Companies: 10,796     total market cap: $144.532 T
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Main Street Capital
MAIN
#3218
Rank
$4.93 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$54.82
Share price
2.54%
Change (1 day)
5.18%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Main Street Capital
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q3

Main Street Capital - 10-Q quarterly report FY2024 Q3


Text size:
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Systems Keco Holdings, LLC, Secured Debt 12024-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22024-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12024-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22024-09-300001396440Analytical Systems Keco Holdings, LLC, Warrants2024-09-300001396440main:AnalyticalSystemsKecoHoldingsLLCMember2024-09-300001396440ASC Interests, LLC, Secured Debt 12024-09-300001396440ASC Interests, LLC, Secured Debt 22024-09-300001396440ASC Interests, LLC, Preferred Member Units2024-09-300001396440ASC Interests, LLC, Member Units2024-09-300001396440main:ASCInterestsLLCMember2024-09-300001396440ATS Workholding, LLC, Secured Debt 12024-09-300001396440ATS Workholding, LLC, Secured Debt 22024-09-300001396440ATS Workholding, LLC, Preferred Member Units2024-09-300001396440main:ATSWorkholdingLLCMember2024-09-300001396440Barfly Ventures, LLC, Secured Debt2024-09-300001396440Barfly Ventures, LLC, Member Units2024-09-300001396440main:BarflyVenturesLLCMember2024-09-300001396440Batjer TopCo, LLC, Secured Debt 12024-09-300001396440Batjer TopCo, LLC, Secured Debt 22024-09-300001396440Batjer TopCo, LLC, Secured Debt 32024-09-300001396440Batjer TopCo, LLC, Preferred Stock2024-09-300001396440main:BatjerTopCoLLCMember2024-09-300001396440Bolder Panther Group, LLC, Secured Debt 12024-09-300001396440Bolder Panther Group, LLC, Secured Debt 22024-09-300001396440Bolder Panther Group, LLC, Class B Preferred Member Units2024-09-300001396440main:BolderPantherGroupLLCMember2024-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2024-09-300001396440Brewer Crane Holdings, LLC, Preferred Member Units2024-09-300001396440main:BrewerCraneHoldingsLLCMember2024-09-300001396440Bridge Capital Solutions Corporation, Warrants2024-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2024-09-300001396440main:BridgeCapitalSolutionsCorporationMember2024-09-300001396440Café Brazil, LLC, Member Units2024-09-300001396440California Splendor Holdings LLC, Secured Debt 12024-09-300001396440California Splendor Holdings LLC, Secured Debt 22024-09-300001396440California Splendor Holdings LLC, Preferred Member Units 12024-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22024-09-300001396440main:CaliforniaSplendorHoldingsLLCMember2024-09-300001396440CBT Nuggets, LLC, Member Units2024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22024-09-300001396440Centre Technologies Holdings, LLC, Preferred Member Units2024-09-300001396440main:CentreTechnologiesHoldingsLLCMember2024-09-300001396440Chamberlin Holding LLC, Secured Debt 12024-09-300001396440Chamberlin Holding LLC, Secured Debt 22024-09-300001396440Chamberlin Holding LLC, Member Units 12024-09-300001396440Chamberlin Holding LLC, Member Units 22024-09-300001396440main:ChamberlinHoldingLLCMember2024-09-300001396440Charps, 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Debt 12024-09-300001396440IG Investor, LLC, Secured Debt 22024-09-300001396440IG Investor, LLC, Common Equity2024-09-300001396440main:IGInvestorLLCMember2024-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12024-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22024-09-300001396440Jensen Jewelers of Idaho, LLC, Member Units2024-09-300001396440main:JensenJewelersOfIdahoLLCMember2024-09-300001396440JorVet Holdings, LLC, Secured Debt2024-09-300001396440JorVet Holdings, LLC, Preferred Equity2024-09-300001396440main:JorVetHoldingsLLCMember2024-09-300001396440KBK Industries, LLC, Secured Debt2024-09-300001396440KBK Industries, LLC, Member Units2024-09-300001396440main:KBKIndustriesLLCMember2024-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-09-300001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units2024-09-300001396440main:KickhaeferManufacturingCompanyLLCMember2024-09-300001396440Metalforming Holdings, LLC, Secured Debt 12024-09-300001396440Metalforming Holdings, LLC, Secured Debt 22024-09-300001396440Metalforming Holdings, LLC, Preferred Equity2024-09-300001396440Metalforming Holdings, LLC, Common Stock2024-09-300001396440main:MetalFormingHoldingLLCMember2024-09-300001396440MH Corbin Holding LLC, Secured Debt2024-09-300001396440MH Corbin Holding LLC, Preferred Member Units 12024-09-300001396440MH Corbin Holding LLC, Preferred Member Units 22024-09-300001396440main:MHCorbinHoldingLLCMember2024-09-300001396440MS Private Loan Fund I, LP, Secured Debt2024-09-300001396440MS Private Loan Fund I, LP, LP Interests2024-09-300001396440main:MSPrivateLoanFundILPMember2024-09-300001396440MS Private Loan Fund II, LP, Secured Debt2024-09-300001396440MS Private Loan Fund II, LP, LP Interests2024-09-300001396440main:MSPrivateLoanFundIILPMember2024-09-300001396440MSC Adviser I, LLC, Member Units2024-09-300001396440MSC Income Fund, Inc., Common Equity2024-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12024-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22024-09-300001396440Mystic Logistics Holdings, LLC, Common Stock2024-09-300001396440main:MysticLogisticsHoldingsLLCMember2024-09-300001396440NAPCO Precast, LLC, Member Units2024-09-300001396440Nello Industries Investco, LLC, Secured Debt 12024-09-300001396440Nello Industries Investco, LLC, Secured Debt 22024-09-300001396440Nello Industries Investco, LLC, Common Equity2024-09-300001396440main:NelloIndustriesInvestcoLLCMember2024-09-300001396440NexRev LLC, Secured Debt 12024-09-300001396440NexRev LLC, Secured Debt 22024-09-300001396440NexRev LLC, Preferred Member Units2024-09-300001396440main:NexRevLLCMember2024-09-300001396440NRP Jones, LLC, Secured Debt2024-09-300001396440NRP Jones, LLC, Member Units 12024-09-300001396440NRP Jones, LLC, Member Units 22024-09-300001396440main:NRPJonesLLCMember2024-09-300001396440NuStep, LLC, Secured Debt 12024-09-300001396440NuStep, LLC, Secured Debt 22024-09-300001396440NuStep, LLC, Preferred Member Units 12024-09-300001396440NuStep, LLC, Preferred Member Units 22024-09-300001396440main:NuStepLLCMember2024-09-300001396440OMi Topco, LLC, Secured Debt2024-09-300001396440OMi Topco, LLC, Preferred Member Units2024-09-300001396440main:OMiTopcoLLCMember2024-09-300001396440Orttech Holdings, LLC, Secured Debt 12024-09-300001396440Orttech Holdings, LLC, Secured Debt 22024-09-300001396440Orttech Holdings, LLC, Preferred Stock2024-09-300001396440main:OrttechHoldingsLLCMember2024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 32024-09-300001396440Pearl Meyer Topco LLC, Preferred Equity2024-09-300001396440main:PearlMeyerTopcoLLCMember2024-09-300001396440Pinnacle TopCo, LLC, Secured Debt 12024-09-300001396440Pinnacle TopCo, LLC, Secured Debt 22024-09-300001396440Pinnacle TopCo, LLC, Preferred Equity2024-09-300001396440main:PinnacleTopCoLLCMember2024-09-300001396440PPL RVs, Inc., Secured Debt 12024-09-300001396440PPL RVs, Inc., Secured Debt 22024-09-300001396440PPL RVs, Inc., Common Stock 12024-09-300001396440PPL RVs, Inc., Common Stock 22024-09-300001396440main:PPLRVsIncMember2024-09-300001396440Principle Environmental, LLC, Secured Debt2024-09-300001396440Principle Environmental, LLC, Preferred Member Units2024-09-300001396440Principle Environmental, LLC, Common Stock2024-09-300001396440main:PrincipleEnvironmentalLLCMember2024-09-300001396440Quality Lease Service, LLC, Member Units2024-09-300001396440River Aggregates, LLC, Member Units2024-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12024-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22024-09-300001396440Robbins Bros. Jewelry, Inc., Preferred Equity2024-09-300001396440main:RobbinsBrosJewelryIncMember2024-09-300001396440Tedder Industries, LLC, Secured Debt 12024-09-300001396440Tedder Industries, LLC, Secured Debt 22024-09-300001396440Tedder Industries, LLC, Preferred Member Units 12024-09-300001396440Tedder Industries, LLC, Preferred Member Units 22024-09-300001396440Tedder Industries, LLC, Preferred Member Units 32024-09-300001396440main:TedderIndustriesLLCMember2024-09-300001396440Televerde, LLC, Preferred Stock2024-09-300001396440Televerde, LLC, Member Units2024-09-300001396440main:TeleverdeLLCMember2024-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12024-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22024-09-300001396440Trantech Radiator Topco, LLC, Common Stock2024-09-300001396440main:TrantechRadiatorTopcoLLCMember2024-09-300001396440Vision Interests, Inc., Series A Preferred Stock2024-09-300001396440Volusion, LLC, Secured Debt2024-09-300001396440Volusion, LLC, Preferred Member Units 12024-09-300001396440Volusion, LLC, Preferred Member Units 22024-09-300001396440Volusion, LLC, Preferred Member Units 32024-09-300001396440Volusion, LLC, Common Stock2024-09-300001396440main:VolusionLLCMember2024-09-300001396440VVS Holdco LLC, Secured Debt 12024-09-300001396440VVS Holdco LLC, Secured Debt 22024-09-300001396440VVS Holdco LLC, Preferred Equity2024-09-300001396440main:VVSHoldcoLLCMember2024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 32024-09-300001396440Ziegler’s NYPD, LLC, Preferred Member Units2024-09-300001396440Ziegler’s NYPD, LLC, Warrants2024-09-300001396440main:ZieglersNYPDLLCMember2024-09-300001396440AAC Holdings, Inc., Secured Debt 12024-09-300001396440AAC Holdings, Inc., Secured Debt 22024-09-300001396440AAC Holdings, Inc., Common Stock2024-09-300001396440AAC Holdings, Inc., Warrants2024-09-300001396440main:AACHoldingsIncMember2024-09-300001396440Boccella Precast Products LLC, Secured Debt2024-09-300001396440Boccella Precast Products LLC, Member Units2024-09-300001396440main:BoccellaPrecastProductsLLCMember2024-09-300001396440Buca C, LLC, Secured Debt 12024-09-300001396440Buca C, LLC, Secured Debt 22024-09-300001396440Buca C, LLC, Secured Debt 32024-09-300001396440Buca C, LLC, Preferred Member Units 2024-09-300001396440main:BucaCLLCMember2024-09-300001396440Career Team Holdings, LLC, Secured Debt 12024-09-300001396440Career Team Holdings, LLC, Secured Debt 22024-09-300001396440Career Team Holdings, LLC, Common Stock2024-09-300001396440main:CareerTeamHoldingsLLCMember2024-09-300001396440CenterPeak Holdings, LLC, Secured Debt 12024-09-300001396440CenterPeak Holdings, LLC, Secured Debt 22024-09-300001396440CenterPeak Holdings, LLC, Preferred Equity 2024-09-300001396440main:CenterPeakHoldingsLLCMember2024-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2024-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2024-09-300001396440DMA Industries, LLC, Secured Debt 12024-09-300001396440DMA Industries, LLC, Secured Debt 22024-09-300001396440DMA Industries, LLC, Preferred Equity 12024-09-300001396440DMA Industries, LLC, Preferred Equity 22024-09-300001396440main:DMAIndustriesLLCMember2024-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2024-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2024-09-300001396440main:DosRiosPartnersMember2024-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2024-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2024-09-300001396440FCC Intermediate Holdco, LLC, Secured Debt2024-09-300001396440FCC Intermediate Holdco, LLC, Warrants2024-09-300001396440main:FCCIntermediateHoldcoLLCMember2024-09-300001396440Flame King Holdings, LLC, Preferred Equity2024-09-300001396440Freeport Financial Funds, LP Interests (Freeport Financial SBIC Fund LP)2024-09-300001396440Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-09-300001396440main:FreeportFinancialFundsMember2024-09-300001396440GFG Group, LLC, Secured Debt2024-09-300001396440GFG Group, LLC, Preferred Member Units2024-09-300001396440main:GFGGroupLLCMember2024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 12024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 22024-09-300001396440Gulf Manufacturing, LLC, Member Units2024-09-300001396440main:GulfManufacturingLLCMember2024-09-300001396440Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2024-09-300001396440Harris Preston Fund Investments, LP Interests (HPEP 4, L.P.)2024-09-300001396440Harris Preston Fund Investments, LP Interests (423 HAR, L.P.)2024-09-300001396440main:HarrisPrestonFundInvestmentsTwoMember2024-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12024-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22024-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 12024-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22024-09-300001396440main:HawkRidgeSystemsLLCMember2024-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2024-09-300001396440Houston Plating and Coatings, LLC, Member Units2024-09-300001396440main:HoustonPlatingAndCoatingsLLCMember2024-09-300001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2024-09-300001396440Infinity X1 Holdings, LLC, Preferred Equity2024-09-300001396440main:InfinityX1HoldingsLLCMember2024-09-300001396440Integral Energy Services, Secured Debt2024-09-300001396440Integral Energy Services, Preferred Equity2024-09-300001396440Integral Energy Services, Common Stock2024-09-300001396440main:IntegralEnergyServicesMember2024-09-300001396440Iron-Main Investments, LLC, Secured Debt 12024-09-300001396440Iron-Main Investments, LLC, Secured Debt 22024-09-300001396440Iron-Main Investments, LLC, Secured Debt 32024-09-300001396440Iron-Main Investments, LLC, Secured Debt 42024-09-300001396440Iron-Main Investments, LLC, Secured Debt 52024-09-300001396440Iron-Main Investments, LLC, Preferred Equity2024-09-300001396440Iron-Main Investments, LLC, Common Stock2024-09-300001396440main:IronMainInvestmentsLLCMember2024-09-300001396440ITA Holdings Group, LLC, Secured Debt 12024-09-300001396440ITA Holdings Group, LLC, Secured Debt 22024-09-300001396440ITA Holdings Group, LLC, Secured Debt 32024-09-300001396440ITA Holdings Group, LLC, Secured Debt 42024-09-300001396440ITA Holdings Group, LLC, Warrants2024-09-300001396440main:ITAHoldingsGroupLLCMember2024-09-300001396440MoneyThumb Acquisition, LLC, Secured Debt 2024-09-300001396440MoneyThumb Acquisition, LLC, Preferred Member Units 2024-09-300001396440MoneyThumb Acquisition, LLC, Warrants2024-09-300001396440main:MoneyThumbAcquisitionLLCMember2024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32024-09-300001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2024-09-300001396440main:NebraskaVetAcquireCoLLCMember2024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42024-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2024-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2024-09-300001396440OnAsset Intelligence, Inc., Common Stock2024-09-300001396440OnAsset Intelligence, Inc., Warrants2024-09-300001396440main:OnAssetIntelligenceIncMember2024-09-300001396440Oneliance, LLC, Preferred Stock2024-09-300001396440RA Outdoors LLC, Secured Debt 12024-09-300001396440RA Outdoors LLC, Secured Debt 22024-09-300001396440RA Outdoors LLC, Common Equity2024-09-300001396440main:RAOutdoorsLLCMember2024-09-300001396440SI East, LLC, Secured Debt 12024-09-300001396440SI East, LLC, Secured Debt 22024-09-300001396440SI East, LLC, Preferred Member Units2024-09-300001396440main:SIEastLLCMember2024-09-300001396440Slick Innovations, LLC, Secured Debt2024-09-300001396440Slick Innovations, LLC, Common Stock2024-09-300001396440main:SlickInnovationsLLCMember2024-09-300001396440Student Resource Center, LLC, Secured Debt 12024-09-300001396440Student Resource Center, LLC, Secured Debt 22024-09-300001396440Student Resource Center, LLC, Preferred Equity2024-09-300001396440main:StudentResourceCenterLLCMember2024-09-300001396440Superior Rigging & Erecting Co., Preferred Member Units2024-09-300001396440The Affiliati Network, LLC, Secured Debt 12024-09-300001396440The Affiliati Network, LLC, Secured Debt 22024-09-300001396440The Affiliati Network, LLC, Preferred Stock 12024-09-300001396440The Affiliati Network, LLC, Preferred Stock 22024-09-300001396440main:TheAffiliatiNetworkLLCMember2024-09-300001396440UnionRock Energy Fund II, LP, LP Interests2024-09-300001396440UnionRock Energy Fund III, LP, LP Interests2024-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12024-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22024-09-300001396440UniTek Global Services, Inc., Preferred Stock 12024-09-300001396440UniTek Global Services, Inc., Preferred Stock 22024-09-300001396440UniTek Global Services, Inc., Preferred Stock 32024-09-300001396440UniTek Global Services, Inc., Preferred Stock 42024-09-300001396440UniTek Global Services, Inc., Common Stock2024-09-300001396440main:UniTekGlobalServicesIncMember2024-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2024-09-300001396440Universal Wellhead Services Holdings, LLC, Member Units2024-09-300001396440main:UniversalWellheadServicesHoldingsLLCMember2024-09-300001396440Urgent DSO LLC, Secured Debt2024-09-300001396440Urgent DSO LLC, Preferred Equity2024-09-300001396440main:UrgentDSOLLCMember2024-09-300001396440World Micro Holdings, LLC, Secured Debt2024-09-300001396440World Micro Holdings, LLC, Preferred Equity2024-09-300001396440main:WorldMicroHoldingsLLCMember2024-09-300001396440Acumera, Inc., Common Equity2024-09-300001396440Adams Publishing Group, LLC, Secured Debt 12024-09-300001396440Adams Publishing Group, LLC, Secured Debt 22024-09-300001396440main:AdamsPublishingGroupLLCMember2024-09-300001396440AMEREQUIP LLC, Common Stock2024-09-300001396440American Health Staffing Group, Inc., Secured Debt 12024-09-300001396440American Health Staffing Group, Inc., Secured Debt 22024-09-300001396440main:AmericanHealthStaffingGroupIncMember2024-09-300001396440American Nuts, LLC, Secured Debt 12024-09-300001396440American Nuts, LLC, Secured Debt 22024-09-300001396440American Nuts, LLC, Secured Debt 32024-09-300001396440American Nuts, LLC, Secured Debt 42024-09-300001396440main:AmericanNutsLLCMember2024-09-300001396440American Teleconferencing Services, Ltd., Secured Debt 12024-09-300001396440American Teleconferencing Services, Ltd., Secured Debt 22024-09-300001396440main:AmericanTeleconferencingServicesLtdMember2024-09-300001396440Ansira Partners II, LLC, Secured Debt 12024-09-300001396440Ansira Partners II, LLC, Secured Debt 22024-09-300001396440main:AnsiraPartnersIILLCMember2024-09-300001396440ArborWorks, LLC, Secured Debt 12024-09-300001396440ArborWorks, LLC, Secured Debt 22024-09-300001396440ArborWorks, LLC, Preferred Equity 12024-09-300001396440ArborWorks, LLC, Preferred Equity 22024-09-300001396440ArborWorks, LLC, Common Equity2024-09-300001396440main:ArborWorksLLCMember2024-09-300001396440Archer Systems, LLC, Common Stock2024-09-300001396440ATS Operating, LLC, Secured Debt 12024-09-300001396440ATS Operating, LLC, Secured Debt 22024-09-300001396440ATS Operating, LLC, Secured Debt 32024-09-300001396440ATS Operating, LLC, Common Stock2024-09-300001396440main:ATSOperatingLLCMember2024-09-300001396440AVEX Aviation Holdings, LLC, Secured Debt 12024-09-300001396440AVEX Aviation Holdings, LLC, Secured Debt 22024-09-300001396440AVEX Aviation Holdings, LLC, Common Equity2024-09-300001396440main:AVEXAviationHoldingsLLCMember2024-09-300001396440Berry Aviation, Inc., Preferred Member Units 12024-09-300001396440Berry Aviation, Inc., Preferred Member Units 22024-09-300001396440Berry Aviation, Inc., Preferred Member Units 32024-09-300001396440main:BerryAviationIncMember2024-09-300001396440Bettercloud, Inc., Secured Debt 12024-09-300001396440Bettercloud, Inc., Secured Debt 22024-09-300001396440main:BettercloudIncMember2024-09-300001396440Binswanger Enterprises, LLC, Member Units2024-09-300001396440Bluestem Brands, Inc., Secured Debt 12024-09-300001396440Bluestem Brands, Inc., Secured Debt 22024-09-300001396440Bluestem Brands, Inc., Secured Debt 32024-09-300001396440Bluestem Brands, Inc., Common Stock2024-09-300001396440Bluestem Brands, Inc., Warrants2024-09-300001396440main:BluestemBrandsIncMember2024-09-300001396440Bond Brand Loyalty ULC, Secured Debt 12024-09-300001396440Bond Brand Loyalty ULC, Secured Debt 22024-09-300001396440Bond Brand Loyalty ULC, Secured Debt 32024-09-300001396440Bond Brand Loyalty ULC, Preferred Equity2024-09-300001396440Bond Brand Loyalty ULC, Common Equity2024-09-300001396440main:BondBrandLoyaltyULCMember2024-09-300001396440BP Loenbro Holdings Inc., Secured Debt 12024-09-300001396440BP Loenbro Holdings Inc., Secured Debt 22024-09-300001396440BP Loenbro Holdings Inc., Secured Debt 32024-09-300001396440BP Loenbro Holdings Inc., Common Equity2024-09-300001396440main:BPLoenbroHoldingsInc.Member2024-09-300001396440Brainworks Software, LLC, Secured Debt 12024-09-300001396440Brainworks Software, LLC, Secured Debt 22024-09-300001396440main:BrainworksSoftwareLLCMember2024-09-300001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2024-09-300001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2024-09-300001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund V, LP)2024-09-300001396440main:BrightwoodCapitalFundInvestmentsMember2024-09-300001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 12024-09-300001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 22024-09-300001396440main:BurningGlassIntermediateHoldingCompanyIncMember2024-09-300001396440CAI Software LLC, Preferred Equity 12024-09-300001396440CAI Software LLC, Preferred Equity 22024-09-300001396440main:CAISoftwareLLCMember2024-09-300001396440CaseWorthy, Inc., Common Equity2024-09-300001396440Central Moloney, LLC, Secured Debt2024-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 12024-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 22024-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 32024-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 42024-09-300001396440main:ChannelPartnersIntermediatecoLLCMember2024-09-300001396440Clarius BIGS, LLC, Secured Debt2024-09-300001396440Computer Data Source, LLC, Secured Debt 12024-09-300001396440Computer Data Source, LLC, Secured Debt 22024-09-300001396440Computer Data Source, LLC, Secured Debt 32024-09-300001396440main:ComputerDataSourceLLCMember2024-09-300001396440Construction Supply Investments, LLC, Member Units2024-09-300001396440Coregistics Buyer LLC, Secured Debt 12024-09-300001396440Coregistics Buyer LLC, Secured Debt 22024-09-300001396440Coregistics Buyer LLC, Secured Debt 32024-09-300001396440Coregistics Buyer LLC, Secured Debt 42024-09-300001396440main:CoregisticsBuyerLLCMember2024-09-300001396440CQ Fluency, LLC, Secured Debt 12024-09-300001396440CQ Fluency, LLC, Secured Debt 22024-09-300001396440CQ Fluency, LLC, Secured Debt 32024-09-300001396440main:CQFluencyLLCMember2024-09-300001396440Creative Foam Corporation, Secured Debt 12024-09-300001396440Creative Foam Corporation, Secured Debt 22024-09-300001396440main:CreativeFoamCorporationMember2024-09-300001396440Dalton US Inc., Common Stock2024-09-300001396440DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2024-09-300001396440DTE Enterprises, LLC, Class A Preferred Member Units2024-09-300001396440main:DTEEnterprisesLLCMember2024-09-300001396440Dynamic Communities, LLC, Secured Debt 12024-09-300001396440Dynamic Communities, LLC, Secured Debt 22024-09-300001396440Dynamic Communities, LLC, Preferred Equity 12024-09-300001396440Dynamic Communities, LLC, Preferred Equity 22024-09-300001396440Dynamic Communities, LLC, Common Equity2024-09-300001396440main:DynamicCommunitiesLLCMember2024-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 12024-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 22024-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 32024-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 42024-09-300001396440Eastern Wholesale Fence LLC, Secured Debt 52024-09-300001396440main:EasternWholesaleFenceLLCMember2024-09-300001396440Emerald Technologies Acquisition Co, Inc., Secured Debt2024-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII, L.P.)2024-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)2024-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund IX, L.P.)2024-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund X, L.P.)2024-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund XII, L.P.)2024-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund II, L.P.)2024-09-300001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund III, L.P.)2024-09-300001396440main:EnCapEnergyFundInvestmentsMember2024-09-300001396440Escalent, Inc., Secured Debt 12024-09-300001396440Escalent, Inc., Secured Debt 22024-09-300001396440Escalent, Inc., Common Equity2024-09-300001396440main:EscalentIncMember2024-09-300001396440Event Holdco, LLC, Secured Debt 12024-09-300001396440Event Holdco, LLC, Secured Debt 22024-09-300001396440main:EventHoldcoLLCMember2024-09-300001396440Fuse, LLC, Secured Debt2024-09-300001396440Fuse, LLC, Common Stock2024-09-300001396440main:FuseLLCMember2024-09-300001396440Garyline, LLC, Secured Debt 12024-09-300001396440Garyline, LLC, Secured Debt 22024-09-300001396440Garyline, LLC, Common Equity2024-09-300001396440main:GarylineLLCMember2024-09-300001396440GS HVAM Intermediate, LLC, Secured Debt 12024-09-300001396440GS HVAM Intermediate, LLC, Secured Debt 22024-09-300001396440GS HVAM Intermediate, LLC, Secured Debt 32024-09-300001396440GS HVAM Intermediate, LLC, Secured Debt 42024-09-300001396440GS HVAM Intermediate, LLC, Secured Debt 52024-09-300001396440main:GSHVAMIntermediateLLCMember2024-09-300001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 12024-09-300001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 22024-09-300001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 32024-09-300001396440main:GULFPACIFICACQUISITIONLLCMember2024-09-300001396440HDC/HW Intermediate Holdings, Secured Debt 12024-09-300001396440HDC/HW Intermediate Holdings, Secured Debt 22024-09-300001396440HDC/HW Intermediate Holdings, Common Equity2024-09-300001396440main:HDCHWIntermediateHoldingsMember2024-09-300001396440HEADLANDS OP-CO LLC, Secured Debt 12024-09-300001396440HEADLANDS OP-CO LLC, Secured Debt 22024-09-300001396440HEADLANDS OP-CO LLC, Secured Debt 32024-09-300001396440HEADLANDS OP-CO LLC, Secured Debt 42024-09-300001396440HEADLANDS OP-CO LLC, Secured Debt 52024-09-300001396440main:HEADLANDSOPCOLLCMember2024-09-300001396440Hornblower Sub, LLC, Secured Debt 12024-09-300001396440Hornblower Sub, LLC, Secured Debt 22024-09-300001396440main:HornblowerSubLLCMember2024-09-300001396440HOWLCO LLC, Secured Debt2024-09-300001396440Hybrid Promotions, LLC, Secured Debt2024-09-300001396440IG Parent Corporation, Secured Debt 12024-09-300001396440IG Parent Corporation, Secured Debt 22024-09-300001396440IG Parent Corporation, Secured Debt 32024-09-300001396440main:IGParentCorporationMember2024-09-300001396440Imaging Business Machines, L.L.C., Secured Debt 12024-09-300001396440Imaging Business Machines, L.L.C., Secured Debt 22024-09-300001396440Imaging Business Machines, L.L.C., Common Equity2024-09-300001396440main:ImagingBusinessMachinesLLCMember2024-09-300001396440Implus Footcare, LLC, Secured Debt2024-09-300001396440Insight Borrower Corporation, Secured Debt 12024-09-300001396440Insight Borrower Corporation, Secured Debt 22024-09-300001396440Insight Borrower Corporation, Secured Debt 32024-09-300001396440Insight Borrower Corporation, Common Equity2024-09-300001396440main:InsightBorrowerCorporationMember2024-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 12024-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 22024-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 32024-09-300001396440Inspire Aesthetics Management, LLC, Common Equity2024-09-300001396440main:InspireAestheticsManagementLLCMember2024-09-300001396440Interface Security Systems, L.L.C, Secured Debt 12024-09-300001396440Interface Security Systems, L.L.C, Secured Debt 22024-09-300001396440Interface Security Systems, L.L.C, Common Stock2024-09-300001396440main:InterfaceSecuritySystemsLLCMember2024-09-300001396440Invincible Boat Company, LLC., Secured Debt 12024-09-300001396440Invincible Boat Company, LLC., Secured Debt 22024-09-300001396440main:InvincibleBoatCompanyLLCMember2024-09-300001396440INW Manufacturing, LLC, Secured Debt2024-09-300001396440Isagenix International, LLC, Secured Debt2024-09-300001396440Isagenix International, LLC, Common Equity2024-09-300001396440main:IsagenixInternationalLLCMember2024-09-300001396440Island Pump and Tank, LLC, Secured Debt 12024-09-300001396440Island Pump and Tank, LLC, Secured Debt 22024-09-300001396440Island Pump and Tank, LLC, Secured Debt 32024-09-300001396440Island Pump and Tank, LLC, Secured Debt 42024-09-300001396440main:IslandPumpAndTankLLCMember2024-09-300001396440Jackmont Hospitality, Inc., Secured Debt 12024-09-300001396440Jackmont Hospitality, Inc., Secured Debt 22024-09-300001396440Jackmont Hospitality, Inc., Secured Debt 32024-09-300001396440Jackmont Hospitality, Inc., Preferred Equity2024-09-300001396440main:JackmontHospitalityIncMember2024-09-300001396440JDC Power Services, LLC, Secured Debt 12024-09-300001396440JDC Power Services, LLC, Secured Debt 22024-09-300001396440main:JDCPowerServicesLLCMember2024-09-300001396440Joerns Healthcare, LLC, Secured Debt 12024-09-300001396440Joerns Healthcare, LLC, Secured Debt 22024-09-300001396440Joerns Healthcare, LLC, Secured Debt 32024-09-300001396440Joerns Healthcare, LLC, Secured Debt 42024-09-300001396440Joerns Healthcare, LLC, Common Stock 12024-09-300001396440Joerns Healthcare, LLC, Common Stock 22024-09-300001396440main:JoernsHealthcareLLCMember2024-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 12024-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 22024-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 32024-09-300001396440JTI Electrical & Mechanical, LLC, Common Equity2024-09-300001396440main:JTIElectricalMechanicalLLCMember2024-09-300001396440KMS, LLC, Secured Debt 12024-09-300001396440KMS, LLC, Secured Debt 22024-09-300001396440main:KMSLLCMember2024-09-300001396440Lightbox Holdings, L.P., Secured Debt2024-09-300001396440LKCM Headwater Investments I, L.P., LP Interests2024-09-300001396440LL Management, Inc., Secured Debt 12024-09-300001396440LL Management, Inc., Secured Debt 22024-09-300001396440LL Management, Inc., Secured Debt 32024-09-300001396440LL Management, Inc., Secured Debt 42024-09-300001396440LL Management, Inc., Secured Debt 52024-09-300001396440LL Management, Inc., Secured Debt 62024-09-300001396440main:LLManagementIncMember2024-09-300001396440LLFlex, LLC, Secured Debt2024-09-300001396440Logix Acquisition Company, LLC, Secured Debt2024-09-300001396440Looking Glass Investments, LLC, Member Units2024-09-300001396440Mako Steel, LP, Secured Debt 12024-09-300001396440Mako Steel, LP, Secured Debt 22024-09-300001396440main:MakoSteelLPMember2024-09-300001396440Microbe Formulas, LLC, Secured Debt 12024-09-300001396440Microbe Formulas, LLC, Secured Debt 22024-09-300001396440main:MicrobeFormulasLLCMember2024-09-300001396440Mills Fleet Farm Group, LLC, Secured Debt2024-09-300001396440Mini Melts of America, LLC, Secured Debt 12024-09-300001396440Mini Melts of America, LLC, Secured Debt 22024-09-300001396440Mini Melts of America, LLC, Secured Debt 32024-09-300001396440Mini Melts of America, LLC, Secured Debt 42024-09-300001396440Mini Melts of America, LLC, Common Equity2024-09-300001396440main:MiniMeltsOfAmericaLLCMember2024-09-300001396440MonitorUS Holding, LLC, Secured Debt 12024-09-300001396440MonitorUS Holding, LLC, Secured Debt 22024-09-300001396440MonitorUS Holding, LLC, Secured Debt 32024-09-300001396440MonitorUS Holding, LLC, Unsecured Debt 12024-09-300001396440MonitorUS Holding, LLC, Unsecured Debt 22024-09-300001396440MonitorUS Holding, LLC, Unsecured Debt 32024-09-300001396440MonitorUS Holding, LLC, Common Stock2024-09-300001396440main:MonitorUSHoldingLLCMember2024-09-300001396440NinjaTrader, LLC, Secured Debt 12024-09-300001396440NinjaTrader, LLC, Secured Debt 22024-09-300001396440main:NinjaTraderLLCMember2024-09-300001396440Obra Capital, Inc., Secured Debt 12024-09-300001396440Obra Capital, Inc., Secured Debt 22024-09-300001396440main:ObraCapitalInc.Member2024-09-300001396440OnPoint, Secured Debt2024-09-300001396440Ospemifene Royalty Sub LLC, Secured Debt2024-09-300001396440Peaches Holding Corporation, Common Equity2024-09-300001396440Power System Solutions, Secured Debt 12024-09-300001396440Power System Solutions, Secured Debt 22024-09-300001396440Power System Solutions, Secured Debt 32024-09-300001396440Power System Solutions, Common Equity2024-09-300001396440main:PowerSystemSolutionsMember2024-09-300001396440PrimeFlight Aviation Services, Secured Debt 12024-09-300001396440PrimeFlight Aviation Services, Secured Debt 22024-09-300001396440PrimeFlight Aviation Services, Secured Debt 32024-09-300001396440PrimeFlight Aviation Services, Secured Debt 42024-09-300001396440main:PrimeFlightAviationServicesMember2024-09-300001396440PTL US Bidco, Inc, Secured Debt 12024-09-300001396440PTL US Bidco, Inc, Secured Debt 22024-09-300001396440main:PTLUSBidcoIncMember2024-09-300001396440Purge Rite, LLC, Secured Debt 12024-09-300001396440Purge Rite, LLC, Secured Debt 22024-09-300001396440Purge Rite, LLC, Preferred Equity2024-09-300001396440Purge Rite, LLC, Common Equity2024-09-300001396440main:PurgeRiteLLCMember2024-09-300001396440Richardson Sales Solutions, Secured Debt 12024-09-300001396440Richardson Sales Solutions, Secured Debt 22024-09-300001396440Richardson Sales Solutions, Secured Debt 32024-09-300001396440main:RichardsonSalesSolutionsMember2024-09-300001396440Roof Opco, LLC, Secured Debt 12024-09-300001396440Roof Opco, LLC, Secured Debt 22024-09-300001396440Roof Opco, LLC, Secured Debt 32024-09-300001396440main:RoofOpcoLLCMember2024-09-300001396440Rug Doctor, LLC., Secured Debt 12024-09-300001396440Rug Doctor, LLC., Secured Debt 22024-09-300001396440main:RugDoctorLLCMember2024-09-300001396440South Coast Terminals Holdings, LLC, Secured Debt 2024-09-300001396440South Coast Terminals Holdings, LLC, Common Equity2024-09-300001396440main:SouthCoastTerminalsHoldingsLLCMember2024-09-300001396440SPAU Holdings, LLC, Secured Debt 12024-09-300001396440SPAU Holdings, LLC, Secured Debt 22024-09-300001396440SPAU Holdings, LLC, Common Stock2024-09-300001396440main:SPAUHoldingsLLCMember2024-09-300001396440Stellant Systems, Inc., Secured Debt 12024-09-300001396440Stellant Systems, Inc., Secured Debt 22024-09-300001396440main:StellantSystemsInc.Member2024-09-300001396440Team Public Choices, LLC, Secured Debt2024-09-300001396440Tectonic Financial, LLC, Common Stock2024-09-300001396440Tex Tech Tennis, LLC, Preferred Equity2024-09-300001396440Titan Meter Midco Corp., Secured Debt 12024-09-300001396440Titan Meter Midco Corp., Secured Debt 22024-09-300001396440Titan Meter Midco Corp., Preferred Equity2024-09-300001396440main:TitanMeterMidcoCorp.Member2024-09-300001396440U.S. TelePacific Corp., Secured Debt 12024-09-300001396440U.S. TelePacific Corp., Secured Debt 22024-09-300001396440main:USTelePacificCorpMember2024-09-300001396440UPS Intermediate, LLC, Secured Debt2024-09-300001396440UPS Intermediate, LLC, Common Equity2024-09-300001396440main:UPSIntermediateLLCMember2024-09-300001396440UserZoom Technologies, Inc., Secured Debt2024-09-300001396440Veregy Consolidated, Inc., Secured Debt 12024-09-300001396440Veregy Consolidated, Inc., Secured Debt 22024-09-300001396440main:VeregyConsolidatedIncMember2024-09-300001396440Vistar Media, Inc., Preferred Stock2024-09-300001396440Vitesse Systems, Secured Debt 12024-09-300001396440Vitesse Systems, Secured Debt 22024-09-300001396440main:VitesseSystemsMember2024-09-300001396440VORTEQ Coil Finishers, LLC, Common Equity2024-09-300001396440Wall Street Prep, Inc., Secured Debt 12024-09-300001396440Wall Street Prep, Inc., Secured Debt 22024-09-300001396440Wall Street Prep, Inc., Common Stock2024-09-300001396440main:WallStreetPrepIncMember2024-09-300001396440Watterson Brands, LLC, Secured Debt 12024-09-300001396440Watterson Brands, LLC, Secured Debt 22024-09-300001396440Watterson Brands, LLC, Secured Debt 32024-09-300001396440Watterson Brands, LLC, Secured Debt 42024-09-300001396440main:WattersonBrandsLLCMember2024-09-300001396440West Star Aviation Acquisition, LLC, Secured Debt 12024-09-300001396440West Star Aviation Acquisition, LLC, Secured Debt 22024-09-300001396440West Star Aviation Acquisition, LLC, Secured Debt 32024-09-300001396440West Star Aviation Acquisition, LLC, Common Stock2024-09-300001396440main:WestStarAviationAcquisitionLLCMember2024-09-300001396440Winter Services LLC, Secured Debt 12024-09-300001396440Winter Services LLC, Secured Debt 22024-09-300001396440Winter Services LLC, Secured Debt 32024-09-300001396440Winter Services LLC, Secured Debt 42024-09-300001396440main:WinterServicesLLCMember2024-09-300001396440Xenon Arc, Inc., Secured Debt 12024-09-300001396440Xenon Arc, Inc., Secured Debt 22024-09-300001396440main:XenonArcIncMember2024-09-300001396440YS Garments, LLC, Secured Debt2024-09-300001396440Zips Car Wash, LLC, Secured Debt 12024-09-300001396440Zips Car Wash, LLC, Secured Debt 22024-09-300001396440main:ZipsCarWashLLCMember2024-09-300001396440ZRG Partners, LLC, Secured Debt 12024-09-300001396440ZRG Partners, LLC, Secured Debt 22024-09-300001396440ZRG Partners, LLC, Secured Debt 32024-09-300001396440ZRG Partners, LLC, Secured Debt 42024-09-300001396440main:ZRGPartnersLLCMember2024-09-300001396440Dreyfus Government Cash Management2024-09-300001396440Fidelity Government Fund 2024-09-300001396440Fidelity Treasury2024-09-300001396440us-gaap:MoneyMarketFundsMember2024-09-300001396440srt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-09-300001396440srt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-09-300001396440srt:WeightedAverageMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-09-300001396440Bolder Panther Group, LLC, Secured Debt 2srt:MinimumMember2024-09-300001396440srt:MinimumMember2024-09-300001396440srt:MaximumMember2024-09-300001396440Garreco, LLC, Secured Debt2024-09-300001396440Acumera, Inc., Warrants2024-01-012024-09-300001396440Fidelity Government Fund2024-09-300001396440Vitesse Systems, Secured Debt 1, Secured Overnight Financing Rate2024-09-300001396440Vitesse Systems, Secured Debt 1, Prime2024-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12023-12-310001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22023-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12023-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22023-12-310001396440Analytical Systems Keco Holdings, LLC, Warrants2023-12-310001396440main:AnalyticalSystemsKecoHoldingsLLCMember2023-12-310001396440ASC Interests, LLC, Secured Debt 12023-12-310001396440ASC Interests, LLC, Secured Debt 22023-12-310001396440ASC Interests, LLC, Preferred Member Units2023-12-310001396440ASC Interests, LLC, Member Units2023-12-310001396440main:ASCInterestsLLCMember2023-12-310001396440ATS Workholding, LLC, Secured Debt 12023-12-310001396440ATS Workholding, LLC, Secured Debt 22023-12-310001396440ATS Workholding, LLC, Preferred Member Units2023-12-310001396440main:ATSWorkholdingLLCMember2023-12-310001396440Barfly Ventures, LLC, Secured Debt2023-12-310001396440Barfly Ventures, LLC, Member Units2023-12-310001396440main:BarflyVenturesLLCMember2023-12-310001396440Batjer TopCo, LLC, Secured Debt 12023-12-310001396440Batjer TopCo, LLC, Secured Debt 22023-12-310001396440Batjer TopCo, LLC, Secured Debt 32023-12-310001396440Batjer TopCo, LLC, Preferred Stock2023-12-310001396440main:BatjerTopCoLLCMember2023-12-310001396440Bolder Panther Group, LLC, Secured Debt2023-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2023-12-310001396440main:BolderPantherGroupLLCMember2023-12-310001396440Brewer Crane Holdings, LLC, Secured Debt2023-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2023-12-310001396440main:BrewerCraneHoldingsLLCMember2023-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 12023-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 22023-12-310001396440Bridge Capital Solutions Corporation, Warrants2023-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2023-12-310001396440main:BridgeCapitalSolutionsCorporationMember2023-12-310001396440Café Brazil, LLC, Member Units2023-12-310001396440California Splendor Holdings LLC, Secured Debt2023-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12023-12-310001396440California Splendor Holdings LLC, Preferred Member Units 22023-12-310001396440main:CaliforniaSplendorHoldingsLLCMember2023-12-310001396440CBT Nuggets, LLC, Member Units2023-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 12023-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 22023-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2023-12-310001396440main:CentreTechnologiesHoldingsLLCMember2023-12-310001396440Chamberlin Holding LLC, Secured Debt 12023-12-310001396440Chamberlin Holding LLC, Secured Debt 22023-12-310001396440Chamberlin Holding LLC, Member Units 12023-12-310001396440Chamberlin Holding LLC, Member Units 22023-12-310001396440main:ChamberlinHoldingLLCMember2023-12-310001396440Charps, LLC, Unsecured Debt2023-12-310001396440Charps, LLC, Preferred Member Units2023-12-310001396440main:CharpsLLCMember2023-12-310001396440Clad-Rex Steel, LLC, Secured Debt 12023-12-310001396440Clad-Rex Steel, LLC, Secured Debt 22023-12-310001396440Clad-Rex Steel, LLC, Secured Debt 32023-12-310001396440Clad-Rex Steel, LLC, Member Units 12023-12-310001396440Clad-Rex Steel, LLC, Member Units 22023-12-310001396440main:CladRexSteelLLCMember2023-12-310001396440Cody Pools, Inc., Secured Debt 12023-12-310001396440Cody Pools, Inc., Secured Debt 22023-12-310001396440Cody Pools, Inc., Preferred Member Units2023-12-310001396440main:CodyPoolsIncMember2023-12-310001396440Colonial Electric Company LLC, Secured Debt 12023-12-310001396440Colonial Electric Company LLC, Secured Debt 22023-12-310001396440Colonial Electric Company LLC, Preferred Member Units 12023-12-310001396440Colonial Electric Company LLC, Preferred Member Units 22023-12-310001396440main:ColonialElectricCompanyLLCMember2023-12-310001396440CompareNetworks Topco, LLC, Secured Debt 12023-12-310001396440CompareNetworks Topco, LLC, Secured Debt 22023-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2023-12-310001396440main:CompareNetworksTopcoLLCMember2023-12-310001396440Compass Systems & Sales, LLC, Secured Debt 12023-12-310001396440Compass Systems & Sales, LLC, Secured Debt 22023-12-310001396440Compass Systems & Sales, LLC, Preferred Equity2023-12-310001396440main:CompassSystemsSalesLLCMember2023-12-310001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-12-310001396440Cybermedia Technologies, LLC, Secured Debt 12023-12-310001396440Cybermedia Technologies, LLC, Secured Debt 22023-12-310001396440Cybermedia Technologies, LLC, Preferred Member Units2023-12-310001396440main:CybermediaTechnologiesLLCMember2023-12-310001396440Datacom, LLC, Secured Debt 12023-12-310001396440Datacom, LLC, Secured Debt 22023-12-310001396440Datacom, LLC, Preferred Member Units2023-12-310001396440main:DatacomLLCMember2023-12-310001396440Digital Products Holdings LLC, Secured Debt2023-12-310001396440Digital Products Holdings LLC, Preferred Member Units2023-12-310001396440main:DigitalProductsHoldingsLLCMember2023-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 12023-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 22023-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2023-12-310001396440main:DirectMarketingSolutionsIncMember2023-12-310001396440Elgin AcquireCo, LLC, Secured Debt 12023-12-310001396440Elgin AcquireCo, LLC, Secured Debt 22023-12-310001396440Elgin AcquireCo, LLC, Secured Debt 32023-12-310001396440Elgin AcquireCo, LLC, Common Stock 12023-12-310001396440Elgin AcquireCo, LLC, Common Stock 22023-12-310001396440main:ElginAcquireCoLLCMember2023-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 12023-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22023-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2023-12-310001396440main:GamberJohnsonHoldingsLLCMember2023-12-310001396440Garreco, LLC, Secured Debt2023-12-310001396440Garreco, LLC, Member Units2023-12-310001396440main:GarrecoLLCMember2023-12-310001396440GRT Rubber Technologies LLC, Secured Debt 12023-12-310001396440GRT Rubber Technologies LLC, Secured Debt 22023-12-310001396440GRT Rubber Technologies LLC, Member Units2023-12-310001396440main:GRTRubberTechnologiesLLCMember2023-12-310001396440Gulf Manufacturing, LLC, Member Units2023-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 12023-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22023-12-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2023-12-310001396440Gulf Publishing Holdings, LLC, Member Units2023-12-310001396440main:GulfPublishingHoldingsLLCMember2023-12-310001396440Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2023-12-310001396440Harris Preston Fund Investments, LP Interests (2717 HPP-MS, L.P.)2023-12-310001396440main:HarrisPrestonFundInvestmentsOneMember2023-12-310001396440Harrison Hydra-Gen, Ltd., Common Stock2023-12-310001396440IG Investor, LLC, Secured Debt 12023-12-310001396440IG Investor, LLC, Secured Debt 22023-12-310001396440IG Investor, LLC, Common Equity2023-12-310001396440main:IGInvestorLLCMember2023-12-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12023-12-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22023-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2023-12-310001396440main:JensenJewelersOfIdahoLLCMember2023-12-310001396440JorVet Holdings, LLC, Secured Debt2023-12-310001396440JorVet Holdings, LLC, Preferred Equity2023-12-310001396440main:JorVetHoldingsLLCMember2023-12-310001396440KBK Industries, LLC, Secured Debt2023-12-310001396440KBK Industries, LLC, Member Units2023-12-310001396440main:KBKIndustriesLLCMember2023-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-12-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-12-310001396440Kickhaefer Manufacturing Company, LLC, Member Units2023-12-310001396440main:KickhaeferManufacturingCompanyLLCMember2023-12-310001396440Metalforming Holdings, LLC, Secured Debt 12023-12-310001396440Metalforming Holdings, LLC, Secured Debt 22023-12-310001396440Metalforming Holdings, LLC, Preferred Equity2023-12-310001396440Metalforming Holdings, LLC, Common Stock2023-12-310001396440main:MetalFormingHoldingLLCMember2023-12-310001396440MH Corbin Holding LLC, Secured Debt2023-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12023-12-310001396440MH Corbin Holding LLC, Preferred Member Units 22023-12-310001396440main:MHCorbinHoldingLLCMember2023-12-310001396440MS Private Loan Fund I, LP, Secured Debt2023-12-310001396440MS Private Loan Fund I, LP, LP Interests2023-12-310001396440main:MSPrivateLoanFundILPMember2023-12-310001396440MS Private Loan Fund II, LP, Secured Debt2023-12-310001396440MS Private Loan Fund II, LP, LP Interests2023-12-310001396440main:MSPrivateLoanFundIILPMember2023-12-310001396440MSC Adviser I, LLC, Member Units2023-12-310001396440MSC Income Fund, Inc., Common Equity2023-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 12023-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 22023-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2023-12-310001396440main:MysticLogisticsHoldingsLLCMember2023-12-310001396440NAPCO Precast, LLC, Member Units2023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32023-12-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2023-12-310001396440main:NebraskaVetAcquireCoLLCMember2023-12-310001396440NexRev LLC, Secured Debt 12023-12-310001396440NexRev LLC, Secured Debt 22023-12-310001396440NexRev LLC, Preferred Member Units2023-12-310001396440main:NexRevLLCMember2023-12-310001396440NRP Jones, LLC, Secured Debt2023-12-310001396440NRP Jones, LLC, Member Units 12023-12-310001396440NRP Jones, LLC, Member Units 22023-12-310001396440main:NRPJonesLLCMember2023-12-310001396440NuStep, LLC, Secured Debt 12023-12-310001396440NuStep, LLC, Secured Debt 22023-12-310001396440NuStep, LLC, Preferred Member Units 12023-12-310001396440NuStep, LLC, Preferred Member Units 22023-12-310001396440main:NuStepLLCMember2023-12-310001396440OMi Topco, LLC, Secured Debt2023-12-310001396440OMi Topco, LLC, Preferred Member Units2023-12-310001396440main:OMiTopcoLLCMember2023-12-310001396440Orttech Holdings, LLC, Secured Debt 12023-12-310001396440Orttech Holdings, LLC, Secured Debt 22023-12-310001396440Orttech Holdings, LLC, Preferred Stock2023-12-310001396440main:OrttechHoldingsLLCMember2023-12-310001396440Pearl Meyer Topco LLC, Secured Debt 12023-12-310001396440Pearl Meyer Topco LLC, Secured Debt 22023-12-310001396440Pearl Meyer Topco LLC, Secured Debt 32023-12-310001396440Pearl Meyer Topco LLC, Preferred Equity2023-12-310001396440main:PearlMeyerTopcoLLCMember2023-12-310001396440Pinnacle TopCo, LLC, Secured Debt 12023-12-310001396440Pinnacle TopCo, LLC, Secured Debt 22023-12-310001396440Pinnacle TopCo, LLC, Preferred Equity2023-12-310001396440main:PinnacleTopCoLLCMember2023-12-310001396440PPL RVs, Inc., Secured Debt 12023-12-310001396440PPL RVs, Inc., Secured Debt 22023-12-310001396440PPL RVs, Inc., Common Stock 12023-12-310001396440PPL RVs, Inc., Common Stock 22023-12-310001396440main:PPLRVsIncMember2023-12-310001396440Principle Environmental, LLC, Secured Debt 12023-12-310001396440Principle Environmental, LLC, Secured Debt 22023-12-310001396440Principle Environmental, LLC, Preferred Member Units2023-12-310001396440Principle Environmental, LLC, Common Stock2023-12-310001396440main:PrincipleEnvironmentalLLCMember2023-12-310001396440Quality Lease Service, LLC, Member Units2023-12-310001396440River Aggregates, LLC, Member Units2023-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 12023-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22023-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2023-12-310001396440main:RobbinsBrosJewelryIncMember2023-12-310001396440Tedder Industries, LLC, Secured Debt 12023-12-310001396440Tedder Industries, LLC, Secured Debt 22023-12-310001396440Tedder Industries, LLC, Preferred Member Units 12023-12-310001396440Tedder Industries, LLC, Preferred Member Units 22023-12-310001396440Tedder Industries, LLC, Preferred Member Units 32023-12-310001396440main:TedderIndustriesLLCMember2023-12-310001396440Televerde, LLC, Preferred Stock2023-12-310001396440Televerde, LLC, Member Units2023-12-310001396440main:TeleverdeLLCMember2023-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 12023-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 22023-12-310001396440Trantech Radiator Topco, LLC, Common Stock2023-12-310001396440main:TrantechRadiatorTopcoLLCMember2023-12-310001396440Vision Interests, Inc., Series A Preferred Stock2023-12-310001396440Volusion, LLC, Secured Debt2023-12-310001396440Volusion, LLC, Preferred Member Units 12023-12-310001396440Volusion, LLC, Preferred Member Units 22023-12-310001396440Volusion, LLC, Preferred Member Units 32023-12-310001396440Volusion, LLC, Common Stock2023-12-310001396440main:VolusionLLCMember2023-12-310001396440VVS Holdco LLC, Secured Debt 12023-12-310001396440VVS Holdco LLC, Secured Debt 22023-12-310001396440VVS Holdco LLC, Preferred Equity2023-12-310001396440main:VVSHoldcoLLCMember2023-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 12023-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 22023-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 32023-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2023-12-310001396440Ziegler’s NYPD, LLC, Warrants2023-12-310001396440main:ZieglersNYPDLLCMember2023-12-310001396440AAC Holdings, Inc., Secured Debt 12023-12-310001396440AAC Holdings, Inc., Secured Debt 22023-12-310001396440AAC Holdings, Inc., Common Stock2023-12-310001396440AAC Holdings, Inc., Warrants2023-12-310001396440main:AACHoldingsIncMember2023-12-310001396440Boccella Precast Products LLC, Secured Debt2023-12-310001396440Boccella Precast Products LLC, Member Units2023-12-310001396440main:BoccellaPrecastProductsLLCMember2023-12-310001396440Buca C, LLC, Secured Debt2023-12-310001396440Buca C, LLC, Preferred Member Units2023-12-310001396440main:BucaCLLCMember2023-12-310001396440Career Team Holdings, LLC, Secured Debt 12023-12-310001396440Career Team Holdings, LLC, Secured Debt 22023-12-310001396440Career Team Holdings, LLC, Common Stock2023-12-310001396440main:CareerTeamHoldingsLLCMember2023-12-310001396440Classic H&G Holdings, LLC, Secured Debt 12023-12-310001396440Classic H&G Holdings, LLC, Secured Debt 22023-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2023-12-310001396440main:ClassicHGHoldingsLLCMember2023-12-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2023-12-310001396440DMA Industries, LLC, Secured Debt2023-12-310001396440DMA Industries, LLC, Preferred Equity2023-12-310001396440main:DMAIndustriesLLCMember2023-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2023-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2023-12-310001396440main:DosRiosPartnersMember2023-12-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2023-12-310001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2023-12-310001396440Flame King Holdings, LLC, Preferred Equity2023-12-310001396440Freeport Financial Funds, LP Interests (Freeport Financial SBIC Fund LP)2023-12-310001396440Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-12-310001396440main:FreeportFinancialFundsMember2023-12-310001396440GFG Group, LLC, Secured Debt2023-12-310001396440GFG Group, LLC, Preferred Member Units2023-12-310001396440main:GFGGroupLLCMember2023-12-310001396440Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2023-12-310001396440Harris Preston Fund Investments, LP Interests (HPEP 4, L.P.)2023-12-310001396440Harris Preston Fund Investments, LP Interests (423 COR, L.P.)2023-12-310001396440Harris Preston Fund Investments, LP Interests (423 HAR, L.P.)2023-12-310001396440main:HarrisPrestonFundInvestmentsTwoMember2023-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 12023-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 22023-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12023-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22023-12-310001396440main:HawkRidgeSystemsLLCMember2023-12-310001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2023-12-310001396440Houston Plating and Coatings, LLC, Member Units2023-12-310001396440main:HoustonPlatingAndCoatingsLLCMember2023-12-310001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-12-310001396440Infinity X1 Holdings, LLC, Secured Debt2023-12-310001396440Infinity X1 Holdings, LLC, Preferred Equity2023-12-310001396440main:InfinityX1HoldingsLLCMember2023-12-310001396440Integral Energy Services, Secured Debt2023-12-310001396440Integral Energy Services, Preferred Equity2023-12-310001396440Integral Energy Services, Common Stock2023-12-310001396440main:IntegralEnergyServicesMember2023-12-310001396440Iron-Main Investments, LLC, Secured Debt 12023-12-310001396440Iron-Main Investments, LLC, Secured Debt 22023-12-310001396440Iron-Main Investments, LLC, Secured Debt 32023-12-310001396440Iron-Main Investments, LLC, Secured Debt 42023-12-310001396440Iron-Main Investments, LLC, Secured Debt 52023-12-310001396440Iron-Main Investments, LLC, Common Stock2023-12-310001396440main:IronMainInvestmentsLLCMember2023-12-310001396440ITA Holdings Group, LLC, Secured Debt 12023-12-310001396440ITA Holdings Group, LLC, Secured Debt 22023-12-310001396440ITA Holdings Group, LLC, Secured Debt 32023-12-310001396440ITA Holdings Group, LLC, Secured Debt 42023-12-310001396440ITA Holdings Group, LLC, Warrants2023-12-310001396440main:ITAHoldingsGroupLLCMember2023-12-310001396440Johnson Downie Opco, LLC, Secured Debt 12023-12-310001396440Johnson Downie Opco, LLC, Secured Debt 22023-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2023-12-310001396440main:JohnsonDownieOpcoLLCMember2023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 12023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 22023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 32023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 42023-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2023-12-310001396440OnAsset Intelligence, Inc., Preferred Stock2023-12-310001396440OnAsset Intelligence, Inc., Common Stock2023-12-310001396440OnAsset Intelligence, Inc., Warrants2023-12-310001396440main:OnAssetIntelligenceIncMember2023-12-310001396440Oneliance, LLC, Secured Debt 12023-12-310001396440Oneliance, LLC, Secured Debt 22023-12-310001396440Oneliance, LLC, Preferred Stock2023-12-310001396440main:OnelianceLLCMember2023-12-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Preferred Member Units2023-12-310001396440SI East, LLC, Secured Debt 12023-12-310001396440SI East, LLC, Secured Debt 22023-12-310001396440SI East, LLC, Preferred Member Units2023-12-310001396440main:SIEastLLCMember2023-12-310001396440Slick Innovations, LLC, Secured Debt2023-12-310001396440Slick Innovations, LLC, Common Stock2023-12-310001396440main:SlickInnovationsLLCMember2023-12-310001396440Student Resource Center, LLC, Secured Debt2023-12-310001396440Student Resource Center, LLC, Preferred Equity2023-12-310001396440main:StudentResourceCenterLLCMember2023-12-310001396440Superior Rigging & Erecting Co., Secured Debt2023-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2023-12-310001396440main:SuperiorRiggingErectingCoMember2023-12-310001396440The Affiliati Network, LLC, Secured Debt 12023-12-310001396440The Affiliati Network, LLC, Secured Debt 22023-12-310001396440The Affiliati Network, LLC, Preferred Stock 12023-12-310001396440The Affiliati Network, LLC, Preferred Stock 22023-12-310001396440main:TheAffiliatiNetworkLLCMember2023-12-310001396440UnionRock Energy Fund II, LP, LP Interests2023-12-310001396440UnionRock Energy Fund III, LP, LP Interests2023-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt 12023-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt 22023-12-310001396440UniTek Global Services, Inc., Preferred Stock 12023-12-310001396440UniTek Global Services, Inc., Preferred Stock 22023-12-310001396440UniTek Global Services, Inc., Preferred Stock 32023-12-310001396440UniTek Global Services, Inc., Preferred Stock 42023-12-310001396440UniTek Global Services, Inc., Common Stock2023-12-310001396440main:UniTekGlobalServicesIncMember2023-12-310001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2023-12-310001396440Universal Wellhead Services Holdings, LLC, Member Units2023-12-310001396440main:UniversalWellheadServicesHoldingsLLCMember2023-12-310001396440World Micro Holdings, LLC, Secured Debt2023-12-310001396440World Micro Holdings, LLC, Preferred Equity2023-12-310001396440main:WorldMicroHoldingsLLCMember2023-12-310001396440AB Centers Acquisition Corporation, Secured Debt 12023-12-310001396440AB Centers Acquisition Corporation, Secured Debt 22023-12-310001396440AB Centers Acquisition Corporation, Secured Debt 32023-12-310001396440AB Centers Acquisition Corporation, Secured Debt 42023-12-310001396440main:ABCentersAcquisitionCorporationMember2023-12-310001396440Acumera, Inc., Secured Debt 12023-12-310001396440Acumera, Inc., Secured Debt 22023-12-310001396440Acumera, Inc., Warrants2023-12-310001396440main:AcumeraIncMember2023-12-310001396440Adams Publishing Group, LLC, Secured Debt 12023-12-310001396440Adams Publishing Group, LLC, Secured Debt 22023-12-310001396440main:AdamsPublishingGroupLLCMember2023-12-310001396440ADS Tactical, Inc., Secured Debt2023-12-310001396440AMEREQUIP LLC, Secured Debt 12023-12-310001396440AMEREQUIP LLC, Secured Debt 22023-12-310001396440AMEREQUIP LLC, Common Stock2023-12-310001396440main:AMEREQUIPLLCMember2023-12-310001396440American Health Staffing Group, Inc., Secured Debt 12023-12-310001396440American Health Staffing Group, Inc., Secured Debt 22023-12-310001396440main:AmericanHealthStaffingGroupIncMember2023-12-310001396440American Nuts, LLC, Secured Debt 12023-12-310001396440American Nuts, LLC, Secured Debt 22023-12-310001396440American Nuts, LLC, Secured Debt 32023-12-310001396440American Nuts, LLC, Secured Debt 42023-12-310001396440main:AmericanNutsLLCMember2023-12-310001396440American Teleconferencing Services, Ltd., Secured Debt 12023-12-310001396440American Teleconferencing Services, Ltd., Secured Debt 22023-12-310001396440main:AmericanTeleconferencingServicesLtdMember2023-12-310001396440ArborWorks, LLC, Secured Debt 12023-12-310001396440ArborWorks, LLC, Secured Debt 22023-12-310001396440ArborWorks, LLC, Preferred Equity 12023-12-310001396440ArborWorks, LLC, Preferred Equity 22023-12-310001396440ArborWorks, LLC, Common Equity2023-12-310001396440main:ArborWorksLLCMember2023-12-310001396440Archer Systems, LLC, Common Stock2023-12-310001396440ATS Operating, LLC, Secured Debt 12023-12-310001396440ATS Operating, LLC, Secured Debt 22023-12-310001396440ATS Operating, LLC, Secured Debt 32023-12-310001396440ATS Operating, LLC, Common Stock2023-12-310001396440main:ATSOperatingLLCMember2023-12-310001396440AVEX Aviation Holdings, LLC, Secured Debt 12023-12-310001396440AVEX Aviation Holdings, LLC, Secured Debt 22023-12-310001396440AVEX Aviation Holdings, LLC, Common Equity2023-12-310001396440main:AVEXAviationHoldingsLLCMember2023-12-310001396440Berry Aviation, Inc., Preferred Member Units 12023-12-310001396440Berry Aviation, Inc., Preferred Member Units 22023-12-310001396440main:BerryAviationIncMember2023-12-310001396440Bettercloud, Inc., Secured Debt 12023-12-310001396440Bettercloud, Inc., Secured Debt 22023-12-310001396440main:BettercloudIncMember2023-12-310001396440Binswanger Enterprises, LLC, Member Units2023-12-310001396440Bluestem Brands, Inc., Secured Debt 12023-12-310001396440Bluestem Brands, Inc., Secured Debt 22023-12-310001396440Bluestem Brands, Inc., Common Stock2023-12-310001396440Bluestem Brands, Inc., Warrants2023-12-310001396440main:BluestemBrandsIncMember2023-12-310001396440Bond Brand Loyalty ULC, Secured Debt 12023-12-310001396440Bond Brand Loyalty ULC, Secured Debt 22023-12-310001396440Bond Brand Loyalty ULC, Secured Debt 32023-12-310001396440Bond Brand Loyalty ULC, Preferred Equity2023-12-310001396440Bond Brand Loyalty ULC, Common Equity2023-12-310001396440main:BondBrandLoyaltyULCMember2023-12-310001396440Brainworks Software, LLC, Secured Debt 12023-12-310001396440Brainworks Software, LLC, Secured Debt 22023-12-310001396440main:BrainworksSoftwareLLCMember2023-12-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2023-12-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2023-12-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund V, LP)2023-12-310001396440main:BrightwoodCapitalFundInvestmentsMember2023-12-310001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 12023-12-310001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 22023-12-310001396440main:BurningGlassIntermediateHoldingCompanyIncMember2023-12-310001396440CAI Software LLC, Preferred Equity 12023-12-310001396440CAI Software LLC, Preferred Equity 22023-12-310001396440main:CAISoftwareLLCMember2023-12-310001396440CaseWorthy, Inc., Secured Debt 12023-12-310001396440CaseWorthy, Inc., Secured Debt 22023-12-310001396440CaseWorthy, Inc., Secured Debt 32023-12-310001396440CaseWorthy, Inc., Common Equity2023-12-310001396440main:CaseWorthyIncMember2023-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 12023-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 22023-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 32023-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 42023-12-310001396440main:ChannelPartnersIntermediatecoLLCMember2023-12-310001396440Clarius BIGS, LLC, Secured Debt2023-12-310001396440Computer Data Source, LLC, Secured Debt 12023-12-310001396440Computer Data Source, LLC, Secured Debt 22023-12-310001396440main:ComputerDataSourceLLCMember2023-12-310001396440Construction Supply Investments, LLC, Member Units2023-12-310001396440CQ Fluency, LLC, Secured Debt 12023-12-310001396440CQ Fluency, LLC, Secured Debt 22023-12-310001396440CQ Fluency, LLC, Secured Debt 32023-12-310001396440main:CQFluencyLLCMember2023-12-310001396440Dalton US Inc., Common Stock2023-12-310001396440DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2023-12-310001396440DTE Enterprises, LLC, Class A Preferred Member Units2023-12-310001396440main:DTEEnterprisesLLCMember2023-12-310001396440Dynamic Communities, LLC, Secured Debt 12023-12-310001396440Dynamic Communities, LLC, Secured Debt 22023-12-310001396440Dynamic Communities, LLC, Preferred Equity 12023-12-310001396440Dynamic Communities, LLC, Preferred Equity 22023-12-310001396440Dynamic Communities, LLC, Common Equity2023-12-310001396440main:DynamicCommunitiesLLCMember2023-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 12023-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 22023-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 32023-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 42023-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 52023-12-310001396440main:EasternWholesaleFenceLLCMember2023-12-310001396440Emerald Technologies Acquisition Co, Inc., Secured Debt2023-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII, L.P.)2023-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)2023-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund IX, L.P.)2023-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund X, L.P.)2023-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund II, L.P.)2023-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund III, L.P.)2023-12-310001396440main:EnCapEnergyFundInvestmentsMember2023-12-310001396440Engineering Research & Consulting, LLC, Secured Debt 12023-12-310001396440Engineering Research & Consulting, LLC, Secured Debt 22023-12-310001396440main:EngineeringResearchConsultingLLCMember2023-12-310001396440Escalent, Inc., Secured Debt 12023-12-310001396440Escalent, Inc., Secured Debt 22023-12-310001396440Escalent, Inc., Common Equity2023-12-310001396440main:EscalentIncMember2023-12-310001396440Event Holdco, LLC, Secured Debt 12023-12-310001396440Event Holdco, LLC, Secured Debt 22023-12-310001396440main:EventHoldcoLLCMember2023-12-310001396440Fuse, LLC, Secured Debt2023-12-310001396440Fuse, LLC, Common Stock2023-12-310001396440main:FuseLLCMember2023-12-310001396440Garyline, LLC, Secured Debt 12023-12-310001396440Garyline, LLC, Secured Debt 22023-12-310001396440Garyline, LLC, Common Equity2023-12-310001396440main:GarylineLLCMember2023-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 12023-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 22023-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 32023-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 42023-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 52023-12-310001396440main:GSHVAMIntermediateLLCMember2023-12-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 12023-12-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 22023-12-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 32023-12-310001396440main:GULFPACIFICACQUISITIONLLCMember2023-12-310001396440HDC/HW Intermediate Holdings, Secured Debt 12023-12-310001396440HDC/HW Intermediate Holdings, Secured Debt 22023-12-310001396440main:HDCHWIntermediateHoldingsMember2023-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 12023-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 22023-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 32023-12-310001396440main:HEADLANDSOPCOLLCMember2023-12-310001396440HOWLCO LLC, Secured Debt2023-12-310001396440Hybrid Promotions, LLC, Secured Debt2023-12-310001396440IG Parent Corporation, Secured Debt 12023-12-310001396440IG Parent Corporation, Secured Debt 22023-12-310001396440IG Parent Corporation, Secured Debt 32023-12-310001396440main:IGParentCorporationMember2023-12-310001396440Imaging Business Machines, L.L.C., Secured Debt 12023-12-310001396440Imaging Business Machines, L.L.C., Secured Debt 22023-12-310001396440Imaging Business Machines, L.L.C., Common Equity2023-12-310001396440main:ImagingBusinessMachinesLLCMember2023-12-310001396440Implus Footcare, LLC, Secured Debt2023-12-310001396440Industrial Services Acquisition, LLC, Secured Debt 12023-12-310001396440Industrial Services Acquisition, LLC, Secured Debt 22023-12-310001396440Industrial Services Acquisition, LLC, Preferred Member Units 12023-12-310001396440Industrial Services Acquisition, LLC, Preferred Member Units 22023-12-310001396440Industrial Services Acquisition, LLC, Member Units2023-12-310001396440main:IndustrialServicesAcquisitionLLCMember2023-12-310001396440Infolinks Media Buyco, LLC, Secured Debt 12023-12-310001396440Infolinks Media Buyco, LLC, Secured Debt 22023-12-310001396440main:InfolinksMediaBuycoLLCMember2023-12-310001396440Insight Borrower Corporation, Secured Debt 12023-12-310001396440Insight Borrower Corporation, Secured Debt 22023-12-310001396440Insight Borrower Corporation, Secured Debt 32023-12-310001396440Insight Borrower Corporation, Common Equity2023-12-310001396440main:InsightBorrowerCorporationMember2023-12-310001396440Inspire Aesthetics Management, LLC, Secured Debt 12023-12-310001396440Inspire Aesthetics Management, LLC, Secured Debt 22023-12-310001396440Inspire Aesthetics Management, LLC, Secured Debt 32023-12-310001396440Inspire Aesthetics Management, LLC, Common Equity2023-12-310001396440main:InspireAestheticsManagementLLCMember2023-12-310001396440Interface Security Systems, L.L.C, Secured Debt 12023-12-310001396440Interface Security Systems, L.L.C, Secured Debt 22023-12-310001396440Interface Security Systems, L.L.C, Common Stock2023-12-310001396440main:InterfaceSecuritySystemsLLCMember2023-12-310001396440Intermedia Holdings, Inc., Secured Debt2023-12-310001396440Invincible Boat Company, LLC., Secured Debt 12023-12-310001396440Invincible Boat Company, LLC., Secured Debt 22023-12-310001396440main:InvincibleBoatCompanyLLCMember2023-12-310001396440INW Manufacturing, LLC, Secured Debt2023-12-310001396440Isagenix International, LLC, Secured Debt2023-12-310001396440Isagenix International, LLC, Common Equity2023-12-310001396440main:IsagenixInternationalLLCMember2023-12-310001396440Jackmont Hospitality, Inc., Secured Debt 12023-12-310001396440Jackmont Hospitality, Inc., Secured Debt 22023-12-310001396440Jackmont Hospitality, Inc., Preferred Equity2023-12-310001396440main:JackmontHospitalityIncMember2023-12-310001396440Joerns Healthcare, LLC, Secured Debt 12023-12-310001396440Joerns Healthcare, LLC, Secured Debt 22023-12-310001396440Joerns Healthcare, LLC, Secured Debt 32023-12-310001396440Joerns Healthcare, LLC, Common Stock2023-12-310001396440main:JoernsHealthcareLLCMember2023-12-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 12023-12-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 22023-12-310001396440JTI Electrical & Mechanical, LLC, Common Equity2023-12-310001396440main:JTIElectricalMechanicalLLCMember2023-12-310001396440KMS, LLC, Secured Debt 12023-12-310001396440KMS, LLC, Secured Debt 22023-12-310001396440main:KMSLLCMember2023-12-310001396440Lightbox Holdings, L.P., Secured Debt2023-12-310001396440LKCM Headwater Investments I, L.P., LP Interests2023-12-310001396440LL Management, Inc., Secured Debt 12023-12-310001396440LL Management, Inc., Secured Debt 22023-12-310001396440LL Management, Inc., Secured Debt 32023-12-310001396440LL Management, Inc., Secured Debt 42023-12-310001396440LL Management, Inc., Secured Debt 52023-12-310001396440main:LLManagementIncMember2023-12-310001396440LLFlex, LLC, Secured Debt2023-12-310001396440Logix Acquisition Company, LLC, Secured Debt2023-12-310001396440Looking Glass Investments, LLC, Member 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Equity2023-12-310001396440main:MiniMeltsOfAmericaLLCMember2023-12-310001396440MonitorUS Holding, LLC, Secured Debt 12023-12-310001396440MonitorUS Holding, LLC, Secured Debt 22023-12-310001396440MonitorUS Holding, LLC, Secured Debt 32023-12-310001396440MonitorUS Holding, LLC, Common Stock2023-12-310001396440main:MonitorUSHoldingLLCMember2023-12-310001396440NBG Acquisition Inc, Secured Debt2023-12-310001396440NinjaTrader, LLC, Secured Debt 12023-12-310001396440NinjaTrader, LLC, Secured Debt 22023-12-310001396440NinjaTrader, LLC, Secured Debt 32023-12-310001396440NinjaTrader, LLC, Secured Debt 42023-12-310001396440main:NinjaTraderLLCMember2023-12-310001396440Obra Capital, Inc. 