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)
7.81%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Main Street Capital
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q1

Main Street Capital - 10-Q quarterly report FY2024 Q1


Text size:
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Systems Keco Holdings, LLC, Secured Debt 12024-03-310001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22024-03-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12024-03-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22024-03-310001396440Analytical Systems Keco Holdings, LLC, Warrants2024-03-310001396440main:AnalyticalSystemsKecoHoldingsLLCMember2024-03-310001396440ASC Interests, LLC, Secured Debt 12024-03-310001396440ASC Interests, LLC, Secured Debt 22024-03-310001396440ASC Interests, LLC, Preferred Member Units2024-03-310001396440ASC Interests, LLC, Member Units2024-03-310001396440main:ASCInterestsLLCMember2024-03-310001396440ATS Workholding, LLC, Secured Debt 12024-03-310001396440ATS Workholding, LLC, Secured Debt 22024-03-310001396440ATS Workholding, LLC, Preferred Member Units2024-03-310001396440main:ATSWorkholdingLLCMember2024-03-310001396440Barfly Ventures, LLC, Secured Debt2024-03-310001396440Barfly Ventures, LLC, 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Holding LLC, Member Units 22024-03-310001396440main:ChamberlinHoldingLLCMember2024-03-310001396440Charps, LLC, Unsecured Debt2024-03-310001396440Charps, LLC, Preferred Member Units2024-03-310001396440main:CharpsLLCMember2024-03-310001396440Clad-Rex Steel, LLC, Secured Debt 12024-03-310001396440Clad-Rex Steel, LLC, Secured Debt 22024-03-310001396440Clad-Rex Steel, LLC, Secured Debt 32024-03-310001396440Clad-Rex Steel, LLC, Member Units 12024-03-310001396440Clad-Rex Steel, LLC, Member Units 22024-03-310001396440main:CladRexSteelLLCMember2024-03-310001396440Cody Pools, Inc., Secured Debt 12024-03-310001396440Cody Pools, Inc., Secured Debt 22024-03-310001396440Cody Pools, Inc., Preferred Member Units2024-03-310001396440main:CodyPoolsIncMember2024-03-310001396440Colonial Electric Company LLC, Secured Debt 12024-03-310001396440Colonial Electric Company LLC, Secured Debt 22024-03-310001396440Colonial Electric Company LLC, Preferred Member Units 12024-03-310001396440Colonial Electric Company LLC, Preferred Member Units 22024-03-310001396440main:ColonialElectricCompanyLLCMember2024-03-310001396440CompareNetworks Topco, LLC, Secured Debt2024-03-310001396440CompareNetworks Topco, LLC, Preferred Member Units2024-03-310001396440main:CompareNetworksTopcoLLCMember2024-03-310001396440Compass Systems & Sales, LLC, Secured Debt 12024-03-310001396440Compass Systems & Sales, LLC, Secured Debt 22024-03-310001396440Compass Systems & Sales, LLC, Preferred Equity2024-03-310001396440main:CompassSystemsSalesLLCMember2024-03-310001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-03-310001396440Cybermedia Technologies, LLC, Secured Debt 12024-03-310001396440Cybermedia Technologies, LLC, Secured Debt 22024-03-310001396440Cybermedia Technologies, LLC, Preferred Member Units2024-03-310001396440main:CybermediaTechnologiesLLCMember2024-03-310001396440Datacom, LLC, Secured Debt 12024-03-310001396440Datacom, LLC, Secured Debt 22024-03-310001396440Datacom, LLC, Preferred Member Units2024-03-310001396440main:DatacomLLCMember2024-03-310001396440Digital Products Holdings LLC, Secured Debt2024-03-310001396440Digital Products Holdings LLC, Preferred Member Units2024-03-310001396440main:DigitalProductsHoldingsLLCMember2024-03-310001396440Direct Marketing Solutions, Inc., Secured Debt 12024-03-310001396440Direct Marketing Solutions, Inc., Secured Debt 22024-03-310001396440Direct Marketing Solutions, Inc., Preferred Stock2024-03-310001396440main:DirectMarketingSolutionsIncMember2024-03-310001396440Elgin AcquireCo, LLC, Secured Debt 12024-03-310001396440Elgin AcquireCo, LLC, Secured Debt 22024-03-310001396440Elgin AcquireCo, LLC, Secured Debt 32024-03-310001396440Elgin AcquireCo, LLC, Common Stock 12024-03-310001396440Elgin AcquireCo, LLC, Common Stock 22024-03-310001396440main:ElginAcquireCoLLCMember2024-03-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 12024-03-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22024-03-310001396440Gamber-Johnson Holdings, LLC, Member Units2024-03-310001396440main:GamberJohnsonHoldingsLLCMember2024-03-310001396440Garreco, LLC, Secured Debt2024-03-310001396440Garreco, LLC, Member Units2024-03-310001396440main:GarrecoLLCMember2024-03-310001396440GRT Rubber Technologies LLC, Secured Debt 12024-03-310001396440GRT Rubber Technologies LLC, Secured Debt 22024-03-310001396440GRT Rubber Technologies LLC, Member Units2024-03-310001396440main:GRTRubberTechnologiesLLCMember2024-03-310001396440Gulf Publishing Holdings, LLC, Secured Debt 12024-03-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22024-03-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2024-03-310001396440Gulf Publishing Holdings, LLC, Member Units2024-03-310001396440main:GulfPublishingHoldingsLLCMember2024-03-310001396440Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-03-310001396440Harris Preston Fund Investments, LP Interests (2717 HPP-MS, L.P.)2024-03-310001396440main:HarrisPrestonFundInvestmentsOneMember2024-03-310001396440Harrison Hydra-Gen, Ltd., Common Stock2024-03-310001396440IG Investor, LLC, Secured Debt 12024-03-310001396440IG Investor, LLC, Secured Debt 22024-03-310001396440IG Investor, LLC, Common Equity2024-03-310001396440main:IGInvestorLLCMember2024-03-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12024-03-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22024-03-310001396440Jensen Jewelers of Idaho, LLC, Member Units2024-03-310001396440main:JensenJewelersOfIdahoLLCMember2024-03-310001396440JorVet Holdings, LLC, Secured Debt2024-03-310001396440JorVet Holdings, LLC, Preferred Equity2024-03-310001396440main:JorVetHoldingsLLCMember2024-03-310001396440KBK Industries, LLC, Secured Debt2024-03-310001396440KBK Industries, LLC, Member Units2024-03-310001396440main:KBKIndustriesLLCMember2024-03-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-03-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-03-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-03-310001396440Kickhaefer Manufacturing Company, LLC, Member Units2024-03-310001396440main:KickhaeferManufacturingCompanyLLCMember2024-03-310001396440Metalforming Holdings, LLC, Secured Debt 12024-03-310001396440Metalforming Holdings, LLC, Secured Debt 22024-03-310001396440Metalforming Holdings, LLC, Preferred Equity2024-03-310001396440Metalforming Holdings, LLC, Common Stock2024-03-310001396440main:MetalFormingHoldingLLCMember2024-03-310001396440MH Corbin Holding LLC, Secured Debt2024-03-310001396440MH Corbin Holding LLC, Preferred Member Units 12024-03-310001396440MH Corbin Holding LLC, Preferred Member Units 22024-03-310001396440main:MHCorbinHoldingLLCMember2024-03-310001396440MS Private Loan Fund I, LP, Secured Debt2024-03-310001396440MS Private Loan Fund I, LP, LP Interests2024-03-310001396440main:MSPrivateLoanFundILPMember2024-03-310001396440MS Private Loan Fund II, LP, Secured Debt2024-03-310001396440MS Private Loan Fund II, LP, LP Interests2024-03-310001396440main:MSPrivateLoanFundIILPMember2024-03-310001396440MSC Adviser I, LLC, Member Units2024-03-310001396440MSC Income Fund, Inc., Common Equity2024-03-310001396440Mystic Logistics Holdings, LLC, Secured Debt 12024-03-310001396440Mystic Logistics Holdings, LLC, Secured Debt 22024-03-310001396440Mystic Logistics Holdings, LLC, Common Stock2024-03-310001396440main:MysticLogisticsHoldingsLLCMember2024-03-310001396440NAPCO Precast, LLC, Member Units2024-03-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12024-03-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22024-03-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32024-03-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2024-03-310001396440main:NebraskaVetAcquireCoLLCMember2024-03-310001396440NexRev LLC, Secured Debt 12024-03-310001396440NexRev LLC, Secured Debt 22024-03-310001396440NexRev LLC, Preferred Member Units2024-03-310001396440main:NexRevLLCMember2024-03-310001396440NRP Jones, LLC, Secured Debt2024-03-310001396440NRP Jones, LLC, Member Units 12024-03-310001396440NRP Jones, LLC, Member Units 22024-03-310001396440main:NRPJonesLLCMember2024-03-310001396440NuStep, LLC, Secured Debt 12024-03-310001396440NuStep, LLC, Secured Debt 22024-03-310001396440NuStep, LLC, Preferred Member Units 12024-03-310001396440NuStep, LLC, Preferred Member Units 22024-03-310001396440main:NuStepLLCMember2024-03-310001396440OMi Topco, LLC, Secured Debt2024-03-310001396440OMi Topco, LLC, Preferred Member Units2024-03-310001396440main:OMiTopcoLLCMember2024-03-310001396440Orttech Holdings, LLC, Secured Debt 12024-03-310001396440Orttech Holdings, LLC, Secured Debt 22024-03-310001396440Orttech Holdings, LLC, Preferred Stock2024-03-310001396440main:OrttechHoldingsLLCMember2024-03-310001396440Pearl Meyer Topco LLC, Secured Debt 12024-03-310001396440Pearl Meyer Topco LLC, Secured Debt 22024-03-310001396440Pearl Meyer Topco LLC, Secured Debt 32024-03-310001396440Pearl Meyer Topco LLC, Preferred Equity2024-03-310001396440main:PearlMeyerTopcoLLCMember2024-03-310001396440Pinnacle TopCo, LLC, Secured Debt 12024-03-310001396440Pinnacle TopCo, LLC, Secured Debt 22024-03-310001396440Pinnacle TopCo, LLC, Preferred Equity2024-03-310001396440main:PinnacleTopCoLLCMember2024-03-310001396440PPL RVs, Inc., Secured Debt 12024-03-310001396440PPL RVs, Inc., Secured Debt 22024-03-310001396440PPL RVs, Inc., Common Stock 12024-03-310001396440PPL RVs, Inc., Common Stock 22024-03-310001396440main:PPLRVsIncMember2024-03-310001396440Principle Environmental, LLC, Secured Debt2024-03-310001396440Principle Environmental, LLC, Preferred Member Units2024-03-310001396440Principle Environmental, LLC, Common Stock2024-03-310001396440main:PrincipleEnvironmentalLLCMember2024-03-310001396440Quality Lease Service, LLC, Member Units2024-03-310001396440River Aggregates, LLC, Member Units2024-03-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 12024-03-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22024-03-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2024-03-310001396440main:RobbinsBrosJewelryIncMember2024-03-310001396440Tedder Industries, LLC, Secured Debt 12024-03-310001396440Tedder Industries, LLC, Secured Debt 22024-03-310001396440Tedder Industries, LLC, Preferred Member Units 12024-03-310001396440Tedder Industries, LLC, Preferred Member Units 22024-03-310001396440Tedder Industries, LLC, Preferred Member Units 32024-03-310001396440main:TedderIndustriesLLCMember2024-03-310001396440Televerde, LLC, Preferred Stock2024-03-310001396440Televerde, LLC, Member Units2024-03-310001396440main:TeleverdeLLCMember2024-03-310001396440Trantech Radiator Topco, LLC, Secured Debt 12024-03-310001396440Trantech Radiator Topco, LLC, Secured Debt 22024-03-310001396440Trantech Radiator Topco, LLC, Common Stock2024-03-310001396440main:TrantechRadiatorTopcoLLCMember2024-03-310001396440Vision Interests, Inc., Series A Preferred Stock2024-03-310001396440Volusion, LLC, Secured Debt2024-03-310001396440Volusion, LLC, Preferred Member Units 12024-03-310001396440Volusion, LLC, Preferred Member Units 22024-03-310001396440Volusion, LLC, Preferred Member Units 32024-03-310001396440Volusion, LLC, Common Stock2024-03-310001396440main:VolusionLLCMember2024-03-310001396440VVS Holdco LLC, Secured Debt 12024-03-310001396440VVS Holdco LLC, Secured Debt 22024-03-310001396440VVS Holdco LLC, Preferred Equity2024-03-310001396440main:VVSHoldcoLLCMember2024-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 12024-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 22024-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 32024-03-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2024-03-310001396440Ziegler’s NYPD, LLC, Warrants2024-03-310001396440main:ZieglersNYPDLLCMember2024-03-310001396440AAC Holdings, Inc., Secured Debt 12024-03-310001396440AAC Holdings, Inc., Secured Debt 22024-03-310001396440AAC Holdings, Inc., Common Stock2024-03-310001396440AAC Holdings, Inc., Warrants2024-03-310001396440main:AACHoldingsIncMember2024-03-310001396440Boccella Precast Products LLC, Secured Debt2024-03-310001396440Boccella Precast Products LLC, Member Units2024-03-310001396440main:BoccellaPrecastProductsLLCMember2024-03-310001396440Buca C, LLC, Secured Debt2024-03-310001396440Buca C, LLC, Preferred Member Units2024-03-310001396440main:BucaCLLCMember2024-03-310001396440Career Team Holdings, LLC, Secured Debt 12024-03-310001396440Career Team Holdings, LLC, Secured Debt 22024-03-310001396440Career Team Holdings, LLC, Common Stock2024-03-310001396440main:CareerTeamHoldingsLLCMember2024-03-310001396440Classic H&G Holdings, LLC, Secured Debt 12024-03-310001396440Classic H&G Holdings, LLC, Secured Debt 22024-03-310001396440Classic H&G Holdings, LLC, Preferred Member Units2024-03-310001396440main:ClassicHGHoldingsLLCMember2024-03-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2024-03-310001396440DMA Industries, LLC, Secured Debt2024-03-310001396440DMA Industries, LLC, Preferred Equity2024-03-310001396440main:DMAIndustriesLLCMember2024-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2024-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2024-03-310001396440main:DosRiosPartnersMember2024-03-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2024-03-310001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2024-03-310001396440Flame King Holdings, LLC, Preferred Equity2024-03-310001396440Freeport Financial Funds, LP Interests (Freeport Financial SBIC Fund LP)2024-03-310001396440Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-03-310001396440main:FreeportFinancialFundsMember2024-03-310001396440GFG Group, LLC, Secured Debt2024-03-310001396440GFG Group, LLC, Preferred Member Units2024-03-310001396440main:GFGGroupLLCMember2024-03-310001396440Gulf Manufacturing, LLC, Secured Debt 12024-03-310001396440Gulf Manufacturing, LLC, Secured Debt 22024-03-310001396440Gulf Manufacturing, LLC, Member Units2024-03-310001396440main:GulfManufacturingLLCMember2024-03-310001396440Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2024-03-310001396440Harris Preston Fund Investments, LP Interests (HPEP 4, L.P.)2024-03-310001396440Harris Preston Fund Investments, LP Interests (423 COR, L.P.)2024-03-310001396440Harris Preston Fund Investments, LP Interests (423 HAR, L.P.)2024-03-310001396440main:HarrisPrestonFundInvestmentsTwoMember2024-03-310001396440Hawk Ridge Systems, LLC, Secured Debt 12024-03-310001396440Hawk Ridge Systems, LLC, Secured Debt 22024-03-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12024-03-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22024-03-310001396440main:HawkRidgeSystemsLLCMember2024-03-310001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2024-03-310001396440Houston Plating and Coatings, LLC, Member Units2024-03-310001396440main:HoustonPlatingAndCoatingsLLCMember2024-03-310001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-03-310001396440Infinity X1 Holdings, LLC, Secured Debt2024-03-310001396440Infinity X1 Holdings, LLC, Preferred Equity2024-03-310001396440main:InfinityX1HoldingsLLCMember2024-03-310001396440Integral Energy Services, Secured Debt2024-03-310001396440Integral Energy Services, Preferred Equity2024-03-310001396440Integral Energy Services, Common Stock2024-03-310001396440main:IntegralEnergyServicesMember2024-03-310001396440Iron-Main Investments, LLC, Secured Debt 12024-03-310001396440Iron-Main Investments, LLC, Secured Debt 22024-03-310001396440Iron-Main Investments, LLC, Secured Debt 32024-03-310001396440Iron-Main Investments, LLC, Secured Debt 42024-03-310001396440Iron-Main Investments, LLC, Secured Debt 52024-03-310001396440Iron-Main Investments, LLC, Common Stock2024-03-310001396440main:IronMainInvestmentsLLCMember2024-03-310001396440ITA Holdings Group, LLC, Secured Debt 12024-03-310001396440ITA Holdings Group, LLC, Secured Debt 22024-03-310001396440ITA Holdings Group, LLC, Secured Debt 32024-03-310001396440ITA Holdings Group, LLC, Secured Debt 42024-03-310001396440ITA Holdings Group, LLC, Warrants2024-03-310001396440main:ITAHoldingsGroupLLCMember2024-03-310001396440Johnson Downie Opco, LLC, Secured Debt 12024-03-310001396440Johnson Downie Opco, LLC, Secured Debt 22024-03-310001396440Johnson Downie Opco, LLC, Preferred Equity2024-03-310001396440main:JohnsonDownieOpcoLLCMember2024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 12024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 22024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 32024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 42024-03-310001396440OnAsset Intelligence, Inc., Unsecured Debt2024-03-310001396440OnAsset Intelligence, Inc., Preferred Stock2024-03-310001396440OnAsset Intelligence, Inc., Common Stock2024-03-310001396440OnAsset Intelligence, Inc., Warrants2024-03-310001396440main:OnAssetIntelligenceIncMember2024-03-310001396440Oneliance, LLC, Secured Debt2024-03-310001396440Oneliance, LLC, Preferred Stock2024-03-310001396440main:OnelianceLLCMember2024-03-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Preferred Member Units2024-03-310001396440SI East, LLC, Secured Debt 12024-03-310001396440SI East, LLC, Secured Debt 22024-03-310001396440SI East, LLC, Preferred Member Units2024-03-310001396440main:SIEastLLCMember2024-03-310001396440Slick Innovations, LLC, Secured Debt2024-03-310001396440Slick Innovations, LLC, Common Stock2024-03-310001396440main:SlickInnovationsLLCMember2024-03-310001396440Student Resource Center, LLC, Secured Debt2024-03-310001396440Student Resource Center, LLC, Preferred Equity2024-03-310001396440main:StudentResourceCenterLLCMember2024-03-310001396440Superior Rigging & Erecting Co., Secured Debt2024-03-310001396440Superior Rigging & Erecting Co., Preferred Member Units2024-03-310001396440main:SuperiorRiggingErectingCoMember2024-03-310001396440The Affiliati Network, LLC, Secured Debt 12024-03-310001396440The Affiliati Network, LLC, Secured Debt 22024-03-310001396440The Affiliati Network, LLC, Preferred Stock 12024-03-310001396440The Affiliati Network, LLC, Preferred Stock 22024-03-310001396440main:TheAffiliatiNetworkLLCMember2024-03-310001396440UnionRock Energy Fund II, LP, LP Interests2024-03-310001396440UnionRock Energy Fund III, LP, LP Interests2024-03-310001396440UniTek Global Services, Inc., Secured Convertible Debt 12024-03-310001396440UniTek Global Services, Inc., Secured Convertible Debt 22024-03-310001396440UniTek Global Services, Inc., Preferred Stock 12024-03-310001396440UniTek Global Services, Inc., Preferred Stock 22024-03-310001396440UniTek Global Services, Inc., Preferred Stock 32024-03-310001396440UniTek Global Services, Inc., Preferred Stock 42024-03-310001396440UniTek Global Services, Inc., Common Stock2024-03-310001396440main:UniTekGlobalServicesIncMember2024-03-310001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2024-03-310001396440Universal Wellhead Services Holdings, LLC, Member Units2024-03-310001396440main:UniversalWellheadServicesHoldingsLLCMember2024-03-310001396440Urgent DSO LLC, Secured Debt2024-03-310001396440Urgent DSO LLC, Preferred Equity2024-03-310001396440main:UrgentDSOLLCMember2024-03-310001396440World Micro Holdings, LLC, Secured Debt2024-03-310001396440World Micro Holdings, LLC, Preferred Equity2024-03-310001396440main:WorldMicroHoldingsLLCMember2024-03-310001396440AB Centers Acquisition Corporation, Secured Debt 12024-03-310001396440AB Centers Acquisition Corporation, Secured Debt 22024-03-310001396440AB Centers Acquisition Corporation, Secured Debt 32024-03-310001396440AB Centers Acquisition Corporation, Secured Debt 42024-03-310001396440main:ABCentersAcquisitionCorporationMember2024-03-310001396440Acumera, Inc., Secured Debt 12024-03-310001396440Acumera, Inc., Secured Debt 22024-03-310001396440Acumera, Inc., Warrants2024-03-310001396440main:AcumeraIncMember2024-03-310001396440Adams Publishing Group, LLC, Secured Debt 12024-03-310001396440Adams Publishing Group, LLC, Secured Debt 22024-03-310001396440main:AdamsPublishingGroupLLCMember2024-03-310001396440ADS Tactical, Inc., Secured Debt2024-03-310001396440AMEREQUIP LLC, Common Stock2024-03-310001396440American Health Staffing Group, Inc., Secured Debt 12024-03-310001396440American Health Staffing Group, Inc., Secured Debt 22024-03-310001396440main:AmericanHealthStaffingGroupIncMember2024-03-310001396440American Nuts, LLC, Secured Debt 12024-03-310001396440American Nuts, LLC, Secured Debt 22024-03-310001396440American Nuts, LLC, Secured Debt 32024-03-310001396440American Nuts, LLC, Secured Debt 42024-03-310001396440main:AmericanNutsLLCMember2024-03-310001396440American Teleconferencing Services, Ltd., Secured Debt 12024-03-310001396440American Teleconferencing Services, Ltd., Secured Debt 22024-03-310001396440main:AmericanTeleconferencingServicesLtdMember2024-03-310001396440ArborWorks, LLC, Secured Debt 12024-03-310001396440ArborWorks, LLC, Secured Debt 22024-03-310001396440ArborWorks, LLC, Preferred Equity 12024-03-310001396440ArborWorks, LLC, Preferred Equity 22024-03-310001396440ArborWorks, LLC, Common Equity2024-03-310001396440main:ArborWorksLLCMember2024-03-310001396440Archer Systems, LLC, Common Stock2024-03-310001396440ATS Operating, LLC, Secured Debt 12024-03-310001396440ATS Operating, LLC, Secured Debt 22024-03-310001396440ATS Operating, LLC, Secured Debt 32024-03-310001396440ATS Operating, LLC, Common Stock2024-03-310001396440main:ATSOperatingLLCMember2024-03-310001396440AVEX Aviation Holdings, LLC, Secured Debt 12024-03-310001396440AVEX Aviation Holdings, LLC, Secured Debt 22024-03-310001396440AVEX Aviation Holdings, LLC, Common Equity2024-03-310001396440main:AVEXAviationHoldingsLLCMember2024-03-310001396440Berry Aviation, Inc., Preferred Member Units 12024-03-310001396440Berry Aviation, Inc., Preferred Member Units 22024-03-310001396440Berry Aviation, Inc., Preferred Member Units 32024-03-310001396440main:BerryAviationIncMember2024-03-310001396440Bettercloud, Inc., Secured Debt 12024-03-310001396440Bettercloud, Inc., Secured Debt 22024-03-310001396440main:BettercloudIncMember2024-03-310001396440Binswanger Enterprises, LLC, Member Units2024-03-310001396440Bluestem Brands, Inc., Secured Debt 12024-03-310001396440Bluestem Brands, Inc., Secured Debt 22024-03-310001396440Bluestem Brands, Inc., Secured Debt 32024-03-310001396440Bluestem Brands, Inc., Common Stock2024-03-310001396440Bluestem Brands, Inc., Warrants2024-03-310001396440main:BluestemBrandsIncMember2024-03-310001396440Bond Brand Loyalty ULC, Secured Debt 12024-03-310001396440Bond Brand Loyalty ULC, Secured Debt 22024-03-310001396440Bond Brand Loyalty ULC, Secured Debt 32024-03-310001396440Bond Brand Loyalty ULC, Preferred Equity2024-03-310001396440Bond Brand Loyalty ULC, Common Equity2024-03-310001396440main:BondBrandLoyaltyULCMember2024-03-310001396440BP Loenbro Holdings Inc., Secured Debt 12024-03-310001396440BP Loenbro Holdings Inc., Secured Debt 22024-03-310001396440BP Loenbro Holdings Inc., Secured Debt 32024-03-310001396440BP Loenbro Holdings Inc., Common Equity2024-03-310001396440main:BPLoenbroHoldingsInc.Member2024-03-310001396440Brainworks Software, LLC, Secured Debt 12024-03-310001396440Brainworks Software, LLC, Secured Debt 22024-03-310001396440main:BrainworksSoftwareLLCMember2024-03-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2024-03-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2024-03-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund V, LP)2024-03-310001396440main:BrightwoodCapitalFundInvestmentsMember2024-03-310001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 12024-03-310001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 22024-03-310001396440main:BurningGlassIntermediateHoldingCompanyIncMember2024-03-310001396440CAI Software LLC, Preferred Equity 12024-03-310001396440CAI Software LLC, Preferred Equity 22024-03-310001396440main:CAISoftwareLLCMember2024-03-310001396440CaseWorthy, Inc., Secured Debt 12024-03-310001396440CaseWorthy, Inc., Secured Debt 22024-03-310001396440CaseWorthy, Inc., Secured Debt 32024-03-310001396440CaseWorthy, Inc., Common Equity2024-03-310001396440main:CaseWorthyIncMember2024-03-310001396440Central Moloney, LLC, Secured Debt2024-03-310001396440Channel Partners Intermediateco, LLC, Secured Debt 12024-03-310001396440Channel Partners Intermediateco, LLC, Secured Debt 22024-03-310001396440Channel Partners Intermediateco, LLC, Secured Debt 32024-03-310001396440Channel Partners Intermediateco, LLC, Secured Debt 42024-03-310001396440main:ChannelPartnersIntermediatecoLLCMember2024-03-310001396440Clarius BIGS, LLC, Secured Debt2024-03-310001396440Computer Data Source, LLC, Secured Debt 12024-03-310001396440Computer Data Source, LLC, Secured Debt 22024-03-310001396440Computer Data Source, LLC, Secured Debt 32024-03-310001396440main:ComputerDataSourceLLCMember2024-03-310001396440Construction Supply Investments, LLC, Member Units2024-03-310001396440Corel Corporation, Secured Debt2024-03-310001396440CQ Fluency, LLC, Secured Debt 12024-03-310001396440CQ Fluency, LLC, Secured Debt 22024-03-310001396440CQ Fluency, LLC, Secured Debt 32024-03-310001396440main:CQFluencyLLCMember2024-03-310001396440Dalton US Inc., Common Stock2024-03-310001396440DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2024-03-310001396440DTE Enterprises, LLC, Class A Preferred Member Units2024-03-310001396440main:DTEEnterprisesLLCMember2024-03-310001396440Dynamic Communities, LLC, Secured Debt 12024-03-310001396440Dynamic Communities, LLC, Secured Debt 22024-03-310001396440Dynamic Communities, LLC, Preferred Equity 12024-03-310001396440Dynamic Communities, LLC, Preferred Equity 22024-03-310001396440Dynamic Communities, LLC, Common Equity2024-03-310001396440main:DynamicCommunitiesLLCMember2024-03-310001396440Eastern Wholesale Fence LLC, Secured Debt 12024-03-310001396440Eastern Wholesale Fence LLC, Secured Debt 22024-03-310001396440Eastern Wholesale Fence LLC, Secured Debt 32024-03-310001396440Eastern Wholesale Fence LLC, Secured Debt 42024-03-310001396440Eastern Wholesale Fence LLC, Secured Debt 52024-03-310001396440main:EasternWholesaleFenceLLCMember2024-03-310001396440Emerald Technologies Acquisition Co, Inc., Secured Debt2024-03-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII, L.P.)2024-03-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)2024-03-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund IX, L.P.)2024-03-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund X, L.P.)2024-03-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund XII, L.P.)2024-03-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund II, L.P.)2024-03-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund III, L.P.)2024-03-310001396440main:EnCapEnergyFundInvestmentsMember2024-03-310001396440Engineering Research & Consulting, LLC, Secured Debt 12024-03-310001396440Engineering Research & Consulting, LLC, Secured Debt 22024-03-310001396440main:EngineeringResearchConsultingLLCMember2024-03-310001396440Escalent, Inc., Secured Debt 12024-03-310001396440Escalent, Inc., Secured Debt 22024-03-310001396440Escalent, Inc., Common Equity2024-03-310001396440main:EscalentIncMember2024-03-310001396440Event Holdco, LLC, Secured Debt 12024-03-310001396440Event Holdco, LLC, Secured Debt 22024-03-310001396440main:EventHoldcoLLCMember2024-03-310001396440Fuse, LLC, Secured Debt2024-03-310001396440Fuse, LLC, Common Stock2024-03-310001396440main:FuseLLCMember2024-03-310001396440Garyline, LLC, Secured Debt 12024-03-310001396440Garyline, LLC, Secured Debt 22024-03-310001396440Garyline, LLC, Common Equity2024-03-310001396440main:GarylineLLCMember2024-03-310001396440GS HVAM Intermediate, LLC, Secured Debt 12024-03-310001396440GS HVAM Intermediate, LLC, Secured Debt 22024-03-310001396440GS HVAM