)	12/17/2021		10.98%	L+	6.25%		12/17/2026	28,884	28,542	28,780				Secured Debt	(9) (28)	12/17/2021		11.64%	SF+	6.25%		12/17/2026	28,811	28,493	28,811
														30,815	31,106														30,306	30,682
West Star Aviation Acquisition, LLC	West Star Aviation Acquisition, LLC	(10)	Aircraft, Aircraft Engine and Engine Parts													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) (25) (28)	3/1/2022			SF+	6.00%		3/1/2028	—	(18)	(18)
				Secured Debt	(9) (28)	3/1/2022		10.79%	SF+	6.00%		3/1/2028	10,767	10,591	10,762				Secured Debt	(9) (28)	3/1/2022		10.79%	SF+	6.00%		3/1/2028	10,712	10,546	10,712
				Common Stock		3/1/2022	1,541,400							1,541	2,170				Common Stock		3/1/2022	1,541,400							1,541	2,390
														12,113	12,913														12,069	13,084
Winter Services LLC	Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services													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) (28)	11/19/2021			SF+	7.00%		11/19/2026	—	(30)	—
				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)

~~March 31,~~June 30, 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 (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)		Fair Value (18)

																					Secured Debt	(9) (28)	11/19/2021		12.55%	SF+	7.00%		11/19/2026	2,067	2,030		2,030
																					Secured Debt	(9) (28)	11/19/2021		12.17%	SF+	7.00%		11/19/2026	9,300	9,173		9,300
																															11,173		11,330
Xenon Arc, Inc.																		Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
																					Secured Debt	(28)	12/17/2021		10.41%	SF+	5.25%		12/17/2026	3,192	3,002		3,192
																					Secured Debt	(28)	12/17/2021		10.58%	SF+	5.25%		12/17/2027	24,239	23,848		24,239
																					Secured Debt	(28)	12/17/2021		10.35%	SF+	5.25%		12/17/2027	38,021	37,465		38,021
														62,415		63,039															64,315		65,452
YS Garments, LLC	YS Garments, LLC	(11)	Designer and Provider of Branded Activewear															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					Secured Debt	(9) (28)	8/22/2018		12.59%	SF+	7.50%		8/9/2026	12,378	12,119		11,484

Zips Car Wash, LLC	Zips Car Wash, LLC	(10)	Express Car Wash Operator															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		12.50%	SF+	7.25%		3/1/2024	17,424	17,291		17,277
				Secured Debt	(9) (28) (38)	2/11/2022		12.12%	SF+	7.25%		3/1/2024	4,378	4,357		4,372					Secured Debt	(9) (28) (38)	2/11/2022		12.46%	SF+	7.25%		3/1/2024	4,367	4,351		4,309
														21,644		21,840															21,642		21,586
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
Subtotal Non-Control/Non-Affiliate Investments (78.2% of net assets at fair value)																		Subtotal Non-Control/Non-Affiliate Investments (78.2% of net assets at fair value)													$	1,825,669	$	1,763,719
Total Portfolio Investments, June 30, 2023 (186.7% of net assets at fair value)																		Total Portfolio Investments, June 30, 2023 (186.7% of net assets at fair value)													$	3,742,689	$	4,210,543

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 2023

(dollars in thousands)

(Unaudited)

___________________

(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — 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, ~~92%~~91% 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 1.08%.

(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 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 ~~March 31,~~June 30, 2023.

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

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 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 ~~$16.2~~$15.5 million Canadian Dollars and receive ~~$12.5~~$12.0 million U.S. Dollars with a settlement date of September 14, 2023. The unrealized appreciation on the forward foreign currency contract was ~~$0.5~~$0.3 million as of ~~March 31,~~June 30, 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+5.10% (Floor 2.00%)~~11.25% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

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

(25)The position is unfunded and no interest income is being earned as of ~~March 31,~~June 30, 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)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 ~~March 31,~~June 30, 2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to ~~0.35%~~0.26%.

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

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

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

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

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

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

(35)As of ~~March 31,~~June 30, 2023, borrowings under the loan facility bore interest at SOFR+~~7.50%~~8.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of ~~March 31,~~June 30, 2023.

(36)As of ~~March 31,~~June 30, 2023, borrowings under the loan facility bore interest at SOFR+~~6.00%~~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 ~~March 31,~~June 30, 2023.

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

~~March 31,~~June 30, 2023

(dollars in thousands)

(Unaudited)

(37)As of ~~March 31,~~June 30, 2023, borrowings under the loan facility bore interest at ~~LIBOR+~~SOFR+6.50% (Floor ~~1.00%~~1.50%) and SOFR+8.50% (Floor 1.50%). ~~RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility.~~ The spread and rate presented represents a weighted-average rate for borrowings under the facility, as of ~~March 31,~~June 30, 2023.

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

(39)As of ~~March 31,~~June 30, 2023, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of ~~March 31,~~June 30, 2023.

(40)As of ~~March 31,~~June 30, 2023, borrowings under the loan facility bore interest at LIBOR+6.25% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of ~~March 31,~~June 30, 2023.

(41)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.

(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.

~~(46)Warrants are presented in equivalent shares/units with a strike price of $1.50 per share/unit.~~

~~(47)~~(44)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.

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

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)

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, 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)
		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, 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) (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, 2022

(dollars in thousands)


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)
													25,024	25,358													25,024	25,358
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) (25)	2/13/2018			L+	11.00%		2/13/2026	—	(88)	—			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			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			Preferred Stock	(8)	2/13/2018	8,400							8,400	22,220
													35,434	49,487													35,434	49,487
Elgin AcquireCo, LLC	Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassic Components													Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassis Components
			Secured Debt	(9) (25) (29)	10/3/2022			SF+	6.00%		10/3/2027	—	(9)	(9)			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		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			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		10/3/2022	378							7,603	7,603
			Common Stock	(30)	10/3/2022	939							1,558	1,558			Common Stock	(30)	10/3/2022	939							1,558	1,558
													34,040	34,040													34,040	34,040
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) (29)	6/24/2016			SF+	8.50%		1/1/2028	—	—	—			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			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			Member Units	(8)	6/24/2016	9,042							17,692	50,890
													81,377	114,968													81,377	114,968
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) (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			Member Units	(8)	7/15/2013	1,200							1,200	1,800
													5,026	5,626													5,026	5,626
GRT Rubber Technologies LLC	GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products													GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		10.12%	L+	6.00%		12/21/2023	670	670	670			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			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			Member Units	(8)	12/19/2014	5,879							13,065	44,440
													54,048	85,603													54,048	85,603
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	6,790			Member Units	(8)	8/31/2007	438							2,980	6,790

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%				7/1/2027	2,400	2,400	2,284			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			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, 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)
			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, 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)
			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, 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)
		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, 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)
		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, 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)

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, 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)
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, 2022

(dollars in thousands)


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)
				Class A Preferred Units	(30)	6/27/2016	2,000,000							2,000	1,330				Class A Preferred Units	(30)	6/27/2016	2,000,000							2,000	1,330

EIG Fund Investments	EIG Fund Investments	(12) (13)	Investment Partnership													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				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	Flame King Holdings, LLC		Propane Tank and Accessories Distributor													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		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				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				Preferred Equity	(8)	10/29/2021	9,360							10,400	17,580
														38,975	46,380														38,975	46,380
Freeport Financial Funds	Freeport Financial Funds	(12) (13)	Investment Partnership													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 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				LP Interests (Freeport First Lien Loan Fund III LP)	(8) (31)	7/31/2015	5.95%							6,303	5,848
														9,810	9,331														9,810	9,331
GFG Group, LLC.			Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
GFG Group, LLC																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				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				Preferred Member Units	(8)	3/31/2021	226							4,900	7,140
														16,169	18,485														16,169	18,485
Harris Preston Fund Investments	Harris Preston Fund Investments	(12) (13)	Investment Partnership													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 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 (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				LP Interests (423 COR, LP)	(31)	6/2/2022	22.93%							1,400	1,400
														6,290	8,063														6,290	8,063
Hawk Ridge Systems, LLC	Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions													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	(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				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	(8)	12/2/2016	226							2,850	17,460
				Preferred Member Units	(30)	12/2/2016	226							150	920				Preferred Member Units	(30)	12/2/2016	226							150	920
														43,868	59,365														43,868	59,365
Houston Plating and Coatings, LLC	Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services													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				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				Member Units		1/8/2003	322,297							2,352	2,400
														5,352	5,400														5,352	5,400

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)
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, 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)
													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, 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)
			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, 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)
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, 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)
			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, 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)
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, 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)
			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, 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)
			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, 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)	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, 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)
			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, 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)	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, 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)
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 Facilities or in support of the SBA-guaranteed debentures issued by the Funds.

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

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

(8)Income producing through dividends or distributions.

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

(10)Private Loan portfolio investment. See Note C — Fair Value Hierarchy for 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 — 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.

(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 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.

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

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

(22)In connection with the Company’s debt investment in Staples Canada ULC and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company’s investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $16.9 million Canadian Dollars and receive $13.1 million U.S. Dollars with a settlement date of September 14, 2023. The unrealized appreciation on the forward foreign currency contract was $0.6 million as of December 31, 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 SOFR+6.00% (Floor 1.00%) 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 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 — Fair Value Hierarchy for 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 base rate of 2.50%.

(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.

Table of contents

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.

Table of contents

MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements

(Unaudited)

NOTE A — ORGANIZATION AND BASIS OF PRESENTATION

1.Organization

Main Street Capital Corporation (“MSCC”, or together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market (“LMM”) companies and debt capital to middle market (“Middle Market”) companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States and in secured debt investments of Middle Market companies generally headquartered in the United States.

MSCC was formed in March 2007 to operate as an internally managed business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Because MSCC is internally managed, all of the executive officers and other employees are employed by MSCC. Therefore, MSCC does not pay any external investment advisory fees, but instead directly incurs the operating costs associated with employing investment and portfolio management professionals.

MSCC wholly owns several investment funds, including Main Street Mezzanine Fund, LP (“MSMF”) and Main Street Capital III, LP (“MSC III” and, together with MSMF, the “Funds”), and each of their general partners. The Funds are each licensed as a Small Business Investment Company (“SBIC”) by the United States Small Business Administration (“SBA”).

MSC Adviser I, LLC (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of Main Street to provide investment management and other services to parties other than Main Street (“External Parties”) and receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission (“SEC”) to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.

MSCC has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSCC generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.

Main 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 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

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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 — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition for additional discussion of Main Street’s Investment Portfolio and definitions for the defined terms Private Loan and Other Portfolio). Main Street’s results of operations for the three and six months ended ~~March 31,~~June 30, 2023 and 2022, cash flows for the ~~three~~six months ended ~~March 31,~~June 30, 2023 and 2022, and financial position as of ~~March 31,~~June 30, 2023 and December 31, 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, 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 six months ended ~~March 31,~~June 30, 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.~~Street. Accordingly, as noted above, MSCC’s consolidated financial statements include the financial position and operating results for the Funds, the Taxable Subsidiaries and the Structured Subsidiaries. Main Street has determined that none of its portfolio investments qualify for this exception, including the investment in the External Investment Manager. Therefore, Main Street’s Investment Portfolio is carried on the Consolidated Balance Sheets at fair value, as discussed further in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, with any adjustments to fair value recognized as “Net Unrealized Appreciation (Depreciation)” until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a “Net Realized Gain (Loss),” in both cases on the Consolidated Statements of Operations.

Portfolio Investment Classification

Main Street classifies its Investment Portfolio in accordance with the requirements of the 1940 Act. Under the 1940 Act, (a) “Control Investments” are defined as investments in which Main Street owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate Investments” are defined as investments in which Main Street owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation and (c) “Non-Control/Non-Affiliate Investments” are defined as investments that are neither Control Investments nor Affiliate Investments. For purposes of determining the classification of its Investment Portfolio, Main Street has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the External Investment Manager.

NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.Valuation of the Investment Portfolio

Main Street accounts for its Investment Portfolio at fair value. As a result, Main Street follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and

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(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 through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, ~~our~~Main Street’s Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are made in companies that are consistent with the size of companies Main Street invests in through its LMM portfolio and Middle Market portfolio. Main Street’s portfolio also includes Other Portfolio investments which primarily consist of investments that are not consistent with the typical profiles for its LMM, Private Loan or Middle Market portfolio investments, including investments which may be managed by third parties. Main Street’s portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital and are more liquid than investments within the other portfolios. Main Street’s portfolio investments may be subject to restrictions on resale.

LMM investments and Other Portfolio investments generally have no established trading market, while Private Loan investments may include investments which have no established market or have established markets that are not active. Middle Market and short-term portfolio investments generally have established markets that are not active. Main Street determines in good faith the fair value of its Investment Portfolio pursuant to a valuation policy in accordance with ASC 820, with such valuation process approved by its Board of Directors and in accordance with the 1940 Act. Main Street’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of Main Street’s Investment Portfolio.

For LMM portfolio investments, Main Street generally reviews external events, including private mergers, sales and acquisitions involving comparable companies, and includes these events in the valuation process by using an enterprise value waterfall methodology (“Waterfall”) for its LMM equity investments and an income approach using a yield-to-maturity model (“Yield-to-Maturity”) valuation method for its LMM debt investments. For Private Loan and Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value the investment in a current hypothetical sale using the Yield-to-Maturity valuation method. For Middle Market and short-term portfolio investments in debt securities for which it has determined that third-party quotes or other independent prices are available, Main Street primarily uses quoted prices in the valuation process. Main Street determines the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. For its Other Portfolio equity investments, Main Street generally calculates the fair value of the investment primarily based on the net asset value (“NAV”) of the fund and adjusts the fair value for other factors deemed relevant that would affect the fair value of the investment. All of the valuation approaches for Main Street’s portfolio investments estimate the value of the investment as if Main Street were to sell, or exit, the investment as of the measurement date.

These valuation approaches consider the value associated with Main Street’s ability to control the capital structure of the portfolio company, as well as the timing of a potential exit. For valuation purposes, “control” portfolio investments are composed of debt and equity securities in companies for which Main Street has a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors. For valuation purposes, “non-control” portfolio investments are generally composed of debt and equity securities in companies

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

for which Main Street does not have a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors.

Under the Waterfall valuation method, Main Street estimates the enterprise value of a portfolio company using a combination of market and income approaches or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations of the portfolio company, and then performs a Waterfall calculation by allocating the enterprise value over the portfolio company’s securities in order of their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value. There is no single methodology for estimating enterprise value. For any one portfolio company, enterprise value is generally described as a range of values from which a single estimate of enterprise value is derived. In estimating the enterprise value of a portfolio company, Main Street analyzes various factors including the portfolio company’s historical and projected financial results. Due to SEC deadlines for Main Street’s quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited, projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in determining. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, Main Street also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, Main Street allocates the enterprise value to investments in order of the legal priority of the various components of the portfolio company’s capital structure. In applying the Waterfall valuation method, Main Street assumes the loans are paid-off at the principal amount in a change in control transaction and are not assumed by the buyer, which Main Street believes is consistent with its past transaction history and standard industry practices.

Under the Yield-to-Maturity valuation method, Main Street also uses the income approach to determine the fair value of debt securities based on projections of the discounted future free cash flows that the debt security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of the portfolio company. Main Street’s estimate of the expected repayment date of its debt securities is generally the maturity date of the instrument, as Main Street generally intends to hold its loans and debt securities to maturity. The Yield-to-Maturity analysis also considers changes in leverage levels, credit quality, portfolio company performance, changes in market-based interest rates and other factors. Main Street will generally use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of Main Street’s general intent to hold its loans to maturity, the fair value will not exceed the principal amount of the debt security valued using the Yield-to-Maturity valuation method. A change in the assumptions that Main Street uses to estimate the fair value of its debt securities using the Yield-to-Maturity valuation method could have a material impact on the determination of fair value. If there is deterioration in credit quality or if a debt security is in workout status, Main Street may consider other factors in determining the fair value of the debt security, including the value attributable to the debt security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.

Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, Main Street measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date and adjusts the investment’s fair value for factors known to Main Street that would affect that fund’s NAV, including, but not limited to, fair values for individual investments held by the fund if Main Street holds the same investment or for a publicly traded investment. In addition, in determining the fair value of the investment, Main Street considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of Main Street’s investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, and expected future cash flows available to equity holders, including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding Main Street’s ability to realize the full NAV of its interests in the investment fund.

Pursuant to its internal valuation process and the requirements under the 1940 Act, Main Street performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at

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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 (the “Financial Advisory Firm”). The 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 Financial Advisory Firm is generally consulted relative to Main Street’s investments in each LMM portfolio company at least once every calendar year, and for Main Street’s investments in new LMM portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street’s investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from the Financial Advisory Firm in arriving at Main Street’s determination of fair value on its investments in a total of 1937 LMM portfolio companies for the ~~three~~six months ended ~~March 31,~~June 30, 2023, representing ~~30%~~52% of the total LMM portfolio at fair value as of ~~March 31,~~June 30, 2023, and on a total of 1936 LMM portfolio companies for the ~~three~~six months ended ~~March 31,~~June 30, 2022, representing ~~30%~~54% of the total LMM portfolio at fair value as of ~~March 31,~~June 30, 2022. Excluding its investments in LMM portfolio companies that, as of ~~March 31,~~June 30, 2023 and 2022, 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 the Financial Advisory Firm for the ~~three~~six months ended ~~March 31,~~June 30, 2023 and 2022 was ~~32%~~55% and ~~36%~~61% of the total LMM portfolio at fair value, 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 the Financial Advisory Firm. The Financial Advisory Firm analyzes and provides observations and recommendations and an assurance certification regarding Main Street’s determinations of the fair value of its Private Loan portfolio company investments. The Financial Advisory Firm is generally consulted relative to Main Street’s investments in each Private Loan portfolio company at least once every calendar year, and for Main Street’s investments in new Private Loan portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, Main Street may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more Private Loan portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street’s investment in a Private Loan portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value on its investments in a total of 1933 Private Loan portfolio companies for the ~~three~~six months ended ~~March 31,~~June 30, 2023, representing ~~25%~~49% of the total Private Loan portfolio at fair value as of ~~March 31,~~June 30, 2023, and on a total of 1829 Private Loan portfolio companies for the ~~three~~six months ended ~~March 31,~~June 30, 2022, representing ~~26%~~44% of the total Private Loan portfolio at fair value as of ~~March 31,~~June 30, 2022. Excluding its investments in Private Loan portfolio companies that, as of ~~March 31,~~June 30, 2023 and 2022, 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 the Financial Advisory Firm for the ~~three~~six months ended ~~March 31,~~June 30, 2023 and 2022 was ~~28%~~53% and ~~42%~~67% of the total Private Loan portfolio at fair value, respectively.

For valuation purposes, all of Main Street’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale

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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. Main Street generally consults on a limited basis with the Financial Advisory Firm in connection with determining the fair value of its Middle Market portfolio investments due to the nature of these investments. The vast majority (90% and 89% as of ~~March 31,~~June 30, 2023 and December 31, 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 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 2.6% and 2.8% of Main Street’s Investment Portfolio at fair value as of ~~both March 31,~~June 30, 2023 and December 31, 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.~~basis.

Due to the inherent uncertainty in the valuation process, Main Street’s determination of fair value for its Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. Main Street determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.

Main Street uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its LMM, Private Loan and Middle Market portfolio companies. This system takes into account both quantitative and qualitative factors of each LMM, Private Loan and Middle Market portfolio company.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Main Street’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of its executive officers to serve as the Board of Directors’ valuation designee. Main Street believes its Investment Portfolio as of ~~March 31,~~June 30, 2023 and December 31, 2022 approximates fair value as of those dates based on the markets in which it operates and other conditions in existence on those reporting dates.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

2.Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, the consolidated financial statements include investments in the Investment Portfolio whose values have been estimated by Main Street, pursuant to valuation policies and procedures approved and overseen by Main Street’s Board of Directors, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the Investment Portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.

Macroeconomic factors, including ~~the COVID-19 pandemic,~~pandemics, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions and rising market index interest rates, and the related effect on the U.S. and global economies, have impacted, and may continue to impact, the businesses and operating results of certain of Main Street’s portfolio ~~companies, as well as market interest rate spreads.~~companies. As a result of these and other current effects of macroeconomic factors, as well as the uncertainty regarding the extent and duration of their impact, the valuation of Main Street’s Investment Portfolio has and may continue to experience increased volatility.

3.Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value.

At ~~March~~June 30, 2023 and December 31, ~~2023,~~2022, cash balances totaling ~~$35.2~~$46.0 million (excluding amounts invested in AAA rated money market funds) and $46.3 million, respectively, exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Company to risk related to the uninsured balance. All of the Company’s cash deposits are held at large established high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote.

4.Interest, Dividend and Fee Income

Main Street records interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution. Main Street evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if Main Street otherwise does not expect the debtor to be able to service its debt obligation, Main Street will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, Main Street removes it from non-accrual status.

As of ~~March 31,~~June 30, 2023, Main Street’s total Investment Portfolio had 13nine investments on non-accrual status, which comprised ~~0.6%~~0.3% of its fair value and ~~3.2%~~1.7% of its cost. As of December 31, 2022, Main Street’s total Investment Portfolio had 12 investments on non-accrual status, which comprised 0.6% of its fair value and 3.7% of its cost.

Main Street holds certain debt and preferred equity instruments in its Investment Portfolio that contain payment-in-kind (“PIK”) interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.9. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though ~~Main Street may not have collected the PIK interest and cumulative dividends in cash. Main Street stops accruing PIK~~

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Main Street may not have collected the PIK interest and cumulative dividends in cash. Main Street stops accruing PIK interest and cumulative dividends and writes off any accrued and uncollected interest and dividends in arrears when it determines that such PIK interest and dividends in arrears are no longer collectible. For the three months ended ~~March 31,~~June 30, 2023 and 2022, (i) ~~2.4%~~1.8% and ~~1.2%~~1.7%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.2% and 0.2%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the six months ended June 30, 2023 and 2022, (i) 2.1% and 1.4%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and ~~1.1%~~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 March 31,					Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022					2023		2022		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	$	93,392	$	59,441			Interest income	$	97,273	$	63,984	$	190,666	$	123,426
Dividend income	Dividend income	24,222		16,622				Dividend income	25,599		17,913		49,821		34,535
Fee income	Fee income	2,640		3,332				Fee income	4,711		3,303		7,351		6,635
Total interest, fee and dividend income	Total interest, fee and dividend income	$	120,254	$	79,395			Total interest, fee and dividend income	$	127,583	$	85,200	$	247,838	$	164,596

5.Deferred Financing Costs

Deferred financing costs include commitment fees and other direct costs related to Main Street’s multi-year revolving credit facility (the “Corporate Facility”) and special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) and its unsecured notes, as well as the commitment fees and leverage fees (3.4% of the total commitment and draw amounts, as applicable) on the SBIC debentures. See further discussion of Main Street’s debt in Note E — Debt. Deferred financing costs in connection with the Credit Facilities are capitalized as an asset. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the principal amount outstanding.

6.Equity Offering Costs

The Company’s offering costs are charged against the proceeds from equity offerings when the proceeds are received.

7.Unearned Income—Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value

Main Street capitalizes debt origination fees received in connection with financings and reflects such fees as unearned income netted against the applicable debt investments. The unearned income from the fees is accreted into income over the life of the financing.

In connection with its portfolio debt investments, Main Street sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are

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valued as part of the negotiation process with the particular portfolio company. When Main Street receives nominal cost equity, ~~Main Street~~it 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 — 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 ~~March 31,~~June 30, 2023 and 2022, 1.8% and 2.0%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium reduction. For the six months ended June 30, 2023 and 2022, 1.8% and 2.0%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium reduction.

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~~recognizes 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 does not delay recognition of a tax benefit until the tax benefit is realized through a reduction to taxes payable. ~~Accordingly,~~As such, the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Additionally, Main Street has elected to account for forfeitures as they occur.

9.Income Taxes

MSCC has elected to be treated for U.S. federal income tax purposes as a RIC. MSCC’s taxable income includes the taxable income generated by MSCC and certain of its subsidiaries, including the Funds and Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSCC generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) the filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

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investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at

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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.

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.

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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 rate reform (Topic 848) — Facilitation of the effects of reference rate reform on financial reporting. The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and also with certain lenders. Many of these agreements include language for choosing an alternative successor rate if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The Company adopted this amendment in March 2020 and plans to apply the amendments in this update to account for contract modifications due to changes in reference rates when LIBOR reference is no longer used.

In November 2022, the FASB issued ASU 2022-06, Reference rate reform (Topic 848) — Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 after which entities will no longer be permitted to apply the relief in Topic 848. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 and extended by ASU 2022-06 during the ~~three~~six months ended ~~March 31,~~June 30, 2023 and the year ended December 31, 2022, the effect of which was not material to the consolidated financial statements and the notes thereto.

In The Company will continue to utilize the optional expedients provided by ASU 2020-04 and extended by ASU 2022-06 through December ~~2021, the SEC published Staff Accounting Bulletin No. 120 (“SAB 120”)~~31, 2024. The Company does not expect ASU 2022-06 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~~have a material 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 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 effective for years beginning after December 15, 2023, though early adoption is permitted. The Company elected to early adopt ASU 2022-03 as of December 31, 2022 and it did not have a material impact on the consolidated financial statements and the notes thereto.

~~In November 2022, the FASB issued ASU 2022-06,~~ ~~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 2022-06 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 the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.

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NOTE C — FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. Main Street accounts for its investments at fair value.

Fair Value Hierarchy

In accordance with ASC 820, Main Street has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).

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Investments recorded on Main Street’s Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1—Investments whose values are based on unadjusted quoted prices for identical assets in an active market that Main Street has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).

Level 2—Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment. Level 2 inputs include the following:

•Quoted prices for similar assets in active markets (for example, investments in restricted stock);

•Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);

•Pricing models whose inputs are observable for substantially the full term of the investment (for example, market interest rate indices); and

•Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.

Level 3—Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

As of ~~March 31,~~June 30, 2023 and December 31, 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 ~~March 31,~~June 30, 2023 and December 31, 2022.

As of ~~March 31,~~June 30, 2023 and December 31, 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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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 ~~March 31,~~June 30, 2023 and December 31, 2022.

As of ~~March 31,~~June 30, 2023 and December 31, 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 ~~March 31,~~June 30, 2023 and December 31, 2022.

As of ~~March 31,~~June 30, 2023 and December 31, 2022, Main Street’s Other Portfolio investments consisted of illiquid securities issued by privately held ~~companies~~entities and the fair value determination for these investments primarily consisted of

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unobservable inputs. As a result, all of Main Street’s Other Portfolio investments were categorized as Level 3 as of ~~March 31,~~June 30, 2023 and December 31, 2022.

As of ~~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 ~~March 31, 2023 and~~ December 31, 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;

•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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•Other factors deemed relevant.

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of Main Street’s LMM equity securities, which are generally valued through an average of the discounted cash flow technique and the market comparable/enterprise value technique (unless one of these approaches is determined to not be appropriate), are (i) EBITDA multiples and (ii) the weighted-average cost of capital (“WACC”). Significant increases (decreases) in EBITDA multiple inputs in isolation would result in a significantly higher (lower) fair value measurement. On the contrary, significant increases (decreases) in WACC inputs in isolation would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of Main Street’s LMM, Private Loan and Middle Market securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see Note B.1. — Summary of

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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 ~~March 31,~~June 30, 2023 and December 31, 2022:


Type of Investment	Type of Investment	Fair Value as of March 31, 2023 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)	Weighted Average(3)		Median(3)		Type of Investment	Fair Value as of June 30, 2023 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)	Weighted Average(3)		Median(3)
Equity investments	Equity investments	$	1,217,243	Discounted cash flow	WACC	9.3% - 22.3%	14.4	%	15.2	%	Equity investments	$	1,279,510	Discounted cash flow	WACC	9.2% - 22.3%	14.4	%	15.1	%
				Market comparable / Enterprise value	EBITDA multiple (1)	4.5x - 8.5x (2)	6.8x		6.2x					Market comparable / Enterprise value	EBITDA multiple (1)	4.5x - 8.4x (2)	6.7x		6.1x
Debt investments	Debt investments	$	2,696,096	Discounted cash flow	Risk adjusted discount factor	6.0% - 16.4% (2)	10.2	%	10.5	%	Debt investments	$	2,718,508	Discounted cash flow	Risk adjusted discount factor	6.1% - 16.8% (2)	10.4	%	11.0	%
					Expected principal recovery percentage	0.0% - 100.0%	99.5	%	100.0	%					Expected principal recovery percentage	0.0% - 100.0%	99.7	%	100.0	%
Debt investments	Debt investments	$	245,636	Market approach	Third-party quote	3.0 - 97.5	87.3		93.9		Debt investments	$	212,525	Market approach	Third-party quote	4.0 - 97.5	88.4		94.0
Total Level 3 investments	Total Level 3 investments	$	4,158,975								Total Level 3 investments	$	4,210,543

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(1)EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.

(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.0x - 15.7x and the range for risk adjusted discount factor is ~~3.4%~~3.8% - ~~35.0%~~33.5%.

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(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.


Type of Investment	Fair Value as of December 31, 2022 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range(3)	Weighted Average(3)		Median(3)
Equity investments	$	1,172,077	Discounted cash flow	WACC	9.4% - 22.5%	14.5	%	15.4	%
			Market comparable / Enterprise value	EBITDA multiple (1)	4.3x - 8.3x (2)	6.7x		6.0x
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%	99.4	%	100.0	%
Debt investments	$	264,238	Market approach	Third-party quote	5.6 - 98.5	87.0		91.4
Total Level 3 investments	$	4,100,273

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(1)EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.