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32023-12-310001396440main:RTICSubsidiaryHoldingsLLCMember2023-12-310001396440Rug Doctor, LLC., Secured Debt 12023-12-310001396440Rug Doctor, LLC., Secured Debt 22023-12-310001396440main:RugDoctorLLCMember2023-12-310001396440South Coast Terminals Holdings, LLC, Secured Debt 12023-12-310001396440South Coast Terminals Holdings, LLC, Secured Debt 22023-12-310001396440South Coast Terminals Holdings, LLC, Common Equity2023-12-310001396440main:SouthCoastTerminalsHoldingsLLCMember2023-12-310001396440SPAU Holdings, LLC, Secured Debt 12023-12-310001396440SPAU Holdings, LLC, Secured Debt 22023-12-310001396440SPAU Holdings, LLC, Common Stock2023-12-310001396440main:SPAUHoldingsLLCMember2023-12-310001396440Stellant Systems, Inc., Secured Debt 12023-12-310001396440Stellant Systems, Inc., Secured Debt 22023-12-310001396440main:StellantSystemsInc.Member2023-12-310001396440Team Public Choices, LLC, Secured Debt2023-12-310001396440Tectonic Financial, LLC, Common Stock2023-12-310001396440Tex Tech Tennis, 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Secured Debt 12024-01-012024-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-01-012024-09-300001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-01-012024-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units2024-01-012024-09-300001396440Metalforming Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Metalforming Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Metalforming Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440Metalforming Holdings, LLC, Common Stock2024-01-012024-09-300001396440MH Corbin Holding LLC, Secured Debt2024-01-012024-09-300001396440MH Corbin Holding LLC, Preferred Member Units 12024-01-012024-09-300001396440MH Corbin Holding LLC, Preferred Member Units 22024-01-012024-09-300001396440MSC Adviser I, LLC, Member Units2024-01-012024-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Mystic Logistics Holdings, LLC, Common Stock2024-01-012024-09-300001396440OMi Topco, LLC, Secured Debt2024-01-012024-09-300001396440OMi Topco, LLC, Preferred Member Units2024-01-012024-09-300001396440PPL RVs, Inc., Secured Debt 12024-01-012024-09-300001396440PPL RVs, Inc., Secured Debt 22024-01-012024-09-300001396440PPL RVs, Inc., Common Stock 12024-01-012024-09-300001396440PPL RVs, Inc., Common Stock 22024-01-012024-09-300001396440Principle Environmental, LLC, Secured Debt2024-01-012024-09-300001396440Principle Environmental, LLC, Secured Debt2023-12-310001396440Principle Environmental, LLC, Preferred Member Units2024-01-012024-09-300001396440Principle Environmental, LLC, Common Stock2024-01-012024-09-300001396440Quality Lease Service, LLC, Member Units2024-01-012024-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12024-01-012024-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22024-01-012024-09-300001396440Robbins Bros. Jewelry, Inc., Preferred Equity2024-01-012024-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12024-01-012024-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22024-01-012024-09-300001396440Trantech Radiator Topco, LLC, Common Stock2024-01-012024-09-300001396440Volusion, LLC, Secured Debt2024-01-012024-09-300001396440Volusion, LLC, Preferred Member Units 1.12024-01-012024-09-300001396440Volusion, LLC, Preferred Member Units 1.12023-12-310001396440Volusion, LLC, Preferred Member Units 1.12024-09-300001396440Volusion, LLC, Preferred Member Units 2.12024-01-012024-09-300001396440Volusion, LLC, Preferred Member Units 2.12023-12-310001396440Volusion, LLC, Preferred Member Units 2.12024-09-300001396440Volusion, LLC, Preferred Member Units 32024-01-012024-09-300001396440Volusion, LLC, Common Stock2024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 32024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Preferred Member Units2024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Warrants2024-01-012024-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2024-01-012024-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2023-12-3100013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2024-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2024-01-012024-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2023-12-3100013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2024-09-3000013964402717 MH, L.P., LP Interests (2717 GRE-LP, L.P.)2024-01-012024-09-3000013964402717 MH, L.P., LP Interests (2717 GRE-LP, L.P.)2023-12-3100013964402717 MH, L.P., LP Interests (2717 GRE-LP, L.P.)2024-09-300001396440HPEP 423 COR, LP, LP Interests (423 COR, L.P.)2024-01-012024-09-300001396440HPEP 423 COR, LP, LP Interests (423 COR, L.P.)2023-12-310001396440HPEP 423 COR, LP, LP Interests (423 COR, L.P.)2024-09-300001396440ASC Interests, LLC, Secured Debt 12024-01-012024-09-300001396440ASC Interests, LLC, Secured Debt 22024-01-012024-09-300001396440ASC Interests, LLC, Preferred Member Units2024-01-012024-09-300001396440ASC Interests, LLC, Member Units2024-01-012024-09-300001396440ATS Workholding, LLC, Secured Debt 12024-01-012024-09-300001396440ATS Workholding, LLC, Secured Debt 22024-01-012024-09-300001396440ATS Workholding, LLC, Preferred Member Units2024-01-012024-09-300001396440Barfly Ventures, LLC, Secured Debt2024-01-012024-09-300001396440Barfly Ventures, LLC, Member Units2024-01-012024-09-300001396440Batjer TopCo, LLC, Secured Debt 12024-01-012024-09-300001396440Batjer TopCo, LLC, Secured Debt 22024-01-012024-09-300001396440Batjer TopCo, LLC, Secured Debt 32024-01-012024-09-300001396440Batjer TopCo, LLC, Preferred Stock2024-01-012024-09-300001396440Bolder Panther Group, LLC, Secured Debt 1.12024-09-300001396440Bolder Panther Group, LLC, Secured Debt 1.12024-01-012024-09-300001396440Bolder Panther Group, LLC, Secured Debt 1.12023-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2024-01-012024-09-300001396440Bolder Panther Group, LLC, Secured Debt 2.12024-01-012024-09-300001396440Bolder Panther Group, LLC, Secured Debt 2.12023-12-310001396440Bolder Panther Group, LLC, Secured Debt 2.12024-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 12024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 12024-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 22024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 22024-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Warrants 12024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Warrants 12023-12-310001396440Bridge Capital Solutions Corporation, Warrants 12024-09-300001396440Bridge Capital Solutions Corporation, Warrants 22024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Warrants 22023-12-310001396440Bridge Capital Solutions Corporation, Warrants 22024-09-300001396440CBT Nuggets, LLC, Member Units2024-01-012024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 2.12024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 2.12024-01-012024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 2.12023-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 32024-01-012024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 32023-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 32024-09-300001396440Centre Technologies Holdings, LLC, Preferred Member Units2024-01-012024-09-300001396440Chamberlin Holding LLC, Secured Debt 12024-01-012024-09-300001396440Chamberlin Holding LLC, Secured Debt 22024-01-012024-09-300001396440Chamberlin Holding LLC, Member Units 12024-01-012024-09-300001396440Chamberlin Holding LLC, Member Units 22024-01-012024-09-300001396440Charps, LLC, Unsecured Debt2024-01-012024-09-300001396440Charps, LLC, Preferred Member Units2024-01-012024-09-300001396440Colonial Electric Company LLC, Secured Debt 12024-01-012024-09-300001396440Colonial Electric Company LLC, Secured Debt 22024-01-012024-09-300001396440Colonial Electric Company LLC, Preferred Member Units 12024-01-012024-09-300001396440Colonial Electric Company LLC, Preferred Member Units 12024-09-300001396440Colonial Electric Company LLC, Preferred Member Units 22024-01-012024-09-300001396440Colonial Electric Company LLC, Preferred Member Units 22024-09-300001396440Compass Systems & Sales, LLC, Secured Debt 12024-01-012024-09-300001396440Compass Systems & Sales, LLC, Secured Debt 22024-01-012024-09-300001396440Compass Systems & Sales, LLC, Preferred Equity2024-01-012024-09-300001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-01-012024-09-300001396440Digital Products Holdings LLC, Secured Debt2024-01-012024-09-300001396440Digital Products Holdings LLC, Preferred Member Units2024-01-012024-09-300001396440Garreco, LLC, Secured Debt2024-01-012024-09-300001396440Garreco, LLC, Member Units2024-01-012024-09-300001396440Harrison Hydra-Gen, Ltd., Common Stock2024-01-012024-09-300001396440JorVet Holdings, LLC, Secured Debt2024-01-012024-09-300001396440JorVet Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440KBK Industries, LLC, Secured Debt2024-01-012024-09-300001396440KBK Industries, LLC, Member Units2024-01-012024-09-300001396440MS Private Loan Fund I, LP, Secured Debt2024-01-012024-09-300001396440MS Private Loan Fund I, LP, LP Interests2024-01-012024-09-300001396440MS Private Loan Fund II, LP, Secured Debt2024-01-012024-09-300001396440MS Private Loan Fund II, LP, LP Interests2024-01-012024-09-300001396440MSC Income Fund, Inc., Common Equity2024-01-012024-09-300001396440NAPCO Precast, LLC, Member Units2024-01-012024-09-300001396440Nello Industries Investco, LLC, Secured Debt 12024-01-012024-09-300001396440Nello Industries Investco, LLC, Secured Debt 12023-12-310001396440Nello Industries Investco, LLC, Secured Debt 22024-01-012024-09-300001396440Nello Industries Investco, LLC, Secured Debt 22023-12-310001396440Nello Industries Investco, LLC, Common Equity2024-01-012024-09-300001396440Nello Industries Investco, LLC, Common Equity2023-12-310001396440NexRev LLC, Secured Debt 12024-01-012024-09-300001396440NexRev LLC, Secured Debt 22024-01-012024-09-300001396440NexRev LLC, Preferred Member Units2024-01-012024-09-300001396440NRP Jones, LLC, Secured Debt2024-01-012024-09-300001396440NRP Jones, LLC, Member Units 1.12024-01-012024-09-300001396440NRP Jones, LLC, Member Units 1.12023-12-310001396440NRP Jones, LLC, Member Units 1.12024-09-300001396440NRP Jones, LLC, Member Units 2.12024-01-012024-09-300001396440NRP Jones, LLC, Member Units 2.12023-12-310001396440NRP Jones, LLC, Member Units 2.12024-09-300001396440NuStep, LLC, Secured Debt 12024-01-012024-09-300001396440NuStep, LLC, Secured Debt 22024-01-012024-09-300001396440NuStep, LLC, Preferred Member Units 1.12024-01-012024-09-300001396440NuStep, LLC, Preferred Member Units 1.12023-12-310001396440NuStep, LLC, Preferred Member Units 1.12024-09-300001396440NuStep, LLC, Preferred Member Units 2.12024-01-012024-09-300001396440NuStep, LLC, Preferred Member Units 2.12023-12-310001396440NuStep, LLC, Preferred Member Units 2.12024-09-300001396440Orttech Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Orttech Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Orttech Holdings, LLC, Preferred Stock2024-01-012024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12024-01-012024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22024-01-012024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 32024-01-012024-09-300001396440Pearl Meyer Topco LLC, Preferred Equity2024-01-012024-09-300001396440Pinnacle TopCo, LLC, Secured Debt 12024-01-012024-09-300001396440Pinnacle TopCo, LLC, Secured Debt 22024-01-012024-09-300001396440Pinnacle TopCo, LLC, Preferred Equity2024-01-012024-09-300001396440River Aggregates, LLC, Member Units2024-01-012024-09-300001396440Tedder Industries, LLC, Secured Debt 12024-01-012024-09-300001396440Tedder Industries, LLC, Secured Debt 22024-01-012024-09-300001396440Tedder Industries, LLC, Preferred Member Units 12024-01-012024-09-300001396440Tedder Industries, LLC, Preferred Member Units 22024-01-012024-09-300001396440Tedder Industries, LLC, Preferred Member Units 32024-01-012024-09-300001396440Televerde, LLC, Member Units2024-01-012024-09-300001396440Televerde, LLC, Preferred Stock2024-01-012024-09-300001396440Vision Interests, Inc., Series A Preferred Stock2024-01-012024-09-300001396440VVS Holdco LLC, Secured Debt 12024-01-012024-09-300001396440VVS Holdco LLC, Secured Debt 22024-01-012024-09-300001396440VVS Holdco LLC, Preferred Equity2024-01-012024-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2024-01-012024-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2023-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2024-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2024-01-012024-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2023-12-310001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2024-09-300001396440AAC Holdings, Inc., Secured Debt 12024-01-012024-09-300001396440AAC Holdings, Inc., Secured Debt 22024-01-012024-09-300001396440AAC Holdings, Inc., Common Stock2024-01-012024-09-300001396440AAC Holdings, Inc., Warrants2024-01-012024-09-300001396440Boccella Precast Products LLC, Secured Debt2024-01-012024-09-300001396440Boccella Precast Products LLC, Member Units2024-01-012024-09-300001396440Buca C, LLC, Secured Debt 1.12024-09-300001396440Buca C, LLC, Secured Debt 1.12024-01-012024-09-300001396440Buca C, LLC, Secured Debt 1.12023-12-310001396440Buca C, LLC, Preferred Member Units2024-09-300001396440Buca C, LLC, Preferred Member Units2024-01-012024-09-300001396440Buca C, LLC, Secured Debt 22024-01-012024-09-300001396440Buca C, LLC, Secured Debt 22023-12-310001396440Buca C, LLC, Secured Debt 3.12024-09-300001396440Buca C, LLC, Secured Debt 3.12024-01-012024-09-300001396440Buca C, LLC, Secured Debt 3.12023-12-310001396440Career Team Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Career Team Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Career Team Holdings, LLC, Common Stock2024-01-012024-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12024-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Classic H&G Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Classic H&G Holdings, LLC, Secured Debt 22024-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2024-01-012024-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2024-01-012024-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2023-12-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2024-09-300001396440DMA Industries, LLC, Secured Debt 1.12024-09-300001396440DMA Industries, LLC, Secured Debt 1.12024-01-012024-09-300001396440DMA Industries, LLC, Secured Debt 1.12023-12-310001396440DMA Industries, LLC, Preferred Equity 12024-01-012024-09-300001396440DMA Industries, LLC, Preferred Equity 12023-12-310001396440DMA Industries, LLC, Secured Debt 2.12024-09-300001396440DMA Industries, LLC, Secured Debt 2.12024-01-012024-09-300001396440DMA Industries, LLC, Secured Debt 2.12023-12-310001396440DMA Industries, LLC, Preferred Equity 22024-01-012024-09-300001396440DMA Industries, LLC, Preferred Equity 22023-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2024-01-012024-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2024-01-012024-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2024-01-012024-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2024-01-012024-09-300001396440FCC Intermediate Holdco, LLC, Secured Debt2024-01-012024-09-300001396440FCC Intermediate Holdco, LLC, Secured Debt2023-12-310001396440FCC Intermediate Holdco, LLC, Warrants2024-01-012024-09-300001396440FCC Intermediate Holdco, LLC, Warrants2023-12-310001396440Flame King Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2024-01-012024-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2023-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2024-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2024-01-012024-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2023-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2024-09-300001396440GFG Group, LLC, Secured Debt2024-01-012024-09-300001396440GFG Group, LLC, Preferred Member Units2024-01-012024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 12024-01-012024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 12023-12-310001396440Gulf Manufacturing, LLC, Secured Debt 22024-01-012024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 22023-12-310001396440Gulf Manufacturing, LLC, Member Units2024-01-012024-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12024-01-012024-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22024-01-012024-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 12024-01-012024-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22024-01-012024-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2024-01-012024-09-300001396440Houston Plating and Coatings, LLC, Member Units2024-01-012024-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-01-012024-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-12-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2024-01-012024-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2023-12-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2024-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2024-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2024-01-012024-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-01-012024-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2024-01-012024-09-300001396440Infinity X1 Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440Integral Energy Services, Secured Debt2024-01-012024-09-300001396440Integral Energy Services, Preferred Equity2024-01-012024-09-300001396440Integral Energy Services, Common Stock2024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 12024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 22024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 32024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 42024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 52024-01-012024-09-300001396440Iron-Main Investments, LLC, Common Stock2024-01-012024-09-300001396440Iron-Main Investments, LLC, Preferred Equity2024-01-012024-09-300001396440Iron-Main Investments, LLC, Preferred Equity2023-12-310001396440ITA Holdings Group, LLC, Secured Debt 12024-01-012024-09-300001396440ITA Holdings Group, LLC, Secured Debt 22024-01-012024-09-300001396440ITA Holdings Group, LLC, Secured Debt 32024-01-012024-09-300001396440ITA Holdings Group, LLC, Secured Debt 42024-01-012024-09-300001396440ITA Holdings Group, LLC, Warrants2024-01-012024-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12024-01-012024-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12024-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22024-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22024-01-012024-09-300001396440Johnson Downie Opco, LLC, Preferred Equity2024-01-012024-09-300001396440Johnson Downie Opco, LLC, Preferred Equity2024-09-300001396440MoneyThumb Acquisition, LLC, Secured Debt 2024-01-012024-09-300001396440MoneyThumb Acquisition, LLC, Secured Debt 2023-12-310001396440MoneyThumb Acquisition, LLC, Preferred Member Units2024-09-300001396440MoneyThumb Acquisition, LLC, Preferred Member Units2024-01-012024-09-300001396440MoneyThumb Acquisition, LLC, Preferred Member Units2023-12-310001396440MoneyThumb Acquisition, LLC, Warrants2024-01-012024-09-300001396440MoneyThumb Acquisition, LLC, Warrants2023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 2.12024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 2.12023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 2.12024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 3.12024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 3.12023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 3.12024-09-300001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 42024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 42024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 42023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 52024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 52024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 52023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 1.12024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 1.12024-01-012024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 1.12023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 2.12024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 2.12024-01-012024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 2.12023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 3.12024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 3.12024-01-012024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 3.12023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 4.12024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 4.12024-01-012024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 4.12023-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2024-01-012024-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2024-01-012024-09-300001396440OnAsset Intelligence, Inc., Common Stock2024-01-012024-09-300001396440OnAsset Intelligence, Inc., Warrants2024-01-012024-09-300001396440Oneliance, LLC, Secured Debt 12024-09-300001396440Oneliance, LLC, Secured Debt 12024-01-012024-09-300001396440Oneliance, LLC, Secured Debt 22024-09-300001396440Oneliance, LLC, Secured Debt 22024-01-012024-09-300001396440Oneliance, LLC, Preferred Stock2024-01-012024-09-300001396440Quality Lease Service, LLC, Preferred Member Units2024-01-012024-09-300001396440Quality Lease Service, LLC, Preferred Member Units2023-12-310001396440Quality Lease Service, LLC, Preferred Member Units2024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 12024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 12024-01-012024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 12023-12-310001396440RA Outdoors (Aspira) LLC, Secured Debt 22024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 22024-01-012024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 22023-12-310001396440RA Outdoors (Aspira) LLC, Common Equity2024-01-012024-09-300001396440RA Outdoors (Aspira) LLC, Common Equity2023-12-310001396440RA Outdoors (Aspira) LLC, Common Equity2024-09-300001396440SI East, LLC, Secured Debt 12024-01-012024-09-300001396440SI East, LLC, Secured Debt 2.12024-01-012024-09-300001396440SI East, LLC, Secured Debt 2.12023-12-310001396440SI East, LLC, Secured Debt 2.12024-09-300001396440SI East, LLC, Secured Debt 32024-09-300001396440SI East, LLC, Secured Debt 32024-01-012024-09-300001396440SI East, LLC, Secured Debt 32023-12-310001396440SI East, LLC, Preferred Member Units2024-01-012024-09-300001396440Slick Innovations, LLC, Secured Debt2024-01-012024-09-300001396440Slick Innovations, LLC, Common Stock2024-01-012024-09-300001396440Student Resource Center, LLC, Secured Debt 1.12024-09-300001396440Student Resource Center, LLC, Secured Debt 1.12024-01-012024-09-300001396440Student Resource Center, LLC, Secured Debt 1.12023-12-310001396440Student Resource Center, LLC, Preferred Equity2024-01-012024-09-300001396440Student Resource Center, LLC, Secured Debt 2.12024-09-300001396440Student Resource Center, LLC, Secured Debt 2.12024-01-012024-09-300001396440Student Resource Center, LLC, Secured Debt 2.12023-12-310001396440Superior Rigging & Erecting Co., Secured Debt2024-01-012024-09-300001396440Superior Rigging & Erecting Co., Secured Debt2024-09-300001396440Superior Rigging & Erecting Co., Preferred Member Units2024-01-012024-09-300001396440The Affiliati Network, LLC, Secured Debt 12024-01-012024-09-300001396440The Affiliati Network, LLC, Secured Debt 22024-01-012024-09-300001396440The Affiliati Network, LLC, Preferred Stock 1.12024-01-012024-09-300001396440The Affiliati Network, LLC, Preferred Stock 1.12023-12-310001396440The Affiliati Network, LLC, Preferred Stock 1.12024-09-300001396440The Affiliati Network, LLC, Preferred Stock 2.12024-01-012024-09-300001396440The Affiliati Network, LLC, Preferred Stock 2.12023-12-310001396440The Affiliati Network, LLC, Preferred Stock 2.12024-09-300001396440UnionRock Energy Fund II, LP, LP Interests2024-01-012024-09-300001396440UnionRock Energy Fund III, LP, LP Interests2024-01-012024-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12024-01-012024-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22024-01-012024-09-300001396440UniTek Global Services, Inc., Preferred Stock 12024-01-012024-09-300001396440UniTek Global Services, Inc., Preferred Stock 22024-01-012024-09-300001396440UniTek Global Services, Inc., Preferred Stock 32024-01-012024-09-300001396440UniTek Global Services, Inc., Preferred Stock 42024-01-012024-09-300001396440UniTek Global Services, Inc., Common Stock2024-01-012024-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2024-01-012024-09-300001396440Universal Wellhead Services Holdings, LLC, Member Units2024-01-012024-09-300001396440Urgent DSO LLC, Secured Debt2024-01-012024-09-300001396440Urgent DSO LLC, Secured Debt2023-12-310001396440Urgent DSO LLC, Preferred Equity2024-01-012024-09-300001396440Urgent DSO LLC, Preferred Equity2023-12-310001396440World Micro Holdings, LLC, Secured Debt2024-01-012024-09-300001396440World Micro Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2024-01-012024-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2024-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001396440main:NortheastRegionAndCanadaMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001396440main:NortheastRegionAndCanadaMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12023-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12022-12-310001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22023-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22022-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12023-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12023-01-012023-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12022-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22023-01-012023-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22022-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22023-09-300001396440Analytical Systems Keco Holdings, LLC, Warrants2023-01-012023-09-300001396440Analytical Systems Keco Holdings, LLC, Warrants2022-12-310001396440Analytical Systems Keco Holdings, LLC, Warrants2023-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2023-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2023-01-012023-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2022-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2023-01-012023-09-300001396440Brewer Crane Holdings, LLC, Preferred Member Units2022-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2023-09-300001396440Café Brazil, LLC, Member Units2023-01-012023-09-300001396440Café Brazil, LLC, Member Units2022-12-310001396440Café Brazil, LLC, Member Units2023-09-300001396440California Splendor Holdings LLC, Secured Debt2023-09-300001396440California Splendor Holdings LLC, Secured Debt2023-01-012023-09-300001396440California Splendor Holdings LLC, Secured Debt2022-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12023-01-012023-09-300001396440California Splendor Holdings LLC, Preferred Member Units 12022-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12023-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22023-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22023-01-012023-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22022-12-310001396440Clad-Rex Steel, LLC, Secured Debt 12023-01-012023-09-300001396440Clad-Rex Steel, LLC, Secured Debt 12022-12-310001396440Clad-Rex Steel, LLC, Secured Debt 12023-09-300001396440Clad-Rex Steel, LLC, Secured Debt 22023-09-300001396440Clad-Rex Steel, LLC, Secured Debt 22023-01-012023-09-300001396440Clad-Rex Steel, LLC, Secured Debt 22022-12-310001396440Clad-Rex Steel, LLC, Secured Debt 32023-09-300001396440Clad-Rex Steel, LLC, Secured Debt 32023-01-012023-09-300001396440Clad-Rex Steel, LLC, Secured Debt 32022-12-310001396440Clad-Rex Steel, LLC, Member Units 12023-01-012023-09-300001396440Clad-Rex Steel, LLC, Member Units 12022-12-310001396440Clad-Rex Steel, LLC, Member Units 12023-09-300001396440Clad-Rex Steel, LLC, Member Units 22023-01-012023-09-300001396440Clad-Rex Steel, LLC, Member Units 22022-12-310001396440Clad-Rex Steel, LLC, Member Units 22023-09-300001396440CMS Minerals Investments, Member Units2023-01-012023-09-300001396440CMS Minerals Investments, Member Units2022-12-310001396440CMS Minerals Investments, Member Units2023-09-300001396440Cody Pools, Inc., Secured Debt 12023-01-012023-09-300001396440Cody Pools, Inc., Secured Debt 12022-12-310001396440Cody Pools, Inc., Secured Debt 12023-09-300001396440Cody Pools, Inc., Secured Debt 22023-09-300001396440Cody Pools, Inc., Secured Debt 22023-01-012023-09-300001396440Cody Pools, Inc., Secured Debt 22022-12-310001396440Cody Pools, Inc., Secured Debt 32023-09-300001396440Cody Pools, Inc., Secured Debt 32023-01-012023-09-300001396440Cody Pools, Inc., Secured Debt 32022-12-310001396440Cody Pools, Inc., Secured Debt 42023-09-300001396440Cody Pools, Inc., Secured Debt 42023-01-012023-09-300001396440Cody Pools, Inc., Secured Debt 42022-12-310001396440Cody Pools, Inc., Preferred Member Units2023-01-012023-09-300001396440Cody Pools, Inc., Preferred Member Units2022-12-310001396440Cody Pools, Inc., Preferred Member Units2023-09-300001396440CompareNetworks Topco, LLC, Secured Debt 12023-09-300001396440CompareNetworks Topco, LLC, Secured Debt 12023-01-012023-09-300001396440CompareNetworks Topco, LLC, Secured Debt 12022-12-310001396440CompareNetworks Topco, LLC, Secured Debt 22023-09-300001396440CompareNetworks Topco, LLC, Secured Debt 22023-01-012023-09-300001396440CompareNetworks Topco, LLC, Secured Debt 22022-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2023-01-012023-09-300001396440CompareNetworks Topco, LLC, Preferred Member Units2022-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2023-09-300001396440Cybermedia Technologies, LLC, Secured Debt 12023-01-012023-09-300001396440Cybermedia Technologies, LLC, Secured Debt 12022-12-310001396440Cybermedia Technologies, LLC, Secured Debt 12023-09-300001396440Cybermedia Technologies, LLC, Secured Debt 22023-09-300001396440Cybermedia Technologies, LLC, Secured Debt 22023-01-012023-09-300001396440Cybermedia Technologies, LLC, Secured Debt 22022-12-310001396440Cybermedia Technologies, LLC, Preferred Member Units2023-01-012023-09-300001396440Cybermedia Technologies, LLC, Preferred Member Units2022-12-310001396440Cybermedia Technologies, LLC, Preferred Member Units2023-09-300001396440Datacom, LLC, Secured Debt 12023-09-300001396440Datacom, LLC, Secured Debt 12023-01-012023-09-300001396440Datacom, LLC, Secured Debt 12022-12-310001396440Datacom, LLC, Secured Debt 22023-09-300001396440Datacom, LLC, Secured Debt 22023-01-012023-09-300001396440Datacom, LLC, Secured Debt 22022-12-310001396440Datacom, LLC, Preferred Member Units2023-01-012023-09-300001396440Datacom, LLC, Preferred Member Units2022-12-310001396440Datacom, LLC, Preferred Member Units2023-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 12023-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 12023-01-012023-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 12022-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 22023-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 22023-01-012023-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 22022-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2023-01-012023-09-300001396440Direct Marketing Solutions, Inc., Preferred Stock2022-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2023-09-300001396440Elgin AcquireCo, LLC, Secured Debt 12023-09-300001396440Elgin AcquireCo, LLC, Secured Debt 12023-01-012023-09-300001396440Elgin AcquireCo, LLC, Secured Debt 12022-12-310001396440Elgin AcquireCo, LLC, Secured Debt 22023-09-300001396440Elgin AcquireCo, LLC, Secured Debt 22023-01-012023-09-300001396440Elgin AcquireCo, LLC, Secured Debt 22022-12-310001396440Elgin AcquireCo, LLC, Secured Debt 32023-09-300001396440Elgin AcquireCo, LLC, Secured Debt 32023-01-012023-09-300001396440Elgin AcquireCo, LLC, Secured Debt 32022-12-310001396440Elgin AcquireCo, LLC, Common Stock 12023-01-012023-09-300001396440Elgin AcquireCo, LLC, Common Stock 12022-12-310001396440Elgin AcquireCo, LLC, Common Stock 12023-09-300001396440Elgin AcquireCo, LLC, Common Stock 22023-01-012023-09-300001396440Elgin AcquireCo, LLC, Common Stock 22022-12-310001396440Elgin AcquireCo, LLC, Common Stock 22023-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12023-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12022-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22023-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 22022-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2023-01-012023-09-300001396440Gamber-Johnson Holdings, LLC, Member Units2022-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2023-09-300001396440GRT Rubber Technologies LLC, Secured Debt 12023-09-300001396440GRT Rubber Technologies LLC, Secured Debt 12023-01-012023-09-300001396440GRT Rubber Technologies LLC, Secured Debt 12022-12-310001396440GRT Rubber Technologies LLC, Secured Debt 22023-09-300001396440GRT Rubber Technologies LLC, Secured Debt 22023-01-012023-09-300001396440GRT Rubber Technologies LLC, Secured Debt 22022-12-310001396440GRT Rubber Technologies LLC, Member Units2023-01-012023-09-300001396440GRT Rubber Technologies LLC, Member Units2022-12-310001396440GRT Rubber Technologies LLC, Member Units2023-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 12023-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 12022-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22023-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 22022-12-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440Gulf Publishing Holdings, LLC, Preferred Equity2022-12-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2023-09-300001396440Gulf Publishing Holdings, LLC, Member Units2023-01-012023-09-300001396440Gulf Publishing Holdings, LLC, Member Units2022-12-310001396440Gulf Publishing Holdings, LLC, Member Units2023-09-300001396440IG Investor, LLC, Secured Debt 12023-01-012023-09-300001396440IG Investor, LLC, Secured Debt 12022-12-310001396440IG Investor, LLC, Secured Debt 12023-09-300001396440IG Investor, LLC, Secured Debt 22023-09-300001396440IG Investor, LLC, Secured Debt 22023-01-012023-09-300001396440IG Investor, LLC, Secured Debt 22022-12-310001396440IG Investor, LLC, Common Equity2023-01-012023-09-300001396440IG Investor, LLC, Common Equity2022-12-310001396440IG Investor, LLC, Common Equity2023-09-300001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-01-012023-09-300001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2022-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12023-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12023-01-012023-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12022-12-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22023-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22023-01-012023-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22022-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2023-01-012023-09-300001396440Jensen Jewelers of Idaho, LLC, Member Units2022-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2023-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-01-012023-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-01-012023-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-12-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-01-012023-09-300001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2022-12-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units2023-01-012023-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units2022-12-310001396440Kickhaefer Manufacturing Company, LLC, Member Units2023-09-300001396440Market Force Information, LLC, Secured Debt 12023-09-300001396440Market Force Information, LLC, Secured Debt 12023-01-012023-09-300001396440Market Force Information, LLC, Secured Debt 12022-12-310001396440Market Force Information, LLC, Secured Debt 22023-01-012023-09-300001396440Market Force Information, LLC, Secured Debt 22022-12-310001396440Market Force Information, LLC, Secured Debt 22023-09-300001396440Market Force Information, LLC, Member Units2023-01-012023-09-300001396440Market Force Information, LLC, Member Units2022-12-310001396440Market Force Information, LLC, Member Units2023-09-300001396440MetalForming AcquireCo, LLC, Secured Debt 12023-01-012023-09-300001396440MetalForming AcquireCo, LLC, Secured Debt 12022-12-310001396440MetalForming AcquireCo, LLC, Secured Debt 12023-09-300001396440MetalForming AcquireCo, LLC, Secured Debt 22023-09-300001396440MetalForming AcquireCo, LLC, Secured Debt 22023-01-012023-09-300001396440MetalForming AcquireCo, LLC, Secured Debt 22022-12-310001396440MetalForming AcquireCo, LLC, Preferred Equity2023-09-300001396440MetalForming AcquireCo, LLC, Preferred Equity2023-01-012023-09-300001396440MetalForming AcquireCo, LLC, Preferred Equity2022-12-310001396440MetalForming AcquireCo, LLC, Common Stock2023-01-012023-09-300001396440MetalForming AcquireCo, LLC, Common Stock2022-12-310001396440MetalForming AcquireCo, LLC, Common Stock2023-09-300001396440MH Corbin Holding LLC, Secured Debt2023-09-300001396440MH Corbin Holding LLC, Secured Debt2023-01-012023-09-300001396440MH Corbin Holding LLC, Secured Debt2022-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12023-01-012023-09-300001396440MH Corbin Holding LLC, Preferred Member Units 12022-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12023-09-300001396440MH Corbin Holding LLC, Preferred Member Units 22023-01-012023-09-300001396440MH Corbin Holding LLC, Preferred Member Units 22022-12-310001396440MH Corbin Holding LLC, Preferred Member Units 22023-09-300001396440MSC Adviser I, LLC, Member Units2023-01-012023-09-300001396440MSC Adviser I, LLC, Member Units2022-12-310001396440MSC Adviser I, LLC, Member Units2023-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12022-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 12023-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22023-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22022-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2023-01-012023-09-300001396440Mystic Logistics Holdings, LLC, Common Stock2022-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2023-09-300001396440OMi Topco, LLC, Secured Debt2023-09-300001396440OMi Topco, LLC, Secured Debt2023-01-012023-09-300001396440OMi Topco, LLC, Secured Debt2022-12-310001396440OMi Topco, LLC, Preferred Member Units2023-01-012023-09-300001396440OMi Topco, LLC, Preferred Member Units2022-12-310001396440OMi Topco, LLC, Preferred Member Units2023-09-300001396440PPL RVs, Inc., Secured Debt 12023-09-300001396440PPL RVs, Inc., Secured Debt 12023-01-012023-09-300001396440PPL RVs, Inc., Secured Debt 12022-12-310001396440PPL RVs, Inc., Secured Debt 22023-09-300001396440PPL RVs, Inc., Secured Debt 22023-01-012023-09-300001396440PPL RVs, Inc., Secured Debt 22022-12-310001396440PPL RVs, Inc., Common Stock 12023-01-012023-09-300001396440PPL RVs, Inc., Common Stock 12022-12-310001396440PPL RVs, Inc., Common Stock 12023-09-300001396440PPL RVs, Inc., Common Stock 22023-01-012023-09-300001396440PPL RVs, Inc., Common Stock 22022-12-310001396440PPL RVs, Inc., Common Stock 22023-09-300001396440Principle Environmental, LLC, Secured Debt 12023-01-012023-09-300001396440Principle Environmental, LLC, Secured Debt 12022-12-310001396440Principle Environmental, LLC, Secured Debt 12023-09-300001396440Principle Environmental, LLC, Secured Debt 22023-09-300001396440Principle Environmental, LLC, Secured Debt 22023-01-012023-09-300001396440Principle Environmental, LLC, Secured Debt 22022-12-310001396440Principle Environmental, LLC, Preferred Member Units2023-01-012023-09-300001396440Principle Environmental, LLC, Preferred Member Units2022-12-310001396440Principle Environmental, LLC, Preferred Member Units2023-09-300001396440Principle Environmental, LLC, Common Stock2023-01-012023-09-300001396440Principle Environmental, LLC, Common Stock2022-12-310001396440Principle Environmental, LLC, Common Stock2023-09-300001396440Quality Lease Service, LLC, Member Units2023-01-012023-09-300001396440Quality Lease Service, LLC, Member Units2022-12-310001396440Quality Lease Service, LLC, Member Units2023-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12023-01-012023-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12022-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 12023-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22023-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22023-01-012023-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22022-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2023-01-012023-09-300001396440Robbins Bros. Jewelry, Inc., Preferred Equity2022-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2023-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12023-01-012023-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12022-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 12023-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22023-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22023-01-012023-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22022-12-310001396440Trantech Radiator Topco, LLC, Common Stock2023-01-012023-09-300001396440Trantech Radiator Topco, LLC, Common Stock2022-12-310001396440Trantech Radiator Topco, LLC, Common Stock2023-09-300001396440Volusion, LLC, Secured Debt 12023-09-300001396440Volusion, LLC, Secured Debt 12023-01-012023-09-300001396440Volusion, LLC, Secured Debt 12022-12-310001396440Volusion, LLC, Secured Debt 22023-01-012023-09-300001396440Volusion, LLC, Secured Debt 22022-12-310001396440Volusion, LLC, Secured Debt 22023-09-300001396440Volusion, LLC, Unsecured Convertible Debt2023-01-012023-09-300001396440Volusion, LLC, Unsecured Convertible Debt2022-12-310001396440Volusion, LLC, Unsecured Convertible Debt2023-09-300001396440Volusion, LLC, Preferred Member Units 12023-01-012023-09-300001396440Volusion, LLC, Preferred Member Units 12022-12-310001396440Volusion, LLC, Preferred Member Units 12023-09-300001396440Volusion, LLC, Preferred Member Units 22023-01-012023-09-300001396440Volusion, LLC, Preferred Member Units 22022-12-310001396440Volusion, LLC, Preferred Member Units 22023-09-300001396440Volusion, LLC, Preferred Member Units 32023-01-012023-09-300001396440Volusion, LLC, Preferred Member Units 32022-12-310001396440Volusion, LLC, Preferred Member Units 32023-09-300001396440Volusion, LLC, Common Stock2023-01-012023-09-300001396440Volusion, LLC, Common Stock2022-12-310001396440Volusion, LLC, Common Stock2023-09-300001396440Volusion, LLC, Warrants2023-01-012023-09-300001396440Volusion, LLC, Warrants2022-12-310001396440Volusion, LLC, Warrants2023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12023-01-012023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12022-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 22023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22023-01-012023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22022-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 32023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 32023-01-012023-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 32022-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2023-01-012023-09-300001396440Ziegler’s NYPD, LLC, Preferred Member Units2022-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2023-09-300001396440Ziegler’s NYPD, LLC, Warrants2023-01-012023-09-300001396440Ziegler’s NYPD, LLC, Warrants2022-12-310001396440Ziegler’s NYPD, LLC, Warrants2023-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2023-01-012023-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2022-12-3100013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2023-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2023-01-012023-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2022-12-3100013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2023-09-300001396440ASC Interests, LLC, Secured Debt 12023-09-300001396440ASC Interests, LLC, Secured Debt 12023-01-012023-09-300001396440ASC Interests, LLC, Secured Debt 12022-12-310001396440ASC Interests, LLC, Secured Debt 22023-09-300001396440ASC Interests, LLC, Secured Debt 22023-01-012023-09-300001396440ASC Interests, LLC, Secured Debt 22022-12-310001396440ASC Interests, LLC, Member Units2023-01-012023-09-300001396440ASC Interests, LLC, Member Units2022-12-310001396440ASC Interests, LLC, Member Units2023-09-300001396440ASC Interests, LLC, Preferred Member Units2023-01-012023-09-300001396440ASC Interests, LLC, Preferred Member Units2022-12-310001396440ASC Interests, LLC, Preferred Member Units2023-09-300001396440ATS Workholding, LLC, Secured Debt 12023-09-300001396440ATS Workholding, LLC, Secured Debt 12023-01-012023-09-300001396440ATS Workholding, LLC, Secured Debt 12022-12-310001396440ATS Workholding, LLC, Secured Debt 22023-09-300001396440ATS Workholding, LLC, Secured Debt 22023-01-012023-09-300001396440ATS Workholding, LLC, Secured Debt 22022-12-310001396440ATS Workholding, LLC, Preferred Member Units2023-01-012023-09-300001396440ATS Workholding, LLC, Preferred Member Units2022-12-310001396440ATS Workholding, LLC, Preferred Member Units2023-09-300001396440Barfly Ventures, LLC, Secured Debt2023-09-300001396440Barfly Ventures, LLC, Secured Debt2023-01-012023-09-300001396440Barfly Ventures, LLC, Secured Debt2022-12-310001396440Barfly Ventures, LLC, Member Units2023-01-012023-09-300001396440Barfly Ventures, LLC, Member Units2022-12-310001396440Barfly Ventures, LLC, Member Units2023-09-300001396440Batjer TopCo, LLC, Secured Debt 12023-01-012023-09-300001396440Batjer TopCo, LLC, Secured Debt 12022-12-310001396440Batjer TopCo, LLC, Secured Debt 12023-09-300001396440Batjer TopCo, LLC, Secured Debt 22023-09-300001396440Batjer TopCo, LLC, Secured Debt 22023-01-012023-09-300001396440Batjer TopCo, LLC, Secured Debt 22022-12-310001396440Batjer TopCo, LLC, Secured Debt 32023-09-300001396440Batjer TopCo, LLC, Secured Debt 32023-01-012023-09-300001396440Batjer TopCo, LLC, Secured Debt 32022-12-310001396440Batjer TopCo, LLC, Preferred Stock2023-01-012023-09-300001396440Batjer TopCo, LLC, Preferred Stock2022-12-310001396440Batjer TopCo, LLC, Preferred Stock2023-09-300001396440Bolder Panther Group, LLC, Secured Debt 12023-01-012023-09-300001396440Bolder Panther Group, LLC, Secured Debt 12022-12-310001396440Bolder Panther Group, LLC, Secured Debt 12023-09-300001396440Bolder Panther Group, LLC, Secured Debt 22023-09-300001396440Bolder Panther Group, LLC, Secured Debt 22023-01-012023-09-300001396440Bolder Panther Group, LLC, Secured Debt 22022-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2023-09-300001396440Bolder Panther Group, LLC, Class B Preferred Member Units2023-01-012023-09-300001396440Bolder Panther Group, LLC, Class B Preferred Member Units2022-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 12023-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 12023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 12022-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 22023-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 22023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 22022-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2022-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2023-09-300001396440Bridge Capital Solutions Corporation, Warrants 12023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Warrants 12022-12-310001396440Bridge Capital Solutions Corporation, Warrants 12023-09-300001396440Bridge Capital Solutions Corporation, Warrants 22023-01-012023-09-300001396440Bridge Capital Solutions Corporation, Warrants 22022-12-310001396440Bridge Capital Solutions Corporation, Warrants 22023-09-300001396440CBT Nuggets, LLC, Member Units2023-01-012023-09-300001396440CBT Nuggets, LLC, Member Units2022-12-310001396440CBT Nuggets, LLC, Member Units2023-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12023-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12022-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 22023-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22022-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2023-01-012023-09-300001396440Centre Technologies Holdings, LLC, Preferred Member Units2022-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2023-09-300001396440Chamberlin Holding LLC, Secured Debt 12023-09-300001396440Chamberlin Holding LLC, Secured Debt 12023-01-012023-09-300001396440Chamberlin Holding LLC, Secured Debt 12022-12-310001396440Chamberlin Holding LLC, Secured Debt 22023-09-300001396440Chamberlin Holding LLC, Secured Debt 22023-01-012023-09-300001396440Chamberlin Holding LLC, Secured Debt 22022-12-310001396440Chamberlin Holding LLC, Member Units 12023-01-012023-09-300001396440Chamberlin Holding LLC, Member Units 12022-12-310001396440Chamberlin Holding LLC, Member Units 12023-09-300001396440Chamberlin Holding LLC, Member Units 22023-01-012023-09-300001396440Chamberlin Holding LLC, Member Units 22022-12-310001396440Chamberlin Holding LLC, Member Units 22023-09-300001396440Charps, LLC, Unsecured Debt2023-09-300001396440Charps, LLC, Unsecured Debt2023-01-012023-09-300001396440Charps, LLC, Unsecured Debt2022-12-310001396440Charps, LLC, Preferred Member Units2023-01-012023-09-300001396440Charps, LLC, Preferred Member Units2022-12-310001396440Charps, LLC, Preferred Member Units2023-09-300001396440Colonial Electric Company LLC, Secured Debt 12023-01-012023-09-300001396440Colonial Electric Company LLC, Secured Debt 12022-12-310001396440Colonial Electric Company LLC, Secured Debt 12023-09-300001396440Colonial Electric Company LLC, Secured Debt 22023-09-300001396440Colonial Electric Company LLC, Secured Debt 22023-01-012023-09-300001396440Colonial Electric Company LLC, Secured Debt 22022-12-310001396440Colonial Electric Company LLC, Preferred Member Units 12023-01-012023-09-300001396440Colonial Electric Company LLC, Preferred Member Units 12022-12-310001396440Colonial Electric Company LLC, Preferred Member Units 12023-09-300001396440Colonial Electric Company LLC, Preferred Member Units 22023-01-012023-09-300001396440Colonial Electric Company LLC, Preferred Member Units 22022-12-310001396440Colonial Electric Company LLC, Preferred Member Units 22023-09-300001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-01-012023-09-300001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2022-12-310001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-09-300001396440Digital Products Holdings LLC, Secured Debt2023-09-300001396440Digital Products Holdings LLC, Secured Debt2023-01-012023-09-300001396440Digital Products Holdings LLC, Secured Debt2022-12-310001396440Digital Products Holdings LLC, Preferred Member Units2023-01-012023-09-300001396440Digital Products Holdings LLC, Preferred Member Units2022-12-310001396440Digital Products Holdings LLC, Preferred Member Units2023-09-300001396440Garreco, LLC, Secured Debt2023-09-300001396440Garreco, LLC, Secured Debt2023-01-012023-09-300001396440Garreco, LLC, Secured Debt2022-12-310001396440Garreco, LLC, Member Units2023-01-012023-09-300001396440Garreco, LLC, Member Units2022-12-310001396440Garreco, LLC, Member Units2023-09-300001396440Gulf Manufacturing, LLC, Member Units2023-01-012023-09-300001396440Gulf Manufacturing, LLC, Member Units2022-12-310001396440Gulf Manufacturing, LLC, Member Units2023-09-300001396440Harrison Hydra-Gen, Ltd., Common Stock2023-01-012023-09-300001396440Harrison Hydra-Gen, Ltd., Common Stock2022-12-310001396440Harrison Hydra-Gen, Ltd., Common Stock2023-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12023-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12023-01-012023-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12022-12-310001396440Johnson Downie Opco, LLC, Secured Debt 22023-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22023-01-012023-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22022-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2023-01-012023-09-300001396440Johnson Downie Opco, LLC, Preferred Equity2022-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2023-09-300001396440JorVet Holdings, LLC, Secured Debt2023-09-300001396440JorVet Holdings, LLC, Secured Debt2023-01-012023-09-300001396440JorVet Holdings, LLC, Secured Debt2022-12-310001396440JorVet Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440JorVet Holdings, LLC, Preferred Equity2022-12-310001396440JorVet Holdings, LLC, Preferred Equity2023-09-300001396440KBK Industries, LLC, Secured Debt2023-09-300001396440KBK Industries, LLC, Secured Debt2023-01-012023-09-300001396440KBK Industries, LLC, Secured Debt2022-12-310001396440KBK Industries, LLC, Member Units2023-01-012023-09-300001396440KBK Industries, LLC, Member Units2022-12-310001396440KBK Industries, LLC, Member Units2023-09-300001396440MS Private Loan Fund I, LP, Secured Debt 12023-01-012023-09-300001396440MS Private Loan Fund I, LP, Secured Debt 12022-12-310001396440MS Private Loan Fund I, LP, Secured Debt 12023-09-300001396440MS Private Loan Fund I, LP, Secured Debt 22023-01-012023-09-300001396440MS Private Loan Fund I, LP, Secured Debt 22022-12-310001396440MS Private Loan Fund I, LP, Secured Debt 22023-09-300001396440MS Private Loan Fund I, LP, LP Interests2023-01-012023-09-300001396440MS Private Loan Fund I, LP, LP Interests2022-12-310001396440MS Private Loan Fund I, LP, LP Interests2023-09-300001396440MS Private Loan Fund II, LP, Secured Debt 2023-09-300001396440MS Private Loan Fund II, LP, Secured Debt 2023-01-012023-09-300001396440MS Private Loan Fund II, LP, Secured Debt 2022-12-310001396440MS Private Loan Fund II, LP,LP Interests2023-01-012023-09-300001396440MS Private Loan Fund II, LP,LP Interests2022-12-310001396440MS Private Loan Fund II, LP,LP Interests2023-09-300001396440MSC Income Fund, Inc., Common Equity2023-01-012023-09-300001396440MSC Income Fund, Inc., Common Equity2022-12-310001396440MSC Income Fund, Inc., Common Equity2023-09-300001396440NAPCO Precast, LLC, Member Units2023-01-012023-09-300001396440NAPCO Precast, LLC, Member Units2022-12-310001396440NAPCO Precast, LLC, Member Units2023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12023-01-012023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12022-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22023-01-012023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22022-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32023-01-012023-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32022-12-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2023-01-012023-09-300001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2022-12-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2023-09-300001396440NexRev LLC, Secured Debt 12023-01-012023-09-300001396440NexRev LLC, Secured Debt 12022-12-310001396440NexRev LLC, Secured Debt 12023-09-300001396440NexRev LLC, Secured Debt 22023-09-300001396440NexRev LLC, Secured Debt 22023-01-012023-09-300001396440NexRev LLC, Secured Debt 22022-12-310001396440NexRev LLC, Preferred Member Units2023-01-012023-09-300001396440NexRev LLC, Preferred Member Units2022-12-310001396440NexRev LLC, Preferred Member Units2023-09-300001396440NRP Jones, LLC, Secured Debt2023-09-300001396440NRP Jones, LLC, Secured Debt2023-01-012023-09-300001396440NRP Jones, LLC, Secured Debt2022-12-310001396440NRP Jones, LLC, Member Units 12023-01-012023-09-300001396440NRP Jones, LLC, Member Units 12022-12-310001396440NRP Jones, LLC, Member Units 12023-09-300001396440NRP Jones, LLC, Member Units 22023-01-012023-09-300001396440NRP Jones, LLC, Member Units 22022-12-310001396440NRP Jones, LLC, Member Units 22023-09-300001396440NuStep, LLC, Secured Debt 12023-09-300001396440NuStep, LLC, Secured Debt 12023-01-012023-09-300001396440NuStep, LLC, Secured Debt 12022-12-310001396440NuStep, LLC, Secured Debt 22023-09-300001396440NuStep, LLC, Secured Debt 22023-01-012023-09-300001396440NuStep, LLC, Secured Debt 22022-12-310001396440NuStep, LLC, Preferred Member Units 12023-01-012023-09-300001396440NuStep, LLC, Preferred Member Units 12022-12-310001396440NuStep, LLC, Preferred Member Units 12023-09-300001396440NuStep, LLC, Preferred Member Units 22023-01-012023-09-300001396440NuStep, LLC, Preferred Member Units 22022-12-310001396440NuStep, LLC, Preferred Member Units 22023-09-300001396440Orttech Holdings, LLC, Secured Debt 12023-09-300001396440Orttech Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Orttech Holdings, LLC, Secured Debt 12022-12-310001396440Orttech Holdings, LLC, Secured Debt 22023-09-300001396440Orttech Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Orttech Holdings, LLC, Secured Debt 22022-12-310001396440Orttech Holdings, LLC, Preferred Stock2023-01-012023-09-300001396440Orttech Holdings, LLC, Preferred Stock2022-12-310001396440Orttech Holdings, LLC, Preferred Stock2023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12023-01-012023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12022-12-310001396440Pearl Meyer Topco LLC, Secured Debt 22023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22023-01-012023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22022-12-310001396440Pearl Meyer Topco LLC, Secured Debt 32023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 32023-01-012023-09-300001396440Pearl Meyer Topco LLC, Secured Debt 32022-12-310001396440Pearl Meyer Topco LLC, Preferred Equity2023-01-012023-09-300001396440Pearl Meyer Topco LLC, Preferred Equity2022-12-310001396440Pearl Meyer Topco LLC, Preferred Equity2023-09-300001396440River Aggregates, LLC, Member Units2023-01-012023-09-300001396440River Aggregates, LLC, Member Units2022-12-310001396440River Aggregates, LLC, Member Units2023-09-300001396440Tedder Industries, LLC, Secured Debt 12023-09-300001396440Tedder Industries, LLC, Secured Debt 12023-01-012023-09-300001396440Tedder Industries, LLC, Secured Debt 12022-12-310001396440Tedder Industries, LLC, Secured Debt 22023-09-300001396440Tedder Industries, LLC, Secured Debt 22023-01-012023-09-300001396440Tedder Industries, LLC, Secured Debt 22022-12-310001396440Tedder Industries, LLC, Preferred Member Units 12023-01-012023-09-300001396440Tedder Industries, LLC, Preferred Member Units 12022-12-310001396440Tedder Industries, LLC, Preferred Member Units 12023-09-300001396440Tedder Industries, LLC, Preferred Member Units 22023-01-012023-09-300001396440Tedder Industries, LLC, Preferred Member Units 22022-12-310001396440Tedder Industries, LLC, Preferred Member Units 22023-09-300001396440Tedder Industries, LLC, Preferred Member Units 32023-01-012023-09-300001396440Tedder Industries, LLC, Preferred Member Units 32022-12-310001396440Tedder Industries, LLC, Preferred Member Units 32023-09-300001396440Televerde, LLC, Member Units2023-01-012023-09-300001396440Televerde, LLC, Member Units2022-12-310001396440Televerde, LLC, Member Units2023-09-300001396440Televerde, LLC, Preferred Stock2023-01-012023-09-300001396440Televerde, LLC, Preferred Stock2022-12-310001396440Televerde, LLC, Preferred Stock2023-09-300001396440UnionRock Energy Fund III, LP, LP Interests2023-01-012023-09-300001396440UnionRock Energy Fund III, LP, LP Interests2022-12-310001396440UnionRock Energy Fund III, LP, LP Interests2023-09-300001396440Vision Interests, Inc., Series A Preferred Stock2023-01-012023-09-300001396440Vision Interests, Inc., Series A Preferred Stock2022-12-310001396440Vision Interests, Inc., Series A Preferred Stock2023-09-300001396440VVS Holdco LLC, Secured Debt 12023-09-300001396440VVS Holdco LLC, Secured Debt 12023-01-012023-09-300001396440VVS Holdco LLC, Secured Debt 12022-12-310001396440VVS Holdco LLC, Secured Debt 22023-09-300001396440VVS Holdco LLC, Secured Debt 22023-01-012023-09-300001396440VVS Holdco LLC, Secured Debt 22022-12-310001396440VVS Holdco LLC, Preferred Equity2023-01-012023-09-300001396440VVS Holdco LLC, Preferred Equity2022-12-310001396440VVS Holdco LLC, Preferred Equity2023-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2023-01-012023-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2022-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2023-09-300001396440us-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001396440us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2023-01-012023-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2022-12-310001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2023-09-300001396440AAC Holdings, Inc., Secured Debt 12023-09-300001396440AAC Holdings, Inc., Secured Debt 12023-01-012023-09-300001396440AAC Holdings, Inc., Secured Debt 12022-12-310001396440AAC Holdings, Inc., Secured Debt 22023-09-300001396440AAC Holdings, Inc., Secured Debt 22023-01-012023-09-300001396440AAC Holdings, Inc., Secured Debt 22022-12-310001396440AAC Holdings, Inc., Common Stock2023-01-012023-09-300001396440AAC Holdings, Inc., Common Stock2022-12-310001396440AAC Holdings, Inc., Common Stock2023-09-300001396440AAC Holdings, Inc., Warrants2023-01-012023-09-300001396440AAC Holdings, Inc., Warrants2022-12-310001396440AAC Holdings, Inc., Warrants2023-09-300001396440AFG Capital Group, LLC, Preferred Member Units2023-01-012023-09-300001396440AFG Capital Group, LLC, Preferred Member Units2022-12-310001396440AFG Capital Group, LLC, Preferred Member Units2023-09-300001396440ATX Networks Corp., Secured Debt2023-09-300001396440ATX Networks Corp., Secured Debt2023-01-012023-09-300001396440ATX Networks Corp., Secured Debt2022-12-310001396440ATX Networks Corp., Unsecured Debt2023-01-012023-09-300001396440ATX Networks Corp., Unsecured Debt2022-12-310001396440ATX Networks Corp., Unsecured Debt2023-09-300001396440ATX Networks Corp., Common Stock2023-01-012023-09-300001396440ATX Networks Corp., Common Stock2022-12-310001396440ATX Networks Corp., Common Stock2023-09-300001396440BBB Tank Services, LLC, Unsecured Debt 12023-09-300001396440BBB Tank Services, LLC, Unsecured Debt 12023-01-012023-09-300001396440BBB Tank Services, LLC, Unsecured Debt 12022-12-310001396440BBB Tank Services, LLC, Unsecured Debt 22023-09-300001396440BBB Tank Services, LLC, Unsecured Debt 22023-01-012023-09-300001396440BBB Tank Services, LLC, Unsecured Debt 22022-12-310001396440BBB Tank Services, LLC, Member Units2023-01-012023-09-300001396440BBB Tank Services, LLC, Member Units2022-12-310001396440BBB Tank Services, LLC, Member Units2023-09-300001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2023-09-300001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2023-01-012023-09-300001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2022-12-310001396440Boccella Precast Products LLC, Secured Debt2023-09-300001396440Boccella Precast Products LLC, Secured Debt2023-01-012023-09-300001396440Boccella Precast Products LLC, Secured Debt2022-12-310001396440Boccella Precast Products LLC, Member Units2023-01-012023-09-300001396440Boccella Precast Products LLC, Member Units2022-12-310001396440Boccella Precast Products LLC, Member Units2023-09-300001396440Buca C, LLC, Secured Debt2023-09-300001396440Buca C, LLC, Secured Debt2023-01-012023-09-300001396440Buca C, LLC, Secured Debt2022-12-310001396440Buca C, LLC, Preferred Member Units2023-09-300001396440Buca C, LLC, Preferred Member Units2023-01-012023-09-300001396440Buca C, LLC, Preferred Member Units2022-12-310001396440Career Team Holdings, LLC, Secured Debt 12023-09-300001396440Career Team Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Career Team Holdings, LLC, Secured Debt 12022-12-310001396440Career Team Holdings, LLC, Secured Debt 22023-09-300001396440Career Team Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Career Team Holdings, LLC, Secured Debt 22022-12-310001396440Career Team Holdings, LLC, Common Stock2023-01-012023-09-300001396440Career Team Holdings, LLC, Common Stock2022-12-310001396440Career Team Holdings, LLC, Common Stock2023-09-300001396440Chandler Signs Holdings, LLC, Class A Units2023-01-012023-09-300001396440Chandler Signs Holdings, LLC, Class A Units2022-12-310001396440Chandler Signs Holdings, LLC, Class A Units2023-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12023-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12022-12-310001396440Classic H&G Holdings, LLC, Secured Debt 22023-09-300001396440Classic H&G Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Classic H&G Holdings, LLC, Secured Debt 22022-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2023-01-012023-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2022-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2023-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2023-01-012023-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2022-12-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2023-09-300001396440DMA Industries, LLC, Secured Debt2023-09-300001396440DMA Industries, LLC, Secured Debt2023-01-012023-09-300001396440DMA Industries, LLC, Secured Debt2022-12-310001396440DMA Industries, LLC, Preferred Equity2023-01-012023-09-300001396440DMA Industries, LLC, Preferred Equity2022-12-310001396440DMA Industries, LLC, Preferred Equity2023-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2023-01-012023-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2022-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2023-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2023-01-012023-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2022-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2023-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2023-01-012023-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2022-12-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2023-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2023-01-012023-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2022-12-310001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2023-09-300001396440Flame King Holdings, LLC, Secured Debt 12023-09-300001396440Flame King Holdings, LLC, Secured Debt 12023-01-012023-09-300001396440Flame King Holdings, LLC, Secured Debt 12022-12-310001396440Flame King Holdings, LLC, Secured Debt 22023-09-300001396440Flame King Holdings, LLC, Secured Debt 22023-01-012023-09-300001396440Flame King Holdings, LLC, Secured Debt 22022-12-310001396440Flame King Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440Flame King Holdings, LLC, Preferred Equity2022-12-310001396440Flame King Holdings, LLC, Preferred Equity2023-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2023-01-012023-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2022-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2023-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2023-01-012023-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2022-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2023-09-300001396440GFG Group, LLC, Secured Debt2023-09-300001396440GFG Group, LLC, Secured Debt2023-01-012023-09-300001396440GFG Group, LLC, Secured Debt2022-12-310001396440GFG Group, LLC, Preferred Member Units2023-01-012023-09-300001396440GFG Group, LLC, Preferred Member Units2022-12-310001396440GFG Group, LLC, Preferred Member Units2023-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12023-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12023-01-012023-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12022-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 22023-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22023-01-012023-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22022-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12023-01-012023-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 12022-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12023-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22023-01-012023-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22022-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22023-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2023-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2023-01-012023-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2022-12-310001396440Houston Plating and Coatings, LLC, Member Units2023-01-012023-09-300001396440Houston Plating and Coatings, LLC, Member Units2022-12-310001396440Houston Plating and Coatings, LLC, Member Units2023-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-01-012023-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2022-12-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2023-01-012023-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2022-12-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2023-09-300001396440HPEP 3, L.P., LP Interests (423 COR, LP)2023-01-012023-09-300001396440HPEP 3, L.P., LP Interests (423 COR, LP)2022-12-310001396440HPEP 3, L.P., LP Interests (423 COR, LP)2023-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-01-012023-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2022-12-310001396440Infinity X1 Holdings, LLC, Secured Debt2023-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2023-01-012023-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2022-12-310001396440Infinity X1 Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440Infinity X1 Holdings, LLC, Preferred Equity2022-12-310001396440Infinity X1 Holdings, LLC, Preferred Equity2023-09-300001396440Integral Energy Services, Secured Debt2023-09-300001396440Integral Energy Services, Secured Debt2023-01-012023-09-300001396440Integral Energy Services, Secured Debt2022-12-310001396440Integral Energy Services, Common Stock2023-01-012023-09-300001396440Integral Energy Services, Common Stock2022-12-310001396440Integral Energy Services, Common Stock2023-09-300001396440Iron-Main Investments, LLC, Secured Debt 12023-09-300001396440Iron-Main Investments, LLC, Secured Debt 12023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 12022-12-310001396440Iron-Main Investments, LLC, Secured Debt 22023-09-300001396440Iron-Main Investments, LLC, Secured Debt 22023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 22022-12-310001396440Iron-Main Investments, LLC, Secured Debt 32023-09-300001396440Iron-Main Investments, LLC, Secured Debt 32023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 32022-12-310001396440Iron-Main Investments, LLC, Secured Debt 42023-09-300001396440Iron-Main Investments, LLC, Secured Debt 42023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 42022-12-310001396440Iron-Main Investments, LLC, Secured Debt 52023-09-300001396440Iron-Main Investments, LLC, Secured Debt 52023-01-012023-09-300001396440Iron-Main Investments, LLC, Secured Debt 52022-12-310001396440Iron-Main Investments, LLC, Common Stock2023-01-012023-09-300001396440Iron-Main Investments, LLC, Common Stock2022-12-310001396440Iron-Main Investments, LLC, Common Stock2023-09-300001396440ITA Holdings Group, LLC, Secured Debt 12023-09-300001396440ITA Holdings Group, LLC, Secured Debt 12023-01-012023-09-300001396440ITA Holdings Group, LLC, Secured Debt 12022-12-310001396440ITA Holdings Group, LLC, Secured Debt 22023-09-300001396440ITA Holdings Group, LLC, Secured Debt 22023-01-012023-09-300001396440ITA Holdings Group, LLC, Secured Debt 22022-12-310001396440ITA Holdings Group, LLC, Secured Debt 32023-09-300001396440ITA Holdings Group, LLC, Secured Debt 32023-01-012023-09-300001396440ITA Holdings Group, LLC, Secured Debt 32022-12-310001396440ITA Holdings Group, LLC, Secured Debt 42023-09-300001396440ITA Holdings Group, LLC, Secured Debt 42023-01-012023-09-300001396440ITA Holdings Group, LLC, Secured Debt 42022-12-310001396440ITA Holdings Group, LLC, Warrants2023-01-012023-09-300001396440ITA Holdings Group, LLC, Warrants2022-12-310001396440ITA Holdings Group, LLC, Warrants2023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12023-01-012023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 22023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22023-01-012023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 32023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32023-01-012023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 42023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42023-01-012023-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42022-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2023-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2023-01-012023-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2022-12-310001396440OnAsset Intelligence, Inc., Preferred Stock2023-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2023-01-012023-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2022-12-310001396440OnAsset Intelligence, Inc., Common Stock2023-01-012023-09-300001396440OnAsset Intelligence, Inc., Common Stock2022-12-310001396440OnAsset Intelligence, Inc., Common Stock2023-09-300001396440OnAsset Intelligence, Inc., Warrants2023-01-012023-09-300001396440OnAsset Intelligence, Inc., Warrants2022-12-310001396440OnAsset Intelligence, Inc., Warrants2023-09-300001396440Oneliance, LLC, Secured Debt 12023-09-300001396440Oneliance, LLC, Secured Debt 12023-01-012023-09-300001396440Oneliance, LLC, Secured Debt 12022-12-310001396440Oneliance, LLC, Secured Debt 22023-09-300001396440Oneliance, LLC, Secured Debt 22023-01-012023-09-300001396440Oneliance, LLC, Secured Debt 22022-12-310001396440Oneliance, LLC, Preferred Stock2023-01-012023-09-300001396440Oneliance, LLC, Preferred Stock2022-12-310001396440Oneliance, LLC, Preferred Stock2023-09-300001396440Quality Lease Service, LLC, Secured Debt2023-01-012023-09-300001396440Quality Lease Service, LLC, Secured Debt2022-12-310001396440Quality Lease Service, LLC, Secured Debt2023-09-300001396440Quality Lease Service, LLC, Preferred Member Units2023-01-012023-09-300001396440Quality Lease Service, LLC, Preferred Member Units2022-12-310001396440Quality Lease Service, LLC, Preferred Member Units2023-09-300001396440SI East, LLC, Secured Debt 12023-09-300001396440SI East, LLC, Secured Debt 12023-01-012023-09-300001396440SI East, LLC, Secured Debt 12022-12-310001396440SI East, LLC, Secured Debt 22023-09-300001396440SI East, LLC, Secured Debt 22023-01-012023-09-300001396440SI East, LLC, Secured Debt 22022-12-310001396440SI East, LLC, Secured Debt 32023-01-012023-09-300001396440SI East, LLC, Secured Debt 32022-12-310001396440SI East, LLC, Secured Debt 32023-09-300001396440SI East, LLC, Preferred Member Units2023-01-012023-09-300001396440SI East, LLC, Preferred Member Units2022-12-310001396440SI East, LLC, Preferred Member Units2023-09-300001396440Slick Innovations, LLC, Secured Debt2023-09-300001396440Slick Innovations, LLC, Secured Debt2023-01-012023-09-300001396440Slick Innovations, LLC, Secured Debt2022-12-310001396440Slick Innovations, LLC, Common Stock2023-01-012023-09-300001396440Slick Innovations, LLC, Common Stock2022-12-310001396440Slick Innovations, LLC, Common Stock2023-09-300001396440Student Resource Center, LLC, Secured Debt2023-09-300001396440Student Resource Center, LLC, Secured Debt2023-01-012023-09-300001396440Student Resource Center, LLC, Secured Debt2022-12-310001396440Student Resource Center, LLC, Preferred Equity2023-01-012023-09-300001396440Student Resource Center, LLC, Preferred Equity2022-12-310001396440Student Resource Center, LLC, Preferred Equity2023-09-300001396440Superior Rigging & Erecting Co., Secured Debt2023-09-300001396440Superior Rigging & Erecting Co., Secured Debt2023-01-012023-09-300001396440Superior Rigging & Erecting Co., Secured Debt2022-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2023-01-012023-09-300001396440Superior Rigging & Erecting Co., Preferred Member Units2022-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2023-09-300001396440The Affiliati Network, LLC, Secured Debt 12023-01-012023-09-300001396440The Affiliati Network, LLC, Secured Debt 12022-12-310001396440The Affiliati Network, LLC, Secured Debt 12023-09-300001396440The Affiliati Network, LLC, Secured Debt 22023-09-300001396440The Affiliati Network, LLC, Secured Debt 22023-01-012023-09-300001396440The Affiliati Network, LLC, Secured Debt 22022-12-310001396440The Affiliati Network, LLC, Preferred Stock 12023-01-012023-09-300001396440The Affiliati Network, LLC, Preferred Stock 12022-12-310001396440The Affiliati Network, LLC, Preferred Stock 12023-09-300001396440The Affiliati Network, LLC, Preferred Stock 22023-01-012023-09-300001396440The Affiliati Network, LLC, Preferred Stock 22022-12-310001396440The Affiliati Network, LLC, Preferred Stock 22023-09-300001396440UnionRock Energy Fund II, LP, LP Interests 2023-01-012023-09-300001396440UnionRock Energy Fund II, LP, LP Interests 2022-12-310001396440UnionRock Energy Fund II, LP, LP Interests 2023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12023-01-012023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12022-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt 22023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22023-01-012023-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22022-12-310001396440UniTek Global Services, Inc., Secured Debt 12023-09-300001396440UniTek Global Services, Inc., Secured Debt 12023-01-012023-09-300001396440UniTek Global Services, Inc., Secured Debt 12022-12-310001396440UniTek Global Services, Inc., Secured Debt 22023-09-300001396440UniTek Global Services, Inc., Secured Debt 22023-01-012023-09-300001396440UniTek Global Services, Inc., Secured Debt 22022-12-310001396440UniTek Global Services, Inc., Preferred Stock 12023-09-300001396440UniTek Global Services, Inc., Preferred Stock 12023-01-012023-09-300001396440UniTek Global Services, Inc., Preferred Stock 12022-12-310001396440UniTek Global Services, Inc., Preferred Stock 22023-09-300001396440UniTek Global Services, Inc., Preferred Stock 22023-01-012023-09-300001396440UniTek Global Services, Inc., Preferred Stock 22022-12-310001396440UniTek Global Services, Inc., Preferred Stock 32023-09-300001396440UniTek Global Services, Inc., Preferred Stock 32023-01-012023-09-300001396440UniTek Global Services, Inc., Preferred Stock 32022-12-310001396440UniTek Global Services, Inc., Preferred Stock 42023-09-300001396440UniTek Global Services, Inc., Preferred Stock 42023-01-012023-09-300001396440UniTek Global Services, Inc., Preferred Stock 42022-12-310001396440UniTek Global Services, Inc., Common Stock2023-01-012023-09-300001396440UniTek Global Services, Inc., Common Stock2022-12-310001396440UniTek Global Services, Inc., Common Stock2023-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2023-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2023-01-012023-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2022-12-310001396440Universal Wellhead Services Holdings, LLC, Member Units2023-01-012023-09-300001396440Universal Wellhead Services Holdings, LLC, Member Units2022-12-310001396440Universal Wellhead Services Holdings, LLC, Member Units2023-09-300001396440World Micro Holdings, LLC, Secured Debt2023-09-300001396440World Micro Holdings, LLC, Secured Debt2023-01-012023-09-300001396440World Micro Holdings, LLC, Secured Debt2022-12-310001396440World Micro Holdings, LLC, Preferred Equity2023-01-012023-09-300001396440World Micro Holdings, LLC, Preferred Equity2022-12-310001396440World Micro Holdings, LLC, Preferred Equity2023-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-01-012023-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2022-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-09-300001396440us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001396440us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001396440us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from:             to             
Commission File Number: 814-00746
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 ClassTrading Symbol
Name of Each Exchange on Which
Registered
Common Stock, par value $0.01 per shareMAINNew 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 þ 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 þ 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
þ
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
The number of shares outstanding of the issuer’s common stock as of November 7, 2024 was 88,178,190.

TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
1
2
3
4
5
36
67
110
128
148
150
PART II
OTHER INFORMATION
151
151
151
Item 5.
151
153
154

Table of contents
MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
September 30,
2024
December 31, 2023
(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,462,516 and $1,435,131 as of September 30, 2024 and December 31, 2023, respectively)
$2,104,576 $2,006,698 
Affiliate investments (cost: $705,425 and $575,894 as of September 30, 2024 and December 31, 2023, respectively)
784,092 615,002 
Non‑Control/Non‑Affiliate investments (cost: $2,097,862 and $1,714,935 as of September 30, 2024 and December 31, 2023, respectively)
2,022,386 1,664,571 
Total investments (cost: $4,265,803 and $3,725,960 as of September 30, 2024 and December 31, 2023, respectively)
4,911,054 4,286,271 
Cash and cash equivalents84,421 60,083 
Interest and dividend receivable and other assets86,420 89,337 
Deferred financing costs (net of accumulated amortization of $13,932 and $12,329 as of September 30, 2024 and December 31, 2023, respectively)
12,882 7,879 
Total assets$5,094,777 $4,443,570 
LIABILITIES
Credit Facilities$460,000 $360,000 
July 2026 Notes (par: $500,000 as of both September 30, 2024 and December 31, 2023)
499,057 498,662 
June 2027 Notes (par: $400,000 as of September 30, 2024)
401,136 — 
March 2029 Notes (par: $350,000 as of September 30, 2024)
346,822 — 
SBIC debentures (par: $350,000 as of both September 30, 2024 and December 31, 2023)
343,122 344,535 
December 2025 Notes (par: $150,000 as of both September 30, 2024 and December 31, 2023)
149,353 148,965 
May 2024 Notes (par: $450,000 as of December 31, 2023)
— 450,182 
Accounts payable and other liabilities71,553 62,576 
Interest payable18,513 17,025 
Dividend payable21,575 20,368 
Deferred tax liability, net91,392 63,858 
Total liabilities2,402,523 1,966,171 
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 88,057,324 and 84,830,679 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)
880 848 
Additional paid‑in capital2,418,089 2,270,549 
Total undistributed earnings273,285 206,002 
Total net assets2,692,254 2,477,399 
Total liabilities and net assets$5,094,777 $4,443,570 
NET ASSET VALUE PER SHARE$30.57 $29.20 
The accompanying notes are an integral part of these consolidated financial statements
1
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments$50,134 $48,645 $152,572 $145,485 
Affiliate investments20,884 15,267 61,813 53,722 
Non‑Control/Non‑Affiliate investments65,806 59,325 186,201 171,867 
Total investment income136,824 123,237 400,586 371,074 
EXPENSES:
Interest(33,474)(26,414)(89,411)(78,165)
Compensation(11,644)(11,560)(35,225)(34,860)
General and administrative(4,564)(4,324)(14,159)(12,915)
Share‑based compensation(4,868)(4,164)(13,853)(12,351)
Expenses allocated to the External Investment Manager5,322 5,404 16,768 16,089 
Total expenses(49,228)(41,058)(135,880)(122,202)
NET INVESTMENT INCOME87,596 82,179 264,706 248,872 
NET REALIZED GAIN (LOSS):
Control investments— 546 (352)(50,532)
Affiliate investments32 (228)786 (16,495)
Non‑Control/Non‑Affiliate investments26,350 346 16,995 (36,196)
Total net realized gain (loss)26,382 664 17,429 (103,223)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments50,348 29,838 88,007 122,779 
Affiliate investments7,181 5,188 22,609 26,859 
Non‑Control/Non‑Affiliate investments(35,791)(8,015)(25,185)17,432 
Total net unrealized appreciation21,738 27,011 85,431 167,070 
INCOME TAXES:
Federal and state income, excise and other taxes(2,457)(1,256)(6,185)(4,663)
Deferred taxes(9,252)(5,337)(27,534)(18,690)
Income tax provision(11,709)(6,593)(33,719)(23,353)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$124,007 $103,261 $333,847 $289,366 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED$1.00 $0.99 $3.07 $3.07 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$1.42 $1.25 $3.87 $3.57 
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED		87,459,53382,921,76486,268,41581,065,195