Intermediate, LLC, Secured Debt 32024-03-310001396440GS HVAM Intermediate, LLC, Secured Debt 42024-03-310001396440GS HVAM Intermediate, LLC, Secured Debt 52024-03-310001396440main:GSHVAMIntermediateLLCMember2024-03-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 12024-03-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 22024-03-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 32024-03-310001396440main:GULFPACIFICACQUISITIONLLCMember2024-03-310001396440HDC/HW Intermediate Holdings, Secured Debt 12024-03-310001396440HDC/HW Intermediate Holdings, Secured Debt 22024-03-310001396440HDC/HW Intermediate Holdings, Common Equity2024-03-310001396440main:HDCHWIntermediateHoldingsMember2024-03-310001396440HEADLANDS OP-CO LLC, Secured Debt 12024-03-310001396440HEADLANDS OP-CO LLC, Secured Debt 22024-03-310001396440HEADLANDS OP-CO LLC, Secured Debt 32024-03-310001396440main:HEADLANDSOPCOLLCMember2024-03-310001396440HOWLCO LLC, Secured Debt2024-03-310001396440Hybrid Promotions, LLC, Secured Debt2024-03-310001396440IG Parent Corporation, Secured Debt 12024-03-310001396440IG Parent Corporation, Secured Debt 22024-03-310001396440IG Parent Corporation, Secured Debt 32024-03-310001396440main:IGParentCorporationMember2024-03-310001396440Imaging Business Machines, L.L.C., Secured Debt 12024-03-310001396440Imaging Business Machines, L.L.C., Secured Debt 22024-03-310001396440Imaging Business Machines, L.L.C., Common Equity2024-03-310001396440main:ImagingBusinessMachinesLLCMember2024-03-310001396440Implus Footcare, LLC, Secured Debt2024-03-310001396440Infolinks Media Buyco, LLC, Secured Debt 12024-03-310001396440Infolinks Media Buyco, LLC, Secured Debt 22024-03-310001396440main:InfolinksMediaBuycoLLCMember2024-03-310001396440Insight Borrower Corporation, Secured Debt 12024-03-310001396440Insight Borrower Corporation, Secured Debt 22024-03-310001396440Insight Borrower Corporation, Secured Debt 32024-03-310001396440Insight Borrower Corporation, Common Equity2024-03-310001396440main:InsightBorrowerCorporationMember2024-03-310001396440Inspire Aesthetics Management, LLC, Secured Debt 12024-03-310001396440Inspire Aesthetics Management, LLC, Secured Debt 22024-03-310001396440Inspire Aesthetics Management, LLC, Secured Debt 32024-03-310001396440Inspire Aesthetics Management, LLC, Common Equity2024-03-310001396440main:InspireAestheticsManagementLLCMember2024-03-310001396440Interface Security Systems, L.L.C, Secured Debt 12024-03-310001396440Interface Security Systems, L.L.C, Secured Debt 22024-03-310001396440Interface Security Systems, L.L.C, Common Stock2024-03-310001396440main:InterfaceSecuritySystemsLLCMember2024-03-310001396440Intermedia Holdings, Inc., Secured Debt2024-03-310001396440Invincible Boat Company, LLC., Secured Debt 12024-03-310001396440Invincible Boat Company, LLC., Secured Debt 22024-03-310001396440main:InvincibleBoatCompanyLLCMember2024-03-310001396440INW Manufacturing, LLC, Secured Debt2024-03-310001396440Isagenix International, LLC, Secured Debt2024-03-310001396440Isagenix International, LLC, Common Equity2024-03-310001396440main:IsagenixInternationalLLCMember2024-03-310001396440Jackmont Hospitality, Inc., Secured Debt 12024-03-310001396440Jackmont Hospitality, Inc., Secured Debt 22024-03-310001396440Jackmont Hospitality, Inc., Secured Debt 32024-03-310001396440Jackmont Hospitality, Inc., Preferred Equity2024-03-310001396440main:JackmontHospitalityIncMember2024-03-310001396440Joerns Healthcare, LLC, Secured Debt 12024-03-310001396440Joerns Healthcare, LLC, Secured Debt 22024-03-310001396440Joerns Healthcare, LLC, Secured Debt 32024-03-310001396440Joerns Healthcare, LLC, Secured Debt 42024-03-310001396440Joerns Healthcare, LLC, Common Stock 12024-03-310001396440Joerns Healthcare, LLC, Common Stock 22024-03-310001396440main:JoernsHealthcareLLCMember2024-03-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 12024-03-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 22024-03-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 32024-03-310001396440JTI Electrical & Mechanical, LLC, Common Equity2024-03-310001396440main:JTIElectricalMechanicalLLCMember2024-03-310001396440KMS, LLC, Secured Debt 12024-03-310001396440KMS, LLC, Secured Debt 22024-03-310001396440main:KMSLLCMember2024-03-310001396440Lightbox Holdings, L.P., Secured Debt2024-03-310001396440LKCM Headwater Investments I, L.P., LP Interests2024-03-310001396440LL Management, Inc., Secured Debt 12024-03-310001396440LL Management, Inc., Secured Debt 22024-03-310001396440LL Management, Inc., Secured Debt 32024-03-310001396440LL Management, Inc., Secured Debt 42024-03-310001396440LL Management, Inc., Secured Debt 52024-03-310001396440main:LLManagementIncMember2024-03-310001396440LLFlex, LLC, Secured Debt2024-03-310001396440Logix Acquisition Company, LLC, Secured Debt2024-03-310001396440Looking Glass Investments, LLC, Member Units2024-03-310001396440Mako Steel, LP, Secured Debt 12024-03-310001396440Mako Steel, LP, Secured Debt 22024-03-310001396440Mako Steel, LP, Secured Debt 32024-03-310001396440main:MakoSteelLPMember2024-03-310001396440Microbe Formulas, LLC, Secured Debt 12024-03-310001396440Microbe Formulas, LLC, Secured Debt 22024-03-310001396440main:MicrobeFormulasLLCMember2024-03-310001396440Mills Fleet Farm Group, LLC, Secured Debt2024-03-310001396440Mini Melts of America, LLC, Secured Debt 12024-03-310001396440Mini Melts of America, LLC, Secured Debt 22024-03-310001396440Mini Melts of America, LLC, Secured Debt 32024-03-310001396440Mini Melts of America, LLC, Secured Debt 42024-03-310001396440Mini Melts of America, LLC, Common Equity2024-03-310001396440main:MiniMeltsOfAmericaLLCMember2024-03-310001396440MonitorUS Holding, LLC, Secured Debt 12024-03-310001396440MonitorUS Holding, LLC, Secured Debt 22024-03-310001396440MonitorUS Holding, LLC, Secured Debt 32024-03-310001396440MonitorUS Holding, LLC, Unsecured Debt2024-03-310001396440MonitorUS Holding, LLC, Common Stock2024-03-310001396440main:MonitorUSHoldingLLCMember2024-03-310001396440NinjaTrader, LLC, Secured Debt 12024-03-310001396440NinjaTrader, LLC, Secured Debt 22024-03-310001396440NinjaTrader, LLC, Secured Debt 32024-03-310001396440main:NinjaTraderLLCMember2024-03-310001396440Obra Capital, Inc, Secured Debt2024-03-310001396440Ospemifene Royalty Sub LLC, Secured Debt2024-03-310001396440Power System Solutions, Secured Debt 12024-03-310001396440Power System Solutions, Secured Debt 22024-03-310001396440Power System Solutions, Secured Debt 32024-03-310001396440Power System Solutions, Common Equity2024-03-310001396440main:PowerSystemSolutionsMember2024-03-310001396440PrimeFlight Aviation Services, Secured Debt 12024-03-310001396440PrimeFlight Aviation Services, Secured Debt 22024-03-310001396440PrimeFlight Aviation Services, Secured Debt 32024-03-310001396440main:PrimeFlightAviationServicesMember2024-03-310001396440PTL US Bidco, Inc, Secured Debt 12024-03-310001396440PTL US Bidco, Inc, Secured Debt 22024-03-310001396440main:PTLUSBidcoIncMember2024-03-310001396440Purge Rite, LLC, Secured Debt 12024-03-310001396440Purge Rite, LLC, Secured Debt 22024-03-310001396440Purge Rite, LLC, Preferred Equity2024-03-310001396440main:PurgeRiteLLCMember2024-03-310001396440RA Outdoors LLC, Secured Debt 12024-03-310001396440RA Outdoors LLC, Secured Debt 22024-03-310001396440main:RAOutdoorsLLCMember2024-03-310001396440Research Now Group, Inc. and Survey Sampling International, LLC, Secured Debt2024-03-310001396440Richardson Sales Solutions, Secured Debt 12024-03-310001396440Richardson Sales Solutions, Secured Debt 22024-03-310001396440main:RichardsonSalesSolutionsMember2024-03-310001396440Roof Opco, LLC, Secured Debt 12024-03-310001396440Roof Opco, LLC, Secured Debt 22024-03-310001396440Roof Opco, LLC, Secured Debt 32024-03-310001396440main:RoofOpcoLLCMember2024-03-310001396440RTIC Subsidiary Holdings, LLC, Secured Debt 12024-03-310001396440RTIC Subsidiary Holdings, LLC, Secured Debt 22024-03-310001396440RTIC Subsidiary Holdings, LLC, Secured Debt 32024-03-310001396440main:RTICSubsidiaryHoldingsLLCMember2024-03-310001396440Rug Doctor, LLC., Secured Debt 12024-03-310001396440Rug Doctor, LLC., Secured Debt 22024-03-310001396440main:RugDoctorLLCMember2024-03-310001396440South Coast Terminals Holdings, LLC, Secured Debt 12024-03-310001396440South Coast Terminals Holdings, LLC, Secured Debt 22024-03-310001396440South Coast Terminals Holdings, LLC, Common Equity2024-03-310001396440main:SouthCoastTerminalsHoldingsLLCMember2024-03-310001396440SPAU Holdings, LLC, Secured Debt 12024-03-310001396440SPAU Holdings, LLC, Secured Debt 22024-03-310001396440SPAU Holdings, LLC, Common Stock2024-03-310001396440main:SPAUHoldingsLLCMember2024-03-310001396440Stellant Systems, Inc., Secured Debt 12024-03-310001396440Stellant Systems, Inc., Secured Debt 22024-03-310001396440main:StellantSystemsInc.Member2024-03-310001396440Team Public Choices, LLC, Secured Debt2024-03-310001396440Tectonic Financial, LLC, Common Stock2024-03-310001396440Tex Tech Tennis, LLC, Preferred Equity2024-03-310001396440Titan Meter Midco Corp., Secured Debt 12024-03-310001396440Titan Meter Midco Corp., Secured Debt 22024-03-310001396440Titan Meter Midco Corp., Preferred Equity2024-03-310001396440main:TitanMeterMidcoCorp.Member2024-03-310001396440U.S. TelePacific Corp., Secured Debt 12024-03-310001396440U.S. TelePacific Corp., Secured Debt 22024-03-310001396440main:USTelePacificCorpMember2024-03-310001396440USA DeBusk LLC, Secured Debt 12024-03-310001396440USA DeBusk LLC, Secured Debt 22024-03-310001396440USA DeBusk LLC, Secured Debt 32024-03-310001396440main:USADebuskLLCMember2024-03-310001396440UserZoom Technologies, Inc., Secured Debt2024-03-310001396440Veregy Consolidated, Inc., Secured Debt 12024-03-310001396440Veregy Consolidated, Inc., Secured Debt 22024-03-310001396440main:VeregyConsolidatedIncMember2024-03-310001396440Vistar Media, Inc., Preferred Stock2024-03-310001396440Vitesse Systems, Secured Debt2024-03-310001396440VORTEQ Coil Finishers, LLC, Common Equity2024-03-310001396440Wall Street Prep, Inc., Secured Debt 12024-03-310001396440Wall Street Prep, Inc., Secured Debt 22024-03-310001396440Wall Street Prep, Inc., Common Stock2024-03-310001396440main:WallStreetPrepIncMember2024-03-310001396440Watterson Brands, LLC, Secured Debt 12024-03-310001396440Watterson Brands, LLC, Secured Debt 22024-03-310001396440Watterson Brands, LLC, Secured Debt 32024-03-310001396440Watterson Brands, LLC, Secured Debt 42024-03-310001396440main:WattersonBrandsLLCMember2024-03-310001396440West Star Aviation Acquisition, LLC, Secured Debt 12024-03-310001396440West Star Aviation Acquisition, LLC, Secured Debt 22024-03-310001396440West Star Aviation Acquisition, LLC, Secured Debt 32024-03-310001396440West Star Aviation Acquisition, LLC, Common Stock2024-03-310001396440main:WestStarAviationAcquisitionLLCMember2024-03-310001396440Winter Services LLC, Secured Debt 12024-03-310001396440Winter Services LLC, Secured Debt 22024-03-310001396440Winter Services LLC, Secured Debt 32024-03-310001396440Winter Services LLC, Secured Debt 42024-03-310001396440main:WinterServicesLLCMember2024-03-310001396440Xenon Arc, Inc., Secured Debt 12024-03-310001396440Xenon Arc, Inc., Secured Debt 22024-03-310001396440main:XenonArcIncMember2024-03-310001396440YS Garments, LLC, Secured Debt2024-03-310001396440Zips Car Wash, LLC, Secured Debt 12024-03-310001396440Zips Car Wash, LLC, Secured Debt 22024-03-310001396440main:ZipsCarWashLLCMember2024-03-310001396440Short-term portfolio investments, Secured Debt2024-03-310001396440Dreyfus Government Cash Management2024-03-310001396440Fidelity Government Fund2024-03-310001396440Fidelity Treasury2024-03-310001396440us-gaap:MoneyMarketFundsMember2024-03-310001396440main:SecuredOvernightFinancingRateSOFROvernightIndexSwapRateOrLondonInterbankOfferedRateLIBORMembersrt:MinimumMember2024-03-310001396440main:SecuredOvernightFinancingRateSOFROvernightIndexSwapRateOrLondonInterbankOfferedRateLIBORMembersrt:MaximumMember2024-03-310001396440main:SecuredOvernightFinancingRateSOFROvernightIndexSwapRateOrLondonInterbankOfferedRateLIBORMembersrt:WeightedAverageMember2024-03-310001396440main:BolderPantherGroupLLCMembermain:SecuredOvernightFinancingRateSOFRMember2024-03-310001396440srt:MinimumMember2024-03-310001396440srt:MaximumMember2024-03-310001396440Acumera, Inc., Warrants2024-01-012024-03-310001396440us-gaap:ShortTermInvestmentsMembersrt:MinimumMembermain:SecuredOvernightFinancingRateSOFRMember2024-03-310001396440us-gaap:ShortTermInvestmentsMembersrt:MaximumMembermain:SecuredOvernightFinancingRateSOFRMember2024-03-310001396440us-gaap:ShortTermInvestmentsMembersrt:WeightedAverageMembermain:SecuredOvernightFinancingRateSOFRMember2024-03-310001396440us-gaap:ShortTermInvestmentsMembersrt:MinimumMember2024-03-310001396440us-gaap:ShortTermInvestmentsMembersrt:MaximumMember2024-03-310001396440us-gaap:ShortTermInvestmentsMembersrt:WeightedAverageMember2024-03-310001396440Analytical 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)2023-12-310001396440I-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 Units2023-12-310001396440Mako Steel, LP, Secured Debt 12023-12-310001396440Mako Steel, LP, Secured Debt 22023-12-310001396440main:MakoSteelLPMember2023-12-310001396440MB2 Dental Solutions, LLC, Secured Debt 12023-12-310001396440MB2 Dental Solutions, LLC, Secured Debt 22023-12-310001396440MB2 Dental Solutions, LLC, Secured Debt 32023-12-310001396440MB2 Dental Solutions, LLC, Secured Debt 42023-12-310001396440main:MB2DentalSolutionsLLCMember2023-12-310001396440Microbe Formulas, LLC, Secured Debt 12023-12-310001396440Microbe Formulas, LLC, Secured Debt 22023-12-310001396440main:MicrobeFormulasLLCMember2023-12-310001396440Mills Fleet Farm Group, LLC, Secured Debt2023-12-310001396440Mini Melts of America, LLC, Secured Debt 12023-12-310001396440Mini Melts of America, LLC, Secured Debt 22023-12-310001396440Mini Melts of America, LLC, Secured Debt 32023-12-310001396440Mini Melts of America, LLC, Secured Debt 42023-12-310001396440Mini Melts of America, LLC, Common 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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12023-12-310001396440Purge Rite, LLC, Secured Debt 22023-12-310001396440Purge Rite, LLC, Preferred Equity2023-12-310001396440main:PurgeRiteLLCMember2023-12-310001396440RA Outdoors LLC, Secured Debt 12023-12-310001396440RA Outdoors LLC, Secured Debt 22023-12-310001396440main:RAOutdoorsLLCMember2023-12-310001396440Research Now Group, Inc. and Survey Sampling International, LLC, Secured Debt2023-12-310001396440Richardson Sales Solutions, Secured Debt 12023-12-310001396440Richardson Sales Solutions, Secured Debt 22023-12-310001396440main:RichardsonSalesSolutionsMember2023-12-310001396440Roof Opco, LLC, Secured Debt 12023-12-310001396440Roof Opco, LLC, Secured Debt 22023-12-310001396440Roof Opco, LLC, Secured Debt 32023-12-310001396440main:RoofOpcoLLCMember2023-12-310001396440RTIC Subsidiary Holdings, LLC, Secured Debt 12023-12-310001396440RTIC Subsidiary Holdings, LLC, Secured Debt 22023-12-310001396440RTIC Subsidiary Holdings, LLC, Secured Debt 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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Jewelry, Inc., Secured Debt 12024-01-012024-03-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22024-01-012024-03-310001396440Robbins Bros. 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Capital Solutions Corporation, Warrants 12024-03-310001396440Bridge Capital Solutions Corporation, Warrants 22024-01-012024-03-310001396440Bridge Capital Solutions Corporation, Warrants 22023-12-310001396440Bridge Capital Solutions Corporation, Warrants 22024-03-310001396440CBT Nuggets, LLC, Member Units2024-01-012024-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 12024-01-012024-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 2.12024-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 2.12024-01-012024-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 2.12023-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 32024-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 32024-01-012024-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 32023-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2024-01-012024-03-310001396440Chamberlin Holding LLC, Secured Debt 12024-01-012024-03-310001396440Chamberlin Holding LLC, Secured Debt 22024-01-012024-03-310001396440Chamberlin Holding LLC, Member Units 12024-01-012024-03-310001396440Chamberlin Holding LLC, Member Units 22024-01-012024-03-310001396440Charps, LLC, Unsecured Debt2024-01-012024-03-310001396440Charps, LLC, Preferred Member Units2024-01-012024-03-310001396440Colonial Electric Company LLC, Secured Debt 12024-01-012024-03-310001396440Colonial Electric Company LLC, Secured Debt 22024-01-012024-03-310001396440Colonial Electric Company LLC, Preferred Member Units 12024-01-012024-03-310001396440Colonial Electric Company LLC, Preferred Member Units 22024-01-012024-03-310001396440Compass Systems & Sales, LLC, Secured Debt 12024-01-012024-03-310001396440Compass Systems & Sales, LLC, Secured Debt 22024-01-012024-03-310001396440Compass Systems & Sales, LLC, Preferred Equity2024-01-012024-03-310001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-01-012024-03-310001396440Digital 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LLC, Secured Debt 12024-01-012024-03-310001396440NuStep, LLC, Secured Debt 22024-01-012024-03-310001396440NuStep, LLC, Preferred Member Units 1.12024-01-012024-03-310001396440NuStep, LLC, Preferred Member Units 1.12023-12-310001396440NuStep, LLC, Preferred Member Units 1.12024-03-310001396440NuStep, LLC, Preferred Member Units 2.12024-01-012024-03-310001396440NuStep, LLC, Preferred Member Units 2.12023-12-310001396440NuStep, LLC, Preferred Member Units 2.12024-03-310001396440Orttech Holdings, LLC, Secured Debt 12024-01-012024-03-310001396440Orttech Holdings, LLC, Secured Debt 22024-01-012024-03-310001396440Orttech Holdings, LLC, Preferred Stock2024-01-012024-03-310001396440Pearl Meyer Topco LLC, Secured Debt 12024-01-012024-03-310001396440Pearl Meyer Topco LLC, Secured Debt 22024-01-012024-03-310001396440Pearl Meyer Topco LLC, Secured Debt 32024-01-012024-03-310001396440Pearl Meyer Topco LLC, Preferred Equity2024-01-012024-03-310001396440Pinnacle TopCo, LLC, Secured Debt 12024-01-012024-03-310001396440Pinnacle TopCo, LLC, Secured Debt 22024-01-012024-03-310001396440Pinnacle TopCo, LLC, Preferred Equity2024-01-012024-03-310001396440River Aggregates, LLC, Member Units2024-01-012024-03-310001396440Tedder Industries, LLC, Secured Debt 12024-01-012024-03-310001396440Tedder Industries, LLC, Secured Debt 22024-01-012024-03-310001396440Tedder Industries, LLC, Preferred Member Units 12024-01-012024-03-310001396440Tedder Industries, LLC, Preferred Member Units 22024-01-012024-03-310001396440Tedder Industries, LLC, Preferred Member Units 32024-01-012024-03-310001396440Televerde, LLC, Member Units2024-01-012024-03-310001396440Televerde, LLC, Preferred Stock2024-01-012024-03-310001396440Vision Interests, Inc., Series A Preferred Stock2024-01-012024-03-310001396440VVS Holdco LLC, Secured Debt 12024-01-012024-03-310001396440VVS Holdco LLC, Secured Debt 22024-01-012024-03-310001396440VVS Holdco LLC, Preferred Equity2024-01-012024-03-310001396440Other, Control Investments2024-01-012024-03-310001396440Other, Control Investments2023-12-310001396440Other, Control Investments2024-03-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2024-01-012024-03-310001396440Amounts 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 Investments2024-03-310001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2024-01-012024-03-310001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2023-12-310001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2024-03-310001396440AAC Holdings, Inc., Secured Debt 12024-01-012024-03-310001396440AAC Holdings, Inc., Secured Debt 22024-01-012024-03-310001396440AAC Holdings, Inc., Common Stock2024-01-012024-03-310001396440AAC Holdings, Inc., Warrants2024-01-012024-03-310001396440Boccella Precast Products LLC, Secured Debt2024-01-012024-03-310001396440Boccella Precast Products LLC, Member Units2024-01-012024-03-310001396440Buca C, LLC, Secured Debt2024-01-012024-03-310001396440Buca C, LLC, Preferred Member Units2024-01-012024-03-310001396440Career Team Holdings, LLC, Secured Debt 12024-01-012024-03-310001396440Career Team Holdings, LLC, Secured Debt 22024-01-012024-03-310001396440Career Team Holdings, LLC, Common Stock2024-01-012024-03-310001396440Classic H&G Holdings, LLC, Secured Debt 12024-01-012024-03-310001396440Classic H&G Holdings, LLC, Secured Debt 22024-01-012024-03-310001396440Classic H&G Holdings, LLC, Preferred Member Units2024-01-012024-03-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2024-01-012024-03-310001396440Congruent 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)2024-03-310001396440DMA Industries, LLC, Secured Debt2024-01-012024-03-310001396440DMA Industries, LLC, Preferred Equity2024-01-012024-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP).12024-01-012024-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP).12023-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP).12024-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP).12024-01-012024-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP).12023-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP).12024-03-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2024-01-012024-03-310001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2024-01-012024-03-310001396440Flame King Holdings, LLC, Preferred Equity2024-01-012024-03-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2024-01-012024-03-310001396440Freeport 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)2024-03-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2024-01-012024-03-310001396440Freeport 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)2024-03-310001396440GFG Group, LLC, Secured Debt2024-01-012024-03-310001396440GFG Group, LLC, Preferred Member Units2024-01-012024-03-310001396440Gulf Manufacturing, LLC, Secured Debt 12024-01-012024-03-310001396440Gulf Manufacturing, LLC, Secured Debt 12023-12-310001396440Gulf Manufacturing, LLC, Secured Debt 22024-01-012024-03-310001396440Gulf Manufacturing, LLC, Secured Debt 22023-12-310001396440Gulf Manufacturing, LLC, Member Units2024-01-012024-03-310001396440Hawk Ridge Systems, LLC, Secured Debt 12024-01-012024-03-310001396440Hawk Ridge Systems, LLC, Secured Debt 22024-01-012024-03-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12024-01-012024-03-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22024-01-012024-03-310001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2024-01-012024-03-310001396440Houston Plating and Coatings, LLC, Member Units2024-01-012024-03-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-01-012024-03-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-12-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-03-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2024-01-012024-03-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2023-12-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2024-03-310001396440HPEP 3, L.P., LP Interests (423 COR, L.P.)2024-01-012024-03-310001396440HPEP 3, L.P., LP Interests (423 COR, L.P.)2023-12-310001396440HPEP 3, L.P., LP Interests (423 COR, L.P.)2024-03-310001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2024-03-310001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2024-01-012024-03-310001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-01-012024-03-310001396440Infinity X1 Holdings, LLC, Secured Debt2024-01-012024-03-310001396440Infinity X1 Holdings, LLC, Preferred Equity2024-01-012024-03-310001396440Integral Energy Services, Secured Debt2024-01-012024-03-310001396440Integral Energy Services, Preferred Equity2024-01-012024-03-310001396440Integral Energy Services, Common Stock2024-01-012024-03-310001396440Iron-Main Investments, LLC, Secured Debt 12024-01-012024-03-310001396440Iron-Main Investments, LLC, Secured Debt 22024-01-012024-03-310001396440Iron-Main Investments, LLC, Secured Debt 32024-01-012024-03-310001396440Iron-Main Investments, LLC, Secured Debt 42024-01-012024-03-310001396440Iron-Main Investments, LLC, Secured Debt 52024-01-012024-03-310001396440Iron-Main Investments, LLC, Common Stock2024-01-012024-03-310001396440ITA Holdings Group, LLC, Secured Debt 12024-01-012024-03-310001396440ITA Holdings Group, LLC, Secured Debt 22024-01-012024-03-310001396440ITA Holdings Group, LLC, Secured Debt 32024-01-012024-03-310001396440ITA Holdings Group, LLC, Secured Debt 42024-01-012024-03-310001396440ITA Holdings Group, LLC, Warrants2024-01-012024-03-310001396440Johnson Downie Opco, LLC, Secured Debt 12024-01-012024-03-310001396440Johnson Downie Opco, LLC, Secured Debt 22024-01-012024-03-310001396440Johnson Downie Opco, LLC, Preferred Equity2024-01-012024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 1.12024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 1.12024-01-012024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 1.12023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 2.12024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 2.12024-01-012024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 2.12023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 3.12024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 3.12024-01-012024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 3.12023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 4.12024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 4.12024-01-012024-03-310001396440OnAsset Intelligence, Inc., Secured Debt 4.12023-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2024-01-012024-03-310001396440OnAsset Intelligence, Inc., Preferred Stock2024-01-012024-03-310001396440OnAsset Intelligence, Inc., Common Stock2024-01-012024-03-310001396440OnAsset Intelligence, Inc., Warrants2024-01-012024-03-310001396440Oneliance, LLC, Secured Debt 12024-03-310001396440Oneliance, LLC, Secured Debt 12024-01-012024-03-310001396440Oneliance, LLC, Secured Debt 22024-03-310001396440Oneliance, LLC, Secured Debt 22024-01-012024-03-310001396440Oneliance, LLC, Preferred Stock2024-01-012024-03-310001396440Quality Lease Service, LLC, Preferred Member Units2024-01-012024-03-310001396440Quality Lease Service, LLC, Preferred Member Units2023-12-310001396440Quality Lease Service, LLC, Preferred Member Units2024-03-310001396440SI East, LLC, Secured Debt 12024-01-012024-03-310001396440SI East, LLC, Secured Debt 22024-01-012024-03-310001396440SI East, LLC, Preferred Member Units2024-01-012024-03-310001396440Slick Innovations, LLC, Secured Debt2024-01-012024-03-310001396440Slick Innovations, LLC, Common Stock2024-01-012024-03-310001396440Student Resource Center, LLC, Secured Debt2024-01-012024-03-310001396440Student Resource Center, LLC, Preferred Equity2024-01-012024-03-310001396440Superior Rigging & Erecting Co., Secured Debt2024-01-012024-03-310001396440Superior Rigging & Erecting Co., Preferred Member Units2024-01-012024-03-310001396440The Affiliati Network, LLC, Secured Debt 12024-01-012024-03-310001396440The Affiliati Network, LLC, Secured Debt 22024-01-012024-03-310001396440The Affiliati Network, LLC, Preferred Stock 1.12024-01-012024-03-310001396440The Affiliati Network, LLC, Preferred Stock 1.12023-12-310001396440The Affiliati Network, LLC, Preferred Stock 1.12024-03-310001396440The Affiliati Network, LLC, Preferred Stock 2.12024-01-012024-03-310001396440The Affiliati Network, LLC, Preferred Stock 2.12023-12-310001396440The Affiliati Network, LLC, Preferred Stock 2.12024-03-310001396440UnionRock Energy Fund II, LP, LP Interests2024-01-012024-03-310001396440UnionRock Energy Fund III, LP, LP Interests2024-01-012024-03-310001396440UniTek Global Services, Inc., Secured Convertible Debt 