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(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 ~~three-month~~six-month periods ended ~~March 31,~~June 30, 2023 and 2022 (amounts in thousands):


Type of Investment	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		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 June 30, 2023
Debt	Debt	$	2,928,196	$	—	$	(88,300)	$	106,658	$	33,064	$	(26,440)	$	(11,446)	$	2,941,732	Debt	$	2,928,196	$	—	$	(421,050)	$	376,859	$	100,164	$	(23,390)	$	(29,746)	$	2,931,033
Equity	Equity	1,166,643		—		(2,871)		8,476		(3,946)		29,890		14,022		1,212,214		Equity	1,166,643		—		(35,199)		48,210		4,126		56,358		32,322		1,272,460
Equity Warrant	Equity Warrant	5,434		—		—		—		—		2,171		(2,576)		5,029		Equity Warrant	5,434		—		—		2,091		—		2,101		(2,576)		7,050
		$	4,100,273	$	—	$	(91,171)	$	115,134	$	29,118	$	5,621	$	—	$	4,158,975		$	4,100,273	$	—	$	(456,249)	$	427,160	$	104,290	$	35,069	$	—	$	4,210,543

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(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, 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		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 June 30, 2022
Debt	Debt	$	2,509,568	$	—	$	(183,699)	$	287,044	$	2,123	$	(6,807)	$	—	$	2,608,229	Debt	$	2,509,568	$	—	$	(351,315)	$	508,045	$	3,656	$	(60,605)	$	(1,333)	$	2,608,016
Equity	Equity	1,043,709		—		(17,569)		24,711		418		22,512		—		1,073,781		Equity	1,043,709		—		(27,338)		34,765		(1,977)		51,451		1,333		1,101,943
Equity Warrant	Equity Warrant	6,560		—		—		—		—		200		—		6,760		Equity Warrant	6,560		—		—		—		—		(610)		—		5,950
		$	3,559,837	$	—	$	(201,268)	$	311,755	$	2,541	$	15,905	$	—	$	3,688,770		$	3,559,837	$	—	$	(378,653)	$	542,810	$	1,679	$	(9,764)	$	—	$	3,715,909

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(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

At ~~March 31,~~June 30, 2023 and December 31, 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 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)
At June 30, 2023										At June 30, 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	$	2,112,619	$	—	$	—	$	2,112,619	LMM portfolio investments	$	2,170,226	$	—	$	—	$	2,170,226
Private Loan portfolio investments	Private Loan portfolio investments	1,491,395		—		—		1,491,395		Private Loan portfolio investments	1,499,309		—		—		1,499,309
Middle Market portfolio investments	Middle Market portfolio investments	306,244		—		—		306,244		Middle Market portfolio investments	295,854		—		—		295,854
Other Portfolio investments	Other Portfolio investments	116,067		—		—		116,067		Other Portfolio investments	111,184		—		—		111,184
External Investment Manager	External Investment Manager	132,650		—		—		132,650		External Investment Manager	133,970		—		—		133,970
Short-term portfolio investments		1,942		—		1,942		—
Total investments	Total investments	$	4,160,917	$	—	$	1,942	$	4,158,975	Total investments	$	4,210,543	$	—	$	—	$	4,210,543


			Fair Value Measurements
			(in thousands)
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	$	2,060,459	$	—	$	—	$	2,060,459
Private Loan portfolio investments	1,471,466		—		—		1,471,466
Middle Market portfolio investments	329,119		—		—		329,119
Other Portfolio investments	116,299		—		—		116,299
External Investment Manager	122,930		—		—		122,930
Short-term portfolio investments	1,904		—		1,904		—
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 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 is focused on investments in privately held companies that are generally consistent with the size of its LMM portfolio companies or Middle Market portfolio companies, and its Private Loan investments generally range in size from $10 million to $75 million. Main Street’s Private Loan investments primarily consist of debt securities that have primarily been originated directly by Main Street or, to a

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

~~(Unaudited)~~

lesser extent, through its strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, our

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Main Street’s Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. Main Street may have the option to invest alongside the sponsor in the equity securities of its Private Loan portfolio companies.

Main Street’s Middle Market investment strategy 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~~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 ~~March 31,~~June 30, 2023 and 2022 are net of expenses allocated to the External Investment Manager of ~~$5.0~~$5.7 million and ~~$2.8~~$3.5 million, respectively, and for the six months ended June 30, 2023 and 2022 of $10.7 million and $6.3 million, respectively.

Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three and six months ended ~~March 31,~~June 30, 2023 and 2022, Main Street did not record investment income from any single portfolio company in excess of 10% of total investment income.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The following tables provide a summary of Main Street’s investments in the LMM, Private Loan and Middle Market portfolios as of ~~March 31,~~June 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed further below):.


		As of March 31, 2023										As of June 30, 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	79			86			30			Number of portfolio companies	79			88			28
Fair value	Fair value	$	2,112.6		$	1,491.4		$	306.2		Fair value	$	2,170.2		$	1,499.3		$	295.9
Cost	Cost	$	1,727.9		$	1,527.6		$	391.0		Cost	$	1,720.9		$	1,519.9		$	352.9
Debt investments as a % of portfolio (at cost)	Debt investments as a % of portfolio (at cost)	72.9		%	97.1		%	93.6		%	Debt investments as a % of portfolio (at cost)	72.0		%	96.1		%	92.9		%
Equity investments as a % of portfolio (at cost)	Equity investments as a % of portfolio (at cost)	27.1		%	2.9		%	6.4		%	Equity investments as a % of portfolio (at cost)	28.0		%	3.9		%	7.1		%
% of debt investments at cost secured by first priority lien	% of debt investments at cost secured by first priority lien	99.2		%	99.5		%	99.3		%	% of debt investments at cost secured by first priority lien	99.2		%	99.5		%	99.2		%
Weighted-average annual effective yield (b)	Weighted-average annual effective yield (b)	12.6		%	12.4		%	11.8		%	Weighted-average annual effective yield (b)	12.9		%	12.6		%	11.8		%
Average EBITDA (c)	Average EBITDA (c)	$	8.3		$	38.1		$	65.4		Average EBITDA (c)	$	8.0		$	30.5		$	67.6

____________________

(a)At ~~March 31,~~June 30, 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%~~40%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of ~~March 31,~~June 30, 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,~~June 30, 2023 including debt investments on non-accrual status was ~~12.2%~~12.8% for its LMM portfolio, ~~12.0%~~12.3% for its Private Loan portfolio and ~~10.4%~~10.8% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including ~~four~~two LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.


	As of December 31, 2022
	LMM (a)			Private 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 December 31, 2022 including debt investments on non-accrual status was 11.6% for its LMM portfolio, 11.2% for its Private Loan portfolio and 10.3% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.

For the three months ended ~~March 31,~~June 30, 2023 and 2022, Main Street achieved an annualized total return on investments of ~~13.4%~~16.7% and ~~11.8%~~6.5%, respectively. For the six months ended June 30, 2023 and 2022, Main Street achieved an annualized total return on investments of 15.1% and 9.2%, respectively. For the year ended December 31, 2022, Main Street achieved a total return on investments of 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 ~~March 31,~~June 30, 2023, Main Street had Other Portfolio investments in ~~14 companies,~~15 entities, collectively totaling ~~$116.1~~$111.2 million in fair value and ~~$119.7~~$119.4 million in cost basis and which comprised ~~2.8%~~2.6% and 3.2% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2022, Main Street had Other Portfolio investments in 14 ~~companies,~~entities, collectively totaling $116.3 million in fair value and $120.4 million in cost basis and which comprised 2.8% and 3.2% of Main Street’s Investment Portfolio at fair value and cost, respectively.

As discussed further in Note A.1. — Organization and Basis of ~~Presentation—~~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 ~~March 31,~~June 30, 2023, this investment had a fair value of ~~$132.7~~$134.0 million and a cost basis of $29.5 million, which comprised 3.2% and 0.8% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of 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 Main Street’s Investment Portfolio at fair value and cost, respectively.

The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of ~~March 31,~~June 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed above).


Cost:	Cost:	March 31, 2023		December 31, 2022		Cost:	June 30, 2023		December 31, 2022
First lien debt	First lien debt	84.7	%	85.0	%	First lien debt	83.8	%	85.0	%
Equity	Equity	14.6		14.2		Equity	15.5		14.2
Second lien debt	Second lien debt	0.3		0.3		Second lien debt	0.3		0.3
Equity warrants	Equity warrants	0.2		0.2		Equity warrants	0.2		0.2
Other	Other	0.2		0.3		Other	0.2		0.3
		100.0	%	100.0	%		100.0	%	100.0	%

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


Fair Value:	Fair Value:	March 31, 2023		December 31, 2022		Fair Value:	June 30, 2023		December 31, 2022
First lien debt	First lien debt	74.6	%	75.2	%	First lien debt	73.3	%	75.2	%
Equity	Equity	24.7		24.1		Equity	25.9		24.1
Second lien debt	Second lien debt	0.4		0.3		Second lien debt	0.4		0.3
Equity warrants	Equity warrants	0.1		0.1		Equity warrants	0.2		0.1
Other	Other	0.2		0.3		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, Private Loan and Middle Market portfolio investments by geographic region of the United States and other countries at cost and fair value as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of ~~March 31,~~June 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.


Cost:	Cost:	March 31, 2023		December 31, 2022		Cost:	June 30, 2023		December 31, 2022
West	West	28.8	%	28.5	%	West	25.6	%	28.5	%
Northeast	Northeast	19.5		19.0		Northeast	21.6		19.0
Southwest	Southwest	19.1		20.1		Southwest	19.3		20.1
Midwest	Midwest	16.7		16.3		Midwest	16.0		16.3
Southeast	Southeast	13.9		14.0		Southeast	15.1		14.0
Other Non-United States						Other Non-United States	1.7		1.5
Canada	Canada	0.4		0.6		Canada	0.7		0.6
Other Non-United States		1.6		1.5
		100.0	%	100.0	%		100.0	%	100.0	%


Fair Value:	Fair Value:	March 31, 2023		December 31, 2022		Fair Value:	June 30, 2023		December 31, 2022
West	West	28.4	%	28.7	%	West	26.2	%	28.7	%
Southwest	Southwest	21.4		21.4		Southwest	21.3		21.4
Northeast	Northeast	19.1		18.8		Northeast	21.0		18.8
Midwest	Midwest	17.1		16.6		Midwest	16.3		16.6
Southeast	Southeast	12.2		12.4		Southeast	13.0		12.4
Other Non-United States						Other Non-United States	1.6		1.5
Canada	Canada	0.3		0.6		Canada	0.6		0.6
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, Private Loan and Middle Market portfolio investments are in companies conducting business in a variety of industries. The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments by industry at cost and fair value as of ~~March 31,~~June 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager).


Cost:	Cost:	March 31, 2023		December 31, 2022		Cost:	June 30, 2023		December 31, 2022
Internet Software & Services	Internet Software & Services	8.0	%	8.0	%	Internet Software & Services	8.9	%	8.0	%
Machinery	Machinery	7.3		7.4		Machinery	7.2		7.4
Commercial Services & Supplies	Commercial Services & Supplies	6.7		6.7		Commercial Services & Supplies	6.1		6.7
Construction & Engineering	Construction & Engineering	5.8		5.8		Construction & Engineering	5.7		5.8
Distributors		5.2		5.1
Health Care Providers & Services	Health Care Providers & Services	4.8		4.7		Health Care Providers & Services	5.0		4.7
Diversified Consumer Services	Diversified Consumer Services	4.6		4.5		Diversified Consumer Services	4.9		4.5
IT Services						IT Services	4.9		3.3
Professional Services	Professional Services	4.6		4.2		Professional Services	4.5		4.2
Distributors						Distributors	4.2		5.1
Textiles, Apparel & Luxury Goods						Textiles, Apparel & Luxury Goods	3.3		1.9
Leisure Equipment & Products	Leisure Equipment & Products	4.5		4.5		Leisure Equipment & Products	3.1		4.5
IT Services		3.6		3.3
Specialty Retail		3.2		3.2
Energy Equipment & Services	Energy Equipment & Services	3.1		3.7		Energy Equipment & Services	3.1		3.7
Tobacco	Tobacco	3.1		3.1		Tobacco	3.1		3.1
Computers & Peripherals						Computers & Peripherals	2.7		2.2
Specialty Retail						Specialty Retail	2.5		3.2
Media						Media	2.4		2.4
Software						Software	2.0		1.9
Building Products						Building Products	1.8		1.9
Aerospace & Defense						Aerospace & Defense	1.8		2.3
Containers & Packaging	Containers & Packaging	2.5		2.6		Containers & Packaging	1.7		2.6
Media		2.4		2.4
Aerospace & Defense		2.4		2.3
Computers & Peripherals		2.2		2.2
Building Products		1.9		1.9
Software		1.9		1.9
Textiles, Apparel & Luxury Goods		1.8		1.9
Communications Equipment		1.8		1.8
Diversified Telecommunication Services	Diversified Telecommunication Services	1.7		1.9		Diversified Telecommunication Services	1.7		1.9
Auto Components	Auto Components	1.7		1.7		Auto Components	1.6		1.7
Food Products	Food Products	1.6		1.6		Food Products	1.6		1.6
Electronic Equipment, Instruments & Components	Electronic Equipment, Instruments & Components	1.6		1.6		Electronic Equipment, Instruments & Components	1.6		1.6
Electrical Equipment						Electrical Equipment	1.5		1.0
Communications Equipment						Communications Equipment	1.5		1.8
Diversified Financial Services	Diversified Financial Services	1.4		1.5		Diversified Financial Services	1.5		1.5
Internet & Catalog Retail	Internet & Catalog Retail	1.3		1.3		Internet & Catalog Retail	1.3		1.3
Health Care Equipment & Supplies	Health Care Equipment & Supplies	1.3		1.3		Health Care Equipment & Supplies	1.3		1.3
Food & Staples Retailing	Food & Staples Retailing	1.1		1.2		Food & Staples Retailing	1.1		1.2
Hotels, Restaurants & Leisure						Hotels, Restaurants & Leisure	1.1		1.1
Chemicals	Chemicals	1.1		1.1		Chemicals	1.0		1.1
Hotels, Restaurants & Leisure		1.1		1.1
Electrical Equipment		1.0		1.0
Household Products	Household Products	1.0		0.4		Household Products	1.0		0.4

Other (1)	Other (1)	2.7		3.1		Other (1)	3.3		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, Private Loan and Middle Market portfolio investments at each date.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


Fair Value:	Fair Value:	March 31, 2023		December 31, 2022		Fair Value:	June 30, 2023		December 31, 2022
Machinery	Machinery	8.4	%	8.4	%	Machinery	8.3	%	8.4	%
Internet Software & Services	Internet Software & Services	6.9		6.8		Internet Software & Services	7.4		6.8
Diversified Consumer Services	Diversified Consumer Services	6.8		6.8		Diversified Consumer Services	7.1		6.8
Construction & Engineering						Construction & Engineering	5.6		5.7
Commercial Services & Supplies	Commercial Services & Supplies	6.0		6.1		Commercial Services & Supplies	5.2		6.1
Construction & Engineering		5.6		5.7
Professional Services						Professional Services	5.1		3.8
Health Care Providers & Services						Health Care Providers & Services	4.7		4.3
Distributors	Distributors	5.6		5.5		Distributors	4.5		5.5
Health Care Providers & Services		4.5		4.3
Professional Services		4.1		3.8
Leisure Equipment & Products		3.9		4.0
Specialty Retail		3.3		3.5
Tobacco		3.3		3.4
IT Services	IT Services	3.3		3.1		IT Services	4.4		3.1
Computers & Peripherals	Computers & Peripherals	3.1		3.0		Computers & Peripherals	3.8		3.0
Tobacco						Tobacco	3.3		3.4
Specialty Retail						Specialty Retail	3.1		3.5
Media	Media	2.9		3.0		Media	2.9		3.0
Leisure Equipment & Products						Leisure Equipment & Products	2.8		4.0
Textiles, Apparel & Luxury Goods						Textiles, Apparel & Luxury Goods	2.8		1.8
Energy Equipment & Services	Energy Equipment & Services	2.7		2.7		Energy Equipment & Services	2.7		2.7
Software						Software	2.1		2.1
Containers & Packaging	Containers & Packaging	2.6		2.8		Containers & Packaging	1.9		2.8
Aerospace & Defense	Aerospace & Defense	2.2		2.2		Aerospace & Defense	1.7		2.2
Software		2.1		2.1
Food Products						Food Products	1.7		1.8
Building Products	Building Products	1.8		1.9		Building Products	1.6		1.9
Food Products		1.8		1.8
Textiles, Apparel & Luxury Goods		1.6		1.8
Diversified Financial Services		1.6		1.7
Electrical Equipment						Electrical Equipment	1.6		1.0
Auto Components	Auto Components	1.6		1.6		Auto Components	1.5		1.6
Diversified Telecommunication Services	Diversified Telecommunication Services	1.5		1.8		Diversified Telecommunication Services	1.5		1.8
Diversified Financial Services						Diversified Financial Services	1.4		1.7
Internet & Catalog Retail	Internet & Catalog Retail	1.3		1.3		Internet & Catalog Retail	1.2		1.3
Construction Materials						Construction Materials	1.1		1.0
Air Freight & Logistics						Air Freight & Logistics	1.1		0.9
Health Care Equipment & Supplies						Health Care Equipment & Supplies	1.0		1.0
Chemicals	Chemicals	1.1		1.1		Chemicals	0.9		1.1
Construction Materials		1.1		1.0
Food & Staples Retailing		1.0		1.1
Health Care Equipment & Supplies		1.0		1.0
Electrical Equipment		1.0		1.0

Food & Staples Retailing						Food & Staples Retailing	0.8		1.1

Other (1)	Other (1)	6.3		5.7		Other (1)	5.2		4.8
		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, Private Loan and Middle Market portfolio investments at each date.

At ~~March 31,~~June 30, 2023 and December 31, 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 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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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Presentation, including those unconsolidated portfolio companies defined as Control Investments in which Main Street does not own greater than 50% of the voting securities nor have rights to maintain greater than 50% of the board 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 ~~March 31,~~June 30, 2023 and December 31, 2022, Main Street had no single investment that qualified as a significant subsidiary under either the investment or income tests.

NOTE D — EXTERNAL INVESTMENT MANAGER

As discussed further in Note A.1. — Organization and Basis of Presentation — Organization and Note C — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition, the External Investment Manager provides investment management and other services to External Parties. The External Investment Manager is accounted for as a portfolio investment of MSCC since the External Investment Manager conducts all of its investment management activities for External Parties.

The External Investment Manager serves as the investment adviser and administrator to MSC Income Fund, Inc. (“MSC Income”) pursuant to an Investment Advisory and Administrative Services Agreement entered into in October 2020 between the External Investment Manager and MSC Income (the “Advisory Agreement”). Under the Advisory Agreement, the External Investment Manager earns a 1.75% annual base management fee on MSC Income’s average total assets, an incentive fee equal to 20% of pre-investment fee net investment income above a specified investment return hurdle rate and a 20% incentive fee on cumulative net realized capital gains in exchange for providing advisory services to MSC Income.

As described more fully in Note L — Related Party Transactions, the External Investment Manager also serves as the investment adviser and administrator to MS Private Loan Fund I, LP, 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 — 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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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary of Main Street in its consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for financial reporting purposes the External Investment Manager is treated as if it is taxed at corporate income tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. Main Street owns the External Investment Manager through the Taxable Subsidiary to allow MSCC to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The taxable income, or loss, of the External Investment Manager may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. As a result of the above described financial reporting and tax treatment, the External Investment Manager provides for any income tax expense, or benefit, and any tax assets or liabilities in its separate financial statements.

Main Street shares employees with the External Investment Manager and allocates costs related to such shared employees to the External Investment Manager generally based on a combination of the direct time spent, new investment origination 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 ~~March 31,~~June 30, 2023 and 2022, the total contribution to Main Street’s net investment income was ~~$8.1~~$8.5 million and ~~$5.1~~$5.2 million, respectively. For the six months ended June 30, 2023 and 2022, the total contribution to Main Street’s net investment income was $16.6 million and $10.3 million, respectively.

Summarized financial information from the separate financial statements of the External Investment Manager as of ~~March 31,~~June 30, 2023 and December 31, 2022 and for the three and six months ended ~~March 31,~~June 30, 2023 and 2022 is as follows:

As of As of
March 31,
2023 December 31, 2022
(dollars in thousands)
Accounts receivable - advisory clients $ 9,405 $ 8,130
Intangible Asset 29,500 29,500
Total assets $ 38,905 $ 37,630
Accounts payable to MSCC and its subsidiaries $ 6,349 $ 4,455
Dividend payable to MSCC and its subsidiaries 3,056 3,675
Equity 29,500 29,500
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


	As of June 30, 2023		As of December 31, 2022
	(dollars in thousands)

Accounts receivable - advisory clients	$	10,416	$	8,130
Intangible Asset	29,500		29,500
Total assets	$	39,916	$	37,630

Accounts payable to MSCC and its subsidiaries	$	7,557	$	4,455
Dividend payable to MSCC and its subsidiaries	2,859		3,675
Equity	29,500		29,500
Total liabilities and equity	$	39,916	$	37,630

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(dollars in thousands)
Management fee income	$	5,544	$	5,421	$	11,014	$	10,865
Incentive fees	3,663		90		6,967		227
Administrative services fees	151		153		302		304
Total revenues	9,358		5,664		18,283		11,396
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs	(4,897)		(2,653)		(9,165)		(4,913)
Other G&A expenses	(791)		(809)		(1,520)		(1,366)
Total allocated expenses	(5,688)		(3,462)		(10,685)		(6,279)
Pre-tax income	3,670		2,202		7,598		5,117
Tax expense	(811)		(492)		(1,683)		(1,134)
Net income	$	2,859	$	1,710	$	5,915	$	3,983

NOTE E — DEBT

Summary of debt as of ~~March 31,~~June 30, 2023 is as follows:


		Outstanding Balance		Unamortized Debt Issuance (Costs)/Premiums (1)		Recorded Value		Estimated Fair Value (2)			Outstanding Balance		Unamortized Debt Issuance (Costs)/Premiums (1)		Recorded Value		Estimated Fair Value (2)
		(dollars in thousands)									(dollars in thousands)
Corporate Facility	Corporate Facility	$	394,000	$	—	$	394,000	$	394,000	Corporate Facility	$	410,000	$	—	$	410,000	$	410,000
SPV Facility	SPV Facility	170,000		—		170,000		170,000		SPV Facility	170,000		—		170,000		170,000
July 2026 Notes	July 2026 Notes	500,000		(1,733)		498,267		438,945		July 2026 Notes	500,000		(1,601)		498,399		440,345
May 2024 Notes	May 2024 Notes	450,000		590		450,590		439,754		May 2024 Notes	450,000		454		450,454		442,926
SBIC Debentures	SBIC Debentures	334,000		(5,794)		328,206		261,555		SBIC Debentures	350,000		(6,057)		343,943		290,232
December 2025 Notes	December 2025 Notes	150,000		(1,422)		148,578		153,598		December 2025 Notes	150,000		(1,294)		148,706		153,929
Total Debt	Total Debt	$	1,998,000	$	(8,359)	$	1,989,641	$	1,857,852	Total Debt	$	2,030,000	$	(8,498)	$	2,021,502	$	1,907,432

____________________

(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the July 2026 Notes, May 2024 Notes, SBIC Debentures and December 2025 Notes ~~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 — Fair Value of Financial 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
~~____________________~~

~~(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 — Fair Value of Financial Instruments.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Summary of debt as of December 31, 2022 is as follows:


	Outstanding Balance		Unamortized Debt Issuance (Costs)/Premiums (1)		Recorded Value		Estimated Fair Value (2)
	(dollars in thousands)
Corporate Facility	$	407,000	$	—	$	407,000	$	407,000
SPV 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

____________________

(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the July 2026 Notes, May 2024 Notes, SBIC Debentures and December 2025 Notes are reflected as contra-liabilities on the Consolidated Balance Sheets.

Summarized interest expense for the three and six months ended ~~March 31,~~June 30, 2023 and 2022 is as follows:


		Three Months Ended March 31,					Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022					2023		2022		2023		2022
		(dollars in thousands)				(dollars in thousands)
Corporate Facility	Corporate Facility	$	6,610	$	2,059			Corporate Facility	$	7,898	$	2,640	$	14,508	$	4,698
SPV Facility	SPV Facility	3,427		—				SPV Facility	3,511		—		6,941		—
July 2026 Notes	July 2026 Notes	3,882		3,882				July 2026 Notes	3,882		3,882		7,763		7,763
May 2024 Notes	May 2024 Notes	5,714		5,714				May 2024 Notes	5,714		5,713		11,427		11,428
SBIC Debentures	SBIC Debentures	2,752		2,799				SBIC Debentures	2,718		2,827		5,470		5,627
December 2025 Notes	December 2025 Notes	2,612		—				December 2025 Notes	3,031		—		5,643		—
December 2022 Notes	December 2022 Notes	—		2,233				December 2022 Notes	—		2,233		—		4,466
Total Interest Expense	Total Interest Expense	$	24,997	$	16,687			Total Interest Expense	$	26,754	$	17,295	$	51,752	$	33,982

~~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 as of December 31, 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 March 31, 2023 and December 31, 2022. The first principal maturity due under the existing SBIC debentures is in 2024, and the weighted-average remaining duration as of March 31, 2023 was 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 March 31, 2023, the SBIC debentures consisted of (i) $159.0 million par value of SBIC debentures outstanding issued by MSMF, with a recorded value of $156.2 million that was net of unamortized debt issuance costs of $2.8 million and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of $172.0 million that was net of unamortized debt issuance costs of $3.0 million.

Corporate Facility

Main Street maintains the Corporate Facility to provide additional liquidity to support its investment and operational activities. As of ~~March 31,~~June 30, 2023, the Corporate Facility included total commitments of $980.0 million from a diversified group of 18 lenders and contained an accordion feature with the right to request an increase in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $1.4 billion. The revolving period under the Corporate Facility expires in August 2026 and the Corporate Facility is scheduled to mature in August 2027.

As of ~~March 31,~~June 30, 2023, borrowings under the Corporate Facility bore interest, subject to Main Street’s election and resetting on a monthly basis on the first of each month, on a per annum basis at a rate equal to the applicable SOFR rate plus an applicable credit spread adjustment of 0.10% plus (i) 1.875% (or the applicable Prime rate plus 0.875%) as long as Main Street meets certain agreed upon excess collateral and maximum leverage requirements or (ii) 2.0% (or the applicable Prime Rate plus 1.0%) otherwise. Main Street pays unused commitment fees of 0.25% per annum on the unused lender

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

commitments under the Corporate Facility. The Corporate Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership or assets of the Funds and the External Investment Manager. In connection

~~Table of contents~~

~~MAIN STREET CAPITAL CORPORATION~~

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

~~(Unaudited)~~

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,~~June 30, 2023, the interest rate on the Corporate Facility was ~~6.6%~~7.1%. The average interest rate for borrowings under the Corporate Facility was ~~6.5%~~7.0% and ~~2.0%~~2.7% for the three months ended ~~March 31,~~June 30, 2023 and 2022, respectively, and 6.7% and 2.3% for the six months ended June 30, 2023 and 2022, respectively. As of ~~March 31,~~June 30, 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,~~June 30, 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% of the total lender commitments and 0.75% per annum on the unused lender commitments greater than 35% of the total lender commitments. The SPV Facility is secured by a collateral loan on the assets of MSCC Funding and its subsidiaries. In connection with the SPV Facility, MSCC Funding has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

As of ~~March 31,~~June 30, 2023, the interest rate on the SPV Facility was ~~7.3%~~7.8%. The average interest rate for borrowings under the SPV Facility was ~~7.1%~~7.6% for the three months ended ~~March 31,~~June 30, 2023, and 7.4% for the six months ended June 30, 2023. As of ~~March 31,~~June 30, 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,~~June 30, 2023 and December 31, 2022 are as follows:

Balance Sheets

(dollars in thousands)


		March 31, 2023		December 31, 2022			June 30, 2023		December 31, 2022
		(Unaudited)					(Unaudited)
ASSETS	ASSETS					ASSETS
Investments at fair value:	Investments at fair value:					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
Non-Control Investments (cost: $318,309 and $314,752 as of June 30, 2023 and December 31, 2022, respectively)						Non-Control Investments (cost: $318,309 and $314,752 as of June 30, 2023 and December 31, 2022, respectively)	$	320,629	$	316,507

Cash and cash equivalents	Cash and cash equivalents	10,865		10,838		Cash and cash equivalents	8,200		10,838
Interest and dividend receivable and other assets	Interest and dividend receivable and other assets	3,281		2,828		Interest and dividend receivable and other assets	2,748		2,828
Accounts receivable to MSCC and its subsidiaries	Accounts receivable to MSCC and its subsidiaries	—		556		Accounts receivable to MSCC and its subsidiaries	—		556
Receivable for securities sold	Receivable for securities sold	62		369		Receivable for securities sold	—		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
Deferred financing costs (net of accumulated amortization of $426 and $141 as of June 30, 2023 and December 31, 2022, respectively)						Deferred financing costs (net of accumulated amortization of $426 and $141 as of June 30, 2023 and December 31, 2022, respectively)	2,568		2,630
Total assets	Total assets	317,989		333,728		Total assets	334,145		333,728
LIABILITIES	LIABILITIES					LIABILITIES
SPV Facility	SPV Facility	$	170,000	$	200,000	SPV Facility	$	170,000	$	200,000
Accounts payable and other liabilities	Accounts payable and other liabilities	192		112		Accounts payable and other liabilities	7,032		112

Interest payable	Interest payable	1,104		1,272		Interest payable	1,138		1,272

Total liabilities	Total liabilities	171,296		201,384		Total liabilities	178,170		201,384

NET ASSETS	NET ASSETS					NET ASSETS

Contributed capital	Contributed capital	136,883		126,010		Contributed capital	138,163		126,010

Total undistributed earnings	Total undistributed earnings	9,810		6,334		Total undistributed earnings	17,812		6,334
Total net assets	Total net assets	146,693		132,344		Total net assets	155,975		132,344
Total liabilities and net assets	Total liabilities and net assets	$	317,989	$	333,728	Total liabilities and net assets	$	334,145	$	333,728

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

MSCC Funding statement of operations for the three and six months ended ~~March 31,~~June 30, 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~~


	Three Months Ended		Six Months Ended
	June 30, 2023
INVESTMENT INCOME:
Interest, fee and dividend income:


Non‑Control/Non‑Affiliate investments	$	9,873	$	18,590
Total investment income	9,873		18,590
EXPENSES:
Interest	(3,512)		(6,940)
Management Fee to MSCC	(410)		(686)
General and administrative	(19)		(51)


Total expenses	(3,941)		(7,677)
NET INVESTMENT INCOME	5,932		10,913






NET UNREALIZED APPRECIATION:


Non‑Control/Non‑Affiliate investments	1,956		565

Total net unrealized appreciation	1,956		565




NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,888	$	11,478

~~December 2022~~July 2026 Notes

In ~~November 2017,~~January 2021, Main Street issued ~~$185.0~~$300.0 million in aggregate principal amount of ~~4.50%~~3.00% unsecured notes due ~~December 1, 2022~~July 14, 2026 (the ~~“December 2022~~“July 2026 Notes”) at an issue price of ~~99.16%~~99.004%. Subsequently, in October 2021, Main Street issued an additional $200.0 million aggregate principal amount of the July 2026 Notes at an issue price of 101.741%. The ~~December 2022~~July 2026 Notes ~~bore~~issued in October 2021 have identical terms as, and are a part of a single series with, the July 2026 Notes issued in January 2021. The July 2026 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The July 2026 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The July 2026 Notes bear interest at a rate of ~~4.50%~~3.00% per year payable semiannually on ~~June 1~~January 14 and ~~December 1~~July 14 of each year. ~~In December 2022,~~

As of June 30, 2023, Main Street ~~repaid the entire principal amount~~was in compliance with all covenants and other requirements of the ~~issued and outstanding December 2022 Notes at par value plus the accrued and unpaid interest.~~July 2026 Notes.