The accompanying notes are an integral part of these consolidated financial statements
2
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)
Common StockAdditional
Paid-In
Capital		Total
Undistributed
(Overdistributed)
Earnings		Total Net
Asset Value
Number of
Shares		Par
Value
Balances as of December 31, 2022
78,506,816$784 $2,030,531 $77,271 $2,108,586 
Public offering of common stock, net of offering costs1,058,91411 40,885 — 40,896 
Share‑based compensation —— 4,100 — 4,100 
Purchase of vested stock for employee payroll tax withholding (10,489)— (404)— (404)
Dividend reinvestment 199,2822 7,806 — 7,808 
Amortization of directors’ deferred compensation —— 121 — 121 
Issuance of restricted stock, net of forfeited shares 39,566— — — — 
Dividends to stockholders —— 136 (67,913)(67,777)
Net increase in net assets resulting from operations—— — 79,592 79,592 
Balances as of March 31, 2023
79,794,089$797 $2,083,175 $88,950 $2,172,922 
Public offering of common stock, net of offering costs1,096,51411 43,193 — 43,204 
Share‑based compensation —— 4,087 — 4,087 
Purchase of vested stock for employee payroll tax withholding (140,569)(1)(5,545)— (5,546)
Dividend reinvestment 174,8912 6,878 — 6,880 
Amortization of directors’ deferred compensation —— 109 — 109 
Issuance of restricted stock, net of forfeited shares 506,0815 (5)— — 
Dividends to stockholders —— 149 (73,373)(73,224)
Net increase in net assets resulting from operations—— — 106,516 106,516 
Balances as of June 30, 2023
81,431,006$814 $2,132,041 $122,093 $2,254,948 
Public offering of common stock, net of offering costs2,039,64120 81,040 — 81,060 
Share‑based compensation —— 4,164 — 4,164 
Dividend reinvestment 200,1502 8,101 — 8,103 
Amortization of directors’ deferred compensation —— 102 — 102 
Issuance of restricted stock, net of forfeited shares 6,691— — — — 
Dividends to stockholders —— 166 (80,997)(80,831)
Net increase in net assets resulting from operations—— — 103,261 103,261 
Balances as of September 30, 2023
83,677,488$836 $2,225,614 $144,357 $2,370,807 
Balances as of December 31, 2023
84,833,002$848 $2,270,549 $206,002 $2,477,399 
Public offering of common stock, net of offering costs128,9421 5,695 — 5,696 
Share‑based compensation —— 4,103 — 4,103 
Purchase of vested stock for employee payroll tax withholding (295)— (14)— (14)
Dividend reinvestment 186,9852 8,439 — 8,441 
Amortization of directors’ deferred compensation —— 102 — 102 
Issuance of restricted stock, net of forfeited shares 14,999— — — — 
Dividends to stockholders —— 168 (87,072)(86,904)
Net increase in net assets resulting from operations—— — 107,147 107,147 
Balances as of March 31, 2024
85,163,633$851 $2,289,042 $226,077 $2,515,970 
Public offering of common stock, net of offering costs874,3099 42,208 — 42,217 
Share‑based compensation —— 4,883 — 4,883 
Purchase of vested stock for employee payroll tax withholding (154,751)(2)(7,320)— (7,322)
Dividend reinvestment 179,5112 8,786 — 8,788 
Amortization of directors’ deferred compensation —— 106 — 106 
Issuance of restricted stock, net of forfeited shares 489,8045 (5)— — 
Dividends to stockholders —— 179 (88,553)(88,374)
Net increase in net assets resulting from operations—— — 102,688 102,688 
Balances as of June 30, 2024
86,552,506$865 $2,337,879 $240,212 $2,578,956 
Public offering of common stock, net of offering costs1,323,75413 65,747 — 65,760 
Share‑based compensation —— 4,868 — 4,868 
Purchase of vested stock for employee payroll tax withholding (3)— — — — 
Dividend reinvestment 186,1952 9,299 — 9,301 
Amortization of directors’ deferred compensation —— 108 — 108 
Issuance of restricted stock, net of forfeited shares (2,665)— — — — 
Dividends to stockholders —— 188 (90,934)(90,746)
Net increase in net assets resulting from operations—— — 124,007 124,007 
Balances as of September 30, 2024
88,059,787$880 $2,418,089 $273,285 $2,692,254 
The accompanying notes are an integral part of these consolidated financial statements
3
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended
September 30,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations$333,847 $289,366 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies(1,297,019)(584,729)
Proceeds from sales and repayments of debt investments in portfolio companies744,075 436,615 
Proceeds from sales and return of capital of equity investments in portfolio companies64,149 37,989 
Net unrealized appreciation(85,431)(167,070)
Net realized (gain) loss(17,429)103,223 
Accretion of unearned income(16,215)(13,075)
Payment-in-kind interest(15,183)(7,599)
Cumulative dividends(1,716)(1,027)
Share-based compensation expense13,853 12,351 
Amortization of deferred financing costs3,690 2,423 
Deferred tax provision27,534 18,690 
Changes in other assets and liabilities:
Interest and dividend receivable and other assets(1,897)(3,022)
Interest payable1,488 2,153 
Accounts payable and other liabilities10,119 2,586 
Deferred fees and other3,971 2,772 
Net cash provided by (used in) operating activities(232,164)131,646 
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs113,673 165,160 
Proceeds from public offering of June 2027 Notes
400,000 — 
Proceeds from public offering of March 2029 Notes
350,000 — 
Proceeds from public offering of December 2025 Notes
— 50,000 
Dividends paid(238,288)(197,053)
Proceeds from issuance of SBIC debentures63,800 16,000 
Repayments of SBIC debentures(63,800)(16,000)
Redemption of May 2024 Notes(450,000)— 
Proceeds from Credit Facilities1,637,000 320,000 
Repayments on Credit Facilities(1,537,000)(434,000)
Debt issuance costs, net(11,547)(1,877)
Purchases of vested stock for employee payroll tax withholding(7,336)(5,950)
Net cash provided by (used in) financing activities256,502 (103,720)
Net increase in cash and cash equivalents24,338 27,926 
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD60,083 49,121 
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD$84,421 $77,047 
Supplemental cash flow disclosures:
Interest paid$83,994 $73,495 
Taxes paid$6,950 $7,218 
Non-cash financing activities:
Value of shares issued pursuant to the DRIP$26,530 $22,791 
The accompanying notes are an integral part of these consolidated financial statements
4
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Control Investments (5)
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt (25) 8/16/2019   8/16/2029$— $— $— 
Secured Debt 8/16/201913.75%  8/16/20294,145 4,094 4,094 
Preferred Member Units5/20/20212,4272,427 5,710 
Preferred Member Units8/16/20193,200 3,200 — 
Warrants (27) 8/16/20194208/16/2029316 — 
10,037 9,804 
ASC Interests, LLCRecreational and Educational Shooting Facility
Secured Debt (17) 12/31/201913.00%7/31/2024400 400 400 
Secured Debt (17) 8/1/201313.00%7/31/20241,650 1,650 1,598 
Preferred Member Units6/28/2023178178 70 
Member Units8/1/20131,5001,500 — 
3,728 2,068 
ATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and Accessories
Secured Debt (14) (17) 11/16/20175.00%9/1/20242,257 2,249 214 
Secured Debt (14) (17) 11/16/20175.00%9/1/20243,015 2,842 286 
Preferred Member Units11/16/20173,725,8623,726 — 
8,817 500 
Barfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00%10/31/2024711 711 711 
Member Units  10/26/2020371,584 5,360 
2,295 6,071 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt 3/7/202210.00%3/7/2027450 445 445 
Secured Debt 3/7/202210.00%3/7/2027270 270 270 
Secured Debt3/7/202210.00%3/7/202710,575 10,524 10,524 
Preferred Stock (8) 3/7/20224,0734,095 5,160 
15,334 16,399 
Bolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt (25) 12/31/202012/31/2025— — — 
Secured Debt (9) (22) 12/31/202013.27%SF+8.02%10/31/2027102,239 101,825 102,239 
Class B Preferred Member Units (8) 12/31/2020140,0008.00%14,000 34,710 
115,825 136,949 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt (9) 1/9/201815.35%SF+10.00%1/9/20255,140 5,140 5,140 
Preferred Member Units (8) 1/9/20182,9504,280 5,431 
9,420 10,571 
5
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Bridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions Provider
Warrants (27) 7/25/2016827/25/20262,132 — 
Preferred Member Units (8) (29) 7/25/201617,7421,000 — 
3,132 — 
Café Brazil, LLCCasual Restaurant Group
Member Units (8) 6/9/20061,2331,742 1,460 
California Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt 3/15/202414.00%4.00%7/29/20261,513 1,487 1,487 
Secured Debt3/30/201814.00%4.00%7/29/202628,622 28,557 28,170 
Preferred Member Units (8) 7/31/20198,67115.00%15.00%10,541 10,541 
Preferred Member Units (8) 3/30/20188,72916,402 22,215 
56,987 62,413 
CBT Nuggets, LLCProduces and Sells IT Training Certification Videos
Member Units (8) 6/1/20064161,300 49,540 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt (9) (25) 1/4/2019SF+10.00%1/4/2028— — — 
Secured Debt (9) 1/4/201915.35%SF+10.00%1/4/202820,462 20,254 20,462 
Preferred Member Units1/4/201913,3096,122 11,960 
26,376 32,422 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt (9) (25) 2/26/2018SF+6.00%2/26/2026— (127)— 
Secured Debt (9) 2/26/201813.36%SF+8.00%2/26/202615,620 15,618 15,620 
Member Units (8) 2/26/20184,34711,440 30,530 
Member Units (8) (29) 11/2/20181,047,1461,773 3,220 
28,704 49,370 
Charps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202010.00%1/31/20265,694 5,044 5,694 
Preferred Member Units (8) 2/3/20171,8291,963 15,580 
7,007 21,274 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt (25) 10/28/2022  1/15/2027— — — 
Secured Debt 12/20/201610.00%  1/15/20277,160 7,131 7,131 
Secured Debt12/20/201610.00%12/20/2036983 975 975 
Member Units (8) 12/20/20167177,280 8,840 
Member Units (29) 12/20/2016800509 950 
6
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
15,895 17,896 
Cody Pools, Inc.Designer of Residential and Commercial Pools           
   Secured Debt (25) 3/6/202012/17/2026— (13)— 
   Secured Debt3/6/202012.50%12/17/202639,863 39,840 39,863 
Preferred Member Units (8) (29) 3/6/20205878,317 69,960 
48,144 109,823 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt (25) 3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/202616,225 16,174 16,225 
Preferred Member Units (8) 3/31/202117,2807,680 13,120 
23,854 29,345 
CompareNetworks Topco, LLCInternet Publishing and Web Search Portals
Secured Debt (9) 1/29/201914.35%SF+9.00%1/29/20283,162 3,102 3,102 
Preferred Member Units  1/29/20192,2503,520 14,690 
6,622 17,792 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt (25) 11/22/2023 11/22/2028— (22)(22)
Secured Debt11/22/202313.50%11/22/202817,200 17,059 17,059 
Preferred Equity11/22/20237,4547,454 7,951 
24,491 24,988 
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)  (30) 7/17/201738.75%530 530 
Cybermedia Technologies, LLCIT and Digital Services Provider
Secured Debt (25) 5/5/20235/5/2028— — — 
Secured Debt5/5/202313.00%5/5/202827,300 27,103 27,103 
Preferred Member Units (8) 5/5/202355615,000 15,280 
42,103 42,383 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025360 358 358 
Secured Debt3/31/202110.00%12/31/20258,150 7,979 7,605 
Preferred Member Units 3/31/20219,0002,610 390 
10,947 8,353 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt (9) 4/1/201815.25%SF+10.00%4/27/202612,947 12,879 12,811 
7
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units (8) 4/1/20183,8579,501 9,835 
22,380 22,646 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt (25) 2/13/2018   2/13/2026— (38)— 
Secured Debt 12/27/202214.00%  2/13/202624,312 24,260 24,312 
Preferred Stock 2/13/20188,4008,400 19,280 
32,622 43,592 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt (9) (25) 10/3/2022SF+6.00%10/3/2027— (6)(6)
Secured Debt10/3/202212.00%10/3/202718,069 17,960 17,960 
Secured Debt10/3/20229.00%10/3/20526,277 6,218 6,218 
Common Stock10/3/20222855,726 5,730 
Common Stock (29) 10/3/20229391,558 3,000 
31,456 32,902 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt (9) (25) (33)6/24/2016SF+7.00%1/1/2028— — — 
Secured Debt (9) (33)12/15/202210.00%SF+7.00%1/1/202848,478 48,291 48,478 
Member Units (8) 6/24/20169,04217,692 107,370 
65,983 155,848 
Garreco, LLCManufacturer and Supplier of Dental Products
Member Units (8) 7/15/20131,2001,200 2,060 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt 12/21/201811.35%SF+6.00%10/29/20263,146 3,139 3,146 
Secured Debt 12/19/201413.35%SF+8.00%10/29/202640,493 40,395 40,493 
Member Units (8) 12/19/20145,87913,065 44,440 
56,599 88,079 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt (9) (14) (25) 9/29/2017SF+9.50%7/1/2027— — — 
Secured Debt (14) 7/1/202212.50%12.50%7/1/20272,400 2,400 1,402 
Preferred Equity7/1/202263,7205,600 — 
Member Units4/29/20163,6813,681 — 
11,681 1,402 
Harris Preston Fund Investments(12) (13)Investment Partnership
8
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
LP Interests (2717 MH, L.P.) (8) (30) 10/1/201749.26%3,345 8,896 
LP Interests (2717 HPP-MS, L.P.) (30) 3/11/202249.26%248 375 
LP Interests (2717 GRE-LP, L.P.) (30) 4/18/202443.05%441 441 
   LP Interests (423 COR, L.P.) (8) (30) 6/2/202226.89%     2,900 4,187 
6,934 13,899 
Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock6/4/2010107,456718 6,630 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt 6/21/202313.00%6/21/20281,600 1,570 1,570 
Secured Debt6/21/202313.00%6/21/202835,944 35,676 35,676 
Common Equity6/21/202314,40014,400 14,870 
51,646 52,116 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt (9) (25) 8/29/2017P+6.75%11/14/2026— — — 
Secured Debt (9) 11/14/200615.25%P+6.75%11/14/20261,650 1,650 1,650 
Member Units (8) 11/14/2006627811 11,820 
2,461 13,470 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202724,751 24,627 24,627 
Preferred Equity (8) 3/28/2022109,92610,993 11,280 
35,620 35,907 
KBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
Secured Debt2/24/20239.00%2/24/20284,000 3,972 4,000 
Member Units (8) 1/23/2006325783 24,820 
4,755 28,820 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/202616,599 16,584 16,584 
Secured Debt10/31/20189.00%10/31/20483,971 3,937 3,937 
Preferred Equity10/31/201858112,240 12,240 
Member Units (8) (29) 10/31/2018800992 2,490 
33,753 35,251 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt (25) 10/19/202210/19/2025— (14)(14)
9
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt10/19/202210.75%10/19/202722,657 22,519 22,519 
Preferred Equity (8) 10/19/20225,915,5858.00%8.00%5,916 6,271 
Common Stock  10/19/20221,537,2191,537 3,980 
29,958 32,756 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt 8/31/201514.00%12/31/20255,240 5,240 1,380 
Preferred Member Units3/15/201966,0004,400 — 
Preferred Member Units9/1/20154,0006,000 — 
15,640 1,380 
MS Private Loan Fund I, LP(12) (13)Investment Partnership
Secured Debt(25)1/26/2021 12/31/2024— — — 
LP Interests  (8) (30) 1/26/202114.51%14,250 14,279 
14,250 14,279 
MS Private Loan Fund II, LP(12) (13)Investment Partnership
Secured Debt (9) 9/5/20238.75%SF+3.50%9/5/202533,500 33,427 33,427 
LP Interests  (8) (30) 9/5/202314.12%7,449 7,701 
40,876 41,128 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units (8) 11/22/2013100%29,500 218,370 
MSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity (8) 5/2/20222,170,22217,000 16,754 
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
Secured Debt (25) 8/18/20141/31/2027— — — 
Secured Debt8/18/201410.00%1/31/20275,746 5,729 5,746 
Common Stock (8) 8/18/20145,8732,720 26,100 
8,449 31,846 
NAPCO Precast, LLCPrecast Concrete Manufacturing
Member Units(8)1/31/20082,9552,975 9,750 
Nello Industries Investco, LLCManufacturer of Steel Poles and Towers For Critical Infrastructure
Secured Debt (9) 6/4/202411.75%SF+6.50%6/4/202514,400 14,374 14,374 
Secured Debt6/4/202413.50%6/4/202927,200 26,945 26,945 
Common Equity(8)6/4/202436512,120 12,120 
53,439 53,439 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt2/28/201810.00%2/28/20251,960 1,960 1,960 
Secured Debt2/28/201810.00%2/28/20259,811 9,790 9,811 
10
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units (8) 2/28/2018103,144,1868,213 9,850 
19,963 21,621 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies
Secured Debt12/21/201712.00%3/20/20252,080 2,080 2,080 
Member Units  12/22/201165,962114 75 
Member Units  12/22/201165,9623,603 2,004 
5,797 4,159 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt (9) 1/31/201711.85%SF+6.50%1/31/20253,600 3,600 3,600 
Secured Debt1/31/201712.00%1/31/202518,440 18,436 18,436 
Preferred Member Units11/2/20222,3042,582 5,760 
Preferred Member Units1/31/201745411,230 10,660 
35,848 38,456 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%8/31/202610,000 9,961 10,000 
Preferred Member Units (8) 4/1/20089001,080 58,540 
11,041 68,540 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt (9) (25) 7/30/2021SF+11.00%7/31/2026— — — 
Secured Debt (9) 7/30/202116.35%SF+11.00%7/31/202621,960 21,879 21,960 
Preferred Stock (8) (29) 7/30/202110,00010,000 14,680 
31,879 36,640 
Pearl Meyer Topco LLCProvider of Executive Compensation Consulting Services
Secured Debt(25)4/27/2020 12/31/2027— (2)— 
Secured Debt 4/27/202012.00%12/31/202743,219 43,027 43,219 
Secured Debt4/27/202012.00%12/31/202727,681 27,619 27,681 
Preferred Equity (8) 4/27/202015,67113,000 60,540 
83,644 131,440 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt (25) 12/21/2023 12/31/2028— (13)— 
Secured Debt12/21/202313.00%12/31/202829,040 28,797 29,040 
Preferred Equity (8) 12/21/202344012,540 17,360 
41,324 46,400 
PPL RVs, Inc.Recreational Vehicle Dealer
Secured Debt (9) (25) 10/31/2019SF+8.75%11/15/2027— (6)— 
Secured Debt (9) 11/15/201614.23%SF+8.75%11/15/202717,457 17,330 17,457 
Common Stock 6/10/20102,0002,150 16,300 
Common Stock (29) 6/14/2022238,421238 514 
11
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
19,712 34,271 
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt7/1/201113.00%11/15/20265,897 5,847 5,847 
Preferred Member Units (8) 2/1/201121,8065,709 11,540 
Common Stock1/27/20211,0371,200 550 
12,756 17,937 
Quality Lease Service, LLCProvider of Rigsite Accommodation Unit Rentals and Related Services
Member Units6/8/20151,0007,546 460 
River Aggregates, LLCProcessor of Construction Aggregates
Member Units (29) 12/20/20131,500369 3,790 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt (14) (25) 12/15/2021  10.00%12/15/2026— (24)(24)
Secured Debt (14) 12/15/202112.50%  10.00%12/15/202633,660 33,479 15,417 
Preferred Equity12/15/202111,07011,070 — 
44,525 15,393 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt (14) (17) 8/31/201812.00%12.00%8/31/20231,840 1,840 1,726 
Secured Debt (14) (17) 8/31/201812.00%12.00%8/31/202315,200 15,200 4,657 
Preferred Member Units8/28/20236,605661 — 
Preferred Member Units2/1/20235,643564 — 
Preferred Member Units8/31/20185449,245 — 
27,510 6,383 
Televerde, LLCProvider of Telemarketing and Data Services
Preferred Stock1/26/2022248718 1,794 
Member Units 1/6/20114601,290 3,510 
2,008 5,304 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt (25) 5/31/20195/31/2027— (1)— 
Secured Debt5/31/201913.50%5/31/20277,920 7,848 7,920 
Common Stock (8) 5/31/20196154,655 9,500 
12,502 17,420 
Vision Interests, Inc.Manufacturer / Installer of Commercial Signage
Series A Preferred Stock 12/23/20113,000,0003,000 3,000 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
12
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt3/31/202310.00%3/31/20252,100 2,100 2,100 
Preferred Member Units3/31/20235,097,5954,435 7,460 
Preferred Member Units3/31/2023142,512— — 
Preferred Member Units1/26/20154,876,67014,000 — 
Common Stock3/31/20231,802,7802,576 — 
23,111 9,560 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt (9) (25) 12/1/2021 SF+6.00%12/1/2024— — — 
Secured Debt 12/1/202111.50%12/1/202627,040 26,922 26,922 
Preferred Equity (8) (29) 12/1/202112,24012,240 12,240 
39,162 39,162 
Ziegler’s NYPD, LLCCasual Restaurant Group
Secured Debt6/1/201512.00%10/1/2024450 450 450 
Secured Debt10/1/20086.50%10/1/20241,000 1,000 945 
Secured Debt10/1/200814.00%10/1/20242,750 2,750 970 
Preferred Member Units6/30/201510,0722,834 — 
Warrants (27) 7/1/201558710/1/2025600 — 
7,634 2,365 
Subtotal Control Investments (78.2% of net assets at fair value)
$1,462,516 $2,104,576 
Affiliate Investments (6)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt1/31/202318.00%18.00%6/25/2025$503 $501 $498 
Secured Debt 12/11/202018.00%18.00%6/25/202516,694 16,650 16,527 
Common Stock12/11/2020654,7433,148 — 
Warrants (27) 12/11/2020574,59812/11/2025— — 
20,299 17,025 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027320 320 265 
Member Units (8) 6/30/20172,160,0002,256 310 
2,576 575 
Buca C, LLCCasual Restaurant Group
Secured Debt (14) 8/7/202415.00%10.00%11/4/202419,995 19,571 16,226 
Secured Debt (14) (25) 6/28/202415.00%15.00%4/1/202515 — — 
   Secured Debt (14) (17) 6/30/2015 15.00%  15.00%8/31/20239,196 5,862 — 
   Preferred Member Units 6/30/201566.00%  6.00% 4,770 — 
30,203 16,226 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt (9) 12/17/202111.25%SF+6.00%12/17/2026675 661 661 
13
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt12/17/202113.00%12/17/202619,845 19,757 19,757 
Common Stock12/17/2021450,0004,500 4,500 
24,918 24,918 
CenterPeak Holdings, LLC Executive Search Services           
   Secured Debt(25)12/10/2021     12/10/2026— (13)— 
   Secured Debt 12/10/2021 15.00%   12/10/202621,507 21,406 21,507 
   Preferred Equity(8)12/10/20213,310     3,635 14,300 
            25,028 35,807 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Preferred Member Units (8) 3/12/2020154— 2,650 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund
  III, LP)		 (8) (30) 2/4/201512.49%2,855 2,378 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt6/18/202412.00%6/19/2029560 555 555 
Secured Debt11/19/202112.00%6/19/202916,800 16,717 16,717 
Preferred Equity11/19/20215,9445,944 5,944 
   Preferred Equity(8)6/18/20243,06815.00%  15.00% 3,122 3,122 
26,338 26,338 
Dos Rios Partners(12) (13)Investment Partnership
LP Interests (Dos Rios Partners, LP) (30) 4/25/201320.24%6,172 7,380 
LP Interests (Dos Rios Partners - A, LP) (30) 4/25/20136.43%1,960 2,621 
8,132 10,001 
Dos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining Quarries
Class A Preferred Units (29) 6/27/20162,000,0002,000 — 
EIG Fund Investments(12) (13)Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) 11/6/20155,000,000416 369 
FCC Intermediate Holdco, LLCSupply Chain Management Services
Secured Debt5/28/202413.00%5/29/202932,800 28,900 28,900 
Warrants (27) 5/28/2024123,920 3,920 
32,820 32,820 
14
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity (8) 10/29/20219,36010,400 35,750 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport Financial SBIC Fund LP) (30) 3/23/20159.30%2,580 2,384 
LP Interests (Freeport First Lien Loan Fund III LP) (8) (30) 7/31/20155.95%2,155 1,893 
4,735 4,277 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%3/31/20268,185 8,159 8,185 
Preferred Member Units (8) 3/31/20212264,900 10,540 
13,059 18,725 
Gulf Manufacturing, LLC(13) (21)Manufacturer of Specialty Fabricated Industrial Piping Products           
   Secured Debt (25) 3/15/2024  SF+7.63% 3/15/2029— (44)— 
   Secured Debt 3/15/2024 12.88%SF+7.63% 3/15/202939,500 39,151 39,500 
   Member Units (8) 8/31/2007438     2,980 15,170 
            42,087 54,670 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.) (8) (30) 8/9/20178.22%2,296 4,472 
LP Interests (HPEP 4, L.P.) (30) 7/12/202211.61%4,655 4,984 
LP Interests (423 HAR, L.P.) (30) 6/2/202315.60%750 1,226 
7,701 10,682 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt (9) 12/2/201611.35%SF+6.00%1/15/20262,558 2,557 2,558 
Secured Debt12/2/201612.50%1/15/202645,256 45,186 45,256 
Preferred Member Units (8) 12/2/20162262,850 19,000 
Preferred Member Units (29) 12/2/2016226150 1,000 
50,743 67,814 
Houston Plating and Coatings, LLCProvider of Plating and Industrial Coating Services
Unsecured Convertible Debt5/1/20178.00%10/2/20243,000 3,000 2,940 
Member Units (8) 1/8/2003322,2972,352 3,330 
5,352 6,270 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/202318,006,40718,300 20,390 
15
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202312.00%3/31/202815,275 15,170 15,170 
Preferred Equity (8) 3/31/202387,3604,368 6,820 
19,538 21,990 
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt (9) 8/20/202113.09%SF+7.50%8/20/202612,915 12,815 12,615 
Preferred Equity (8) 12/7/20233,18810.00%10.00%248 446 
Common Stock8/20/20219,9681,356 550 
14,419 13,611 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.00%1/31/20284,514 4,492 4,492 
Secured Debt9/1/202113.00%1/31/20282,940 2,926 2,926 
Secured Debt11/15/202113.00%1/31/20288,944 8,944 8,944 
Secured Debt11/15/202113.00%1/31/202817,624 17,536 17,536 
Secured Debt1/31/202313.00%1/31/202810,082 9,857 9,857 
Preferred Equity6/26/2024711,20025.00%  25.00%711 760 
Common Stock8/3/2021203,0162,756 2,850 
47,222 47,365 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt (9) 6/21/202315.53%SF+9.00%1.00%6/21/20271,195 1,182 1,182 
Secured Debt (9) 6/21/202315.53%SF+9.00%1.00%6/21/20271,007 994 994 
Secured Debt (9) 6/21/202314.53%SF+8.00%1.00%6/21/20274,422 3,689 3,689 
Secured Debt (9) 6/21/202316.53%SF+10.00%1.00%6/21/20274,422 3,689 3,689 
Warrants (27) 6/21/2023193,3076/21/20332,091 3,280 
11,645 12,834 
MoneyThumb Acquisition, LLC Provider of Software-as-a-Service Financial File Conversion and Reconciliation           
   Secured Debt 8/19/2024 14.00%   8/19/20299,600 8,933 8,933 
   Preferred Member Units(8)8/19/2024163,28212.00%  12.00% 1,656 1,656 
   Warrants(27)8/19/202459,368     594 594 
            11,183 11,183 
Nebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider
Secured Debt (9) 12/31/202012.35%SF+7.00%5/9/20271,250 1,242 1,250 
Secured Debt 5/9/202412.50%5/9/2027650 468 650 
Secured Debt12/31/202012.50%5/9/202762,200 62,073 62,200 
Preferred Member Units (8) 12/31/20206,9876,987 24,640 
70,770 88,740 
OnAsset Intelligence, Inc.Provider of Transportation Monitoring / Tracking Products and Services
16
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (14) 4/18/201112.00%12.00%12/31/20244,415 4,415 793 
Secured Debt (14) 5/10/201312.00%12.00%12/31/20242,116 2,116 380 
Secured Debt (14) 3/21/201412.00%12.00%12/31/2024983 983 177 
Secured Debt (14) 5/20/201412.00%12.00%12/31/2024964 964 173 
Unsecured Debt (14) 6/5/201710.00%10.00%12/31/2024305 305 305 
Preferred Stock 4/18/20119127.00%7.00%1,981 — 
Common Stock4/15/2021635830 — 
Warrants (27) 4/18/20114,6995/10/20251,089 — 
12,683 1,828 
Oneliance, LLCConstruction Cleaning Company
Preferred Stock8/6/20211,1281,128 2,210 
RA Outdoors LLC (10)Software Solutions Provider for Outdoor Activity Management           
   Secured Debt(9)4/8/2021 11.59%SF+6.75%11.59%4/8/20261,359 1,354 1,231 
Secured Debt(9)4/8/2021 11.59%SF+6.75%11.59%4/8/202614,212 14,153 12,877 
Common Equity 8/12/202415,562    4/8/2026— — 
            15,507 14,108 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt8/31/201811.75%6/16/20282,250 2,235 2,250 
Secured Debt (23) 6/16/202312.63%6/16/202867,661 67,607 67,661 
Preferred Member Units (8) 8/31/20181651,525 16,180 
71,367 86,091 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/202716,800 16,645 16,800 
Common Stock (8) 9/13/201870,000— 2,060 
16,645 18,860 
Student Resource Center, LLC(10)Higher Education Services
   Secured Debt  9/11/2024 8.50%  8.50%12/31/2027201 201 201 
Secured Debt (14) 12/31/20228.50%  8.50%12/31/20275,327 4,884 1,644 
Preferred Equity12/31/20225,907,649— — 
5,085 1,845 
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services
Preferred Member Units8/31/20201,6364,500 7,450 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt (25) 8/9/20218/9/2026— (7)(7)
Secured Debt8/9/202110.00%8/9/20265,601 5,577 5,448 
Preferred Stock(8)9/1/2023261,710262 262 
Preferred Stock (8) 8/9/20211,280,0006,400 6,400 
12,232 12,103 
17
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
UnionRock Energy Fund II, LP(12) (13)Investment Partnership
LP Interests (30) 6/15/202011.11%3,384 5,641 
UnionRock Energy Fund III, LP(12) (13)Investment Partnership
LP Interests (30) 6/6/202325.00%4,993 6,791 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services
Secured Convertible Debt 1/1/202115.00%15.00%6/30/20282,592 3,171 5,499 
Secured Convertible Debt1/1/202115.00%15.00%6/30/20281,223 1,465 2,594 
Preferred Stock (8) 8/29/20191,133,10220.00%20.00%3,027 3,027 
Preferred Stock 8/21/20181,731,04420.00%20.00%2,511 4,272 
Preferred Stock 6/30/20172,596,56719.00%19.00%3,667 — 
Preferred Stock 1/15/20154,935,37713.50%13.50%7,924 — 
Common Stock4/1/20201,075,992— — 
21,765 15,392 
Universal Wellhead Services Holdings, LLC(10)Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
Preferred Member Units (29) 12/7/2016716,94914.00%14.00%1,032 — 
Member Units (29) 12/7/20164,000,0004,000 — 
5,032 — 
Urgent DSO LLCGeneral and Emergency Dentistry Practice
Secured Debt2/16/202413.50%2/16/20298,800 8,722 8,722 
Preferred Equity (8) 2/16/20244,0009.00%9.00%4,228 4,228 
12,950 12,950 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202213.00%12/12/202711,644 11,570 11,570 
Preferred Equity (8) 12/12/20223,8453,845 3,845 
15,415 15,415 
Subtotal Affiliate Investments (29.1% of net assets at fair value)
$705,425 $784,092 
Non-Control Investments             
Acumera, Inc.(10)Managed Security Service Provider
Common Equity (8) 7/2/20243,880 — 30 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt (9) (33)3/11/202211.00%SF+7.00%1.00%3/11/20277,900 7,900 7,737 
Secured Debt (9) (33)3/11/202211.00%SF+7.00%1.00%3/11/202719,444 19,414 19,043 
18
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
27,314 26,780 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Common Stock (8) 8/31/20222351,844 980 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt (9) (25) 11/19/2021P+5.00%11/19/2026— (6)(6)
Secured Debt (9) 11/19/202113.00%P+5.00%11/19/20266,162 6,136 6,162 
6,130 6,156 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt (9) 3/11/202215.23%SF+9.75%15.23%4/10/20267,248 7,215 6,087 
Secured Debt (9) 3/11/202215.23%SF+9.75%15.23%4/10/202611,793 11,731 9,903 
Secured Debt (9) (14) 3/11/202217.20%SF+11.75%17.20%4/10/20265,705 5,645 3,809 
Secured Debt (9) (14) 3/11/202217.20%SF+11.75%17.20%4/10/20269,283 9,169 6,198 
33,760 25,997 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt (14) (17) 9/17/2021   4/7/20233,166 2,989 76 
Secured Debt (14) (17) 5/19/2016   6/8/202315,489 13,757 374 
16,746 450 
Ansira Partners II, LLC(10)Provider of Data-Driven Marketing Services           
   Secured Debt(9)7/1/2024 11.88%SF+6.75% 7/1/2029834 637 637 
   Secured Debt(9)7/1/2024 12.08%SF+6.75% 7/1/202977,159 75,326 75,326 
            75,963 75,963 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt 11/6/202315.00% 15.00%11/6/20283,965 3,965 3,965 
Secured Debt (9) 11/6/202311.76%SF+6.50%11.76%11/6/20287,826 7,826 7,826 
Preferred Equity11/6/202332,50714,060 12,552 
Preferred Equity11/6/202332,507— — 
Common Equity11/9/20213,898234 — 
26,085 24,343 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock8/11/20221,387,8321,388 2,210 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt (9) 1/18/202211.59%SF+6.00%1/18/2027756 756 756 
Secured Debt (9) 1/18/202210.59%SF+5.00%1/18/20276,660 6,660 6,660 
Secured Debt (9) 1/18/202212.59%SF+7.00%1/18/20276,660 6,660 6,660 
19
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock1/18/2022720,000720 720 
14,796 14,796 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt (9) (25) 12/23/2022 SF+7.25%12/23/2027— (97)(97)
Secured Debt (9) 12/23/202212.06%SF+7.25%12/23/202724,228 23,595 24,228 
Common Equity (8) 12/15/2021984965 796 
24,463 24,927 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units 3/8/2024286,109286 — 
Preferred Member Units(29)11/12/2019122,416— — 
Preferred Member Units(29)7/6/20181,548,387— — 
286 — 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt (9) (25) 6/30/2022SF+10.25% 6/30/2028— (52)(52)
Secured Debt (9) 6/30/202215.31%SF+10.25%9.25%6/30/202831,121 30,791 25,986 
30,739 25,934 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 580 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)1/9/202413.82%SF+8.50%12.82%8/28/2025191 92 174 
Secured Debt (9) 10/19/202215.50%P+7.50%15.00%8/28/20253,454 3,454 3,161 
Secured Debt (9) 8/28/202013.82%SF+8.50%12.82%8/28/20254,055 3,725 3,710 
Common Stock 10/1/2020723,1841 — 
Warrants (27) 10/19/2022163,29510/19/20321,036 — 
8,308 7,045 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt (9) (25) 5/1/2023SF+7.00%5/1/2028— (20)(20)
Secured Debt (9) 5/1/202311.48%SF+6.00%5/1/20286,357 6,265 6,357 
Secured Debt (9) 5/1/202313.48%SF+8.00%5/1/20286,357 6,265 6,357 
Preferred Equity5/1/2023571571 501 
Common Equity5/1/2023571— — 
13,081 13,195 
BP Loenbro Holdings Inc.(10)Specialty Industrial Maintenance Services
Secured Debt (9) (32) 2/1/202411.22%SF+6.00%2/1/20291,798 1,751 1,798 
Secured Debt (9) (25) 2/1/2024 SF+6.00%2/1/2029— (24)(24)
Secured Debt (9) 2/1/202411.35%SF+6.00%2/1/202926,339 25,879 26,339 
Common Equity2/1/20242,333,3332,333 3,620 
20
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
29,939 31,733 
Brainworks Software, LLC(10)Advertising Sales and Newspaper Circulation Software
Secured Debt (9) (14) (17) 8/12/201415.25%P+7.25%7/22/2019761 761 761 
Secured Debt (9) (14) (17) 8/12/201415.25%P+7.25%7/22/20197,056 7,056 750 
7,817 1,511 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP) (30) 7/21/20141.59%5,639 3,468 
LP Interests (Brightwood Capital Fund IV, LP) (8) (30) 10/26/20160.59%4,300 4,401 
LP Interests (Brightwood Capital Fund V, LP) (8) (30) 7/12/20210.72%3,000 3,211 
12,939 11,080 
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt (9) (25) 6/14/2021SF+5.00%6/10/2026— (14)— 
Secured Debt (9) 6/14/20219.95%SF+5.00%6/10/202818,766 18,586 18,766 
18,572 18,766 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity12/13/20212,142,1672,142 2,227 
Preferred Equity12/13/2021596,176— — 
2,142 2,227 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Common Equity12/30/2022245,926246 490 
Central Moloney, LLC(10)Manufacturer of Electricity Transformers and Related Equipment
Secured Debt (9) 2/9/202411.35%SF+6.75%10/20/202838,584 37,908 38,320 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt (9) (32) 2/7/202212.02%SF+7.00%2/7/20275,075 4,946 4,756 
Secured Debt (9) 2/7/202212.55%SF+7.00%2/7/202736,260 35,911 33,982 
Secured Debt (9) 6/24/202212.55%SF+7.00%2/7/20272,009 1,990 1,883 
Secured Debt (9) 3/27/202312.55%SF+7.00%2/7/20274,855 4,779 4,550 
47,626 45,171 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt (14) (17) 9/23/2014   1/5/20152,668 2,668 17 
21
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt (9) (32) 8/6/202113.29%SF+8.00%8/6/20267,500 7,404 7,340 
Secured Debt (9) (25) 3/29/2024SF+8.00%8/6/2026— (131)(131)
Secured Debt (9) 8/6/202113.28%SF+8.00%8/6/202618,106 17,969 17,720 
25,242 24,929 
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
Member Units 12/29/2016 — — 
Coregistics Buyer LLC(10) (13) (21)Contract Packaging Service Provider
Secured Debt (9) 6/29/2024SF+6.50%6/28/20291,669 1,586 1,597 
Secured Debt (9) 6/29/202411.45%SF+6.50%6/28/202910,704 10,462 10,237 
Secured Debt (9) 8/15/202411.62%SF+6.50%6/28/20297,136 6,998 6,825 
   Secured Debt(9)6/29/2024 11.70%SF+6.75% 6/28/202932,192 31,432 31,425 
50,478 50,084 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt (9) (25) 12/27/2023SF+6.75%6/27/2027— (52)(52)
Secured Debt (9) (25) 12/27/2023SF+6.75%6/27/2027— (52)(52)
Secured Debt (9) 12/27/202311.49%SF+6.75%6/27/202710,969 10,715 10,755 
10,611 10,651 
Creative Foam Corporation(10)Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
Secured Debt (9) (25) 6/27/2024SF+5.75%6/27/2029— (287)(287)
Secured Debt (9) 6/27/202410.35%SF+5.75%6/27/2029106,952 104,901 105,615 
104,614 105,328 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock8/16/2022515720 830 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting) (8) 4/13/201810.00%10.00%1,316 681 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776 — 
2,092 681 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt (9) 12/20/202211.45%SF+6.50%11.45%12/31/20262,253 2,094 2,155 
22
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) 12/20/202213.45%SF+8.50%13.45%12/31/20262,333 2,100 2,139 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241— — 
Common Equity12/20/20221,250,000— — 
4,322 4,354 
Eastern Wholesale Fence LLC(10)Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt (9) (32) 11/19/202013.10%SF+8.00%10/30/20252,826 2,798 2,677 
Secured Debt (9) 11/19/202012.95%SF+8.00%10/30/20254,375 4,350 4,146 
Secured Debt (9) 11/19/202012.95%SF+8.00%10/30/20258,726 8,672 8,268 
Secured Debt (9) 4/20/202112.95%SF+8.00%10/30/20251,810 1,800 1,715 
Secured Debt (9) 10/14/202112.95%SF+8.00%10/30/20259,903 9,850 9,382 
27,470 26,188 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt (9) 2/10/202211.20%SF+6.25%12/29/20279,716 9,548 7,967 
EnCap Energy Fund Investments(12) (13)Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.) (8) (30) 1/22/20150.14%3,544 1,820 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		 (8) (30) 1/21/20150.38%1,982 901 
LP Interests (EnCap Energy Capital Fund IX, L.P.) (8) (30) 1/22/20150.10%3,230 1,148 
LP Interests (EnCap Energy Capital Fund X, L.P.) (8) (30) 3/25/20150.15%7,317 6,968 
LP Interests (EnCap Energy Capital Fund XII, L.P.) (30) 8/31/20230.27%3,715 5,371 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (8) (30) 3/30/20150.84%5,110 1,406 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (8) (30) 3/27/20150.25%4,312 3,756 
29,210 21,370 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt (9) (25) 4/7/2023SF+8.00%4/7/2029— (30)(30)
Secured Debt (9) 4/7/202312.70%SF+8.00%4/7/202926,114 25,521 26,114 
Common Equity4/7/2023649,794663 910 
26,154 26,994 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
23
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) 12/22/202112.87%SF+8.00%12/22/20263,692 3,676 3,692 
Secured Debt (9) 12/22/202112.87%SF+8.00%8.00%12/22/202646,914 46,716 46,914 
50,392 50,606 
Fuse, LLC(11)Cable Networks Operator
Secured Debt(8)6/30/201912.00%12/31/20261,810 1,810 1,024 
Common Stock6/30/201910,429256 — 
2,066 1,024 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt (9) (32) 11/10/202311.95%SF+6.75%11/10/20286,000 5,784 5,895 
Secured Debt (9) 11/10/202311.95%SF+6.75%11/10/202832,227 31,434 31,666 
Common Equity11/10/2023705,882706 580 
37,924 38,141 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor
Secured Debt (9) (32) 10/18/201911.64%SF+6.50%2/28/20262,091 2,078 2,091 
Secured Debt (9) 10/18/201911.99%SF+6.50%2/28/202610,564 10,504 10,564 
Secured Debt (9) 9/15/202311.99%SF+6.50%2/28/2026947 942 947 
Secured Debt (9) 12/22/202311.99%SF+6.50%2/28/2026226 223 226 
Secured Debt (9) 8/22/202411.25%SF+6.50%2/28/20266,091 6,048 6,091 
19,795 19,919 
GULF PACIFIC ACQUISITION, LLC(10)Rice Processor and Merchandiser
Secured Debt (9) (32) 9/30/202211.08%SF+6.00%9/30/2028707 693 677 
Secured Debt (9) 9/30/202211.45%SF+6.00%9/30/2028298 286 286 
Secured Debt (9) 9/30/202210.95%SF+6.00%9/30/20283,588 3,539 3,439 
4,518 4,402 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt (9) 3/7/20248.75%SF+3.50%2.50%6/21/20262,408 2,295 2,295 
Secured Debt (14) 3/7/20242.50%  2.50%6/21/20261,626 713 638 
Common Equity3/7/202464,029— — 
3,008 2,933 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt (9) (25) 8/1/2022SF+6.50%8/1/2027— (38)(38)
Secured Debt (9) 8/1/202211.35%SF+6.50%8/1/20276,683 6,595 6,683 
Secured Debt (9) (25) 6/3/2024SF+6.50%8/1/2027— (60)(60)
Secured Debt (9) 8/1/202211.35%SF+6.50%8/1/202716,495 16,308 16,495 
Secured Debt (9) 6/3/202411.35%SF+6.50%8/1/20278,060 7,987 8,059 
30,792 31,139 
Hornblower Sub, LLC(10)Marine Tourism and Transportation           
   Secured Debt (9) (25) 7/3/2024  SF+5.50% 7/3/2029— (47)(47)
   Secured Debt(9)7/3/2024 10.82%SF+5.50% 7/3/202931,057 30,762 30,762 
            30,715 30,715 
24
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt (9) 8/19/202111.94%SF+6.50%3.50%10/23/202626,009 26,009 25,616 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt (9) 6/30/202113.84%SF+8.25% 12/31/20277,200 7,062 7,200 
IG Parent Corporation(11)Software Engineering
Secured Debt(9)7/30/202110.95%SF+5.75%7/30/2026459 446 459 
Secured Debt (9) 7/30/202110.70%SF+5.75%7/30/202810,154 10,068 10,154 
Secured Debt (9) 7/30/202110.70%SF+5.75%7/30/20284,916 4,871 4,916 
15,385 15,529 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt (9) (32) 6/8/202312.08%SF+7.00%6/30/20281,186 1,118 1,186 
Secured Debt (9) 6/8/202311.62%SF+7.00%6/30/202820,611 20,155 20,611 
Common Equity6/8/20238491,166 1,080 
22,439 22,877 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt (9) 6/1/201714.01%SF+9.25%1.50%7/31/202518,648 18,648 17,494 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt (9) (25) 7/19/2023SF+6.25%7/19/2028— (58)(58)
Secured Debt (9) (25) 7/19/2023SF+6.25%7/19/2029— (49)(49)
Secured Debt (9) 7/19/202311.53%SF+6.25%7/19/202914,298 13,955 13,557 
Common Equity7/19/2023131,100656 370 
14,504 13,820 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt (9) (32) 4/3/202313.03%SF+8.00%4/3/2028790 774 711 
Secured Debt (9) 4/3/202313.27%SF+8.00%4/3/20287,252 7,120 6,531 
Secured Debt (9) 6/14/202313.27%SF+8.00%4/3/20282,917 2,868 2,627 
Common Equity4/3/2023131,569417 10 
11,179 9,879 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt (17) (32) 12/9/202115.06%SF+10.00%15.22%8/7/20231,998 1,998 1,842 
Secured Debt (9) (14) (17) 8/7/201912.35%SF+7.00%12.35%8/7/20237,313 7,237 11 
25
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock12/7/20212,143— — 
9,235 1,853 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt (9) (32) 8/28/201911.29%SF+6.50%8/28/20251,037 1,036 991 
Secured Debt (9) 8/28/201911.25%SF+6.50%8/28/202516,812 16,776 16,070 
17,812 17,061 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt (9) 5/19/202110.62%SF+5.75%3/25/20276,885 6,712 5,783 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt (9) 4/13/202311.89%SF+6.60%9.43%4/14/20283,090 2,872 850 
Common Equity4/13/2023198,743— — 
2,872 850 
Island Pump and Tank, LLC(10)Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
Secured Debt (9) (25) 5/20/2024SF+6.50%5/17/2029— (6)(6)
Secured Debt (9) 5/20/202411.09%SF+5.50%5/17/20291,735 1,706 1,686 
Secured Debt (9) 5/20/202412.09%SF+6.50%5/17/20291,735 1,706 1,686 
Secured Debt (9) 5/20/202413.09%SF+7.50%5/17/20291,735 1,706 1,686 
5,112 5,052 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt (9) (26) 10/26/202212.86%SF+7.50%11/4/2024803 802 803 
Secured Debt (9) (26) 2/27/202415.28%SF+10.00%11/4/2024627 623 627 
Secured Debt (9) 11/8/202112.90%SF+7.50%11/4/20241,869 1,869 1,869 
Preferred Equity 11/8/20212,826,667110 870 
3,404 4,169 
JDC Power Services, LLC(10)Provider of Electrical Equipment and Maintenance Services for Datacenters
Secured Debt (9) (25) 6/28/2024SF+6.75%6/28/2029— (171)(171)
Secured Debt (9) 6/28/202411.35%SF+6.75%6/28/202961,351 59,880 58,912 
59,709 58,741 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt (9) (14) (17) 8/21/201921.59%SF+16.00%21.59%8/21/20241,134 1,134 — 
Secured Debt (9) (14) (17) 8/21/201921.59%SF+16.00%21.59%8/21/20241,091 1,091 — 
Secured Debt (9) 3/30/202413.45%SF+8.75%6.00%3/29/20292,006 2,006 2,006 
Secured Debt (9) 3/30/202413.45%SF+8.75%13.45%3/29/20291,270 1,270 1,270 
Common Stock8/21/2019472,5794,429 — 
26
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock3/29/20245,461,019200 200 
10,130 3,476 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt (9) (32) 12/22/202113.37%SF+8.00%12/22/20268,424 8,348 7,972 
Secured Debt (9) 12/22/202112.85%SF+8.00%12/22/202635,767 35,439 33,846 
Secured Debt (9) 2/1/202412.85%SF+8.00%12/22/20263,347 3,269 3,168 
Common Equity12/22/20211,684,2111,684 210 
48,740 45,196 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt (9) (14) 10/4/202114.50%SF+9.75%10/4/20261,028 1,002 773 
Secured Debt (9) (14) 10/4/202114.50%SF+9.75%10/4/20267,410 7,340 5,573 
8,342 6,346 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt 5/9/201910.11%SF+5.00%5/9/202615,566 15,477 15,099 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests (8) (30) 1/25/20132.27%1,746 3,199 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt (9) 9/17/202412.43%SF+7.25%12/31/2025991 991 991 
Secured Debt (9) 5/2/201912.60%SF+7.25%12/31/20258,599 8,521 8,599 
Secured Debt (9) 5/2/201912.60%SF+7.25%12/31/20255,498 5,448 5,498 
Secured Debt (9) 11/20/202012.60%SF+7.25%12/31/20252,885 2,859 2,885 
Secured Debt (9) 2/26/202112.60%SF+7.25%12/31/20251,121 1,111 1,121 
   Secured Debt(9)5/12/2022 12.60%SF+7.25% 12/31/202511,354 11,249 11,354 
30,179 30,448 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt (9) 8/16/202113.48%SF+8.00%3.00%8/16/20264,059 4,001 3,352 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt (9) 1/8/201813.25%P+4.75%12/22/202424,809 24,539 18,421 
Looking Glass Investments, LLC(12) (13)Specialty Consumer Finance
Member Units7/1/20153125 25 
Mako Steel, LP(10)Self-Storage Design & Construction
Secured Debt (9) (25) 3/15/2021 SF+7.50%3/15/2026— (18)— 
27
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) 3/28/202412.59%SF+7.50%3/15/202619,100 18,915 19,100 
18,897 19,100 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt (9) (25) 4/4/2022SF+6.00%4/3/2028— (42)(42)
Secured Debt (9) 4/4/202210.95%SF+6.00%4/3/202820,728 20,478 20,728 
20,436 20,686 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt (9) 10/24/201812.56%SF+7.00%12/31/202622,495 22,174 20,128 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt (9) (32) 11/30/202311.37%SF+6.25%11/30/20281,494 1,458 1,494 
Secured Debt (9) (26) 11/30/202311.33%SF+6.25%11/30/20281,318 1,290 1,318 
Secured Debt (9) 11/30/202310.31%SF+5.25%11/30/20284,917 4,818 4,917 
Secured Debt (9) 11/30/202312.31%SF+7.25%11/30/20284,917 4,814 4,917 
Common Equity11/30/2023459,657460 460 
12,840 13,106 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt 5/24/202214.00%4.00%5/24/20274,008 3,970 4,105 
Secured Debt 5/24/202214.00%4.00%5/24/202710,525 10,413 11,637 
Secured Debt 5/24/202214.00%4.00%5/24/202717,742 17,566 17,742 
Unsecured Debt11/14/20238.00%8.00%3/31/2025112 112 112 
Unsecured Debt3/15/2024 8.00%  8.00%6/30/202555 55 55 
   Unsecured Debt 9/25/2024 8.00%  8.00%12/21/2025105 105 105 
   Common Stock 8/30/202244,445,814     889 732 
33,110 34,488 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt (9) (25) 12/18/2019SF+6.50%12/18/2026— (7)(7)
Secured Debt (9) 12/18/201911.98%SF+6.50%12/18/202628,424 28,167 28,424 
28,160 28,417 
Obra Capital, Inc.(10)Provider of Asset Management Services Specialized in Insurance-Linked Strategies
Secured Debt (9) (25) 6/21/2024SF+7.50%12/21/2028— (4)(4)
Secured Debt (9) 6/21/202412.53%SF+7.50%6/21/202926,352 25,614 25,330 
25,610 25,326 
OnPoint(10)Environmental & Facilities Services
Secured Debt (9) 4/1/202411.60%SF+7.00%11/16/20273,880 3,848 3,848 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor
28
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (14) 7/8/2013 11/15/20264,410 4,410 25 
Peaches Holding CorporationWholesale Provider of Consumer Packaging Solutions
Common Equity5/22/20243,2267,221 7,221 
Power System Solutions(10)Backup Power Generation
Secured Debt (9) (25) 6/7/2023SF+6.50%6/7/2028— (68)(68)
Secured Debt (9) 6/7/202311.35%SF+6.50%6/7/20286,139 5,994 6,139 
Secured Debt (9) 6/7/202311.60%SF+6.50%6/7/202818,279 17,877 18,279 
Common Equity6/7/20231,2341,234 3,150 
25,037 27,500 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt (9) 5/1/202310.58%SF+5.50%5/1/20297,900 7,676 7,900 
Secured Debt (9) 9/7/202310.10%SF+5.50%5/1/2029754 731 754 
Secured Debt (9) 1/30/202410.10%SF+5.50%5/1/2029758 741 758 
Secured Debt (9) 6/28/20249.85%SF+5.25%5/1/2029861 849 861 
9,997 10,273 
PTL US Bidco, Inc(10) (13) (21)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) (32) 8/19/202212.19%SF+6.75%8/19/20276,838 6,729 6,748 
Secured Debt (9) 8/19/202212.13%SF+6.75%8/19/202721,707 21,450 21,419 
28,179 28,167 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Secured Debt (9) (25) 10/2/2023SF+8.00%10/2/2028— (39)(39)
Secured Debt (9) 10/2/202313.64%SF+8.00%10/2/20289,844 9,647 9,844 
Preferred Equity10/2/202332,8133,248 3,248 
Common Equity4/1/202432,81333 1,320 
12,889 14,373 
Richardson Sales Solutions(10)Business Services
Secured Debt (9) (32) 8/24/202311.92%SF+6.75%8/24/20284,151 4,073 4,087 
Secured Debt (9) 8/24/202312.03%SF+6.75%8/24/202834,265 33,363 33,736 
   Secured Debt(9)9/10/2024 11.86%SF+6.75% 8/24/202822,240 21,805 21,897 
59,241 59,720 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt (9) (25) 8/27/2021SF+8.00%8/27/2026— (6)— 
Secured Debt (9) 8/27/202112.59%SF+7.00% 8/27/20263,378 3,332 3,246 
Secured Debt (9) 8/27/202114.59%SF+9.00% 8/27/20263,378 3,332 3,213 
6,658 6,459 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt (9) 7/16/202112.79%SF+8.00%2.00%11/16/20255,858 5,846 5,858 
Secured Debt (9) 7/16/202112.79%SF+8.00%2.00%11/16/20257,618 7,581 7,618 
13,427 13,476 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt (9) 8/8/202410.20%SF+5.25%8/8/202953,320 52,918 52,918 
Common Equity12/10/2021864864 835 
53,782 53,753 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt (9) (32) 7/1/202212.46%SF+7.50%7/1/20272,491 2,456 2,491 
Secured Debt (9) 7/1/202212.45%SF+7.50%7/1/202715,608 15,434 15,608 
Common Stock7/1/2022638,710639 610 
18,529 18,709 
Stellant Systems, Inc.(11)Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt (9) 10/22/202110.49%SF+5.50%10/1/20287,936 7,895 7,896 
Secured Debt (9) 11/7/202310.79%SF+5.75%10/1/20289,131 8,913 9,085 
16,808 16,981 
Team Public Choices, LLC(11)Home-Based Care Employment Service Provider
Secured Debt (9) 12/22/202010.51%SF+5.00%12/18/202714,690 14,516 14,554 
Tectonic Financial, LLCFinancial Services Organization
Common Stock (8) 5/15/2017200,0002,000 4,720 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity (29) 7/7/20211,000,0001,000 2,410 
Titan Meter Midco Corp.(10)Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry
Secured Debt (9) (25) 3/11/2024SF+6.50%3/11/2029— (111)(111)
Secured Debt (9) 3/11/202411.10%SF+6.50%3/11/202934,012 32,960 33,394 
Preferred Equity3/11/20241,218,7501,219 1,219 
34,068 34,502 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt (9) (14) 6/1/202312.50%SF+7.15%6.00%5/2/20279,832 3,589 3,933 
Secured Debt (14) 6/1/2023    5/2/20271,003 20 — 
3,609 3,933 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
UPS Intermediate, LLC(10)Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets           
   Secured Debt(9)7/29/2024 11.51%SF+6.25% 7/27/202943,448 42,622 42,622 
   Common Equity  7/29/20241,443,299     1,443 1,443 
            44,065 44,065 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt (9) 1/11/202312.75%SF+7.50%4/5/20294,000 3,914 4,000 
Veregy Consolidated, Inc.(11)Energy Service Company
Secured Debt (9) (25) 11/9/2020SF+5.25%11/3/2025— (241)(241)
Secured Debt (9) 11/9/202011.51%SF+6.00%11/3/202717,699 17,499 17,684 
17,258 17,443 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 3,180 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt (9) (38) 12/22/202312.47%12/22/20285,795 5,666 5,795 
Secured Debt (9) 12/22/202311.96%SF+7.00%12/22/202842,181 41,297 42,181 
46,963 47,976 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity (8) 11/30/20211,038,4621,038 2,570 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt (9) (25) 7/19/2021SF+7.00%7/19/2026— (3)(3)
Secured Debt (9) 7/19/202112.48%SF+7.00%7/19/20262,987 2,965 2,987 
Common Stock7/19/2021400,000400 930 
3,362 3,914 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt  12/17/202112.00%  12/17/20262,246 2,225 2,124 
Secured Debt 12/17/202112.00%  12/17/2026388 371 367 
Secured Debt 12/17/202112.00%  12/17/202615,972 15,860 15,107 
Secured Debt 12/17/202112.00%  12/17/202612,776 12,685 12,084 
31,141 29,682 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt (9) 3/1/20229.60%SF+5.00%3/1/20282,387 2,352 2,387 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt (9) 3/1/20229.60%SF+5.00%3/1/202810,577 10,446 10,577 
Secured Debt (9) 11/3/20239.60%SF+5.00%3/1/20285,264 5,173 5,264 
Common Stock (8) 3/1/20221,541,4001,541 4,580 
19,512 22,808 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt (9) 11/19/202113.59%SF+8.00%11/19/2026667 623 640 
Secured Debt (9) 11/19/202113.59%SF+8.00%11/19/20261,874 1,853 1,799 
Secured Debt (9) 1/16/202412.59%SF+7.00%11/19/20267,240 7,117 6,948 
Secured Debt (9) 1/16/202414.59%SF+9.00%11/19/20267,240 7,117 6,948 
16,710 16,335 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt (9) 12/17/202110.16%SF+5.25%12/20/202823,875 23,593 23,875 
Secured Debt (9) 12/17/202110.63%SF+5.25%12/20/202837,538 37,136 37,538 
60,729 61,413 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt (9) (26) 8/22/201812.89%SF+7.50%8/9/202610,992 10,814 10,025 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt (9) 2/11/202212.46%SF+7.25%3.50%12/31/202417,306 17,306 16,271 
Secured Debt (9) 2/11/202212.46%SF+7.25%3.50%12/31/20244,338 4,338 4,078 
            21,644 20,349 
ZRG Partners, LLC(10)Talent Advisory Services Provider           
   Secured Debt (9) (25) 6/14/2024  SF+6.00% 6/14/2029— (239)(239)
   Secured Debt(9)6/14/2024 10.74%SF+6.00% 6/14/20295,067 4,807 4,932 
   Secured Debt (9) 6/14/2024 11.26%SF+6.00% 6/14/20298,003 7,849 7,790 
   Secured Debt (9) 6/14/2024 11.30%SF+6.00% 6/14/202957,352 56,240 55,826 
            68,657 68,309 
Subtotal Non-Control/Non-Affiliate Investments (75.1% of net assets at fair value)
$2,097,862 $2,022,386 
Total Portfolio Investments, September 30, 2024 (182.4% of net assets at fair value)
$4,265,803 $4,911,054 
Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management(36)$30,519 $30,519 
Fidelity Government Fund(37)3,912 3,912 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Fidelity Treasury(31)944 944 
Total money market funds$35,375 $35,375 
___________________
(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. — Summary of Significant Accounting Policies —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, 96% of the loans (based on the par amount) contain Term SOFR (“SOFR”) floors which range between 0.50% and 5.25%, with a weighted-average floor of 1.24%.
(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 debt 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.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of September 30, 2024.
(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)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.
(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 11.75% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24)Investment date represents the date of initial investment in the security position.
(25)The position is unfunded and no interest income is being earned as of September 30, 2024. The position may earn a nominal unused facility fee on committed amounts.
(26)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 September 30, 2024.
(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 (defined below) bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of September 30, 2024, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.43%.
(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)Effective yield as of September 30, 2024 was approximately 4.60% on the Fidelity Treasury.
(32)RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2024.
(33)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.
(34)Index based floating interest rate is subject to contractual maximum base rate of 1.50%.
(35)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.
(36)Effective yield as of September 30, 2024 was approximately 5.02% on the Dreyfus Government Cash Management.
(37)Effective yield as of September 30, 2024 was approximately 4.60% on the Fidelity Government Fund.
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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
(38)RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. As of September 30, 2024, the facility had contracts running under the terms SOFR+7.00% (Floor 1.00%) and Prime+6.00% (Floor 2.00%). The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2024.