12024-01-012024-03-310001396440UniTek Global Services, Inc., Secured Convertible Debt 22024-01-012024-03-310001396440UniTek Global Services, Inc., Preferred Stock 12024-01-012024-03-310001396440UniTek Global Services, Inc., Preferred Stock 22024-01-012024-03-310001396440UniTek Global Services, Inc., Preferred Stock 32024-01-012024-03-310001396440UniTek Global Services, Inc., Preferred Stock 42024-01-012024-03-310001396440UniTek Global Services, Inc., Common Stock2024-01-012024-03-310001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2024-01-012024-03-310001396440Universal Wellhead Services Holdings, LLC, Member Units2024-01-012024-03-310001396440Urgent DSO LLC, Secured Debt2024-01-012024-03-310001396440Urgent DSO LLC, Secured Debt2023-12-310001396440Urgent DSO LLC, Preferred Equity2024-01-012024-03-310001396440Urgent DSO LLC, Preferred Equity2023-12-310001396440World Micro Holdings, LLC, Secured Debt2024-01-012024-03-310001396440World Micro Holdings, LLC, Preferred Equity2024-01-012024-03-310001396440Other, Affiliate Investments2024-01-012024-03-310001396440Other, Affiliate Investments2023-12-310001396440Other, Affiliate Investments2024-03-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2024-01-012024-03-310001396440Amounts 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 Investments2024-03-310001396440us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:MidwestRegionMember2024-03-310001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001396440main:NortheastRegionAndCanadaMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001396440main:NortheastRegionAndCanadaMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001396440us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:WestRegionMember2024-03-310001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 12023-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 12023-01-012023-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 12022-12-310001396440ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 22023-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 22023-01-012023-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Secured Debt 22022-12-310001396440ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 12023-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 12023-01-012023-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 12022-12-310001396440ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 22023-01-012023-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 22022-12-310001396440ASK (Analytical Systems Keco Holdings, LLC), Preferred Member Units 22023-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Warrants2023-01-012023-03-310001396440ASK (Analytical Systems Keco Holdings, LLC), Warrants2022-12-310001396440ASK (Analytical Systems Keco Holdings, LLC), Warrants2023-03-310001396440Brewer Crane Holdings, LLC, Secured Debt2023-03-310001396440Brewer Crane Holdings, LLC, Secured Debt2023-01-012023-03-310001396440Brewer Crane Holdings, LLC, Secured Debt2022-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2023-01-012023-03-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2022-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2023-03-310001396440Café Brazil, LLC, Member Units2023-01-012023-03-310001396440Café Brazil, LLC, Member Units2022-12-310001396440Café Brazil, LLC, Member Units2023-03-310001396440California Splendor Holdings LLC, Secured Debt2023-03-310001396440California Splendor Holdings LLC, Secured Debt2023-01-012023-03-310001396440California Splendor Holdings LLC, Secured Debt2022-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12023-01-012023-03-310001396440California Splendor Holdings LLC, Preferred Member Units 12022-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12023-03-310001396440California Splendor Holdings LLC, Preferred Member Units 22023-03-310001396440California Splendor Holdings LLC, Preferred Member Units 22023-01-012023-03-310001396440California Splendor Holdings LLC, Preferred Member Units 22022-12-310001396440Clad-Rex Steel, LLC, Secured Debt 12023-03-310001396440Clad-Rex Steel, LLC, Secured Debt 12023-01-012023-03-310001396440Clad-Rex Steel, LLC, Secured Debt 12022-12-310001396440Clad-Rex Steel, LLC, Secured Debt 22023-03-310001396440Clad-Rex Steel, LLC, Secured Debt 22023-01-012023-03-310001396440Clad-Rex Steel, LLC, Secured Debt 22022-12-310001396440Clad-Rex Steel, LLC, Secured Debt 32023-03-310001396440Clad-Rex Steel, LLC, Secured Debt 32023-01-012023-03-310001396440Clad-Rex Steel, LLC, Secured Debt 32022-12-310001396440Clad-Rex Steel, LLC, Member Units 12023-01-012023-03-310001396440Clad-Rex Steel, LLC, Member Units 12022-12-310001396440Clad-Rex Steel, LLC, Member Units 12023-03-310001396440Clad-Rex Steel, LLC, Member Units 22023-01-012023-03-310001396440Clad-Rex Steel, LLC, Member Units 22022-12-310001396440Clad-Rex Steel, LLC, Member Units 22023-03-310001396440CMS Minerals Investments, Member Units2023-01-012023-03-310001396440CMS Minerals Investments, Member Units2022-12-310001396440CMS Minerals Investments, Member Units2023-03-310001396440Cody Pools, Inc., Secured Debt 12023-03-310001396440Cody Pools, Inc., Secured Debt 12023-01-012023-03-310001396440Cody Pools, Inc., Secured Debt 12022-12-310001396440Cody Pools, Inc., Secured Debt 22023-03-310001396440Cody Pools, Inc., Secured Debt 22023-01-012023-03-310001396440Cody Pools, Inc., Secured Debt 22022-12-310001396440Cody Pools, Inc., Preferred Member Units2023-01-012023-03-310001396440Cody Pools, Inc., Preferred Member Units2022-12-310001396440Cody Pools, Inc., Preferred Member Units2023-03-310001396440CompareNetworks Topco, LLC, Secured Debt 12023-03-310001396440CompareNetworks Topco, LLC, Secured Debt 12023-01-012023-03-310001396440CompareNetworks Topco, LLC, Secured Debt 12022-12-310001396440CompareNetworks Topco, LLC, Secured Debt 22023-03-310001396440CompareNetworks Topco, LLC, Secured Debt 22023-01-012023-03-310001396440CompareNetworks Topco, LLC, Secured Debt 22022-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2023-01-012023-03-310001396440CompareNetworks Topco, LLC, Preferred Member Units2022-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2023-03-310001396440Datacom, LLC, Secured Debt 12023-03-310001396440Datacom, LLC, Secured Debt 12023-01-012023-03-310001396440Datacom, LLC, Secured Debt 12022-12-310001396440Datacom, LLC, Secured Debt 22023-03-310001396440Datacom, LLC, Secured Debt 22023-01-012023-03-310001396440Datacom, LLC, Secured Debt 22022-12-310001396440Datacom, LLC, Preferred Member Units2023-01-012023-03-310001396440Datacom, LLC, Preferred Member Units2022-12-310001396440Datacom, LLC, Preferred Member Units2023-03-310001396440Direct Marketing Solutions, Inc., Secured Debt 12023-01-012023-03-310001396440Direct Marketing Solutions, Inc., Secured Debt 12022-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 12023-03-310001396440Direct Marketing Solutions, Inc., Secured Debt 22023-03-310001396440Direct Marketing Solutions, Inc., Secured Debt 22023-01-012023-03-310001396440Direct Marketing Solutions, Inc., Secured Debt 22022-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2023-01-012023-03-310001396440Direct Marketing Solutions, Inc., Preferred Stock2022-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2023-03-310001396440Elgin AcquireCo, LLC, Secured Debt 12023-03-310001396440Elgin AcquireCo, LLC, Secured Debt 12023-01-012023-03-310001396440Elgin AcquireCo, LLC, Secured Debt 12022-12-310001396440Elgin AcquireCo, LLC, Secured Debt 22023-03-310001396440Elgin AcquireCo, LLC, Secured Debt 22023-01-012023-03-310001396440Elgin AcquireCo, LLC, Secured Debt 22022-12-310001396440Elgin AcquireCo, LLC, Secured Debt 32023-03-310001396440Elgin AcquireCo, LLC, Secured Debt 32023-01-012023-03-310001396440Elgin AcquireCo, LLC, Secured Debt 32022-12-310001396440Elgin AcquireCo, LLC, Common Stock 12023-01-012023-03-310001396440Elgin AcquireCo, LLC, Common Stock 12022-12-310001396440Elgin AcquireCo, LLC, Common Stock 12023-03-310001396440Elgin AcquireCo, LLC, Common Stock 22023-01-012023-03-310001396440Elgin AcquireCo, LLC, Common Stock 22022-12-310001396440Elgin AcquireCo, LLC, Common Stock 22023-03-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 12023-03-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 12023-01-012023-03-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 12022-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22023-03-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22023-01-012023-03-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22022-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2023-01-012023-03-310001396440Gamber-Johnson Holdings, LLC, Member Units2022-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2023-03-310001396440GRT Rubber Technologies LLC, Secured Debt 12023-03-310001396440GRT Rubber Technologies LLC, Secured Debt 12023-01-012023-03-310001396440GRT Rubber Technologies LLC, Secured Debt 12022-12-310001396440GRT Rubber Technologies LLC, Secured Debt 22023-03-310001396440GRT Rubber Technologies LLC, Secured Debt 22023-01-012023-03-310001396440GRT Rubber Technologies LLC, Secured Debt 22022-12-310001396440GRT Rubber Technologies LLC, Member Units2023-01-012023-03-310001396440GRT Rubber Technologies LLC, Member Units2022-12-310001396440GRT Rubber Technologies LLC, Member Units2023-03-310001396440Gulf Publishing Holdings, LLC, Secured Debt 12023-03-310001396440Gulf Publishing Holdings, LLC, Secured Debt 12023-01-012023-03-310001396440Gulf Publishing Holdings, LLC, Secured Debt 12022-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22023-03-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22023-01-012023-03-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22022-12-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2023-01-012023-03-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2022-12-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2023-03-310001396440Gulf Publishing Holdings, LLC, Member Units2023-01-012023-03-310001396440Gulf Publishing Holdings, LLC, Member Units2022-12-310001396440Gulf Publishing Holdings, LLC, Member Units2023-03-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12023-03-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12023-01-012023-03-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12022-12-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22023-03-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22023-01-012023-03-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22022-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2023-01-012023-03-310001396440Jensen Jewelers of Idaho, LLC, Member Units2022-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2023-03-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-03-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-01-012023-03-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-03-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-01-012023-03-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-12-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-01-012023-03-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2022-12-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-03-310001396440Kickhaefer Manufacturing Company, LLC, Member Units2023-01-012023-03-310001396440Kickhaefer Manufacturing Company, LLC, Member Units2022-12-310001396440Kickhaefer Manufacturing Company, LLC, Member Units2023-03-310001396440Market Force Information, LLC, Secured Debt 12023-03-310001396440Market Force Information, LLC, Secured Debt 12023-01-012023-03-310001396440Market Force Information, LLC, Secured Debt 12022-12-310001396440Market Force Information, LLC, Secured Debt 22023-03-310001396440Market Force Information, LLC, Secured Debt 22023-01-012023-03-310001396440Market Force Information, LLC, Secured Debt 22022-12-310001396440Market Force Information, LLC, Member Units2023-01-012023-03-310001396440Market Force Information, LLC, Member Units2022-12-310001396440Market Force Information, LLC, Member Units2023-03-310001396440MetalForming AcquireCo, LLC, Secured Debt 12023-01-012023-03-310001396440MetalForming AcquireCo, LLC, Secured Debt 12022-12-310001396440MetalForming AcquireCo, LLC, Secured Debt 12023-03-310001396440MetalForming AcquireCo, LLC, Secured Debt 22023-03-310001396440MetalForming AcquireCo, LLC, Secured Debt 22023-01-012023-03-310001396440MetalForming AcquireCo, LLC, Secured Debt 22022-12-310001396440MetalForming AcquireCo, LLC, Preferred Equity2023-03-310001396440MetalForming AcquireCo, LLC, Preferred Equity2023-01-012023-03-310001396440MetalForming AcquireCo, LLC, Preferred Equity2022-12-310001396440MetalForming AcquireCo, LLC, Common Stock2023-01-012023-03-310001396440MetalForming AcquireCo, LLC, Common Stock2022-12-310001396440MetalForming AcquireCo, LLC, Common Stock2023-03-310001396440MH Corbin Holding LLC, Secured Debt2023-03-310001396440MH Corbin Holding LLC, Secured Debt2023-01-012023-03-310001396440MH Corbin Holding LLC, Secured Debt2022-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12023-01-012023-03-310001396440MH Corbin Holding LLC, Preferred Member Units 12022-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12023-03-310001396440MH Corbin Holding LLC, Preferred Member Units 22023-01-012023-03-310001396440MH Corbin Holding LLC, Preferred Member Units 22022-12-310001396440MH Corbin Holding LLC, Preferred Member Units 22023-03-310001396440MSC Adviser I, LLC, Member Units2023-01-012023-03-310001396440MSC Adviser I, LLC, Member Units2022-12-310001396440MSC Adviser I, LLC, Member Units2023-03-310001396440Mystic Logistics Holdings, LLC, Secured Debt 12023-01-012023-03-310001396440Mystic Logistics Holdings, LLC, Secured Debt 12022-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 12023-03-310001396440Mystic Logistics Holdings, LLC, Secured Debt 22023-03-310001396440Mystic Logistics Holdings, LLC, Secured Debt 22023-01-012023-03-310001396440Mystic Logistics Holdings, LLC, Secured Debt 22022-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2023-01-012023-03-310001396440Mystic Logistics Holdings, LLC, Common Stock2022-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2023-03-310001396440OMi Topco, LLC, Secured Debt2023-03-310001396440OMi Topco, LLC, Secured Debt2023-01-012023-03-310001396440OMi Topco, LLC, Secured Debt2022-12-310001396440OMi Topco, LLC, Preferred Member Units2023-01-012023-03-310001396440OMi Topco, LLC, Preferred Member Units2022-12-310001396440OMi Topco, LLC, Preferred Member Units2023-03-310001396440PPL RVs, Inc., Secured Debt 12023-03-310001396440PPL RVs, Inc., Secured Debt 12023-01-012023-03-310001396440PPL RVs, Inc., Secured Debt 12022-12-310001396440PPL RVs, Inc., Secured Debt 22023-03-310001396440PPL RVs, Inc., Secured Debt 22023-01-012023-03-310001396440PPL RVs, Inc., Secured Debt 22022-12-310001396440PPL RVs, Inc., Common Stock 12023-01-012023-03-310001396440PPL RVs, Inc., Common Stock 12022-12-310001396440PPL RVs, Inc., Common Stock 12023-03-310001396440PPL RVs, Inc., Common Stock 22023-01-012023-03-310001396440PPL RVs, Inc., Common Stock 22022-12-310001396440PPL RVs, Inc., Common Stock 22023-03-310001396440Principle Environmental, LLC, Secured Debt 12023-01-012023-03-310001396440Principle Environmental, LLC, Secured Debt 12022-12-310001396440Principle Environmental, LLC, Secured Debt 12023-03-310001396440Principle Environmental, LLC, Secured Debt 22023-03-310001396440Principle Environmental, LLC, Secured Debt 22023-01-012023-03-310001396440Principle Environmental, LLC, Secured Debt 22022-12-310001396440Principle Environmental, LLC, Preferred Member Units2023-01-012023-03-310001396440Principle Environmental, LLC, Preferred Member Units2022-12-310001396440Principle Environmental, LLC, Preferred Member Units2023-03-310001396440Principle Environmental, LLC, Common Stock2023-01-012023-03-310001396440Principle Environmental, LLC, Common Stock2022-12-310001396440Principle Environmental, LLC, Common Stock2023-03-310001396440Quality Lease Service, LLC, Member Units2023-01-012023-03-310001396440Quality Lease Service, LLC, Member Units2022-12-310001396440Quality Lease Service, LLC, Member Units2023-03-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 12023-01-012023-03-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 12022-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 12023-03-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22023-03-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22023-01-012023-03-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22022-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2023-01-012023-03-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2022-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2023-03-310001396440Trantech Radiator Topco, LLC, Secured Debt 12023-01-012023-03-310001396440Trantech Radiator Topco, LLC, Secured Debt 12022-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 12023-03-310001396440Trantech Radiator Topco, LLC, Secured Debt 22023-03-310001396440Trantech Radiator Topco, LLC, Secured Debt 22023-01-012023-03-310001396440Trantech Radiator Topco, LLC, Secured Debt 22022-12-310001396440Trantech Radiator Topco, LLC, Common Stock2023-01-012023-03-310001396440Trantech Radiator Topco, LLC, Common Stock2022-12-310001396440Trantech Radiator Topco, LLC, Common Stock2023-03-310001396440Volusion, LLC, Secured Debt 12023-03-310001396440Volusion, LLC, Secured Debt 12023-01-012023-03-310001396440Volusion, LLC, Secured Debt 12022-12-310001396440Volusion, LLC, Secured Debt 22023-01-012023-03-310001396440Volusion, LLC, Secured Debt 22022-12-310001396440Volusion, LLC, Secured Debt 22023-03-310001396440Volusion, LLC, Unsecured Convertible Debt2023-01-012023-03-310001396440Volusion, LLC, Unsecured Convertible Debt2022-12-310001396440Volusion, LLC, Unsecured Convertible Debt2023-03-310001396440Volusion, LLC, Preferred Member Units 12023-01-012023-03-310001396440Volusion, LLC, Preferred Member Units 12022-12-310001396440Volusion, LLC, Preferred Member Units 12023-03-310001396440Volusion, LLC, Preferred Member Units 22023-01-012023-03-310001396440Volusion, LLC, Preferred Member Units 22022-12-310001396440Volusion, LLC, Preferred Member Units 22023-03-310001396440Volusion, LLC, Preferred Member Units 32023-01-012023-03-310001396440Volusion, LLC, Preferred Member Units 32022-12-310001396440Volusion, LLC, Preferred Member Units 32023-03-310001396440Volusion, LLC, Common Stock2023-01-012023-03-310001396440Volusion, LLC, Common Stock2022-12-310001396440Volusion, LLC, Common Stock2023-03-310001396440Volusion, LLC, Warrants2023-01-012023-03-310001396440Volusion, LLC, Warrants2022-12-310001396440Volusion, LLC, Warrants2023-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 12023-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 12023-01-012023-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 12022-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 22023-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 22023-01-012023-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 22022-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 32023-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 32023-01-012023-03-310001396440Ziegler’s NYPD, LLC, Secured Debt 32022-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2023-01-012023-03-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2022-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2023-03-310001396440Ziegler’s NYPD, LLC, Warrants2023-01-012023-03-310001396440Ziegler’s NYPD, LLC, Warrants2022-12-310001396440Ziegler’s NYPD, LLC, Warrants2023-03-3100013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2023-01-012023-03-3100013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2022-12-3100013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2023-03-3100013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2023-01-012023-03-3100013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2022-12-3100013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2023-03-310001396440ASC Interests, LLC, Secured Debt 12023-03-310001396440ASC Interests, LLC, Secured Debt 12023-01-012023-03-310001396440ASC Interests, LLC, Secured Debt 12022-12-310001396440ASC Interests, LLC, Secured Debt 22023-03-310001396440ASC Interests, LLC, Secured Debt 22023-01-012023-03-310001396440ASC Interests, LLC, Secured Debt 22022-12-310001396440ASC Interests, LLC, Member Units2023-01-012023-03-310001396440ASC Interests, LLC, Member Units2022-12-310001396440ASC Interests, LLC, Member Units2023-03-310001396440ATS Workholding, LLC, Secured Debt 12023-03-310001396440ATS Workholding, LLC, Secured Debt 12023-01-012023-03-310001396440ATS Workholding, LLC, Secured Debt 12022-12-310001396440ATS Workholding, LLC, Secured Debt 22023-03-310001396440ATS Workholding, LLC, Secured Debt 22023-01-012023-03-310001396440ATS Workholding, LLC, Secured Debt 22022-12-310001396440ATS Workholding, LLC, Preferred Member Units2023-01-012023-03-310001396440ATS Workholding, LLC, Preferred Member Units2022-12-310001396440ATS Workholding, LLC, Preferred Member Units2023-03-310001396440Barfly Ventures, LLC, Secured Debt2023-03-310001396440Barfly Ventures, LLC, Secured Debt2023-01-012023-03-310001396440Barfly Ventures, LLC, Secured Debt2022-12-310001396440Barfly Ventures, LLC, Member Units2023-01-012023-03-310001396440Barfly Ventures, LLC, Member Units2022-12-310001396440Barfly Ventures, LLC, Member Units2023-03-310001396440Batjer TopCo, LLC, Secured Debt 12023-01-012023-03-310001396440Batjer TopCo, LLC, Secured Debt 12022-12-310001396440Batjer TopCo, LLC, Secured Debt 12023-03-310001396440Batjer TopCo, LLC, Secured Debt 22023-01-012023-03-310001396440Batjer TopCo, LLC, Secured Debt 22022-12-310001396440Batjer TopCo, LLC, Secured Debt 22023-03-310001396440Batjer TopCo, LLC, Secured Debt 32023-03-310001396440Batjer TopCo, LLC, Secured Debt 32023-01-012023-03-310001396440Batjer TopCo, LLC, Secured Debt 32022-12-310001396440Batjer TopCo, LLC, Preferred Stock2023-01-012023-03-310001396440Batjer TopCo, LLC, Preferred Stock2022-12-310001396440Batjer TopCo, LLC, Preferred Stock2023-03-310001396440Bolder Panther Group, LLC, Secured Debt 12023-01-012023-03-310001396440Bolder Panther Group, LLC, Secured Debt 12022-12-310001396440Bolder Panther Group, LLC, Secured Debt 12023-03-310001396440Bolder Panther Group, LLC, Secured Debt 22023-03-310001396440Bolder Panther Group, LLC, Secured Debt 22023-01-012023-03-310001396440Bolder Panther Group, LLC, Secured Debt 22022-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2023-03-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2023-01-012023-03-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2022-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 12023-03-310001396440Bridge Capital Solutions Corporation, Secured Debt 12023-01-012023-03-310001396440Bridge Capital Solutions Corporation, Secured Debt 12022-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 22023-03-310001396440Bridge Capital Solutions Corporation, Secured Debt 22023-01-012023-03-310001396440Bridge Capital Solutions Corporation, Secured Debt 22022-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2023-01-012023-03-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2022-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2023-03-310001396440Bridge Capital Solutions Corporation, Warrants 12023-01-012023-03-310001396440Bridge Capital Solutions Corporation, Warrants 12022-12-310001396440Bridge Capital Solutions Corporation, Warrants 12023-03-310001396440Bridge Capital Solutions Corporation, Warrants 22023-01-012023-03-310001396440Bridge Capital Solutions Corporation, Warrants 22022-12-310001396440Bridge Capital Solutions Corporation, Warrants 22023-03-310001396440CBT Nuggets, LLC, Member Units2023-01-012023-03-310001396440CBT Nuggets, LLC, Member Units2022-12-310001396440CBT Nuggets, LLC, Member Units2023-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 12023-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 12023-01-012023-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 12022-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 22023-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 22023-01-012023-03-310001396440Centre Technologies Holdings, LLC, Secured Debt 22022-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2023-01-012023-03-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2022-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2023-03-310001396440Chamberlin Holding LLC, Secured Debt 12023-03-310001396440Chamberlin Holding LLC, Secured Debt 12023-01-012023-03-310001396440Chamberlin Holding LLC, Secured Debt 12022-12-310001396440Chamberlin Holding LLC, Secured Debt 22023-03-310001396440Chamberlin Holding LLC, Secured Debt 22023-01-012023-03-310001396440Chamberlin Holding LLC, Secured Debt 22022-12-310001396440Chamberlin Holding LLC, Member Units 12023-01-012023-03-310001396440Chamberlin Holding LLC, Member Units 12022-12-310001396440Chamberlin Holding LLC, Member Units 12023-03-310001396440Chamberlin Holding LLC, Member Units 22023-01-012023-03-310001396440Chamberlin Holding LLC, Member Units 22022-12-310001396440Chamberlin Holding LLC, Member Units 22023-03-310001396440Charps, LLC, Unsecured Debt2023-03-310001396440Charps, LLC, Unsecured Debt2023-01-012023-03-310001396440Charps, LLC, Unsecured Debt2022-12-310001396440Charps, LLC, Preferred Member Units2023-01-012023-03-310001396440Charps, LLC, Preferred Member Units2022-12-310001396440Charps, LLC, Preferred Member Units2023-03-310001396440Colonial Electric Company LLC, Secured Debt 12023-01-012023-03-310001396440Colonial Electric Company LLC, Secured Debt 12022-12-310001396440Colonial Electric Company LLC, Secured Debt 12023-03-310001396440Colonial Electric Company LLC, Secured Debt 22023-03-310001396440Colonial Electric Company LLC, Secured Debt 22023-01-012023-03-310001396440Colonial Electric Company LLC, Secured Debt 22022-12-310001396440Colonial Electric Company LLC, Preferred Member Units2023-01-012023-03-310001396440Colonial Electric Company LLC, Preferred Member Units2022-12-310001396440Colonial Electric Company LLC, Preferred Member Units2023-03-310001396440Copper Trail Energy Fund I, LP - CTMH, LP Interests (CTMH, LP)2023-01-012023-03-310001396440Copper Trail Energy Fund I, LP - CTMH, LP Interests (CTMH, LP)2022-12-310001396440Copper Trail Energy Fund I, LP - CTMH, LP Interests (CTMH, LP)2023-03-310001396440Digital Products Holdings LLC, Secured Debt2023-03-310001396440Digital Products Holdings LLC, Secured Debt2023-01-012023-03-310001396440Digital Products Holdings LLC, Secured Debt2022-12-310001396440Digital Products Holdings LLC, Preferred Member Units2023-01-012023-03-310001396440Digital Products Holdings LLC, Preferred Member Units2022-12-310001396440Digital Products Holdings LLC, Preferred Member Units2023-03-310001396440Garreco, LLC, Secured Debt2023-03-310001396440Garreco, LLC, Secured Debt2023-01-012023-03-310001396440Garreco, LLC, Secured Debt2022-12-310001396440Garreco, LLC, Member Units2023-01-012023-03-310001396440Garreco, LLC, Member Units2022-12-310001396440Garreco, LLC, Member Units2023-03-310001396440Gulf Manufacturing, LLC, Member Units2023-01-012023-03-310001396440Gulf Manufacturing, LLC, Member Units2022-12-310001396440Gulf Manufacturing, LLC, Member Units2023-03-310001396440Harrison Hydra-Gen, Ltd., Common Stock2023-01-012023-03-310001396440Harrison Hydra-Gen, Ltd., Common Stock2022-12-310001396440Harrison Hydra-Gen, Ltd., Common Stock2023-03-310001396440Johnson Downie Opco, LLC, Secured Debt 12023-03-310001396440Johnson Downie Opco, LLC, Secured Debt 12023-01-012023-03-310001396440Johnson Downie Opco, LLC, Secured Debt 12022-12-310001396440Johnson Downie Opco, LLC, Secured Debt 22023-03-310001396440Johnson Downie Opco, LLC, Secured Debt 22023-01-012023-03-310001396440Johnson Downie Opco, LLC, Secured Debt 