May 2024 Notes

In April 2019, Main Street issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the “May 2024 Notes”) at an issue price of 99.125%. Subsequently, in December 2019, Main Street issued an additional $75.0 million aggregate principal amount of the May 2024 Notes at an issue price of 105.0% and, in July 2020, Main Street issued an additional $125.0 million aggregate principal amount at an issue price of 102.7%. The May 2024 Notes issued in December 2019 and July 2020 have identical terms as, and are a part of a single series with, the May 2024 Notes issued in April 2019. The May 2024 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The May 2024 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The May 2024 Notes bear interest at a rate of 5.20% per year payable semiannually on May 1 and November 1 of each year.

~~As of March 31, 2023, Main Street was in compliance with all covenants and other requirements of the May 2024 Notes.~~

~~July 2026 Notes~~

In January 2021, Main Street issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”) at an issue price of 99.004%. Subsequently, in October 2021, Main Street issued an additional $200.0 million aggregate principal amount of the July 2026 Notes at an issue price of 101.741%. The July 2026

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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 July 2026 Notes issued in January 2021. The July 2026 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The July 2026 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The July 2026 Notes bear interest at a rate of 3.00% per year payable semiannually on January 14 and July 14 of each year.

As of ~~March 31,~~June 30, 2023, Main Street was in compliance with all covenants and other requirements of the ~~July 2026~~May 2024 Notes.

SBIC Debentures

Under existing SBIC regulations, SBA-approved SBICs under common control have the ability to issue debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. Main Street’s SBIC debentures payable, under existing SBA-approved commitments, were $350.0 million as of both June 30, 2023 and December 31, 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 3.0% and 2.9% as of June 30, 2023 and December 31, 2022, respectively. The first principal maturity due under the existing SBIC debentures is in 2024, and the weighted-average remaining duration as of June 30, 2023 was 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 June 30, 2023, the SBIC debentures consisted of (i) $175.0 million par value of SBIC debentures outstanding issued by MSMF, with a recorded value of $171.8 million that was net of unamortized debt issuance costs of $3.2 million and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of $172.2 million that was net of unamortized debt issuance costs of $2.8 million.

December 2025 Notes

In December 2022, Main Street issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Series A Notes”) at par. In February 2023, Main Street issued an additional $50.0 million in aggregate principal amount of 7.53% Series B unsecured notes due December 23, 2025 (the “December 2025 Series B Notes” and, together with the December 2025 Series A Notes, the “December 2025 Notes”), at par. The December 2025 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The December 2025 Notes may be redeemed in whole or in part at any time at Main Street’s option at par plus accrued interest to the prepayment date, subject to certain make-whole provisions. The December 2025 Series A Notes and the December 2025 Series B Notes bear interest at a rate of 7.84% and 7.53% per year, respectively, payable semiannually on June 23 and December 23 of each year. In addition, Main Street is obligated to offer to repay the December 2025 Notes at par plus accrued and unpaid interest if certain change in control events occur. The December 2025 Notes will bear interest at an increased rate from the date that (i) the December 2025 Notes receive a below investment grade rating by a rating agency if there is one or two rating agencies providing ratings of the December 2025 Notes, or two-thirds of the rating agencies if there are three rating agencies who are rating the notes (a “Below Investment Grade Event”), or (ii) the ratio of the Company’s consolidated secured indebtedness (other than indebtedness of the Funds or any Structured Subsidiaries) to the value of its consolidated total assets is greater than 0.35 to 1.00 (a “Secured Debt Ratio Event”), to and until the date on which the Below Investment Grade Event and the Secured Debt Ratio Event are no longer continuing. The governing agreement for the December 2025 Notes contains customary terms and conditions for senior unsecured notes issued in a private placement, as well as customary events of default with customary cure and notice periods.

As of ~~March 31,~~June 30, 2023, Main Street was in compliance with all covenants and other requirements of the December 2025 Notes.

December 2022 Notes

In November 2017, Main Street issued $185.0 million in aggregate principal amount of 4.50% unsecured notes due December 1, 2022 (the “December 2022 Notes”) at an issue price of 99.16%. The December 2022 Notes bore interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. In December 2022, Main Street repaid the entire principal amount of the issued and outstanding December 2022 Notes at par value plus the accrued and unpaid interest.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

NOTE F — FINANCIAL HIGHLIGHTS

Three Months Ended March 31,
Per Share Data: 2023 2022
NAV at the beginning of the period $ 26.86 $ 25.29
Net investment income (1) 1.02 0.73
Net realized gain (loss) (1)(2) (0.36) 0.05
Net unrealized appreciation (depreciation) (1)(2) 0.44 0.20
Income tax benefit (provision) (1)(2) (0.10) (0.07)
Net increase in net assets resulting from operations (1) 1.00 0.91
Dividends paid from net investment income (0.85) (0.72)
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 (0.01) (0.01)
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) 0.03 0.03
Other (3) 0.05 0.04
NAV at the end of the period $ 27.23 $ 25.89
Market value at the end of the period $ 39.46 $ 42.64
Shares outstanding at the end of the period 79,794,089 72,370,407

The following is a schedule of financial highlights of Main Street for the six months ended June 30, 2023 and 2022:


	Six Months Ended June 30,
Per Share Data:	2023		2022
NAV at the beginning of the period	$	26.86	$	25.29
Net investment income (1)	2.08		1.47
Net realized loss (1)(2)	(1.30)		(0.02)
Net unrealized appreciation (depreciation) (1)(2)	1.75		(0.14)
Income tax benefit (provision) (1)(2)	(0.21)		(0.21)
Net increase in net assets resulting from operations (1)	2.32		1.10
Dividends paid from net investment income	(1.75)		(1.44)

Dividends paid	(1.75)		(1.44)
Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period	(0.01)		—
Accretive effect of stock offerings (issuing shares above NAV per share)	0.31		0.48
Accretive effect of DRIP issuance (issuing shares above NAV per share)	0.05		0.05
Other (3)	(0.09)		(0.11)
NAV at the end of the period	$	27.69	$	25.37
Market value at the end of the period	$	40.03	$	38.53
Shares outstanding at the end of the period	81,431,006		73,517,558

____________________

(1)Based on weighted-average number of common shares outstanding for the period.

(2)Net realized gains or losses, net unrealized appreciation or depreciation, and income tax provision or benefit can fluctuate significantly from period to period.

(3)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.

Three Months Ended March 31,
2023 2022
(dollars in thousands)
NAV at end of period $ 2,172,922 $ 1,873,654
Average NAV $ 2,140,754 $ 1,831,250
Average outstanding debt $ 1,992,000 $ 1,784,750
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) 1.84 % 1.48 %
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) 3.78 % 2.85 %
Portfolio turnover ratio (2) 1.54 % 6.49 %
Total investment return (2)(4) 9.13 % (3.32) %
Total return based on change in NAV (2)(5) 3.77 % 3.64 %

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


	Six Months Ended June 30,
	2023			2022
	(dollars in thousands)
NAV at end of period	$	2,254,948		$	1,865,163
Average NAV	$	2,178,819		$	1,842,554
Average outstanding debt	$	1,991,714		$	1,793,857
Ratio of total expenses, including income tax expense, to average NAV (1)(2)	2.32		%	3.97		%
Ratio of operating expenses to average NAV (2)(3)	1.92		%	3.13		%
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)	0.69		%	1.28		%
Ratio of net investment income to average NAV (2)	3.93		%	5.80		%
Portfolio turnover ratio (2)	7.76		%	10.48		%
Total investment return (2)(4)	13.26		%	(10.96)		%
Total return based on change in NAV (2)(5)	5.05		%	4.47		%

____________________

(1)Total expenses are the sum of operating expenses and net income tax provision. Net income tax provision includes the accrual of net deferred tax provision relating to the net unrealized appreciation or depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may

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

~~(Unaudited)~~

vary significantly from period to period. Main Street is required to include net deferred tax provision in calculating its total expenses even though these net deferred taxes are not currently payable or receivable.

(2)Not annualized.

(3)Unless otherwise noted, operating expenses include interest, compensation, general and administrative and share-based compensation expenses, net of expenses allocated to the External Investment Manager of ~~$5.0~~$10.7 million and ~~$2.8~~$6.3 million for the ~~three~~six months ended ~~March 31,~~June 30, 2023 and 2022, respectively.

(4)Total investment return is based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by Main Street’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.

(5)Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to stockholders and other non-operating changes during the period, divided by the beginning NAV. Non-operating changes include any items that affect NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP and equity incentive plans and other miscellaneous items.

NOTE G — DIVIDENDS, DISTRIBUTIONS AND TAXABLE INCOME

Main Street currently pays regular monthly dividends to its stockholders and periodically pays supplemental dividends to its stockholders. Future dividends, if any, will be determined by its Board of Directors on a quarterly basis. Main Street paid regular monthly dividends of $0.225 per share, totaling ~~$53.6~~$54.3 million, or $0.675 per share, for the three months ended ~~March 31,~~June 30, 2023, and $107.9 million, or $1.35 per share, for the six months ended June 30, 2023, compared to aggregate regular monthly dividends of ~~$46.0~~$47.1 million, or $0.645 per share, for the three months ended ~~March 31,~~June 30, 2022, and $93.1 million, or $1.29 per share, for the six months ended June 30, 2022. Main Street also paid a supplemental dividend of ~~$14.0~~$18.2 million, or ~~$0.175~~$0.225 per share, during the three months ended ~~March 31,~~June 30, 2023, and $32.2 million, or $0.40 per share, during the six months ended June 30, 2023, compared to supplemental dividends paid of ~~$5.4~~$5.5 million, or $0.075 per share, during the three months ended ~~March 31,~~June 30, 2022, and $10.9 million, or $0.15 per share, during the six months ended June 30, 2022.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

which are treated as disregarded entities for tax purposes. As a RIC, MSCC generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary 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 ~~three~~six months ended ~~March 31,~~June 30, 2023 and 2022.


		Three Months Ended March 31,					Six Months Ended June 30,
		2023		2022			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	$	79,592	$	65,203	Net increase in net assets resulting from operations	$	186,107	$	79,953
Book-tax difference from share-based compensation expense	Book-tax difference from share-based compensation expense	2,747		2,818		Book-tax difference from share-based compensation expense	(7,646)		(6,906)
Net unrealized appreciation		(35,118)		(14,752)
Net unrealized (appreciation) depreciation						Net unrealized (appreciation) depreciation	(140,059)		9,841
Income tax provision	Income tax provision	8,114		5,097		Income tax provision	16,760		15,417
Pre-tax book (income) loss not consolidated for tax purposes	Pre-tax book (income) loss not consolidated for tax purposes	15,791		(2,933)		Pre-tax book (income) loss not consolidated for tax purposes	44,328		(9,249)
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	5,824		2,862		Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates	45,352		13,568
Estimated taxable income (1)	Estimated taxable income (1)	76,950		58,295		Estimated taxable income (1)	144,842		102,624
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	49,216		50,834		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	(76,289)		(72,844)		Taxable income earned prior to period end and carried forward for distribution next period	(71,501)		(64,509)
Dividend payable as of period end and paid in the following period	Dividend payable as of period end and paid in the following period	18,036		15,519		Dividend payable as of period end and paid in the following period	18,729		15,673
Total distributions accrued or paid to common stockholders	Total distributions accrued or paid to common stockholders	$	67,913	$	51,804	Total distributions accrued or paid to common stockholders	$	141,286	$	104,622

____________________

(1)MSCC’s taxable income for each period is an estimate and will not be finally determined until the 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 MSCC for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss,

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

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 six months ended ~~March 31,~~June 30, 2023 and 2022:


		Three Months Ended March 31,				Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022				2023		2022		2023		2022
		(dollars in thousands)						(dollars in thousands)
Current tax expense:	Current tax expense:						Current tax expense:
Federal	Federal	$	140	$	52		Federal	$	158	$	64	$	298	$	115
State	State	857		543			State	433		71		1,289		614
Excise	Excise	740		714			Excise	1,080		674		1,820		1,389
Total current tax expense	Total current tax expense	1,737		1,309			Total current tax expense	1,671		809		3,407		2,118
Deferred tax expense:	Deferred tax expense:						Deferred tax expense:
Federal	Federal	5,806		2,807			Federal	6,444		7,166		12,250		9,973
State	State	571		981			State	532		2,345		1,103		3,326
Total deferred tax expense	Total deferred tax expense	6,377		3,788			Total deferred tax expense	6,976		9,511		13,353		13,299

Total income tax provision	Total income tax provision	$	8,114	$	5,097		Total income tax provision	$	8,647	$	10,320	$	16,760	$	15,417

The net deferred tax liability at ~~March 31,~~June 30, 2023 and December 31, 2022 was ~~$54.2~~$61.2 million and $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 ~~March 31,~~June 30, 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 — 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 ~~three~~six months ended ~~March 31,~~June 30, 2023, Main Street sold ~~1,055,416~~2,148,490 shares of its common stock at a weighted-average price of ~~$39.15~~$39.52 per share and raised ~~$41.3~~$84.9 million of gross proceeds under the ATM Program. Net proceeds were ~~$40.9~~$84.1 million after commissions to the selling agents on shares sold and offering costs. As of ~~March 31,~~June 30, 2023, sales transactions representing ~~27,570~~404,330 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the NAV per share. In March 2022, Main Street entered into new distribution agreements to sell up to 15,000,000 shares through the ATM Program. As of ~~March 31,~~June 30, 2023, ~~9,407,268~~8,314,194 shares remained available for sale under the ATM Program.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

During the year ended December 31, 2022, Main Street sold 5,407,382 shares of its common stock at a weighted-average price of $39.29 per share and raised $212.4 million of gross proceeds under the ATM Program. Net proceeds were $209.9 million after commissions to the selling agents on shares sold and offering costs.

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

~~(Unaudited)~~

During the year ended December 31, 2022, Main Street completed a public equity offering (the “Equity Offering”) of 1,345,500 shares of common stock at a public offering price of $42.85 per share, including the underwriters’ full exercise of their option to purchase 175,500 additional shares, resulting in total net proceeds, including exercise of the underwriters’ option to purchase additional shares and after deducting underwriting discounts and estimated offering expenses payable by Main Street, of approximately $55.1 million.

NOTE I — DIVIDEND REINVESTMENT PLAN

The dividend reinvestment feature of Main Street’s dividend reinvestment and direct stock purchase plan (the “DRIP”) provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if Main Street declares a cash dividend, its stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividend automatically reinvested into additional shares of MSCC common stock. The share requirements of the DRIP may be satisfied through the issuance of shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of MSCC’s common stock on the valuation date determined for each dividend by Main Street’s Board of Directors. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased, before any associated brokerage or other costs. Main Street’s DRIP is administered by its transfer agent on behalf of Main Street’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in Main Street’s DRIP but may provide a similar dividend reinvestment plan for their clients.

Summarized DRIP information for the ~~three~~six months ended ~~March 31,~~June 30, 2023 and 2022 is as follows:


		Three Months Ended March 31,					Six Months Ended June 30,
		2023		2022			2023		2022
		(dollars in thousands)					(dollars in thousands)
DRIP participation	DRIP participation	$	7,808	$	4,813	DRIP participation	$	14,688	$	9,813
Shares issued for DRIP	Shares issued for DRIP	199,282		114,043		Shares issued for DRIP	374,173		246,199

NOTE J — SHARE-BASED COMPENSATION

Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards (“RSAs”), Main Street measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.

Main Street’s Board of Directors approves the issuance of shares of restricted stock to Main Street employees pursuant to the Main Street Capital Corporation 2022 Equity and Incentive Plan (the “Equity and Incentive Plan”). These shares generally vest over a three-year 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 ~~March 31,~~June 30, 2023.


Restricted stock authorized under the plan			5,000,000
Less net restricted stock granted			~~(48,792)~~(552,077)


Restricted stock available for issuance as of ~~March 31,~~June 30, 2023			~~4,951,208~~4,447,923

As of ~~March 31,~~June 30, 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)

2022 Non-Employee Director Restricted Stock Plan. These shares are granted upon appointment or election to the board and vest on the day immediately preceding the annual meeting of stockholders following the respective grant date and are expensed over such service period.


Restricted stock authorized under the plan			300,000
Less net restricted stock granted			~~(3,825)~~(7,525)


Restricted stock available for issuance as of ~~March 31,~~June 30, 2023			~~296,175~~292,475

For the three months ended ~~March 31,~~June 30, 2023 and 2022, Main Street recognized total share-based compensation expense of $4.1 million and ~~$2.8~~$3.6 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors. For the six months ended June 30, 2023 and 2022, Main Street recognized total share-based compensation expense of $8.2 million and $6.4 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.

Summarized ~~RSAs~~RSA activity for the ~~three~~six months ended ~~March 31,~~June 30, 2023 is as follows:


		Three Months Ended March 31, 2023						Six Months Ended June 30, 2023
		Number			Weighted-Average Grant-Date Fair Value			Number			Weighted-Average Grant-Date Fair Value
Restricted Stock Awards (RSAs):	Restricted Stock Awards (RSAs):	of Shares			( $ per share)		Restricted Stock Awards (RSAs):	of Shares			( $ per share)
Non-vested, December 31, 2022	Non-vested, December 31, 2022	817,401			$	38.78	Non-vested, December 31, 2022	817,401			$	38.78
Granted (1)	Granted (1)	34,547			38.70		Granted (1)	544,533			39.42
Vested (1)(2)	Vested (1)(2)	(35,092)			39.16		Vested (1)(2)	(398,914)			39.20
Forfeited	Forfeited	(7,581)			40.72		Forfeited	(11,486)			40.50
Non-vested, March 31, 2023		809,275			$	38.74
Aggregate intrinsic value as of March 31, 2023 (in thousands)		$	31,934	(3)
Non-vested, June 30, 2023							Non-vested, June 30, 2023	951,534			$	40.48
Aggregate intrinsic value as of June 30, 2023 (in thousands)							Aggregate intrinsic value as of June 30, 2023 (in thousands)	$	38,090	(3)

___________________________

(1)Restricted units generally vest over a three-year period from the grant date (as noted above).

(2)Vested shares included ~~10,489~~151,058 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,~~June 30, 2023 and ~~$39.46~~$40.03 per share, the closing price of our common stock on ~~March 31,~~June 30, 2023.

The total fair value of RSAs that vested during the ~~three~~six months ended ~~March 31,~~June 30, 2023 and 2022 was ~~$1.4 million.~~$15.6 million and $10.3 million, respectively.

As of ~~March 31,~~June 30, 2023, there was ~~$21.6~~$34.4 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 ~~2.2~~2.7 years as of ~~March 31,~~June 30, 2023.

NOTE K — COMMITMENTS AND CONTINGENCIES

At ~~March 31,~~June 30, 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~~	~~6,733~~
~~Freeport Financial SBIC Fund LP~~	~~3,841~~

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(Unaudited)


Freeport Fund Investments
Freeport First Lien Loan Fund III LP	6,733
Freeport Financial SBIC Fund LP	3,841
	10,574

Harris Preston Fund Investments
HPEP 4, L.P.	~~7,668~~7,204
HPEP 3, L.P.	1,555
HPEP 423 COR, LP	600
2717 MH, L.P.	52
	~~9,875~~9,411

MS Private Loan Fund I, LP	750

UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP	9,850
UnionRock Energy Fund II, LP	~~2,124~~1,907
	11,757

Total Equity Commitments (1)(2)	$	~~26,623~~35,792

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~~16,463
HEADLANDS OP-CO LLC	10,125
MS Private Loan Fund I, LP	10,000
Xenon Arc, Inc.	9,408
Power System Solutions	9,255
JTI Electrical & Mechanical, LLC	8,421
~~PTL US Bidco, Inc~~AB Centers Acquisition Corporation	~~8,110~~8,103
AMEREQUIP LLC.	7,704
SI East, LLC	7,500
~~NinjaTrader, LLC~~PTL US Bidco, Inc	~~7,472~~7,156
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~~NWN Corporation	~~4,444~~
~~Channel Partners Intermediateco, LLC~~	~~4,346~~4,379
Direct Marketing Solutions, Inc.	4,250
Cody Pools, Inc.	4,214
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~~4,110
IG ~~Parent Corporation~~Investor, LLC	~~2,500~~4,000
NexRev LLC	4,000

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(Unaudited)


Watterson Brands, LLC						3,917
Microbe Formulas, LLC						3,601
Classic H&G Holdco, LLC						3,440
VVS Holdco, LLC						3,200
Imaging Business Machines, L.L.C.						2,965
MetalForming AcquireCo, LLC						2,795
Batjer TopCo, LLC						2,700
IG Parent Corporation						2,500
Nebraska Vet AcquireCo, LLC						2,500
Superior Rigging & Erecting Co.						2,500
CaseWorthy, Inc.						2,459
West Star Aviation Acquisition, LLC						2,411
Centre Technologies Holdings, LLC						2,400
~~GRT Rubber Technologies~~Channel Partners Intermediateco, LLC						~~2,385~~2,275
GS HVAM Intermediate, LLC						2,273
SPAU Holdings, LLC						2,235
Winter Services LLC						2,222
AVEX Aviation Holdings, LLC						2,210
ITA Holdings Group, LLC						2,174
ArborWorks, LLC						~~2,339~~2,128
~~NWN Corporation~~GRT Rubber Technologies LLC						~~2,335~~2,050
Bluestem Brands, Inc.						~~2,154~~2,019
~~MB2 Dental Solutions, LLC~~						~~2,023~~
~~PPL RVs, Inc.~~						~~2,000~~
~~The Affiliati Network,~~Cybermedia Technologies, LLC						2,000
~~Cody Pools, Inc.~~						~~1,896~~
~~Elgin AcquireCo,~~Engineering Research & Consulting, LLC						~~1,877~~1,965
GULF PACIFIC ACQUISITION, LLC						~~1,868~~1,919
~~Mako Steel, LP~~Acumera, Inc.						~~1,826~~1,885
Elgin AcquireCo, LLC						1,877
Johnson Downie Opco, LLC						1,800
~~Career Team~~NinjaTrader, LLC						1,750
RTIC Subsidiary Holdings, LLC						~~1,800~~
~~Engineering Research & Consulting, LLC~~						~~1,638~~1,644
MonitorUS Holding, LLC						~~1,634~~1,623
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~~Bond Brand Loyalty ULC						1,427
Career Team Holdings, LLC						~~1,474~~
~~ATS Operating, LLC~~						~~1,440~~
~~RTIC Subsidiary Holdings, LLC~~						~~1,370~~1,350
American Health Staffing Group, Inc.						1,333
Escalent, Inc.						1,326
Evergreen North America Acquisitions, LLC						1,313
Mako Steel, LP						1,278
RA Outdoors LLC						1,278
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~~

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(Unaudited)


Eastern Wholesale Fence LLC	1,115
ATS Operating, LLC	1,080
Infolinks Media Buyco, LLC	1,008
Orttech Holdings, LLC	800
Mystic Logistics Holdings, LLC	800
Adams Publishing Group, LLC	788
Project BarFly, LLC	760
Inspire Aesthetics Management, LLC	555
Jensen Jewelers of Idaho, LLC	500
Invincible Boat Company, LLC.	457
Clad-Rex Steel, LLC	400
Wall Street Prep, Inc.	400
Gulf Publishing Holdings, LLC	400
~~Flame King Holdings,~~Hawk Ridge Systems, LLC	~~400~~
~~Adams Publishing Group, LLC~~	~~394~~
~~Invincible Boat Company, LLC.~~	~~353~~334
ASC Interests, LLC	300
Jackmont Hospitality, Inc.	237
AAC Holdings, Inc.	~~240~~200
SIB Holdings, LLC	160
Acousti Engineering Company of Florida	53
~~Acumera, Inc.~~	15
Interface Security Systems, L.L.C	1


Total Loan Commitments	~~228,660~~248,577

Total Commitments	$	~~255,283~~284,369

____________________

(1)This table excludes commitments related to six additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses. The Company does not expect any material future capital to be called on its commitment to these investments and as a result has excluded those commitments from this table.

(2)This table excludes commitments related to three additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses or for follow on investments in existing portfolio companies. The Company does not expect any material future capital to be called on its commitment to these investments to pay fund expenses, and based on representations from the fund manager, the Company does not expect any further capital will be called on its commitment for follow on investments. As a result, the Company has excluded those commitments from this table.

Main Street will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). Main Street follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. The Company had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of ~~March 31,~~June 30, 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.

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(Unaudited)

NOTE L — RELATED PARTY TRANSACTIONS

As discussed further in Note D — External Investment Manager, the External Investment Manager is treated as a wholly-owned portfolio company of Main Street and is included as part of Main Street’s Investment Portfolio. At ~~March 31,~~June 30, 2023, Main Street had a receivable of ~~$9.4~~$10.5 million due from the External Investment Manager, which included (i) ~~$6.3~~$7.6 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 — External Investment Manager) and (ii) ~~$3.1~~$2.9 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 — Organization and Basis of Presentation — Organization and Note D — External Investment Manager).

From time to time, Main Street may make investments in clients of the External Investment Manager in the form of debt or equity capital on terms approved by Main Street’s Board of Directors.

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 2022 dividend on such date. In May 2023, Main Street purchased an additional 255,755 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 2023 dividend on such date. Each of Main Street’s ~~purchase~~purchases of MSC Income common stock was unanimously approved by the Board of Directors and MSC Income’s board of directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of each board. As of ~~March 31,~~June 30, 2023, Main Street owned ~~94,697~~350,452 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 ~~March 31,~~June 30, 2023, Main Street has funded $14.3 million of its limited partner commitment and Main Street’s unfunded commitment was ~~$0.7 million~~.$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

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(Unaudited)

defined in Section 2(a)(19) of the 1940 Act. As of ~~March 31,~~June 30, 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 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 ~~March 31,~~June 30, 2023, ~~$17.2~~

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~~(Unaudited)~~

$18.4 million of compensation, plus net unrealized gains and losses and investment income, and minus previous distributions, was deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). Of this amount, ~~$6.2~~$6.8 million is deferred into phantom Main Street stock units, representing ~~156,122~~170,008 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 — SUBSEQUENT EVENTS

In ~~May~~July 2023, Main Street expanded its total commitments under the Corporate Facility from $980.0 million to $995.0 million. The commitment increase was executed under the accordion feature of the Corporate Facility which allows for an increase up $1.4 billion in total commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments.

In August 2023, Main Street declared a supplemental cash dividend of ~~$0.225~~$0.275 per share payable in ~~June~~September 2023. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that Main Street declared for the ~~second~~third quarter of 2023 of ~~$0.225~~$0.23 per share for each of ~~April, May~~July, August and ~~June~~September 2023.

In ~~May~~August 2023, Main Street also declared regular monthly dividends of ~~$0.23~~$0.235 per share for each month of ~~July, August~~October, November and ~~September~~December of 2023. These regular monthly dividends equal a total of ~~$0.69~~$0.705 per share for the ~~third~~fourth quarter of 2023, representing a ~~7.0%~~6.8% increase from the regular monthly dividends paid in the ~~third~~fourth quarter of 2022. Including the regular monthly and supplemental dividends declared for the ~~second~~third and ~~third~~fourth quarters of 2023, Main Street will have paid ~~$37.56~~$38.54 per share in cumulative dividends since its October 2007 initial public offering.