35
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Control Investments (5)
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(9)8/16/201915.38%SF+10.00%8/16/2024$220 $219 $219 
Secured Debt(9)8/16/201915.38%SF+10.00%8/16/20244,125 4,084 4,084 
Preferred Member Units5/20/20212,4272,427 4,860 
Preferred Member Units8/16/20193,20014.13%3,200 — 
Warrants(27)8/16/20194208/16/2029316 — 
10,246 9,163 
ASC Interests, LLCRecreational and Educational Shooting Facility
Secured Debt12/31/201913.00%7/31/2024400 400 400 
Secured Debt8/1/201313.00%7/31/20241,650 1,649 1,597 
Preferred Member Units6/28/2023178178 266 
Member Units8/1/20131,5001,500 100 
3,727 2,363 
ATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and Accessories
Secured Debt(14)11/16/20175.00%9/1/20242,090 2,080 328 
Secured Debt(14)11/16/20175.00%9/1/20243,015 2,841 473 
Preferred Member Units11/16/20173,725,8623,726 — 
8,647 801 
Barfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00%10/31/2024711 711 711 
Member Units10/26/2020371,584 4,140 
2,295 4,851 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt(25)3/7/20223/7/2027— (6)— 
Secured Debt3/7/202210.00%3/7/2027270 270 270 
Secured Debt3/7/202210.00%3/7/202710,575 10,508 10,575 
Preferred Stock(8)3/7/20224,0734,095 6,150 
14,867 16,995 
Bolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt(9) (22)12/31/202014.48%SF+9.11%10/31/202796,556 96,078 96,556 
Class B Preferred Member Units(8)12/31/2020140,0008.00%14,000 31,020 
110,078 127,576 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201815.46%L+10.00%1/9/20255,498 5,498 5,498 
Preferred Member Units(8)1/9/20182,9504,280 5,620 
9,778 11,118 
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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Bridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions Provider
Secured Debt7/25/201613.00%12/11/20248,813 8,813 8,813 
Secured Debt7/25/201613.00%12/11/20241,000 1,000 1,000 
Warrants(27)7/25/2016827/25/20262,132 4,290 
Preferred Member Units(8) (29)7/25/201617,7421,000 1,000 
12,945 15,103 
Café Brazil, LLCCasual Restaurant Group
Member Units(8)6/9/20061,2331,742 1,980 
California Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt(8) (9)3/30/201815.69%SF+10.00%7/29/202628,000 27,965 27,655 
Preferred Member Units(8)7/31/20193,67115.00%15.00%4,601 4,601 
Preferred Member Units(8)3/30/20186,15710,775 15,695 
43,341 47,951 
CBT Nuggets, LLCProduces and Sells IT Training Certification Videos
Member Units(8)6/1/20064161,300 50,130 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt(9) (25)1/4/2019SF+9.00%1/4/2026— — — 
Secured Debt(9)1/4/201914.48%SF+9.00%1/4/202617,574 17,512 17,574 
Preferred Member Units1/4/201913,3096,122 11,040 
23,634 28,614 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (25)2/26/2018SF+6.00%2/26/2026— (195)— 
Secured Debt(9)2/26/201813.49%SF+8.00%2/26/202615,620 15,617 15,620 
Member Units(8)2/26/20184,34711,440 29,320 
Member Units(8) (29)11/2/20181,047,1461,773 2,860 
28,635 47,800 
Charps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202010.00%1/31/20265,694 4,678 5,694 
Preferred Member Units(8)2/3/20171,8291,963 15,690 
6,641 21,384 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt(25)10/28/20221/15/2024— — — 
Secured Debt12/20/201611.50%1/15/20248,560 8,560 8,422 
Secured Debt12/20/201610.00%12/20/20361,013 1,004 1,004 
Member Units(8)12/20/20167177,280 5,200 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Member Units(29)12/20/2016800509 1,129 
17,353 15,755 
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(25)3/6/202012/17/2026— (11)— 
Secured Debt3/6/202012.50%12/17/202642,073 42,042 42,073 
Preferred Member Units(8) (29)3/6/20205878,317 72,470 
50,348 114,543 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(25)3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/202622,050 21,946 21,627 
Preferred Member Units6/27/2023960960 2,400 
Preferred Member Units3/31/202117,2807,680 7,680 
30,586 31,707 
CompareNetworks Topco, LLCInternet Publishing and Web Search Portals
Secured Debt(9) (17) (25)1/29/2019SF+9.00%1/29/2022— — — 
Secured Debt(9)1/29/201914.48%SF+9.00%1/29/20243,454 3,454 3,454 
Preferred Member Units(8)1/29/20191,9751,975 14,450 
5,429 17,904 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt(25)11/22/202311/22/2028— — — 
Secured Debt11/22/202313.50%11/22/202817,200 17,034 17,034 
Preferred Equity11/22/20237,4547,454 7,454 
24,488 24,488 
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(8) (30)7/17/201738.75%568 568 
Cybermedia Technologies, LLCIT and Digital Services Provider
Secured Debt(25)5/5/20235/5/2028— — — 
Secured Debt5/5/202313.00%5/5/202828,638 28,389 28,389 
Preferred Member Units5/5/202355615,000 15,000 
43,389 43,389 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025450 447 447 
Secured Debt3/31/202110.00%12/31/20258,352 8,073 7,587 
Preferred Member Units3/31/20219,0002,610 70 
11,130 8,104 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt(9)4/1/201815.38%SF+10.00%4/27/202614,873 14,758 14,690 
38
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units(8)4/1/20183,8579,501 9,835 
24,259 24,525 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt2/13/201814.00%2/13/20261,233 1,174 1,233 
Secured Debt12/27/202214.00%2/13/202625,543 25,457 25,543 
Preferred Stock(8)2/13/20188,4008,400 20,740 
35,031 47,516 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt(9) (25)10/3/2022SF+6.00%10/3/2027— (7)(7)
Secured Debt10/3/202212.00%10/3/202718,773 18,632 18,632 
Secured Debt10/3/20229.00%10/3/20526,313 6,252 6,252 
Common Stock10/3/20222855,726 6,090 
Common Stock(29)10/3/20229391,558 1,670 
32,161 32,637 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt(9) (25) (41)6/24/2016SF+7.50%1/1/2028— — — 
Secured Debt(9) (41)12/15/202210.50%SF+7.50%1/1/202854,078 53,813 54,078 
Member Units(8)6/24/20169,04217,692 96,710 
71,505 150,788 
Garreco, LLCManufacturer and Supplier of Dental Products
Secured Debt(9) (42)7/15/20139.50%SF+8.00%1/31/20243,088 3,088 3,088 
Member Units7/15/20131,2001,200 1,580 
4,288 4,668 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/21/201811.48%SF+6.00%10/29/20262,400 2,394 2,400 
Secured Debt12/19/201413.48%SF+8.00%10/29/202640,493 40,360 40,493 
Member Units12/19/20145,87913,065 44,440 
55,819 87,333 
Gulf Manufacturing, LLCManufacturer of Specialty Fabricated Industrial Piping Products
Member Units(8)8/31/20074382,980 9,070 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt(9) (25)9/29/2017SF+9.50%7/1/2027— — — 
Secured Debt7/1/202212.50%7/1/20272,400 2,400 2,284 
Preferred Equity7/1/202263,7205,600 2,460 
Member Units4/29/20163,6813,681 — 
39
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
11,681 4,744 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(8) (30)10/1/201749.26%3,345 6,050 
LP Interests (2717 HPP-MS, L.P.)(30)3/11/202249.26%248 315 
3,593 6,365 
Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock6/4/2010107,456718 4,660 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt(25)6/21/20236/21/2028— (35)(35)
Secured Debt6/21/202313.00%6/21/202837,264 36,934 36,934 
Common Equity6/21/202314,40014,400 14,400 
51,299 51,299 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt(17) (25)8/29/2017P+6.75%11/14/2023— — — 
Secured Debt(9) (17)11/14/200615.25%P+6.75%11/14/20231,998 1,998 1,998 
Member Units(8)11/14/2006627811 12,420 
2,809 14,418 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202725,650 25,483 25,483 
Preferred Equity(8)3/28/2022107,40610,741 10,741 
36,224 36,224 
KBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
Secured Debt2/24/20239.00%2/24/20284,700 4,662 4,700 
Member Units(8)1/23/2006325783 22,770 
5,445 27,470 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/202619,799 19,774 19,774 
Secured Debt10/31/20189.00%10/31/20483,840 3,805 3,805 
Preferred Equity10/31/201858112,240 9,690 
Member Units(29)10/31/2018800992 2,730 
36,811 35,999 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(25)10/19/202210/19/2024— — — 
Secured Debt10/19/202212.75%10/19/202723,802 23,623 23,623 
Preferred Equity(8)10/19/20225,915,5858.00%8.00%6,035 6,035 
Common Stock10/19/20221,537,2191,537 1,500 
40
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
31,195 31,158 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt(17)8/31/201513.00%12/31/20225,400 5,400 5,022 
Preferred Member Units3/15/201966,0004,400 330 
Preferred Member Units9/1/20154,0006,000 — 
15,800 5,352 
MS Private Loan Fund I, LP(12) (13)Investment Partnership
Secured Debt(25)1/26/202112/31/2024— — — 
LP Interests(8) (30)1/26/202114.51%14,250 14,527 
14,250 14,527 
MS Private Loan Fund II, LP(12) (13)Investment Partnership
Secured Debt(9)9/5/20238.88%SF+3.50%9/5/202523,500 23,367 23,367 
LP Interests(30)9/5/202313.37%1,561 1,561 
24,928 24,928 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013100%29,500 174,063 
MSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity(8)5/2/20221,290,26710,000 10,025 
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
Secured Debt(25)8/18/20141/31/2024— — — 
Secured Debt8/18/201410.00%1/31/20245,746 5,746 5,746 
Common Stock(8)8/18/20145,8732,720 26,390 
8,466 32,136 
NAPCO Precast, LLCPrecast Concrete Manufacturing
Member Units1/31/20082,9552,975 11,730 
Nebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider
Secured Debt(9) (25)12/31/2020SF+7.00%12/31/2025— — — 
Secured Debt12/31/202012.00%12/31/202525,794 25,673 25,794 
Secured Debt12/31/202012.00%12/31/202510,500 10,456 10,500 
Preferred Member Units(8)12/31/20206,9876,987 15,020 
43,116 51,314 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt(25)2/28/20182/28/2025— — — 
Secured Debt2/28/201810.00%2/28/20259,811 9,751 9,751 
41
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units(8)2/28/2018103,144,1868,213 6,350 
17,964 16,101 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies
Secured Debt12/21/201712.00%3/20/20252,080 2,080 2,080 
Member Units12/22/201165,962114 53 
Member Units(8)12/22/20113,603 1,466 
5,797 3,599 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/201711.98%SF+6.50%1/31/20253,600 3,600 3,600 
Secured Debt1/31/201712.00%1/31/202518,440 18,426 18,426 
Preferred Member Units11/2/20222,0622,062 5,150 
Preferred Member Units1/31/201740610,200 9,240 
34,288 36,416 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%8/31/202612,750 12,682 12,750 
Preferred Member Units(8)4/1/20089001,080 36,380 
13,762 49,130 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt(9) (25)7/30/2021SF+11.00%7/31/2026— — — 
Secured Debt(9)7/30/202116.48%SF+11.00%7/31/202622,040 21,925 22,040 
Preferred Stock(8) (29)7/30/202110,00010,000 17,050 
31,925 39,090 
Pearl Meyer Topco LLCProvider of Executive Compensation Consulting Services
Secured Debt4/27/202012.00%12/31/20273,500 3,497 3,500 
Secured Debt4/27/202012.00%12/31/202720,000 19,956 20,000 
Secured Debt4/27/202012.00%12/31/202727,681 27,601 27,681 
Preferred Equity(8)4/27/202015,06113,000 44,090 
64,054 95,271 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt12/21/20238.00%12/31/2028460 444 444 
Secured Debt12/21/202313.00%12/31/202830,640 30,339 30,339 
Preferred Equity12/21/202344012,540 12,540 
43,323 43,323 
PPL RVs, Inc.Recreational Vehicle Dealer
Secured Debt(9) (25)10/31/2019SF+8.75%11/15/2027— (7)— 
Secured Debt(9)11/15/201614.23%SF+8.75%11/15/202719,877 19,697 19,877 
Common Stock6/10/20102,0002,150 16,980 
42
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock(29)6/14/2022238,421238 368 
22,078 37,225 
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt(25)2/1/201111/15/2026— — — 
Secured Debt7/1/201113.00%11/15/20265,897 5,829 5,829 
Preferred Member Units(8)2/1/201121,8065,709 10,750 
Common Stock1/27/20211,0371,200 510 
12,738 17,089 
Quality Lease Service, LLCProvider of Rigsite Accommodation Unit Rentals and Related Services
Member Units6/8/20151,0007,546 460 
River Aggregates, LLCProcessor of Construction Aggregates
Member Units(29)12/20/20131,500369 3,710 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(25)12/15/202112/15/2026— (26)(26)
Secured Debt12/15/202112.50%12/15/202634,110 33,909 30,798 
Preferred Equity12/15/202111,07011,070 — 
44,953 30,772 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(17)8/31/201812.00%8/31/20231,840 1,840 1,726 
Secured Debt(17)8/31/201812.00%8/31/202315,200 15,200 14,262 
Preferred Member Units8/28/20236,605661 — 
Preferred Member Units2/1/20235,643564 — 
Preferred Member Units8/31/20185449,245 — 
27,510 15,988 
Televerde, LLCProvider of Telemarketing and Data Services
Preferred Stock1/26/2022248718 1,794 
Member Units(8)1/6/20114601,290 4,734 
2,008 6,528 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(25)5/31/20195/31/2024— (1)— 
Secured Debt5/31/201912.00%5/31/20247,920 7,911 7,920 
Common Stock(8)5/31/20196154,655 12,740 
12,565 20,660 
Vision Interests, Inc.Manufacturer / Installer of Commercial Signage
43
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Series A Preferred Stock(8)12/23/20113,000,0003,000 3,000 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt3/31/202310.00%3/31/20252,100 2,100 2,100 
Preferred Member Units3/31/20235,097,5958,646 7,250 
Preferred Member Units3/31/2023142,512— — 
Preferred Member Units1/26/20154,876,67014,000 — 
Common Stock3/31/20231,802,7802,576 — 
27,322 9,350 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt(9) (17) (25)12/1/2021SF+6.00%12/1/2023— — — 
Secured Debt12/1/202111.50%12/1/202628,200 28,035 28,035 
Preferred Equity(8) (29)12/1/202112,24012,240 12,240 
40,275 40,275 
Ziegler’s NYPD, LLCCasual Restaurant Group
Secured Debt6/1/201512.00%10/1/2024450 450 450 
Secured Debt10/1/20086.50%10/1/20241,000 1,000 945 
Secured Debt10/1/200814.00%10/1/20242,750 2,750 2,080 
Preferred Member Units6/30/201510,0722,834 — 
Warrants(27)7/1/201558710/1/2025600 — 
7,634 3,475 
Subtotal Control Investments (81.0% of net assets at fair value)
$1,435,131 $2,006,698 
Affiliate Investments (6)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt1/31/202318.00%18.00%6/25/2025$423 $419 $418 
Secured Debt12/11/202018.00%18.00%6/25/202514,053 13,970 13,895 
Common Stock12/11/2020593,9283,148 — 
Warrants(27)12/11/2020554,35312/11/2025— — 
17,537 14,313 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027320 320 320 
Member Units6/30/20172,160,0002,256 1,990 
2,576 2,310 
Buca C, LLCCasual Restaurant Group
Secured Debt(17)6/30/201512.00%8/31/202316,980 16,980 12,144 
Preferred Member Units6/30/201566.00%6.00%4,770 — 
21,750 12,144 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
44
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9)12/17/202111.38%SF+6.00%12/17/2026900 881 881 
Secured Debt12/17/202113.00%12/17/202620,025 19,906 19,906 
Common Stock12/17/2021450,0004,500 4,500 
25,287 25,287 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/202011.69%SF+6.00%3/12/20254,560 4,560 4,560 
Secured Debt3/12/20208.00%3/12/202519,274 19,224 19,274 
Preferred Member Units(8)3/12/20201545,760 16,000 
29,544 39,834 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund
  III, LP)		(8) (30)2/4/201512.49%4,778 4,352 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt11/19/202112.00%11/19/202618,800 18,685 18,800 
Preferred Equity11/19/20215,9445,944 7,660 
24,629 26,460 
Dos Rios Partners(12) (13)Investment Partnership
LP Interests (Dos Rios Partners, LP)(30)4/25/201320.24%6,313 8,443 
LP Interests (Dos Rios Partners - A, LP)(30)4/25/20136.43%2,005 2,631 
8,318 11,074 
Dos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining Quarries
Class A Preferred Units(29)6/27/20162,000,0002,000 1,580 
EIG Fund Investments(12) (13)Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.)(8) (30)11/6/20155,000,000808 760 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity(8)10/29/20219,36010,400 27,900 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport Financial SBIC Fund LP)(30)3/23/20159.30%2,859 3,012 
45
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
LP Interests (Freeport First Lien Loan Fund III LP)(8) (30)7/31/20155.95%4,160 3,704 
7,019 6,716 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%3/31/20269,345 9,302 9,345 
Preferred Member Units(8)3/31/20212264,900 11,460 
14,202 20,805 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.)(30)8/9/20178.22%2,296 4,225 
LP Interests (HPEP 4, L.P.)(30)7/12/202211.61%3,773 3,773 
LP Interests (423 COR, L.P.)(8) (30)6/2/202222.93%1,400 1,869 
LP Interests (423 HAR, L.P.)(30)6/2/202315.60%750 996 
8,219 10,863 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201611.65%SF+6.00%1/15/20261,974 1,972 1,974 
Secured Debt12/2/201612.50%1/15/202645,256 45,144 45,256 
Preferred Member Units12/2/20162262,850 17,460 
Preferred Member Units(29)12/2/2016226150 920 
50,116 65,610 
Houston Plating and Coatings, LLCProvider of Plating and Industrial Coating Services
Unsecured Convertible Debt5/1/20178.00%10/2/20243,000 3,000 2,880 
Member Units(8)1/8/2003322,2972,352 3,340 
5,352 6,220 
I-45 SLF LLC(12) (13)Investment Partnership
Member Units (Fully diluted 20.0%; 21.75% profits
  interest)
(8)10/20/201520,200 13,490 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/202318,006,40718,300 17,690 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202313.00%3/31/202817,550 17,403 17,403 
Preferred Equity3/31/202380,0004,000 4,000 
21,403 21,403 
46
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202113.16%SF+7.50%8/20/202614,485 14,323 13,891 
Preferred Equity12/7/20233,18810.00%10.00%227 300 
Common Stock8/20/20219,9681,356 160 
15,906 14,351 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.50%1/31/20284,514 4,487 4,487 
Secured Debt9/1/202113.50%1/31/20282,940 2,922 2,922 
Secured Debt11/15/202113.50%1/31/20288,944 8,944 8,944 
Secured Debt11/15/202113.50%1/31/202819,624 19,503 19,503 
Secured Debt1/31/202313.50%1/31/202810,562 10,273 10,273 
Common Stock8/3/2021203,0162,756 2,680 
48,885 48,809 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt(9)6/21/202316.59%SF+9.00%2.00%6/21/2027826 816 816 
Secured Debt(9)6/21/202316.59%SF+9.00%2.00%6/21/2027711 697 697 
Secured Debt(9)6/21/202315.59%SF+8.00%2.00%6/21/20274,362 3,430 3,430 
Secured Debt(9)6/21/202317.59%SF+10.00%2.00%6/21/20274,362 3,430 3,430 
Warrants(27)6/21/2023193,3076/21/20332,091 2,091 
10,464 10,464 
Johnson Downie Opco, LLCExecutive Search Services
Secured Debt(25)12/10/202112/10/2026— (18)— 
Secured Debt12/10/202115.00%12/10/202624,207 24,066 24,207 
Preferred Equity12/10/20213,3103,635 9,620 
27,683 33,827 
OnAsset Intelligence, Inc.Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt(14)4/18/201112.00%12.00%12/31/20244,415 4,415 1,493 
Secured Debt(14)5/10/201312.00%12.00%12/31/20242,116 2,116 716 
Secured Debt(14)3/21/201412.00%12.00%12/31/2024983 983 332 
Secured Debt(14)5/20/201412.00%12.00%12/31/2024964 964 326 
Unsecured Debt(14)6/5/201710.00%10.00%12/31/2024305 305 305 
Preferred Stock4/18/20119127.00%7.00%1,981 — 
Common Stock4/15/2021635830 — 
Warrants(27)4/18/20114,6995/10/20251,089 — 
12,683 3,172 
Oneliance, LLCConstruction Cleaning Company
Secured Debt(9) (17) (25)8/6/2021SF+11.00%8/6/2023— — — 
Secured Debt(9)8/6/202116.48%SF+11.00%8/6/20265,440 5,411 5,350 
Preferred Stock8/6/20211,1281,128 1,128 
6,539 6,478 
47
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)Provider of Rigsite Accommodation Unit Rentals and Related Services
Preferred Member Units1/8/20132502,500 — 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt8/31/201811.25%6/16/20281,125 1,108 1,125 
Secured Debt(23)6/16/202312.47%6/16/202854,536 54,295 54,536 
Preferred Member Units(8)8/31/20181651,525 19,170 
56,928 74,831 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/202711,440 11,345 11,440 
Common Stock9/13/201870,000456 2,310 
11,801 13,750 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt(14)12/31/20228.50%8.50%12/31/20275,327 4,884 3,190 
Preferred Equity12/31/20225,907,649— — 
4,884 3,190 
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services
Secured Debt8/31/202012.00%8/31/202520,500 20,427 20,427 
Preferred Member Units8/31/20201,6364,500 5,940 
24,927 26,367 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt8/9/202113.00%8/9/2026160 150 150 
Secured Debt8/9/202113.00%8/9/20267,521 7,475 7,347 
Preferred Stock9/1/2023172,110172 172 
Preferred Stock(8)8/9/20211,280,0006,400 6,400 
14,197 14,069 
UnionRock Energy Fund II, LP(12) (13)Investment Partnership
LP Interests(30)6/15/202011.11%3,719 5,694 
UnionRock Energy Fund III, LP(12) (13)Investment Partnership
LP Interests(30)6/6/202325.00%2,493 2,838 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services
Secured Convertible Debt1/1/202115.00%15.00%6/30/20281,714 1,714 3,889 
Secured Convertible Debt1/1/202115.00%15.00%6/30/2028840 840 1,908 
Preferred Stock(8)8/29/20191,133,10220.00%20.00%2,609 2,833 
Preferred Stock8/21/20181,521,12220.00%20.00%2,188 3,698 
48
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Stock6/30/20172,281,68219.00%19.00%3,667 — 
Preferred Stock1/15/20154,336,86613.50%13.50%7,924 — 
Common Stock4/1/2020945,507— — 
18,942 12,328 
Universal Wellhead Services Holdings, LLC(10)Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
Preferred Member Units(29)12/7/2016716,94914.00%14.00%1,032 150 
Member Units(29)12/7/20164,000,0004,000 — 
5,032 150 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202213.00%12/12/202712,123 12,028 12,028 
Preferred Equity(8)12/12/20223,8453,845 3,845 
15,873 15,873 
Subtotal Affiliate Investments (24.8% of net assets at fair value)
$575,894 $615,002 
Non-Control Investments (7)
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
Secured Debt(9) (25)9/6/2022P+5.00%9/6/2028$— $(62)$— 
Secured Debt(9)9/6/202211.43%SF+6.00%9/6/20281,921 1,894 1,921 
Secured Debt(9)9/6/202211.43%SF+6.00%9/6/202819,817 19,303 19,817 
Secured Debt(9)6/21/202311.43%SF+6.00%9/6/20281,372 1,305 1,372 
22,440 23,110 
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt(9) (25)6/7/2023SF+7.50%6/7/2028— (2)(2)
Secured Debt(9)6/7/202312.98%SF+7.50%6/7/202824,796 24,526 24,796 
Warrants(43)6/7/202317,5255/19/2028— 110 
24,524 24,904 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt(9) (41)3/11/202211.00%SF+7.00%1.00%3/11/20277,841 7,841 7,684 
Secured Debt(9) (41)3/11/202211.00%SF+7.00%1.00%3/11/202721,207 21,168 20,784 
29,009 28,468 
ADS Tactical, Inc.(11)Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt(9)3/29/202111.22%SF+5.75%3/19/202610,952 10,856 10,860 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Secured Debt(9) (25)8/31/2022SF+7.40%8/31/2027— (108)(108)
Secured Debt(9)8/31/202212.76%SF+7.40%8/31/202728,422 28,018 28,422 
49
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock(8)8/31/20222351,844 2,120 
29,754 30,434 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (25)11/19/2021P+5.00%11/19/2026— (8)(8)
Secured Debt(9)11/19/202113.50%P+5.00%11/19/20266,550 6,512 6,550 
6,504 6,542 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/11/202215.29%SF+9.75%15.29%4/10/20266,462 6,413 5,495 
Secured Debt(9)3/11/202215.29%SF+9.75%15.29%4/10/202610,507 10,413 8,922 
Secured Debt(9) (14)3/11/202217.29%SF+11.75%17.29%4/10/20265,705 5,645 3,369 
Secured Debt(9) (14)3/11/202217.29%SF+11.75%17.29%4/10/20269,283 9,169 5,482 
31,640 23,268 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt(14) (17)9/17/20214/7/20232,980 2,980 134 
Secured Debt(14) (17)5/19/20166/8/202314,370 13,706 647 
16,686 781 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt11/6/202315.00%15.00%11/6/20281,907 1,907 1,907 
Secured Debt(9)11/6/202312.04%SF+6.50%12.04%11/6/20287,149 7,149 7,149 
Preferred Equity11/6/202332,50714,060 14,060 
Preferred Equity11/6/202332,507— — 
Common Equity11/9/20213,898234 — 
23,350 23,116 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock8/11/20221,387,8321,388 2,230 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9)1/18/202212.16%SF+6.50%1/18/2027360 360 360 
Secured Debt(9)1/18/202211.16%SF+5.50%1/18/20276,660 6,660 6,660 
Secured Debt(9)1/18/202213.16%SF+7.50%1/18/20276,660 6,660 6,660 
Common Stock1/18/2022720,000720 670 
14,400 14,350 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt(9) (25)12/23/2022SF+7.25%12/23/2027— (120)(38)
Secured Debt(9)12/23/202212.76%SF+7.25%12/23/202724,602 23,816 24,080 
Common Equity(8)12/15/2021984965 892 
24,661 24,934 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units(29)11/12/2019122,416— 200 
50
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units(8) (29)7/6/20181,548,387— 2,560 
— 2,760 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt(9) (25)6/30/2022SF+7.25%6/30/2028— (62)(62)
Secured Debt(9)6/30/202212.64%SF+7.25%6.25%6/30/202829,403 29,006 27,550 
28,944 27,488 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 120 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)10/19/202216.00%P+7.50%15.00%8/28/20251,885 1,885 1,767 
Secured Debt(9)8/28/202013.96%SF+8.50%12.96%8/28/20253,676 3,076 3,446 
Common Stock10/1/2020723,1841 550 
Warrants(27)10/19/2022163,29510/19/20321,036 120 
5,998 5,883 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt(9) (25)5/1/2023SF+7.00%5/1/2028— (25)(25)
Secured Debt(9)5/1/202311.54%SF+6.00%5/1/20286,405 6,294 6,405 
Secured Debt(9)5/1/202313.54%SF+8.00%5/1/20286,405 6,294 6,405 
Preferred Equity5/1/2023571571 500 
Common Equity5/1/2023571— — 
13,134 13,285 
Brainworks Software, LLC(10)Advertising Sales and Newspaper Circulation Software
Secured Debt(9) (14) (17)8/12/201415.75%P+7.25%7/22/2019761 761 761 
Secured Debt(9) (14) (17)8/12/201415.75%P+7.25%7/22/20197,056 7,056 1,075 
7,817 1,836 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP)(30)7/21/20141.55%6,527 4,080 
LP Interests (Brightwood Capital Fund IV, LP)(8) (30)10/26/20160.59%4,350 4,358 
LP Interests (Brightwood Capital Fund V, LP)(8) (30)7/12/20210.82%2,000 2,448 
12,877 10,886 
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt(9)6/14/202110.46%SF+5.00%6/10/2026465 445 465 
Secured Debt(9)6/14/202110.46%SF+5.00%6/10/202819,681 19,455 19,681 
19,900 20,146 
51
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity12/13/20211,788,5271,789 1,789 
Preferred Equity12/13/2021596,176— — 
1,789 1,789 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Secured Debt(9) (25)5/18/2022SF+6.00%5/18/2027— (8)(8)
Secured Debt(9)5/18/202211.61%SF+6.00%5/18/20277,933 7,872 7,933 
Secured Debt(9)5/18/202211.61%SF+6.00%5/18/20276,102 6,061 6,102 
Common Equity12/30/2022245,926246 246 
14,171 14,273 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9) (51)2/7/202212.60%SF+7.00%2/7/20272,071 1,901 1,988 
Secured Debt(9)2/7/202212.66%SF+7.00%2/7/202736,540 36,077 35,064 
Secured Debt(9)6/24/202212.66%SF+7.00%2/7/20272,024 1,999 1,943 
Secured Debt(9)3/27/202312.66%SF+7.00%2/7/20274,893 4,792 4,695 
44,769 43,690 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt(14) (17)9/23/20141/5/20152,677 2,677 16 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9) (34)8/6/202113.52%SF+8.00%8/6/20265,000 4,948 4,848 
Secured Debt(9)8/6/202113.52%SF+8.00%8/6/202618,313 18,119 17,757 
23,067 22,605 
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
Member Units12/29/2016861,6183,335 23,135 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt(9) (25)12/27/2023SF+7.00%6/27/2027— (66)(66)
Secured Debt(9) (25)12/27/2023SF+7.00%6/27/2027— (66)(66)
Secured Debt(9)12/27/202312.45%SF+7.00%6/27/202711,250 10,920 10,920 
10,788 10,788 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock8/16/2022515720 830 
52
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting)(8)4/13/201810.00%10.00%1,284 1,284 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776 260 
2,060 1,544 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202210.45%SF+5.00%10.45%12/31/20262,071 1,912 1,912 
Secured Debt(9)12/20/202212.45%SF+7.00%12.45%12/31/20262,113 1,880 1,859 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241— — 
Common Equity12/20/20221,250,000— — 
3,920 3,831 
Eastern Wholesale Fence LLC(10)Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt(9)11/19/202013.50%SF+8.00%10/30/2025967 930 927 
Secured Debt(9)11/19/202013.50%SF+8.00%10/30/20254,792 4,758 4,596 
Secured Debt(9)11/19/202013.50%SF+8.00%10/30/20259,557 9,483 9,167 
Secured Debt(9)4/20/202113.50%SF+8.00%10/30/20251,982 1,964 1,901 
Secured Debt(9)10/14/202113.50%SF+8.00%10/30/202510,846 10,747 10,403 
27,882 26,994 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/202211.79%SF+6.25%12/29/20278,965 8,841 8,158 
EnCap Energy Fund Investments(12) (13)Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.)(8) (30)1/22/20150.14%3,567 1,918 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		(8) (30)1/21/20150.38%1,980 899 
LP Interests (EnCap Energy Capital Fund IX, L.P.)(8) (30)1/22/20150.10%3,564 1,720 
LP Interests (EnCap Energy Capital Fund X, L.P.)(8) (30)3/25/20150.15%6,742 5,858 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.)(8) (30)3/30/20150.84%5,083 1,413 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.)(8) (30)3/27/20150.25%4,495 4,056 
25,431 15,864 
53
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Engineering Research & Consulting, LLC(10)Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt(9) (25)5/23/2022P+5.50%5/23/2027— (35)— 
Secured Debt(9)5/23/202211.98%SF+6.50%5/23/202816,134 15,899 16,134 
15,864 16,134 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt(9) (25)4/7/2023SF+8.00%4/7/2029— (35)(35)
Secured Debt(9)4/7/202313.45%SF+8.00%4/7/202926,313 25,620 26,313 
Common Equity4/7/2023649,794663 730 
26,248 27,008 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202112.61%SF+7.00%12/22/20263,692 3,670 3,626 
Secured Debt(9)12/22/202112.61%SF+7.00%12/22/202644,169 43,905 43,373 
47,575 46,999 
Fuse, LLC(11)Cable Networks Operator
Secured Debt6/30/201912.00%12/31/20261,810 1,810 1,320 
Common Stock6/30/201910,429256 — 
2,066 1,320 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt(9) (25)11/10/2023SF+6.75%11/10/2028— (256)(256)
Secured Debt(9)11/10/202312.22%SF+6.75%11/10/202832,471 31,529 31,529 
Common Equity11/10/2023705,882706 706 
31,979 31,979 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor
Secured Debt(9) (52)10/18/201911.96%SF+6.50%4/2/20251,545 1,542 1,545 
Secured Debt(9) (25)10/18/2019SF+6.50%4/2/2025— (9)(9)
Secured Debt(9)10/18/201911.96%SF+6.50%4/2/202510,624 10,605 10,624 
Secured Debt(9)9/15/202311.96%SF+6.50%4/2/2025952 952 952 
Secured Debt(9)12/22/202311.96%SF+6.50%4/2/2025227 224 227 
13,314 13,339 
GULF PACIFIC ACQUISITION, LLC(10)Rice Processor and Merchandiser
Secured Debt(9) (47)9/30/202211.28%SF+5.75%9/30/2028454 438 454 
Secured Debt(9)9/30/202211.38%SF+5.75%9/30/2028301 286 301 
Secured Debt(9)9/30/202211.25%SF+5.75%9/30/20283,615 3,558 3,615 
4,282 4,370 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9) (17)12/21/201814.34%SF+9.50%14.34%12/21/2023370 370 336 
Secured Debt(9) (17)12/21/201814.34%SF+9.50%14.34%12/21/20233,751 3,751 3,406 
4,121 3,742 
54
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt(9) (25)8/1/2022SF+6.50%8/1/2027— (48)(48)
Secured Debt(9)8/1/202211.86%SF+6.50%8/1/20276,733 6,622 6,733 
Secured Debt(9)8/1/202211.86%SF+6.50%8/1/202716,622 16,384 16,622 
22,958 23,307 
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt(9)8/19/202111.53%SF+6.00%10/23/202625,162 25,162 24,397 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202115.91%SF+8.25%2.00%6/30/20267,167 7,031 6,581 
IG Parent Corporation(11)Software Engineering
Secured Debt(9) (25)7/30/2021SF+5.75%7/30/2026— (20)— 
Secured Debt(9)7/30/202110.96%SF+5.50%7/30/20289,399 9,294 9,399 
Secured Debt(9)7/30/202110.96%SF+5.50%7/30/20284,953 4,899 4,953 
14,173 14,352 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt(9) (33)6/8/202312.41%SF+7.00%6/30/20281,581 1,500 1,571 
Secured Debt(9)6/8/202312.45%SF+7.00%6/30/202820,768 20,217 20,637 
Common Equity6/8/20238491,166 1,110 
22,883 23,318 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201714.25%SF+7.75%1.00%7/31/202418,645 18,600 17,334 
Industrial Services Acquisition, LLC(10)Industrial Cleaning Services
Secured Debt(9) (37)8/13/202112.22%SF+6.75%8/13/20261,390 1,367 1,390 
Secured Debt(9)8/13/202112.22%SF+6.75%8/13/202619,044 18,842 19,044 
Preferred Member Units(8) (29)1/31/201814410.00%10.00%138 178 
Preferred Member Units(8) (29)5/17/20198020.00%20.00%102 120 
Member Units(29)6/17/2016900900 690 
21,349 21,422 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt(9)11/1/202111.21%SF+5.75%11/1/20261,504 1,480 1,504 
Secured Debt(9)11/1/202111.21%SF+5.75%11/1/20267,752 7,663 7,752 
9,143 9,256 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
55
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9) (25)7/19/2023SF+6.25%7/19/2028— (70)(70)
Secured Debt(9) (25)7/19/2023SF+6.25%7/19/2029— (57)(57)
Secured Debt(9)7/19/202311.65%SF+6.25%7/19/202914,406 14,009 14,258 
Common Equity7/19/2023131,100656 656 
14,538 14,787 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt(9) (35)4/3/202313.53%SF+8.00%4/3/2028790 770 776 
Secured Debt(9)4/3/202313.55%SF+8.00%4/3/20287,308 7,146 7,177 
Secured Debt(9)6/14/202313.55%SF+8.00%4/3/20282,940 2,879 2,887 
Common Equity4/3/2023131,569417 240 
11,212 11,080 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(17) (32)12/9/202115.48%SF+10.00%8/7/20231,835 1,835 1,781 
Secured Debt(9) (14) (17)8/7/201912.46%SF+7.00%12.46%8/7/20237,313 7,237 431 
Common Stock12/7/20212,143— — 
9,072 2,212 
Intermedia Holdings, Inc.(11)Unified Communications as a Service
Secured Debt(9)8/3/201811.47%SF+6.00%7/19/202520,201 20,172 19,570 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/201912.00%SF+6.50%8/28/2025519 516 509 
Secured Debt(9)8/28/201912.00%SF+6.50%8/28/202516,812 16,747 16,515 
17,263 17,024 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt(9)5/19/202111.36%SF+5.75%3/25/20276,656 6,544 5,325 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9)4/13/202311.04%SF+5.50%8.54%4/14/20282,615 2,374 2,301 
Common Equity4/13/2023186,322— — 
2,374 2,301 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9) (26)10/26/202212.46%SF+7.00%11/4/2024835 823 835 
Secured Debt(9)11/8/202112.46%SF+7.00%11/4/20241,974 1,974 1,974 
Preferred Equity11/8/20212,826,667110 1,090 
2,907 3,899 
56
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt(9) (14)11/15/202123.63%SF+18.00%23.63%1/31/20242,431 2,431 2,074 
Secured Debt(9) (14)8/21/201921.63%SF+16.00%21.63%8/21/20242,057 2,038 143 
Secured Debt(9) (14)8/21/201921.63%SF+16.00%21.63%8/21/20241,978 1,959 137 
Common Stock8/21/2019472,5794,429 — 
10,857 2,354 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt(9) (49)12/22/202111.64%SF+6.00%12/22/20263,137 3,036 3,137 
Secured Debt(9)12/22/202111.61%SF+6.00%12/22/202636,000 35,562 36,000 
Common Equity12/22/20211,684,2111,684 1,710 
40,282 40,847 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9)10/4/202114.75%SF+9.25%10/4/20261,034 1,002 943 
Secured Debt(9)10/4/202114.75%SF+9.25%10/4/20267,448 7,365 6,782 
8,367 7,725 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt5/9/201910.62%SF+5.00%5/9/202614,325 14,237 13,895 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests(30)1/25/20132.27%1,746 2,988 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt(9)5/2/201912.71%SF+7.25%9/25/20247,960 7,940 7,960 
Secured Debt(9)5/2/201912.71%SF+7.25%9/25/20245,246 5,231 5,246 
Secured Debt(9)11/20/202012.71%SF+7.25%9/25/20242,803 2,796 2,803 
Secured Debt(9)2/26/202112.71%SF+7.25%9/25/20241,056 1,053 1,056 
Secured Debt(9)5/12/202212.71%SF+7.25%9/25/202410,694 10,658 10,694 
27,678 27,759 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202115.54%SF+9.00%1.00%8/16/20264,428 4,338 3,979 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9)1/8/201813.25%P+4.75%12/22/202423,921 23,082 18,778 
Looking Glass Investments, LLC(12) (13)Specialty Consumer Finance
Member Units7/1/20153125 25 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Mako Steel, LP(10)Self-Storage Design & Construction
Secured Debt(9) (25)3/15/2021SF+6.75%3/15/2026— (28)— 
Secured Debt(9)3/15/202112.28%SF+6.75%3/15/202615,049 14,914 15,049 
14,886 15,049 
MB2 Dental Solutions, LLC(11)Dental Partnership Organization
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20272,803 2,785 2,803 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20273,925 3,899 3,925 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20273,464 3,440 3,464 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20277,796 7,727 7,796 
17,851 17,988 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt(9) (25)4/4/2022SF+6.25%4/3/2028— (51)(51)
Secured Debt(9)4/4/202211.46%SF+6.00%4/3/202822,168 21,855 22,168 
21,804 22,117 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt(9)10/24/201812.52%SF+7.00%12/31/202618,152 17,883 17,524 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt(9) (25)11/30/2023SF+6.25%11/30/2028— (42)(42)
Secured Debt(9) (25)11/30/2023SF+6.25%11/30/2028— (16)(16)
Secured Debt(9)11/30/202310.64%SF+5.25%11/30/20284,941 4,825 4,825 
Secured Debt(9)11/30/202312.64%SF+7.25%11/30/20284,941 4,820 4,820 
Common Equity11/30/2023459,657460 460 
10,047 10,047 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt5/24/202214.00%4.00%5/24/20273,889 3,839 3,938 
Secured Debt5/24/202214.00%4.00%5/24/202710,211 10,068 11,164 
Secured Debt5/24/202214.00%4.00%5/24/202717,213 16,987 17,213 
Common Stock8/30/202244,445,814889 678 
31,783 32,993 
NBG Acquisition Inc(11)Wholesaler of Home Décor Products
Secured Debt(14)4/28/20174/26/20243,849 3,834 115 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt(9) (25)12/18/2019SF+7.00%12/18/2026— (9)(8)
58
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9) (25)12/18/2019SF+7.00%12/18/2026— — — 
Secured Debt(9)12/18/201912.54%SF+7.00%12/18/202620,467 20,255 20,467 
Secured Debt(9)12/18/202312.52%SF+7.00%12/18/20267,222 7,089 7,222 
27,335 27,681 
Obra Capital, Inc. (f/k/a Vida Capital, Inc.)(11)Alternative Asset Manager
Secured Debt10/10/201911.47%SF+6.00%10/1/202617,373 16,558 14,897 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt(14)7/8/201311/15/20264,443 4,443 57 
Paragon Healthcare, Inc.(10)Infusion Therapy Treatment Provider
Secured Debt(9) (25)1/19/2022SF+5.75%1/19/2027— (79)— 
Secured Debt(9) (48)1/19/202211.24%SF+5.75%1/19/20273,204 3,135 3,186 
Secured Debt(9)1/19/202211.25%SF+5.75%1/19/202718,597 18,265 18,490 
21,321 21,676 
Power System Solutions(10)Backup Power Generation
Secured Debt(9) (25)6/7/2023SF+6.75%6/7/2028— (82)(82)
Secured Debt(9) (25)6/7/2023SF+6.75%6/7/2028— (82)(82)
Secured Debt(9)6/7/202312.12%SF+6.75%6/7/202818,418 17,930 18,418 
Common Equity6/7/20231,2341,234 1,160 
19,000 19,414 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt(9)5/1/202312.28%SF+6.85%5/1/20297,960 7,750 7,960 
Secured Debt(9)9/7/202312.20%SF+6.85%5/1/2029760 738 760 
8,488 8,720 
PTL US Bidco, Inc(10) (13) (21)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) (39)8/19/202212.80%SF+7.25%8/19/20273,022 2,885 2,998 
Secured Debt(9)8/19/202212.88%SF+7.25%8/19/202726,478 26,084 26,263 
28,969 29,261 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Secured Debt(9) (25)10/2/2023SF+8.00%10/2/2028— (47)(47)
Secured Debt(9)10/2/202313.70%SF+8.00%10/2/20289,844 9,610 9,610 
Preferred Equity10/2/20233,281,2503,281 3,281 
12,844 12,844 
59
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt(9) (37)4/8/202112.22%SF+6.75%4/8/2026824 816 772 
Secured Debt(9)4/8/202112.21%SF+6.75%4/8/202613,369 13,280 12,512 
14,096 13,284 
Research Now Group, Inc. and Survey Sampling International, LLC(11)Provider of Outsourced Online Surveying
Secured Debt(9)12/29/201711.14%SF+5.50%12/20/202419,704 19,595 14,715 
Richardson Sales Solutions(10)Business Services
Secured Debt(9) (36)8/24/202318.47%SF+6.50%8/24/20283,167 3,087 3,109 
Secured Debt(9)8/24/202311.88%SF+6.50%8/24/202840,102 38,858 39,376 
41,945 42,485 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt(9) (25)8/27/2021SF+6.50%8/27/2026— (8)— 
Secured Debt(9)8/27/202112.16%SF+6.50%8/27/20263,376 3,328 3,314 
Secured Debt(9)8/27/202114.16%SF+8.50%8/27/20263,376 3,328 3,266 
6,648 6,580 
RTIC Subsidiary Holdings, LLC(10)Direct-To-Consumer eCommerce Provider of Outdoor Products
Secured Debt(9)9/1/202013.21%SF+7.75%9/1/2025548 536 534 
Secured Debt(9)9/1/202013.19%SF+7.75%9/1/202514,323 14,260 13,951 
Secured Debt(9)9/1/202013.19%SF+7.75%9/1/2025574 572 559 
15,368 15,044 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9)7/16/202113.54%SF+6.00%2.00%11/16/20255,769 5,749 5,744 
Secured Debt(9)7/16/202113.54%SF+6.00%2.00%11/16/20258,121 8,059 8,086 
13,808 13,830 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt(9)12/10/202111.46%SF+6.00%12/13/2026446 394 394 
Secured Debt(9)12/10/202111.70%SF+6.00%12/13/202634,886 34,472 34,886 
Common Equity12/10/2021863,636864 836 
35,730 36,116 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt(9) (25)7/1/2022SF+8.00%7/1/2027— (45)— 
Secured Debt(9)7/1/202213.72%SF+8.00%7/1/202715,728 15,506 15,728 
Common Stock7/1/2022638,710639 500 
16,100 16,228 
Stellant Systems, Inc.(11)Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt(9)10/22/202111.04%SF+5.50%10/1/20287,527 7,475 7,527 
60
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9)11/7/202311.28%SF+5.75%10/1/20288,978 8,717 8,977 
16,192 16,504 
Team Public Choices, LLC(11)Home-Based Care Employment Service Provider
Secured Debt(9)12/22/202010.88%SF+5.00%12/18/202714,804 14,588 14,717 
Tectonic Financial, LLCFinancial Services Organization
Common Stock(8)5/15/2017200,0002,000 5,030 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(29)7/7/20211,000,0001,000 2,840 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt(9) (14)6/1/202312.53%SF+7.15%6.00%5/2/20279,298 3,585 3,333 
Secured Debt(14)6/1/20235/2/2027946 20 — 
3,605 3,333 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services
Secured Debt(9)10/22/201911.46%SF+6.00%9/8/202623,101 22,817 23,101 
Secured Debt(9)7/19/202311.96%SF+6.50%9/8/20269,017 8,862 9,017 
Secured Debt(9)11/21/202311.96%SF+6.50%9/8/20264,689 4,601 4,689 
36,280 36,807 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt(9)1/11/202312.99%SF+7.50%4/5/20294,000 3,899 4,000 
Veregy Consolidated, Inc.(11)Energy Service Company
Secured Debt(9) (25)11/9/2020SF+5.25%11/3/2025— (408)(408)
Secured Debt(9)11/9/202011.64%SF+6.00%11/3/202717,433 17,195 15,775 
16,787 15,367 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 2,180 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt(9)12/22/202312.63%SF+7.00%12/22/202842,500 41,455 41,455 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
61
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Equity(8)11/30/20211,038,4621,038 2,570 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt(9) (25)7/19/2021SF+7.00%7/19/2026— (4)(4)
Secured Debt(9)7/19/202112.54%SF+7.00%7/19/20263,723 3,685 3,723 
Common Stock7/19/2021400,000400 731 
4,081 4,450 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt(9) (49)12/17/202111.50%SF+6.00%12/17/20261,853 1,825 1,853 
Secured Debt(9)12/17/202111.50%SF+6.00%12/17/2026386 364 386 
Secured Debt(9)12/17/202111.50%SF+6.00%12/17/202615,886 15,736 15,886 
Secured Debt(9)12/17/202111.50%SF+6.00%12/17/202612,707 12,585 12,707 
30,510 30,832 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt(9) (50)3/1/202211.34%SF+6.00%3/1/20282,405 2,365 2,405 
Secured Debt(9)3/1/202211.35%SF+6.00%3/1/202810,658 10,512 10,658 
Secured Debt(9)11/3/202311.35%SF+6.00%3/1/20285,303 5,199 5,303 
Common Stock3/1/20221,541,4001,541 2,990 
19,617 21,356 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt(9) (40)11/19/202112.64%SF+7.00%11/19/20262,222 2,198 2,222 
Secured Debt(9)11/19/202112.66%SF+7.00%11/19/20262,067 2,036 2,067 
Secured Debt(9)11/19/202112.66%SF+7.00%11/19/20269,300 9,193 9,300 
13,427 13,589 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(9) (25)12/17/2021SF+5.25%12/17/2026— (163)— 
Secured Debt(9)12/17/202111.22%SF+5.75%12/17/202724,057 23,713 24,057 
Secured Debt(9)12/17/202111.25%SF+5.75%12/17/202737,828 37,336 37,828 
60,886 61,885 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9)8/22/201813.00%SF+7.50%8/9/202611,167 10,970 10,220 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt(9) (38)2/11/202212.71%SF+7.25%3/1/202417,279 17,246 16,380 
Secured Debt(9) (38)2/11/202212.71%SF+7.25%3/1/20244,331 4,327 4,067 
21,573 20,447 
Subtotal Non-Control/Non-Affiliate Investments (67.2% of net assets at fair value)
$1,714,935 $1,664,571 
62
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Total Portfolio Investments, December 31, 2023 (173.0% of net assets at fair value)
$3,725,960 $4,286,271 
Money market funds (included in cash and cash equivalents) (31)
Dreyfus Government Cash Management (44)$13,476 $13,476 
Fidelity Government Fund (45)1,678 1,678 
Fidelity Treasury (46)70 70 
Total money market funds$15,224 $15,224 
____________________
(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.
(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, 96% of these floating rate loans (based on the par amount) contain LIBOR or SOFR floors which range between 0.50% and 2.00%, with a weighted-average floor of 1.20%.
(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 debt investment.
(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
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Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