22022-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2023-01-012023-03-310001396440Johnson Downie Opco, LLC, Preferred Equity2022-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2023-03-310001396440JorVet Holdings, LLC, Secured Debt2023-03-310001396440JorVet Holdings, LLC, Secured Debt2023-01-012023-03-310001396440JorVet Holdings, LLC, Secured Debt2022-12-310001396440JorVet Holdings, LLC, Preferred Equity2023-01-012023-03-310001396440JorVet Holdings, LLC, Preferred Equity2022-12-310001396440JorVet Holdings, LLC, Preferred Equity2023-03-310001396440KBK Industries, LLC, Secured Debt2023-03-310001396440KBK Industries, LLC, Secured Debt2023-01-012023-03-310001396440KBK Industries, LLC, Secured Debt2022-12-310001396440KBK Industries, LLC, Member Units2023-01-012023-03-310001396440KBK Industries, LLC, Member Units2022-12-310001396440KBK Industries, LLC, Member Units2023-03-310001396440MS Private Loan Fund, Secured Debt 12023-01-012023-03-310001396440MS Private Loan Fund, Secured Debt 12022-12-310001396440MS Private Loan Fund, Secured Debt 12023-03-310001396440MS Private Loan Fund, Secured Debt 22023-01-012023-03-310001396440MS Private Loan Fund, Secured Debt 22022-12-310001396440MS Private Loan Fund, Secured Debt 22023-03-310001396440MS Private Loan Fund, LP Interests2023-01-012023-03-310001396440MS Private Loan Fund, LP Interests2022-12-310001396440MS Private Loan Fund, LP Interests2023-03-310001396440MSC Income Fund, Inc., Common Equity2023-01-012023-03-310001396440MSC Income Fund, Inc., Common Equity2022-12-310001396440MSC Income Fund, Inc., Common Equity2023-03-310001396440NAPCO Precast, LLC, Member Units2023-01-012023-03-310001396440NAPCO Precast, LLC, Member Units2022-12-310001396440NAPCO Precast, LLC, Member Units2023-03-310001396440Nebraska Vet AcquireCo, LLC (NVS), Secured Debt 12023-03-310001396440Nebraska Vet AcquireCo, LLC (NVS), Secured Debt 12023-01-012023-03-310001396440Nebraska Vet AcquireCo, LLC (NVS), Secured Debt 12022-12-310001396440Nebraska Vet AcquireCo, LLC (NVS), Secured Debt 22023-03-310001396440Nebraska Vet AcquireCo, LLC (NVS), Secured Debt 22023-01-012023-03-310001396440Nebraska Vet AcquireCo, LLC (NVS), Secured Debt 22022-12-310001396440Nebraska Vet AcquireCo, LLC (NVS), Secured Debt 32023-03-310001396440Nebraska Vet AcquireCo, LLC (NVS), Secured Debt 32023-01-012023-03-310001396440Nebraska Vet AcquireCo, LLC (NVS), Secured Debt 32022-12-310001396440Nebraska Vet AcquireCo, LLC (NVS), Preferred Member Units2023-01-012023-03-310001396440Nebraska Vet AcquireCo, LLC (NVS), Preferred Member Units2022-12-310001396440Nebraska Vet AcquireCo, LLC (NVS), Preferred Member Units2023-03-310001396440NexRev LLC, Secured Debt 12023-01-012023-03-310001396440NexRev LLC, Secured Debt 12022-12-310001396440NexRev LLC, Secured Debt 12023-03-310001396440NexRev LLC, Secured Debt 22023-03-310001396440NexRev LLC, Secured Debt 22023-01-012023-03-310001396440NexRev LLC, Secured Debt 22022-12-310001396440NexRev LLC, Preferred Member Units2023-01-012023-03-310001396440NexRev LLC, Preferred Member Units2022-12-310001396440NexRev LLC, Preferred Member Units2023-03-310001396440NRP Jones, LLC, Secured Debt2023-03-310001396440NRP Jones, LLC, Secured Debt2023-01-012023-03-310001396440NRP Jones, LLC, Secured Debt2022-12-310001396440NRP Jones, LLC, Member Units 12023-01-012023-03-310001396440NRP Jones, LLC, Member Units 12022-12-310001396440NRP Jones, LLC, Member Units 12023-03-310001396440NRP Jones, LLC, Member Units 22023-01-012023-03-310001396440NRP Jones, LLC, Member Units 22022-12-310001396440NRP Jones, LLC, Member Units 22023-03-310001396440NuStep, LLC, Secured Debt 12023-03-310001396440NuStep, LLC, Secured Debt 12023-01-012023-03-310001396440NuStep, LLC, Secured Debt 12022-12-310001396440NuStep, LLC, Secured Debt 22023-03-310001396440NuStep, LLC, Secured Debt 22023-01-012023-03-310001396440NuStep, LLC, Secured Debt 22022-12-310001396440NuStep, LLC, Preferred Member Units 12023-01-012023-03-310001396440NuStep, LLC, Preferred Member Units 12022-12-310001396440NuStep, LLC, Preferred Member Units 12023-03-310001396440NuStep, LLC, Preferred Member Units 22023-01-012023-03-310001396440NuStep, LLC, Preferred Member Units 22022-12-310001396440NuStep, LLC, Preferred Member Units 22023-03-310001396440Orttech Holdings, LLC, Secured Debt 12023-03-310001396440Orttech Holdings, LLC, Secured Debt 12023-01-012023-03-310001396440Orttech Holdings, LLC, Secured Debt 12022-12-310001396440Orttech Holdings, LLC, Secured Debt 22023-03-310001396440Orttech Holdings, LLC, Secured Debt 22023-01-012023-03-310001396440Orttech Holdings, LLC, Secured Debt 22022-12-310001396440Orttech Holdings, LLC, Preferred Stock2023-01-012023-03-310001396440Orttech Holdings, LLC, Preferred Stock2022-12-310001396440Orttech Holdings, LLC, Preferred Stock2023-03-310001396440Pearl Meyer Topco LLC, Secured Debt 12023-03-310001396440Pearl Meyer Topco LLC, Secured Debt 12023-01-012023-03-310001396440Pearl Meyer Topco LLC, Secured Debt 12022-12-310001396440Pearl Meyer Topco LLC, Secured Debt 22023-03-310001396440Pearl Meyer Topco LLC, Secured Debt 22023-01-012023-03-310001396440Pearl Meyer Topco LLC, Secured Debt 22022-12-310001396440Pearl Meyer Topco LLC, Secured Debt 32023-03-310001396440Pearl Meyer Topco LLC, Secured Debt 32023-01-012023-03-310001396440Pearl Meyer Topco LLC, Secured Debt 32022-12-310001396440Pearl Meyer Topco LLC, Preferred Equity2023-01-012023-03-310001396440Pearl Meyer Topco LLC, Preferred Equity2022-12-310001396440Pearl Meyer Topco LLC, Preferred Equity2023-03-310001396440River Aggregates, LLC, Member Units2023-01-012023-03-310001396440River Aggregates, LLC, Member Units2022-12-310001396440River Aggregates, LLC, Member Units2023-03-310001396440Tedder Industries, LLC, Secured Debt 12023-03-310001396440Tedder Industries, LLC, Secured Debt 12023-01-012023-03-310001396440Tedder Industries, LLC, Secured Debt 12022-12-310001396440Tedder Industries, LLC, Secured Debt 22023-03-310001396440Tedder Industries, LLC, Secured Debt 22023-01-012023-03-310001396440Tedder Industries, LLC, Secured Debt 22022-12-310001396440Tedder Industries, LLC, Preferred Member Units 12023-01-012023-03-310001396440Tedder Industries, LLC, Preferred Member Units 12022-12-310001396440Tedder Industries, LLC, Preferred Member Units 12023-03-310001396440Tedder Industries, LLC, Preferred Member Units 22023-01-012023-03-310001396440Tedder Industries, LLC, Preferred Member Units 22022-12-310001396440Tedder Industries, LLC, Preferred Member Units 22023-03-310001396440Televerde, LLC, Member Units2023-01-012023-03-310001396440Televerde, LLC, Member Units2022-12-310001396440Televerde, LLC, Member Units2023-03-310001396440Televerde, LLC, Preferred Stock2023-01-012023-03-310001396440Televerde, LLC, Preferred Stock2022-12-310001396440Televerde, LLC, Preferred Stock2023-03-310001396440Vision Interests, Inc., Series A Preferred Stock2023-01-012023-03-310001396440Vision Interests, Inc., Series A Preferred Stock2022-12-310001396440Vision Interests, Inc., Series A Preferred Stock2023-03-310001396440VVS Holdco LLC, Secured Debt 12023-03-310001396440VVS Holdco LLC, Secured Debt 12023-01-012023-03-310001396440VVS Holdco LLC, Secured Debt 12022-12-310001396440VVS Holdco LLC, Secured Debt 22023-03-310001396440VVS Holdco LLC, Secured Debt 22023-01-012023-03-310001396440VVS Holdco LLC, Secured Debt 22022-12-310001396440VVS Holdco LLC, Preferred Equity2023-01-012023-03-310001396440VVS Holdco LLC, Preferred Equity2022-12-310001396440VVS Holdco LLC, Preferred Equity2023-03-310001396440Other, Controlled Investments2023-01-012023-03-310001396440Other, Controlled Investments2022-12-310001396440Other, Controlled Investments2023-03-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Controlled Investments2023-01-012023-03-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Controlled Investments2022-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Controlled Investments2023-03-310001396440us-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001396440us-gaap:InvestmentAffiliatedIssuerControlledMember2023-03-310001396440AAC Holdings, Inc., Secured Debt 12023-03-310001396440AAC Holdings, Inc., Secured Debt 12023-01-012023-03-310001396440AAC Holdings, Inc., Secured Debt 12022-12-310001396440AAC Holdings, Inc., Secured Debt 22023-03-310001396440AAC Holdings, Inc., Secured Debt 22023-01-012023-03-310001396440AAC Holdings, Inc., Secured Debt 22022-12-310001396440AAC Holdings, Inc., Common Stock2023-01-012023-03-310001396440AAC Holdings, Inc., Common Stock2022-12-310001396440AAC Holdings, Inc., Common Stock2023-03-310001396440AAC Holdings, Inc., Warrants2023-01-012023-03-310001396440AAC Holdings, Inc., Warrants2022-12-310001396440AAC Holdings, Inc., Warrants2023-03-310001396440AFG Capital Group, LLC, Preferred Member Units2023-01-012023-03-310001396440AFG Capital Group, LLC, Preferred Member Units2022-12-310001396440AFG Capital Group, LLC, Preferred Member Units2023-03-310001396440ATX Networks Corp., Secured Debt2023-03-310001396440ATX Networks Corp., Secured Debt2023-01-012023-03-310001396440ATX Networks Corp., Secured Debt2022-12-310001396440ATX Networks Corp., Unsecured Debt2023-03-310001396440ATX Networks Corp., Unsecured Debt2023-01-012023-03-310001396440ATX Networks Corp., Unsecured Debt2022-12-310001396440ATX Networks Corp., Common Stock2023-01-012023-03-310001396440ATX Networks Corp., Common Stock2022-12-310001396440ATX Networks Corp., Common Stock2023-03-310001396440BBB Tank Services, LLC, Unsecured Debt 12023-03-310001396440BBB Tank Services, LLC, Unsecured Debt 12023-01-012023-03-310001396440BBB Tank Services, LLC, Unsecured Debt 12022-12-310001396440BBB Tank Services, LLC, Unsecured Debt 22023-03-310001396440BBB Tank Services, LLC, Unsecured Debt 22023-01-012023-03-310001396440BBB Tank Services, LLC, Unsecured Debt 22022-12-310001396440BBB Tank Services, LLC, Member Units2023-01-012023-03-310001396440BBB Tank Services, LLC, Member Units2022-12-310001396440BBB Tank Services, LLC, Member Units2023-03-310001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2023-03-310001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2023-01-012023-03-310001396440BBB Tank Services, LLC, Preferred Stock (non-voting)2022-12-310001396440Boccella Precast Products LLC, Secured Debt2023-03-310001396440Boccella Precast Products LLC, Secured Debt2023-01-012023-03-310001396440Boccella Precast Products LLC, Secured Debt2022-12-310001396440Boccella Precast Products LLC, Member Units2023-01-012023-03-310001396440Boccella Precast Products LLC, Member Units2022-12-310001396440Boccella Precast Products LLC, Member Units2023-03-310001396440Buca C, LLC, Secured Debt2023-03-310001396440Buca C, LLC, Secured Debt2023-01-012023-03-310001396440Buca C, LLC, Secured Debt2022-12-310001396440Buca C, LLC, Preferred Member Units2023-03-310001396440Buca C, LLC, Preferred Member Units2023-01-012023-03-310001396440Buca C, LLC, Preferred Member Units2022-12-310001396440Career Team Holdings, LLC, Secured Debt 12023-03-310001396440Career Team Holdings, LLC, Secured Debt 12023-01-012023-03-310001396440Career Team Holdings, LLC, Secured Debt 12022-12-310001396440Career Team Holdings, LLC, Secured Debt 22023-03-310001396440Career Team Holdings, LLC, Secured Debt 22023-01-012023-03-310001396440Career Team Holdings, LLC, Secured Debt 22022-12-310001396440Career Team Holdings, LLC, Common Stock2023-01-012023-03-310001396440Career Team Holdings, LLC, Common Stock2022-12-310001396440Career Team Holdings, LLC, Common Stock2023-03-310001396440Chandler Signs Holdings, LLC, Class A Units2023-01-012023-03-310001396440Chandler Signs Holdings, LLC, Class A Units2022-12-310001396440Chandler Signs Holdings, LLC, Class A Units2023-03-310001396440Classic H&G Holdings, LLC, Secured Debt 12023-03-310001396440Classic H&G Holdings, LLC, Secured Debt 12023-01-012023-03-310001396440Classic H&G Holdings, LLC, Secured Debt 12022-12-310001396440Classic H&G Holdings, LLC, Secured Debt 22023-03-310001396440Classic H&G Holdings, LLC, Secured Debt 22023-01-012023-03-310001396440Classic H&G Holdings, LLC, Secured Debt 22022-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2023-01-012023-03-310001396440Classic H&G Holdings, LLC, Preferred Member Units2022-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2023-03-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2023-01-012023-03-310001396440Congruent 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)2023-03-310001396440DMA Industries, LLC, Secured Debt2023-03-310001396440DMA Industries, LLC, Secured Debt2023-01-012023-03-310001396440DMA Industries, LLC, Secured Debt2022-12-310001396440DMA Industries, LLC, Preferred Equity2023-01-012023-03-310001396440DMA Industries, LLC, Preferred Equity2022-12-310001396440DMA Industries, LLC, Preferred Equity2023-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2023-01-012023-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2022-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2023-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2023-01-012023-03-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2022-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2023-03-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2023-01-012023-03-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2022-12-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2023-03-310001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2023-01-012023-03-310001396440EIG 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.)2023-03-310001396440Flame King Holdings, LLC, Secured Debt 12023-03-310001396440Flame King Holdings, LLC, Secured Debt 12023-01-012023-03-310001396440Flame King Holdings, LLC, Secured Debt 12022-12-310001396440Flame King Holdings, LLC, Secured Debt 22023-03-310001396440Flame King Holdings, LLC, Secured Debt 22023-01-012023-03-310001396440Flame King Holdings, LLC, Secured Debt 22022-12-310001396440Flame King Holdings, LLC, Preferred Equity2023-01-012023-03-310001396440Flame King Holdings, LLC, Preferred Equity2022-12-310001396440Flame King Holdings, LLC, Preferred Equity2023-03-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2023-01-012023-03-310001396440Freeport 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)2023-03-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2023-01-012023-03-310001396440Freeport 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)2023-03-310001396440GFG Group, LLC., Secured Debt2023-03-310001396440GFG Group, LLC., Secured Debt2023-01-012023-03-310001396440GFG Group, LLC., Secured Debt2022-12-310001396440GFG Group, LLC., Preferred Member Units2023-01-012023-03-310001396440GFG Group, LLC., Preferred Member Units2022-12-310001396440GFG Group, LLC., Preferred Member Units2023-03-310001396440Hawk Ridge Systems, LLC, Secured Debt 12023-03-310001396440Hawk Ridge Systems, LLC, Secured Debt 12023-01-012023-03-310001396440Hawk Ridge Systems, LLC, Secured Debt 12022-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 22023-03-310001396440Hawk Ridge Systems, LLC, Secured Debt 22023-01-012023-03-310001396440Hawk Ridge Systems, LLC, Secured Debt 22022-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12023-01-012023-03-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12022-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12023-03-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22023-01-012023-03-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22022-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22023-03-310001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2023-03-310001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2023-01-012023-03-310001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2022-12-310001396440Houston Plating and Coatings, LLC, Member Units2023-01-012023-03-310001396440Houston Plating and Coatings, LLC, Member Units2022-12-310001396440Houston Plating and Coatings, LLC, Member Units2023-03-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-01-012023-03-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2022-12-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-03-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2023-01-012023-03-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2022-12-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2023-03-310001396440HPEP 3, L.P., LP Interests (423 COR, LP)2023-01-012023-03-310001396440HPEP 3, L.P., LP Interests (423 COR, LP)2022-12-310001396440HPEP 3, L.P., LP Interests (423 COR, LP)2023-03-310001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-03-310001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-01-012023-03-310001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2022-12-310001396440Infinity X1 Holdings, LLC, Secured Debt2023-03-310001396440Infinity X1 Holdings, LLC, Secured Debt2023-01-012023-03-310001396440Infinity X1 Holdings, LLC, Secured Debt2022-12-310001396440Infinity X1 Holdings, LLC, Preferred Equity2023-01-012023-03-310001396440Infinity X1 Holdings, LLC, Preferred Equity2022-12-310001396440Infinity X1 Holdings, LLC, Preferred Equity2023-03-310001396440Iron-Main Investments, LLC, Secured Debt 12023-03-310001396440Iron-Main Investments, LLC, Secured Debt 12023-01-012023-03-310001396440Iron-Main Investments, LLC, Secured Debt 12022-12-310001396440Iron-Main Investments, LLC, Secured Debt 22023-03-310001396440Iron-Main Investments, LLC, Secured Debt 22023-01-012023-03-310001396440Iron-Main Investments, LLC, Secured Debt 22022-12-310001396440Iron-Main Investments, LLC, Secured Debt 32023-03-310001396440Iron-Main Investments, LLC, Secured Debt 32023-01-012023-03-310001396440Iron-Main Investments, LLC, Secured Debt 32022-12-310001396440Iron-Main Investments, LLC, Secured Debt 42023-03-310001396440Iron-Main Investments, LLC, Secured Debt 42023-01-012023-03-310001396440Iron-Main Investments, LLC, Secured Debt 42022-12-310001396440Iron-Main Investments, LLC, Secured Debt 52023-03-310001396440Iron-Main Investments, LLC, Secured Debt 52023-01-012023-03-310001396440Iron-Main Investments, LLC, Secured Debt 52022-12-310001396440Iron-Main Investments, LLC, Common Stock2023-01-012023-03-310001396440Iron-Main Investments, LLC, Common Stock2022-12-310001396440Iron-Main Investments, LLC, Common Stock2023-03-310001396440OnAsset Intelligence, Inc., Secured Debt 12023-03-310001396440OnAsset Intelligence, Inc., Secured Debt 12023-01-012023-03-310001396440OnAsset Intelligence, Inc., Secured Debt 12022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 22023-03-310001396440OnAsset Intelligence, Inc., Secured Debt 22023-01-012023-03-310001396440OnAsset Intelligence, Inc., Secured Debt 22022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 32023-03-310001396440OnAsset Intelligence, Inc., Secured Debt 32023-01-012023-03-310001396440OnAsset Intelligence, Inc., Secured Debt 32022-12-310001396440OnAsset Intelligence, Inc., Secured Debt 42023-03-310001396440OnAsset Intelligence, Inc., Secured Debt 42023-01-012023-03-310001396440OnAsset Intelligence, Inc., Secured Debt 42022-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2023-03-310001396440OnAsset Intelligence, Inc., Unsecured Debt2023-01-012023-03-310001396440OnAsset Intelligence, Inc., Unsecured Debt2022-12-310001396440OnAsset Intelligence, Inc., Preferred Stock2023-03-310001396440OnAsset Intelligence, Inc., Preferred Stock2023-01-012023-03-310001396440OnAsset Intelligence, Inc., Preferred Stock2022-12-310001396440OnAsset Intelligence, Inc., Common Stock2023-01-012023-03-310001396440OnAsset Intelligence, Inc., Common Stock2022-12-310001396440OnAsset Intelligence, Inc., Common Stock2023-03-310001396440OnAsset Intelligence, Inc., Warrants2023-01-012023-03-310001396440OnAsset Intelligence, Inc., Warrants2022-12-310001396440OnAsset Intelligence, Inc., Warrants2023-03-310001396440Oneliance, LLC, Secured Debt 12023-03-310001396440Oneliance, LLC, Secured Debt 12023-01-012023-03-310001396440Oneliance, LLC, Secured Debt 12022-12-310001396440Oneliance, LLC, Secured Debt 22023-03-310001396440Oneliance, LLC, Secured Debt 22023-01-012023-03-310001396440Oneliance, LLC, Secured Debt 22022-12-310001396440Oneliance, LLC, Preferred Stock2023-01-012023-03-310001396440Oneliance, LLC, Preferred Stock2022-12-310001396440Oneliance, LLC, Preferred Stock2023-03-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Secured Debt2023-01-012023-03-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Secured Debt2022-12-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Secured Debt2023-03-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Preferred Member Units2023-01-012023-03-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Preferred Member Units2022-12-310001396440Rocaceia, LLC (Quality Lease and Rental Holdings, LLC), Preferred Member Units2023-03-310001396440SI East, LLC (Stavig), Secured Debt 12023-01-012023-03-310001396440SI East, LLC (Stavig), Secured Debt 12022-12-310001396440SI East, LLC (Stavig), Secured Debt 12023-03-310001396440SI East, LLC (Stavig), Secured Debt 22023-03-310001396440SI East, LLC (Stavig), Secured Debt 22023-01-012023-03-310001396440SI East, LLC (Stavig), Secured Debt 22022-12-310001396440SI East, LLC (Stavig), Preferred Member Units2023-01-012023-03-310001396440SI East, LLC (Stavig), Preferred Member Units2022-12-310001396440SI East, LLC (Stavig), Preferred Member Units2023-03-310001396440Slick Innovations, LLC, Secured Debt2023-03-310001396440Slick Innovations, LLC, Secured Debt2023-01-012023-03-310001396440Slick Innovations, LLC, Secured Debt2022-12-310001396440Slick Innovations, LLC, Common Stock2023-01-012023-03-310001396440Slick Innovations, LLC, Common Stock2022-12-310001396440Slick Innovations, LLC, Common Stock2023-03-310001396440Sonic Systems International, LLC, Secured Debt2023-03-310001396440Sonic Systems International, LLC, Secured Debt2023-01-012023-03-310001396440Sonic Systems International, LLC, Secured Debt2022-12-310001396440Sonic Systems International, LLC, Common Stock2023-01-012023-03-310001396440Sonic Systems International, LLC, Common Stock2022-12-310001396440Sonic Systems International, LLC, Common Stock2023-03-310001396440Student Resource Center, LLC, Secured Debt2023-03-310001396440Student Resource Center, LLC, Secured Debt2023-01-012023-03-310001396440Student Resource Center, LLC, Secured Debt2022-12-310001396440Student Resource Center, LLC, Preferred Equity2023-01-012023-03-310001396440Student Resource Center, LLC, Preferred Equity2022-12-310001396440Student Resource Center, LLC, Preferred Equity2023-03-310001396440Superior Rigging & Erecting Co., Secured Debt2023-03-310001396440Superior Rigging & Erecting Co., Secured Debt2023-01-012023-03-310001396440Superior Rigging & Erecting Co., Secured Debt2022-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2023-01-012023-03-310001396440Superior Rigging & Erecting Co., Preferred Member Units2022-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2023-03-310001396440The Affiliati Network, LLC, Secured Debt 12023-01-012023-03-310001396440The Affiliati Network, LLC, Secured Debt 12022-12-310001396440The Affiliati Network, LLC, Secured Debt 12023-03-310001396440The Affiliati Network, LLC, Secured Debt 22023-03-310001396440The Affiliati Network, LLC, Secured Debt 22023-01-012023-03-310001396440The Affiliati Network, LLC, Secured Debt 22022-12-310001396440The Affiliati Network, LLC, Preferred Stock2023-01-012023-03-310001396440The Affiliati Network, LLC, Preferred Stock2022-12-310001396440The Affiliati Network, LLC, Preferred Stock2023-03-310001396440UnionRock Energy Fund II, LP, LP Interests2023-01-012023-03-310001396440UnionRock Energy Fund II, LP, LP Interests2022-12-310001396440UnionRock Energy Fund II, LP, LP Interests2023-03-310001396440UniTek Global Services, Inc., Secured Debt 12023-03-310001396440UniTek Global Services, Inc., Secured Debt 12023-01-012023-03-310001396440UniTek Global Services, Inc., Secured Debt 12022-12-310001396440UniTek Global Services, Inc., Secured Debt 22023-03-310001396440UniTek Global Services, Inc., Secured Debt 22023-01-012023-03-310001396440UniTek Global Services, Inc., Secured Debt 22022-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt2023-03-310001396440UniTek Global Services, Inc., Secured Convertible Debt2023-01-012023-03-310001396440UniTek Global Services, Inc., Secured Convertible Debt2022-12-310001396440UniTek Global Services, Inc., Preferred Stock 12023-03-310001396440UniTek Global Services, Inc., Preferred Stock 12023-01-012023-03-310001396440UniTek Global Services, Inc., Preferred Stock 12022-12-310001396440UniTek Global Services, Inc., Preferred Stock 22023-03-310001396440UniTek Global Services, Inc., Preferred Stock 22023-01-012023-03-310001396440UniTek Global Services, Inc., Preferred Stock 22022-12-310001396440UniTek Global Services, Inc., Preferred Stock 32023-03-310001396440UniTek Global Services, Inc., Preferred Stock 32023-01-012023-03-310001396440UniTek Global Services, Inc., Preferred Stock 32022-12-310001396440UniTek Global Services, Inc., Preferred Stock 42023-03-310001396440UniTek Global Services, Inc., Preferred Stock 42023-01-012023-03-310001396440UniTek Global Services, Inc., Preferred Stock 42022-12-310001396440UniTek Global Services, Inc., Common Stock2023-01-012023-03-310001396440UniTek Global Services, Inc., Common Stock2022-12-310001396440UniTek Global Services, Inc., Common Stock2023-03-310001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2023-03-310001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2023-01-012023-03-310001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2022-12-310001396440Universal Wellhead Services Holdings, LLC, Member Units2023-01-012023-03-310001396440Universal Wellhead Services Holdings, LLC, Member Units2022-12-310001396440Universal Wellhead Services Holdings, LLC, Member Units2023-03-310001396440World Micro Holdings, LLC, Secured Debt2023-03-310001396440World Micro Holdings, LLC, Secured Debt2023-01-012023-03-310001396440World Micro Holdings, LLC, Secured Debt2022-12-310001396440World Micro Holdings, LLC, Preferred Equity2023-01-012023-03-310001396440World Micro Holdings, LLC, Preferred Equity2022-12-310001396440World Micro Holdings, LLC, Preferred Equity2023-03-310001396440Other, Affiliate Investments2023-01-012023-03-310001396440Other, Affiliate Investments2022-12-310001396440Other, Affiliate Investments2023-03-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-01-012023-03-310001396440Amounts 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 Investments2023-03-310001396440us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001396440us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-310001396440us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:MidwestRegionMember2023-03-310001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-310001396440us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-03-310001396440us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-310001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-03-310001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-310001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-03-310001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-310001396440us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:WestRegionMember2023-03-310001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-03-31
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 March 31, 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: 001-33723
Main Street Capital Corporation
(Exact name of registrant as specified in its charter)
Maryland
41-2230745
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1300 Post Oak Boulevard, 8th Floor
Houston, TX
77056
(Address of principal executive offices)
(Zip Code)
(713) 350-6000
(Registrant’s telephone number including area code)
n/a
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each 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 May 6, 2024 was 85,715,621.

TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
1
2
3
4
5
35
66
108
126
141
142
PART II
OTHER INFORMATION
143
143
143
Item 5.
143
144
145

Table of contents
MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
March 31,
2024
December 31, 2023
(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,453,666 and $1,435,131 as of March 31, 2024 and December 31, 2023, respectively)
$2,051,212 $2,006,698 
Affiliate investments (cost: $614,825 and $575,894 as of March 31, 2024 and December 31, 2023, respectively)
665,949 615,002 
Non‑Control/Non‑Affiliate investments (cost: $1,879,039 and $1,714,935 as of March 31, 2024 and December 31, 2023, respectively)
1,830,866 1,664,571 
Total investments (cost: $3,947,530 and $3,725,960 as of March 31, 2024 and December 31, 2023, respectively)
4,548,027 4,286,271 
Cash and cash equivalents114,984 60,083 
Interest and dividend receivable and other assets88,236 89,337 
Receivable for securities sold212 — 
Deferred financing costs (net of accumulated amortization of $12,850 and $12,329 as of March 31, 2024 and December 31, 2023, respectively)
7,359 7,879 
Total assets$4,758,818 $4,443,570 
LIABILITIES
Credit Facilities$323,000 $360,000 
July 2026 Notes (par: $500,000 as of both March 31, 2024 and December 31, 2023)
498,794 498,662 
May 2024 Notes (par: $450,000 as of both March 31, 2024 and December 31, 2023)
450,045 450,182 
March 2029 Notes (par: $350,000 as of March 31, 2024)
346,469 — 
SBIC debentures (par: $286,200 and $350,000 as of March 31, 2024 and December 31, 2023, respectively)
281,013 344,535 
December 2025 Notes (par: $150,000 as of both March 31, 2024 and December 31, 2023)
149,094 148,965 
Accounts payable and other liabilities76,342 62,576 
Interest payable24,818 17,025 
Dividend payable20,606 20,368 
Deferred tax liability, net72,667 63,858 
Total liabilities2,242,848 1,966,171 
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 85,144,062 and 84,830,679 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)
851 848 
Additional paid‑in capital2,289,042 2,270,549 
Total undistributed earnings226,077 206,002 
Total net assets2,515,970 2,477,399 
Total liabilities and net assets$4,758,818 $4,443,570 
NET ASSET VALUE PER SHARE$29.54 $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
March 31,
2024
2023
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments$51,119 $48,862 
Affiliate investments17,728 17,456 
Non‑Control/Non‑Affiliate investments62,759 53,936 
Total investment income131,606 120,254 
EXPENSES:
Interest(26,776)(24,997)
Compensation(12,259)(11,111)
General and administrative(4,220)(4,077)
Share‑based compensation(4,103)(4,100)
Expenses allocated to the External Investment Manager5,559 4,998 
Total expenses(41,799)(39,287)
NET INVESTMENT INCOME89,807 80,967 
NET REALIZED GAIN (LOSS):
Control investments10 (2,966)
Affiliate investments(7,110)(26,264)
Non‑Control/Non‑Affiliate investments(5,267)851 
Total net realized loss(12,367)(28,379)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments32,070 17,161 
Affiliate investments5,925 33,141 
Non‑Control/Non‑Affiliate investments2,652 (15,184)
Total net unrealized appreciation40,647 35,118 
INCOME TAXES:
Federal and state income, excise and other taxes(2,131)(1,737)
Deferred taxes(8,809)(6,377)
Income tax provision(10,940)(8,114)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$107,147 $79,592 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED$1.05 $1.02 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$1.26 $1.00 
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED		85,138,53079,552,200