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates

~~March 31,~~June 30, 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, 2022 Fair Value (13)		Gross Additions(3)		Gross Reductions(4)		March 31, 2023 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)		June 30, 2023 Fair Value (13)
Majority-owned investments	Majority-owned investments																					Majority-owned investments
ASK (Analytical Systems Keco Holdings, LLC)			L+	10.00%		Secured Debt	(8)	$	—	$	—	$	1	$	(3)	$	1	$	—	$	(2)
Analytical Systems Keco Holdings, LLC																						Analytical Systems Keco Holdings, LLC		L+	10.00%		Secured Debt	(8)	$	—	$	—	$	3	$	(3)	$	1	$	—	$	(2)
		14.75%	L+	10.00%		Secured Debt	(8)	—		—		188		4,545		20		70		4,495			15.25%	L+	10.00%		Secured Debt	(8)	—		—		379		4,545		39		140		4,444
		14.13%				Preferred Member Units	(8)	—		—		—		—		—		—		—			14.13%				Preferred Member Units	(8)	—		—		—		—		—		—		—
						Preferred Member Units	(8)	—		84		—		3,504		84		—		3,588							Preferred Member Units	(8)	—		566		—		3,504		566		—		4,070
						Warrants	(8)	—		—		—		—		—		—		—							Warrants	(8)	—		—		—		—		—		—		—
Brewer Crane Holdings, LLC	Brewer Crane Holdings, LLC	14.66%	L+	10.00%		Secured Debt	(9)	—		—		212		5,964		—		124		5,840		Brewer Crane Holdings, LLC	15.17%	L+	10.00%		Secured Debt	(9)	—		(63)		429		5,964		—		311		5,653
						Preferred Member Units	(9)	—		(520)		30		7,080		—		520		6,560							Preferred Member Units	(9)	—		(720)		60		7,080		—		720		6,360
Café Brazil, LLC	Café Brazil, LLC					Member Units	(8)	—		(370)		16		2,210		—		370		1,840		Café Brazil, LLC					Member Units	(8)	—		(80)		103		2,210		—		80		2,130
California Splendor Holdings LLC	California Splendor Holdings LLC	14.88%	L+	10.00%		Secured Debt	(9)	—		(3)		1,045		28,000		3		3		28,000		California Splendor Holdings LLC	15.25%	L+	10.00%		Secured Debt	(9)	—		(7)		2,127		28,000		7		7		28,000
						Preferred Member Units	(9)	—		—		63		25,495		—		—		25,495							Preferred Member Units	(9)	—		(2,060)		125		25,495		—		2,060		23,435
		15.00%			15.00%	Preferred Member Units	(9)	—		—		150		3,994		150		—		4,144			15.00%			15.00%	Preferred Member Units	(9)	—		—		301		3,994		301		—		4,295
Clad-Rex Steel, LLC	Clad-Rex Steel, LLC		SF+	9.00%		Secured Debt	(5)	—		—		1		—		—		—		—		Clad-Rex Steel, LLC					Secured Debt (12)	(5)	—		—		1		—		—		—		—
		13.79%	SF+	9.00%		Secured Debt	(5)	—		—		369		10,440		11		480		9,971			11.50%				Secured Debt	(5)	—		(64)		621		10,440		18		824		9,634
		10.00%				Secured Debt	(5)	—		—		26		1,039		—		8		1,031			10.00%				Secured Debt	(5)	—		—		52		1,039		—		17		1,022
						Member Units	(5)	—		(1,050)		50		8,220		—		1,050		7,170							Member Units	(5)	—		(1,840)		275		8,220		—		1,840		6,380
						Member Units	(5)	—		220		—		610		220		—		830							Member Units	(5)	—		220		—		610		519		—		1,129
CMS Minerals Investments	CMS Minerals Investments					Member Units	(9)	—		(431)		44		1,670		—		435		1,235		CMS Minerals Investments					Member Units	(9)	99		(366)		44		1,670		99		1,769		—
Cody Pools, Inc.	Cody Pools, Inc.	15.50%	L+	10.50%		Secured Debt	(8)	—		11		59		1,462		13		421		1,054		Cody Pools, Inc.					Secured Debt (12)	(8)	—		12		2		—		—		—		—
		15.50%	L+	10.50%		Secured Debt	(8)	—		(20)		1,577		40,801		20		444		40,377			12.50%				Secured Debt	(8)	—		39		582		—		46,312		—		46,312
						Preferred Member Units	(8)	—		970		29		58,180		970		—		59,150				L+	10.50%		Secured Debt	(8)	—		(19)		96		1,462		32		1,494		—
																								L+	10.50%		Secured Debt	(8)	—		(280)		2,683		40,801		—		40,801		—
																											Preferred Member Units	(8)	—		6,940		1,446		58,180		6,940		—		65,120
CompareNetworks Topco, LLC	CompareNetworks Topco, LLC		L+	9.00%		Secured Debt	(9)	—		—		—		—		—		—		—		CompareNetworks Topco, LLC		L+	9.00%		Secured Debt	(9)	—		—		—		—		—		—		—
																							14.25%	L+	9.00%		Secured Debt	(9)	—		(5)		355		5,241		5		377		4,869
																											Preferred Member Units	(9)	—		(3,450)		158		19,830		—		3,450		16,380
Cybermedia Technologies, LLC																						Cybermedia Technologies, LLC					Secured Debt (12)	(6)	—		—		2		—		—		—		—
		13.75%	L+	9.00%		Secured Debt	(9)	—		(3)		180		5,241		3		375		4,869			13.00%				Secured Debt	(6)	—		—		1,042		—		28,720		—		28,720
						Preferred Member Units	(9)	—		(1,390)		158		19,830		—		1,390		18,440							Preferred Member Units	(6)	—		—		—		—		15,000		—		15,000
Datacom, LLC	Datacom, LLC	7.50%				Secured Debt	(8)	—		—		4		223		227		—		450		Datacom, LLC	7.50%				Secured Debt	(8)	—		—		18		223		583		90		716
		10.00%				Secured Debt	(8)	—		—		254		7,789		39		67		7,761			10.00%				Secured Debt	(8)	—		—		507		7,789		78		135		7,732
						Preferred Member Units	(8)	—		—		—		2,670		—		—		2,670							Preferred Member Units	(8)	—		(320)		—		2,670		—		320		2,350
Direct Marketing Solutions, Inc.	Direct Marketing Solutions, Inc.					Secured Debt	(9)	—		(7)		11		—		7		7		—		Direct Marketing Solutions, Inc.					Secured Debt (12)	(9)	—		(14)		23		—		14		14		—
		14.00%				Secured Debt	(9)	—		(14)		959		27,267		14		405		26,876			13.00%				Secured Debt	(9)	—		(35)		1,876		27,267		35		837		26,465
						Preferred Stock	(9)	—		(520)		171		22,220		—		520		21,700							Preferred Stock	(9)	—		1,130		343		22,220		1,130		—		23,350
Elgin AcquireCo, LLC	Elgin AcquireCo, LLC		SF+	6.00%		Secured Debt	(5)	—		—		2		(9)		1		—		(8)		Elgin AcquireCo, LLC		SF+	6.00%		Secured Debt (12)	(5)	—		—		4		(9)		1		—		(8)
		12.00%				Secured Debt	(5)	—		—		573		18,594		10		—		18,604			12.00%				Secured Debt	(5)	—		—		1,151		18,594		19		—		18,613
		9.00%				Secured Debt	(5)	—		—		144		6,294		1		11		6,284			9.00%				Secured Debt	(5)	—		—		287		6,294		1		21		6,274
						Common Stock	(5)	—		—		—		7,603		—		—		7,603							Common Stock	(5)	—		364		—		7,603		364		1,877		6,090
						Common Stock	(5)	—		—		—		1,558		—		—		1,558							Common Stock	(5)	—		112		—		1,558		112		—		1,670
Gamber-Johnson Holdings, LLC	Gamber-Johnson Holdings, LLC		SF+	8.50%		Secured Debt	(5)	—		—		2		—		—		—		—		Gamber-Johnson Holdings, LLC		SF+	8.50%		Secured Debt (12)	(5)	—		—		3		—		—		—		—
		11.50%	SF+	8.50%		Secured Debt	(5)	—		(24)		1,852		64,078		24		824		63,278			11.00%	SF+	8.00%		Secured Debt	(5)	—		(64)		3,598		64,078		64		4,464		59,678
						Member Units	(5)	—		8,480		1,567		50,890		8,480		—		59,370
GRT Rubber Technologies LLC		10.66%	L+	6.00%		Secured Debt	(8)	—		—		28		670		295		—		965
		12.66%	L+	8.00%		Secured Debt	(8)	—		(12)		1,280		40,493		12		12		40,493
						Member Units	(8)	—		—		42		44,440		—		—		44,440
Gulf Publishing Holdings, LLC			L+	9.50%		Secured Debt	(8)	—		—		—		—		—		—		—

108

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2022 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	March 31, 2023 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)	June 30, 2023 Fair Value (13)
		12.50%				Secured Debt	(8)	—	—	75	2,284	—	—	2,284						Member Units	(5)	—	19,270	2,904	50,890	19,270	—	70,160
GRT Rubber Technologies LLC															GRT Rubber Technologies LLC	11.17%	L+	6.00%		Secured Debt (12)	(8)	—	—	66	670	630	—	1,300
						Preferred Equity	(8)	—	—	—	3,780	—	—	3,780		13.17%	L+	8.00%		Secured Debt	(8)	—	(23)	2,624	40,493	23	23	40,493
						Member Units	(8)	—	—	—	—	—	—	—						Member Units	(8)	—	—	84	44,440	—	—	44,440
Gulf Publishing Holdings, LLC															Gulf Publishing Holdings, LLC		L+	9.50%		Secured Debt (12)	(8)	—	—	—	—	—	—	—
																12.50%				Secured Debt	(8)	—	—	151	2,284	—	—	2,284
																				Preferred Equity	(8)	—	—	—	3,780	—	—	3,780
																				Member Units	(8)	—	—	—	—	—	—	—
IG Investor, LLC															IG Investor, LLC					Secured Debt (12)	(6)	—	—	84	—	761	800	(39)
																13.00%				Secured Debt	(6)	—	—	896	—	37,333	—	37,333
																				Common Equity	(6)	—	—	—	—	15,096	—	15,096
Independent Pet Partners Intermediate Holdings, LLC															Independent Pet Partners Intermediate Holdings, LLC					Common Equity	(6)	—	—	—	—	18,300	—	18,300
Jensen Jewelers of Idaho, LLC	Jensen Jewelers of Idaho, LLC		P+	6.75%		Secured Debt	(9)	—	—	—	—	—	—	—	Jensen Jewelers of Idaho, LLC		P+	6.75%		Secured Debt (12)	(9)	—	—	—	—	—	—	—
		14.50%	P+	6.75%		Secured Debt	(9)	—	(2)	90	2,450	2	2	2,450		15.00%	P+	6.75%		Secured Debt	(9)	—	(3)	183	2,450	3	3	2,450
						Member Units	(9)	—	(120)	129	14,970	—	120	14,850						Member Units	(9)	—	(1,460)	626	14,970	—	1,460	13,510
Kickhaefer Manufacturing Company, LLC	Kickhaefer Manufacturing Company, LLC	12.00%				Secured Debt	(5)	—	—	780	20,374	192	—	20,566	Kickhaefer Manufacturing Company, LLC	12.00%				Secured Debt	(5)	—	—	1,407	20,374	195	—	20,569
		9.00%				Secured Debt	(5)	—	—	88	3,842	—	9	3,833		9.00%				Secured Debt	(5)	—	—	175	3,842	1	19	3,824
						Preferred Equity	(5)	—	—	—	7,220	—	—	7,220						Preferred Equity	(5)	—	510	—	7,220	510	—	7,730
						Member Units	(5)	—	(70)	29	2,850	—	70	2,780						Member Units	(5)	—	(70)	60	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	—	Market Force Information, LLC		L+	11.00%		Secured Debt	(9)	(6,662)	163	453	6,090	804	6,894	—
		12.00%			12.00%	Secured Debt	(9)	—	(1,610)	—	1,610	—	1,610	—						Secured Debt	(9)	(25,952)	24,342	—	1,610	24,342	25,952	—
						Member Units	(9)	—	—	—	—	—	—	—						Member Units	(9)	(16,642)	16,642	—	—	16,642	16,642	—
MetalForming AcquireCo, LLC	MetalForming AcquireCo, LLC					Secured Debt	(7)	—	—	3	—	—	—	—	MetalForming AcquireCo, LLC					Secured Debt (12)	(7)	—	—	5	—	—	—	—
		12.75%				Secured Debt	(7)	—	—	739	23,576	12	—	23,588		12.75%				Secured Debt	(7)	—	—	1,518	23,576	23	—	23,599
		8.00%			8.00%	Preferred Equity	(7)	—	—	148	6,010	117	—	6,127		8.00%			8.00%	Preferred Equity	(7)	—	118	148	6,010	235	—	6,245
						Common Stock	(7)	—	—	327	1,537	—	—	1,537						Common Stock	(7)	—	(137)	619	1,537	—	137	1,400
MH Corbin Holding LLC	MH Corbin Holding LLC	13.00%				Secured Debt	(5)	—	952	196	4,548	952	116	5,384	MH Corbin Holding LLC	13.00%				Secured Debt	(5)	—	1,150	392	4,548	1,150	195	5,503
						Preferred Member Units	(5)	—	—	—	—	—	—	—						Preferred Member Units	(5)	—	—	—	—	—	—	—
						Preferred Member Units	(5)	—	—	—	—	—	—	—						Preferred Member Units	(5)	—	—	—	—	—	—	—
MSC Adviser I, LLC	MSC Adviser I, LLC					Member Units	(8)	—	9,720	3,057	122,930	9,720	—	132,650	MSC Adviser I, LLC					Member Units	(8)	—	11,040	5,916	122,930	11,040	—	133,970
Mystic Logistics Holdings, LLC	Mystic Logistics Holdings, LLC					Secured Debt	(6)	—	—	1	—	—	—	—	Mystic Logistics Holdings, LLC					Secured Debt (12)	(6)	—	—	2	—	—	—	—
		10.00%				Secured Debt	(6)	—	—	144	5,746	—	—	5,746		10.00%				Secured Debt	(6)	—	—	289	5,746	—	—	5,746
						Common Stock	(6)	—	2,180	992	22,830	2,180	—	25,010						Common Stock	(6)	—	4,320	1,977	22,830	4,320	—	27,150
OMi Topco, LLC	OMi Topco, LLC	12.00%				Secured Debt	(8)	—	(13)	485	15,750	13	763	15,000	OMi Topco, LLC	12.00%				Secured Debt	(8)	—	(25)	952	15,750	25	1,525	14,250
						Preferred Member Units	(8)	—	2,290	675	22,810	2,290	—	25,100						Preferred Member Units	(8)	—	6,500	1,350	22,810	6,500	—	29,310
PPL RVs, Inc.	PPL RVs, Inc.		L+	7.00%		Secured Debt	(8)	—	—	—	—	—	—	—	PPL RVs, Inc.		L+	8.75%		Secured Debt	(8)	—	(1)	1	—	1	1	—
		11.38%	L+	7.00%		Secured Debt	(8)	—	(13)	629	21,655	13	13	21,655		13.63%	L+	8.75%		Secured Debt	(8)	—	(39)	1,365	21,655	39	1,404	20,290
						Common Stock	(8)	—	—	104	18,950	—	—	18,950						Common Stock	(8)	—	(880)	157	18,950	—	880	18,070
						Common Stock	(8)	—	(68)	—	238	—	68	170						Common Stock	(8)	—	12	—	238	12	—	250
Principle Environmental, LLC	Principle Environmental, LLC					Secured Debt	(8)	—	—	—	—	—	—	—	Principle Environmental, LLC					Secured Debt	(8)	—	—	—	—	—	—	—
		13.00%				Secured Debt	(8)	—	—	198	5,806	6	—	5,812		13.00%				Secured Debt	(8)	—	—	397	5,806	11	—	5,817
						Preferred Member Units	(8)	—	(1,940)	286	12,420	—	1,940	10,480						Preferred Member Units	(8)	—	(1,940)	429	12,420	—	1,940	10,480
						Common Stock	(8)	—	(90)	—	590	—	90	500						Common Stock	(8)	—	(90)	—	590	—	90	500
Quality Lease Service, LLC	Quality Lease Service, LLC					Member Units	(7)	—	—	—	525	—	—	525	Quality Lease Service, LLC					Member Units	(7)	—	(98)	—	525	33	98	460
Robbins Bros. Jewelry, Inc.						Secured Debt	(9)	—	—	8	(35)	2	—	(33)
		12.50%				Secured Debt	(9)	—	—	1,128	35,404	19	225	35,198
						Preferred Equity	(9)	—	(4,950)	—	14,880	—	4,950	9,930
Trantech Radiator Topco, LLC						Secured Debt	(7)	—	(1)	2	—	1	1	—
		12.00%				Secured Debt	(7)	—	(5)	242	7,920	5	5	7,920
						Common Stock	(7)	—	1,510	29	7,800	1,506	—	9,306
Volusion, LLC		10.00%				Secured Debt	(8)	—	—	—	—	2,100	—	2,100
						Secured Debt	(8)	(3,188)	1,821	166	14,914	—	14,914	—

109

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2022 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	March 31, 2023 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)	June 30, 2023 Fair Value (13)
Robbins Bros. Jewelry, Inc.															Robbins Bros. Jewelry, Inc.					Secured Debt (12)	(9)	—	—	16	(35)	4	—	(31)
																12.50%				Secured Debt	(9)	—	(444)	2,255	35,404	40	1,119	34,325
																				Preferred Equity	(9)	—	(8,740)	—	14,880	—	8,740	6,140
Trantech Radiator Topco, LLC															Trantech Radiator Topco, LLC					Secured Debt (12)	(7)	—	(2)	4	—	2	2	—
																12.00%				Secured Debt	(7)	—	(9)	487	7,920	9	9	7,920
																				Common Stock	(7)	—	3,970	58	7,800	3,970	—	11,770
Volusion, LLC															Volusion, LLC	10.00%				Secured Debt	(8)	—	—	54	—	2,100	—	2,100
																				Secured Debt	(8)	(3,188)	1,821	166	14,914	—	14,914	—
						Unsecured Convertible Debt	(8)	(409)	409	—	—	409	409	—						Unsecured Convertible Debt	(8)	(409)	409	—	—	409	409	—
						Preferred Member Units	(8)	—	—	—	—	—	—	—						Preferred Member Units	(8)	—	—	—	—	—	—	—
						Preferred Member Units	(8)	—	—	—	—	11,446	—	11,446						Preferred Member Units	(8)	—	(706)	—	—	11,446	706	10,740
						Preferred Member Units	(8)	—	—	—	—	—	—	—						Preferred Member Units	(8)	—	—	—	—	—	—	—
						Common Stock	(8)	—	(2,576)	—	—	2,576	2,576	—						Common Stock	(8)	—	(2,576)	—	—	2,576	2,576	—
						Warrants	(8)	—	2,576	—	—	—	—	—						Warrants	(8)	—	2,576	—	—	—	—	—
Ziegler’s NYPD, LLC	Ziegler’s NYPD, LLC	12.00%				Secured Debt	(8)	—	—	14	450	—	—	450	Ziegler’s NYPD, LLC	12.00%				Secured Debt	(8)	—	—	27	450	—	—	450
		6.50%				Secured Debt	(8)	—	—	16	945	—	—	945		6.50%				Secured Debt	(8)	—	—	33	945	—	—	945
		14.00%				Secured Debt	(8)	—	(215)	96	2,676	—	215	2,461		14.00%				Secured Debt	(8)	—	(215)	194	2,676	—	215	2,461
						Preferred Member Units	(8)	—	(170)	—	240	—	170	70						Preferred Member Units	(8)	—	(170)	—	240	—	170	70
						Warrants	(8)	—	—	—	—	—	—	—						Warrants	(8)	—	—	—	—	—	—	—
Other controlled investments	Other controlled investments														Other controlled investments
2717 MH, L.P.	2717 MH, L.P.					LP Interests (2717 MH, L.P.)	(8)	631	(675)	141	7,552	1,031	1,574	7,009	2717 MH, L.P.					LP Interests (2717 MH, L.P.)	(8)	1,677	(675)	141	7,552	2,077	3,283	6,346
						LP Interests (2717 HPP-MS, L.P.)	(8)	—	—	—	248	—	—	248						LP Interests (2717 HPP-MS, L.P.) (12)	(8)	—	67	—	248	67	—	315
ASC Interests, LLC	ASC Interests, LLC	13.00%				Secured Debt	(8)	—	—	13	400	—	—	400	ASC Interests, LLC	13.00%				Secured Debt (12)	(8)	—	—	27	400	—	—	400
		13.00%				Secured Debt	(8)	—	—	54	1,649	—	—	1,649		13.00%				Secured Debt	(8)	—	(52)	108	1,649	—	52	1,597
						Member Units	(8)	—	(100)	—	800	—	100	700						Member Units	(8)	—	(384)	—	800	94	384	510
ATS Workholding, LLC	ATS Workholding, LLC	5.00%				Secured Debt	(9)	—	(132)	—	634	21	132	523	ATS Workholding, LLC	5.00%				Secured Debt	(9)	—	(277)	—	634	126	277	483
		5.00%				Secured Debt	(9)	—	(186)	—	1,005	—	185	820		5.00%				Secured Debt	(9)	—	(286)	—	1,005	—	286	719
						Preferred Member Units	(9)	—	—	—	—	—	—	—						Preferred Member Units	(9)	—	—	—	—	—	—	—
Barfly Ventures, LLC	Barfly Ventures, LLC	7.00%				Secured Debt	(5)	—	—	30	711	—	—	711	Barfly Ventures, LLC	7.00%				Secured Debt (12)	(5)	—	—	44	711	—	—	711
						Member Units	(5)	—	(280)	—	3,320	—	283	3,037						Member Units	(5)	—	(280)	—	3,320	—	280	3,040
Batjer TopCo, LLC	Batjer TopCo, LLC					Secured Debt	(8)	—	—	—	(8)	1	—	(7)	Batjer TopCo, LLC					Secured Debt (12)	(8)	—	7	1	(8)	8	—	—
						Secured Debt	(8)	—	—	—	—	—	—	—						Secured Debt (12)	(8)	—	—	—	—	—	—	—
		11.00%				Secured Debt	(8)	—	—	311	10,933	9	450	10,492		10.00%				Secured Debt	(8)	—	78	583	10,933	92	450	10,575
						Preferred Stock	(8)	—	2,055	167	4,095	2,055	—	6,150						Preferred Stock	(8)	—	2,055	574	4,095	2,055	—	6,150
Bolder Panther Group, LLC	Bolder Panther Group, LLC					Secured Debt	(9)	—	—	1	—	—	—	—	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		14.37%	SF+	9.19%		Secured Debt	(9)	—	(71)	6,976	99,194	71	1,390	97,875
		8.00%				Class B Preferred Member Units	(9)	—	—	1,096	31,420	—	—	31,420		8.00%				Class B Preferred Member Units	(9)	—	(300)	2,137	31,420	—	300	31,120
Bridge Capital Solutions Corporation	Bridge Capital Solutions Corporation	13.00%				Secured Debt	(6)	—	—	286	8,813	—	—	8,813	Bridge Capital Solutions Corporation	13.00%				Secured Debt	(6)	—	—	576	8,813	—	—	8,813
		13.00%				Secured Debt	(6)	—	—	32	1,000	—	—	1,000		13.00%				Secured Debt	(6)	—	—	65	1,000	—	—	1,000
						Preferred Member Units	(6)	—	—	25	1,000	—	—	1,000						Preferred Member Units	(6)	—	—	50	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

110

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2022 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	March 31, 2023 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)	June 30, 2023 Fair Value (13)
																				Warrants	(6)	—	46	—	1,828	46	—	1,874
																				Warrants	(6)	—	64	—	2,512	64	—	2,576
CBT Nuggets, LLC															CBT Nuggets, LLC					Member Units	(9)	—	1,570	1,647	49,002	1,568	—	50,570
Centre Technologies Holdings, LLC															Centre Technologies Holdings, LLC		L+	9.00%		Secured Debt (12)	(8)	—	—	6	—	—	—	—
																14.25%	L+	9.00%		Secured Debt	(8)	—	64	1,058	14,954	76	—	15,030
																				Preferred Member Units	(8)	—	1,700	60	8,700	1,700	—	10,400
Chamberlin Holding LLC															Chamberlin Holding LLC		SF+	6.00%		Secured Debt (12)	(8)	—	77	4	—	—	—	—
																13.36%	SF+	8.00%		Secured Debt	(8)	—	(6)	1,092	16,945	6	544	16,407
						Member Units	(8)	—	(120)	285	22,920	—	120	22,800						Member Units	(8)	—	1,020	1,491	22,920	1,020	—	23,940
						Member Units	(8)	—	120	23	2,710	120	—	2,830						Member Units	(8)	—	120	46	2,710	120	—	2,830
Charps, LLC	Charps, LLC	10.00%				Unsecured Debt	(5)	—	(9)	149	5,694	9	9	5,694	Charps, LLC	10.00%				Unsecured Debt	(5)	—	(17)	300	5,694	17	17	5,694
						Preferred Member Units	(5)	—	210	196	13,340	210	—	13,550						Preferred Member Units	(5)	—	460	246	13,340	460	—	13,800
Colonial Electric Company LLC	Colonial Electric Company LLC					Secured Debt	(6)	—	—	2	—	—	—	—	Colonial Electric Company LLC					Secured Debt	(6)	—	—	47	—	1,600	1,600	—
		12.00%				Secured Debt	(6)	—	—	704	23,151	14	315	22,850		12.00%				Secured Debt	(6)	—	(500)	1,406	23,151	28	1,130	22,049
						Preferred Member Units	(6)	—	(960)	(1,273)	9,160	—	960	8,200						Preferred Member Units	(6)	—	1,440	—	—	2,400	—	2,400
Copper Trail Energy Fund I, LP - CTMH						LP Interests (CTMH, LP)	(9)	—	—	—	588	—	—	588
																				Preferred Member Units	(6)	—	(1,480)	(1,179)	9,160	—	1,480	7,680
Copper Trail Fund Investments															Copper Trail Fund Investments					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	Digital Products Holdings LLC	15.25%	SF+	10.00%		Secured Debt	(5)	—	—	1,141	15,523	—	790	14,733
						Preferred Member Units	(5)	—	—	50	9,835	—	—	9,835						Preferred Member Units	(5)	—	—	100	9,835	—	—	9,835
Garreco, LLC	Garreco, LLC	12.00%	L+	10.00%		Secured Debt	(8)	—	—	112	3,826	—	277	3,549	Garreco, LLC	12.00%	L+	10.00%		Secured Debt	(8)	—	—	218	3,826	—	554	3,272
						Member Units	(8)	—	(220)	12	1,800	—	220	1,580						Member Units	(8)	—	(220)	25	1,800	—	220	1,580
Gulf Manufacturing, LLC	Gulf Manufacturing, LLC					Member Units	(8)	—	580	718	6,790	580	—	7,370	Gulf Manufacturing, LLC					Member Units	(8)	—	1,210	1,351	6,790	1,210	—	8,000
Harrison Hydra-Gen, Ltd.	Harrison Hydra-Gen, Ltd.					Common Stock	(8)	—	210	—	3,280	210	—	3,490	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	—	Johnson Downie Opco, LLC		L+	11.50%		Secured Debt (12)	(8)	—	(2)	6	—	2	2	—
		16.25%	L+	11.50%		Secured Debt	(8)	—	(5)	407	9,999	5	5	9,999		16.75%	L+	11.50%		Secured Debt	(8)	—	(11)	827	9,999	11	172	9,838
						Preferred Equity	(8)	—	1,010	71	5,540	1,010	—	6,550						Preferred Equity	(8)	—	1,010	91	5,540	1,010	—	6,550
JorVet Holdings, LLC	JorVet Holdings, LLC	12.00%				Secured Debt	(9)	—	—	782	25,432	13	—	25,445	JorVet Holdings, LLC	12.00%				Secured Debt	(9)	—	—	1,573	25,432	26	—	25,458
						Preferred Equity	(9)	—	—	221	10,741	—	—	10,741						Preferred Equity	(9)	—	—	512	10,741	—	—	10,741
KBK Industries, LLC	KBK Industries, LLC	10.00%				Secured Debt	(5)	—	56	184	—	6,000	250	5,750	KBK Industries, LLC	9.00%				Secured Debt	(5)	—	49	320	—	6,000	700	5,300
						Member Units	(5)	—	(3,590)	6,134	15,570	—	3,590	11,980						Member Units	(5)	—	(3,210)	6,496	15,570	—	3,210	12,360
MS Private Loan Fund	MS Private Loan Fund					Secured Debt	(8)	—	—	6	—	—	—	—	MS Private Loan Fund					Secured Debt (12)	(8)	—	—	13	—	—	—	—
						Secured Debt	(8)	—	—	—	—	—	—	—						Secured Debt	(8)	—	—	—	—	—	—	—
						LP Interests	(8)	—	(58)	370	14,833	—	58	14,775						LP Interests (12)	(8)	—	(198)	776	14,833	—	198	14,635
MSC Income Fund, Inc.	MSC Income Fund, Inc.					Common Equity	(8)	—	7	15	753	7	—	760	MSC Income Fund, Inc.					Common Equity	(8)	—	(65)	32	753	2,000	65	2,688
NAPCO Precast, LLC	NAPCO Precast, LLC					Member Units	(8)	—	670	—	11,830	670	—	12,500	NAPCO Precast, LLC					Member Units	(8)	—	880	—	11,830	880	—	12,710
Nebraska Vet AcquireCo, LLC (NVS)			L+	7.00%		Secured Debt	(5)	—	—	2	—	—	—	—
Nebraska Vet AcquireCo, LLC															Nebraska Vet AcquireCo, LLC		L+	7.00%		Secured Debt (12)	(5)	—	—	5	—	—	—	—
		12.00%				Secured Debt	(5)	—	(10)	613	20,094	10	10	20,094		12.00%				Secured Debt	(5)	—	6	1,258	20,094	1,200	—	21,294
		12.00%				Secured Debt	(5)	—	(5)	320	10,500	5	5	10,500		12.00%				Secured Debt	(5)	—	(11)	644	10,500	11	11	10,500
						Preferred Member Units	(5)	—	3,520	125	7,700	3,520	—	11,220						Preferred Member Units	(5)	—	5,090	302	7,700	5,090	—	12,790
NexRev LLC	NexRev LLC					Secured Debt	(8)	—	—	—	—	—	—	—	NexRev LLC					Secured Debt (12)	(8)	—	—	—	—	—	—	—
		11.00%				Secured Debt	(8)	—	1,000	320	8,477	1,022	629	8,870		10.00%				Secured Debt	(8)	—	1,500	616	8,477	1,545	1,654	8,368
						Preferred Member Units	(8)	—	1,880	131	1,110	1,880	—	2,990						Preferred Member Units	(8)	—	2,340	151	1,110	2,340	—	3,450
NRP Jones, LLC	NRP Jones, LLC	12.00%				Secured Debt	(5)	—	—	62	2,080	—	—	2,080	NRP Jones, LLC	12.00%				Secured Debt	(5)	—	—	126	2,080	—	—	2,080
						Member Units	(5)	—	279	13	4,615	278	—	4,893						Member Units	(5)	—	(750)	36	4,615	—	750	3,865
						Member Units	(5)	—	11	(2)	175	12	—	187
NuStep, LLC		11.25%	L+	6.50%		Secured Debt	(5)	—	—	122	4,399	—	—	4,399
		12.00%				Secured Debt	(5)	—	—	556	18,414	3	—	18,417
						Preferred Member Units	(5)	—	(410)	—	8,040	—	410	7,630
						Preferred Member Units	(5)	—	—	—	5,150	—	—	5,150
Orttech Holdings, LLC			L+	11.00%		Secured Debt	(5)	—	—	—	—	—	—	—
		15.75%	L+	11.00%		Secured Debt	(5)	—	—	924	23,429	17	800	22,646
						Preferred Stock	(5)	—	1,750	269	11,750	1,750	—	13,500
Pearl Meyer Topco LLC		12.00%				Secured Debt	(6)	—	5	29	—	3,500	—	3,500