(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 PIK interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of December 31, 2023.
(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)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 plus 8.00% (Floor 1.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(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 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 December 31, 2023. The position may earn a nominal unused facility fee on committed amounts.
(26)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (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 December 31, 2023.
(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 (defined below) 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, 2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.43%.
(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)Money market fund interests included in cash and cash equivalents.
(32)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+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, 2023.
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Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

(33)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (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 rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2023.
(34)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2023.
(35)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+8.00% (Floor 2.00%). 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, 2023.
(36)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.50% (Floor 2.00%). 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, 2023.
(37)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.75% (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, 2023.
(38)As of December 31, 2023, borrowings under the loan facility bore 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 December 31, 2023.
(39)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.25% (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, 2023.
(40)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (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, 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 1.50%.
(43)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.
(44)Effective yield as of December 31, 2023 was approximately 4.98% on the Dreyfus Government Cash Management.
(45)Effective yield as of December 31, 2023 was approximately 5.01% on the Fidelity Government Fund.
(46)Effective yield as of December 31, 2023 was approximately 4.99% on the Fidelity Treasury.
(47)As of December 31, 2023, 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, 2023.
(48)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+5.75% (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 December 31, 2023.
(49)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2023.
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Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)

(50)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.00% (0.75%). 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 December 31, 2023.
(51)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+7.00% (Floor 2.00%). 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, 2023.
(52)As of December 31, 2023, borrowings under the loan facility bore interest at SOFR+6.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2023.


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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 long-term debt and equity capital solutions to lower middle market (“LMM”) companies (its “LMM investment strategy”) and debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” debt and equity financing solutions within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies typically based in the United States. Main Street also seeks to partner with private equity fund sponsors in its Private Loan investment strategy and primarily invests in secured debt investments of Private Loan 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.
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”).
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”)
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


946, Financial Services—Investment Companies (“ASC 946”). For each of the periods presented herein, Main Street’s consolidated financial statements include the accounts of MSCC and its consolidated subsidiaries. The “Investment Portfolio,” as used herein, refers to all of Main Street’s investments in LMM portfolio companies, investments in Private Loan portfolio companies, investments in Middle Market portfolio companies, Other Portfolio investments, short-term 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 Middle Market investment portfolio and Other Portfolio). Main Street’s results of operations for the three and nine months ended September 30, 2024 and 2023, cash flows for the nine months ended September 30, 2024 and 2023, and financial position as of September 30, 2024 and December 31, 2023, 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 consolidated financial statements and notes thereto for the year ended December 31, 2023. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three and nine months ended September 30, 2024 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. 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.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 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 LMM companies and debt securities issued by Private Loan companies. Main Street also maintains a legacy portfolio of investments in Middle Market companies and a limited portfolio of Other Portfolio investments. Main Street’s portfolio may also periodically include short-term portfolio investments that are atypical of Main Street’s LMM and Private Loan portfolio investments as they are intended to be a short-term deployment of capital and are more liquid than investments within the LMM and Private Loan investment 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 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.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 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 Main
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Street’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 its determination of fair value for its investments in a total of 16 LMM portfolio companies during each of the three months ended September 30, 2024 and 2023, representing 24% and 22% of the total LMM portfolio at fair value as of September 30, 2024 and 2023, respectively. A total of 68 LMM portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2024, representing 94% of the total LMM portfolio at fair value as of September 30, 2024. Excluding its investments in LMM portfolio companies that, as of September 30, 2024, 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, 99% of the LMM portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2024.
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 for its investments in a total of 17 and 15 Private Loan portfolio companies during the three months ended September 30, 2024 and 2023, respectively, representing 24% and 25% of the total Private Loan portfolio at fair value as of September 30, 2024 and 2023, respectively. A total of 61 Private Loan portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2024, representing 72% of the total Private Loan portfolio at fair value as of September 30, 2024. Excluding its investments in Private Loan portfolio companies that, as of September 30, 2024, 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, 97% of the Private Loan portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2024.
For valuation purposes, all of Main Street’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 (97% and 98% as of September 30, 2024 and December 31, 2023, respectively) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent pricing services or (ii) Main Street has consulted with and received an assurance certification from the Financial Advisory Firm within the last twelve months.
For valuation purposes, Main Street’s short-term portfolio investments have historically been comprised of 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 any 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 3.3% of Main Street’s Investment Portfolio at fair value as of both September 30, 2024 and December 31, 2023. 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, and the valuations for comparable publicly traded companies and private transactions involving comparable companies. 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 basis, including as of September 30, 2024 and December 31, 2023.
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.
Rule 2a-5 under the 1940 Act 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 September 30, 2024 and December 31, 2023 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 as of 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 pandemics, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions and changing 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 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. As of September 30, 2024 and December 31, 2023, the Company had $35.4 million and $15.2 million, respectively, of cash equivalents invested in AAA-rated money market funds pending investment in the Company’s primary investment strategies. These highly liquid investments are included in the Consolidated Schedule of Investments.
As of September 30, 2024 and December 31, 2023, cash balances totaling $44.7 million and $40.1 million, respectively, exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Company to risk related to the uninsured balance.
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 September 30, 2024, investments on non-accrual status comprised 1.4% of Main Street’s total Investment Portfolio at fair value and 3.9% at cost. As of December 31, 2023, investments on non-accrual status comprised 0.6% of Main Street’s total Investment Portfolio at fair value and 2.3% at cost.
Main Street holds certain debt and preferred equity instruments in its 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.10. — Summary of Significant Accounting Policies — Income Taxes
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the PIK interest and cumulative dividends in cash. Main Street stops accruing PIK interest and cumulative dividends and writes off any accrued and uncollected interest and dividends in arrears when it determines that such PIK interest and dividends in arrears are no longer collectible. For the three months ended September 30, 2024 and 2023, (i) 4.4% and 1.9%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.5% and 0.3%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2024 and 2023, (i) 3.8% and 2.0%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.4% and 0.3%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash.
Main Street may periodically provide services, including structuring and advisory services, to its portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.
A presentation of total investment income Main Street received from its Investment Portfolio in each of the periods presented is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
(dollars in thousands)
Interest, fee and dividend income:
Interest income$110,551 $99,381 $310,690 $290,045 
Dividend income23,239 21,192 72,718 71,014 
Fee income3,034 2,664 17,178 10,015 
Total interest, fee and dividend income$136,824 $123,237 $400,586 $371,074 
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.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


In connection with its portfolio debt investments, Main Street sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are valued as part of the negotiation process with the particular portfolio company. When Main Street receives nominal cost equity, 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 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.10. — 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 September 30, 2024 and 2023, 2.2% and 1.9%, 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 amortization. For the nine months ended September 30, 2024 and 2023, 2.0% and 1.8%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization.
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 recognizes all excess tax benefits and tax deficiencies associated with share-based compensation (including tax benefits of dividends on share-based payment awards) 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. 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.Deferred Compensation Plan
The Main Street Capital Corporation Deferred Compensation Plan (the “Deferred Compensation Plan”) allows directors and certain employees to defer receipt of some or all of their cash compensation or directors’ fees in accordance with plan terms. Deferred Compensation Plan participants elect one or more investment options, including phantom Main Street stock units, interests in affiliated funds and various mutual funds, where their deferred amounts are notionally invested, and Main Street invests the deferred amounts through a trust (except for phantom Main Street stock units), pending distribution.
Compensation deferred under the Deferred Compensation Plan is recognized on the same basis as such compensation would have been recognized if not deferred. The appreciation (depreciation) in the fair value of deferred compensation plan assets is reflected in Main Street's Consolidated Statements of Operations as unrealized appreciation (depreciation), with the recognition of a corresponding and offsetting deferred compensation expense or (benefit), respectively. Deferred compensation expense or (benefit) does not result in a net cash impact to Main Street upon settlement. Investments in the trust are recognized on the Consolidated Balance Sheets as an asset of Main Street (other assets) and as a deferred compensation liability (other liabilities).
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Phantom Main Street stock units under the Deferred Compensation Plan are not issued shares of Main Street common stock and are not included as outstanding on the Consolidated Statements of Changes in Net Assets until such shares are actually distributed to the participant, 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. Additional phantom stock units from dividends on 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.
10.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.
The Taxable Subsidiaries primarily hold certain equity investments for Main Street. The Taxable Subsidiaries permit Main Street to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with Main Street for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at 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.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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.
11.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.
12.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.
Main Street’s debt instruments, including all revolving and term debt and secured and unsecured debt, are accounted for on a historical cost basis as applicable under U.S. GAAP. As also required under U.S. GAAP, Main Street discloses the estimated fair value of its debt obligations in Note E — Debt. 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. The inputs used to value Main Street’s debt instruments for purposes of the fair value estimate disclosures in Note E — Debt are considered to be Level 2 according to the ASC 820 fair value hierarchy.
13.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 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.
14.Recently Issued or Adopted Accounting Standards
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 year ended December 31, 2023, the effect of which was not material to the consolidated financial statements and the notes thereto. For the current year, the Company will no longer utilize the optional expedients provided by ASU 2020-04, as LIBOR is no longer referenced in any of its contracts. ASU 2022-06 did not have a material impact on the consolidated financial statements and the notes thereto.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The amendments in this update require incremental disclosures related to a public entity’s reportable segments. ASU 2023-07 is effective for years beginning after December 15, 2023 and interim periods in fiscal years
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


beginning after December 15, 2024. The Company is currently assessing the impact of the new guidance on the consolidated financial statements and the notes thereto.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of the new guidance, but it does not expect ASU 2023-09 to have a material impact on 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.
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).
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.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 September 30, 2024 and December 31, 2023, all of Main Street’s LMM portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main Street’s LMM portfolio investments were categorized as Level 3 as of September 30, 2024 and December 31, 2023.
As of September 30, 2024 and December 31, 2023, Main Street’s Private Loan portfolio investments primarily consisted of investments in secured debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street’s Private Loan portfolio investments were categorized as Level 3 as of September 30, 2024 and December 31, 2023.
As of September 30, 2024 and December 31, 2023, Main Street’s Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street’s Middle Market portfolio investments were categorized as Level 3 as of September 30, 2024 and December 31, 2023.
As of September 30, 2024 and December 31, 2023, Main Street’s Other Portfolio investments consisted of illiquid securities issued by privately held entities and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main Street’s Other Portfolio investments were categorized as Level 3 as of September 30, 2024 and December 31, 2023.
As of September 30, 2024 and December 31, 2023, Main Street did not hold any short-term portfolio investments.

As of September 30, 2024 and December 31, 2023, all money market funds included in cash and cash equivalents were valued using Level 1 inputs.
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;
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


•Projected operating results of the portfolio company;
•Current information regarding any offers to purchase the investment;
•Current ability of the portfolio company to raise any additional financing as needed;
•Changes in the economic environment which may have a material impact on the operating results of the portfolio company;
•Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;
•Qualitative assessment of key management;
•Contractual rights, obligations or restrictions associated with the investment; and
•Other factors deemed relevant.
The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of Main Street’s 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, and 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 debt securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio) and (ii) the percentage of expected principal recovery. Significant increases (decreases) in any of these discount rates in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in any of these expected principal recovery percentages in isolation would result in a significantly higher (lower) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.
The following tables provide a summary of the significant unobservable inputs used to fair value Main Street’s Level 3 portfolio investments as of September 30, 2024 and December 31, 2023:
Type of
Investment
Fair Value as of
September 30, 2024
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange (4)Weighted-Average (4)(5)Median (4)
Equity investments$1,564,812 Discounted cash flowWACC
9.1% - 22.6%
14.2 %15.0 %
Market comparable / Enterprise valueEBITDA multiple (1) (3)
4.8x - 8.9x (2)
7.1x6.4x
Debt investments$3,221,121 Discounted cash flowRisk adjusted discount factor (6)
9.8% - 18.9% (2)
13.1 %13.0 %
Expected principal recovery percentage
0.0% - 100.0%
99.5 %100.0 %
Debt investments$125,121 Market approachThird-party quote
27.5 - 99.9
90.894.3
Total Level 3 investments$4,911,054 
____________________
(1)EBITDA may include proforma adjustments and/or other addbacks based on specific circumstances related to each investment.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


(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 7.0% - 31.8%.
(3)The fair value of the equity investment in the External Investment Manager is based on a fee multiple of 7.9x. The fair value determination is based on a discounted, blended multiple based on the multiples for similar businesses in active markets and actual multiples used in private transactions.
(4)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.

(5)Weighted-average is calculated for each significant unobservable input based on the applicable security’s fair value.
(6)Discount rate includes the effect of the standard SOFR base rate, as applicable.
Type of Investment
Fair Value as of December 31, 2023
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange (4)Weighted-Average (4)(5)Median (4)
Equity investments$1,402,354 Discounted cash flowWACC
9.7% - 22.7%
14.5 %15.5 %
Market comparable / Enterprise valueEBITDA multiple (1) (3)
4.8x - 8.9x (2)
7.1x6.4x
Debt investments$2,720,425 Discounted cash flowRisk adjusted discount factor (6)
9.8% - 18.0% (2)
12.9 %13.0 %
Expected principal recovery percentage
0.0% - 100.0%
99.7 %100.0 %
Debt investments$163,492 Market approachThird-party quote
3.0 - 100.0
89.892.4
Total Level 3 investments$4,286,271 
____________________
(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 7.0% - 31.6%.
(3)The fair value of the equity investment in the External Investment Manager is based on a fee multiple of 7.2x. The fair value determination is based on a discounted, blended multiple based on the multiples for similar businesses in active markets and actual multiples used in private transactions.
(4)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.

(5)Weighted-average is calculated for each significant unobservable input based on the applicable security’s fair value.
(6)Discount rate includes the effect of the standard SOFR base rate, as applicable.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The following tables provide a summary of changes in fair value of Main Street’s Level 3 portfolio investments for the nine months ended September 30, 2024 and 2023 (amounts in thousands):
Type of Investment
Fair Value
as of
December 31, 2023
Transfers Into Level 3 HierarchyRedemptions/ RepaymentsNew InvestmentsNet Changes from Unrealized to RealizedNet Unrealized Appreciation (Depreciation)Other (1)
Fair Value
as of
September 30, 2024
Debt$2,883,917 $— $(637,879)$1,125,074 $5,270 $(48,999)$18,859 $3,346,242 
Equity1,395,744 — (37,153)85,289 (26,567)158,565 (18,859)1,557,019 
Equity Warrant6,610 — — 4,514 (110)(3,221)— 7,793 
$4,286,271 $— $(675,032)$1,214,877 $(21,407)$106,345 $— $4,911,054 
____________________
(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
Fair Value
as of
December 31, 2022
Transfers Into Level 3 HierarchyRedemptions/ RepaymentsNew InvestmentsNet Changes from Unrealized to RealizedNet Unrealized Appreciation (Depreciation)Other (1)
Fair Value
as of
September 30, 2023
Debt$2,928,196 $— $(536,800)$547,102 $101,276 $(26,869)$(29,969)$2,982,936 
Equity1,166,643 — (40,261)55,699 2,394 88,079 32,322 1,304,876 
Equity Warrant5,434 — — 2,091 — 1,961 (2,576)6,910 
$4,100,273 $— $(577,061)$604,892 $103,670 $63,171 $(223)$4,294,722 
____________________
(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)


As of September 30, 2024 and December 31, 2023, Main Street’s investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:
Fair Value Measurements
(in thousands)
As of September 30, 2024
Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
LMM portfolio investments$2,468,794 $— $— $2,468,794 
Private Loan portfolio investments1,883,291 — — 1,883,291 
Middle Market portfolio investments178,194 — — 178,194 
Other Portfolio investments162,405 — — 162,405 
External Investment Manager218,370 — — 218,370 
Total investments$4,911,054 $— $— $4,911,054 
Fair Value Measurements
(in thousands)
As of December 31, 2023
Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
LMM portfolio investments$2,273,000 $— $— $2,273,000 
Private Loan portfolio investments1,453,549 — — 1,453,549 
Middle Market portfolio investments243,695 — — 243,695 
Other Portfolio investments141,964 — — 141,964 
External Investment Manager174,063 — — 174,063 
Total investments$4,286,271 $— $— $4,286,271 
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 primarily through its LMM and Private Loan investment strategies.
Main Street’s LMM investment strategy is focused on investments in secured debt and equity 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 $125 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 interest rate terms and generally have a term of between five and seven years from the original investment date. Main Street typically makes direct equity investments and/or receives nominally priced equity warrants in connection with a debt investment.
Main Street’s Private Loan investment strategy is focused on investments in secured debt in privately held companies that generally have annual revenues between $25 million and $500 million, and its Private Loan investments generally range in size from $10 million to $100 million. Main Street’s Private Loan investments primarily consist of debt securities 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 Private Loan investments are typically made in a company owned by or in the process of being acquired by a private equity fund. 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


have a term of between three and seven years from the original investment date. Main Street may have the option to co-invest with the private equity fund in the equity securities of its Private Loan portfolio companies.
Main Street also maintains a legacy portfolio of investments in larger middle market (“ Middle Market”) companies (its “Middle Market investment portfolio”). Main Street’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. Main Street has generally stopped making new Middle Market investments and expects its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. Main Street’s Middle Market debt investments generally range in size from $3 million to $25 million, 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 periodically include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be liquidated in one year or less. These short-term portfolio investments are not expected to be a significant portion of the overall Investment Portfolio.
Main Street’s external asset management business is conducted through its External Investment Manager. The External Investment Manager earns management fees based on the assets under management for External Parties and may earn incentive fees, or a carried interest, based on the performance of the assets managed. Main Street entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income Fund, Inc. (“MSC Income”) and its other clients. Through this agreement, Main Street shares employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities. Main Street allocates the related expenses to the External Investment Manager pursuant to the sharing agreement. Main Street’s total expenses for the three months ended September 30, 2024 and 2023 are net of expenses allocated to the External Investment Manager of $5.3 million and $5.4 million, respectively, and for the nine months ended September 30, 2024 and 2023 of $16.8 million and $16.1 million, respectively.
Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three and nine months ended September 30, 2024 and 2023, Main Street did not record investment income from any single portfolio company in excess of 10% of total investment income.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The following tables provide a summary of Main Street’s investments in the LMM, Private Loan and Middle Market portfolios as of September 30, 2024 and December 31, 2023 (this information excludes Other Portfolio investments and the External Investment Manager, which are discussed further below).
As of September 30, 2024
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies84 92 17 
Fair value$2,468.8 $1,883.3 $178.2 
Cost$1,924.5 $1,937.7 $218.3 
Debt investments as a % of portfolio (at cost)72.2 %95.9 %88.0 %
Equity investments as a % of portfolio (at cost)27.8 %4.1 %12.0 %
% of debt investments at cost secured by first priority lien99.2 %99.9 %97.6 %
Weighted-average annual effective yield (b)13.0 %12.4 %12.6 %
Average EBITDA (c)$9.6 $35.0 $53.1 
____________________
(a)As of September 30, 2024, Main Street had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 39%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of September 30, 2024, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on Main Street’s debt portfolio as of September 30, 2024 including debt investments on non-accrual status was 12.3% for its LMM portfolio, 12.0% for its Private Loan portfolio and 10.6% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including four LMM portfolio companies, five Private Loan portfolio companies and two Middle Market 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 and those portfolio companies whose primary operations have ceased and only residual value remains.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As of December 31, 2023
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies80 87 23 
Fair value$2,273.0 $1,453.5 $243.7 
Cost$1,782.9 $1,470.1 $294.4 
Debt investments as a % of portfolio (at cost)72.0 %94.7 %91.4 %
Equity investments as a % of portfolio (at cost)28.0 %5.3 %8.6 %
% of debt investments at cost secured by first priority lien99.2 %100.0 %99.1 %
Weighted-average annual effective yield (b)13.0 %12.9 %12.5 %
Average EBITDA (c)$8.2 $27.2 $64.2 
____________________
(a)As of December 31, 2023, Main Street had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 40%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 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 December 31, 2023 including debt investments on non-accrual status was 12.9% for its LMM portfolio, 12.5% for its Private Loan portfolio and 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 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.
For the three months ended September 30, 2024 and 2023, Main Street achieved an annualized total return on investments of 17.7% and 16.0%, respectively. For the nine months ended September 30, 2024 and 2023, Main Street achieved an annualized total return on investments of 16.7% and 15.4%, respectively. For the year ended December 31, 2023, Main Street achieved a total return on investments of 16.3%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. Main Street’s total return on investments is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.
As of September 30, 2024, Main Street had Other Portfolio investments in 14 entities, collectively totaling $162.4 million in fair value and $155.8 million in cost basis and which comprised 3.3% and 3.7% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2023, Main Street had Other Portfolio investments in 15 entities, collectively totaling $142.0 million in fair value and $149.1 million in cost basis and which comprised 3.3% and 4.0% of Main Street’s Investment Portfolio at fair value and cost, respectively
As discussed further in Note A.1. — Organization and Basis of Presentation — Organization, Main Street holds an investment in the External Investment Manager, a wholly-owned subsidiary that is treated as a portfolio investment. As of September 30, 2024, this investment had a fair value of $218.4 million and a cost basis of $29.5 million, which comprised 4.4% and 0.7% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31,
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


2023, this investment had a fair value of $174.1 million and a cost basis of $29.5 million, which comprised 4.1% 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 September 30, 2024 and December 31, 2023 (this information excludes Other Portfolio investments and the External Investment Manager, which are discussed above).
Cost:September 30, 2024December 31, 2023
First lien debt83.9 %82.7 %
Equity15.4 16.8 
Second lien debt0.2 0.1 
Equity warrants0.3 0.2 
Other0.2 0.2 
100.0 %100.0 %
Fair Value:September 30, 2024December 31, 2023
First lien debt72.7 %71.6 %
Equity26.7 27.8 
Second lien debt0.2 0.2 
Equity warrants0.2 0.2 
Other0.2 0.2 
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 September 30, 2024 and December 31, 2023 (this information excludes Other Portfolio investments and the External Investment Manager). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.
Cost:September 30, 2024December 31, 2023
West25.3 %25.8 %
Midwest23.1 17.0 
Northeast22.6 22.3 
Southwest14.8 19.7 
Southeast12.4 13.1 
Canada0.3 0.4 
Other Non-United States1.5 1.7 
100.0 %100.0 %
Fair Value:September 30, 2024December 31, 2023
West24.7 %25.4 %
Midwest23.8 18.1 
Northeast21.6 21.3 
Southwest17.6 22.0 
Southeast10.6 11.3 
Canada0.3 0.3 
Other Non-United States1.4 1.6 
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 September 30, 2024 and December 31, 2023 (this information excludes Other Portfolio investments and the External Investment Manager).
Cost:September 30, 2024December 31, 2023
Professional Services7.7 %6.0 %
Machinery7.6 7.7 
Internet Software & Services7.1 7.6 
Electrical Equipment5.3 1.6 
Commercial Services & Supplies4.8 4.5 
Diversified Consumer Services4.3 4.9 
Health Care Providers & Services4.2 5.4 
Auto Components4.0 1.6 
Distributors4.0 4.3 
IT Services3.9 5.0 
Construction & Engineering3.8 4.9 
Containers & Packaging3.8 3.8 
Energy Equipment & Services3.1 2.7 
Textiles, Apparel & Luxury Goods2.8 3.2 
Tobacco2.8 3.1 
Leisure Equipment & Products2.4 3.1 
Computers & Peripherals2.2 2.7 
Software2.2 2.0 
Specialty Retail2.2 2.1 
Aerospace & Defense2.0 2.9 
Media1.8 2.4 
Food Products1.7 1.6 
Food & Staples Retailing1.6 1.6 
Building Products1.5 1.7 
Diversified Financial Services1.4 1.7 
Chemicals1.3 1.0 
Electronic Equipment, Instruments & Components1.3 1.5 
Hotels, Restaurants & Leisure1.2 1.1 
Internet & Catalog Retail1.2 1.3 
Communications Equipment1.1 1.2 
Health Care Equipment & Supplies1.1 1.3 
Household Products0.8 1.0 
Other (1)3.8 3.5 
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:September 30, 2024December 31, 2023
Machinery9.2 %8.8 %
Professional Services8.3 6.5 
Diversified Consumer Services6.1 7.1 
Internet Software & Services6.0 6.2 
Electrical Equipment4.9 1.7 
Construction & Engineering4.2 5.1 
Distributors4.2 4.5 
Health Care Providers & Services4.2 5.0 
Commercial Services & Supplies4.1 3.9 
Computers & Peripherals3.9 4.4 
Containers & Packaging3.8 3.9 
IT Services3.7 4.6 
Auto Components3.6 1.5 
Energy Equipment & Services3.0 2.5 
Tobacco3.0 3.2 
Specialty Retail2.7 2.7 
Software2.2 2.1 
Media2.0 2.7 
Aerospace & Defense1.9 2.7 
Textiles, Apparel & Luxury Goods1.9 2.6 
Leisure Equipment & Products1.8 2.5 
Food Products1.6 1.5 
Building Products1.4 1.5 
Diversified Financial Services1.3 1.6 
Food & Staples Retailing1.3 1.2 
Chemicals1.2 0.9 
Internet & Catalog Retail1.0 1.2 
Air Freight & Logistics0.9 1.1 
Health Care Equipment & Supplies0.9 1.0 
Construction Materials0.3 1.0 
Other (1)5.4 %4.8 %
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.
As of September 30, 2024 and December 31, 2023, 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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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


does not own greater than 50% of the voting securities nor have rights to maintain greater than 50% of the board representation) are considered significant subsidiaries: the investment test and the income test. The investment test is generally measured by dividing Main Street’s investment in the Control Investment by the value of Main Street’s total investments. The income test is generally measured by dividing the absolute value of the combined sum of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) from the relevant Control Investment for the period being tested by the absolute value of Main Street’s change in net assets resulting from operations for the same period. Rules 3-09 and 4-08(g) of Regulation S-X require Main Street to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control Investments in which Main Street owns greater than 50% of the voting securities) in an annual report and (2) summarized financial information of a Control Investment in a quarterly report, respectively, if certain thresholds of the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.
As of September 30, 2024 and December 31, 2023, 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 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 (the “Private Loan Fund”) and MS Private Loan Fund II, LP (the “Private Loan Fund II”), each a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments. The External Investment Manager entered into investment management agreements in December 2020 with the Private Loan Fund and in September 2023 with the Private Loan Fund II, pursuant to which the External Investment Manager provides investment advisory and management services to each 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.”
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
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(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 activities and assets under management, depending on the nature of the expense. The total contribution of the External Investment Manager to Main Street’s net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended September 30, 2024 and 2023, the total contribution to Main Street’s net investment income was $7.9 million and $7.6 million, respectively. For the nine months ended September 30, 2024 and 2023, the total contribution to Main Street’s net investment income was $25.6 million and $24.2 million, respectively.
Summarized financial information from the separate financial statements of the External Investment Manager as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023 is as follows:
As of
September 30,
2024
As of
December 31, 2023
(dollars in thousands)
Accounts receivable - advisory clients$8,910 $10,777 
Intangible Asset29,500 29,500 
Total assets$38,410 $40,277 
Accounts payable to MSCC and its subsidiaries$6,360 $7,551 
Dividend payable to MSCC and its subsidiaries2,550 3,226 
Equity29,500 29,500 
Total liabilities and equity$38,410 $40,277 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
(dollars in thousands)
Management fee income$6,115 $5,653 $17,718 $16,667 
Incentive fees2,393 2,627 10,376 9,594 
Administrative services fees162 154 476 456 
Total revenues8,670 8,434 28,570 26,717 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs(4,534)(4,620)(14,388)(13,785)
Other G&A expenses(788)(784)(2,379)(2,304)
Total allocated expenses(5,322)(5,404)(16,767)(16,089)
Other direct G&A expenses(63)(229)(87)(229)
Total expenses(5,385)(5,633)(16,854)(16,318)
Pre-tax income3,285 2,801 11,716 10,399 
Tax expense(735)(633)(2,853)(2,316)
Net income$2,550 $2,168 $8,863 $8,083 

NOTE E — DEBT
Summary of Main Street’s debt as of September 30, 2024 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)
Corporate Facility$300,000 $— $300,000 $300,000 
SPV Facility160,000 — 160,000 160,000 
July 2026 Notes
500,000 (943)499,057 479,325 
June 2027 Notes
400,000 1,136 401,136 409,260 
March 2029 Notes
350,000 (3,178)346,822 365,862 
SBIC Debentures350,000 (6,878)343,122 285,982 
December 2025 Notes
150,000 (647)149,353 151,104 
Total Debt$2,210,000 $(10,510)$2,199,490 $2,151,533 
____________________
(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, June 2027 Notes, March 2029 Notes, SBIC Debentures and December 2025 Notes are reflected as contra-liabilities on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt is shown as 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.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Summary of Main Street’s debt as of December 31, 2023 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)
Corporate Facility$200,000 $— $200,000 $200,000 
SPV Facility160,000 — 160,000 160,000 
July 2026 Notes
500,000 (1,338)498,662 458,105 
May 2024 Notes
450,000 182 450,182 447,246 
SBIC Debentures350,000 (5,465)344,535 288,468 
December 2025 Notes
150,000 (1,035)148,965 151,155 
Total Debt$1,810,000 $(7,656)$1,802,344 $1,704,974 
____________________
(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.
(2)Estimated fair value for outstanding debt is shown as 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.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
Summarized interest expense for the three and nine months ended September 30, 2024 and 2023 is as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(dollars in thousands)
Corporate Facility$8,551 $7,157 $20,071 $21,666 
SPV Facility3,941 3,665 8,715 10,605 
July 2026 Notes
3,882 3,882 11,645 11,645 
June 2027 Notes
5,316 — 6,790 — 
March 2029 Notes
6,261 — 18,008 — 
SBIC Debentures2,492 2,965 7,472 8,435 
December 2025 Notes
3,031 3,031 9,092 8,673 
May 2024 Notes
— 5,714 7,618 17,141 
Total Interest Expense$33,474 $26,414 $89,411 $78,165 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


A summary of Main Street’s average amount of total borrowings outstanding and overall weighted-average effective interest rate including amortization of debt issuance costs, original issuance discounts and premiums and fees on unused lender commitments are as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
(dollars in millions)
Weighted-average borrowings outstanding$2,194.5 $1,968.5 $2,046.6 $1,986.0 
Weighted-average effective interest rate6.1 %5.4 %5.8 %5.3 %
Corporate Facility
Main Street maintains the Corporate Facility to provide additional liquidity to support its investment and operational activities. In June 2024, Main Street entered into an amendment to the Corporate Facility to, among other things: (i) increase the revolving commitments from $995.0 million to $1.11 billion, (ii) increase the accordion feature providing Main Street with the right to request increases in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments from up to a total of $1.4 billion to up to a total of $1.665 billion, and (iii) extend the revolving period and the final maturity date through June 2028 and June 2029, respectively, on $1.035 billion of revolving commitments, and August 2026 and August 2027, respectively, on $0.075 billion of revolving commitments.
As of September 30, 2024, 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 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 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 September 30, 2024, the interest rate for borrowings on the Corporate Facility was 7.2%. The average interest rate for borrowings under the Corporate Facility was 7.3% and 7.2% for the three months ended September 30, 2024 and 2023, respectively, and 7.3% and 6.9% for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, Main Street was in compliance with all financial covenants of the Corporate Facility.
SPV Facility
Main Street, through MSCC Funding I, LLC (“MSCC Funding”), a wholly-owned Structured Subsidiary that primarily holds debt investments, maintains the SPV Facility to finance its investment and operational activities. In September 2024, Main Street entered into an amendment to the SPV Facility to, among other things: (i) increase the total commitments from $430.0 million to $600.0 million, (ii) increase the accordion feature providing MSCC Funding with the right to request increases in commitments under the facility, subject to the satisfaction of various conditions, from new and existing lenders on the same terms and conditions as the existing commitments to up to a total of $800.0 million, (iii) extend the revolving period from November 2025 to September 2027, (iv) extend the final maturity date from November 2027 to September 2029 and (v) decrease the interest rate to one-month term SOFR plus an applicable margin of (a) 2.35% during the revolving period (from 2.50% plus a 0.10% credit spread adjustment, or 2.60% in total), (b) 2.475% for the first year following the end of the revolving period (from 2.625%) and (c) 2.60% for the second year following the end of the revolving period (from 2.75%).
As of September 30, 2024, the SPV Facility included total commitments of $600.0 million from a diversified group of six lenders. Advances under the SPV Facility bear interest at a per annum rate equal to the one-month term SOFR in effect, plus an applicable margin of 2.35% during the revolving period and 2.475% and 2.60% during the first and
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 September 30, 2024, the interest rate for borrowings on the SPV Facility was 7.6%. The average interest rate for borrowings under the SPV Facility was 7.9% for each of the three months ended September 30, 2024 and 2023, and 7.9% and 7.5% for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, MSCC Funding was in compliance with all financial covenants of the SPV Facility.
MSCC Funding’s balance sheets as of September 30, 2024 and December 31, 2023 are as follows:
Balance Sheets
(dollars in thousands)
September 30, 2024December 31, 2023
(Unaudited)
ASSETS
Investments at fair value:
Non-Control Investments (cost: $330,858 and $315,373 as of September 30, 2024 and December 31, 2023, respectively)
$329,228 $317,392 
Cash and cash equivalents7,618 12,817 
Interest and dividend receivable and other assets3,514 2,956 
Receivable for securities sold— — 
Deferred financing costs (net of accumulated amortization of $1,516 and $783 as of September 30, 2024 and December 31, 2023, respectively)
6,855 3,829 
Total assets347,215 336,994 
LIABILITIES
SPV Facility$160,000 $160,000 
Accounts payable and other liabilities to affiliates— 7,170 
Interest payable1,179 1,135 
Total liabilities161,179 168,305 
NET ASSETS
Contributed capital136,744 138,163 
Total undistributed earnings49,292 30,526 
Total net assets186,036 168,689 
Total liabilities and net assets$347,215 $336,994 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


MSCC Funding’s statements of operations for the three and nine months ended September 30, 2024 and 2023 are as follows:
Statements of Operations
(dollars in thousands)
(Unaudited)
Three Months Ended September 30,Nine Months Ended
September 30,
2024202320242023
INVESTMENT INCOME:
Interest, fee and dividend income:
Non‑Control/Non‑Affiliate investments$11,179 $10,615 $32,365 $29,205 
Total investment income11,179 10,615 32,365 29,205 
EXPENSES:
Interest(3,941)(3,666)(8,715)(10,605)
Management Fee to MSCC(418)(421)(1,218)(1,107)
General and administrative(20)(55)(56)(105)
Total expenses(4,379)(4,142)(9,989)(11,817)
NET INVESTMENT INCOME6,800 6,473 22,376 17,388 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Non‑Control/Non‑Affiliate investments(2,403)(1)(3,649)563 
Total net unrealized appreciation (depreciation)(2,403)(1)(3,649)563 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$4,397 $6,472 $18,727 $17,951 
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 in aggregate principal amount of the July 2026 Notes at an issue price of 101.741%. The July 2026 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 September 30, 2024, Main Street was in compliance with all covenants and other requirements of the July 2026 Notes.
June 2027 Notes
In June 2024, Main Street issued $300.0 million in aggregate principal amount of 6.50% unsecured notes due June 4, 2027 (the “June 2027 Notes”) at an issue price of 99.793%. Subsequently, in September 2024, Main Street issued an additional $100.0 million in aggregate principal amount of the June 2027 Notes at a public offering price of 102.134% resulting in a yield-to-maturity of 5.617% on such issuance. The $400.0 million of outstanding June 2027 Notes bear interest at 6.50% per year with a yield-to-maturity of 6.34%. The June 2027 Notes issued in September 2024 have identical terms as, and are a part of a single series with, the June 2027 Notes issued in June 2024. The June 2027 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The June 2027 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The June 2027 Notes bear interest at a rate of 6.50% per year payable semiannually on June 4 and December 4 of each year.
As of September 30, 2024, Main Street was in compliance with all covenants and other requirements of the June 2027 Notes.
March 2029 Notes
In January 2024, Main Street issued $350.0 million in aggregate principal amount of 6.95% unsecured notes due March 1, 2029 (the “March 2029 Notes”) at an issue price of 99.865%. The March 2029 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The March 2029 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The March 2029 Notes bear interest at a rate of 6.95% per year payable semiannually on March 1 and September 1 of each year.
As of September 30, 2024, Main Street was in compliance with all covenants and other requirements of the March 2029 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. In March 2024, Main Street repaid $63.8 million of SBIC debentures that had reached maturity, which reduced the total outstanding SBIC debentures to $286.2 million. Subsequently, in September 2024, Main Street borrowed an additional $63.8 million of SBIC debentures, which increased the total outstanding SBIC debentures to $350.0 million. Main Street’s SBIC debentures payable, under existing SBA-approved commitments, were $350.0 million as of both September 30, 2024 and December 31, 2023. 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 3.3% and 3.0% as of September 30, 2024 and December 31, 2023, respectively. The first principal maturity due under the existing SBIC debentures is in 2027, and the weighted-average remaining duration as of September 30, 2024 was 5.9 years. In accordance with SBIC regulations, the Funds are precluded from incurring additional non-SBIC debt without the prior approval of the SBA.
As of September 30, 2024, the SBIC debentures consisted of (i) $175.0 million par value of SBIC debentures outstanding issued by MSMF, with a recorded value of $170.2 million that was net of unamortized debt issuance costs of $4.8 million and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of $172.9 million that was net of unamortized debt issuance costs of $2.1 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 September 30, 2024, Main Street was in compliance with all covenants and other requirements of the December 2025 Notes.
May 2024 Notes
In May 2024, Main Street repaid the $450.0 million principal amount of the issued and outstanding 5.20% unsecured notes (the “May 2024 Notes”) at maturity at par value plus the accrued and unpaid interest. The outstanding aggregate principal amount of the May 2024 Notes was $450.0 million as of December 31, 2023.
NOTE F — FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights of Main Street for the nine months ended September 30, 2024 and 2023:
Nine Months Ended September 30,
Per Share Data:20242023
NAV as of the beginning of the period$29.20 $26.86 
Net investment income (1)3.07 3.07 
Net realized gain (loss) (1)(2)0.20 (1.27)
Net unrealized appreciation (1)(2)0.99 2.06 
Income tax provision (1)(2)(0.39)(0.29)
Net increase in net assets resulting from operations (1)3.87 3.57 
Dividends paid from net investment income(3.08)(2.72)
Dividends paid(3.08)(2.72)
Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period— (0.01)
Accretive effect of stock offerings (issuing shares above NAV per share)0.50 0.58 
Accretive effect of DRIP issuance (issuing shares above NAV per share)0.11 0.08 
Other (3)(0.03)(0.03)
NAV as of the end of the period$30.57 $28.33 
Market value as of the end of the period$50.14 $40.63 
Shares outstanding as of the end of the period88,059,78783,677,488
____________________
(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.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Nine Months Ended September 30,
20242023
(dollars in thousands)
NAV as of the end of the period$2,692,254$2,370,807
Average NAV$2,566,145$2,226,816
Average outstanding debt$2,091,920$1,989,900
Ratio of total expenses, including income tax expense, to average NAV (1)(2)6.61 %6.54 %
Ratio of operating expenses to average NAV (2)(3)5.30 %5.49 %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)1.81 %1.98 %
Ratio of net investment income to average NAV (2)10.32 %11.18 %
Portfolio turnover ratio (2)15.62 %11.17 %
Total investment return (2)(4)23.65 %17.72 %
Total return based on change in NAV (2)(5)13.48 %13.72 %
____________________
(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 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 $16.8 million and $16.1 million for the nine months ended September 30, 2024 and 2023, 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 $0.245 per share, totaling $64.2 million, or $0.735 per share, for the three months ended September 30, 2024, and $187.4 million, or $2.175 per share, for the nine months ended September 30, 2024, compared to total regular monthly dividends of $57.0 million, or $0.69 per share, for the three months ended September 30, 2023, and $164.9 million, or $2.04 per share, for the nine months ended September 30, 2023. Main Street also paid a supplemental dividend of $26.4 million, or $0.30 per share, during the three months ended September 30, 2024, and $78.0 million, or $0.90 per share during the nine months ended September 30, 2024, compared to supplemental dividends paid of $23.0 million, or $0.275 per share, during the three months ended September 30, 2023, and $55.3 million, or $0.675 per share, during the nine months ended September 30, 2023.
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,
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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.
Listed below is a reconciliation of “Net increase in net assets resulting from operations” to taxable income and to total distributions declared to common stockholders for the nine months ended September 30, 2024 and 2023.
Nine Months Ended September 30,
20242023
(estimated, dollars in thousands)
Net increase in net assets resulting from operations$333,847 $289,366 
Book-tax difference from share-based compensation expense(5,256)(3,771)
Net unrealized appreciation(85,431)(167,070)
Income tax provision33,719 23,353 
Pre-tax book (income) loss not consolidated for tax purposes(72,335)31,454 
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates35,962 48,411 
Estimated taxable income (1)240,506 221,743 
Taxable income earned in prior year and carried forward for distribution in current year56,142 49,216 
Taxable income earned prior to period end and carried forward for distribution next period(51,664)(68,340)
Dividend payable as of period end and paid in the following period21,575 19,664 
Total distributions accrued or paid to common stockholders$266,559 $222,283 
____________________
(1)MSCC’s taxable income for each period is an estimate and will not be finally determined until MSCC 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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(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.
The income tax provision for Main Street is generally composed of (i) deferred tax expense, which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book tax differences, and (ii) current tax expense, which is primarily the result of current U.S. federal income and state taxes and excise taxes on Main Street’s estimated undistributed taxable income. The income tax expense, or benefit, and the related tax assets and liabilities generated by the Taxable Subsidiaries, if any, are reflected in Main Street’s Consolidated Statements of Operations. Main Street’s provision for income taxes was comprised of the following for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(dollars in thousands)
Current tax expense (benefit):
Federal$374 $(5)$1,031 $293 
State1,625 937 3,502 2,226 
Excise458 324 1,652 2,144 
Total current tax expense2,457 1,256 6,185 4,663 
Deferred tax expense (benefit):
Federal9,339 4,659 25,857 16,909 
State(87)678 1,677 1,781 
Total deferred tax expense9,252 5,337 27,534 18,690 
Total income tax provision$11,709 $6,593 $33,719 $23,353 
The net deferred tax liability as of September 30, 2024 and December 31, 2023 was $91.4 million and $63.9 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. As of September 30, 2024, 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 2036 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 up to 15,000,000 shares of its common stock by means of at-the-market offerings from time to time (the “ATM Program”). During the nine months ended September 30, 2024, Main Street sold 2,319,780 shares of its common stock at a weighted-average price of $49.48 per share and raised $114.8 million of gross proceeds under the ATM Program. Net proceeds were $113.3 million after commissions to the selling agents on shares sold and offering costs. As of September 30, 2024, sales transactions representing 2,463 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 September 30, 2024, 2,993,444 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, 2023, Main Street sold 5,149,460 shares of its common stock at a weighted-average price of $39.94 per share and raised $205.7 million of gross proceeds under the ATM Program. Net proceeds were $203.3 million after commissions to the selling agents on shares sold and offering costs.
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 nine months ended September 30, 2024 and 2023 is as follows:
Nine Months Ended September 30,
20242023
(dollars in thousands)
DRIP participation$26,530 $22,791 
Shares issued for DRIP552,691574,323

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 or five-year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances approved by Main Street’s Board of Directors under the Equity and Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of September 30, 2024.
Restricted stock authorized under the plan5,000,000
Less net restricted stock granted(1,048,103)
Restricted stock available for issuance as of September 30, 2024
3,951,897
As of September 30, 2024, 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 plan300,000
Less net restricted stock granted(11,065)
Restricted stock available for issuance as of September 30, 2024
288,935
For the three months ended September 30, 2024 and 2023, Main Street recognized total share-based compensation expense of $4.9 million and $4.2 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors. For the nine months ended September 30, 2024 and 2023, Main Street recognized total share-based compensation expense of $13.9 million and $12.4 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.
Summarized RSA activity for the nine months ended September 30, 2024 is as follows:
Nine Months Ended September 30, 2024
NumberWeighted-Average Grant-Date Fair Value
Restricted Stock Awards (RSAs):of Shares($ per share)
Non-vested, December 31, 2023
958,225 $40.48 
Granted (1)521,594 46.98 
Vested (1)(2)
(407,642)40.62 
Forfeited(33,264)42.81 
Non-vested, September 30, 2024
1,038,913 $43.61 
Aggregate intrinsic value as of September 30, 2024 (in thousands)
$52,091 (3)
___________________________
(1)Restricted units generally vest over a three-year or five-year period from the grant date (as noted above).
(2)Vested shares included 155,049 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 September 30, 2024 and $50.14 per share, the closing price of our common stock on September 30, 2024.