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 at 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 resulting from operations—— — 79,592 79,592 
Balances at March 31, 2023
79,794,089$797 $2,083,175 $88,950 $2,172,922 
Balances at 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 resulting from operations—— — 107,147 107,147 
Balances at March 31, 2024
85,163,633$851 $2,289,042 $226,077 $2,515,970 
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)
Three Months Ended
March 31,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations$107,147$79,592
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies(372,576)(109,036)
Proceeds from sales and repayments of debt investments in portfolio companies167,27056,644
Proceeds from sales and return of capital of equity investments in portfolio companies7,7456,817
Net unrealized appreciation(40,647)(35,118)
Net realized loss12,36728,379
Accretion of unearned income(4,806)(4,673)
Payment-in-kind interest(4,177)(2,895)
Cumulative dividends(426)(417)
Share-based compensation expense4,1034,100
Amortization of deferred financing costs1,071753
Deferred tax provision8,8096,377
Changes in other assets and liabilities:
Interest and dividend receivable and other assets1,447(1,357)
Interest payable7,7932,091
Accounts payable and other liabilities(14,672)(12,212)
Deferred fees and other1,475925
Net cash provided by (used in) operating activities(118,077)19,970
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs5,69640,896
Proceeds from public offering of December 2025 Notes
—50,000
Proceeds from public offering of March 2029 Notes
350,000—
Dividends paid(78,225)(59,609)
Repayments of SBIC debentures(63,800)(16,000)
Proceeds from Credit Facilities542,00097,000
Repayments on Credit Facilities(579,000)(140,000)
Debt issuance costs, net(3,679)(1,222)
Purchases of vested stock for employee payroll tax withholding(14)(404)
Net cash provided by (used in) financing activities172,978(29,339)
Net increase (decrease) in cash and cash equivalents54,901(9,369)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD60,08349,121
CASH AND CASH EQUIVALENTS AT END OF PERIOD$114,984$39,752
Supplemental cash flow disclosures:
Interest paid$17,837$22,122
Taxes paid$3,017$2,726
Non-cash financing activities:
Value of shares issued pursuant to the DRIP$8,441$7,808
The accompanying notes are an integral part of these consolidated financial statements
4
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
March 31, 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 (9) 8/16/201915.38%SF+10.00%8/16/2024$220 $219 $219 
Secured Debt (9) 8/16/201915.38%SF+10.00%8/16/20244,055 4,031 4,031 
Preferred Member Units5/20/20212,4272,427 5,550 
Preferred Member Units8/16/20193,20014.13%3,200 — 
Warrants (27) 8/16/20194208/16/2029316 — 
10,193 9,800 
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 1,650 1,598 
Preferred Member Units6/28/2023178178 266 
Member Units8/1/20131,5001,500 100 
3,728 2,364 
ATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and Accessories
Secured Debt (14) 11/16/20175.00%9/1/20242,257 2,249 257 
Secured Debt (14) 11/16/20175.00%9/1/20243,015 2,842 343 
Preferred Member Units11/16/20173,725,8623,726 — 
8,817 600 
Barfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00%10/31/2024711 711 711 
Member Units10/26/2020371,584 4,620 
2,295 5,331 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt 3/7/202210.00%3/7/2027450 444 450 
Secured Debt 3/7/202210.00%3/7/2027270 270 270 
Secured Debt3/7/202210.00%3/7/202710,575 10,513 10,575 
Preferred Stock (8) 3/7/20224,0734,095 6,149 
15,322 17,444 
Bolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt (9) (22) 12/31/202013.46%SF+8.09%10/31/2027103,432 102,945 103,432 
Class B Preferred Member Units (8) 12/31/2020140,0008.00%14,000 33,010 
116,945 136,442 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt (9) 1/9/201815.48%SF+10.00%1/9/20255,374 5,374 5,374 
Preferred Member Units (8) 1/9/20182,9504,280 5,720 
9,654 11,094 
5
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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
Secured Debt7/25/201613.00%12/11/20248,813 8,813 8,813 
Secured Debt 7/25/201613.00%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 1,909 
California Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt (25) 3/15/20244.00%7/29/2026— — — 
Secured Debt3/30/201814.00%4.00%7/29/202628,053 27,970 27,583 
Preferred Member Units (8) 7/31/20198,67115.00%15.00%9,809 9,809 
Preferred Member Units (8) 3/30/20186,15710,775 15,695 
48,554 53,087 
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%1/4/2028— — — 
Secured Debt (9) 1/4/201914.48%SF+9.00%1/4/202821,974 21,717 21,974 
Preferred Member Units1/4/201913,3096,122 12,149 
27,839 34,123 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt (9) (25) 2/26/2018SF+6.00%2/26/2026— (172)— 
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 29,570 
Member Units (8) (29) 11/2/20181,047,1461,773 3,000 
28,658 48,190 
Charps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202010.00%1/31/20265,694 4,799 5,694 
Preferred Member Units (8) 2/3/20171,8291,963 16,040 
6,762 21,734 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt (25) 10/28/2022  1/15/2027— — — 
Secured Debt 12/20/201612.00%  1/15/20278,560 8,548 8,410 
Secured Debt12/20/201610.00%12/20/20361,003 995 995 
6
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Member Units (8) 12/20/20167177,280 4,060 
Member Units (29) 12/20/2016800509 950 
17,332 14,415 
Cody Pools, Inc.Designer of Residential and Commercial Pools           
   Secured Debt (25) 3/6/202012/17/2026— (17)— 
   Secured Debt3/6/202012.50%12/17/202641,437 41,409 41,437 
Preferred Member Units (8) (29) 3/6/20205878,317 74,200 
49,709 115,637 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt (25) 3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/202620,055 19,971 19,971 
Preferred Member Units6/27/2023960960 2,400 
Preferred Member Units3/31/202117,2807,680 8,330 
28,611 30,701 
CompareNetworks Topco, LLCInternet Publishing and Web Search Portals
Secured Debt (9) 1/29/201914.48%SF+9.00%1/29/20283,162 3,093 3,162 
Preferred Member Units (8) 1/29/20191,9751,975 14,020 
5,068 17,182 
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 17,042 17,042 
Preferred Equity11/22/20237,4547,454 7,454 
24,496 24,496 
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%5/5/202828,275 28,044 28,044 
Preferred Member Units(8)5/5/202355615,000 16,020 
43,044 44,064 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025495 492 492 
Secured Debt3/31/202110.00%12/31/20258,285 8,042 7,557 
Preferred Member Units 3/31/20219,0002,610 150 
11,144 8,199 
7
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt (9) 4/1/201815.38%SF+10.00%4/27/202613,420 13,327 13,260 
Preferred Member Units (8) 4/1/20183,8579,501 9,835 
22,828 23,095 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt (25)2/13/2018   2/13/2026— (53)— 
Secured Debt 12/27/202214.00%  2/13/202625,133 25,058 25,133 
Preferred Stock 2/13/20188,4008,400 20,240 
33,405 45,373 
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%10/3/202718,303 18,175 18,175 
Secured Debt10/3/20229.00%10/3/20526,301 6,241 6,241 
Common Stock10/3/20222855,726 6,090 
Common Stock (29) 10/3/20229391,558 1,670 
31,693 32,169 
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%1/1/202852,478 52,237 52,478 
Member Units (8) 6/24/20169,04217,692 106,550 
69,929 159,028 
Garreco, LLCManufacturer and Supplier of Dental Products
Secured Debt (9) (34)7/15/20139.50%SF+8.00%4/30/20243,088 3,088 3,088 
Member Units (8) 7/15/20131,2001,200 1,580 
4,288 4,668 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt 12/21/201811.48%SF+6.00%10/29/20262,400 2,395 2,400 
Secured Debt 12/19/201413.48%SF+8.00%10/29/202640,493 40,371 40,493 
Member Units(8)12/19/20145,87913,065 44,440 
55,831 87,333 
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 1,530 
Member Units4/29/20163,6813,681 — 
11,681 3,814 
8
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
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 4,920 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt (25)6/21/20236/21/2028— (33)(33)
Secured Debt6/21/202313.00%6/21/202836,824 36,516 36,516 
Common Equity6/21/202314,40014,400 14,400 
50,883 50,883 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt (25)8/29/2017P+6.75%11/14/2026— — — 
Secured Debt(9)11/14/200615.25%P+6.75%11/14/20261,900 1,900 1,900 
Member Units(8)11/14/2006627811 12,660 
2,711 14,560 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202725,650 25,496 25,496 
Preferred Equity(8)3/28/2022107,40610,741 10,741 
36,237 36,237 
KBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
Secured Debt2/24/20239.00%2/24/20284,500 4,465 4,500 
Member Units(8)1/23/2006325783 24,360 
5,248 28,860 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/202619,799 19,776 19,776 
Secured Debt10/31/20189.00%10/31/20483,829 3,795 3,795 
Preferred Equity10/31/201858112,240 10,580 
Member Units (8) (29) 10/31/2018800992 2,730 
36,803 36,881 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt (25)10/19/202210/19/2024— — — 
Secured Debt10/19/202211.75%10/19/202722,657 22,497 22,497 
Preferred Equity(8)10/19/20225,915,5858.00%8.00%5,916 6,034 
9
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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 Stock(8)10/19/20221,537,2191,537 2,480 
29,950 31,011 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt 8/31/201514.00%12/31/20255,320 5,320 4,942 
Preferred Member Units3/15/201966,0004,400 330 
Preferred Member Units9/1/20154,0006,000 — 
15,720 5,272 
MS Private Loan Fund I, LP(12) (13)Investment Partnership
Secured Debt 1/26/20215.00%12/31/20242,000 2,000 2,000 
LP Interests  (8) (30) 1/26/202114.51%14,250 14,527 
16,250 16,527 
MS Private Loan Fund II, LP(12) (13)Investment Partnership
Secured Debt(9)9/5/20238.88%SF+3.50%9/5/202528,000 27,887 27,887 
LP Interests  (8) (30) 9/5/202313.57%3,271 3,356 
31,158 31,243 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013100%29,500 185,260 
MSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity(8)5/2/20221,604,33712,500 12,418 
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 5,726 5,746 
Common Stock(8)8/18/20145,8732,720 26,390 
8,446 32,136 
NAPCO Precast, LLCPrecast Concrete Manufacturing
Member Units1/31/20082,9552,975 12,060 
Nebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider
Secured Debt (9) (25) 12/31/2020SF+7.00%12/31/2025— — — 
Secured Debt12/31/202011.50%12/31/202525,794 25,688 25,794 
Secured Debt12/31/202011.50%12/31/202510,500 10,462 10,500 
Preferred Member Units(8)12/31/20206,9876,987 19,410 
43,137 55,704 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt 2/28/201810.00%2/28/20251,600 1,600 1,600 
Secured Debt2/28/201810.00%2/28/20259,811 9,764 9,764 
Preferred Member Units(8)2/28/2018103,144,1868,213 8,210 
10
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
19,577 19,574 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies
Secured Debt12/21/201712.00%3/20/20252,080 2,080 2,080 
Member Units(8)12/22/201165,962114 53 
Member Units(8)12/22/2011 3,603 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 18,429 18,429 
Preferred Member Units11/2/20222,0622,062 5,150 
Preferred Member Units1/31/201740610,200 10,200 
34,291 37,379 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%8/31/202612,000 11,942 12,000 
Preferred Member Units(8)4/1/20089001,080 41,220 
13,022 53,220 
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%7/31/202621,960 21,856 21,960 
Preferred Stock (8) (29) 7/30/202110,00010,000 16,340 
31,856 38,300 
Pearl Meyer Topco LLCProvider of Executive Compensation Consulting Services
Secured Debt 4/27/202012.00%12/31/20275,000 4,997 5,000 
Secured Debt 4/27/202012.00%12/31/202724,000 23,938 24,000 
Secured Debt4/27/202012.00%12/31/202727,681 27,610 27,681 
Preferred Equity(8)4/27/202015,06113,000 49,140 
69,545 105,821 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt12/21/20238.00%12/31/2028220 205 205 
Secured Debt12/21/202313.00%12/31/202830,640 30,354 30,354 
Preferred Equity(8)12/21/202344012,540 12,540 
43,099 43,099 
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%11/15/202719,633 19,467 19,633 
Common Stock 6/10/20102,0002,150 15,870 
Common Stock (29)6/14/2022238,421238 368 
21,848 35,871 
11
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt7/1/201113.00%11/15/20265,897 5,835 5,835 
Preferred Member Units(8)2/1/201121,8065,709 10,750 
Common Stock1/27/20211,0371,200 510 
12,744 17,095 
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)12/15/2021  12/15/2026— (24)(24)
Secured Debt 12/15/202112.50%  12/15/202633,660 33,479 24,369 
Preferred Equity12/15/202111,07011,070 — 
44,525 24,345 
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 7,939 
Preferred Member Units8/28/20236,954661 — 
Preferred Member Units2/1/20235,294564 — 
Preferred Member Units8/31/20185449,245 — 
27,510 9,665 
Televerde, LLCProvider of Telemarketing and Data Services
Preferred Stock1/26/2022248718 1,794 
Member Units(8)1/6/20114601,290 3,319 
2,008 5,113 
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 7,835 7,920 
Common Stock(8)5/31/20196154,655 11,610 
12,489 19,530 
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
Secured Debt3/31/202310.00%3/31/20252,100 2,100 2,100 
12
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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 Units3/31/20235,097,5957,631 7,250 
Preferred Member Units3/31/2023142,512— — 
Preferred Member Units1/26/20154,876,67014,000 — 
Common Stock3/31/20231,802,7802,576 — 
26,307 9,350 
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%12/1/202628,200 28,049 28,049 
Preferred Equity (8) (29) 12/1/202112,24012,240 12,240 
40,289 40,289 
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 1,967 
Preferred Member Units6/30/201510,0722,834 — 
Warrants (27)7/1/201558710/1/2025600 — 
7,634 3,362 
Subtotal Control Investments (81.5% of net assets at fair value)
$1,453,666 $2,051,212 
Affiliate Investments (6)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt1/31/202318.00%18.00%6/25/2025$460 $456 $454 
Secured Debt 12/11/202018.00%18.00%6/25/202515,245 15,171 15,074 
Common Stock12/11/2020654,7433,148 — 
Warrants (27)12/11/2020574,59812/11/2025— — 
18,775 15,528 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027320 320 320 
Member Units(8)6/30/20172,160,0002,256 1,030 
2,576 1,350 
Buca C, LLCCasual Restaurant Group
Secured Debt (17)6/30/201512.00%8/31/202319,014 16,980 12,144 
Preferred Member Units 6/30/201566.00%6.00%4,770 — 
21,750 12,144 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt (9) (25) 12/17/2021 SF+6.00%12/17/2026— (18)(18)
Secured Debt12/17/202113.00%12/17/202619,845 19,737 19,737 
Common Stock12/17/2021450,0004,500 4,500 
24,219 24,219 
13
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/202011.63%SF+6.00%3/12/20253,760 3,760 3,760 
Secured Debt3/12/20208.00%3/12/202519,274 19,235 19,274 
Preferred Member Units(8)3/12/20201545,760 17,470 
28,755 40,504 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund
  III, LP)		 (8) (30) 2/4/201512.49%4,299 3,822 
DMA Industries, LLCDistributor of aftermarket ride control products
Secured Debt11/19/202112.00%11/19/202618,800 18,694 18,800 
Preferred Equity11/19/20215,9445,944 5,940 
24,638 24,740 
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 761 
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 2,935 
LP Interests (Freeport First Lien Loan Fund III LP) (8) (30) 7/31/20155.95%4,160 3,705 
7,019 6,640 
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 9,307 9,345 
14
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)3/31/20212264,900 9,810 
14,207 19,155 
Gulf Manufacturing, LLC(13) (21)Manufacturer of Specialty Fabricated Industrial Piping Products  
Secured Debt (25)3/15/2024SF+7.63%3/15/2029— (49)— 
Secured Debt3/15/202413.00%SF+7.63%3/15/202940,000 39,607 40,000 
Member Units(8)8/31/20074382,980 11,560 
42,538 51,560 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.) (8) (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%750 997 
8,219 10,864 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201611.53%SF+6.00%1/15/20261,436 1,434 1,436 
Secured Debt12/2/201612.50%1/15/202645,256 45,158 45,256 
Preferred Member Units(8)12/2/20162262,850 17,890 
Preferred Member Units (29)12/2/2016226150 940 
49,592 65,522 
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 3,210 
5,352 6,150 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/202318,006,40718,300 17,910 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202313.00%3/31/202817,325 17,189 17,189 
Preferred Equity(8)3/31/202387,3604,368 4,368 
21,557 21,557 
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202113.09%SF+7.50%8/20/202613,129 12,998 12,803 
Preferred Equity(8)12/7/20233,18810.00%10.00%236 309 
Common Stock8/20/20219,9681,356 300 
14,590 13,412 
15
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.50%1/31/20284,514 4,489 4,489 
Secured Debt9/1/202113.50%1/31/20282,940 2,923 2,923 
Secured Debt11/15/202113.50%1/31/20288,944 8,944 8,944 
Secured Debt11/15/202113.50%1/31/202819,624 19,511 19,511 
Secured Debt1/31/202313.50%1/31/202810,362 10,095 10,095 
Common Stock8/3/2021203,0162,756 2,680 
48,718 48,642 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt(9)6/21/202316.53%SF+9.00%2.00%6/21/2027830 821 821 
Secured Debt(9)6/21/202316.53%SF+9.00%2.00%6/21/2027715 702 702 
Secured Debt(9)6/21/202315.53%SF+8.00%2.00%6/21/20274,385 3,518 3,518 
Secured Debt(9)6/21/202317.53%SF+10.00%2.00%6/21/20274,385 3,518 3,518 
Warrants (27)6/21/2023193,3076/21/20332,091 2,091 
10,650 10,650 
Johnson Downie Opco, LLCExecutive Search Services
Secured Debt (25) 12/10/202112/10/2026— (16)— 
Secured Debt12/10/202115.00%12/10/202624,207 24,078 24,207 
Preferred Equity(8)12/10/20213,3103,635 9,790 
27,697 33,997 
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 1,298 
Secured Debt (14)5/10/201312.00%12.00%12/31/20242,116 2,116 622 
Secured Debt (14)3/21/201412.00%12.00%12/31/2024983 983 289 
Secured Debt (14)5/20/201412.00%12.00%12/31/2024964 964 283 
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 2,797 
Oneliance, LLCConstruction Cleaning Company
Secured Debt(9)8/6/202116.48%SF+11.00%8/6/20265,360 5,334 5,334 
Preferred Stock8/6/20211,1281,128 1,128 
6,462 6,462 
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 Debt 8/31/201811.25%6/16/20281,125 1,108 1,125 
Secured Debt (23)6/16/202312.45%6/16/202854,536 54,309 54,536 
16
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)8/31/20181651,525 19,170 
56,942 74,831 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/202718,880 18,679 18,880 
Common Stock 9/13/201870,000— 1,780 
18,679 20,660 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt (14)12/31/20228.50%  8.50%12/31/20275,327 4,884 1,733 
Preferred Equity12/31/20225,907,649— — 
4,884 1,733 
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services
Secured Debt8/31/202012.00%8/31/202520,500 20,438 20,438 
Preferred Member Units8/31/20201,6364,500 5,941 
24,938 26,379 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt (25)8/9/20218/9/2026— (9)(9)
Secured Debt8/9/202113.00%8/9/20267,121 7,081 6,953 
Preferred Stock9/1/2023236,110236 236 
Preferred Stock(8)8/9/20211,280,0006,400 6,400 
13,708 13,580 
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)6/6/2023—2,493 2,838 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services
Secured Convertible Debt 1/1/202115.00%15.00%6/30/20281,778 1,778 3,954 
Secured Convertible Debt1/1/202115.00%15.00%6/30/2028873 873 1,940 
Preferred Stock(8)8/29/20191,133,10220.00%20.00%2,741 2,965 
Preferred Stock 8/21/20181,521,12220.00%20.00%2,188 3,698 
Preferred Stock 6/30/20172,281,68219.00%19.00%3,667 — 
Preferred Stock 1/15/20154,336,86613.50%13.50%7,924 — 
Common Stock4/1/2020945,507— — 
19,171 12,557 
Universal Wellhead Services Holdings, LLC(10)Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
17
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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 (29)12/7/2016716,94914.00%14.00%1,032 100 
Member Units (29)12/7/20164,000,0004,000 — 
5,032 100 
Urgent DSO LLCGeneral and Emergency Dentistry Practice
Secured Debt2/16/202413.50%2/28/20298,800 8,713 8,713 
Preferred Equity(8)2/16/20244,0009.00%9.00%4,045 4,045 
12,758 12,758 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202212.00%12/12/202712,123 12,034 12,034 
Preferred Equity(8)12/12/20223,8453,845 3,845 
15,879 15,879 
Subtotal Affiliate Investments (26.5% of net assets at fair value)
$614,825 $665,949 
Non-Control Investments (7)
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
Secured Debt (9) (25) 9/6/2022 P+5.00%9/6/2028$— $(58)$— 
Secured Debt (9) (26) 9/6/202211.43%SF+6.00%9/6/20284,173 4,115 4,173 
Secured Debt (9) 9/6/202211.43%SF+6.00%9/6/202819,767 19,281 19,767 
Secured Debt(9)6/21/202311.43%SF+6.00%9/6/20281,369 1,306 1,369 
24,644 25,309 
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt (9) (25) 6/7/2023 SF+7.00%6/7/2028— (2)(2)
Secured Debt(9)6/7/202312.43%SF+7.00%6/7/202824,639 24,384 24,639 
Warrants (35)6/7/202317,5255/19/2028— 110 
24,382 24,747 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt (9) (33)3/11/202211.00%SF+7.00%1.00%3/11/20277,861 7,861 7,562 
Secured Debt (9) (33)3/11/202211.00%SF+7.00%1.00%3/11/202720,621 20,585 19,838 
28,446 27,400 
ADS Tactical, Inc.(11)Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt(9)3/29/202111.19%SF+5.75%3/19/20266,500 6,455 6,535 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Common Stock(8)8/31/20222351,844 2,120 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
18
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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) (25) 11/19/2021P+5.00%11/19/2026— (7)(7)
Secured Debt(9)11/19/202111.61%SF+6.00%11/19/20266,533 6,498 6,533 
6,491 6,526 
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%4/10/20266,708 6,665 5,405 
Secured Debt (9) 3/11/202215.23%SF+9.75%15.23%4/10/202610,915 10,832 8,794 
Secured Debt (9) (14) 3/11/202217.23%SF+11.75%17.23%4/10/20265,705 5,645 3,305 
Secured Debt (9) (14) 3/11/202217.23%SF+11.75%17.23%4/10/20269,283 9,169 5,378 
32,311 22,882 
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 13,758 374 
16,747 450 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt 11/6/202315.00%  15.00%11/6/20283,676 3,676 3,676 
Secured Debt (9) 11/6/202311.94%SF+6.50%12.04%11/6/20287,367 7,367 7,367 
Preferred Equity11/6/202332,50714,060 13,509 
Preferred Equity11/6/202332,507— — 
Common Equity11/9/20213,898234 — 
25,337 24,552 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock8/11/20221,387,8321,388 2,060 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt (9) 1/18/202212.09%SF+6.50%1/18/2027360 360 360 
Secured Debt (9) 1/18/202211.09%SF+5.50%1/18/20276,660 6,660 6,660 
Secured Debt (9) 1/18/202213.09%SF+7.50%1/18/20276,660 6,660 6,660 
Common Stock1/18/2022720,000720 720 
14,400 14,400 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt (9) (25) 12/23/2022 SF+7.25%12/23/2027— (112)(112)
Secured Debt (9) 12/23/202212.71%SF+7.25%12/23/202724,539 23,802 24,272 
Common Equity(8)12/15/2021984965 892 
24,655 25,052 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units (29)11/12/2019122,416— 70 
Preferred Member Units (8) (29) 7/6/20181,548,387— 880 
Preferred Member Units3/8/2024293,007293 1,049 
293 1,999 
19
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt (9) (25) 6/30/2022SF+7.25% 6/30/2028— (59)(59)
Secured Debt (9) 6/30/202212.59%SF+7.25%6.25%6/30/202829,870 29,495 28,386 
29,436 28,327 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 500 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt (9) (25) 2/16/2024SF+8.50%8/28/2025— — — 
Secured Debt(9)10/19/202216.00%P+7.50%15.00%8/28/20253,109 3,109 2,844 
Secured Debt(9)8/28/202013.94%SF+8.50%12.94%8/28/20253,798 3,288 3,475 
Common Stock 10/1/2020723,1841 70 
Warrants (27)10/19/2022163,29510/19/20321,036 20 
7,434 6,409 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt (9) (25) 5/1/2023SF+7.00%5/1/2028— (23)(23)
Secured Debt(9)5/1/202311.48%SF+6.00%5/1/20286,389 6,285 6,389 
Secured Debt(9)5/1/202313.48%SF+8.00%5/1/20286,389 6,285 6,389 
Preferred Equity5/1/2023571571 500 
Common Equity5/1/2023571— — 
13,118 13,255 
BP Loenbro Holdings Inc.(10)Specialty Industrial Maintenance Services
Secured Debt (9) (25) 2/1/2024 SF+6.25%2/1/2029— (52)(52)
Secured Debt (9) (25) 2/1/2024 SF+6.25%2/1/2029— (26)(26)
Secured Debt(9)2/1/202411.66%SF+6.25%2/1/202926,673 26,157 26,157 
Common Equity2/1/20242,333,3332,333 2,333 
28,412 28,412 
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 7,056 921 
7,817 1,682 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP) (30)7/21/2014—6,290 4,034 
LP Interests (Brightwood Capital Fund IV, LP) (8) (30) 10/26/2016—4,350 4,358 
20
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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 (Brightwood Capital Fund V, LP) (8) (30) 7/12/2021—2,000 2,211 
12,640 10,603 
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— (18)— 
Secured Debt(9)6/14/202110.43%SF+5.00%6/10/202820,256 20,043 20,256 
20,025 20,256 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity12/13/20212,142,1672,142 2,142 
Preferred Equity12/13/2021596,176— — 
2,142 2,142 
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)5/18/202211.56%SF+6.00%5/18/20277,913 7,857 7,913 
Secured Debt(9)5/18/202211.56%SF+6.00%5/18/20276,087 6,049 6,087 
Common Equity12/30/2022245,926246 246 
14,144 14,238 
Central Moloney, LLC(10)Manufacturer of Electricity Transformers and Related Equipment
Secured Debt(9)2/9/202412.05%SF+6.75%10/20/202845,000 44,132 44,132 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9)2/7/202212.56%SF+7.00%2/7/20271,657 1,501 1,575 
Secured Debt(9)2/7/202212.58%SF+7.00%2/7/202736,447 36,021 34,630 
Secured Debt(9)6/24/202212.58%SF+7.00%2/7/20272,019 1,996 1,919 
Secured Debt(9)3/27/202312.58%SF+7.00%2/7/20274,880 4,788 4,637 
44,306 42,761 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt (14) (17) 9/23/2014   1/5/20152,677 2,677 16 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt (9) (32) 8/6/202113.47%SF+8.00%8/6/20265,000 4,878 4,887 
Secured Debt (9) (25) 3/29/2024SF+8.00%8/6/2026— (167)(167)
Secured Debt(9)8/6/202113.46%SF+8.00%8/6/202618,244 18,069 17,830 
22,780 22,550 
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
21
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Member Units 12/29/2016861,6183,335 22,430 
Corel Corporation(11) (13) (21)Publisher of Desktop and Cloud-based Software
Secured Debt(9)7/24/201910.44%SF+5.00%7/2/20261,215 1,196 1,198 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt (9) (25) 12/27/2023SF+7.00%6/27/2027— (61)(61)
Secured Debt (9) (25) 12/27/2023SF+7.00%6/27/2027— (61)(61)
Secured Debt(9)12/27/202312.41%SF+7.00%6/27/202711,250 10,944 11,028 
10,822 10,906 
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%1,316 855 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776 — 
2,092 855 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202210.43%SF+5.00%10.43%12/31/20262,125 1,967 1,967 
Secured Debt(9)12/20/202212.43%SF+7.00%12.43%12/31/20262,180 1,946 1,926 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241— — 
Common Equity12/20/20221,250,000— — 
4,041 3,953 
Eastern Wholesale Fence LLC(10)Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt (9) (32) 11/19/202013.45%SF+8.00%10/30/20252,974 2,934 2,883 
Secured Debt(9)11/19/202013.45%SF+8.00%10/30/20254,402 4,365 4,268 
Secured Debt(9)11/19/202013.45%SF+8.00%10/30/20258,781 8,700 8,512 
Secured Debt(9)4/20/202113.45%SF+8.00%10/30/20251,821 1,807 1,765 
Secured Debt(9)10/14/202113.45%SF+8.00%10/30/20259,964 9,886 9,660 
27,692 27,088 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/202211.74%SF+6.25%12/29/20279,780 9,587 8,998 
22
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
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 1,843 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		 (8) (30) 1/21/20150.38%1,980 898 
LP Interests (EnCap Energy Capital Fund IX, L.P.) (8) (30) 1/22/20150.10%3,119 921 
LP Interests (EnCap Energy Capital Fund X, L.P.) (8) (30) 3/25/20150.15%6,934 5,672 
LP Interests (EnCap Energy Capital Fund XII, L.P.) (30)8/31/20230.49%2,690 2,690 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (8) (30) 3/30/20150.84%5,083 1,513 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (8) (30) 3/27/20150.25%4,402 3,963 
27,775 17,500 
Engineering Research & Consulting, LLC(10)Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt (9) (32) 5/23/202213.75%P+5.25%5/23/2027557 524 557 
Secured Debt(9)5/23/202211.66%SF+6.25%5/23/202816,093 15,872 15,912 
16,396 16,469 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt (9) (25) 4/7/2023SF+8.00%4/7/2029— (33)(33)
Secured Debt(9)4/7/202313.40%SF+8.00%4/7/202926,247 25,586 26,247 
Common Equity4/7/2023649,794663 780 
26,216 26,994 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202113.56%SF+8.00%12/22/20263,692 3,672 3,643 
Secured Debt(9)12/22/202113.56%SF+8.00%8.00%12/22/202645,062 44,821 44,461 
48,493 48,104 
Fuse, LLC(11)Cable Networks Operator
Secured Debt6/30/201912.00%12/31/20261,810 1,810 1,231 
Common Stock6/30/201910,429256 — 
2,066 1,231 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt (9) 11/10/202312.17%SF+6.75%11/10/2028706 463 699 
Secured Debt(9)11/10/202312.17%SF+6.75%11/10/202832,389 31,496 32,066 
Common Equity11/10/2023705,882706 706 
32,665 33,471 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor
23
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)10/18/201911.93%SF+6.50%4/2/20251,364 1,360 1,364 
Secured Debt (9) (25) 10/18/2019 SF+6.50%4/2/2025— (7)(7)
Secured Debt(9)10/18/201911.93%SF+6.50%4/2/202510,596 10,581 10,596 
Secured Debt(9)9/15/202311.93%SF+6.50%4/2/2025950 950 950 
Secured Debt(9)12/22/202311.93%SF+6.50%4/2/2025227 224 227 
13,108 13,130 
GULF PACIFIC ACQUISITION, LLC(10)Rice Processor and Merchandiser
Secured Debt (9) (32) 9/30/202211.46%SF+6.00%9/30/2028454 439 450 
Secured Debt(9)9/30/202211.48%SF+6.00%9/30/2028300 286 297 
Secured Debt(9)9/30/202211.45%SF+6.00%9/30/20283,606 3,551 3,567 
4,276 4,314 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9)3/7/20249.07%SF+3.50%2.50%6/21/20262,378 2,232 2,232 
Secured Debt (14)3/7/20242.50% 2.50%2.50%6/21/20261,626 713 713 
Common Equity3/7/202464,029— — 
2,945 2,945 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt (9) (25) 8/1/2022SF+6.50%8/1/2027— (45)(45)
Secured Debt(9)8/1/202211.83%SF+6.50%8/1/20276,716 6,613 6,716 
Secured Debt(9)8/1/202211.83%SF+6.50%8/1/202716,580 16,359 16,580 
22,927 23,251 
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt(9)8/19/202111.98%SF+6.50%3.50%10/23/202625,552 25,552 25,049 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202115.84%SF+8.25%2.00%6/30/20267,204 7,082 7,056 
IG Parent Corporation(11)Software Engineering
Secured Debt (9) (25) 7/30/2021 SF+5.75%7/30/2026— (18)— 
Secured Debt(9)7/30/202110.93%SF+5.50%7/30/202810,315 10,216 10,315 
Secured Debt(9)7/30/202110.93%SF+5.50%7/30/20284,941 4,889 4,941 
15,087 15,256 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt (9) (32) 6/8/202312.27%SF+7.00%6/30/20281,186 1,109 1,186 
Secured Debt(9)6/8/202312.25%SF+7.00%6/30/202820,716 20,196 20,716 
Common Equity6/8/20238491,166 1,210 
24
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
22,471 23,112 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201714.21%SF+7.75%1.00%7/31/202418,646 18,620 17,620 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt(9)11/1/202111.18%SF+5.75%11/1/20261,501 1,478 1,501 
Secured Debt(9)11/1/202111.18%SF+5.75%11/1/20267,651 7,570 7,651 
9,048 9,152 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt (9) (25) 7/19/2023SF+6.25%7/19/2028— (66)(66)
Secured Debt (9) (25) 7/19/2023SF+6.25%7/19/2029— (54)(54)
Secured Debt(9)7/19/202311.56%SF+6.25%7/19/202914,370 13,991 14,124 
Common Equity7/19/2023131,100656 430 
14,527 14,434 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt (9) (32) 4/3/202313.44%SF+8.00%4/3/2028790 771 762 
Secured Debt(9)4/3/202313.48%SF+8.00%4/3/20287,289 7,137 7,028 
Secured Debt(9)6/14/202313.48%SF+8.00%4/3/20282,932 2,875 2,827 
Common Equity4/3/2023131,569417 240 
11,200 10,857 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt (17) (32) 12/9/202115.43%SF+10.00% 8/7/20231,835 1,835 1,680 
Secured Debt (9) (14) (17) 8/7/201912.43%SF+7.00%12.43%8/7/20237,313 7,237 17 
Common Stock12/7/20212,143— — 
9,072 1,697 
Intermedia Holdings, Inc.(11)Unified Communications as a Service
Secured Debt(9)8/3/201811.43%SF+6.00%7/19/202526,957 26,916 26,957 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/201911.96%SF+6.50%8/28/2025104 101 103 
Secured Debt(9)8/28/201911.96%SF+6.50%8/28/202516,812 16,757 16,615 
16,858 16,718 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt(9)5/19/202111.31%SF+5.75%3/25/20277,088 6,880 5,670 
25
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9)4/13/202311.03%SF+5.50%8.54%4/14/20282,945 2,696 2,576 
Common Equity4/13/2023198,743— — 
2,696 2,576 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt (9) (26) 10/26/202212.46%SF+7.00%11/4/2024834 825 834 
Secured Debt(9)2/27/202415.48%SF+10.00%11/4/2024159 144 144 
Secured Debt(9)11/8/202112.46%SF+7.00%11/4/20241,948 1,948 1,948 
Preferred Equity 11/8/20212,826,667110 1,090 
3,027 4,016 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt (9) (14) 8/21/201921.59%SF+16.00%21.59%8/21/20241,134 1,134 — 
Secured Debt (9) (14) 8/21/201921.59%SF+16.00%21.59%8/21/20241,091 1,091 — 
Secured Debt(9)3/30/202414.31%SF+8.75%6.00%3/29/20291,945 1,945 1,945 
Secured Debt(9)3/30/202414.31%SF+8.75%6.00%3/29/20291,182 1,182 1,182 
Common Stock8/21/2019472,5794,429 — 
Common Stock3/29/20245,461,019200 200 
9,981 3,327 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt (9) (32) 12/22/202111.57%SF+6.00%12/22/20267,347 7,255 7,347 
Secured Debt(9)12/22/202111.55%SF+6.00%12/22/202635,763 35,362 35,763 
Secured Debt(9)2/1/202411.55%SF+6.00%12/22/20263,347 3,252 3,347 
Common Equity12/22/20211,684,2111,684 1,270 
47,553 47,727 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9)10/4/202114.70%SF+9.25%10/4/20261,031 1,002 958 
Secured Debt(9)10/4/202114.70%SF+9.25%10/4/20267,429 7,353 6,901 
8,355 7,859 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt 5/9/201910.56%SF+5.00%5/9/202615,648 15,530 15,179 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests (8) (30) 1/25/20132.27%1,746 2,841 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt(9)5/2/201912.68%SF+7.25%9/25/20248,647 8,634 8,647 
26
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)5/2/201912.68%SF+7.25%9/25/20245,526 5,516 5,526 
Secured Debt(9)11/20/202012.68%SF+7.25%9/25/20242,900 2,894 2,900 
Secured Debt(9)2/26/202112.68%SF+7.25%9/25/20241,126 1,125 1,126 
Secured Debt(9)5/12/202212.68%SF+7.25%9/25/202411,409 11,385 11,409 
29,554 29,608 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202115.48%SF+9.00%1.00%8/16/20264,416 4,335 4,072 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9)1/8/201813.25%P+4.75%12/22/202424,809 23,998 19,235 
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+6.75%3/15/2026— (25)— 
Secured Debt(9)3/15/202112.23%SF+6.75%3/15/202614,853 14,734 14,853 
Secured Debt(9)3/28/202412.98%SF+7.50%3/15/20264,500 4,369 4,500 
19,078 19,353 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt (9) (25) 4/4/2022SF+6.25%4/3/2028— (48)(48)
Secured Debt(9)4/4/202211.43%SF+6.00%4/3/202822,168 21,873 22,168 
21,825 22,120 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt(9)10/24/201812.46%SF+7.00%12/31/202622,495 22,103 21,888 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt (9) (32) 11/30/202311.57%SF+6.25%11/30/2028827 787 793 
Secured Debt (9) (26) 11/30/202311.58%SF+6.25%11/30/2028712 688 683 
Secured Debt(9)11/30/202310.59%SF+5.25%11/30/20284,941 4,831 4,892 
Secured Debt(9)11/30/202312.59%SF+7.25%11/30/20284,941 4,826 4,892 
Common Equity11/30/2023459,657460 460 
11,592 11,720 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt 5/24/202214.00%4.00%5/24/20273,928 3,882 3,887 
Secured Debt 5/24/202214.00%4.00%5/24/202710,314 10,182 11,021 
Secured Debt 5/24/202214.00%4.00%5/24/202717,387 17,177 17,387 
27
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Unsecured Debt11/14/20238.00%8.00%3/31/2025160 160 160 
Common Stock8/30/202244,445,814889 678 
32,290 33,133 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt (9) (25) 12/18/2019SF+7.00%12/18/2026— (8)(8)
Secured Debt (9) (25) 12/18/2019SF+7.00%12/18/2026— — — 
Secured Debt(9)12/18/201912.48%SF+7.00%12/18/202628,786 28,470 28,786 
28,462 28,778 
Obra Capital, Inc(11)Alternative Asset Manager
Secured Debt 10/10/201911.44%SF+6.00%10/1/202617,463 16,642 15,258 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt (14)7/8/2013 11/15/20264,432 4,432 46 
Power System Solutions(10)Backup Power Generation
Secured Debt (9) (25) 6/7/2023SF+6.50%6/7/2028— (77)(77)
Secured Debt(9)6/7/202311.82%SF+6.50%6/7/20286,170 6,004 6,170 
Secured Debt(9)6/7/202311.80%SF+6.50%6/7/202818,372 17,913 18,372 
Common Equity6/7/20231,2341,234 1,690 
25,074 26,155 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt(9)5/1/202312.28%SF+6.85%5/1/20297,940 7,740 7,940 
Secured Debt(9)9/7/202312.15%SF+6.85%5/1/2029758 737 758 
Secured Debt(9)1/30/202411.55%SF+6.25%5/1/2029762 748 762 
9,225 9,460 
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) 8/19/202212.77%SF+7.25%8/19/20273,022 2,894 3,022 
Secured Debt(9)8/19/202212.84%SF+7.25%8/19/202721,707 21,406 21,707 
24,300 24,729 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Secured Debt (9) (25) 10/2/2023SF+8.00%10/2/2028— (44)(44)
Secured Debt(9)10/2/202313.64%SF+8.00%10/2/20289,844 9,622 9,745 
Preferred Equity10/2/20233,281,2503,281 3,281 
12,859 12,982 
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt (9) (32) 4/8/202112.33%SF+6.75%4/8/20261,278 1,271 1,209 
28
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)4/8/202112.18%SF+6.75%4/8/202613,369 13,290 12,645 
14,561 13,854 
Research Now Group, Inc. and Survey Sampling International, LLC(11)Provider of Outsourced Online Surveying
Secured Debt(9)12/29/201711.07%SF+5.50%12/20/202420,814 20,277 12,560 
Richardson Sales Solutions(10)Business Services
Secured Debt(9)8/24/202311.82%SF+6.50%8/24/20281,727 1,652 1,714 
Secured Debt(9)8/24/202311.82%SF+6.50%8/24/202839,850 38,672 39,552 
40,324 41,266 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt (9) (25) 8/27/2021SF+6.50%8/27/2026— (7)— 
Secured Debt(9)8/27/202112.09%SF+6.50%8/27/20263,376 3,333 3,318 
Secured Debt(9)8/27/202114.09%SF+8.50%8/27/20263,376 3,333 3,270 
6,659 6,588 
RTIC Subsidiary Holdings, LLC(10)Direct-To-Consumer eCommerce Provider of Outdoor Products
Secured Debt(9)9/1/202013.17%SF+7.75%9/1/20252,671 2,661 2,639 
Secured Debt(9)9/1/202013.18%SF+7.75%9/1/202513,664 13,613 13,500 
Secured Debt(9)9/1/202013.18%SF+7.75%9/1/2025548 546 541 
16,820 16,680 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9)7/16/202113.24%SF+5.75%2.00%11/16/20255,799 5,782 5,799 
Secured Debt(9)7/16/202113.24%SF+5.75%2.00%11/16/20257,954 7,901 7,954 
13,683 13,753 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt (9) (25) 12/10/2021SF+6.00%12/13/2026— (48)(48)
Secured Debt(9)12/10/202111.43%SF+6.00%12/13/202633,249 32,888 33,249 
Common Equity12/10/2021864864 835 
33,704 34,036 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt (9) 7/1/202212.96%SF+7.50%7/1/2027958 917 958 
Secured Debt(9)7/1/202212.96%SF+7.50%7/1/202715,688 15,482 15,688 
Common Stock7/1/2022638,710639 610 
17,038 17,256 
Stellant Systems, Inc.(11)Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
Secured Debt(9)10/22/202111.04%SF+5.50%10/1/20287,975 7,929 8,005 
Secured Debt(9)11/7/202311.19%SF+5.75%10/1/20289,154 8,908 9,188 
16,837 17,193 
29
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
Team Public Choices, LLC(11)Home-Based Care Employment Service Provider
Secured Debt(9)12/22/202010.58%SF+5.00%12/18/202714,766 14,564 14,785 
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 2,680 
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— (124)(124)
Secured Debt(9)3/11/202411.82%SF+6.50%3/11/202934,183 33,007 33,007 
Preferred Equity3/11/20241,218,7501,219 1,219 
34,102 34,102 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt (9) (14) 6/1/202312.49%SF+7.15%6.00%5/2/20279,900 3,657 3,790 
Secured Debt (14)6/1/2023    5/2/20271,003 20 — 
3,677 3,790 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services
Secured Debt(9)10/22/201911.43%SF+6.00%9/8/202623,065 22,807 23,065 
Secured Debt(9)7/19/202311.93%SF+6.50%9/8/20268,972 8,832 8,972 
Secured Debt(9)11/21/202311.93%SF+6.50%9/8/20264,677 4,598 4,677 
36,237 36,714 
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 3,904 4,000 
Veregy Consolidated, Inc.(11)Energy Service Company
Secured Debt (9) (25) 11/9/2020SF+5.25%11/3/2025— (352)(352)
Secured Debt(9)11/9/202011.57%SF+6.00%11/3/202717,780 17,546 17,423 
17,194 17,071 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 2,270 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt(9)12/22/202312.44%SF+7.00%12/22/202842,394 41,403 41,572 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
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— (4)(4)
Secured Debt(9)7/19/202112.48%SF+7.00%7/19/20263,668 3,634 3,668 
Common Stock7/19/2021400,000400 830 
4,030 4,494 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt (9) (32) 12/17/202111.46%SF+6.00%12/17/20262,223 2,198 2,223 
Secured Debt(9)12/17/202111.46%SF+6.00%12/17/2026385 364 385 
Secured Debt(9)12/17/202111.46%SF+6.00%12/17/202615,846 15,708 15,846 
Secured Debt(9)12/17/202111.46%SF+6.00%12/17/202612,674 12,563 12,674 
30,833 31,128 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt (9) (26) 3/1/202211.31%SF+6.00%3/1/20282,399 2,362 2,399 
Secured Debt(9)3/1/202211.31%SF+6.00%3/1/202810,631 10,494 10,631 
Secured Debt(9)11/3/202311.31%SF+6.00%3/1/20285,290 5,192 5,290 
Common Stock(8)3/1/20221,541,4001,541 3,600 
19,589 21,920 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt (9) (32) 11/19/202113.58%SF+8.00%11/19/20261,778 1,724 1,745 
Secured Debt(9)11/19/202113.59%SF+8.00%11/19/20262,067 2,038 2,028 
Secured Debt(9)11/19/202112.59%SF+7.00%11/19/20269,300 9,149 9,127 
Secured Debt(9)11/19/202112.58%SF+7.00%11/19/20266,667 6,484 6,543 
19,395 19,443 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(9)12/17/202111.18%SF+5.75%12/17/202723,996 23,673 23,996 
Secured Debt(9)12/17/202111.15%SF+5.75%12/17/202737,731 37,270 37,731 
60,943 61,727 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9)8/22/201812.93%SF+7.50%8/9/202611,812 11,573 10,973 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt(9)2/11/202212.68%SF+7.25%1.50%12/31/202417,291 17,291 17,095 
Secured Debt (9) (26) 2/11/202212.68%SF+7.25%1.50%12/31/20244,335 4,335 4,286 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 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)
21,626 21,381 
Short-term portfolio investments(39)
Secured Debt8.68%103,103 103,308 103,383 
Subtotal Non-Control/Non-Affiliate Investments (72.8% of net assets at fair value)
$1,879,039 $1,830,866 
Total Portfolio Investments, March 31, 2024 (180.8% of net assets at fair value)
$3,947,530 $4,548,027 
Money market funds (included in cash and cash equivalents) (31)
Dreyfus Government Cash Management (36)$45,214 $45,214 
Fidelity Government Fund (37)3,566 3,566 
Fidelity Treasury (38)3,079 3,079 
Total money market funds$51,859 $51,859 
32
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
___________________
(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — 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, 93% of the loans (based on the par amount) contain LIBOR or Term SOFR (“SOFR”) floors which range between 0.50% and 5.25%, with a weighted-average floor of 1.21%.
(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.
(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of March 31, 2024.
(20)All portfolio company headquarters are based in the United States, unless otherwise noted.
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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
(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+8.09% (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 12.45% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24)Investment date represents the date of initial investment in the security position.
(25)The position is unfunded and no interest income is being earned as of March 31, 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 March 31, 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 LIBOR (“L”), SOFR (“SF”) or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 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)Money market fund interests included in cash and cash equivalents.
(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 March 31, 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 March 31, 2024 was approximately 4.94% on the Dreyfus Government Cash Management.
(37)Effective yield as of March 31, 2024 was approximately 4.97% on the Fidelity Government Fund.
(38)Effective yield as of March 31, 2024 was approximately 4.95% on the Fidelity Treasury.
(39)Short-term portfolio investments. See Note C—Fair Value Hierarchy for Investments and Debentures—Portfolio Composition for a description of short-term portfolio investments. Short-term portfolio investments bear interest at index based floating interest rates which range from SOFR plus 2.75% to SOFR plus 4.00%, with SOFR floors which range from 0% to 0.75% (with a weighted average SOFR floor of approximately 0.39%) and resulting interest rates which range from 8.08% to 9.44% as of March 31, 2024, with a weighted-average interest rate of 8.68%.