111

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2022 Fair Value (13)		Gross Additions(3)		Gross Reductions(4)		March 31, 2023 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)		June 30, 2023 Fair Value (13)
																											Member Units	(5)	—		(31)		(2)		175		—		30		145
NuStep, LLC																						NuStep, LLC	11.75%	L+	6.50%		Secured Debt	(5)	—		—		251		4,399		—		—		4,399
																							12.00%				Secured Debt	(5)	—		—		1,119		18,414		6		—		18,420
																											Preferred Member Units	(5)	—		340		—		8,040		340		—		8,380
																											Preferred Member Units	(5)	—		—		—		5,150		—		—		5,150
Orttech Holdings, LLC																						Orttech Holdings, LLC		L+	11.00%		Secured Debt (12)	(5)	—		—		—		—		—		—		—
																							16.25%	L+	11.00%		Secured Debt	(5)	—		142		1,863		23,429		171		800		22,800
																											Preferred Stock	(5)	—		4,810		537		11,750		4,810		—		16,560
Pearl Meyer Topco LLC																						Pearl Meyer Topco LLC	12.00%				Secured Debt (12)	(6)	—		4		142		—		3,500		—		3,500
		12.00%				Secured Debt	(6)	—		38		142		—		11,500		—		11,500			12.00%				Secured Debt	(6)	—		40		534		—		13,500		—		13,500
		12.00%				Secured Debt	(6)	—		(20)		868		28,681		20		1,020		27,681			12.00%				Secured Debt	(6)	—		(35)		1,722		28,681		35		1,035		27,681
						Preferred Equity	(6)	—		280		2,879		43,260		280		—		43,540							Preferred Equity	(6)	—		830		5,708		43,260		830		—		44,090
River Aggregates, LLC	River Aggregates, LLC					Member Units	(8)	—		—		—		3,620		—		—		3,620		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		Tedder Industries, LLC	12.00%				Secured Debt	(9)	—		—		111		1,840		—		—		1,840
		12.00%				Secured Debt	(9)	—		—		459		15,120		3		—		15,123			12.00%				Secured Debt	(9)	—		—		923		15,120		7		—		15,127
						Preferred Member Units	(9)	—		(810)		—		7,681		—		810		6,871							Preferred Member Units	(9)	—		(1,391)		—		7,681		—		1,391		6,290
						Preferred Member Units	(9)	—		111		—		—		333		—		333							Preferred Member Units	(9)	—		178		—		—		533		—		533
Televerde, LLC	Televerde, LLC					Member Units	(8)	—		1,191		171		5,408		1,191		—		6,599		Televerde, LLC					Member Units	(8)	—		674		592		5,408		674		—		6,082
						Preferred Stock	(8)	—		—		—		1,794		—		—		1,794							Preferred Stock	(8)	—		—		—		1,794		—		—		1,794
Vision Interests, Inc.	Vision Interests, Inc.					Series A Preferred Stock	(9)	—		—		168		3,000		—		—		3,000		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)		VVS Holdco LLC		L+	6.00%		Secured Debt (12)	(5)	—		—		15		(21)		11		—		(10)
		11.50%				Secured Debt	(5)	—		—		889		30,161		15		—		30,176			11.50%				Secured Debt	(5)	—		—		1,768		30,161		39		1,242		28,958
						Preferred Equity	(5)	—		100		38		11,940		100		—		12,040							Preferred Equity	(5)	—		(100)		215		11,940		—		100		11,840
UnionRock Energy Fund III, LP																						UnionRock Energy Fund III, LP					LP Interests (12)	(9)	—		—		—		—		150		—		150
								—		—		—		—		—		—		—									—		—		—		—		—		—		—
								—		—		—		—		—		—		—									—		—		—		—		—		—		—
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							—		—		(171)		(14,914)		—		—		—		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	Total Control investments							$	(51,077)	$	92,940	$	96,841	$	1,703,172	$	338,651	$	173,038	$	1,883,699
Affiliate Investments	Affiliate Investments																					Affiliate Investments
423 HAR, LP																						423 HAR, LP					LP Interests (423 HAR, L.P.)	(8)	$	—	$	—	$	—	$	—	$	750	$	—	$	750
AAC Holdings, Inc.	AAC Holdings, Inc.	18.00%				Secured Debt	(7)	$	—	$	(6)	$	—	$	—	$	315	$	6	$	309	AAC Holdings, Inc.	18.00%			18.00%	Secured Debt (12)	(7)	—		(16)		27		—		376		16		360
		18.00%			18.00%	Secured Debt	(7)	—		(268)		572		11,550		572		267		11,855			18.00%			18.00%	Secured Debt	(7)	—		(558)		1,149		11,550		1,149		558		12,141
						Common Stock	(7)	—		—		—		—		—		—		—							Common Stock	(7)	—		—		—		—		—		—		—
						Warrants	(7)	—		—		—		—		—		—		—							Warrants	(7)	—		—		—		—		—		—		—
AFG Capital Group, LLC	AFG Capital Group, LLC					Preferred Member Units	(8)	—		—		—		9,400		—		—		9,400		AFG Capital Group, LLC					Preferred Member Units	(8)	7,200		(8,200)		—		9,400		7,200		16,600		—
ATX Networks Corp.	ATX Networks Corp.		L+	7.50%		Secured Debt	(6)	—		(134)		886		6,343		575		6,918		—		ATX Networks Corp.		L+	7.50%		Secured Debt	(6)	—		(134)		886		6,343		575		6,918		—
					10.00%	Unsecured Debt	(6)	—		(306)		1,160		2,598		1,160		3,758		—							Unsecured Debt	(6)	—		(306)		1,160		2,598		1,160		3,758		—
						Common Stock	(6)	3,248		(3,270)		—		3,270		3,248		6,518		—							Common Stock	(6)	3,248		(3,270)		—		3,270		3,248		6,518		—
BBB Tank Services, LLC	BBB Tank Services, LLC	15.66%	L+	11.00%		Unsecured Debt	(8)	—		—		31		800		—		—		800		BBB Tank Services, LLC	16.17%	L+	11.00%		Unsecured Debt	(8)	—		—		63		800		—		—		800
		15.66%	L+	11.00%		Unsecured Debt	(8)	—		—		155		2,086		—		—		2,086			16.17%	L+	11.00%		Unsecured Debt	(8)	—		116		317		2,086		116		—		2,202
						Member Units	(8)	—		—		—		—		—		—		—							Member Units	(8)	—		—		—		—		—		—		—
		15.00%				Preferred Stock (non-voting)	(8)	—		—		—		—		—		—		—
Boccella Precast Products LLC		10.00%				Secured Debt	(6)	—		—		8		320		—		—		320
						Member Units	(6)	—		(200)		29		2,970		—		200		2,770
Buca C, LLC		12.00%				Secured Debt	(7)	—		—		521		12,337		—		375		11,962
		6.00%			6.00%	Preferred Member Units	(7)	—		—		—		—		—		—		—
Career Team Holdings, LLC			L+	6.00%		Secured Debt	(6)	—		—		2		(9)		1		1		(9)
		12.50%				Secured Debt	(6)	—		—		643		20,090		10		—		20,100
						Common Stock	(6)	—		—		—		4,500		—		—		4,500
Chandler Signs Holdings, LLC						Class A Units	(8)	—		210		36		1,790		210		—		2,000
Classic H&G Holdings, LLC		10.88%	L+	6.00%		Secured Debt	(6)	—		—		127		4,560		—		—		4,560
		8.00%				Secured Debt	(6)	—		(11)		396		19,274		11		11		19,274

112

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2022 Fair Value (13)	Gross Additions(3)	Gross Reductions(4)	March 31, 2023 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)	June 30, 2023 Fair Value (13)
																15.00%				Preferred Stock (non-voting)	(8)	—	—	—	—	—	—	—
Boccella Precast Products LLC															Boccella Precast Products LLC	10.00%				Secured Debt	(6)	—	—	16	320	—	—	320
																				Member Units	(6)	—	(620)	41	2,970	—	620	2,350
Buca C, LLC															Buca C, LLC	12.00%				Secured Debt	(7)	—	—	1,044	12,337	—	373	11,964
																6.00%			6.00%	Preferred Member Units	(7)	—	—	—	—	—	—	—
Career Team Holdings, LLC															Career Team Holdings, LLC	11.25%	L+	6.00%		Secured Debt (12)	(6)	—	—	10	(9)	451	—	442
																12.50%				Secured Debt	(6)	—	—	1,293	20,090	20	—	20,110
																				Common Stock	(6)	—	—	—	4,500	—	—	4,500
Chandler Signs Holdings, LLC															Chandler Signs Holdings, LLC					Class A Units	(8)	1,797	(290)	60	1,790	1,797	3,587	—
Classic H&G Holdings, LLC															Classic H&G Holdings, LLC	11.25%	L+	6.00%		Secured Debt (12)	(6)	—	—	260	4,560	—	—	4,560
																8.00%				Secured Debt	(6)	—	(21)	797	19,274	21	21	19,274
						Preferred Member Units	(6)	—	1,062	780	24,637	1,063	—	25,700						Preferred Member Units	(6)	—	(6,410)	4,745	24,637	—	6,407	18,230
Congruent Credit Opportunities Funds	Congruent Credit Opportunities Funds					LP Interests (Congruent Credit Opportunities Fund III, LP)	(8)	—	—	123	7,657	—	876	6,781	Congruent Credit Opportunities Funds					LP Interests (Congruent Credit Opportunities Fund III, LP)	(8)	—	(223)	316	7,657	—	2,095	5,562
DMA Industries, LLC	DMA Industries, LLC	12.00%				Secured Debt	(7)	—	(11)	647	21,200	11	11	21,200	DMA Industries, LLC	12.00%				Secured Debt	(7)	—	(21)	1,272	21,200	21	1,221	20,000
						Preferred Equity	(7)	—	—	—	7,260	—	—	7,260						Preferred Equity	(7)	—	—	—	7,260	—	—	7,260
Dos Rios Partners	Dos Rios Partners					LP Interests (Dos Rios Partners, LP)	(8)	—	156	—	9,127	156	—	9,283	Dos Rios Partners					LP Interests (Dos Rios Partners, LP)	(8)	757	156	—	9,127	915	904	9,138
						LP Interests (Dos Rios Partners - A, LP)	(8)	—	—	—	2,898	—	—	2,898						LP Interests (Dos Rios Partners - A, LP)	(8)	241	—	—	2,898	241	287	2,852
Dos Rios Stone Products LLC	Dos Rios Stone Products LLC					Class A Preferred Units	(8)	—	250	—	1,330	250	—	1,580	Dos Rios Stone Products LLC					Class A Preferred Units	(8)	—	250	—	1,330	250	—	1,580
EIG Fund Investments	EIG Fund Investments					LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	14	—	19	1,013	15	52	976	EIG Fund Investments					LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	16	—	43	1,013	16	55	974
Flame King Holdings, LLC	Flame King Holdings, LLC	11.25%	L+	6.50%		Secured Debt	(9)	—	(4)	215	7,600	4	4	7,600	Flame King Holdings, LLC		L+	6.50%		Secured Debt	(9)	—	(60)	484	7,600	60	7,660	—
		13.75%	L+	9.00%		Secured Debt	(9)	—	(11)	730	21,200	11	11	21,200			L+	9.00%		Secured Debt	(9)	—	(162)	1,583	21,200	162	21,362	—
						Preferred Equity	(9)	—	3,610	538	17,580	3,610	—	21,190						Preferred Equity	(9)	—	6,770	2,050	17,580	6,770	—	24,350
Freeport Financial SBIC Fund LP	Freeport Financial SBIC Fund LP					LP Interests (Freeport Financial SBIC Fund LP)	(5)	—	—	—	3,483	—	—	3,483	Freeport Financial SBIC Fund LP					LP Interests (Freeport Financial SBIC Fund LP) (12)	(5)	—	145	—	3,483	145	—	3,628
						LP Interests (Freeport First Lien Loan Fund III LP)	(5)	—	—	134	5,848	—	536	5,312						LP Interests (Freeport First Lien Loan Fund III LP) (12)	(5)	—	—	291	5,848	—	536	5,312
GFG Group, LLC.		9.00%				Secured Debt	(5)	—	(6)	261	11,345	6	6	11,345
GFG Group, LLC															GFG Group, LLC	9.00%				Secured Debt	(5)	—	(12)	525	11,345	12	12	11,345
						Preferred Member Units	(5)	—	450	39	7,140	450	—	7,590						Preferred Member Units	(5)	—	1,170	102	7,140	1,170	—	8,310
Hawk Ridge Systems, LLC	Hawk Ridge Systems, LLC	10.75%	L+	6.00%		Secured Debt	(9)	—	—	90	3,185	815	—	4,000	Hawk Ridge Systems, LLC	11.53%	SF+	6.00%		Secured Debt (12)	(9)	—	—	173	3,185	4,581	4,100	3,666
		10.00%				Secured Debt	(9)	—	(10)	893	37,800	10	10	37,800		12.50%				Secured Debt	(9)	—	4	2,173	37,800	4,142	—	41,942
						Preferred Member Units	(9)	—	—	65	17,460	—	—	17,460						Preferred Member Units	(9)	—	—	131	17,460	—	—	17,460
						Preferred Member Units	(9)	—	—	—	920	—	—	920						Preferred Member Units	(9)	—	—	—	920	—	—	920
Houston Plating and Coatings, LLC	Houston Plating and Coatings, LLC	8.00%				Unsecured Convertible Debt	(8)	—	(170)	60	3,000	—	170	2,830	Houston Plating and Coatings, LLC	8.00%				Unsecured Convertible Debt	(8)	—	(170)	121	3,000	—	170	2,830
						Member Units	(8)	—	600	2	2,400	600	—	3,000						Member Units	(8)	—	1,160	2	2,400	1,160	—	3,560
HPEP 3, L.P.	HPEP 3, L.P.					LP Interests (HPEP 3, L.P.)	(8)	—	113	—	4,331	113	508	3,936	HPEP 3, L.P.					LP Interests (HPEP 3, L.P.) (12)	(8)	—	283	—	4,331	283	508	4,106
						LP Interests (HPEP 4, L.P.)	(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

113

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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)
Common Stock (5) — — — 1,798 958 — 2,756
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 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) Secured Debt (8) (29,526) 29,865 — — 29,865 29,865 —
Preferred Member Units (8) — — — — — — —
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 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 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 13.69% L+ 8.50% Secured Debt (6) — — 108 4,556 — — 4,556
Preferred Equity (6) — — — — — — —
Superior Rigging & Erecting Co. 12.00% Secured Debt (7) — — 652 21,378 17 1,000 20,395
Preferred Member Units (7) — 470 — 4,500 470 — 4,970
The Affiliati Network, LLC Secured Debt (9) — — 7 106 1,321 1,440 (13)
12.00% Secured Debt (9) — — 293 9,442 7 200 9,249
Preferred Stock (9) — — 80 6,400 — — 6,400
UnionRock Energy Fund II, LP LP Interests (9) — — — 5,855 530 197 6,188
UniTek Global Services, Inc. 14.22% SF+ 7.50% 2.00% Secured Debt (6) — 23 12 382 25 — 407
14.22% SF+ 7.50% 2.00% Secured Debt (6) — 102 62 1,712 112 3 1,821
15.00% 15.00% Secured Convertible Debt (6) — 262 91 4,592 353 — 4,945
20.00% 20.00% Preferred Stock (6) — (107) 107 2,833 107 107 2,833
20.00% 20.00% Preferred Stock (6) — 385 — 1,991 385 — 2,376
19.00% 19.00% Preferred Stock (6) — — — — — — —
13.50% 13.50% Preferred Stock (6) — — — — — — —
Common Stock (6) — — — — — — —
Universal Wellhead Services Holdings, LLC 14.00% 14.00% Preferred Member Units (8) — — — 220 — 2 218
Member Units (8) — — — — — — —
World Micro Holdings, LLC 13.00% Secured Debt (7) — — 471 14,140 7 — 14,147
Preferred Equity (7) — — — 3,845 — — 3,845
Other — — — — — — —


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)	June 30, 2023 Fair Value (13)
					LP Interests (HPEP 4, L.P.) (12)	(8)	—	—	—	2,332	464	—	2,796
					LP Interests (423 COR, LP) (12)	(8)	—	—	117	1,400	—	—	1,400
I-45 SLF LLC					Member Units (Fully diluted 20.0%; 21.75% profits interest)	(8)	—	(1,207)	1,123	11,758	1,200	1,207	11,751
Infinity X1 Holdings, LLC	13.00%				Secured Debt	(9)	—	—	790	—	17,832	—	17,832
					Preferred Equity	(9)	—	—	—	—	4,000	—	4,000
Integral Energy Services	13.04%	L+	7.50%		Secured Debt	(8)	—	(227)	1,036	15,769	33	227	15,575
					Common Stock	(8)	—	(460)	21	1,280	—	460	820
Iron-Main Investments, LLC	13.50%				Secured Debt	(5)	—	—	307	4,500	4	20	4,484
	13.50%				Secured Debt	(5)	—	—	214	3,130	3	14	3,119
	13.50%				Secured Debt	(5)	—	—	600	8,944	—	—	8,944
	13.50%				Secured Debt	(5)	—	—	1,337	19,559	17	88	19,488
	13.50%				Secured Debt	(5)	—	—	890	—	10,857	38	10,819
					Common Stock	(5)	—	—	—	1,798	958	—	2,756
ITA Holdings Group, LLC		SF+	9.00%	2.00%	Secured Debt (12)	(8)	—	—	12	—	—	12	(12)
		SF+	9.00%	2.00%	Secured Debt (12)	(8)	—	—	—	—	—	10	(10)
	15.38%	SF+	8.00%	2.00%	Secured Debt	(8)	—	—	84	—	3,252	—	3,252
	17.38%	SF+	10.00%	2.00%	Secured Debt	(8)	—	—	86	—	3,252	—	3,252
					Warrants	(8)	—	—	—	—	2,091	—	2,091
OnAsset Intelligence, Inc.	12.00%			12.00%	Secured Debt	(8)	—	(127)	—	569	—	128	441
	12.00%			12.00%	Secured Debt	(8)	—	(130)	—	580	—	130	450
	12.00%			12.00%	Secured Debt	(8)	—	(280)	—	1,249	—	280	969
	12.00%			12.00%	Secured Debt	(8)	—	(584)	—	2,606	—	584	2,022
	10.00%			10.00%	Unsecured Debt	(8)	—	—	—	305	—	—	305
	7.00%			7.00%	Preferred Stock	(8)	—	—	—	—	—	—	—
					Common Stock	(8)	—	—	—	—	—	—	—
					Warrants	(8)	—	—	—	—	—	—	—
Oneliance, LLC		L+	11.00%		Secured Debt	(7)	—	—	—	—	—	—	—
	16.25%	L+	11.00%		Secured Debt	(7)	—	(61)	447	5,559	6	141	5,424
					Preferred Stock	(7)	—	—	—	1,056	72	—	1,128
Quality Lease Service, LLC					Secured Debt	(8)	(29,526)	29,865	—	—	29,865	29,865	—
					Preferred Member Units	(8)	—	—	—	—	—	—	—
SI East, LLC					Secured Debt (12)	(7)	—	—	14	—	—	—	—
	12.78%				Secured Debt	(7)	—	268	568	—	54,536	—	54,536
					Secured Debt	(7)	—	(79)	3,885	89,786	—	89,786	—
					Preferred Member Units	(7)	—	1,823	639	13,650	2,130	—	15,780
Slick Innovations, LLC	14.00%				Secured Debt	(6)	—	(22)	980	13,840	22	822	13,040
					Common Stock	(6)	—	320	—	1,530	320	—	1,850
Student Resource Center, LLC	8.50%			8.50%	Secured Debt	(6)	—	—	216	4,556	214	—	4,770
					Preferred Equity	(6)	—	—	—	—	—	—	—
Superior Rigging & Erecting Co.	12.00%				Secured Debt	(7)	—	—	1,285	21,378	27	1,000	20,405
					Preferred Member Units	(7)	—	1,140	—	4,500	1,140	—	5,640

114

Table of contents Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2022 Fair Value (13)		Gross Additions(3)		Gross Reductions(4)		March 31, 2023 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)		June 30, 2023 Fair Value (13)
The Affiliati Network, LLC																						The Affiliati Network, LLC					Secured Debt	(9)	—		—		12		106		1,962		2,080		(12)
																							13.00%				Secured Debt	(9)	—		(129)		607		9,442		15		729		8,728
																											Preferred Stock	(9)	—		—		80		6,400		—		—		6,400
UnionRock Energy Fund II, LP																						UnionRock Energy Fund II, LP					LP Interests (12)	(9)	—		(964)		25		5,855		531		1,162		5,224
UniTek Global Services, Inc.																						UniTek Global Services, Inc.		SF+	7.50%		Secured Debt	(6)	—		22		(2)		382		25		407		—
																								SF+	7.50%		Secured Debt	(6)	—		96		282		1,712		112		1,824		—
																							15.00%			15.00%	Secured Convertible Debt	(6)	—		1,380		187		4,592		1,567		—		6,159
																							20.00%			20.00%	Preferred Stock	(6)	—		(221)		221		2,833		221		221		2,833
																							20.00%			20.00%	Preferred Stock	(6)	—		1,668		—		1,991		1,668		—		3,659
																							19.00%			19.00%	Preferred Stock	(6)	—		—		—		—		—		—		—
																							13.50%			13.50%	Preferred Stock	(6)	—		—		—		—		—		—		—
																											Common Stock	(6)	—		—		—		—		—		—		—
Universal Wellhead Services Holdings, LLC																						Universal Wellhead Services Holdings, LLC	14.00%			14.00%	Preferred Member Units	(8)	—		—		—		220		—		—		220
																											Member Units	(8)	—		—		—		—		—		—		—
World Micro Holdings, LLC																						World Micro Holdings, LLC	13.00%				Secured Debt	(7)	—		—		948		14,140		14		—		14,154
																											Preferred Equity	(7)	—		—		139		3,845		—		—		3,845
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		—		—		—		Amounts related to investments transferred to or from other 1940 Act classification during the period							—		—		171		14,914		—		—		—
Total Affiliate investments	Total Affiliate investments							$	(26,264)	$	33,141	$	17,456	$	618,359	$	81,567	$	58,785	$	626,227	Total Affiliate investments							$	(16,267)	$	21,672	$	38,455	$	618,359	$	175,201	$	215,521	$	563,125

____________________

(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.”

(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.

(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.

~~(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.

115

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 2023

(dollars in thousands)

(unaudited)

(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2023 for control investments located in this region was $453,692. This represented 24.1% of net assets as of June 30, 2023. The fair value as of June 30, 2023 for affiliate investments located in this region was $78,205. This represented 13.9% of net assets as of June 30, 2023.

(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of June 30, 2023 for control investments located in this region was $283,469. This represented 15.0% of net assets as of June 30, 2023. The fair value as of June 30, 2023 for affiliate investments located in this region was $102,097. This represented 18.1% of net assets as of June 30, 2023.

(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2023 for control investments located in this region was $51,394. This represented 2.7% of net assets as of June 30, 2023. The fair value as of June 30, 2023 for affiliate investments located in this region was $172,637. This represented 30.7% of net assets as of June 30, 2023.

(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2023 for control investments located in this region was $655,449. This represented 34.8% of net assets as of June 30, 2023. The fair value as of June 30, 2023 for affiliate investments located in this region was $79,676. This represented 14.1% of net assets as of June 30, 2023.

(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of ~~March 31,~~June 30, 2023 for control investments located in this region was ~~$450,653.~~$439,695. This represented ~~25.8%~~23.3% of net assets as of ~~March 31,~~June 30, 2023. The fair value as of ~~March 31,~~June 30, 2023 for affiliate investments located in this region was ~~$153,817.~~$130,510. This represented ~~24.6%~~23.2% of net assets as of ~~March 31,~~June 30, 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 ~~March 31,~~June 30, 2023 (see Note K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

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

116

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates

~~March 31,~~June 30, 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, 2021 Fair Value		Gross Additions(3)		Gross Reductions(4)		March 31, 2022 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)		June 30, 2022 Fair Value
Majority-owned investments	Majority-owned investments																						Majority-owned investments
ASK (Analytical Systems Keco Holdings, LLC)		12.00%	L+	10.00%		Secured Debt	(8)	$	—	$	—	$	170	$	4,736	$	23	$	70	$	4,689
Analytical Systems Keco Holdings, LLC																						Analytical Systems Keco Holdings, LLC		12.00%		L+		10.00%			Secured Debt		(8)		$	—	$	—	$	339	$	4,736	$	45	$	140	$	4,641
						Preferred Member Units	(8)	—		(576)		—		4,894		—		576		4,318												Preferred Member Units		(8)		—		(576)		—		4,894		—		576		4,318
Brewer Crane Holdings, LLC	Brewer Crane Holdings, LLC	11.00%	L+	10.00%		Secured Debt	(9)	—		—		224		8,037		6		124		7,919			Brewer Crane Holdings, LLC		11.06%		L+		10.00%			Secured Debt		(9)		—		—		448		8,037		12		248		7,801
						Preferred Member Units	(9)	—		70		265		7,710		70		—		7,780												Preferred Member Units		(9)		—		(660)		530		7,710		—		660		7,050
Café Brazil, LLC	Café Brazil, LLC					Member Units	(8)	—		60		52		2,570		60		—		2,630			Café Brazil, LLC									Member Units		(8)		—		(50)		99		2,570		—		50		2,520
California Splendor Holdings LLC	California Splendor Holdings LLC	11.00%	L+	10.00%		Secured Debt	(9)	—		—		787		27,915		17		—		27,932			California Splendor Holdings LLC		11.00%		L+		10.00%			Secured Debt		(9)		—		56		1,578		27,915		85		—		28,000
						Preferred Member Units	(9)	—		—		357		9,510		357		—		9,867					15.00%					15.00%		Preferred Member Units		(9)		—		—		652		9,510		652		6,449		3,713
						Preferred Member Units	(9)	—		3,990		63		13,275		3,990		—		17,265												Preferred Member Units		(9)		—		6,020		125		13,275		6,020		—		19,295
Clad-Rex Steel, LLC	Clad-Rex Steel, LLC	10.50%	L+	9.50%		Secured Debt	(5)	—		—		285		10,401		10		—		10,411			Clad-Rex Steel, LLC		10.63%		L+		9.50%			Secured Debt		(5)		—		—		574		10,401		20		—		10,421
																								10.00%							Secured Debt		(5)		—		—		54		1,071		—		16		1,055
		10.00%				Secured Debt	(5)	—		—		27		1,071		—		8		1,063												Member Units		(5)		—		80		—		530		80		—		610
						Member Units	(5)	—		80		348		10,780		80		—		10,860												Member Units		(5)		—		—		764		10,250		—		—		10,250
CMS Minerals Investments	CMS Minerals Investments					Member Units	(9)	—		192		43		1,974		192		109		2,057			CMS Minerals Investments									Member Units		(9)		—		447		69		1,974		447		147		2,274
Cody Pools, Inc.	Cody Pools, Inc.	12.25%	L+	10.50%		Secured Debt	(8)	—		(23)		1,380		42,484		2,888		2,890		42,482			Cody Pools, Inc.		12.25%		L+		10.50%			Secured Debt		(8)		—		(45)		2,702		42,484		2,910		3,757		41,637
						Preferred Member Units	(8)	—		—		687		47,640		—		—		47,640												Preferred Member Units		(8)		—		3,550		1,749		47,640		3,550		—		51,190
CompareNetworks Topco, LLC	CompareNetworks Topco, LLC	10.00%	L+	9.00%		Secured Debt	(9)	—		(8)		159		6,477		8		688		5,797			CompareNetworks Topco, LLC		10.13%		L+		9.00%			Secured Debt		(9)		—		(10)		308		6,477		10		746		5,741
						Preferred Member Units	(9)	—		1,610		158		12,000		1,610		—		13,610												Preferred Member Units		(9)		—		5,230		316		12,000		5,230		—		17,230
Datacom, LLC	Datacom, LLC	7.50%				Secured Debt	(8)	—		—		209		7,668		43		68		7,643			Datacom, LLC		7.50%							Secured Debt		(8)		—		—		416		7,668		84		135		7,617
						Preferred Member Units	(8)	—		60		24		2,610		60		—		2,670												Preferred Member Units		(8)		—		60		48		2,610		60		—		2,670
Direct Marketing Solutions, Inc.	Direct Marketing Solutions, Inc.	12.00%	L+	11.00%		Secured Debt	(9)	—		(18)		752		24,048		21		332		23,737			Direct Marketing Solutions, Inc.		12.13%		L+		11.00%			Secured Debt		(9)		—		(20)		1,551		24,048		1,317		687		24,678
						Preferred Stock	(9)	—		4,100		343		18,350		4,100		—		22,450												Preferred Stock		(9)		—		3,200		686		18,350		3,200		—		21,550
Gamber-Johnson Holdings, LLC	Gamber-Johnson Holdings, LLC	10.50%	L+	8.50%		Secured Debt	(5)	—		(5)		520		21,598		5		5		21,598			Gamber-Johnson Holdings, LLC		10.50%		L+		8.00%			Secured Debt		(5)		—		(11)		1,100		21,598		11		11		21,598
						Member Units	(5)	—		(4,580)		180		49,700		—		4,580		45,120												Member Units		(5)		—		(3,400)		360		49,700		—		3,400		46,300
GRT Rubber Technologies LLC	GRT Rubber Technologies LLC	8.23%	L+	8.00%		Secured Debt	(8)	—		(11)		803		38,885		11		11		38,885			GRT Rubber Technologies LLC		9.06%		L+		8.00%			Secured Debt		(8)		—		(22)		1,676		38,885		22		22		38,885
						Member Units	(8)	—		—		1,217		46,190		—		—		46,190												Member Units		(8)		—		—		2,441		46,190		—		—		46,190
Jensen Jewelers of Idaho, LLC	Jensen Jewelers of Idaho, LLC	10.00%	P+	6.75%		Secured Debt	(9)	—		(3)		64		2,550		3		103		2,450			Jensen Jewelers of Idaho, LLC		10.00%		P+		6.75%			Secured Debt		(9)		—		(4)		130		2,550		4		104		2,450
						Member Units	(9)	—		2,700		537		12,420		2,700		—		15,120												Member Units		(9)		—		2,700		1,376		12,420		2,700		—		15,120
Kickhaefer Manufacturing Company, LLC	Kickhaefer Manufacturing Company, LLC	11.50%				Secured Debt	(5)	—		—		599		20,324		12		—		20,336			Kickhaefer Manufacturing Company, LLC		11.50%							Secured Debt		(5)		—		—		1,205		20,324		25		—		20,349
		9.00%				Secured Debt	(5)	—		—		88		3,876		—		8		3,868					9.00%							Secured Debt		(5)		—		—		177		3,876		1		17		3,860
						Member Units	(5)	—		(70)		—		12,310		—		70		12,240												Member Units		(5)		—		(70)		—		12,310		—		70		12,240
						Member Units	(5)	—		—		26		2,460		—		—		2,460												Member Units		(5)		—		—		55		2,460		—		—		2,460
Market Force Information, LLC	Market Force Information, LLC	12.00%	L+	11.00%		Secured Debt	(9)	—		—		102		3,400		—		—		3,400			Market Force Information, LLC		12.13%		L+		11.00%			Secured Debt		(9)		—		—		217		3,400		1,000		—		4,400
		12.00%			12.00%	Secured Debt	(9)	—		—		—		8,936		—		—		8,936					12.00%					12.00%		Secured Debt		(9)		—		(1,405)		—		8,936		—		1,405		7,531
MH Corbin Holding LLC	MH Corbin Holding LLC	13.00%				Secured Debt	(5)	—		(1,495)		274		5,934		9		1,575		4,368			MH Corbin Holding LLC		13.00%							Secured Debt		(5)		—		(1,495)		540		5,934		9		1,655		4,288
MSC Adviser I, LLC	MSC Adviser I, LLC					Member Units	(8)	—		(7,480)		2,277		140,400		—		7,480		132,920			MSC Adviser I, LLC									Member Units		(8)		—		(22,080)		3,983		140,400		—		22,080		118,320
Mystic Logistics Holdings, LLC	Mystic Logistics Holdings, LLC	10.00%				Secured Debt	(6)	—		(1)		157		6,378		1		281		6,098			Mystic Logistics Holdings, LLC		10.00%							Secured Debt		(6)		—		(1)		312		6,378		1		281		6,098
						Common Stock	(6)	—		2,220		568		8,840		2,220		—		11,060												Common Stock		(6)		—		7,370		1,596		8,840		7,370		—		16,210
OMi Topco, LLC	OMi Topco, LLC	12.00%				Secured Debt	(8)	—		(14)		554		18,000		14		514		17,500			OMi Topco, LLC		12.00%							Secured Debt		(8)		—		(29)		1,099		18,000		29		1,279		16,750
						Preferred Member Units	(8)	—		—		479		20,210		—		—		20,210												Preferred Member Units		(8)		—		90		1,197		20,210		90		—		20,300
PPL RVs, Inc.	PPL RVs, Inc.	7.50%	L+	7.00%		Secured Debt	(8)	—		—		36		726		1,257		—		1,983			PPL RVs, Inc.		7.97%		L+		7.00%			Secured Debt		(8)		—		251		683		12,381		9,264		2,000		19,645
		7.50%	L+	7.00%		Secured Debt	(8)	—		—		219		11,655		—		—		11,655												Common Stock		(8)		—		4,130		462		14,360		4,130		—		18,490
						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			Principle Environmental, LLC		13.00%							Secured Debt		(8)		—		—		86		1,465		6		1,000		471
		13.00%				Secured Debt	(8)	—		—		198		5,808		6		—		5,814					13.00%							Secured Debt		(8)		—		—		399		5,808		12		—		5,820