The total fair value of RSAs that vested during the nine months ended September 30, 2024 and 2023, was $16.6 million and $15.6 million, respectively.
As of September 30, 2024, there was $35.5 million of total unrecognized compensation expense related to Main Street’s non-vested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of 2.6 years as of September 30, 2024.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


NOTE K — COMMITMENTS AND CONTINGENCIES
As of September 30, 2024, 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$2,000 
Brightwood Capital Fund III, LP65 
2,065 
EnCap Equity - Fund XII, LP6,285 
Harris Preston Fund Investments
HPEP 4, L.P.7,495 
HPEP 3, L.P.1,308 
8,803 
MS Private Loan Fund I, LP750 
MS Private Loan Fund II, LP4,966 
UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP5,000 
UnionRock Energy Fund II, LP1,969 
6,969 
Total Equity Commitments (1)(2)$29,838 
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
MS Private Loan Fund II, LP$66,500 
ZRG Partners, LLC29,897 
HEADLANDS OP-CO LLC16,875 
Creative Foam Corporation15,375 
MS Private Loan Fund I, LP10,000 
Ansira Partners II, LLC7,507 
Computer Data Source, LLC7,500 
JDC Power Services, LLC7,263 
South Coast Terminals Holdings, LLC7,160 
CQ Fluency, LLC6,750 
Insight Borrower Corporation (Industrial Physics)6,688 
Veregy Consolidated, Inc.5,875 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


SI East, LLC (Stavig)5,250 
Gulf Manufacturing, LLC5,000 
Pearl Meyer Topco LLC5,000 
Hornblower Sub, LLC4,869 
California Splendor Holdings LLC4,487 
Cody Pools, Inc.4,214 
BP Loenbro Holdings Inc.4,196 
Bettercloud, Inc.4,189 
AVEX Aviation Holdings, LLC3,684 
Sales Performance International, LLC3,655 
Mako Steel, LP3,651 
Microbe Formulas, LLC3,601 
Johnson Downie Opco, LLC3,600 
Titan Meter Midco Corp.3,598 
VVS Holdco LLC3,200 
Power System Solutions3,085 
Garyline, LLC2,824 
MetalForming AcquireCo, LLC2,795 
PTL US Bidco, Inc2,703 
Winter Services LLC2,667 
Centre Technologies Holdings, LLC2,400 
IG Investor, LLC (Ira Green)2,400 
Burning Glass Intermediate Holding Company, Inc.2,397 
IG Parent Corporation (Infogain)2,041 
NexRev LLC2,040 
Career Team Holdings, LLC2,025 
The Affiliati Network, LLC2,000 
Cybermedia Technologies, LLC2,000 
Buca C, LLC1,981 
PurgeRite, LLC1,969 
Coregistics Buyer LLC (Belvika)1,908 
Elgin AcquireCo, LLC1,877 
Imaging Business Machines, L.L.C.1,779 
NinjaTrader, LLC1,750 
Batjer TopCo, LLC1,620 
Trantech Radiator Topco, LLC1,600 
Chamberlin Holding LLC1,600 
Pinnacle TopCo, LLC1,600 
Colonial Electric Company LLC1,600 
Bond Brand Loyalty ULC1,427 
Bluestem Brands, Inc.1,335 
American Health Staffing Group, Inc.1,333 
Escalent, Inc.1,326 
Nebraska Vet AcquireCo, LLC (NVS)1,250 
Gamber-Johnson Holdings, LLC1,200 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Clad-Rex Steel, LLC1,200 
Channel Partners Intermediateco, LLC1,139 
ATS Operating, LLC1,044 
Mystic Logistics Holdings, LLC800 
ASK (Analytical Systems Keco Holdings, LLC)800 
Orttech Holdings, LLC800 
Barfly Ventures, LLC760 
ArborWorks, LLC720 
SPAU Holdings, LLC703 
Eastern Wholesale Fence LLC520 
Jensen Jewelers of Idaho, LLC500 
Island Pump and Tank, LLC456 
Gulf Publishing Holdings, LLC400 
Wall Street Prep, Inc.400 
GULF PACIFIC ACQUISITION, LLC303 
Roof Opco (Apple Roof), LLC233 
Mini Melts of America, LLC230 
GRT Rubber Technologies LLC204 
AAC Holdings, Inc.200 
GS HVAM Intermediate, LLC182 
LL Management, Inc.(Lab Logistics)165 
Obra Capital, Inc.148 
Inspire Aesthetics Management, LLC50 
Invincible Boat Company, LLC.42 
Total Loan Commitments$320,115 
Total Commitments$349,953 
____________________
(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 five 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 September 30, 2024.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Main Street may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to impose liability on Main Street in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, Main Street does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on Main Street’s financial condition or results of operations in any future reporting period.
NOTE L — 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. As of September 30, 2024, Main Street had a receivable of $9.0 million due from the External Investment Manager, which included (i) $6.4 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) $2.6 million of dividends declared but not paid by the External Investment Manager. MSCC has entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for the External Investment Manager’s relationship with MSC Income and its other clients (see further discussion in Note A.1. — 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, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act.
In May 2023, Main Street purchased 255,755 shares of MSC Income’s common stock 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. In August 2023, Main Street purchased an additional 348,542 shares of MSC Income’s common stock from MSC Income at the share price at which shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its August 2023 dividend. In September 2023, Main Street purchased an additional 115,385 shares of MSC Income’s common stock at a price of $6.50 per share in the modified “Dutch Auction” tender offer commenced by MSC Income and Main Street in August 2023 to purchase, severally and not jointly, up to an aggregate of $3.5 million of shares from stockholders of MSC Income, subject to the conditions described in the offer to purchase dated August 16, 2023. In October 2023 Main Street purchased 475,888 shares of MSC Income’s common stock from MSC Income at the price shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for MSC Income’s October 2023 dividend on such date. In January 2024, Main Street purchased 314,070 shares of MSC Income’s common stock from MSC Income at the price shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its January 2024 dividend on such date. In May 2024, Main Street purchased 315,259 shares of MSC Income’s common stock from MSC Income at the price shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its May 2024 dividend on such date. In August 2024, Main Street purchased 250,627 shares of MSC Income’s common stock from MSC Income at the price shares were purchased by MSC Income stockholders pursuant to MSC Income’s dividend reinvestment plan for its August 2024 dividend on such date. Each of Main Street’s 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 September 30, 2024, Main Street owned 2,170,223 shares of MSC Income’s common stock. 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


immediate family members) have made capital commitments to the Private Loan Fund as limited partners and therefore have direct pecuniary interests in the Private Loan Fund. As of September 30, 2024, Main Street has funded $14.2 million of its limited partner commitment and Main Street’s unfunded commitment was $0.8 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.
In March 2022, Main Street provided the Private Loan Fund with a revolving line of credit pursuant to a Secured Revolving Promissory Note, dated March 17, 2022 (the “PL Fund 2022 Note”), which provides for borrowings up to $10.0 million. Borrowings under the PL Fund 2022 Note bear interest at a fixed rate of 5.00% per annum and mature on the date upon which the Private Loan Fund’s investment period concludes, which is scheduled to occur in March 2026. Available borrowings under the PL Fund 2022 Note are subject to a 0.25% non-use fee. The PL Fund 2022 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act. As of September 30, 2024, there were no borrowings outstanding under the PL Fund 2022 Note.
In September 2023, the External Investment Manager entered into an investment management agreement with the Private Loan Fund II to provide investment advisory and management services in exchange for an asset-based fee and certain incentive fees. The Private Loan Fund II 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 II’s initial closing in September 2023, Main Street committed to contribute up to $15.0 million (limited to 20% of total commitments) as a limited partner and is entitled to distributions on such interest. In addition, certain of Main Street’s officers and employees (and certain of their immediate family members) have made capital commitments to the Private Loan Fund II as limited partners and therefore have direct pecuniary interests in the Private Loan Fund II. As of September 30, 2024, Main Street has funded $7.4 million of its limited partner commitment and Main Street’s unfunded commitment was $5.0 million. Main Street’s limited partner commitment to the Private Loan Fund II 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.
In September 2023, Main Street provided the Private Loan Fund II with a revolving line of credit pursuant to a Secured Revolving Promissory Note, dated September 5, 2023 (the “PL Fund II 2023 Note”), which provides for borrowings up to $50.0 million. Borrowings under the PL Fund II 2023 Note bear interest at a rate of SOFR plus 3.5% per annum, subject to a 2.0% SOFR floor, and mature on September 5, 2025. Available borrowings under the PL Fund II 2023 Note are subject to a 0.25% non-use fee. The borrowings are collateralized by all assets of the Private Loan Fund II. The PL Fund II 2023 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act. As of September 30, 2024, there were $33.5 million of borrowings outstanding under the PL Fund II 2023 Note.

As described in Note B.9. — Summary of Significant Accounting Policies — Deferred Compensation Plan, participants in the Deferred Compensation Plan elect one or more investment options, including phantom Main Street stock units, interests in affiliated funds and various mutual funds, where their deferred amounts are notionally invested pending distribution pursuant to participant elections and plan terms. As of September 30, 2024, $24.7 million of compensation, plus net unrealized gains and losses and investment income, and minus previous distributions, was deferred under the Deferred Compensation Plan. As of September 30, 2024, $9.2 million was deferred into phantom Main Street stock units, representing 183,990 shares of Main Street’s common stock. In addition, as of September 30, 2024, the Company had $15.5 million of funded investments from deferred compensation in trust, including $2.1 million in the Private Loan Fund and $3.1 million in the Private Loan Fund II.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


NOTE M — SUBSEQUENT EVENTS
Our management has evaluated subsequent events through the date of issuance of the consolidated financial statements, and identified the following to report:
In November 2024, Main Street declared a supplemental dividend of $0.30 per share payable in December 2024. This supplemental dividend is in addition to the previously announced regular monthly dividends that Main Street declared of $0.245 per share for each of October, November and December 2024, or total regular monthly dividends of $0.735 per share for the fourth quarter of 2024.
In November 2024, Main Street also declared regular monthly dividends of $0.25 per share for each month of January, February and March of 2025. These regular monthly dividends equal a total of $0.75 per share for the first quarter of 2025, representing a 4.2% increase from the regular monthly dividends paid in the first quarter of 2024. Including the regular monthly and supplemental dividends declared for the fourth quarter of 2024 and first quarter of 2025, Main Street will have paid $43.675 per share in cumulative dividends since its October 2007 initial public offering.
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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
Majority-owned investments
Analytical Systems Keco Holdings, LLCSecured Debt (12)(8)$— $— $5 $219 $— $219 $— 
13.75%Secured Debt(8)— — 551 4,084 310 300 4,094 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 850 — 4,860 850 — 5,710 
Warrants(8)— — — — — — — 
Brewer Crane Holdings, LLC15.35%SF+10.00%Secured Debt(9)— — 631 5,498 14 372 5,140 
Preferred Member Units(9)— (190)90 5,620 — 189 5,431 
Café Brazil, LLCMember Units(8)— (520)30 1,980 — 520 1,460 
California Splendor Holdings LLC14.00%4.00%Secured Debt(9)— (79)3,098 27,655 594 79 28,170 
14.00%4.00%Secured Debt(9)— — 49 — 1,487 — 1,487 
Preferred Member Units(9)— 893 188 15,695 6,520 — 22,215 
15.00%15.00%Preferred Member Units(9)— — 940 4,601 5,940 — 10,541 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — 2 — — — — 
10.00%Secured Debt(5)— 138 709 8,422 109 1,400 7,131 
10.00%Secured Debt(5)— — 75 1,004 — 29 975 
Member Units(5)— 3,640 585 5,200 3,640 — 8,840 
Member Units(5)— (179)— 1,129 — 179 950 
Cody Pools, Inc.Secured Debt (12)(8)— 3 38 — 1,264 1,264 — 
12.50%Secured Debt(8)— (9)3,887 42,073 9 2,219 39,863 
Preferred Member Units(8)— (2,510)1,568 72,470 — 2,510 69,960 
CompareNetworks Topco, LLCSF+9.00%Secured Debt(9)— — — — — — — 
14.35%SF+9.00%Secured Debt(9)— — 368 3,454 — 352 3,102 
Preferred Member Units(9)— (1,305)— 14,450 1,545 1,305 14,690 
Cybermedia Technologies, LLCSecured Debt (12)(6)— — 8 — — — — 
13.00%Secured Debt(6)— — 2,804 28,389 52 1,338 27,103 
Preferred Member Units(6)— 280 1,104 15,000 280 — 15,280 
Datacom, LLC7.50%Secured Debt(8)— — 20 447 451 540 358 
10.00%Secured Debt(8)— 112 736 7,587 221 203 7,605 
Preferred Member Units(8)— 320 — 70 320 — 390 
Direct Marketing Solutions, Inc.Secured Debt(9)— (22)70 1,233 1,722 2,955 — 
14.00%Secured Debt(9)— (33)2,682 25,543 33 1,264 24,312 
Preferred Stock(9)— (1,460)— 20,740 — 1,460 19,280 
Elgin AcquireCo, LLCSF+6.00%Secured Debt (12)(5)— — 7 (7)1 — (6)
12.00%Secured Debt(5)— — 1,702 18,632 32 704 17,960 
9.00%Secured Debt(5)— — 427 6,252 2 36 6,218 
Common Stock(5)— (360)— 6,090 — 360 5,730 
Common Stock(5)— 1,330 — 1,670 1,330 — 3,000 
Gamber-Johnson Holdings, LLCSF+7.00%Secured Debt (12)(5)— — 5 — — — — 
10.00%SF+7.00%Secured Debt(5)— (78)4,023 54,078 78 5,678 48,478 
Member Units(5)— 10,660 5,409 96,710 10,660 — 107,370 
GRT Rubber Technologies LLC11.35%SF+6.00%Secured Debt (12)(8)— 2 256 2,400 746 — 3,146 
13.35%SF+8.00%Secured Debt(8)— (35)4,184 40,493 35 35 40,493 
Member Units(8)— — 188 44,440 — — 44,440 
110
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
Gulf Publishing Holdings, LLCSF+9.50%Secured Debt (12)(8)— — — — — — — 
12.50%12.50%Secured Debt(8)— (882)76 2,284 — 882 1,402 
Preferred Equity(8)— (2,460)— 2,460 — 2,460 — 
Member Units(8)— — — — — — — 
IG Investor, LLC13.00%Secured Debt (12)(6)— — 61 (35)1,605 — 1,570 
13.00%Secured Debt(6)— — 3,662 36,934 62 1,320 35,676 
Common Equity(6)— 470 — 14,400 470 — 14,870 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — 3 — — — — 
15.25%P+6.75%Secured Debt(9)— — 219 1,998 — 348 1,650 
Member Units(9)— (600)1,082 12,420 — 600 11,820 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 1,698 19,774 10 3,200 16,584 
9.00%Secured Debt(5)— — 264 3,805 164 32 3,937 
Preferred Equity(5)— 2,550 — 9,690 2,550 — 12,240 
Member Units(5)— (240)95 2,730 — 240 2,490 
Metalforming Holdings, LLCSecured Debt (12)(7)— — 9 — — 14 (14)
10.75%Secured Debt(7)— — 2,004 23,623 42 1,146 22,519 
8.00%8.00%Preferred Equity(7)— 355 — 6,035 355 119 6,271 
Common Stock(7)— 2,480 481 1,500 2,480 — 3,980 
MH Corbin Holding LLC14.00%Secured Debt(5)— (3,482)557 5,022 — 3,642 1,380 
Preferred Member Units(5)— (330)— 330 — 330 — 
Preferred Member Units(5)— — — — — — — 
MSC Adviser I, LLCMember Units(8)— 44,307 8,862 174,063 44,307 — 218,370 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — 3 — — — — 
10.00%Secured Debt(6)— 16 441 5,746 — — 5,746 
Common Stock(6)— (290)2,941 26,390 — 290 26,100 
OMi Topco, LLC12.00%Secured Debt(8)— (30)1,116 12,750 30 2,780 10,000 
Preferred Member Units(8)— 22,160 4,275 36,380 22,160 — 58,540 
PPL RVs, Inc.SF+8.75%Secured Debt(8)— (1)1 — 1 1 — 
14.23%SF+8.75%Secured Debt(8)— (53)2,135 19,877 53 2,473 17,457 
Common Stock(8)— (680)24 16,980 — 680 16,300 
Common Stock(8)— 146 — 368 146 — 514 
Principle Environmental, LLC13.00%Secured Debt(8)— — 601 5,829 18 — 5,847 
Preferred Member Units(8)— 790 737 10,750 790 — 11,540 
Common Stock(8)— 40 — 510 40 — 550 
Quality Lease Service, LLCMember Units(7)— — — 460 — — 460 
Robbins Bros. Jewelry, Inc.10.00%Secured Debt(9)— — 8 (26)2 — (24)
12.50%10.00%Secured Debt(9)— (14,949)1,083 30,798 18 15,399 15,417 
Preferred Equity(9)— — 6 — — — — 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— — 4 — — — — 
13.50%Secured Debt(7)— 64 809 7,920 — — 7,920 
Common Stock(7)— (3,240)87 12,740 — 3,240 9,500 
Volusion, LLC10.00%Secured Debt(8)— — 160 2,100 — — 2,100 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 4,421 — 7,250 4,422 4,212 7,460 
111
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 41 450 — — 450 
6.50%Secured Debt(8)— — 49 945 — — 945 
14.00%Secured Debt(8)— (1,109)293 2,080 — 1,110 970 
Preferred Member Units(8)— — — — — — — 
Warrants(8)— — — — — — — 
Other controlled investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)57 2,846 278 6,050 2,903 57 8,896 
LP Interests (2717 HPP-MS, L.P.)(8)— 60 — 315 60 — 375 
LP Interests (2717 GRE-LP, L.P.)(8)— — — — 441 — 441 
HPEP 423 COR, LPLP Interests (423 COR, L.P.)(8)— 818 88 1,869 2,318 — 4,187 
ASC Interests, LLC13.00%Secured Debt(8)— — 40 400 — — 400 
13.00%Secured Debt(8)— — 164 1,597 1 — 1,598 
Preferred Member Units(8)— (196)— 266 — 196 70 
Member Units(8)— (100)— 100 — 100 — 
ATS Workholding, LLC5.00%Secured Debt(9)— (281)— 328 167 281 214 
5.00%Secured Debt(9)— (187)— 473 — 187 286 
Preferred Member Units(9)— — — — — — — 
Barfly Ventures, LLC7.00%Secured Debt (12)(5)— — 38 711 — — 711 
Member Units(5)— 1,220 — 4,140 1,220 — 5,360 
Batjer TopCo, LLC10.00%Secured Debt (12)(8)— (6)30 — 451 6 445 
10.00%Secured Debt (12)(8)— — 21 270 — — 270 
10.00%Secured Debt(8)— (67)821 10,575 16 67 10,524 
Preferred Stock(8)— (990)643 6,150 — 990 5,160 
Bolder Panther Group, LLC13.27%SF+8.02%Secured Debt(9)— (63)10,313 96,556 7,599 1,916 102,239 
8.00%Class B Preferred Member Units(9)— 3,690 2,450 31,020 3,690 — 34,710 
Secured Debt(9)— — 116 — — — — 
Bridge Capital Solutions CorporationSecured Debt(6)— — 767 8,813 — 8,813 — 
Secured Debt(6)— — 87 1,000 — 1,000 — 
Preferred Member Units(6)— (1,000)75 1,000 — 1,000 — 
Warrants(6)— (1,808)— 1,808 — 1,808 — 
Warrants(6)— (2,482)— 2,482 — 2,482 — 
CBT Nuggets, LLCMember Units(9)— (590)1,647 50,130 — 590 49,540 
Centre Technologies Holdings, LLCSF+10.00%Secured Debt (12)(8)— — 9 — — — — 
15.35%SF+10.00%Secured Debt(8)— 207 2,206 — 21,974 1,512 20,462 
Secured Debt(8)— (62)281 17,574 — 17,574 — 
Preferred Member Units(8)— 920 90 11,040 920 — 11,960 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (67)74 — 67 67 — 
13.36%SF+8.00%Secured Debt(8)— (1)1,603 15,620 1 1 15,620 
112
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
Member Units(8)— 1,210 3,875 29,320 1,210 — 30,530 
Member Units(8)— 360 69 2,860 360 — 3,220 
Charps, LLC10.00%Unsecured Debt(5)— (366)793 5,694 366 366 5,694 
Preferred Member Units(5)— (110)483 15,690 — 110 15,580 
Colonial Electric Company LLCSecured Debt (12)(6)— — 6 — — — — 
12.00%Secured Debt(6)— 370 1,797 21,627 423 5,825 16,225 
Preferred Member Units(6)— (1,440)1,440 2,400 — 2,400 — 
Preferred Member Units(6)— 5,440 2,239 7,680 5,440 — 13,120 
Compass Systems & Sales, LLCSecured Debt(5)— — 117 — 2,378 2,400 (22)
13.50%Secured Debt(5)— — 1,793 17,034 25 — 17,059 
Preferred Equity(5)— 496 180 7,454 497 — 7,951 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 568 — 38 530 
Digital Products Holdings LLC15.25%SF+10.00%Secured Debt(5)— — 1,641 14,690 47 1,926 12,811 
Preferred Member Units(5)— — 150 9,835 — — 9,835 
Garreco, LLCSF+8.00%Secured Debt(8)— — 92 3,088 — 3,088 — 
Member Units(8)— 480 57 1,580 480 — 2,060 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 1,970 — 4,660 1,970 — 6,630 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 2,360 25,483 43 899 24,627 
Preferred Equity(9)— 287 752 10,741 539 — 11,280 
KBK Industries, LLC9.00%Secured Debt(5)— (11)313 4,700 11 711 4,000 
Member Units(5)— 2,050 1,906 22,770 2,050 — 24,820 
MS Private Loan Fund I, LPSecured Debt (12)(8)— — 44 — 16,500 16,500 — 
LP Interests (12)(8)— (248)1,455 14,527 — 248 14,279 
MS Private Loan Fund II, LP8.75%SF+3.50%Secured Debt (12)(8)— — 2,544 23,367 42,060 32,000 33,427 
LP Interests (12)(8)— 252 194 1,561 6,140 — 7,701 
MSC Income Fund, Inc.Common Equity(8)— (271)1,259 10,025 7,000 271 16,754 
NAPCO Precast, LLCMember Units(8)— (1,980)95 11,730 — 1,980 9,750 
Nello Industries Investco, LLC11.75%SF+6.50%Secured Debt (12)(5)— — 526 — 16,774 2,400 14,374 
13.50%Secured Debt(5)— — 1,684 — 26,945 — 26,945 
Common Equity(5)— — 220 — 12,120 — 12,120 
NexRev LLC10.00%Secured Debt (12)(8)— — 98 — 3,160 1,200 1,960 
10.00%Secured Debt(8)— 21 785 9,751 60 — 9,811 
Preferred Member Units(8)— 3,500 645 6,350 3,500 — 9,850 
NRP Jones, LLC12.00%Secured Debt(5)— — 190 2,080 — — 2,080 
Member Units(5)— 538 — 1,466 538 — 2,004 
Member Units(5)— 22 — 53 22 — 75 
NuStep, LLC11.85%SF+6.50%Secured Debt(5)— — 332 3,600 — — 3,600 
12.00%Secured Debt(5)— — 1,693 18,426 10 — 18,436 
Preferred Member Units(5)— 390 — 9,240 1,420 — 10,660 
Preferred Member Units(5)— 90 — 5,150 610 — 5,760 
Orttech Holdings, LLCSF+11.00%Secured Debt (12)(5)— — — — — — — 
16.35%SF+11.00%Secured Debt(5)— (34)2,785 22,040 34 114 21,960 
Preferred Stock(5)— (2,370)388 17,050 — 2,370 14,680 
Pearl Meyer Topco LLCSecured Debt(6)— (1)339 3,500 1,501 5,001 — 
113
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
12.00%Secured Debt(6)— 148 2,915 20,000 23,219 — 43,219 
12.00%Secured Debt(6)— (18)2,546 27,681 18 18 27,681 
Preferred Equity(6)— 16,450 8,800 44,090 16,450 — 60,540 
Pinnacle TopCo, LLCSecured Debt (12)(8)— 13 14 444 16 460 — 
13.00%Secured Debt(8)— 243 3,046 30,339 301 1,600 29,040 
Preferred Equity(8)— 4,820 1,721 12,540 4,820 — 17,360 
River Aggregates, LLCMember Units(8)(409)80 — 3,710 80 — 3,790 
Tedder Industries, LLC12.00%12.00%Secured Debt(9)— — 56 1,726 — — 1,726 
12.00%12.00%Secured Debt(9)— (9,605)461 14,262 — 9,605 4,657 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Televerde, LLCMember Units(8)— (1,224)— 4,734 — 1,224 3,510 
Preferred Stock(8)— — — 1,794 — — 1,794 
Vision Interests, Inc.Series A Preferred Stock(9)— — — 3,000 — — 3,000 
VVS Holdco LLCSF+6.00%Secured Debt (12)(5)— — 12 — — — — 
11.50%Secured Debt(5)— — 2,457 28,035 47 1,160 26,922 
Preferred Equity(5)— — 320 12,240 — — 12,240 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— 3,694 2,723 58,515 — — — 
Total Control investments$(352)$88,007 $152,572 $2,006,698 $358,982 $202,589 $2,104,576 
Affiliate Investments
423 HAR, LPLP Interests (423 HAR, L.P.)(8)$— $229 $— $996 $230 $— $1,226 
AAC Holdings, Inc.18.00%18.00%Secured Debt (12)(7)— (2)67 418 82 2 498 
18.00%18.00%Secured Debt(7)— (46)2,164 13,895 2,678 46 16,527 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
Boccella Precast Products LLC10.00%Secured Debt(6)— (55)24 320 — 55 265 
Member Units(6)— (1,680)30 1,990 — 1,680 310 
Buca C, LLC15.00%15.00%Secured Debt(7)— (1,025)563 12,144 — 12,144 — 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
15.00%15.00%Secured Debt (12)(7)— — — — — — — 
15.00%10.00%Secured Debt(7)— (3,345)— — 19,571 3,345 16,226 
Career Team Holdings, LLC11.25%SF+6.00%Secured Debt (12)(6)— — 94 881 2,255 2,475 661 
13.00%Secured Debt(6)— — 1,999 19,906 31 180 19,757 
Common Stock(6)— — — 4,500 — — 4,500 
Classic H&G Holdings, LLCSF+6.00%Secured Debt(6)— — 181 4,560 — 4,560 — 
Secured Debt(6)— (50)654 19,274 50 19,324 — 
Preferred Member Units(6)10,365 (7,590)1,470 16,000 10,365 23,715 2,650 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— (51)193 4,352 — 1,974 2,378 
DMA Industries, LLC12.00%Secured Debt(7)— (115)1,659 18,800 32 2,115 16,717 
114
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
Preferred Equity(7)— (1,716)— 7,660 — 1,716 5,944 
12.00%Secured Debt(7)— — 26 — 555 — 555 
15.00%15.00%Preferred Equity(7)— — 54 — 3,122 — 3,122 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— (921)— 8,443 — 1,063 7,380 
LP Interests (Dos Rios Partners - A, LP)(8)— 35 — 2,631 35 45 2,621 
Dos Rios Stone Products LLCClass A Preferred Units(8)— (1,580)— 1,580 — 1,580 — 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)32 — 44 760 33 424 369 
FCC Intermediate Holdco, LLC13.00%Secured Debt(5)— — 2,497 — 28,900 — 28,900 
Warrants(5)— — — — 3,920 — 3,920 
Flame King Holdings, LLCPreferred Equity(9)— 7,850 3,231 27,900 7,850 — 35,750 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP)(5)— (349)— 3,012 — 628 2,384 
LP Interests (Freeport First Lien Loan Fund III LP)(5)— 193 38 3,704 194 2,005 1,893 
GFG Group, LLC8.00%Secured Debt(5)— (18)576 9,345 18 1,178 8,185 
Preferred Member Units(5)— (920)1,294 11,460 — 920 10,540 
Gulf Manufacturing, LLCSF+7.63%Secured Debt (12)(8)— 44 120 — — — — 
12.88%SF+7.63%Secured Debt(8)— 349 4,219 — 40,000 500 39,500 
Member Units(8)— 6,100 1,310 9,070 6,100 — 15,170 
Hawk Ridge Systems, LLC11.35%SF+6.00%Secured Debt(9)— (1)224 1,974 5,945 5,361 2,558 
12.50%Secured Debt(9)— (41)4,347 45,256 41 41 45,256 
Preferred Member Units(9)— 1,540 — 17,460 1,540 — 19,000 
Preferred Member Units(9)— 80 — 920 80 — 1,000 
Houston Plating and Coatings, LLC8.00%Unsecured Convertible Debt(8)— 60 213 2,880 60 — 2,940 
Member Units(8)— (10)83 3,340 — 10 3,330 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 247 — 4,225 247 — 4,472 
LP Interests (HPEP 4, L.P.) (12)(8)— 329 — 3,773 1,211 — 4,984 
I-45 SLF LLC
Member Units (Fully diluted 20.0%; 21.75% profits interest)
(8)(7,107)6,710 429 13,490 — 13,490 — 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— 2,700 — 17,690 2,700 — 20,390 
Infinity X1 Holdings, LLC12.00%Secured Debt(9)— — 1,625 17,403 42 2,275 15,170 
Preferred Equity(9)— 2,452 622 4,000 2,820 — 6,820 
Integral Energy Services13.09%SF+7.50%Secured Debt(8)— 232 1,400 13,891 295 1,571 12,615 
10.00%10.00%Preferred Equity(8)— 125 21 300 146 — 446 
Common Stock(8)— 390 32 160 390 — 550 
Iron-Main Investments, LLC13.00%Secured Debt(5)— — 465 4,487 5 — 4,492 
13.00%Secured Debt(5)— — 303 2,922 4 — 2,926 
13.00%Secured Debt(5)— — 911 8,944 — — 8,944 
115
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
13.00%Secured Debt(5)— — 1,962 19,503 33 2,000 17,536 
13.00%Secured Debt(5)— — 1,111 10,273 64 480 9,857 
Common Stock(5)— 170 — 2,680 170 — 2,850 
25.00%25.00%Preferred Equity(5)— 49 — — 760 — 760 
ITA Holdings Group, LLC15.53%SF+9.00%1.00%Secured Debt(8)— — 124 816 602 236 1,182 
15.53%SF+9.00%1.00%Secured Debt (12)(8)— — 98 697 297 — 994 
14.53%SF+8.00%1.00%Secured Debt(8)— — 711 3,430 259 — 3,689 
16.53%SF+10.00%1.00%Secured Debt(8)— — 778 3,430 259 — 3,689 
Warrants(8)— 1,189 — 2,091 1,189 — 3,280 
Johnson Downie Opco, LLCSecured Debt (12)(8)— (5)18 — 5 5 — 
15.00%Secured Debt(8)— (41)2,665 24,207 41 2,741 21,507 
Preferred Equity(8)— 4,680 805 9,620 4,680 — 14,300 
MoneyThumb Acquisition, LLC14.00%Secured Debt(9)— — 375 — 8,933 — 8,933 
12.00%12.00%Preferred Member Units(9)— — 23 — 1,656 — 1,656 
Warrants(9)— — — — 594 — 594 
Nebraska Vet AcquireCo, LLC12.35%SF+7.00%Secured Debt (12)(8)— 8 61 — 1,250 — 1,250 
Secured Debt(8)— (121)1,205 25,794 — 25,794 — 
Secured Debt(8)— (44)454 10,500 — 10,500 — 
Preferred Member Units(5)— 9,620 674 15,020 9,620 — 24,640 
12.50%Secured Debt(5)— 127 3,460 — 62,200 — 62,200 
12.50%Secured Debt(5)— 181 153 — 650 — 650 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— (153)— 326 — 153 173 
12.00%12.00%Secured Debt(8)— (156)— 332 — 155 177 
12.00%12.00%Secured Debt(8)— (335)— 716 — 336 380 
12.00%12.00%Secured Debt(8)— (700)— 1,493 — 700 793 
10.00%10.00%Unsecured Debt(8)— — — 305 — — 305 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCSF+10.00%Secured Debt(7)— — — — — — — 
SF+10.00%Secured Debt(7)— 61 539 5,350 90 5,440 — 
Preferred Stock(7)— 1,082 — 1,128 1,082 — 2,210 
Quality Lease Service, LLCPreferred Member Units(8)(2,504)2,500 — — 2,500 2,500 — 
RA Outdoors (Aspira) LLC11.59%SF+6.75%11.59%Secured Debt(8)— (73)28 771 498 38 1,231 
11.59%SF+6.75%11.59%Secured Debt(8)— (762)294 12,513 464 100 12,877 
Common Equity(8)— — — — — — — 
SI East, LLC11.75%Secured Debt (12)(7)— (3)195 1,125 2,253 1,128 2,250 
Secured Debt(7)— (241)2,600 54,536 — 54,536 — 
12.63%Secured Debt(7)— 54 3,647 — 67,661 — 67,661 
Preferred Member Units(7)— (2,990)1,994 19,170 — 2,990 16,180 
Slick Innovations, LLC14.00%Secured Debt(6)— 61 1,886 11,440 7,600 2,240 16,800 
Common Stock(6)— 206 234 2,310 206 456 2,060 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— (1,546)— 3,190 — 1,546 1,644 
Preferred Equity(6)— — — — — — — 
116
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1) (10) (11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
8.50%8.50%Secured Debt(6)— — 1 — 201 — 201 
Superior Rigging & Erecting Co.Secured Debt(7)— — 1,193 20,427 73 20,500 — 
Preferred Member Units(7)— 1,510 — 5,940 1,510 — 7,450 
The Affiliati Network, LLCSecured Debt (12)(9)— — 12 150 643 800 (7)
10.00%Secured Debt(9)— — 603 7,347 21 1,920 5,448 
Preferred Stock(9)— — 272 6,400 — — 6,400 
Preferred Stock(9)— — 20 172 90 — 262 
UnionRock Energy Fund II, LPLP Interests (12)(9)— 282 — 5,694 283 336 5,641 
UnionRock Energy Fund III, LPLP Interests (12)(9)— 1,453 — 2,838 3,953 — 6,791 
UniTek Global Services, Inc.15.00%15.00%Secured Convertible Debt(6)— 153 204 3,889 1,610 — 5,499 
15.00%15.00%Secured Convertible Debt(6)— 61 99 1,908 686 — 2,594 
20.00%20.00%Preferred Stock(6)— (224)418 2,833 418 224 3,027 
20.00%20.00%Preferred Stock(6)— 250 — 3,698 574 — 4,272 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Common Stock(6)— — — — — — — 
Universal Wellhead Services Holdings, LLC14.00%14.00%Preferred Member Units(8)— (150)— 150 — 150 — 
Member Units(8)— — — — — — — 
Urgent DSO LLC13.50%Secured Debt(5)— — 939 — 8,722 — 8,722 
9.00%9.00%Preferred Equity(5)— — 228 — 4,228 — 4,228 
World Micro Holdings, LLC13.00%Secured Debt(7)— — 1,182 12,028 21 479 11,570 
Preferred Equity(7)— — 88 3,845 — — 3,845 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— (3,694)(2,723)(71,799)— — — 
Total Affiliate investments$786 $22,609 $61,813 $615,002 $340,196 $242,905 $784,092 
____________________
(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.
117
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
(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 September 30, 2024 for control investments located in this region was $518,932. This represented 19.3% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for affiliate investments located in this region was $203,627. This represented 7.6% of net assets as of September 30, 2024.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for control investments located in this region was $287,130. This represented 10.7% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for affiliate investments located in this region was $84,630. This represented 3.1% of net assets as of September 30, 2024.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for control investments located in this region was $50,636. This represented 1.9% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for affiliate investments located in this region was $170,755. This represented 6.3% of net assets as of September 30, 2024.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for control investments located in this region was $851,838. This represented 31.6% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for affiliate investments located in this region was $163,808. This represented 6.1% of net assets as of September 30, 2024.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for control investments located in this region was $396,040. This represented 14.7% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for affiliate investments located in this region was $161,272. This represented 6.0% of net assets as of September 30, 2024.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of September 30, 2024 (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.
118
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
September 30, 2023
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)		September 30, 2023
Fair Value (13)
Majority-owned investments
Analytical Systems Keco Holdings, LLC15.38%SF+10.00%Secured Debt (12)(8)$— $— $4 $(3)$162 $— $159 
15.38%SF+10.00%Secured Debt(8)— — 569 4,545 61 469 4,137 
14.13%Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 1,076 — 3,504 1,076 — 4,580 
Warrants(8)— — — — — — — 
Brewer Crane Holdings, LLC15.44%L+10.00%Secured Debt(9)— (117)682 5,964 30 489 5,505 
Preferred Member Units(9)— (1,460)90 7,080 — 1,460 5,620 
Café Brazil, LLCMember Units(8)— (180)149 2,210 — 180 2,030 
California Splendor Holdings LLC15.50%SF+10.00%Secured Debt(9)— (49)3,240 28,000 10 49 27,961 
Preferred Member Units(9)— (4,550)188 25,495 — 4,550 20,945 
15.00%15.00%Preferred Member Units(9)— — 454 3,994 454 — 4,448 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — 2 — — — — 
11.50%Secured Debt(5)— (138)910 10,440 29 1,817 8,652 
10.00%Secured Debt(5)— — 78 1,039 1 27 1,013 
Member Units(5)— (2,640)275 8,220 — 2,640 5,580 
Member Units(5)— 220 — 610 519 — 1,129 
CMS Minerals InvestmentsMember Units(9)99 (366)44 1,670 99 1,769 — 
Cody Pools, Inc.Secured Debt (12)(8)— 11 8 — — — — 
12.50%Secured Debt(8)— 35 2,029 — 46,311 2,755 43,556 
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)— 10,970 2,610 58,180 10,970 — 69,150 
CompareNetworks Topco, LLCSF+9.00%Secured Debt(9)— — — — — — — 
14.48%SF+9.00%Secured Debt(9)— (7)533 5,241 7 1,379 3,869 
Preferred Member Units(9)— (4,400)316 19,830 — 4,400 15,430 
Cybermedia Technologies, LLCSecured Debt (12)(6)— — 4 — — — — 
13.00%Secured Debt(6)— — 2,020 — 28,734 — 28,734 
Preferred Member Units(6)— — — — 15,000 — 15,000 
Datacom, LLC7.50%Secured Debt(8)— — 30 223 808 495 536 
10.00%Secured Debt(8)— (85)761 7,789 116 288 7,617 
Preferred Member Units(8)— (2,430)— 2,670 — 2,430 240 
Direct Marketing Solutions, Inc.14.00%Secured Debt(9)— (22)36 — 1,297 22 1,275 
14.00%Secured Debt(9)— (47)2,778 27,267 47 1,361 25,953 
Preferred Stock(9)— (850)171 22,220 — 850 21,370 
Elgin AcquireCo, LLCSF+6.00%Secured Debt (12)(5)— — 7 (9)1 — (8)
12.00%Secured Debt(5)— — 1,736 18,594 29 — 18,623 
9.00%Secured Debt(5)— — 430 6,294 2 33 6,263 
Common Stock(5)— 364 — 7,603 364 1,877 6,090 
Common Stock(5)— 112 — 1,558 112 — 1,670 
Gamber-Johnson Holdings, LLCSF+7.50%Secured Debt (12)(5)— — 5 — — — — 
10.50%SF+7.50%Secured Debt(5)— (99)5,185 64,078 99 7,699 56,478 
Member Units(5)— 30,720 4,963 50,890 30,720 — 81,610 
GRT Rubber Technologies LLC11.48%SF+6.00%Secured Debt (12)(8)— 5 113 670 1,032 — 1,702 
119
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)		September 30, 2023
Fair Value (13)
13.48%SF+8.00%Secured Debt(8)— (35)4,022 40,493 35 35 40,493 
Member Units(8)— — 126 44,440 — — 44,440 
Gulf Publishing Holdings, LLCSF+9.50%Secured Debt (12)(8)— — — — — — — 
12.50%Secured Debt(8)— — 227 2,284 — — 2,284 
Preferred Equity(8)— (980)— 3,780 — 980 2,800 
Member Units(8)— — — — — — — 
IG Investor, LLCSecured Debt (12)(6)— — 91 — 763 800 (37)
13.00%Secured Debt(6)— — 2,168 — 37,352 — 37,352 
Common Equity(6)— — — — 15,096 696 14,400 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— (790)— — 18,300 790 17,510 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — — — — — — 
15.25%P+6.75%Secured Debt(9)— (5)278 2,450 5 455 2,000 
Member Units(9)— (2,550)983 14,970 — 2,550 12,420 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 2,033 20,374 198 800 19,772 
9.00%Secured Debt(5)— — 262 3,842 1 29 3,814 
Preferred Equity(5)— 1,610 — 7,220 1,610 — 8,830 
Member Units(5)— 10 91 2,850 10 — 2,860 
Market Force Information, LLCL+11.00%Secured Debt(9)(6,662)163 453 6,090 804 6,894 — 
Secured Debt(9)(25,952)24,342 — 1,610 24,342 25,952 — 
Member Units(9)(16,642)16,642 — — 16,642 16,642 — 
Metalforming Holdings, LLCSecured Debt (12)(7)— — 8 — — — — 
12.75%Secured Debt(7)— — 2,305 23,576 35 — 23,611 
8.00%8.00%Preferred Equity(7)— 237 148 6,010 354 — 6,364 
Common Stock(7)— (137)821 1,537 — 137 1,400 
MH Corbin Holding LLC13.00%Secured Debt(5)— 1,229 581 4,548 1,229 675 5,102 
Preferred Member Units(5)— 330 — — 330 — 330 
Preferred Member Units(5)— — — — — — — 
MSC Adviser I, LLCMember Units(8)— 23,201 8,085 122,930 23,201 — 146,131 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — 3 — — — — 
10.00%Secured Debt(6)— — 436 5,746 — — 5,746 
Common Stock(6)— 4,320 3,142 22,830 4,320 — 27,150 
OMi Topco, LLC12.00%Secured Debt(8)— (37)1,400 15,750 37 2,287 13,500 
Preferred Member Units(8)— 9,820 2,025 22,810 9,820 — 32,630 
PPL RVs, Inc.SF+8.75%Secured Debt(8)— (1)1 — 1 1 — 
13.98%SF+8.75%Secured Debt(8)— (51)2,101 21,655 51 1,416 20,290 
Common Stock(8)— (1,080)— 18,950 — 1,080 17,870 
Common Stock(8)— (163)— 238 — 163 75 
Principle Environmental, LLCSecured Debt(8)— — — — — — — 
13.00%Secured Debt(8)— — 599 5,806 17 — 5,823 
Preferred Member Units(8)— (1,790)572 12,420 — 1,790 10,630 
Common Stock(8)— (80)— 590 — 80 510 
Quality Lease Service, LLCMember Units(7)— (98)— 525 33 98 460 
Robbins Bros. Jewelry, Inc.Secured Debt(9)— — 24 (35)6 — (29)
12.50%Secured Debt(9)— (611)3,379 35,404 61 1,736 33,729 
120
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)		September 30, 2023
Fair Value (13)
Preferred Equity(9)— (12,090)— 14,880 — 12,090 2,790 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— (2)5 — 2 2 — 
12.00%Secured Debt(7)— (14)734 7,920 14 14 7,920 
Common Stock(7)— 5,600 87 7,800 5,600 — 13,400 
Volusion, LLC10.00%Secured Debt(8)— — 107 — 2,100 — 2,100 
Secured Debt(8)(3,188)1,821 166 14,914 — 14,914 — 
Unsecured Convertible Debt(8)(409)409 — — 409 409 — 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— (1,396)— — 11,446 2,096 9,350 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— (2,576)— — 2,576 2,576 — 
Warrants(8)— 2,576 — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 41 450 — — 450 
6.50%Secured Debt(8)— — 49 945 — — 945 
14.00%Secured Debt(8)— (304)292 2,676 — 304 2,372 
Preferred Member Units(8)— (240)— 240 — 240 — 
Warrants(8)— — — — — — — 
Other controlled investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)2,222 (1,106)141 7,552 2,796 4,452 5,896 
LP Interests (2717 HPP-MS, L.P.) (12)(8)— 67 — 248 67 — 315 
ASC Interests, LLC13.00%Secured Debt(8)— — 40 400 — — 400 
13.00%Secured Debt(8)— (53)163 1,649 1 53 1,597 
Member Units(8)— (700)— 800 — 700 100 
Preferred Member Units(8)— 88 — — 250 — 250 
ATS Workholding, LLC5.00%Secured Debt(9)— (414)— 634 188 414 408 
5.00%Secured Debt(9)— (417)— 1,005 — 417 588 
Preferred Member Units(9)— — — — — — — 
Barfly Ventures, LLC7.00%Secured Debt (12)(5)— — 45 711 — — 711 
Member Units(5)— (280)— 3,320 — 280 3,040 
Batjer TopCo, LLCSecured Debt (12)(8)— 6 1 (8)8 — — 
10.00%Secured Debt (12)(8)— — 11 — 630 — 630 
10.00%Secured Debt(8)— 73 859 10,933 93 451 10,575 
Preferred Stock(8)— 2,055 630 4,095 2,055 — 6,150 
Bolder Panther Group, LLCSecured Debt(9)— — 1 — — — — 
14.52%SF+9.15%Secured Debt(9)— (106)10,599 99,194 106 2,084 97,216 
8.00%Class B Preferred Member Units(9)— (300)2,920 31,420 — 300 31,120 
Bridge Capital Solutions Corporation13.00%Secured Debt(6)— — 869 8,813 — — 8,813 
13.00%Secured Debt(6)— — 99 1,000 — — 1,000 
Preferred Member Units(6)— — 75 1,000 — — 1,000 
Warrants(6)— 46 — 1,828 46 — 1,874 
121
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)		September 30, 2023
Fair Value (13)
Warrants(6)— 64 — 2,512 64 — 2,576 
CBT Nuggets, LLCMember Units(9)— 1,838 2,059 49,002 1,838 — 50,840 
Centre Technologies Holdings, LLCSF+9.00%Secured Debt (12)(8)— — 9 — — — — 
14.48%SF+9.00%Secured Debt(8)— 70 1,657 14,954 2,620 — 17,574 
Preferred Member Units(8)— 1,700 90 8,700 1,700 — 10,400 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— 140 21 — — — — 
13.49%SF+8.00%Secured Debt(8)— (7)1,655 16,945 7 545 16,407 
Member Units(8)— 3,010 2,792 22,920 3,010 — 25,930 
Member Units(8)— 260 69 2,710 260 — 2,970 
Charps, LLC10.00%Unsecured Debt(5)— (26)452 5,694 26 26 5,694 
Preferred Member Units(5)— 670 666 13,340 670 — 14,010 
Colonial Electric Company LLCSecured Debt(6)— — 50 — 1,600 1,600 — 
12.00%Secured Debt(6)— (500)2,105 23,151 42 1,446 21,747 
Preferred Member Units(6)— 1,440 — — 2,400 — 2,400 
Preferred Member Units(6)— (1,480)(1,179)9,160 — 1,480 7,680 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — 38 588 — — 588 
Digital Products Holdings LLC15.38%SF+10.00%Secured Debt(5)— (67)1,735 15,523 — 845 14,678 
Preferred Member Units(5)— — 150 9,835 — — 9,835 
Garreco, LLC12.00%SF+10.00%Secured Debt(8)— — 315 3,826 — 738 3,088 
Member Units(8)— (220)25 1,800 — 220 1,580 
Gulf Manufacturing, LLCMember Units(8)— 1,980 2,533 6,790 1,980 — 8,770 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 990 — 3,280 990 — 4,270 
Johnson Downie Opco, LLCSF+11.50%Secured Debt (12)(8)— (3)10 — 3 3 — 
16.98%SF+11.50%Secured Debt(8)— (19)1,247 9,999 19 661 9,357 
Preferred Equity(8)— 2,120 253 5,540 2,120 — 7,660 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 2,373 25,432 38 — 25,470 
Preferred Equity(9)— — 704 10,741 — — 10,741 
KBK Industries, LLC9.00%Secured Debt(5)— 44 444 — 6,000 900 5,100 
Member Units(5)— 2,800 7,696 15,570 2,800 — 18,370 
MS Private Loan Fund I, LPSecured Debt (12)(8)— — 19 — — — — 
Secured Debt(8)— — — — — — — 
LP Interests (12)(8)— (306)1,240 14,833 — 306 14,527 
MS Private Loan Fund II, LP8.88%SF+3.50%Secured Debt (12)(8)— — 72 — 10,848 — 10,848 
LP Interests (12)(8)— — — — 1,152 — 1,152 
MSC Income Fund, Inc.Common Equity(8)— 61 93 753 5,561 — 6,314 
NAPCO Precast, LLCMember Units(8)— 330 (189)11,830 330 — 12,160 
Nebraska Vet AcquireCo, LLCSF+7.00%Secured Debt (12)(5)— — 7 — — — — 
12.00%Secured Debt(5)— 14 2,104 20,094 5,700 — 25,794 
12.00%Secured Debt(5)— (16)972 10,500 16 16 10,500 
Preferred Member Units(5)— 6,730 591 7,700 6,730 — 14,430 
NexRev LLCSecured Debt (12)(8)— — — — — — — 
10.00%Secured Debt(8)— 2,857 880 8,477 2,914 1,653 9,738 
Preferred Member Units(8)— 5,240 171 1,110 5,240 — 6,350 
NRP Jones, LLC12.00%Secured Debt(5)— — 189 2,080 — — 2,080 
122
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)		September 30, 2023
Fair Value (13)
Member Units(5)— (2,265)36 4,615 — 2,265 2,350 
Member Units(5)— (86)(2)175 — 85 90 
NuStep, LLC11.98%SF+6.50%Secured Debt(5)— — 364 4,399 — 800 3,599 
12.00%Secured Debt(5)— — 1,687 18,414 9 — 18,423 
Preferred Member Units(5)— 1,200 — 8,040 1,200 — 9,240 
Preferred Member Units(5)— — — 5,150 — — 5,150 
Orttech Holdings, LLCSF+11.00%Secured Debt (12)(5)— — — — — — — 
16.48%SF+11.00%Secured Debt(5)— 127 2,822 23,429 171 1,400 22,200 
Preferred Stock(5)— 5,300 909 11,750 5,300 — 17,050 
Pearl Meyer Topco LLC12.00%Secured Debt (12)(6)— 4 256 — 3,500 — 3,500 
12.00%Secured Debt(6)— 45 986 — 17,500 — 17,500 
12.00%Secured Debt(6)— (50)2,586 28,681 50 1,050 27,681 
Preferred Equity(6)— 830 9,215 43,260 830 — 44,090 
River Aggregates, LLCMember Units(8)— — — 3,620 — — 3,620 
Tedder Industries, LLC12.00%Secured Debt(9)— (58)167 1,840 — 58 1,782 
12.00%Secured Debt(9)— (404)1,392 15,120 8 404 14,724 
Preferred Member Units(9)— (4,080)— 7,681 — 4,080 3,601 
Preferred Member Units(9)— 178 — — 603 — 603 
Preferred Member Units(9)— 720 — — 1,200 — 1,200 
Televerde, LLCMember Units(8)— (309)592 5,408 — 309 5,099 
Preferred Stock(8)— — — 1,794 — — 1,794 
UnionRock Energy Fund III, LPLP Interests (12)(9)— — — — 1,051 — 1,051 
Vision Interests, Inc.Series A Preferred Stock(9)— — 168 3,000 — — 3,000 
VVS Holdco LLCSF+6.00%Secured Debt (12)(5)— — 23 (21)17 — (4)
11.50%Secured Debt(5)— — 2,625 30,161 60 2,200 28,021 
Preferred Equity(5)— (100)215 11,940 — 100 11,840 
— — — — — — — 
— — — — — — — 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— — (171)(14,914)— — — 
Total Control investments$(50,532)$122,779 $145,485 $1,703,172 $419,339 $210,406 $1,927,019 
Affiliate Investments
423 HAR, LPLP Interests (423 HAR, L.P.)(8)$— $— $— $— $750 $— $750 
AAC Holdings, Inc.18.00%18.00%Secured Debt (12)(7)— (20)46 — 394 15 379 
18.00%18.00%Secured Debt(7)— (671)1,739 11,550 1,739 671 12,618 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
AFG Capital Group, LLCPreferred Member Units(8)7,200 (8,200)— 9,400 7,200 16,600 — 
ATX Networks Corp.L+7.50%Secured Debt(6)— (134)886 6,343 575 6,918 — 
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 — 
BBB Tank Services, LLC16.44%L+11.00%Unsecured Debt(8)— — 96 800 — 200 600 
123
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)		September 30, 2023
Fair Value (13)
16.44%L+11.00%Unsecured Debt(8)— 116 484 2,086 116 — 2,202 
Member Units(8)— — — — — — — 
15.00%15.00%Preferred Stock (non-voting)(8)— — — — — — — 
Boccella Precast Products LLC10.00%Secured Debt(6)— — 24 320 — — 320 
Member Units(6)— (840)61 2,970 — 840 2,130 
Buca C, LLC12.00%Secured Debt(7)— 292 1,659 12,337 292 375 12,254 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
Career Team Holdings, LLCSF+6.00%Secured Debt (12)(6)— — 18 (9)439 451 (21)
12.50%Secured Debt(6)— — 1,950 20,090 31 90 20,031 
Common Stock(6)— — — 4,500 — — 4,500 
Chandler Signs Holdings, LLCClass A Units(8)1,797 (290)60 1,790 1,797 3,587 — 
Classic H&G Holdings, LLC11.50%SF+6.00%Secured Debt (12)(6)— — 397 4,560 — — 4,560 
8.00%Secured Debt(6)— (32)1,201 19,274 32 32 19,274 
Preferred Member Units(6)— (8,639)5,259 24,637 — 8,637 16,000 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— 87 345 7,657 87 3,318 4,426 
DMA Industries, LLC12.00%Secured Debt(7)— (32)1,896 21,200 32 1,232 20,000 
Preferred Equity(7)— — — 7,260 — — 7,260 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)754 (388)— 9,127 759 1,292 8,594 
LP Interests (Dos Rios Partners - A, LP)(8)241 (173)— 2,898 241 460 2,679 
Dos Rios Stone Products LLCClass A Preferred Units(8)— 250 — 1,330 250 — 1,580 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)16 — 68 1,013 16 56 973 
Flame King Holdings, LLCL+6.50%Secured Debt(9)— (60)484 7,600 60 7,660 — 
L+9.00%Secured Debt(9)— (162)1,583 21,200 162 21,362 — 
Preferred Equity(9)— 10,320 2,478 17,580 10,320 — 27,900 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP) (12)(5)— 14 — 3,483 14 — 3,497 
LP Interests (Freeport First Lien Loan Fund III LP) (12)(5)— — 446 5,848 — 975 4,873 
GFG Group, LLC8.00%Secured Debt(5)— (22)763 11,345 22 822 10,545 
Preferred Member Units(5)— 3,240 328 7,140 3,240 — 10,380 
Hawk Ridge Systems, LLC11.65%SF+6.00%Secured Debt (12)(9)— (1)234 3,185 4,581 5,967 1,799 
12.50%Secured Debt(9)— 10 3,636 37,800 7,456 — 45,256 
Preferred Member Units(9)— — 196 17,460 — — 17,460 
Preferred Member Units(9)— — — 920 — — 920 
Houston Plating and Coatings, LLC8.00%Unsecured Convertible Debt(8)— (120)182 3,000 — 120 2,880 
Member Units(8)— 1,240 51 2,400 1,240 — 3,640 
124
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)		September 30, 2023
Fair Value (13)
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.) (12)(8)— — — 2,332 464 — 2,796 
LP Interests (423 COR, L.P.) (12)(8)— — 117 1,400 — — 1,400 
I-45 SLF LLC
Member Units (Fully diluted 20.0%; 21.75% profits interest)
(8)— 259 1,725 11,758 1,459 — 13,217 
Infinity X1 Holdings, LLC13.00%Secured Debt(9)— — 1,391 — 17,843 225 17,618 
Preferred Equity(9)— — — — 4,000 — 4,000 
Integral Energy Services13.01%SF+7.50%Secured Debt(8)— (750)1,578 15,769 50 750 15,069 
Common Stock(8)— (990)32 1,280 — 990 290 
Iron-Main Investments, LLC13.50%Secured Debt(5)— — 465 4,500 5 20 4,485 
13.50%Secured Debt(5)— — 323 3,130 4 14 3,120 
13.50%Secured Debt(5)— — 908 8,944 — — 8,944 
13.50%Secured Debt(5)— — 2,021 19,559 25 88 19,496 
13.50%Secured Debt(5)— — 1,298 — 10,887 438 10,449 
Common Stock(5)— 74 — 1,798 1,032 — 2,830 
ITA Holdings Group, LLCSF+9.00%2.00%Secured Debt (12)(8)— — 16 — — 11 (11)
SF+9.00%2.00%Secured Debt (12)(8)— — 2 — — 9 (9)
15.40%SF+8.00%2.00%Secured Debt(8)— — 321 — 3,341 — 3,341 
17.40%SF+10.00%2.00%Secured Debt(8)— — 345 — 3,341 — 3,341 
Warrants(8)— — — — 2,091 — 2,091 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— (196)— 569 — 197 372 
12.00%12.00%Secured Debt(8)— (200)— 580 — 200 380 
12.00%12.00%Secured Debt(8)— (431)— 1,249 — 431 818 
12.00%12.00%Secured Debt(8)— (900)— 2,606 — 900 1,706 
10.00%10.00%Unsecured Debt(8)— — — 305 — — 305 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCSF+11.00%Secured Debt(7)— — — — — — — 
16.48%SF+11.00%Secured Debt(7)— (61)681 5,559 9 141 5,427 
Preferred Stock(7)— — — 1,056 72 — 1,128 
Quality Lease Service, LLCSecured Debt(8)(29,526)29,865 — — 29,865 29,865 — 
Preferred Member Units(8)— — — — — — — 
SI East, LLC11.25%Secured Debt (12)(7)— 18 23 — 1,875 — 1,875 
12.49%Secured Debt(7)— 255 2,324 — 54,536 — 54,536 
Secured Debt(7)— (79)3,885 89,786 — 89,786 — 
Preferred Member Units(7)— 3,583 1,043 13,650 3,890 — 17,540 
Slick Innovations, LLC14.00%Secured Debt(6)— (36)1,451 13,840 36 1,716 12,160 
Common Stock(6)— 460 — 1,530 460 — 1,990 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)(2)(114)329 4,556 222 8 4,770 
Preferred Equity(6)— 120 — — 120 — 120 
125
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount 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)		September 30, 2023
Fair Value (13)
Superior Rigging & Erecting Co.12.00%Secured Debt(7)— — 1,924 21,378 38 1,000 20,416 
Preferred Member Units(7)— 1,440 — 4,500 1,440 — 5,940 
The Affiliati Network, LLCSecured Debt(9)— — 16 106 1,963 2,080 (11)
13.00%Secured Debt(9)— (129)906 9,442 27 1,730 7,739 
Preferred Stock(9)— — 107 6,400 — — 6,400 
Preferred Stock(9)— — — — 172 — 172 
UnionRock Energy Fund II, LPLP Interests (12)(9)— (964)25 5,855 531 1,251 5,135 
UniTek Global Services, Inc.15.00%15.00%Secured Convertible Debt(6)— 206 248 4,592 — 548 4,044 
15.00%15.00%Secured Convertible Debt(6)(223)1,174 30 — 2,206 223 1,983 
SF+7.50%Secured Debt(6)— 22 (2)382 25 407 — 
SF+7.50%Secured Debt(6)— 96 282 1,712 112 1,824 — 
20.00%20.00%Preferred Stock(6)— (341)341 2,833 341 341 2,833 
20.00%20.00%Preferred Stock(6)— 1,986 — 1,991 1,986 — 3,977 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Common Stock(6)— — — — — — — 
Universal Wellhead Services Holdings, LLC14.00%14.00%Preferred Member Units(8)— — — 220 — — 220 
Member Units(8)— — — — — — — 
World Micro Holdings, LLC13.00%Secured Debt(7)— — 1,440 14,140 29 879 13,290 
Preferred Equity(7)— — 226 3,845 — — 3,845 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— — 171 14,914 — — — 
Total Affiliate investments$(16,495)$26,859 $53,722 $618,359 $191,033 $228,536 $565,942 
________________
(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.
126
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
September 30, 2023
(dollars in thousands)
(Unaudited)
(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 September 30, 2023 for control investments located in this region was $470,009. This represented 19.8% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $78,619. This represented 3.3% of net assets as of September 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 September 30, 2023 for control investments located in this region was $285,716. This represented 12.1% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $98,671. This represented 4.2% of net assets as of September 30, 2023.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2023 for control investments located in this region was $53,155. This represented 2.2% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $176,508. This represented 7.4% of net assets as of September 30, 2023.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2023 for control investments located in this region was $691,921. This represented 29.2% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $77,756. This represented 3.3% of net assets as of September 30, 2023.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2023 for control investments located in this region was $426,218. This represented 18.0% of net assets as of September 30, 2023. The fair value as of September 30, 2023 for affiliate investments located in this region was $134,388. This represented 5.7% of net assets as of September 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 September 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.
127
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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 this Quarterly Report on Form 10-Q, if any, and discussed in Item 1A entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024 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, 2023, 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, 2023, 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 long-term debt and equity capital solutions to lower middle market (“LMM”) companies (its “LMM investment strategy”) and debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” debt and equity financing solutions within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies typically based in the United States. Main Street also seeks to partner with private equity fund sponsors in its Private Loan investment strategy and primarily invests in secured debt investments of Private Loan 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
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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.
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”).
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.
OVERVIEW OF OUR BUSINESS
Our principal investment objective is to maximize our investment 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 and Private Loan investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million and annual earnings before interest, tax, depreciation and amortization expenses (“EBITDA”) between $3 million and $20 million. Our LMM portfolio investments generally range in size from $5 million to $125 million. Our Private Loan investment strategy involves investments in companies that generally have annual revenues between $25 million and $500 million and annual EBITDA between $7.5 million and $50 million. Our Private Loan investments generally range in size from $10 million to $100 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. We believe that providing customized, “one-stop” financing solutions is important and valuable to LMM portfolio companies. We generally seek to partner directly with entrepreneurs, management teams and business owners in making our LMM 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 in a company owned by or in the process of being acquired by a private equity fund. 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 co-invest with the private equity fund in the equity securities of our Private Loan portfolio companies.
We also maintain a legacy portfolio of investments in larger middle market (“Middle Market”) companies (our “Middle Market investment portfolio”). Our Middle Market investments are generally debt investments in companies owned by private equity funds that were originally issued through a syndication financing process. We have generally stopped making new Middle Market investments and expect our Middle Market investment portfolio to continue to decline in future periods as existing Middle Market investments are repaid or sold. Our Middle Market debt investments generally range in size from $3 million to $25 million, 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 our overall Investment Portfolio. The “Investment Portfolio,” as used herein, refers to all of our LMM portfolio investments, Private Loan portfolio investments, Middle Market portfolio investments, Other Portfolio investments, short-term 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. 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 1.3% and 1.4% for the trailing twelve months ended September 30, 2024 and 2023, respectively, and 1.3% for the year ended December 31, 2023. The ratio of our total operating expenses, including interest expense, as a percentage of our quarterly average total assets was 3.7% for each of the trailing twelve months ended September 30, 2024 and 2023 and for the year ended December 31, 2023. 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 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.