34
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
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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)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 
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— — — 
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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)
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 
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 
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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)
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 
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
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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)
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 — 
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
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)
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 
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 
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)
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 
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
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)
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 
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 
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)
12,565 20,660 
Vision Interests, Inc.Manufacturer / Installer of Commercial Signage
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 — 
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)
21,750 12,144 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
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
44
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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)
LP Interests (Freeport Financial SBIC Fund LP)(30)3/23/20159.30%2,859 3,012 
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 
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)
Preferred Equity3/31/202380,0004,000 4,000 
21,403 21,403 
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 
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)
Preferred Stock8/6/20211,1281,128 1,128 
6,539 6,478 
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 
47
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)
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 
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
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)
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 
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 
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)
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units(29)11/12/2019122,416— 200 
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 
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)
Secured Debt(9)6/14/202110.46%SF+5.00%6/10/202819,681 19,455 19,681 
19,900 20,146 
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 
51
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 
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)
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 
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)
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
54
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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 
55
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)
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)
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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 
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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 
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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
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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 
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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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MAIN STREET CAPITAL CORPORATION
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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MAIN STREET CAPITAL CORPORATION
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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Notes to the Consolidated Financial Statements
(Unaudited)
NOTE A — ORGANIZATION AND BASIS OF PRESENTATION
1.Organization
Main Street Capital Corporation (“MSCC” or, together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized debt and equity financing to lower middle market (“LMM”) companies and debt capital to middle market (“Middle Market”) companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States and in secured debt investments of Middle Market companies generally headquartered in the United States.
MSCC was formed in March 2007 to operate as an internally managed business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Because MSCC is internally managed, all of the executive officers and other employees are employed by MSCC. Therefore, MSCC does not pay any external investment advisory fees, but instead directly incurs the operating costs associated with employing investment and portfolio management professionals.
MSCC wholly owns several investment funds, including Main Street Mezzanine Fund, LP (“MSMF”) and Main Street Capital III, LP (“MSC III” and, together with MSMF, the “Funds”), and each of their general partners. The Funds are each licensed as a Small Business Investment Company (“SBIC”) by the United States Small Business Administration (“SBA”).
MSC Adviser I, LLC (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of Main Street to provide investment management and other services to parties other than Main Street (“External Parties”) and receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission (“SEC”) to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.
MSCC has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSCC generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.
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”) 946, Financial Services—Investment Companies (“ASC 946”). For each of the periods presented herein, Main Street’s consolidated financial statements include the accounts of MSCC and its consolidated subsidiaries. The “Investment
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Portfolio,” as used herein, refers to all of Main Street’s investments in LMM portfolio companies, investments in Private Loan portfolio companies, investments in Middle Market portfolio companies, Other Portfolio investments and the investment in the External Investment Manager (see Note C — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition for additional discussion of Main Street’s Investment Portfolio and definitions for the defined terms Private Loan and Other Portfolio). Main Street’s results of operations for the three months ended March 31, 2024 and 2023, cash flows for the three months ended March 31, 2024 and 2023, and financial position as of March 31, 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 months ended March 31, 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.
NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.Valuation of the Investment Portfolio
Main Street accounts for its Investment Portfolio at fair value. As a result, Main Street follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