117

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2021 Fair Value	Gross Additions(3)	Gross Reductions(4)	March 31, 2022 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)		June 30, 2022 Fair Value
						Preferred Member Units	(8)	—	—	219	11,160	—	—	11,160											Preferred Member Units		(8)		—		370		437		11,160		370		—		11,530
						Common Stock	(8)	—	—	—	710	—	—	710											Common Stock		(8)		—		30		—		710		30		—		740
Quality Lease Service, LLC	Quality Lease Service, LLC					Member Units	(7)	—	(29)	—	2,149	—	679	1,470		Quality Lease Service, LLC									Member Units		(7)		—		76		—		2,149		76		1,150		1,075
Robbins Bros. Jewelry, Inc.	Robbins Bros. Jewelry, Inc.	12.00%	L+	11.00%		Secured Debt	(9)	—	—	1,117	35,956	21	—	35,977		Robbins Bros. Jewelry, Inc.		12.00%		L+		11.00%			Secured Debt		(9)		—		—		2,241		35,956		43		225		35,774
						Preferred Equity	(9)	—	—	140	11,070	—	—	11,070											Preferred Equity		(9)		—		4,670		279		11,070		4,670		—		15,740
Trantech Radiator Topco, LLC	Trantech Radiator Topco, LLC	12.00%				Secured Debt	(7)	—	(7)	269	8,712	8	407	8,313		Trantech Radiator Topco, LLC		12.00%							Secured Debt		(7)		—		(12)		528		8,712		14		412		8,314
						Common Stock	(7)	—	—	29	8,660	—	—	8,660											Common Stock		(7)		—		(570)		58		8,660		—		570		8,090
Ziegler’s NYPD, LLC	Ziegler’s NYPD, LLC	12.00%				Secured Debt	(8)	—	—	19	625	—	—	625		Ziegler’s NYPD, LLC		12.00%							Secured Debt		(8)		—		—		38		625		—		—		625
		6.50%				Secured Debt	(8)	—	—	16	1,000	—	—	1,000				6.50%							Secured Debt		(8)		—		—		33		1,000		—		—		1,000
		14.00%				Secured Debt	(8)	—	—	96	2,750	—	—	2,750				14.00%							Secured Debt		(8)		—		—		194		2,750		—		—		2,750
						Preferred Member Units	(8)	—	—	—	2,130	—	—	2,130											Preferred Member Units		(8)		—		(450)		—		2,130		—		450		1,680
Other controlled investments	Other controlled investments															Other controlled investments
2717 MH, L.P.	2717 MH, L.P.					LP Interests (2717 MH, L.P.)	(8)	—	189	—	3,971	346	—	4,317		2717 MH, L.P.									LP Interests (2717 MH, L.P.)		(8)		—		1,408		—		3,971		2,583		—		6,554
						LP Interests (2717 HPP-MS, L.P.)	(8)	—	—	—	—	244	—	244											LP Interests (2717 HPP-MS, L.P.)		(8)		—		—		—		—		244		—		244
ASC Interests, LLC	ASC Interests, LLC	13.00%				Secured Debt	(8)	—	—	7	200	—	30	170		ASC Interests, LLC		13.00%							Secured Debt		(8)		—		—		13		200		—		30		170
		13.00%				Secured Debt	(8)	—	—	59	1,636	6	—	1,642				13.00%							Secured Debt		(8)		—		—		120		1,636		12		—		1,648
						Member Units	(8)	—	80	—	720	80	—	800											Member Units		(8)		—		80		—		720		80		—		800
ATS Workholding, LLC	ATS Workholding, LLC	5.00%				Secured Debt	(9)	—	—	—	3,005	—	—	3,005		ATS Workholding, LLC		5.00%							Secured Debt		(9)		—		—		—		3,005		—		66		2,939
Barfly Ventures, LLC	Barfly Ventures, LLC	7.00%				Secured Debt	(5)	—	—	12	711	—	—	711		Barfly Ventures, LLC		7.00%							Secured Debt		(5)		—		—		25		711		—		—		711
						Member Units	(5)	—	120	—	1,930	120	—	2,050											Member Units		(5)		—		470		—		1,930		470		—		2,400
Batjer TopCo, LLC	Batjer TopCo, LLC	11.00%				Secured Debt	(8)	—	—	196	—	10,917	—	10,917		Batjer TopCo, LLC		11.00%							Secured Debt		(8)		—		—		512		—		11,372		459		10,913
						Member Units	(8)	—	—	—	—	4,073	—	4,073											Member Units		(8)		—		—		—		—		4,073		—		4,073
Bolder Panther Group, LLC	Bolder Panther Group, LLC	10.50%	L+	9.00%		Secured Debt	(9)	—	(20)	1,160	39,000	10,214	20	49,194		Bolder Panther Group, LLC		10.50%		L+		9.00%			Secured Debt		(9)		—		(39)		2,491		39,000		10,233		39		49,194
						Class A Preferred Member Units	(9)	—	—	292	10,194	—	10,194	—											Class B Preferred Member Units		(9)		—		2,760		276		23,170		2,760		—		25,930
						Class B Preferred Member Units	(9)	—	2,760	368	23,170	2,760	—	25,930
Bridge Capital Solutions Corporation	Bridge Capital Solutions Corporation	13.00%				Secured Debt	(6)	—	—	286	8,813	—	—	8,813		Bridge Capital Solutions Corporation		13.00%							Secured Debt		(6)		—		—		576		8,813		—		—		8,813
		13.00%				Secured Debt	(6)	—	—	33	1,000	—	—	1,000				13.00%							Secured Debt		(6)		—		—		65		1,000		—		—		1,000
						Preferred Member Units	(6)	—	—	25	1,000	—	—	1,000											Preferred Member Units		(6)		—		—		50		1,000		—		—		1,000
						Warrants	(6)	—	200	—	4,060	200	—	4,260											Warrants		(6)		—		200		—		4,060		200		—		4,260
CBT Nuggets, LLC	CBT Nuggets, LLC					Member Units	(9)	—	(1,740)	412	50,620	—	1,740	48,880		CBT Nuggets, LLC									Member Units		(9)		—		(2,720)		1,647		50,620		—		2,720		47,900
Centre Technologies Holdings, LLC	Centre Technologies Holdings, LLC	12.00%	L+	10.00%		Secured Debt	(8)	—	—	288	8,864	7	233	8,638		Centre Technologies Holdings, LLC		12.00%		L+		10.00%			Secured Debt		(8)		—		507		838		8,864		7,903		1,826		14,941
						Preferred Member Units	(8)	—	—	30	5,840	—	—	5,840											Preferred Member Units		(8)		—		768		60		5,840		1,050		—		6,890
Chamberlin Holding LLC	Chamberlin Holding LLC	9.00%	L+	8.00%		Secured Debt	(8)	—	(18)	419	17,817	18	154	17,681		Chamberlin Holding LLC		9.13%		L+		8.00%			Secured Debt		(8)		—		(35)		845		17,817		35		386		17,466
						Member Units	(8)	—	—	295	24,140	—	—	24,140											Member Units		(8)		—		(1,630)		348		24,140		—		1,630		22,510
						Member Units	(8)	—	—	17	1,540	—	—	1,540											Member Units		(8)		—		—		34		1,540		—		—		1,540
Charps, LLC	Charps, LLC	10.00%				Unsecured Debt	(5)	—	(18)	158	5,694	18	18	5,694		Charps, LLC		10.00%							Unsecured Debt		(5)		—		(27)		309		5,694		27		27		5,694
						Preferred Member Units	(5)	—	100	209	13,990	100	—	14,090											Preferred Member Units		(5)		—		(540)		417		13,990		—		540		13,450
Colonial Electric Company LLC	Colonial Electric Company LLC	12.00%				Secured Debt	(6)	—	—	745	24,351	16	316	24,051		Colonial Electric Company LLC		12.00%							Secured Debt		(6)		—		—		1,703		24,351		1,630		630		25,351
						Preferred Member Units	(6)	—	—	369	9,130	—	—	9,130											Preferred Member Units		(6)		—		(190)		805		9,130		—		190		8,940
Copper Trail Energy Fund I, LP - CTMH						LP Interests (CTMH, LP)	(9)	—	—	—	710	—	—	710
Copper Trail Fund Investments															Copper Trail Fund Investments									LP Interests (CTMH, LP)		(9)		—		—		—		710		—		—		710
Digital Products Holdings LLC															Digital Products Holdings LLC		11.13%		L+		10.00%			Secured Debt		(5)		—		—		929		16,801		23		661		16,163
																								Preferred Member Units		(5)		—		—		100		9,835		—		—		9,835

118

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2021 Fair Value		Gross Additions(3)		Gross Reductions(4)		March 31, 2022 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)			June 30, 2022 Fair Value
Digital Products Holdings LLC		11.00%	L+	10.00%		Secured Debt	(5)	—		—		466		16,801		12		330		16,483
Flame King Holdings, LLC																						Flame King Holdings, LLC		7.50%		L+		6.50%			Secured Debt		(9)		—			68			288			6,324			1,276			—			7,600
																								12.00%		L+		11.00%			Secured Debt		(9)		—			183			1,300			20,996			204			—			21,200
						Preferred Member Units	(5)	—		—		50		9,835		—		—		9,835												Preferred Equity		(9)		—			3,010			559			10,400			3,010			—			13,410
Garreco, LLC	Garreco, LLC	9.00%	L+	8.00%		Secured Debt	(8)	—		—		94		4,196		—		—		4,196			Garreco, LLC		9.00%		L+		8.00%			Secured Debt		(8)		—			—			190			4,196			—			—			4,196
						Member Units	(8)	—		70		40		2,270		70		—		2,340												Member Units		(8)		—			220			321			2,270			220			—			2,490
Gulf Manufacturing, LLC	Gulf Manufacturing, LLC					Member Units	(8)	—		(350)		195		5,640		—		350		5,290			Gulf Manufacturing, LLC									Member Units		(8)		—			(130)			985			5,640			—			130			5,510
Gulf Publishing Holdings, LLC	Gulf Publishing Holdings, LLC	10.50%			5.25%	Secured Debt	(8)	—		—		3		257		—		—		257			Gulf Publishing Holdings, LLC		10.60%					5.25%		Secured Debt		(8)		—			—			7			257			—			—			257
		12.50%			6.25%	Secured Debt	(8)	—		(1,717)		212		9,717		—		1,717		8,000					12.50%					6.25%		Secured Debt		(8)		—			(2,188)			426			9,717			—			2,188			7,529
Harrison Hydra-Gen, Ltd.	Harrison Hydra-Gen, Ltd.					Common Stock	(8)	—		—		—		3,530		—		—		3,530			Harrison Hydra-Gen, Ltd.									Common Stock		(8)		—			(200)			—			3,530			—			200			3,330
Johnson Downie Opco, LLC	Johnson Downie Opco, LLC	13.00%	L+	11.50%		Secured Debt	(8)	—		—		382		11,344		6		—		11,350			Johnson Downie Opco, LLC		13.00%		L+		11.50%			Secured Debt		(8)		—			92			755			11,344			115			1,038			10,421
						Preferred Equity	(8)	—		—		318		3,150		—		—		3,150												Preferred Equity		(8)		—			2,730			566			3,150			2,730			—			5,880
JorVet Holdings, LLC	JorVet Holdings, LLC	12.00%				Secured Debt	(9)	—		—		257		—		25,394		—		25,394			JorVet Holdings, LLC		12.00%							Secured Debt		(9)		—			—			1,082			—			25,406			—			25,406
						Common Stock	(9)	—		—		—		—		10,741		—		10,741												Common Stock		(9)		—			—			54			—			10,741			—			10,741
KBK Industries, LLC	KBK Industries, LLC					Member Units	(5)	—		310		211		13,620		310		—		13,930			KBK Industries, LLC									Member Units		(5)		—			310			685			13,620			310			—			13,930
MS Private Loan Fund	MS Private Loan Fund	5.00%				Unsecured Debt	(8)	—		—		435		63,151		17,000		80,151		—			MS Private Loan Fund									LP Interests		(8)		—			(544)			191			2,581			8,750			544			10,787
						LP Interests	(8)	—		—		72		2,581		5,000		—		7,581
MSC Income Fund, Inc.																						MSC Income Fund, Inc.									Common Equity		(8)		—			—			—			—			750			—			750
NAPCO Precast, LLC	NAPCO Precast, LLC					Member Units	(8)	—		(190)		—		13,560		—		190		13,370			NAPCO Precast, LLC									Member Units		(8)		—			(1,730)			4			13,560			—			1,730			11,830
Nebraska Vet AcquireCo, LLC (NVS)		12.00%				Secured Debt	(5)	—		—		541		10,412		6		—		10,418
Nebraska Vet AcquireCo, LLC																						Nebraska Vet AcquireCo, LLC		12.00%							Secured Debt		(5)		—			—			649			10,412			11			—			10,423
		12.00%				Secured Debt	(5)	—		—		—		4,829		1,408		—		6,237					12.00%							Secured Debt		(5)		—			—			548			4,829			6,544			—			11,373
						Preferred Member Units	(5)	—		—		—		7,700		—		—		7,700												Preferred Member Units		(5)		—			—			—			7,700			—			—			7,700
NexRev LLC	NexRev LLC	11.00%				Secured Debt	(8)	—		—		850		14,045		10		218		13,837			NexRev LLC		11.00%							Secured Debt		(8)		—			(1,703)			1,222			14,045			—			5,783			8,262
						Preferred Member Units	(8)	—		—		20		2,690		—		—		2,690												Preferred Member Units		(8)		—			(3,080)			40			2,690			—			1,750			940
NRP Jones, LLC	NRP Jones, LLC	12.00%				Secured Debt	(5)	—		—		62		2,080		—		—		2,080			NRP Jones, LLC		12.00%							Secured Debt		(5)		—			—			126			2,080			—			—			2,080
						Member Units	(5)	—		(150)		101		6,440		—		150		6,290												Member Units		(5)		—			(970)			198			6,440			—			970			5,470
NuStep, LLC	NuStep, LLC	7.50%	L+	6.50%		Secured Debt	(5)	—		—		48		1,720		1,200		—		2,920			NuStep, LLC		7.63%		L+		6.50%			Secured Debt		(5)		—			—			110			1,720			1,480			—			3,200
		12.00%				Secured Debt	(5)	—		—		504		17,240		—		—		17,240					12.00%							Secured Debt		(5)		—			28			1,043			17,240			1,200			—			18,440
						Preferred Member Units	(5)	—		—		—		13,500		—		—		13,500												Preferred Member Units		(5)		—			(1,940)			—			13,500			—			1,940			11,560
Orttech Holdings, LLC	Orttech Holdings, LLC	12.00%	L+	11.00%		Secured Debt	(5)	—		—		743		24,150		13		—		24,163			Orttech Holdings, LLC		12.00%		L+		11.00%			Secured Debt		(5)		—			—			1,494			24,150			29			400			23,779
						Preferred Stock	(5)	—		—		193		10,000		—		—		10,000												Preferred Stock		(5)		—			—			386			10,000			—			—			10,000
Pearl Meyer Topco LLC	Pearl Meyer Topco LLC	12.00%				Secured Debt	(6)	—		(18)		1,004		32,674		1,518		18		34,174			Pearl Meyer Topco LLC		12.00%							Secured Debt		(6)		—			(61)			1,942			32,674			1,561			5,554			28,681
						Member Units	(6)	—		8,080		1,756		26,970		8,080		—		35,050												Member Units		(6)		—			12,780			2,856			26,970			12,780			—			39,750
River Aggregates, LLC	River Aggregates, LLC					Member Units	(8)	—		—		—		3,280		—		—		3,280			River Aggregates, LLC									Member Units		(8)		—			100			—			3,280			100			—			3,380
Tedder Industries, LLC	Tedder Industries, LLC	12.00%				Secured Debt	(9)	—		—		525		16,181		582		—		16,763			Tedder Industries, LLC		12.00%							Secured Debt		(9)		—			—			961			15,141			44			—			15,185
						Preferred Member Units	(9)	—		—		—		8,579		—		—		8,579					12.00%							Secured Debt		(9)		—			—			102			1,040			800			—			1,840
																															Preferred Member Units		(9)		—			(1,487)			—			8,579			222			1,487			7,314
Televerde, LLC	Televerde, LLC					Member Units	(8)	—		(731)		—		7,280		—		1,808		5,472			Televerde, LLC									Member Units		(8)		—			(2,135)			—			7,280			—			2,135			5,145
						Preferred Stock	(8)	—		—		—		—		1,794		—		1,794												Preferred Stock		(8)		—			1,076			—			—			1,794			—			1,794
Vision Interests, Inc.	Vision Interests, Inc.					Series A Preferred Stock	(9)	—		—		—		3,000		—		—		3,000			Vision Interests, Inc.									Series A Preferred Stock		(9)		—			—			144			3,000			—			—			3,000
VVS Holdco LLC	VVS Holdco LLC	7.00%	L+	6.00%		Secured Debt	(5)	—		—		21		1,169		1		400		770			VVS Holdco LLC		11.50%							Secured Debt		(5)		—			—			1,821			31,269			34			1,201			30,102
		11.50%				Secured Debt	(5)	—		—		889		30,100		15		—		30,115												Preferred Equity		(5)		—			240			200			11,840			240			—			12,080
						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		—		—		—			Amounts related to investments transferred to or from other 1940 Act classification during the period													—			—			57			41,748			—			—			—
Total Control investments	Total Control investments							$	—	$	8,279	$	32,577	$	1,489,257	$	122,644	$	119,115	$	1,486,663		Total Control investments													$	—		$	13,101		$	69,385		$	1,489,257		$	176,645		$	85,996		$	1,538,158
Affiliate Investments

119

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2021 Fair Value		Gross Additions(3)		Gross Reductions(4)		March 31, 2022 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)			June 30, 2022 Fair Value
Affiliate Investments																						Affiliate Investments
AAC Holdings, Inc.	AAC Holdings, Inc.	18.00%			8.00%	Secured Debt	(7)	$	—	$	30	$	478	$	9,794	$	250	$	—	$	10,044		AAC Holdings, Inc.		18.00%			8.00%		Secured Debt		(7)		$	—		$	(150)		$	970		$	9,794		$	296		$	—		$	10,090
						Common Stock	(7)	—		—		—		2,079		—		—		2,079										Common Stock		(7)		—			(1,279)			—			2,079			—			1,279			800
						Warrants	(7)	—		—		—		1,940		—		—		1,940										Warrants		(7)		—			(1,200)			—			1,940			—			1,200			740
AFG Capital Group, LLC	AFG Capital Group, LLC	10.00%				Secured Debt	(8)	—		—		2		144		—		86		58			AFG Capital Group, LLC		10.00%					Secured Debt		(8)		—			—			2			144			—			144			—
						Preferred Member Units	(8)	—		610		—		7,740		610		—		8,350										Preferred Member Units		(8)		—			1,040			—			7,740			1,040			—			8,780
ATX Networks Corp.	ATX Networks Corp.	8.50%	L+	7.50%		Secured Debt	(6)	—		230		—		7,092		230		—		7,322			ATX Networks Corp.		8.92%	L+	7.50%			Secured Debt		(6)		—			(309)			388			7,092			228			1,133			6,187
		10.00%			10.00%	Unsecured Debt	(6)	—		82		77		1,963		159		—		2,122					10.00%			10.00%		Unsecured Debt		(6)		—			120			159			1,963			437			158			2,242
BBB Tank Services, LLC	BBB Tank Services, LLC	12.00%	L+	11.00%		Unsecured Debt	(8)	—		(209)		144		2,507		—		209		2,298			BBB Tank Services, LLC		12.06%	L+	11.00%			Unsecured Debt		(8)		—			(209)			290			2,507			—			209			2,298
						Preferred Stock (non-voting)	(8)	—		—		—		—		—		—		—										Preferred Stock (non-voting)		(8)		—			—			—			—			—			—			—
						Member Units	(8)	—		—		—		—		—		—		—										Member Units		(8)		—			—			—			—			—			—			—
Boccella Precast Products LLC	Boccella Precast Products LLC	10.00%				Secured Debt	(6)	—		—		8		320		—		—		320			Boccella Precast Products LLC		10.00%					Secured Debt		(6)		—			—			16			320			—			—			320
						Member Units	(6)	—		—		40		4,830		—		—		4,830										Member Units		(6)		—			(320)			70			4,830			—			320			4,510
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	12.25%	L+	11.25%		Secured Debt	(7)	—		—		540		14,370		—		—		14,370			Buca C, LLC		10.37%	L+	9.25%			Secured Debt		(7)		—			—			1,036			14,370			—			1,221			13,149
Career Team Holdings, LLC	Career Team Holdings, LLC	12.50%				Secured Debt	(6)	—		—		645		20,050		10		—		20,060			Career Team Holdings, LLC		12.50%					Secured Debt		(6)		—			—			1,296			20,050			20			—			20,070
						Class A Common Units	(6)	—		—		—		4,499		—		—		4,499										Class A Common Units		(6)		—			—			—			4,499			1			—			4,500
Chandler Signs Holdings, LLC	Chandler Signs Holdings, LLC					Class A Units	(8)	—		160		—		460		160		—		620			Chandler Signs Holdings, LLC							Class A Units		(8)		—			160			—			460			160			—			620
Classic H&G Holdings, LLC	Classic H&G Holdings, LLC	7.00%	L+	6.00%		Secured Debt	(6)	—		—		159		4,000		3,600		—		7,600			Classic H&G Holdings, LLC		7.00%	L+	6.00%			Secured Debt		(6)		—			—			349			4,000			7,920			6,360			5,560
		8.00%				Secured Debt	(6)	—		(11)		396		19,274		11		11		19,274					8.00%					Secured Debt		(6)		—			(21)			797			19,274			21			21			19,274
						Preferred Member Units	(6)	—		1,020		352		15,260		1,020		—		16,280										Preferred Member Units		(6)		—			8,530			947			15,260			8,530			—			23,790
Congruent Credit Opportunities Funds	Congruent Credit Opportunities Funds					LP Interests (Congruent Credit Opportunities Fund III, LP)	(8)	—		—		163		9,959		—		1,106		8,853			Congruent Credit Opportunities Funds							LP Interests (Congruent Credit Opportunities Fund III, LP)		(8)		—			(63)			300			9,959			—			1,660			8,299
DMA Industries, LLC	DMA Industries, LLC	12.00%				Secured Debt	(7)	—		—		647		20,993		11		—		21,004			DMA Industries, LLC		12.00%					Secured Debt		(7)		—			186			1,300			20,993			207			—			21,200
						Preferred Equity	(7)	—		—		—		5,944		—		—		5,944										Preferred Equity		(7)		—			976			—			5,944			976			—			6,920
Dos Rios Partners	Dos Rios Partners					LP Interests (Dos Rios Partners - A, LP)	(8)	—		28		—		3,280		28		—		3,308			Dos Rios Partners							LP Interests (Dos Rios Partners - A, LP)		(8)		—			(546)			—			3,280			—			546			2,734
						LP Interests (Dos Rios Partners, LP)	(8)	—		90		—		10,329		90		—		10,419										LP Interests (Dos Rios Partners, LP)		(8)		—			(1,719)			—			10,329			—			1,719			8,610
Dos Rios Stone Products LLC	Dos Rios Stone Products LLC					Class A Preferred Units	(8)	—		(290)		—		640		—		290		350			Dos Rios Stone Products LLC							Class A Preferred Units		(8)		—			(290)			—			640			—			290			350
EIG Fund Investments	EIG Fund Investments					LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	2		—		27		547		2		50		499			EIG Fund Investments							LP Interests (EIG Global Private Debt Fund-A, L.P.)		(8)		11			—			28			547			—			158			389
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)	—		—		2		6,078		—		1,493		4,585			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)	—		—		108		7,231		—		—		7,231										LP Interests (Freeport First Lien Loan Fund III LP)		(5)		—			(57)			242			7,231			—			436			6,795
GFG Group, LLC.		12.00%				Secured Debt	(5)	—		(6)		383		12,545		6		6		12,545
GFG Group, LLC																						GFG Group, LLC		9.00%					Secured Debt		(5)		—			(13)			675			12,545			13			13			12,545
						Preferred Member Units	(5)	—		—		251		6,990		—		1		6,989										Preferred Member Units		(5)		—			—			378			6,990			—			—			6,990
Hawk Ridge Systems, LLC	Hawk Ridge Systems, LLC	7.00%	L+	6.00%		Secured Debt	(9)	—		—		47		2,585		—		—		2,585			Hawk Ridge Systems, LLC		7.13%	L+	6.00%			Secured Debt		(9)		—			—			94			2,585			—			—			2,585
		8.00%				Secured Debt	(9)	—		(8)		702		34,800		8		8		34,800					8.00%					Secured Debt		(9)		—			(16)			1,416			34,800			16			16			34,800
						Preferred Member Units	(9)	—		—		579		14,680		1,890		—		16,570										Preferred Member Units		(9)		—			5,350			704			14,680			5,350			—			20,030
																													Preferred Member Units		(9)		—			280			—			771			279			—			1,050
Houston Plating and Coatings, LLC																						Houston Plating and Coatings, LLC		8.00%					Unsecured Convertible Debt		(8)		—			(210)			121			2,960			—			210			2,750
																													Member Units		(8)		—			(690)			16			3,210			—			690			2,520
HPEP 3, L.P.																						HPEP 3, L.P.							LP Interests (HPEP 3, L.P.)		(8)		779			(21)			(80)			4,712			—			381			4,331

120

Table of contents

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Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2021 Fair Value	Gross Additions(3)	Gross Reductions(4)	March 31, 2022 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)		June 30, 2022 Fair Value
						Preferred Member Units	(9)	—	1,990	—	771	99	—	870									LP Interests (423 COR, LP)		(8)		—		—		—		—		1,400		—		1,400
Houston Plating and Coatings, LLC		8.00%				Unsecured Convertible Debt	(8)	—	(90)	60	2,960	—	90	2,870
						Member Units	(8)	—	(240)	1	3,210	—	241	2,969
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)	—	52	516	14,387	52	—	14,439		I-45 SLF LLC							Member Units (Fully diluted 20.0%; 21.75% profits interest)		(8)		—		(1,438)		943		14,387		—		1,438		12,949
Iron-Main Investments, LLC	Iron-Main Investments, LLC	12.50%				Secured Debt	(5)	—	—	102	3,170	1	—	3,171		Iron-Main Investments, LLC		12.50%					Secured Debt		(5)		—		—		204		3,170		3		—		3,173
		12.50%				Secured Debt	(5)	—	—	146	4,557	2	—	4,559				12.50%					Secured Debt		(5)		—		—		294		4,557		4		—		4,561
		12.50%				Secured Debt	(5)	—	—	915	28,749	10	—	28,759				12.50%					Secured Debt		(5)		—		—		1,839		28,749		20		—		28,769
						Common Stock	(5)	—	—	—	1,798	—	—	1,798									Common Stock		(5)		—		—		—		1,798		—		—		1,798
L.F. Manufacturing Holdings, LLC	L.F. Manufacturing Holdings, LLC					Preferred Member Units (non-voting)	(8)	—	—	4	107	4	—	111		L.F. Manufacturing Holdings, LLC							Preferred Member Units (non-voting)		(8)		—		—		8		107		8		—		115
						Member Units	(8)	—	—	224	2,560	—	—	2,560									Member Units		(8)		—		590		224		2,560		590		—		3,150
OnAsset Intelligence, Inc.	OnAsset Intelligence, Inc.	12.00%			12.00%	Secured Debt	(8)	—	—	29	935	29	—	964		OnAsset Intelligence, Inc.		12.00%			12.00%		Secured Debt		(8)		—		(155)		28		935		28		155		808
		12.00%			12.00%	Secured Debt	(8)	—	—	29	954	29	—	983				12.00%			12.00%		Secured Debt		(8)		—		(158)		29		954		29		158		825
		12.00%			12.00%	Secured Debt	(8)	—	—	62	2,055	61	—	2,116				12.00%			12.00%		Secured Debt		(8)		—		(341)		62		2,055		62		341		1,776
		12.00%			12.00%	Secured Debt	(8)	—	—	129	4,286	129	—	4,415				12.00%			12.00%		Secured Debt		(8)		—		(710)		129		4,286		129		711		3,704
		10.00%			10.00%	Unsecured Debt	(8)	—	—	5	191	6	—	197				10.00%			10.00%		Unsecured Debt		(8)		—		—		5		191		11		5		197
Oneliance, LLC	Oneliance, LLC	12.00%	L+	11.00%		Secured Debt	(7)	—	—	171	5,547	3	—	5,550		Oneliance, LLC		12.06%	L+	11.00%			Secured Debt		(7)		—		—		344		5,547		6		—		5,553
						Preferred Stock	(7)	—	—	—	1,056	—	—	1,056									Preferred Stock		(7)		—		—		—		1,056		—		—		1,056
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)		12.00%				Secured Debt	(8)	(8)	—	—	—	—	—	—
SI East, LLC (Stavig)		10.25%				Secured Debt	(7)	—	(18)	2,048	65,850	18	325	65,543
Quality Lease Service, LLC															Quality Lease Service, LLC		12.00%					Secured Debt		(8)		(51)		—		—		—		—		—		—
SI East, LLC															SI East, LLC		10.25%					Secured Debt		(7)		—		(36)		3,751		65,850		36		1,525		64,361
						Preferred Member Units	(7)	—	960	89	11,570	959	—	12,529									Preferred Member Units		(7)		—		1,260		345		11,570		1,260		—		12,830
Slick Innovations, LLC	Slick Innovations, LLC	13.00%				Secured Debt	(6)	—	(13)	182	5,320	13	213	5,120		Slick Innovations, LLC		13.00%					Secured Debt		(6)		—		(28)		340		5,320		28		708		4,640
						Common Stock	(6)	—	—	—	1,510	—	—	1,510									Common Stock		(6)		—		130		—		1,510		130		—		1,640
						Warrants	(6)	—	—	—	400	—	—	400									Warrants		(6)		—		40		—		400		40		—		440
Sonic Systems International, LLC	Sonic Systems International, LLC	8.50%	L+	7.50%		Secured Debt	(8)	—	—	267	11,757	12	—	11,769		Sonic Systems International, LLC		8.50%	L+	7.50%			Secured Debt		(8)		—		(233)		565		11,757		3,737		234		15,260
						Common Stock	(8)	—	(60)	11	1,070	—	60	1,010									Common Stock		(8)		—		64		21		1,070		350		—		1,420
Superior Rigging & Erecting Co.	Superior Rigging & Erecting Co.	12.00%				Secured Debt	(7)	—	—	656	21,332	12	—	21,344		Superior Rigging & Erecting Co.		12.00%					Secured Debt		(7)		—		—		1,320		21,332		23		—		21,355
						Preferred Member Units	(7)	—	—	—	4,500	—	—	4,500									Preferred Member Units		(7)		—		—		—		4,500		—		—		4,500
The Affiliati Network, LLC	The Affiliati Network, LLC	7.00%				Secured Debt	(9)	—	—	14	262	1,521	720	1,063		The Affiliati Network, LLC		11.83%					Secured Debt		(9)		—		—		794		13,096		2,187		3,640		11,643
		11.83%				Secured Debt	(9)	—	—	390	12,834	7	—	12,841
						Preferred Stock	(9)	—	590	122	6,400	590	—	6,990									Preferred Stock		(9)		—		—		302		6,400		—		—		6,400
UnionRock Energy Fund II, LP	UnionRock Energy Fund II, LP					LP Interests	(9)	—	(1,885)	236	6,123	—	4,470	1,653		UnionRock Energy Fund II, LP							LP Interests		(9)		—		(997)		55		6,123		1,324		3,582		3,865
UniTek Global Services, Inc.	UniTek Global Services, Inc.	8.50%	L+	5.50%	2.00%	Secured Debt	(6)	—	—	9	371	2	—	373		UniTek Global Services, Inc.		9.07%	L+	5.50%	2.00%		Secured Debt		(6)		—		(9)		18		371		8		13		366
		8.50%	L+	5.50%	2.00%	Secured Debt	(6)	—	—	43	1,852	12	—	1,864				9.07%	L+	5.50%	2.00%		Secured Debt		(6)		—		(47)		88		1,852		42		66		1,828
		15.00%			15.00%	Secured Convertible Debt	(6)	—	(80)	47	2,375	47	34	2,388				15.00%			15.00%		Secured Convertible Debt		(6)		—		72		95		2,375		309		96		2,588
						Preferred Stock	(6)	—	(87)	88	2,833	88	88	2,833									Preferred Stock		(6)		—		(181)		181		2,833		181		181		2,833
						Preferred Stock	(6)	—	337	—	1,498	337	—	1,835									Preferred Stock		(6)		—		393		—		1,498		393		—		1,891
Volusion, LLC	Volusion, LLC	11.50%				Secured Debt	(8)	—	—	496	17,434	—	350	17,084		Volusion, LLC		11.50%					Secured Debt		(8)		—		—		992		17,434		—		350		17,084
		8.00%				Unsecured Convertible Debt	(8)	—	—	8	409	—	—	409				8.00%					Unsecured Convertible Debt		(8)		—		—		16		409		—		—		409
						Preferred Member Units	(8)	—	—	—	5,989	—	—	5,989									Preferred Member Units		(8)		—		(3,060)		—		5,989		—		3,059		2,930
Other	Other							—	—	—	—	—	—	—		Other											—		—		—		—		—		—		—

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 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, 2021 Fair Value		Gross Additions(3)		Gross Reductions(4)		March 31, 2022 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)		June 30, 2022 Fair Value
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							—		—		—		(6,123)		—		—		—		Amounts related to investments transferred to or from other 1940 Act classification during the period							—		139		1,302		32,597		—		—		—
Total Affiliate investments	Total Affiliate investments							$	692	$	3,041	$	13,917	$	549,214	$	13,981	$	9,879	$	559,439	Total Affiliate investments							$	739	$	4,772	$	25,810	$	549,214	$	37,832	$	36,388	$	518,061

________________

(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 ~~March 31,~~June 30, 2022 for control investments located in this region was ~~$338,390.~~$341,821. This represented ~~22.8%~~22.2% of net assets as of ~~March 31,~~June 30, 2022. The fair value as of ~~March 31,~~June 30, 2022 for affiliate investments located in this region was ~~$69,637.~~$68,747. This represented ~~12.4%~~13.3% of net assets as of ~~March 31,~~June 30, 2022.