Additionally, the External Investment Manager has entered into investment management agreements with MS Private Loan Fund I, LP (the “Private Loan Fund”) and MS Private Loan Fund II, LP (the “Private Loan Fund II”), each a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments, pursuant to which the External Investment Manager provides investment advisory and management services to each fund in exchange for an asset-based base management fee and certain incentive fees. The External Investment Manager may also advise
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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. For the three months ended September 30, 2024 and 2023, the External Investment Manager earned $6.1 million and $5.7 million in base management fees, respectively, $2.4 million and $2.6 million in incentive fees, respectively, and $0.2 million of administrative service fee income for each of the three months ended September 30, 2024 and 2023. For the nine months ended September 30, 2024 and 2023, the External Investment Manager earned $17.7 million and $16.7 million in base management fees, respectively, $10.4 million and $9.6 million in incentive fees, respectively, and $0.5 million of administrative service fee income for each of the nine months ended September 30, 2024 and 2023.
We have entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income and its other clients. Through this agreement, we share employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities, and we allocate the related expenses to the External Investment Manager pursuant to the sharing agreement. Our total expenses for the three months ended September 30, 2024 and 2023 are net of expenses allocated to the External Investment Manager of $5.3 million and $5.4 million, respectively. Our total expenses for the nine months ended September 30, 2024 and 2023 are net of expenses allocated to the External Investment Manager of $16.8 million and $16.1 million, respectively.
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. For the three months ended September 30, 2024 and 2023, dividends accrued by us from the External Investment Manager were $2.6 million and $2.2 million, respectively. For the three months ended September 30, 2024 and 2023, the total contribution of the External Investment Manager to our net investment income was $7.9 million and $7.6 million, respectively. For the nine months ended September 30, 2024 and 2023, dividends accrued by us from the External Investment Manager were $8.9 million and $8.1 million, respectively. For the nine months ended September 30, 2024 and 2023, the total contribution of the External Investment Manager to our net investment income was $25.6 million and $24.2 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, the Private Loan Fund II and other funds and 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.
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INVESTMENT PORTFOLIO SUMMARY
The following tables provide a summary of our investments in the LMM, Private Loan and Middle Market portfolios as of September 30, 2024 and December 31, 2023 (this information excludes Other Portfolio investments and the External Investment Manager which are discussed further below).
As of September 30, 2024
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies84 92 17 
Fair value$2,468.8 $1,883.3 $178.2 
Cost$1,924.5 $1,937.7 $218.3 
Debt investments as a % of portfolio (at cost)72.2 %95.9 %88.0 %
Equity investments as a % of portfolio (at cost)27.8 %4.1 %12.0 %
% of debt investments at cost secured by first priority lien99.2 %99.9 %97.6 %
Weighted-average annual effective yield (b)13.0 %12.4 %12.6 %
Average EBITDA (c)$9.6 $35.0 $53.1 
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(a)As of September 30, 2024, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 39%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of September 30, 2024, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. The weighted-average annual effective yield on our debt portfolio as of September 30, 2024 including debt investments on non-accrual status was 12.3% for our LMM portfolio, 12.0% for our Private Loan portfolio and 10.6% 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 four LMM portfolio companies, five Private Loan portfolio companies and two Middle Market 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 and those portfolio companies whose primary operations have ceased and only residual value remains.
As of December 31, 2023
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies808723
Fair value$2,273.0$1,453.5$243.7
Cost$1,782.9$1,470.1$294.4
Debt investments as a % of portfolio (at cost)72.0 %94.7 %91.4 %
Equity investments as a % of portfolio (at cost)28.0 %5.3 %8.6 %
% of debt investments at cost secured by first priority lien99.2 %100.0 %99.1 %
Weighted-average annual effective yield (b)13.0 %12.9 %12.5 %
Average EBITDA (c)$8.2$27.2$64.2
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(a)As of December 31, 2023, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 40%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 2023, including amortization of deferred debt origination fees and accretion of original
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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, 2023 including debt investments on non-accrual status was 12.9% for our LMM portfolio, 12.5% for our Private Loan portfolio and 10.8% 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 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.
For the three months ended September 30, 2024 and 2023, we achieved an annualized total return on investments of 17.7% and 16.0%, respectively. For the nine months ended September 30, 2024 and 2023, we achieved an annualized total return on investments of 16.7% and 15.4%, respectively. For the year ended December 31, 2023, we achieved a total return on investments of 16.3%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. Our total return on investments is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
As of September 30, 2024, we had Other Portfolio investments in 14 entities, collectively totaling $162.4 million in fair value and $155.8 million in cost basis and which comprised 3.3% and 3.7% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2023, we had Other Portfolio investments in 15 entities, collectively totaling $142.0 million in fair value and $149.1 million in cost basis and which comprised 3.3% and 4.0% of our Investment Portfolio at fair value and cost, respectively.
As previously discussed, the External Investment Manager is a wholly-owned subsidiary that is treated as a portfolio investment. As of September 30, 2024, this investment had a fair value of $218.4 million and a cost basis of $29.5 million, which comprised 4.4% and 0.7% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2023, this investment had a fair value of $174.1 million and a cost basis of $29.5 million, which comprised 4.1% 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 September 30, 2024 and December 31, 2023, our Investment Portfolio valued at fair value represented 96% 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
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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.
Rule 2a-5 under the 1940 Act 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 September 30, 2024 and December 31, 2023 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. We evaluate accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service its debt obligation, we will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has 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.10. — 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 September 30, 2024 and 2023, (i) 4.4% and 1.9%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.5% and 0.3%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2024 and 2023, (i) 3.8% and 2.0%, respectively, of our total investment income was
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attributable to PIK interest income not paid currently in cash and (ii) 0.4% and 0.3%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash.
INVESTMENT PORTFOLIO COMPOSITION
The following tables summarize the composition of our total combined LMM, 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 September 30, 2024 and December 31, 2023 (this information excludes Other Portfolio investments and the External Investment Manager).
Cost:
September 30, 2024
December 31, 2023
First lien debt83.9 %82.7 %
Equity15.4 16.8 
Second lien debt0.2 0.1 
Equity warrants0.3 0.2 
Other0.2 0.2 
100.0 %100.0 %
Fair Value:
September 30, 2024
December 31, 2023
First lien debt72.7 %71.6 %
Equity26.7 27.8 
Second lien debt0.2 0.2 
Equity warrants0.2 0.2 
Other0.2 0.2 
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 Factors — Risks Related to our Investments contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 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, but not limited to, each investment’s expected level of returns, the collectability of our debt investments and the ability to receive a return of the invested capital in our equity investments, comparisons to competitors and other industry participants, the portfolio company’s future outlook and other factors that are deemed to be significant to the portfolio company.
As of September 30, 2024, investments on non-accrual status comprised 1.4% of our total Investment Portfolio at fair value and 3.9% at cost. As of December 31, 2023, investments on non-accrual status comprised 0.6% of our total Investment Portfolio at fair value and 2.3% at 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 September 30, 2024 and 2023
Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the three months ended September 30, 2024 and 2023.
Three Months Ended
September 30,
Net Change
2024
2023
Amount%
(dollars in thousands)
Total investment income$136,824 $123,237 $13,587 11 %
Total expenses(49,228)(41,058)(8,170)20 %
Net investment income87,596 82,179 5,417 7 %
Net realized gain from investments26,382 664 25,718 NM
Net unrealized appreciation from investments21,738 27,011 (5,273)NM
Income tax provision(11,709)(6,593)(5,116)78 %
Net increase in net assets resulting from operations$124,007 $103,261 $20,746 20 %
Three Months Ended
September 30,
Net Change
2024
2023
Amount%
(dollars in thousands, except per share amounts)
Net investment income$87,596 $82,179 $5,417 7 %
Share‑based compensation expense4,868 4,164 704 17 %
Deferred compensation expense (benefit)509 (172)681 NM
Distributable net investment income (a)$92,973 $86,171 $6,802 8 %
Net investment income per share—Basic and diluted$1.00 $0.99 $0.01 1 %
Distributable net investment income per share—Basic and diluted (a)$1.06 $1.04 $0.02 2 %
____________________
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 September 30, 2024 was $136.8 million, an 11% increase from the $123.2 million of total investment income for the corresponding period of 2023. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
September 30,
Net Change
2024
2023
Amount%
(dollars in thousands)
Interest income$110,551 $99,381 $11,170 11 %(a)
Dividend income23,239 21,192 2,047 10 %(b)
Fee income3,034 2,664 370 14 %
Total investment income$136,824 $123,237 $13,587 11 %(c)
____________________
(a)The increase in interest income was primarily due to higher average levels of income producing Investment Portfolio debt investments, partially offset by (i) an increase in investments on non-accrual status and (ii) a decrease in interest rates on floating rate Investment Portfolio debt investments primarily resulting from decreases in benchmark index rates.
(b)The increase in dividend income from Investment Portfolio equity investments was primarily due to increased dividend income from certain of our LMM portfolio companies.
(c)The increase in total investment income includes a net increase of $1.6 million in certain income considered less consistent or non-recurring, including (i) a $1.7 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments and (ii) a $0.3 million increase in such dividend income, partially offset by a $0.4 million decrease in such fee income.
Expenses
Total expenses for the three months ended September 30, 2024 were $49.2 million, a 20% increase from the $41.1 million in the corresponding period of 2023. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
September 30,
Net Change
2024
2023
Amount%
(dollars in thousands)
Cash compensation$11,135 $11,732 $(597)(5)%(a)
Deferred compensation plan expense (benefit)509 (172)681 NM
Compensation11,644 11,560 84 1 %
General and administrative4,564 4,324 240 6 %
Interest33,474 26,414 7,060 27 %(b)
Share-based compensation4,868 4,164 704 17 %(c)
Gross expenses54,550 46,462 8,088 17 %
Expenses allocated to the External Investment Manager(5,322)(5,404)82 (2)%
Total expenses$49,228 $41,058 $8,170 20 %
____________________
NM    — Net Change % not meaningful
(a)The decrease in cash compensation expenses was primarily related to decreased incentive compensation accruals, partially offset by (i) increased base compensation rates and (ii) increased headcount to support our growing Investment Portfolio and asset management activities.
(b)The increase in interest expense was primarily related to (i) an increased weighted-average interest rate on our debt obligations resulting from the issuance of the March 2029 Notes and the June 2027 Notes and the repayment at
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maturity of the May 2024 Notes (each as defined in the Liquidity and Capital Resources section below) and (ii) an increase in average borrowings outstanding used to fund a portion of the growth of our Investment Portfolio.
(c)The increase in share-based compensation expense was primarily attributable to an increase in incentive based grants related to incentive compensation awards issued in April 2024.
Net Investment Income
Net investment income for the three months ended September 30, 2024 increased 7% to $87.6 million, or $1.00 per share, compared to net investment income of $82.2 million, or $0.99 per share, in the corresponding period of 2023. 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 three months ended September 30, 2024, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) at-the-market program (“ATM Program”), (ii) dividend reinvestment plan and (iii) equity incentive plans. The increase in net investment income on a per share basis includes a $0.02 per share increase in investment income and a $0.01 per share increase in non-cash deferred compensation expenses, in both cases considered less consistent or non-recurring in nature.
Distributable Net Investment Income
Distributable net investment income for the three months ended September 30, 2024 increased 8% to $93.0 million, or $1.06 per share, compared with $86.2 million, or $1.04 per share, in the corresponding period of 2023. 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, both as discussed above. The increase in distributable net investment income per share reflects the impact of the increase in weighted-average shares outstanding for the three months ended September 30, 2024, as discussed above. The increase in distributable net investment income on a per share basis includes a $0.02 per share increase in investment income considered less consistent or non-recurring in nature.
Net Realized Gain (Loss) from Investments
The following table provides a summary of the primary components of the total net realized gain on investments of $26.4 million for the three months ended September 30, 2024.
Three Months Ended September 30, 2024
Full ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)
(dollars in thousands)
LMM portfolio$— —$— —$— —$20 $20 
Private Loan portfolio25,514 1— —— —820 26,334 
Middle Market portfolio— —— —— —(169)(169)
Other Portfolio— —— —— —202 202 
Short-term portfolio— —— —— —(5)(5)
Total net realized gain/(loss)$25,514 1$— —$— —$868 $26,382 
____________________
(a)Other activity includes realized gains and losses from transactions involving 18 portfolio companies which are not considered to be significant individually or in the aggregate.
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Net Unrealized Appreciation (Depreciation)
The following table provides a summary of the total net unrealized appreciation of $21.7 million for the three months ended September 30, 2024.
Three Months Ended September 30, 2024
LMM (a)Private
Loan		Middle
Market		OtherTotal
(dollars in thousands)
Accounting reversals of net unrealized appreciation recognized in prior periods due to net realized gains / income recognized during the current period$(488)$(27,176)$(48)$(198)$(27,910)
Net unrealized appreciation (depreciation) relating to portfolio investments25,734 (7,262)(3,436)34,612 (b)49,648 
Total net unrealized appreciation (depreciation) relating to portfolio investments$25,246 $(34,438)$(3,484)$34,414 $21,738 
____________________
(a)Includes unrealized appreciation on 39 LMM portfolio investments and unrealized depreciation on 20 LMM portfolio investments.
(b)Includes (i) $31.8 million of unrealized appreciation related to the External Investment Manager, (ii) $2.3 million of net unrealized appreciation related to the Other Portfolio and (iii) $0.5 million of net unrealized appreciation related to the assets of the deferred compensation plan.
Income Tax Provision
The income tax provision for the three months ended September 30, 2024 of $11.7 million principally consisted of (i) a deferred tax provision of $9.3 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 $2.5 million, related to a $2.0 million provision for current U.S. federal and state income taxes and a $0.5 million provision for excise tax on our estimated undistributed taxable income.
The income tax provision for the three months ended September 30, 2023 of $6.6 million principally consisted of (i) a deferred tax provision of $5.3 million and (ii) a current tax provision of $1.3 million primarily related to a $1.0 million provision for current U.S. federal and state income taxes and a $0.3 million provision for excise tax on our estimated undistributed taxable income.
Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the three months ended September 30, 2024 was $124.0 million, or $1.42 per share, compared with $103.3 million, or $1.25 per share, during the three months ended September 30, 2023. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023.
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Comparison of the nine months ended September 30, 2024 and 2023
Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income, for the nine months ended September 30, 2024 and 2023.
Nine Months Ended
September 30,
Net Change
2024
2023
Amount%
(dollars in thousands)
Total investment income$400,586 $371,074 $29,512 8 %
Total expenses(135,880)(122,202)(13,678)11 %
Net investment income264,706 248,872 15,834 6 %
Net realized gain (loss) from investments17,429 (103,223)120,652 NM
Net unrealized appreciation from investments85,431 167,070 (81,639)NM
Income tax provision(33,719)(23,353)(10,366)44 %
Net increase in net assets resulting from operations$333,847 $289,366 $44,481 15 %
Nine Months Ended
September 30,
Net Change
2024
2023
Amount%
(dollars in thousands, except per share amounts)
Net investment income$264,706 $248,872 $15,834 6 %
Share‑based compensation expense13,853 12,351 1,502 12 %
Deferred compensation expense1,074 717 357 50 %
Distributable net investment income (a)$279,633 $261,940 $17,693 7 %
Net investment income per share—Basic and diluted$3.07 $3.07 $— — %
Distributable net investment income per share—Basic and diluted (a)$3.24 $3.23 $0.01 — %
____________________
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 nine months ended September 30, 2024 was $400.6 million, a 8% increase from the $371.1 million of total investment income for the corresponding period of 2023. The following table provides a summary of the changes in the comparable period activity.
Nine Months Ended
September 30,
Net Change
2024
2023
Amount%
(dollars in thousands)
Interest income$310,690 $290,045 $20,645 7 %(a)
Dividend income72,718 71,014 1,704 2 %(b)
Fee income17,178 10,015 7,163 72 %(c)
Total investment income$400,586 $371,074 $29,512 8 %(d)
____________________
(a)The increase in interest income was primarily due to (i) higher average levels of income producing Investment Portfolio debt investments and (ii) an increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from increases in benchmark index rates, partially offset by an increase in investments on non-accrual status.
(b)The increase in dividend income from Investment Portfolio equity investments was primarily a result of (i) an increase of $1.3 million in dividend income from certain of our LMM portfolio companies and (ii) an increase of $0.8 million in dividend income from the External Investment Manager, partially offset by a decrease $0.6 million in dividend income from certain of our Private Loan portfolio companies.
(c)The increase in fee income was primarily related to (i) a $4.0 million increase in fees related to increased investment activity and (ii) a $3.1 million increase from refinancing and prepayment of debt investments.
(d)The increase in total investment income includes a net reduction of $1.7 million in certain income considered less consistent or non-recurring, including a $6.5 million decrease in such dividend income, partially offset by (i) a $3.5 million increase in such fee income and (ii) a $1.3 million increase in accelerated interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.
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Expenses
Total expenses for the nine months ended September 30, 2024 were $135.9 million, an 11% increase from the $122.2 million in the corresponding period of 2023. The following table provides a summary of the changes in the comparable period activity.
Nine Months Ended
September 30,
Net Change
2024
2023
Amount%
(dollars in thousands)
Cash compensation$34,151 $34,143 $8 — %
Deferred compensation plan expense1,074 717 357 50 %
Compensation35,225 34,860 365 1 %
General and administrative14,159 12,915 1,244 10 %(a)
Interest89,411 78,165 11,246 14 %(b)
Share-based compensation13,853 12,351 1,502 12 %(c)
Gross expenses152,648 138,291 14,357 10 %
Expenses allocated to the External Investment Manager(16,768)(16,089)(679)4 %
Total expenses$135,880 $122,202 $13,678 11 %
____________________
(a)The increase in general and administrative expense was primarily attributable to an increase in business development activities, professional fees and technology costs.
(b)The increase in interest expense was primarily related to (i) an increased weighted-average interest rate on our debt obligations resulting from the issuance of the March 2029 Notes and the June 2027 Notes and the repayment at maturity of the May 2024 Notes (each as defined in the Liquidity and Capital Resources section below), (ii) an increase in average borrowings outstanding used to fund a portion of the growth of our Investment Portfolio and (iii) an increased average interest rate on our floating rate 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.
(c)The increase in share-based compensation expense was primarily attributable to an increase in incentive based grants related to incentive compensation awards issued in April 2024.
Net Investment Income
Net investment income for the nine months ended September 30, 2024 increased 6% to $264.7 million, or $3.07 per share, compared to net investment income of $248.9 million, or $3.07 per share, for the corresponding period of 2023. 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. Net investment income per share reflects these changes and the impact of the increase in weighted-average shares outstanding for the nine months ended September 30, 2024, primarily due to shares issued through our (i) ATM Program, (ii) dividend reinvestment plan and (iii) equity incentive plans, in each case over the last twelve months. The increase in net investment income on a per share basis includes a $0.03 per share decrease in investment income and a $0.01 increase in non-cash deferred compensation expenses, in both cases considered less consistent or non-recurring in nature.
Distributable Net Investment Income
Distributable net investment income for the nine months ended September 30, 2024 increased 7% to $279.6 million, or $3.24 per share, compared with $261.9 million, or $3.23 per share, in the corresponding period of 2023. The increase in distributable net investment income was primarily due to the increased level of total investment income, partially offset by higher operating expenses, excluding the impact of share-based compensation expense and deferred compensation expense (benefit), both as discussed above. The increase in distributable net investment income per share reflects the impact of the increase in weighted-average shares outstanding for the nine months ended September 30, 2024, as discussed above. The increase in distributable net investment income on a per share basis includes a $0.03 per share decrease in investment income considered less consistent or non-recurring in nature.
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Net Realized Gain (Loss) from Investments
The following table provides a summary of the primary components of the total net realized gain on investments of $17.4 million for the nine months ended September 30, 2024:
Nine Months Ended September 30, 2024
Full ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)
(dollars in thousands)
LMM portfolio$(2,502)1$10,365 1$— —$90 $7,953 
Private Loan portfolio25,514 1— —(1,058)1613 25,069 
Middle Market portfolio(3,836)1(4,436)1(876)1(174)(9,322)
Other Portfolio(7,107)1— —— —699 (6,408)
Short-term portfolio— —— —— —137 137 
Total net realized gain (loss)$12,069 4$5,929 2$(1,934)2$1,365 $17,429 
____________________
(a)Other activity includes realized gains and losses from transactions involving 33 portfolio companies which are not considered to be significant individually or in the aggregate.
Net Unrealized Appreciation
The following table provides a summary of the total net unrealized appreciation of $85.4 million for the nine months ended September 30, 2024:
Nine Months Ended September 30, 2024
LMM (a)Private
Loan		Middle
Market		OtherTotal
(dollars in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$(9,606)$(27,592)$9,385 $6,277 $(21,536)
Net unrealized appreciation (depreciation) relating to portfolio investments63,797 (10,839)1,221 52,788 (b)106,967 
Total net unrealized appreciation (depreciation) relating to portfolio investments$54,191 $(38,431)$10,606 $59,065 $85,431 
____________________
(a)Includes unrealized appreciation on 43 LMM portfolio investments and unrealized depreciation on 29 LMM portfolio investments.
(b)Other includes (i) $44.3 million of unrealized appreciation relating to the External Investment Manager, (ii) $7.4 million of net unrealized appreciation relating to the Other Portfolio and (iii) $1.1 million of net unrealized appreciation relating to the assets of the deferred compensation plan.
Income Tax Provision
The income tax provision for the nine months ended September 30, 2024 of $33.7 million principally consisted of (i) a deferred tax provision of $27.5 million, which is primarily the result of the net activity relating to our portfolio investments held in our Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences and (ii) a current tax provision of $6.2 million related to a $4.5 million provision for current U.S. federal and state income taxes and a $1.7 million provision for excise tax on our estimated undistributed taxable income.
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The income tax provision for the nine months ended September 30, 2023 of $23.4 million principally consisted of (i) a deferred tax provision of $18.7 million and (ii) a current tax provision of $4.7 million primarily related to a $2.5 million provision for current U.S. federal and state income taxes and a $2.2 million provision for excise tax in our estimated undistributed taxable income.
Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the nine months ended September 30, 2024 was $333.8 million, or $3.87 per share, compared with $289.4 million, or $3.57 per share, during the nine months ended September 30, 2023. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
For the nine months ended September 30, 2024, we realized a net increase in cash and cash equivalents of $24.3 million, which is the net result of $232.2 million of cash used in our operating activities and $256.5 million of cash provided by our financing activities.
The $232.2 million of cash used in our operating activities resulted primarily from cash uses totaling $1.297 billion for the funding of new and follow-on portfolio investments, partially offset by (i) cash proceeds totaling $808.2 million from the sales and repayments of debt investments and sales and return of capital from equity investments, (ii) cash flows that we generated from the operating profits earned totaling $250.2 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 (iii) $13.7 million in cash proceeds related to other assets and liabilities.
The $256.5 million of cash provided by our financing activities principally consisted of (i) $400.0 million in cash proceeds from the issuance of the June 2027 Notes, (ii) $350.0 million in cash proceeds from the issuance of the March 2029 Notes, (iii) $113.7 million in net cash proceeds from equity offerings from our ATM Program, (iv) $100.0 million in net borrowings from our Credit Facilities and (v) $63.8 million in proceeds from the issuance of SBIC debentures, partially offset by (i) $450.0 million on the repayment of the May 2024 Notes, (ii) $238.3 million in dividends paid to our stockholders, (iii) $63.8 million in repayments of SBIC debentures, (iv) $11.5 million in debt issuance costs and (v) $7.3 million in purchases of vested stock for employee payroll tax withholdings.
Capital Resources
As of September 30, 2024, we had $84.4 million in cash and cash equivalents and $1.250 billion of unused capacity under the Credit Facilities which we maintain to support our investment and operating activities. As of September 30, 2024, our NAV totaled $2.692 billion, or $30.57 per share.
As of September 30, 2024, we had $300.0 million outstanding and $810.0 million of undrawn commitments under our Corporate Facility, and $160.0 million outstanding and $440.0 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.
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 September 30, 2024 and December 31, 2023.
In June 2024, we issued $300.0 million in aggregate principal amount of 6.50% unsecured notes due June 4, 2027 (the “June 2027 Notes”). In September 2024, we issued an additional $100.0 million in aggregate principal amount of the June 2027 Notes at a public offering price of 102.134% resulting in a yield-to-maturity of 5.617% on such issuance. The June 2027 Notes issued in September 2024 have identical terms as, and are a part of a single series with, the June 2027 Notes issued in June 2024. The outstanding aggregate principal amount of the June 2027 Notes was $400.0 million and bear interest at a rate of 6.50% per year with a yield-to-maturity of approximately 6.34% as of September 30, 2024.
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In January 2024, we issued $350.0 million in aggregate principal amount of 6.95% unsecured notes due March 1, 2029 (the “March 2029 Notes”). The outstanding aggregate principal amount of the March 2029 Notes was $350.0 million as of September 30, 2024.
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. On March 1, 2024, we repaid $63.8 million of SBIC debentures that had reached maturity, which reduced our total outstanding SBIC debentures to $286.2 million. Subsequently, on September 12, 2024, we borrowed an additional $63.8 million of SBIC debentures, which increased our total outstanding SBIC debentures to $350.0 million. Under existing SBA-approved commitments, we had $350.0 million of outstanding SBIC debentures guaranteed by the SBA as of September 30, 2024 through our wholly-owned SBICs, which bear a weighted-average annual fixed interest rate of 3.3%, paid semiannually, and mature ten years from issuance. The first maturity related to our SBIC debentures occurs in March 2027, and the weighted-average remaining duration is 5.9 years as of September 30, 2024. 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 both September 30, 2024 and December 31, 2023 was $150.0 million.
In May 2024, we repaid the entire $450.0 million principal amount of the issued and outstanding 5.20% unsecured notes (the “May 2024 Notes”).
We maintain the ATM Program with certain selling agents through which we can sell up to 15,000,000 shares of our common stock by means of at-the-market offerings from time to time. During the nine months ended September 30, 2024, we sold 2,319,780 shares of our common stock at a weighted-average price of $49.48 per share and raised $114.8 million of gross proceeds under the ATM Program. Net proceeds were $113.3 million after commissions to the selling agents on shares sold and offering costs. As of September 30, 2024, sales transactions representing 2,463 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 September 30, 2024, 2,993,444 shares remained available for sale under the ATM Program. During the year ended December 31, 2023, we sold 5,149,460 shares of our common stock at a weighted-average price of $39.94 per share and raised $205.7 million of gross proceeds under the ATM Program. Net proceeds were $203.3 million after commissions to the selling agents on shares sold and offering costs.
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 short-term investments. The primary investment objective of marketable securities and short-term investments is to generate incremental cash returns on excess cash balances prior to utilizing those funds for investment in our LMM and Private Loan portfolio investments. Marketable securities generally consist of money market funds and certificates of deposit with financial institutions. 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 2024 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
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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 September 30, 2024, our BDC asset coverage ratio was 244%.
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.14. — 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. As of September 30, 2024, we had a total of $350.0 million in outstanding commitments comprised of (i) 81 commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) nine equity capital commitments that had not been fully called.
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Contractual Obligations
As of September 30, 2024, the future fixed commitments for cash payments in connection with the July 2026 Notes, the June 2027 Notes, the March 2029 Notes, SBIC debentures, the December 2025 Notes and rent obligations under our office lease for each of the next five years and thereafter are as follows.
2024
2025
2026
2027
2028
Thereafter
Total
(dollars in thousands)
July 2026 Notes$— $— $500,000 $— $— $— $500,000 
Interest due on July 2026 Notes— 15,000 15,000 — — — 30,000 
June 2027 Notes— — — 400,000 — — 400,000 
Interest due on June 2027 Notes10,924 26,000 26,000 13,289 — — 76,213 
March 2029 Notes— — — — — 350,000 350,000 
Interest due on March 2029 Notes— 24,325 24,325 24,325 24,325 12,163 109,463 
SBIC debentures— — — 75,000 75,000 200,000 350,000 
Interest due on SBIC debentures— 11,763 11,554 10,838 8,400 31,814 74,369 
December 2025 Notes— 150,000 — — — — 150,000 
Interest due on December 2025 Notes5,803 11,637 — — — — 17,440 
Operating Lease Obligation (1)
275 1,115 1,135 1,155 1,175 6,499 11,354 
Total$17,002 $239,840 $578,014 $524,607 $108,900 $600,476 $2,068,839 
____________________
(1)Operating Lease Obligation means a rent payment obligation under a lease classified as an operating lease and disclosed pursuant to ASC 842, as may be modified or supplemented.
As of September 30, 2024, we had $300.0 million in borrowings outstanding under our Corporate Facility, $20.3 million of which is scheduled to mature in August 2027 and $279.7 million of which is scheduled to mature in June 2029, refer to Note E — Debt included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. As of September 30, 2024, we had $160.0 million in borrowings outstanding under our SPV Facility, and the SPV Facility is scheduled to mature in September 2029.
Related Party Transactions and Agreements
We have entered into agreements and transactions with the External Investment Manager, MSC Income, the Private Loan Fund and the Private Loan Fund II, 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 November 2024, we declared a supplemental dividend of $0.30 per share payable in December 2024. This supplemental dividend is in addition to the previously announced regular monthly dividends that we declared of $0.245 per share for each of October, November and December 2024 or total regular monthly dividends of $0.735 per share for the fourth quarter of 2024.
In November 2024, we also declared regular monthly dividends of $0.25 per share for each of January, February and March of 2025. These regular monthly dividends equal a total of $0.75 per share for the first quarter of 2025,
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representing a 4.2% increase from the regular monthly dividends paid in the first quarter of 2024. Including the regular monthly and supplemental dividends declared for the fourth quarter of 2024 and first quarter of 2025, we will have paid $43.675 per share in cumulative dividends since our October 2007 initial public offering.
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 SOFR and Prime rates, to the extent that any debt investments include floating interest rates. See 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, 2023 for more information regarding risks associated with our debt investments and borrowings that utilize SOFR or Prime as a reference rate.
The majority of our debt investments are made with either fixed interest rates or floating rates that are subject to contractual minimum interest rates for the term of the investment. As of September 30, 2024, 67% of our debt Investment Portfolio (at cost) bore interest at floating rates, 96% of which were subject to contractual minimum interest rates. As of September 30, 2024, 79% 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 July 2026 Notes, June 2027 Notes, March 2029 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 September 30, 2024, 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 expects to operate as a “limited derivatives user” under Rule 18f-4 under the 1940 Act. In addition, the investment management and other services provided by our External Investment Manager also involve floating rate debt investments and floating rate debt obligations, and as a result the incentive fees earned by our External Investment Manager, and the corresponding benefits to our net investment income contributions from our External Investment Manager are subject to change based upon any changes in floating benchmark index rates.
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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, or in the investments and borrowings related to the investment management and other services provided by our External Investment Manager, in both cases as of September 30, 2024.
Basis Point ChangeIncrease
(Decrease)
in Interest
Income		(Increase)
Decrease
in Interest
Expense		Increase (Decrease) in Net Investment Income
from the External Investment Manager (1)		Increase
(Decrease) in Net
Investment
Income		Increase
(Decrease) in Net
Investment
Income per Share
(dollars in thousands, except per share amounts)
(200)$(45,053)$9,200 $(5,434)$(41,287)$(0.47)
(175)(39,327)8,050 (4,800)(36,077)(0.41)
(150)(33,675)6,900 (4,181)(30,956)(0.35)
(125)(28,024)5,750 (3,422)(25,696)(0.29)
(100)(22,373)4,600 (2,802)(20,575)(0.24)
(75)(16,749)3,450 (2,047)(15,346)(0.18)
(50)(11,166)2,300 (1,434)(10,300)(0.12)
(25)(5,583)1,150 (820)(5,253)(0.06)
255,583 

(1,150)613 

5,046 

0.06 
5011,166 

(2,300)1,436 

10,302 

0.12 
7516,751 

(3,450)2,051 

15,352 

0.18 
10022,340 

(4,600)2,667 

20,407 

0.23 
12527,929 

(5,750)3,421 

25,600 

0.29 
15033,518 

(6,900)4,037 

30,655 

0.35 
17539,107 (8,050)4,791 35,848 0.41 
20044,696 (9,200)5,009 40,505 0.46 
____________________
(1)Main Street’s total contribution from the External Investment Manager is based on the performance of assets managed by the External Investment Manager (as discussed in Note D — External Investment Manager included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), and any related cost of debt obligations related to such managed assets, which may fluctuate depending on changes in interest rates. Main Street shares employees with the External Investment Manager including their related infrastructure, business relationships, management expertise and raising capital capabilities (as discussed in Note D — External Investment Manager included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q). Main Street allocates the related expenses to the External Investment Manager pursuant to the sharing agreement, which may fluctuate depending on changes in incentive fees earned by the External Investment Manager.
Although we believe that this analysis is indicative of the impact of interest rate changes to our Net Investment Income as of September 30, 2024, the analysis does not take into consideration future changes in the credit market, credit 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 SOFR and Prime rate changes would be effective on the first day of the period. However, the contractual SOFR and Prime rate reset dates would vary throughout the period. The majority of our investments, and the investments managed by our External Investment Manager, are based on contracts which reset quarterly, while our Credit Facilities, and the debt obligations related to the assets managed by our External Investment Manager, reset monthly.
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Item 4. Controls and Procedures
As of the end of the period covered by this quarterly report on Form 10-Q, 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 September 30, 2024 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 Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 that we filed with the SEC on February 23, 2024, which could materially affect our business, financial condition and/or operating results.
There are no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended September 30, 2024, we issued 186,195 shares of our common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value of the shares of common stock issued during the three months ended September 30, 2024, under the dividend reinvestment plan was $9.3 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 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended September 30, 2024, none of our directors or officers adopted or terminated any contract, instruction or written plans for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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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*
31.1
31.2
32.1
32.2
101
The following financial information from our Quarterly Report on Form 10-Q for the third quarter of fiscal year 2024, filed with the SEC on November 8, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, (ii) the Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023, (iii) the Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023, (iv) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023, (v) the Consolidated Schedule of Investments for the periods ended September 30, 2024 and December 31, 2023, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the nine months ended September 30, 2024 and 2023.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
______________________
*    Exhibit previously filed with the Securities and Exchange Commission, as indicated, and incorporated herein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Main Street Capital Corporation
/s/ DWAYNE L. HYZAK
Date: November 8, 2024
Dwayne L. Hyzak
Chief Executive Officer
(principal executive officer)
/s/ RYAN R. NELSON
Date: November 8, 2024
Ryan R. Nelson
Chief Financial Officer
(principal financial officer)
/s/ RYAN H. MCHUGH
Date: November 8, 2024
Ryan H. McHugh
Chief Accounting Officer
(principal accounting officer)
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