(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of ~~March 31,~~June 30, 2022 for control investments located in this region was ~~$134,636.~~$140,103. This represented 9.1% of net assets as of ~~March 31,~~June 30, 2022. The fair value as of ~~March 31,~~June 30, 2022 for affiliate investments located in this region was ~~$100,269.~~$102,679. This represented ~~17.9%~~19.8% of net assets as of ~~March 31,~~June 30, 2022.

(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of ~~March 31,~~June 30, 2022 for control investments located in this region was ~~$18,443.~~$17,479. This represented ~~1.2%~~1.1% of net assets as of ~~March 31,~~June 30, 2022. The fair value as of ~~March 31,~~June 30, 2022 for affiliate investments located in this region was ~~$165,903.~~$162,554. This represented ~~29.7%~~31.4% of net assets as of ~~March 31,~~June 30, 2022.

(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of ~~March 31,~~June 30, 2022 for control investments located in this region was ~~$587,631.~~$588,039. This represented ~~39.5%~~38.2% of net assets as of ~~March 31,~~June 30, 2022. The fair value as of ~~March 31,~~June 30, 2022 for affiliate investments located in this region was ~~$107,324.~~$103,708. This represented ~~19.2%~~20.0% of net assets as of ~~March 31,~~June 30, 2022.

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments In and Advances to Affiliates (Continued)

~~March 31,~~June 30, 2022

(dollars in thousands)

(unaudited)

(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of ~~March 31,~~June 30, 2022 for control investments located in this region was ~~$407,563.~~$450,716. This represented ~~27.4%~~29.3% of net assets as of ~~March 31,~~June 30, 2022. The fair value as of ~~March 31,~~June 30, 2022 for affiliate investments located in this region was ~~$116,306.~~$80,373. This represented ~~20.8%~~15.5% of net assets as of ~~March 31,~~June 30, 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 ~~March 31,~~June 30, 2022 (see Note 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, 2022, filed with the Securities and Exchange Commission (“SEC”) on February 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, 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, 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 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.

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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”).

OVERVIEW OF OUR BUSINESS

Our principal investment objective is to maximize our portfolio’s total return by generating current income from our debt investments and current income and capital appreciation from our equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. We seek to achieve our investment objective through our LMM, Private Loan (as defined below) and Middle Market investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million and our LMM portfolio investments generally range in size from $5 million to $75 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 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” financing solutions is important to LMM portfolio companies. We generally seek to partner directly with entrepreneurs, management teams and business owners in making our investments. Our LMM portfolio debt investments are generally secured by a first lien on the assets of the portfolio company and typically have a term of between five and seven years from the original investment date.

Private Loan investments primarily consist of debt securities that have primarily been originated directly by us or, to a lesser extent, through our strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. Our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are typically similar in size, structure, terms and conditions to investments we hold in our LMM portfolio and Middle Market portfolio. Our Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. We may also invest 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 the External Investment Manager. The External Investment Manager earns management fees based on the assets of the funds under management and may earn incentive fees, or a carried interest, based on the performance of the funds managed.

Our portfolio investments are generally made through MSCC, the Taxable Subsidiaries, the Funds and the Structured Subsidiaries. MSCC, the Taxable Subsidiaries, the Funds and the Structured Subsidiaries share the same investment strategies and criteria, although they are subject to different regulatory regimes (see Regulation). An investor’s return in MSCC will depend, in part, on the Taxable Subsidiaries’, the Funds’ and the Structured Subsidiaries’ investment returns as they are wholly-owned subsidiaries of MSCC.

The level of new portfolio investment activity will fluctuate from period to period based upon our view of the current economic fundamentals, our ability to identify new investment opportunities that meet our investment criteria, and our ability to consummate the identified opportunities. The level of new investment activity, and associated interest and fee income, will directly impact future investment income. In addition, the level of dividends paid by portfolio companies and the portion of our portfolio debt investments on non-accrual status will directly impact future investment income. While we intend to grow our portfolio and our investment income over the long term, our growth and our operating results may be more limited during depressed economic periods. However, we intend to appropriately manage our cost structure and liquidity position based on applicable economic conditions and our investment outlook. The level of realized gains or losses and unrealized appreciation or depreciation on our investments will also fluctuate depending upon portfolio activity, economic conditions and the performance of our individual portfolio companies. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results.

Because we are internally managed, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals. We believe that our internally managed structure provides us with a better alignment of interests between our management team and our employees and our shareholders and a beneficial operating expense structure when compared to other publicly traded and privately held investment firms which are externally managed, and our internally managed structure allows us the opportunity to leverage our non-interest operating expenses as we grow our Investment Portfolio and our External Investment Manager’s asset management business (as defined below). The ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.4% and 1.5%, for the trailing twelve months ended ~~March 31,~~June 30, 2023 and 2022, respectively, and 1.4% for the year ended December 31, 2022. The ratio of our total operating expenses, including interest expense, as a percentage of our quarterly average total assets was ~~3.5%~~3.7% and 3.3% for the trailing twelve months ended ~~March 31,~~June 30, 2023 and 2022, respectively, and 3.3% for the year ended December 31, 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.

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.

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 ~~$8.1~~$8.5 million and ~~$5.1~~$5.2 million for the three months ended ~~March 31,~~June 30, 2023 and 2022, respectively. ~~The~~During the three months ended June 30, 2023 and 2022, the External Investment Manager earned base management fee income of $5.5 million and $5.4 million, ~~during the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023 and 2022, the External Investment Manager earned~~respectively, incentive fee income of ~~$3.3~~$3.7 million and $0.1 million, ~~respectively. During both of the three months ended March 31, 2023~~respectively, and ~~2022, the External Investment Manager earned~~ administrative services fee income of $0.2 ~~million.~~million in each period. Our total expenses are net of expenses allocated to the External Investment Manager for the ~~March 31,~~three months ended June 30, 2023 and 2022 of ~~$5.0~~$5.7 million and ~~$2.8~~$3.5 million, respectively. The total contribution to our net investment income was $16.6 million and $10.3 million for the six months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023 and 2022, the External Investment Manager earned base management fee income of $11.0 million and $10.9 million, respectively, incentive fee income of $7.0 million and $0.2 million, respectively, and administrative services fee income of $0.3 million in each period. Our total expenses are net of expenses allocated to the External Investment Manager for the six months ended June 30, 2023 and 2022 of $10.7 million and $6.3 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. In addition to the co-investment program described above, we also co-invest in syndicated deals and other transactions where price is the only negotiated point by us and our affiliates.

INVESTMENT PORTFOLIO SUMMARY

The following tables provide a summary of our investments in the LMM, Private Loan and Middle Market portfolios as of ~~March 31,~~June 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager which are discussed further below):


		As of March 31, 2023										As of June 30, 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	79			86			30			Number of portfolio companies	79			88			28
Fair value	Fair value	$	2,112.6		$	1,491.4		$	306.2		Fair value	$	2,170.2		$	1,499.3		$	295.9
Cost	Cost	$	1,727.9		$	1,527.6		$	391.0		Cost	$	1,720.9		$	1,519.9		$	352.9
Debt investments as a % of portfolio (at cost)	Debt investments as a % of portfolio (at cost)	72.9		%	97.1		%	93.6		%	Debt investments as a % of portfolio (at cost)	72.0		%	96.1		%	92.9		%
Equity investments as a % of portfolio (at cost)	Equity investments as a % of portfolio (at cost)	27.1		%	2.9		%	6.4		%	Equity investments as a % of portfolio (at cost)	28.0		%	3.9		%	7.1		%
% of debt investments at cost secured by first priority lien	% of debt investments at cost secured by first priority lien	99.2		%	99.5		%	99.3		%	% of debt investments at cost secured by first priority lien	99.2		%	99.5		%	99.2		%
Weighted-average annual effective yield (b)	Weighted-average annual effective yield (b)	12.6		%	12.4		%	11.8		%	Weighted-average annual effective yield (b)	12.9		%	12.6		%	11.8		%
Average EBITDA (c)	Average EBITDA (c)	$	8.3		$	38.1		$	65.4		Average EBITDA (c)	$	8.0		$	30.5		$	67.6

____________________

(a)At ~~March 31,~~June 30, 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%~~40%.

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status. The weighted-average annual effective yield on our debt portfolio as of ~~March 31,~~June 30, 2023 including debt investments on non-accrual status was ~~12.2%~~12.8% for our LMM portfolio, ~~12.0%~~12.3% for our Private Loan portfolio and ~~10.4%~~10.8% 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~~two LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.


	As of December 31, 2022
	LMM (a)			Private 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 December 31, 2022, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on our debt portfolio as of December 31, 2022 including debt investments on non-accrual status was 11.6% for our LMM portfolio, 11.2% for our Private Loan portfolio and 10.3% for our Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including three LMM portfolio companies and two Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.

For the three months ended ~~March 31,~~June 30, 2023 and 2022, we achieved an annualized total return on investments of ~~13.4%~~16.7% and ~~11.8%~~6.5%, respectively. For each of the six months ended June 30, 2023 and 2022, Main Street achieved an annualized total return on investments of 15.1% and 9.2%, respectively. For the year ended December 31, 2022, we achieved a total return on investments of 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 ~~March 31,~~June 30, 2023, we had Other Portfolio investments in ~~14 companies,~~15 entities, collectively totaling ~~$116.1~~$111.2 million in fair value and ~~$119.7~~$119.4 million in cost basis and which comprised ~~2.8%~~2.6% and 3.2% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2022, we had Other Portfolio investments in 14 ~~companies,~~entities, collectively totaling $116.3 million in fair value and $120.4 million in cost basis and which comprised 2.8% and 3.2% of our Investment Portfolio at fair value and cost, respectively.

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As previously discussed, the External Investment Manager is a wholly-owned subsidiary that is treated as a portfolio investment. As of ~~March 31,~~June 30, 2023, this investment had a fair value of ~~$132.7~~$134.0 million and a cost basis of $29.5 million, which comprised 3.2% and 0.8% of our Investment Portfolio at fair value and cost, respectively. As of

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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 — Summary of Significant Accounting Policies to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

Investment Portfolio Valuation

The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our Investment Portfolio and the related amounts of unrealized appreciation and depreciation. We consider this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of ~~both March 31,~~June 30, 2023 and December 31, 2022, our Investment Portfolio valued at fair value represented 95% and 97%, respectively, 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 valuation process and procedures.

Due to the inherent uncertainty in the valuation process, our determination of fair value for our Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Our Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of our executive officers to serve as the Board of Directors’ valuation designee. We believe our Investment Portfolio as of ~~March 31,~~June 30, 2023 and December 31, 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

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dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service its debt obligation, we will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has

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demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, we remove it from non-accrual status.

Fee Income

We may periodically provide services, including structuring and advisory services to our portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.

Payment-in-Kind (“PIK”) Interest and Cumulative Dividends

We hold certain debt and preferred equity instruments in our Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.9. — Summary of Significant Accounting Policies — Income Taxes included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended ~~March 31,~~June 30, 2023 and 2022, (i) ~~2.4%~~1.8% and ~~1.2%~~1.7%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.2% and 0.2%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the six months ended June 30, 2023 and 2022, (i) 2.1% and 1.4%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and ~~1.1%~~0.6%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash.

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INVESTMENT PORTFOLIO COMPOSITION

The following tables summarize the composition of our total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments as of ~~March 31,~~June 30, 2023 and December 31, 2022 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager).


Cost:	Cost:	March 31, 2023		December 31, 2022		Cost:	June 30, 2023		December 31, 2022
First lien debt	First lien debt	84.7	%	85.0	%	First lien debt	83.8	%	85.0	%
Equity	Equity	14.6		14.2		Equity	15.5		14.2
Second lien debt	Second lien debt	0.3		0.3		Second lien debt	0.3		0.3
Equity warrants	Equity warrants	0.2		0.2		Equity warrants	0.2		0.2
Other	Other	0.2		0.3		Other	0.2		0.3
		100.0	%	100.0	%		100.0	%	100.0	%


Fair Value:	Fair Value:	March 31, 2023		December 31, 2022		Fair Value:	June 30, 2023		December 31, 2022
First lien debt	First lien debt	74.6	%	75.2	%	First lien debt	73.3	%	75.2	%
Equity	Equity	24.7		24.1		Equity	25.9		24.1
Second lien debt	Second lien debt	0.4		0.3		Second lien debt	0.4		0.3
Equity warrants	Equity warrants	0.1		0.1		Equity warrants	0.2		0.1
Other	Other	0.2		0.3		Other	0.2		0.3
		100.0	%	100.0	%		100.0	%	100.0	%

Our LMM, Private Loan and Middle Market portfolio investments carry a number of risks including: (1) investing in companies which may have limited operating histories and financial resources; (2) holding investments that generally are not publicly traded and which may be subject to legal and other restrictions on resale; and (3) other risks common to investing in below investment-grade debt and equity investments in our Investment Portfolio. Please see Item 1A. Risk

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Factors — Risks Related to our Investments contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 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 ~~March 31,~~June 30, 2023, our total Investment Portfolio had 13nine investments on non-accrual status, which comprised ~~0.6%~~0.3% of its fair value and ~~3.2%~~1.7% of its cost. As of December 31, 2022, our total Investment Portfolio had 12 investments on non-accrual status, which comprised 0.6% of its fair value and 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.

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DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS

Comparison of the three months ended ~~March 31,~~June 30, 2023 and 2022

Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the three months ended ~~March 31,~~June 30, 2023 and 2022.


		Three Months Ended March 31,				Net Change					Three Months Ended June 30,				Net Change
		2023		2022		Amount		%			2023		2022		Amount		%
		(dollars in thousands)									(dollars in thousands)
Total investment income	Total investment income	$	120,254	$	79,395	$	40,859	51	%	Total investment income	$	127,583	$	85,200	$	42,383	50	%
Total expenses	Total expenses	(39,287)		(27,183)		(12,104)		45	%	Total expenses	(41,855)		(30,474)		(11,381)		37	%
Net investment income	Net investment income	80,967		52,212		28,755		55	%	Net investment income	85,728		54,726		31,002		57	%
Net realized gain (loss) from investments		(28,379)		3,336		(31,715)		NM
Net unrealized appreciation from investments		35,118		14,752		20,366		NM
Net realized loss from investments										Net realized loss from investments	(75,506)		(5,064)		(70,442)		NM
Net unrealized appreciation (depreciation) from investments										Net unrealized appreciation (depreciation) from investments	104,941		(24,593)		129,534		NM
Income tax provision	Income tax provision	(8,114)		(5,097)		(3,017)		NM		Income tax provision	(8,647)		(10,320)		1,673		NM
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	79,592	$	65,203	$	14,389	22	%	Net increase in net assets resulting from operations	$	106,516	$	14,749	$	91,767	622	%

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		Three Months Ended March 31,				Net Change					Three Months Ended June 30,				Net Change
		2023		2022		Amount		%			2023		2022		Amount		%
		(dollars in thousands, except per share amounts)									(dollars in thousands, except per share amounts)
Net investment income	Net investment income	$	80,967	$	52,212	$	28,755	55	%	Net investment income	$	85,728	$	54,726	$	31,002	57	%
Share‑based compensation expense	Share‑based compensation expense	4,100		2,818		1,282		45	%	Share‑based compensation expense	4,087		3,596		491		14	%

Deferred compensation expense (benefit)	Deferred compensation expense (benefit)	376		(376)		752		NM		Deferred compensation expense (benefit)	513		(1,225)		1,738		NM
Distributable net investment income (a)	Distributable net investment income (a)	$	85,443	$	54,654	$	30,789	56	%	Distributable net investment income (a)	$	90,328	$	57,097	$	33,231	58	%
Net investment income per share—Basic and diluted	Net investment income per share—Basic and diluted	$	1.02	$	0.73	$	0.29	40	%	Net investment income per share—Basic and diluted	$	1.06	$	0.75	$	0.31	41	%

Distributable net investment income per share—Basic and diluted (a)	Distributable net investment income per share—Basic and diluted (a)	$	1.07	$	0.76	$	0.31	41	%	Distributable net investment income per share—Basic and diluted (a)	$	1.12	$	0.78	$	0.34	44	%

____________________

NM — Net Change % not meaningful

(a)Distributable net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impacts of share-based compensation expense and deferred compensation expense or benefit. We believe presenting distributable net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing our financial performance since share-based compensation does not require settlement in cash and deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing our financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the table above.

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Investment Income

Total investment income for the three months ended ~~March 31,~~June 30, 2023 was ~~$120.3~~$127.6 million, a ~~51%~~50% increase from the ~~$79.4~~$85.2 million of total investment income for the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.


		Three Months Ended March 31,				Net Change						Three Months Ended June 30,				Net Change
		2023		2022		Amount		%				2023		2022		Amount		%
		(dollars in thousands)										(dollars in thousands)
Interest income	Interest income	$	93,392	$	59,441	$	33,951	57	%	(a)	Interest income	$	97,273	$	63,984	$	33,289	52	%	(a)
Dividend income	Dividend income	24,222		16,622		7,600		46	%	(b)	Dividend income	25,599		17,913		7,686		43	%	(b)
Fee income	Fee income	2,640		3,332		(692)		(21)	%	(c)	Fee income	4,711		3,303		1,408		43	%	(c)
Total investment income	Total investment income	$	120,254	$	79,395	$	40,859	51	%	(d)	Total investment income	$	127,583	$	85,200	$	42,383	50	%	(d)

____________________

(a)The increase in interest income was primarily due to (i) ~~higher average levels of Investment Portfolio debt investments, (ii)~~ an increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from increases in benchmark index rates, (ii) higher average levels of income producing Investment Portfolio debt investments and (iii) an increase in interest rate spreads on new investments over the ~~prior year.~~last twelve months.

(b)The increase in dividend income from Investment Portfolio equity investments was primarily a result of a (i) ~~$7.4~~$3.8 million increase related to dividend income considered to be less consistent or non-recurring, (ii) an increase in dividend income from the External Investment Manager and ~~(ii)~~(iii) continued strong dividend income from a variety of portfolio companies.

(c)The ~~decrease~~increase in fee income was primarily related to (i) a ~~$1.5~~$1.3 million ~~decrease~~increase related to ~~lower~~higher originations of Investment Portfolio investments ~~partially offset by~~and (ii) a ~~$0.8~~$0.1 million increase in fees received from refinancing and prepayment of debt investments.

(d)The increase in total investment income includes a net increase of ~~$8.1~~$3.4 million in the impact of certain income considered less consistent or non-recurring, including a ~~$7.4~~$3.8 million increase in dividend income, ~~and~~partially offset by a ~~$0.7~~$0.4 million ~~increase~~decrease in total accelerated prepayment and other activity related to certain Investment Portfolio debt investments.

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Expenses

Total expenses for the three months ended ~~March 31,~~June 30, 2023 were ~~$39.3~~$41.9 million, a ~~45%~~37% increase from the ~~$27.2~~$30.5 million in the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.


		Three Months Ended March 31,				Net Change						Three Months Ended June 30,				Net Change
		2023		2022		Amount		%				2023		2022		Amount		%
		(dollars in thousands)										(dollars in thousands)
Cash compensation	Cash compensation	$	10,735	$	7,645	$	3,090	40	%	(a)	Cash compensation	$	11,675	$	10,032	$	1,643	16	%	(a)
Deferred compensation plan expense (benefit)	Deferred compensation plan expense (benefit)	376		(376)		752		200	%	(b)	Deferred compensation plan expense (benefit)	513		(1,225)		1,738		142	%	(b)
Compensation	Compensation	11,111		7,269		3,842		53	%		Compensation	12,188		8,807		3,381		38	%
General and administrative	General and administrative	4,077		3,226		851		26	%		General and administrative	4,514		4,238		276		7	%
Interest	Interest	24,997		16,687		8,310		50	%	(c)	Interest	26,754		17,295		9,459		55	%	(c)
Share-based compensation	Share-based compensation	4,100		2,818		1,282		46	%	(d)	Share-based compensation	4,087		3,596		491		14	%
Gross expenses	Gross expenses	44,285		30,000		14,285		48	%		Gross expenses	47,543		33,936		13,607		40	%
Expenses allocated to the External Investment Manager	Expenses allocated to the External Investment Manager	(4,998)		(2,817)		(2,181)		77	%	(e)	Expenses allocated to the External Investment Manager	(5,688)		(3,462)		(2,226)		64	%	(d)
Total expenses	Total expenses	$	39,287	$	27,183	$	12,104	45	%		Total expenses	$	41,855	$	30,474	$	11,381	37	%

____________________

(a)The increase in cash compensation was primarily related to increased incentive compensation accruals, increased base compensation rates and increased ~~headcount.~~headcount to support our growing Investment Portfolio and asset management activities.

(b)The increase in non-cash deferred compensation plan expense was a result of compensation expense recorded in the ~~first~~second quarter of 2023 resulting from an increase in the fair value of deferred compensation plan assets and corresponding liabilities in the quarter compared to a decrease in compensation expense resulting from a decrease in such fair values in the corresponding period of 2022.

(c)The increase in interest expense was primarily related to (i) an increased weighted average interest rate on our debt obligations resulting from ~~the addition of the~~an increased average interest rate on our multi-year revolving credit facility (the “Corporate Facility”) and special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) due to increases in benchmark index rates and the addition of our SPV Facility and the December 2025 Notes at higher contractual interest rates ~~and an increased average interest rate on our multi-year corporate-level revolving credit facility (the “Corporate Facility” and, together~~than debt obligations repaid with ~~the SPV Facility, the “Credit Facilities” due to increases in benchmark index rates~~such borrowing proceeds and (ii) increased average outstanding borrowings to fund our investment activity and support the growth of our Investment Portfolio.

(d)Share-based compensation increased $1.3 million in the first quarter of 2023 from the comparable period of the prior year, principally attributable to an increase in incentive based grants related to incentive compensation awards for 2022 and the accelerated vesting of certain prior incentive grants.

~~(e)~~The increase in expenses allocated to the External Investment Manager was primarily related to increased overall operating costs at Main Street, an increase in assets under management and the positive operating results from the assets managed for ~~clients.~~clients of the External Investment Manager.

Net Investment Income

Net investment income for the three months ended ~~March 31,~~June 30, 2023 increased ~~55%~~57% to ~~$81.0~~$85.7 million, or ~~$1.02~~$1.06 per share, compared to net investment income of ~~$52.2~~$54.7 million, or ~~$0.73~~$0.75 per share, in the corresponding period of 2022. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses, both as discussed above. The increase in net investment income per share also reflects ~~these changes and~~ the impact of the increase in weighted average shares outstanding for the three months ended ~~March 31,~~June 30, 2023, primarily due to shares issued over the last twelve months through our (i) public offering in August 2022 and at-the-market (“ATM”) program, (ii) equity incentive plans and (iii) dividend reinvestment plan. The increase in net investment income on a per share basis includes a ~~$0.10~~$0.04 per share increase in investment income considered less consistent or non-recurring, partially offset by an increase in deferred compensation expense of ~~$0.01~~$0.02 per share resulting from the comparable period difference in the change in fair value of deferred compensation plan assets and corresponding liabilities, both of which are discussed above.

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Distributable Net Investment Income

Distributable net investment income for the three months ended ~~March 31,~~June 30, 2023 increased ~~56%~~58% to ~~$85.4~~$90.3 million, or ~~$1.07~~$1.12 per share, compared with ~~$54.7~~$57.1 million, or ~~$0.76~~$0.78 per share, in the corresponding period of 2022. The increase in distributable net investment income was primarily due to the increased level of total investment income, partially offset by higher operating expenses, excluding the impact of share-based compensation expense and deferred compensation expense (benefit), both as discussed above. The increase in distributable net investment income per share also reflects the ~~net~~ impact of the increase in weighted average shares outstanding for the three months ended ~~March 31,~~June 30, 2023 ~~primarily due to shares issued over the last twelve months through our (i) public offering in August 2022 and ATM program, (ii) equity incentive plans and (iii) dividend reinvestment plan.~~as discussed above. The increase in distributable net investment income on a per share basis includes a ~~$0.10~~$0.04 per share increase in investment income considered less consistent or non-recurring, as discussed above.

Net Realized Gain (Loss) from Investments

The following table provides a summary of the primary components of the total net realized loss on investments of ~~$28.4~~$75.5 million for the three months ended ~~March 31, 2023:~~June 30, 2023.


		Three Months Ended March 31, 2023														Three Months Ended June 30, 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	$	—	—	$	(29,526)	1	$	(3,597)	1	$	2	$	(33,121)	LMM portfolio	$	(42,056)	2	$	—	—	$	—	—	$	160	$	(41,896)
Private Loan portfolio	Private Loan portfolio	868		1	—		—	—		—	(128)		740		Private Loan portfolio	1,797		1	—		—	(16,303)		1	(184)		(14,690)
Middle Market portfolio	Middle Market portfolio	3,248		1	—		—	—		—	56		3,304		Middle Market portfolio	(9,634)		1	—		—	(13,520)		2	—		(23,154)
Other Portfolio	Other Portfolio	—		—	631		1	—		—	67		698		Other Portfolio	—		—	4,266		3	—		—	3		4,269

Short-term portfolio															Short-term portfolio	—		—	—		—	—		—	(35)		(35)
Total net realized gain/(loss)	Total net realized gain/(loss)	$	4,116	2	$	(28,895)	2	$	(3,597)	1	$	(3)	$	(28,379)	Total net realized gain/(loss)	$	(49,893)	4	$	4,266	3	$	(29,823)	3	$	(56)	$	(75,506)

____________________

(a)Other activity includes realized gains and losses from transactions involving ~~nine~~ten portfolio companies which are not considered to be significant individually or in the aggregate.

Net Unrealized Appreciation (Depreciation)

The following table provides a summary of the total net unrealized appreciation of ~~$35.1~~$104.9 million for the three months ended ~~March 31, 2023:~~June 30, 2023.


		Three Months Ended March 31, 2023												Three Months Ended June 30, 2023
		LMM(a)		Private Loan		Middle Market		Other			Total			LMM (a)		Private Loan		Middle Market		Other			Total
		(dollars in thousands)												(dollars in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period	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	Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period	$	41,592	$	14,694	$	23,154	$	(4,233)		$	75,207
Net unrealized appreciation (depreciation) relating to portfolio investments		11,164		(7,514)		(8,909)		11,259		(b)	6,000
Net unrealized appreciation relating to portfolio investments													Net unrealized appreciation relating to portfolio investments	23,007		631		4,523		1,573		(b)	29,734
Total net unrealized appreciation (depreciation) relating to portfolio investments	Total net unrealized appreciation (depreciation) relating to portfolio investments	$	44,104	$	(7,390)	$	(12,157)	$	10,561		$	35,118	Total net unrealized appreciation (depreciation) relating to portfolio investments	$	64,599	$	15,325	$	27,677	$	(2,660)		$	104,941

____________________

(a)Includes unrealized appreciation on 2935 LMM portfolio investments and unrealized depreciation on 23 LMM portfolio investments.

(b)Includes (i) ~~$9.7~~$1.3 million of unrealized appreciation relating to the External Investment Manager, (ii) ~~$1.1 million of net unrealized appreciation relating to the Other Portfolio and (iii) $0.4~~$0.5 million of unrealized appreciation relating to the assets of the deferred compensation ~~plan.~~plan, partially offset by $0.3 million of net unrealized depreciation relating to the Other Portfolio.

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The realized losses recognized in the second quarter were completed at a net realized fair value $2.4 million greater than the fair value for such investments at the end of the first quarter 2023.

Income Tax Provision

The income tax provision for the three months ended ~~March 31,~~June 30, 2023 of ~~$8.1~~$8.6 million principally consisted of (i) a deferred tax provision of ~~$6.4~~$7.0 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences and (ii) a current tax provision of ~~$1.7~~$1.6 million, related to a ~~$1.0 million provision for current U.S. federal and state income taxes and a $0.7~~$1.1 million provision for excise tax on our estimated undistributed taxable ~~income.~~income and a $0.5 million provision for current U.S. federal and state income taxes. The income tax provision for the three months ended ~~March 31,~~June 30, 2022 of ~~$5.1~~$10.3 million principally consisted of (i) a deferred tax provision of ~~$3.8~~$9.5 million and (ii) a current tax provision of ~~$1.3~~$0.8 million primarily related to a $0.7 million provision for excise tax on our estimated undistributed taxable income and a ~~$0.6~~$0.1 million provision for current U.S. federal and state income taxes.

Net Increase in Net Assets Resulting from Operations

The net increase in net assets resulting from operations for the three months ended ~~March 31,~~June 30, 2023 was ~~$79.6~~$106.5 million, or ~~$1.00~~$1.32 per share, compared with ~~$65.2~~$14.7 million, or ~~$0.91~~$0.20 per share, during the three months ended ~~March 31,~~June 30, 2022. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended ~~March 31,~~June 30, 2023 as compared to the three months ended ~~March~~June 30, 2022.

Comparison of the six months ended June 30, 2023 and 2022

Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the six months ended June 30, 2023 and 2022.


	Six Months Ended June 30,				Net Change
	2023		2022		Amount		%
	(dollars in thousands)
Total investment income	$	247,838	$	164,596	$	83,242	51	%
Total expenses	(81,144)		(57,657)		(23,487)		41	%
Net investment income	166,694		106,939		59,755		56	%
Net realized loss from investments	(103,886)		(1,728)		(102,158)		NM
Net unrealized appreciation (depreciation) from investments	140,059		(9,841)		149,900		NM
Income tax provision	(16,760)		(15,417)		(1,343)		NM
Net increase in net assets resulting from operations	$	186,107	$	79,953	$	106,154	133	%


	Six Months Ended June 30,				Net Change
	2023		2022		Amount		%
	(dollars in thousands, except per share amounts)
Net investment income	$	166,694	$	106,939	$	59,755	56	%
Share‑based compensation expense	8,187		6,414		1,773		28	%

Deferred compensation expense (benefit)	889		(1,601)		2,490		NM
Distributable net investment income (a)	$	175,770	$	111,752	$	64,018	57	%
Net investment income per share—Basic and diluted	$	2.08	$	1.47	$	0.61	41	%

Distributable net investment income per share—Basic and diluted (a)	$	2.19	$	1.54	$	0.65	42	%

____________________

NM Net change % not meaningful

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believe presenting distributable net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing our financial performance since share-based compensation does not require settlement in cash and deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing our financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the table above.

Investment Income

Total investment income for the six months ended June 30, 2023 was $247.8 million, a 51% increase from the $164.6 million of total investment income for the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.


	Six Months Ended June 30,				Net Change
	2023		2022		Amount		%
	(dollars in thousands)
Interest income	$	190,666	$	123,426	$	67,240	54	%	(a)
Dividend income	49,821		34,535		15,286		44	%	(b)
Fee income	7,351		6,635		716		11	%
Total investment income	$	247,838	$	164,596	$	83,242	51	%	(c)

____________________

(a)The increase in interest income was primarily due to (i) an increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from increases in benchmark index rates, (ii) higher average levels of income producing Investment Portfolio debt investments and (iii) an increase in interest rate spreads on new investments over the last twelve months.

(b)The increase in dividend income from Investment Portfolio equity investments was primarily a result of (i) an $11.2 million increase related to dividend income considered to be less consistent or non-recurring, (ii) growth in dividend income from a variety of portfolio companies resulting from the improved operating results, financial condition and liquidity positions of those portfolio companies, and (iii) a $1.9 million increase in dividend income from the External Investment Manager.

(c)The increase in total investment income includes a net increase of $11.6 million in the impact of certain income considered less consistent or non-recurring, including (i) an $11.3 million increase in dividend income and (ii) a $0.3 million increase in accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.

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Expenses

Total expenses for the six months ended June 30, 2023 were $81.1 million, a 41% increase from the $57.7 million in the corresponding period of 2022. The following table provides a summary of the changes in the comparable period activity.


	Six Months Ended June 30,				Net Change
	2023		2022		Amount		%
	(dollars in thousands)
Cash compensation	$	22,411	$	17,677	$	4,734	27	%	(a)
Deferred compensation plan expense (benefit)	889		(1,601)		2,490		(156)	%	(b)
Compensation	23,300		16,076		7,224		45	%
General and administrative	8,591		7,464		1,127		15	%
Interest	51,752		33,982		17,770		52	%	(c)
Share-based compensation	8,187		6,414		1,773		28	%	(d)
Gross expenses	91,830		63,936		27,894		44	%
Expenses allocated to the External Investment Manager	(10,686)		(6,279)		(4,407)		70	%	(e)
Total expenses	$	81,144	$	57,657	$	23,487	41	%

____________________

(a)The increase in cash compensation was primarily related to increased incentive compensation accruals, increased base compensation rates and increased headcount to support our growing Investment Portfolio and asset management activities.

(b)The change in the non-cash deferred compensation plan expense was a result of compensation expense recorded in the six months ended June 30, 2023 resulting from an increase in the fair value of the deferred compensation plan assets and corresponding liabilities in the quarter compared to a decrease in compensation expense resulting from a decrease in such fair values in the corresponding period of 2022.

(c)The increase in interest expense was primarily related to (i) an increased weighted average interest rate on our debt obligations resulting from (a) increased average interest rates on our Credit Facilities due to increases in benchmark index rates, (b) the addition of the SPV Facility and (c) the addition of the December 2025 Notes at higher contractual interest rates than debt obligations repaid in December 2022 and (ii) increased average outstanding borrowings to fund our investment activity and support the growth of our Investment Portfolio.

(d)Share-based compensation increased $1.8 million in the six months ended June 30, 2023 from the comparable period of the prior year, principally attributable to incentive based grants related to incentive compensation awards for 2022 and the accelerated vesting of certain prior incentive grants.

(e)The increase in expenses allocated to the External Investment Manager was primarily related to (i) increased overall operating costs at Main Street, (ii) an increase in assets under management and (iii) the positive operating results from the assets managed for clients of the External Investment Manager.

Net Investment Income

Net investment income for the six months ended June 30, 2023 increased 56% to $166.7 million, or $2.08 per share, compared to net investment income of $106.9 million, or $1.47 per share, for the corresponding period of 2022. The increase in net investment income was principally attributable to the increase in total investment income, partially offset by higher operating expenses, both as discussed above. The increase in net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the six months ended June 30, 2023, primarily due to shares issued over the last twelve months through our (i) public offering in August 2022 and ATM program, (ii) equity incentive plans and (iii) dividend reinvestment plan. The increase in net investment income on a per share basis includes (i) a $0.14 per share increase in investment income considered less consistent or non-recurring and (ii) an increase in deferred compensation expense of $0.03 per share resulting from the comparable period difference in the fair value of Deferred Compensation Plan assets and corresponding liabilities, both of which are discussed above.

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Distributable Net Investment Income

Distributable net investment income for the six months ended June 30, 2023 increased 57% to $175.8 million, or $2.19 per share, compared with $111.8 million, or $1.54 per share, in the corresponding period of 2022. The increase in distributable net investment income was primarily due to the increased level of total investment income, partially offset by higher operating expenses, excluding the impact of share-based compensation expense and deferred compensation expense (benefit), both as discussed above. The increase in distributable net investment income per share also reflects the impact of the increase in weighted average shares outstanding for the six months ended June 30, 2023, primarily due to shares issued over the last twelve months as discussed above. The increase in distributable net investment income on a per share basis includes a $0.14 per share increase in investment income considered less consistent or non-recurring, as discussed above.

Net Realized Gain (Loss) from Investments

The following table provides a summary of the primary components of the total net realized loss on investments of $103.9 million for the six months ended June 30, 2023.


	Six Months Ended June 30, 2023
	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	$	(42,056)	2	$	(29,526)	1	$	(3,597)	1	$	161	$	(75,018)
Private Loan portfolio	2,665		2	—		—	(16,303)		1	(313)		(13,951)
Middle Market portfolio	(6,386)		2	—		—	(13,520)		2	56		(19,850)
Other Portfolio	—		—	4,897		3	—		—	71		4,968
Short-term portfolio	—		—	—		—	—		—	(35)		(35)
Total net realized gain (loss)	$	(45,777)	6	$	(24,629)	4	$	(33,420)	4	$	(60)	$	(103,886)

____________________

(a)Other activity includes realized gains and losses from transactions involving 16 portfolio companies which are not considered to be significant individually or in the aggregate.

Net Unrealized Appreciation (Depreciation)

The following table provides a summary of the total net unrealized appreciation of $140.1 million for the six months ended June 30, 2023.


	Six Months Ended June 30, 2023
	LMM (a)		Private Loan		Middle Market		Other			Total
	(dollars in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period	$	74,531	$	14,818	$	19,906	$	(4,931)		$	104,324
Net unrealized appreciation (depreciation) relating to portfolio investments	34,171		(6,883)		(4,386)		12,833		(b)	35,735
Total net unrealized appreciation (depreciation) relating to portfolio investments	$	108,702	$	7,935	$	15,520	$	7,902		$	140,059

____________________

(a)Includes unrealized appreciation on 34 LMM portfolio investments and unrealized depreciation on 31 LMM portfolio investments.

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(b)Other includes (i) $11.0 million of unrealized appreciation relating to the External Investment Manager, (ii) $0.9 million of net unrealized appreciation relating to the assets of the Deferred Compensation Plan and (iii) $0.9 million of net unrealized appreciation relating to the Other Portfolio.

Income Tax Benefit (Provision)

The income tax provision for the six months ended June 30, 2023 of $16.8 million principally consisted of (i) a deferred tax provision of $13.4 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences and (ii) a current tax provision of $3.4 million related to a $1.8 million provision for excise tax on our estimated undistributed taxable income and a $1.6 million provision for current U.S. federal and state income taxes. The income tax provision for the six months ended June 30, 2022 of $15.4 million principally consisted of (i) a deferred tax provision of $13.3 million and (ii) a current tax provision of $2.1 million primarily related to a $1.4 million provision for excise tax on our estimated undistributed taxable income and a $0.7 million provision for current U.S. federal and state income taxes.

Net Increase in Net Assets Resulting from Operations

The net increase in net assets resulting from operations for the six months ended June 30, 2023 was $186.1 million, or $2.32 per share, compared with $80.0 million, or $1.10 per share, during the six months ended June 30, 2022. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the six months ended June 30, 2023 as compared to the six months ended June 30, 2022.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

For the ~~three~~six months ended ~~March 31,~~June 30, 2023, we realized a net ~~decrease~~increase in cash and cash equivalents of ~~$9.4~~$21.8 million, which is the result of ~~$20.0~~$47.7 million of cash provided by our operating activities, ~~and $29.3~~partially offset by $25.9 million of cash used in our financing activities.

The ~~$20.0~~$47.7 million of cash provided by our operating activities resulted primarily from (i) cash proceeds totaling $322.6 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 ~~$77.8~~$160.6 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, ~~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~~$395.3 million for the funding of new and follow-on portfolio company investments and settlement of accruals for portfolio investments existing as of December 31, 2022 and (ii) cash payments of ~~$12.3~~$40.2 million related to changes in other assets and liabilities.

The ~~$29.3~~$25.9 million of cash used in our financing activities principally consisted of (i) ~~$59.6~~$125.3 million in dividends paid to stockholders of our common stock, (ii) ~~$43.0~~$27.0 million in net repayments from our ~~Corporate Facility and the SPV Facility,~~Credit Facilities, (iii) ~~$16.0 million in repayments of SBIC debentures, (iv) $1.2 million in debt issuance costs and (v) $0.4~~$6.0 million for purchases of vested restricted stock from employees to satisfy their tax withholding requirements upon the vesting of such restricted stock and (iv) $1.8 million in debt issuance costs, partially offset by (i) ~~$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~~$84.1 million in net cash proceeds from equity offerings from our ATM Program (as described below) and direct stock purchase ~~plan.~~plan and (ii) $50.0 million in cash proceeds from the issuance of additional aggregate principal amount of the December 2025 Notes (as defined below).

Capital Resources

As of ~~March 31,~~June 30, 2023, we had ~~$39.8~~$70.9 million in cash and cash equivalents and ~~$671.0~~$655.0 million of unused capacity under the Credit Facilities which we maintain to support our investment and operating activities. As of ~~March 31,~~June 30, 2023, our NAV totaled ~~$2,172.9~~$2,254.9 million, or ~~$27.23~~$27.69 per share.

As of ~~March 31,~~June 30, 2023, we had ~~$394.0~~$410.0 million outstanding and ~~$586.0~~$570.0 million of undrawn commitments under the Corporate Facility, and $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 our Credit Facilities, including key terms and financial covenants, refer to Note E — Debt included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

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In January 2021, we issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”). In October 2021, we issued an additional $200.0 million in aggregate principal amount of the July 2026 Notes. The outstanding aggregate principal amount of the July 2026 Notes was $500.0 million as of both June 30, 2023 and December 31, 2022.

In April 2019, we issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the “May 2024 Notes”). In December 2019 and July 2020, we issued an additional $75.0 million and $125.0 million, respectively, in aggregate principal amount of the May 2024 Notes. The outstanding aggregate principal amount of the May 2024 Notes was $450.0 million as of both June 30, 2023 and December 31, 2022.

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 ~~$334.0~~$350.0 million of outstanding SBIC debentures guaranteed by the SBA as of ~~March 31,~~June 30, 2023 through our wholly-owned SBICs, which bear a weighted-average annual fixed interest rate of ~~2.9%~~3.0%, paid semiannually, and mature ten years from issuance. The first maturity related to our SBIC debentures occurs in March 2024, and the weighted-average remaining duration is 5.1 years as of ~~March 31,~~June 30, 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 December 2022, we issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Notes”). In February 2023, we issued an additional $50.0 million in aggregate principal amount of the December 2025 Notes bearing interest at a fixed rate of 7.53% per year. The outstanding aggregate principal amount of the December 2025 Notes as of ~~March 31,~~June 30, 2023 and December 31, 2022 was $150.0 million and $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 ~~three~~six months ended ~~March 31,~~June 30, 2023, we sold ~~1,055,416~~2,148,490 shares of our common stock at a weighted-average price of ~~$39.15~~$39.52 per share and raised ~~$41.3~~$84.9 million of gross proceeds under the ATM Program. Net proceeds were ~~$40.9~~$84.1 million after commissions to the selling agents on shares sold and offering costs. As of ~~March 31,~~June 30, 2023, sales transactions representing ~~27,570~~404,330 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the NAV per share. As of ~~March 31,~~June 30, 2023, ~~9,407,268~~8,314,194 shares remained available for sale under the ATM Program.

During the year ended December 31, 2022, we sold 5,407,382 shares of our common stock at a weighted-average price of $39.29 per share and raised $212.4 million of gross proceeds under the ATM Program. Net proceeds were $209.9 million after commissions to the selling agents on shares sold and offering costs.

During the year ended December 31, 2022, we completed a public equity offering (the “Equity Offering”) of 1,345,500 shares of common stock at a public offering price of $42.85 per share, including the underwriters’ full exercise of their option to purchase 175,500 additional shares, resulting in total net proceeds, including exercise of the underwriters’ option to purchase additional shares and after deducting underwriting discounts and estimated offering expenses payable by us, of approximately $55.1 million.

We anticipate that we will continue to fund our investment activities through existing cash and cash equivalents, cash flows generated through our ongoing operating activities, utilization of available borrowings under our Credit Facilities, and a combination of future issuances of debt and equity capital. Our primary uses of funds will be investments in portfolio companies, operating expenses, cash distributions to holders of our common stock and repayments of note and debenture obligations as they come due.

We periodically invest excess cash balances into marketable securities and idle 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 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 NAV per share, we will generally not be able to issue additional common stock at the market price, unless our stockholders approve such a sale and our Board of Directors makes certain determinations. We did not seek stockholder authorization to sell shares of our common stock below the then current NAV per share of our common stock at our 2023 Annual Meeting of Stockholders, and have not sought such authorization since 2012, because our common stock price per share has generally traded significantly above the NAV per share of our common stock since 2011. We would therefore need future approval from our stockholders to issue shares below the then current NAV per share.

In order to satisfy the Code requirements applicable to a RIC, we intend to distribute to our stockholders, after consideration and application of our ability under the Code to carry forward certain excess undistributed taxable income from one tax year into the next tax year, substantially all of our taxable income.

In addition, as a BDC, we generally are required to meet a coverage ratio, or BDC asset coverage ratio, of total assets to total senior securities, which include borrowings and any preferred stock we may issue in the future, of at least 200% (or 150% if certain requirements are met). In January 2008, we received an exemptive order from the SEC to exclude SBA-guaranteed debt securities issued by the Funds and any other wholly-owned subsidiaries of ours which operate as SBICs from the BDC asset coverage ratio which, in turn, enables us to fund more investments with debt capital. In May 2022, our stockholders also approved the application of the reduced BDC asset coverage ratio. As a result, the BDC asset coverage ratio applicable to us decreased from 200% to 150% effective May 3, 2022. As of ~~March 31,~~June 30, 2023, our BDC asset coverage ratio was ~~230%~~234%.

Although we have been able to secure access to additional liquidity, including through the Credit Facilities, public and private debt issuances, leverage available through the SBIC program and equity offerings, there is no assurance that debt or equity capital will be available to us in the future on favorable terms, or at all.

Recently Issued or Adopted Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. We believe that the impact of recently issued standards and any that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. For a description of recently issued or adopted accounting standards, see Note B.13. — 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 years, as a result of recent geopolitical events, supply chain and labor issues, and may continue to experience, the increasing impacts of inflation on their operating results, including periodic escalations in their costs for labor, raw materials and third-party services and required energy consumption. These issues and challenges related to inflation are receiving significant attention from our investment teams and the management teams of our portfolio companies as we work to manage these growing challenges. Prolonged or more severe impacts of inflation to our portfolio companies could continue to affect their operating profits and, thereby, increase their borrowing costs, and as a result negatively impact their ability to service their debt obligations and/or reduce their available cash for distributions. In addition, these factors could have a negative effect on the fair value of our investments in these portfolio companies. The combined impacts therefrom in turn could negatively affect our results of operations.

Off-Balance Sheet Arrangements

We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Consolidated Balance Sheets. At ~~March 31,~~June 30, 2023, we had a total of ~~$255.3~~$284.4 million in outstanding commitments comprised of (i) 8286 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) 1011 investments with equity capital commitments that had not been fully called.

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Contractual Obligations

As of ~~March 31,~~June 30, 2023, the future fixed commitments for cash payments in connection with our ~~SBIC debentures, the December 2025~~July 2026 Notes, the May 2024 Notes, SBIC debentures, the ~~July 2026~~December 2025 Notes, and rent obligations under our office lease for each of the next five years and thereafter are as follows:


		2023		2024		2025		2026		2027		Thereafter		Total			2023		2024		2025		2026		2027		Thereafter		Total
		(dollars in thousands)															(dollars in thousands)
July 2026 Notes	July 2026 Notes	$	—	$	—	$	—	$	500,000	$	—	$	—	$	500,000	July 2026 Notes	$	—	$	—	$	—	$	500,000	$	—	$	—	$	500,000
Interest due on July 2026 Notes	Interest due on July 2026 Notes	7,517		15,000		15,000		15,000		—		—		52,517		Interest due on July 2026 Notes	7,517		15,000		15,000		15,000		—		—		52,517
May 2024 Notes	May 2024 Notes	—		450,000		—		—		—		—		450,000		May 2024 Notes	—		450,000		—		—		—		—		450,000
Interest due on May 2024 Notes	Interest due on May 2024 Notes	23,400		11,700		—		—		—		—		35,100		Interest due on May 2024 Notes	11,700		11,700		—		—		—		—		23,400
SBIC debentures	SBIC debentures	—		63,800		—		—		75,000		195,200		334,000		SBIC debentures	—		63,800		—		—		75,000		211,200		350,000
Interest due on SBIC debentures	Interest due on SBIC debentures	4,939		8,455		7,228		7,228		6,512		9,053		43,415		Interest due on SBIC debentures	5,125		9,327		8,094		8,094		7,378		14,337		52,355
December 2025 Notes	December 2025 Notes	—		—		150,000		—		—		—		150,000		December 2025 Notes	—		—		150,000		—		—		—		150,000
Interest due on December 2025 Notes	Interest due on December 2025 Notes	11,166		11,605		11,637		—		—		—		34,408		Interest due on December 2025 Notes	5,803		11,605		11,637		—		—		—		29,045
Operating Lease Obligation (1)	Operating Lease Obligation (1)	389		1,020		1,115		1,135		1,155		7,673		12,487		Operating Lease Obligation (1)	389		1,020		1,115		1,135		1,155		7,674		12,488
Total	Total	$	47,411	$	561,580	$	184,980	$	523,363	$	82,667	$	211,926	$	1,611,927	Total	$	30,534	$	562,452	$	185,846	$	524,229	$	83,533	$	233,211	$	1,619,805

____________________

(1)Operating Lease Obligation means a rent payment obligation under a lease classified as an operating lease and disclosed pursuant to ASC 842, as may be modified or supplemented.

As of ~~March 31,~~June 30, 2023, we had ~~$394.0~~$410.0 million in borrowings outstanding under our Corporate Facility, and the Corporate Facility is scheduled to mature in August 2027. As of ~~March 31,~~June 30, 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 — Related Party Transactions included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding these related party transactions and agreements.

In addition, we have a deferred compensation plan, whereby non-employee directors and certain key employees may defer receipt of some or all of their cash compensation and directors’ fees, subject to certain limitations. See Note L — Related Party Transactions included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding the deferred compensation plan.

Recent Developments

In ~~May~~July 2023, we expanded our total commitments under the Corporate Facility from $980.0 million to $995.0 million. The commitment increase was executed under the accordion feature of the Corporate Facility which allows for an increase up to $1.4 billion in total commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments.

In August 2023, we declared a supplemental cash dividend of ~~$0.225~~$0.275 per share payable in ~~June~~September 2023. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that we declared for the ~~second~~third quarter of 2023 of $0.225 per share for each of April, May and 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 2023 or total monthly cash dividends of $0.69 per share for the quarter. Total dividends declared for the third quarter of 2023 equal $0.965 per share, representing a 29.5% increase over the total dividends paid in the third quarter of 2022.

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In August 2023, we declared regular monthly dividends of $0.235 per share for each of October, November and December of 2023. These regular monthly dividends equal a total of ~~$0.69~~$0.705 per share for the ~~third~~fourth quarter of 2023, representing a ~~7.0%~~6.8% increase from the regular monthly dividends paid in the ~~third~~fourth quarter of 2022. Including the regular monthly and supplemental dividends declared for the ~~second~~third and ~~third~~fourth quarters of 2023 we will have paid ~~$37.56~~$38.54 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 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 Factors—Risks Related to our Investments — The interest rates of some of our investments are priced using a spread over LIBOR, which will be phased out in the future., Risk Factors — Risks Related to our Business and Structure — We are subject to risks associated with the interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments. and Risk Factors — Risks Related to Leverage — Because we borrow money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. included in our Annual Report on Form 10-K for the fiscal year ended December 31, 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 ~~March 31,~~June 30, 2023, ~~73%~~70% of our debt Investment Portfolio (at cost) bore interest at floating rates, ~~92%~~91% of which were subject to contractual minimum interest rates. As of ~~March 31,~~June 30, 2023, ~~72%~~71% of our debt obligations bore interest at fixed rates. Our interest expense will be affected by changes in the published SOFR rate in connection with our Credit Facilities; however, the interest rates on our outstanding ~~SBIC debentures,~~July 2026 Notes, May 2024 Notes, ~~July 2026 Notes~~SBIC Debentures and December 2025 Notes which collectively comprise the majority of our outstanding debt, are fixed for the life of such debt. As of ~~March 31,~~June 30, 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.

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The following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of ~~March 31,~~June 30, 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)	$	(46,109)	$	11,844	$	(34,265)	$	(0.43)	(200)	$	(41,406)	$	11,600	$	(29,806)	$	(0.37)
(175)	(175)	(40,450)		10,434		(30,016)		(0.38)		(175)	(36,216)		10,150		(26,066)		(0.32)
(150)	(150)	(34,804)		9,024		(25,780)		(0.32)		(150)	(31,042)		8,700		(22,342)		(0.27)
(125)	(125)	(29,164)		7,614		(21,550)		(0.27)		(125)	(25,869)		7,250		(18,619)		(0.23)
(100)	(100)	(23,523)		6,204		(17,319)		(0.22)		(100)	(20,695)		5,800		(14,895)		(0.18)
(75)	(75)	(17,873)		4,794		(13,079)		(0.16)		(75)	(15,521)		4,350		(11,171)		(0.14)
(50)	(50)	(12,223)		3,384		(8,839)		(0.11)		(50)	(10,347)		2,900		(7,447)		(0.09)
(25)	(25)	(6,574)		1,974		(4,600)		(0.06)		(25)	(5,174)		1,450		(3,724)		(0.05)
25	25	4,736		(846)		3,890		0.05		25	5,174		(1,450)		3,724		0.05
50	50	10,375		(2,256)		8,119		0.10		50	10,347		(2,900)		7,447		0.09
75	75	16,025		(3,666)		12,359		0.15		75	15,521		(4,350)		11,171		0.14
100	100	21,675		(5,076)		16,599		0.21		100	20,695		(5,800)		14,895		0.18
125	125	27,325		(6,486)		20,839		0.26		125	25,869		(7,250)		18,619		0.23
150	150	32,974		(7,896)		25,078		0.31		150	31,042		(8,700)		22,342		0.27
175	175	38,624		(9,306)		29,318		0.37		175	36,216		(10,150)		26,066		0.32
200	200	44,274		(10,716)		33,558		0.42		200	41,390		(11,600)		29,790		0.37

Although we believe that this analysis is indicative of the impact of interest rate changes to our Net Investment Income as of ~~March 31,~~June 30, 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 assume that all LIBOR, SOFR and Prime rate changes would be effective on the first day of the period. However, the contractual LIBOR, SOFR and Prime rate reset dates would vary throughout the period. The majority of our investments are based on contracts which reset quarterly, while our Credit Facilities reset monthly. The hypothetical results would also be impacted by the changes in the amount of debt outstanding under our Credit Facilities (with an increase (decrease) in the debt outstanding under the Credit Facilities resulting in an (increase) decrease in the hypothetical interest expense).

Item 4. Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer and Chief Accounting Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer and Chief Accounting Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act. There have been no changes in our internal control over financial reporting that occurred during the quarter ended ~~March 31,~~June 30, 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 consolidated financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 that we filed with the SEC on February 24, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 that we filed with the SEC on May 5, 2023, which could materially affect our business, financial condition and/or operating results.

~~We maintain~~There are no material changes to the risk factors as previously disclosed in our ~~cash at financial institutions, often~~Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and 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~~our Quarterly Report on Form 10-Q for 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”) onquarter ended March 10, 2023 and Signature Bank (“Signature”) on March 12, 3023, we did not have 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 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 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 vendors and employees and cause other operational inconveniences. In addition, if any of our portfolio companies are 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 could be adversely affected.31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended ~~March 31,~~June 30, 2023, we issued ~~199,282~~174,891 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 ~~March 31,~~June 30, 2023, under the dividend reinvestment plan was ~~$7.8~~$6.9 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
10.1						Response to Notice of Increase Request, dated July 26, 2023, by and among the Registrant and Sumitomo Mitsui Banking Corporation.
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						The following financial information from our Quarterly Report on Form 10-Q for the ~~first~~second quarter of fiscal year 2023, filed with the SEC on ~~May 5,~~August 4, 2023, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets at ~~March 31,~~June 30, 2023 and December 31, 2022, (ii) the Consolidated Statements of Operations for the three and six months ended ~~March 31,~~June 30, 2023 and 2022, (iii) the Consolidated Statements of Changes in Net Assets for the periods ended ~~March 31,~~June 30, 2023 and 2022, (iv) the Consolidated Statements of Cash Flows for the ~~three~~six months ended ~~March 31,~~June 30, 2023 and 2022, (v) the Consolidated Schedule of Investments for the periods ended ~~March 31,~~June 30, 2023 and December 31, 2022, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the ~~three~~six months ended ~~March 31,~~June 30, 2023 and 2022.





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: ~~May 5,~~August 4, 2023			Dwayne L. Hyzak
			Chief Executive Officer
			(principal executive officer)

			/s/ JESSE E. MORRIS
Date: ~~May 5,~~August 4, 2023			Jesse E. Morris
			Chief Financial Officer and Chief Operating Officer
			(principal financial officer)

			/s/ RYAN R. NELSON
Date: ~~May 5,~~August 4, 2023			Ryan R. Nelson
			Chief Accounting Officer
			(principal accounting officer)

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	As of		As of
	March 31, 2023		December 31, 2022
	(dollars in thousands)

Accounts receivable - advisory clients	$	9,405	$	8,130
Intangible Asset	29,500		29,500
Total assets	$	38,905	$	37,630

Accounts payable to MSCC and its subsidiaries	$	6,349	$	4,455
Dividend payable to MSCC and its subsidiaries	3,056		3,675
Equity	29,500		29,500
Total liabilities and equity	$	38,905	$	37,630