enhances disclosure requirements for fair value measurements. ASC 820 requires Main Street to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.
Main Street’s portfolio strategy calls for it to invest primarily in illiquid debt and equity securities issued by privately held, LMM companies and debt securities issued by Middle Market companies that are generally larger in size than the LMM companies and that can be more liquid than the debt securities issued by LMM companies. Main Street categorizes some of its investments in LMM companies and Middle Market companies as Private Loan portfolio investments, which are primarily debt securities in privately held companies that have primarily been originated directly by Main Street or, to a lesser extent, through its strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, Main Street’s Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are made in companies that are consistent with the size of companies Main Street invests in through its LMM portfolio and Middle Market portfolio. Main Street’s portfolio also includes Other Portfolio investments which primarily consist of investments that are not consistent with the typical profiles for its LMM, Private Loan or Middle Market portfolio investments, including investments which may be managed by third parties. Main Street’s portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital and are more liquid than investments within the other portfolios. Main Street’s portfolio investments may be subject to restrictions on resale.
LMM investments and Other Portfolio investments generally have no established trading market, while Private Loan investments may include investments which have no established market or have established markets that are not active. Middle Market and short-term portfolio investments generally have established markets that are not active. Main Street determines in good faith the fair value of its Investment Portfolio pursuant to a valuation policy in accordance with ASC 820, with such valuation process approved by its Board of Directors and in accordance with the 1940 Act. Main Street’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of Main Street’s Investment Portfolio.
For LMM portfolio investments, Main Street generally reviews external events, including private mergers, sales and acquisitions involving comparable companies, and includes these events in the valuation process by using an enterprise value waterfall methodology (“Waterfall”) for its LMM equity investments and an income approach using a yield-to-maturity model (“Yield-to-Maturity”) valuation method for its LMM debt investments. For Private Loan and Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value the investment in a current hypothetical sale using the Yield-to-Maturity valuation method. For Middle Market and short-term portfolio investments in debt securities for which it has determined that third-party quotes or other independent prices are available, Main Street primarily uses quoted prices in the valuation process. Main Street determines the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. For its Other Portfolio equity investments, Main Street generally calculates the fair value of the investment primarily based on the net asset value (“NAV”) of the fund and adjusts the fair value for other factors deemed relevant that would affect the fair value of the investment. All of the valuation approaches for Main Street’s portfolio investments estimate the value of the investment as if Main Street were to sell, or exit, the investment as of the measurement date.
These valuation approaches consider the value associated with Main Street’s ability to control the capital structure of the portfolio company, as well as the timing of a potential exit. For valuation purposes, “control” portfolio investments are composed of debt and equity securities in companies for which Main Street has a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors. For valuation purposes, “non-control” portfolio investments are generally composed of debt and equity securities in companies
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


for which Main Street does not have a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors.
Under the Waterfall valuation method, Main Street estimates the enterprise value of a portfolio company using a combination of market and income approaches or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations of the portfolio company, and then performs a Waterfall calculation by allocating the enterprise value over the portfolio company’s securities in order of their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value. There is no single methodology for estimating enterprise value. For any one portfolio company, enterprise value is generally described as a range of values from which a single estimate of enterprise value is derived. In estimating the enterprise value of a portfolio company, Main Street analyzes various factors including the portfolio company’s historical and projected financial results. Due to SEC deadlines for Main Street’s quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited, projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in determining. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, Main Street also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, Main Street allocates the enterprise value to investments in order of the legal priority of the various components of the portfolio company’s capital structure. In applying the Waterfall valuation method, Main Street assumes the loans are paid-off at the principal amount in a change in control transaction and are not assumed by the buyer, which Main Street believes is consistent with its past transaction history and standard industry practices.
Under the Yield-to-Maturity valuation method, Main Street also uses the income approach to determine the fair value of debt securities based on projections of the discounted future free cash flows that the debt security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of the portfolio company. Main Street’s estimate of the expected repayment date of its debt securities is generally the maturity date of the instrument, as Main Street generally intends to hold its loans and debt securities to maturity. The Yield-to-Maturity analysis also considers changes in leverage levels, credit quality, portfolio company performance, changes in market-based interest rates and other factors. Main Street will generally use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of Main Street’s general intent to hold its loans to maturity, the fair value will not exceed the principal amount of the debt security valued using the Yield-to-Maturity valuation method. A change in the assumptions that Main Street uses to estimate the fair value of its debt securities using the Yield-to-Maturity valuation method could have a material impact on the determination of fair value. If there is deterioration in credit quality or if a debt security is in workout status, Main Street may consider other factors in determining the fair value of the debt security, including the value attributable to the debt security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.
Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, Main Street measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date and adjusts the investment’s fair value for factors known to Main Street that would affect that fund’s NAV, including, but not limited to, fair values for individual investments held by the fund if Main Street holds the same investment or for a publicly traded investment. In addition, in determining the fair value of the investment, Main Street considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of Main Street’s investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, and expected future cash flows available to equity holders, including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding Main Street’s ability to realize the full NAV of its interests in the investment fund.
Pursuant to its internal valuation process and the requirements under the 1940 Act, Main Street performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


estimates of fair value for its investments in its LMM portfolio companies, Main Street, among other things, consults with a nationally recognized independent financial advisory services firm (the “Financial Advisory Firm”). The Financial Advisory Firm analyzes and provides observations, recommendations and an assurance certification regarding Main 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 17 and 19 LMM portfolio companies during the three months ended March 31, 2024 and 2023, respectively, representing 24% and 30% of the total LMM portfolio at fair value as of March 31, 2024 and 2023, respectively. A total of 69 LMM portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2024, representing 95% of the total LMM portfolio at fair value as of March 31, 2024. Excluding its investments in LMM portfolio companies that, as of March 31, 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 March 31, 2024.
For valuation purposes, the significant majority 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 19 Private Loan portfolio companies during the three months ended March 31, 2024 and 2023, respectively, representing 27% and 25% of the total Private Loan portfolio at fair value as of March 31, 2024 and 2023, respectively. A total of 59 Private Loan portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2024, representing 79% of the total Private Loan portfolio at fair value as of March 31, 2024. Excluding its investments in Private Loan portfolio companies that, as of March 31, 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, 94% of the Private Loan portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. 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 (98% as of both March 31, 2024 and December 31, 2023) 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, all of Main Street’s short-term portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. Because all of the short-term portfolio investments are typically valued using third-party quotes or other independent pricing services, Main Street generally does not consult with any financial advisory services firms in connection with determining the fair value of its short-term portfolio investments.
For valuation purposes, the majority of Main Street’s Other Portfolio investments are non-control investments. Main Street’s Other Portfolio investments comprised 3.1% and 3.3% of Main Street’s Investment Portfolio at fair value as of March 31, 2024 and December 31, 2023, respectively. Similar to the LMM investment portfolio, market quotations for Other Portfolio equity investments are generally not readily available. For its Other Portfolio equity investments, Main Street generally determines the fair value of these investments using the NAV valuation method.
For valuation purposes, Main Street’s investment in the External Investment Manager is a control investment. Market quotations are not readily available for this investment, and as a result, Main Street determines the fair value of the External Investment Manager using the Waterfall valuation method under the market approach. In estimating the enterprise value, Main Street analyzes various factors, including the entity’s historical and projected financial results, as well as its size, marketability and performance relative to the population of market comparables, 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 March 31, 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 March 31, 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 at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, the consolidated financial statements include investments in the Investment Portfolio whose values have been estimated by Main Street, pursuant to valuation policies and procedures approved and overseen by Main Street’s Board of Directors, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the Investment Portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.
Macroeconomic factors, including 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. At March 31, 2024 and December 31, 2023, the Company had $51.9 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.
At March 31, 2024 and December 31, 2023, cash balances totaling $58.0 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 March 31, 2024, investments on non-accrual status comprised 0.5% of Main Street’s total Investment Portfolio at fair value and 2.0% 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 March 31, 2024 and 2023, 3.2% and 2.4%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash. For each of the three months ended March 31, 2024 and 2023, 0.3% of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash.
Main Street may periodically provide services, including structuring and advisory services, to its portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.
A presentation of total investment income Main Street received from its Investment Portfolio in each of the periods presented is as follows:
Three Months Ended
March 31,
2024
2023
(dollars in thousands)
Interest, fee and dividend income:
Interest income$100,106 $93,392 
Dividend income22,791 24,222 
Fee income8,709 2,640 
Total interest, fee and dividend income$131,606 $120,254 
5.Deferred Financing Costs
Deferred financing costs include commitment fees and other direct costs related to Main Street’s multi-year revolving credit facility (the “Corporate Facility”) and special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) and its unsecured notes, as well as the commitment fees and leverage fees (3.4% of the total commitment and draw amounts, as applicable) on the SBIC debentures. See further discussion of Main Street’s debt in Note E — Debt. Deferred financing costs in connection with the Credit Facilities are capitalized as an asset. Deferred financing costs in connection with all other debt arrangements are a direct deduction from the principal amount outstanding.
6.Equity Offering Costs
The Company’s offering costs are charged against the proceeds from equity offerings when the proceeds are received.
7.Unearned Income—Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value
Main Street capitalizes debt origination fees received in connection with financings and reflects such fees as unearned income netted against the applicable debt investments. The unearned income from the fees is accreted into income over the life of the financing.
In connection with its portfolio debt investments, Main Street sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are 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
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(Unaudited)


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 each of the three months ended March 31, 2024 and 2023, 1.8% 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 (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).
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
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(Unaudited)


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.
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.

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


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 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, however the Company has not elected to adopt this provision as of the date of the financial statements contained in this report. The Company is still assessing the impact of the new guidance. However, it does not expect ASU 2023-09 to have a material impact on the consolidated financial statements and the notes thereto.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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.
As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
As of March 31, 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


consisted of unobservable inputs. As a result, all of Main Street’s LMM portfolio investments were categorized as Level 3 as of March 31, 2024 and December 31, 2023.
As of March 31, 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 March 31, 2024 and December 31, 2023.
As of March 31, 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 March 31, 2024 and December 31, 2023.
As of March 31, 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 March 31, 2024 and December 31, 2023.
As of March 31, 2024, Main Street held several short-term portfolio investments consisting primarily of secured debt investments. The fair value determination for these investments consisted of available observable inputs in non-active markets sufficient to determine the fair value of the investments. As a result, Main Street’s short-term portfolio investments were categorized as Level 2 as of March 31, 2024. As of December 31, 2023, Main Street did not hold any short-term portfolio investments.

As of March 31, 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;
•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;
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


•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. On the contrary, significant increases (decreases) in WACC inputs in isolation would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of Main Street’s LMM, Private Loan and Middle Market securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio) and (ii) the percentage of expected principal recovery. Significant increases (decreases) in any of these discount rates in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in any of these expected principal recovery percentages in isolation would result in a significantly higher (lower) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.
The following tables provide a summary of the significant unobservable inputs used to fair value Main Street’s Level 3 portfolio investments as of March 31, 2024 and December 31, 2023:
Type of
Investment
Fair Value as of
March 31, 2024
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange (4)Weighted Average (4)Median (4)
Equity investments$1,447,635 Discounted cash flowWACC
9.3% - 22.4%
14.3 %15.1 %
Market comparable / Enterprise valueEBITDA multiple (1) (3)
4.5x - 8.9x (2)
7.1x6.3x
Debt investments$2,808,138 Discounted cash flowRisk adjusted discount factor (5)
9.4% - 18.4% (2)
12.9 %12.7 %
Expected principal recovery percentage
0.0% - 100.0%
99.4 %100.0 %
Debt investments$188,871 Market approachThird-party quote
38.3 - 100.5
90.995.9
Total Level 3 investments$4,444,644 
____________________
(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 5.0% - 31.9%.
(3)The fair value of the equity investment in the External Investment Manager is based on a fee multiple of 7.5x. 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.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


(4)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
(5)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)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 (5)
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)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 three months ended March 31, 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
March 31, 2024
Debt$2,883,917 $— $(158,527)$260,765 $4,075 $(12,080)$18,859 $2,997,009 
Equity1,395,744 — (14,509)30,534 7,079 41,136 (18,859)1,441,125 
Equity Warrant6,610 — — — — (100)— 6,510 
$4,286,271 $— $(173,036)$291,299 $11,154 $28,956 $— $4,444,644 
____________________
(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
March 31, 2023
Debt$2,928,196 $— $(88,300)$106,658 $33,064 $(26,440)$(11,446)$2,941,732 
Equity1,166,643 — (2,871)8,476 (3,946)29,890 14,022 1,212,214 
Equity Warrant5,434 — — — — 2,171 (2,576)5,029 
$4,100,273 $— $(91,171)$115,134 $29,118 $5,621 $— $4,158,975 
____________________
(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.


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


At March 31, 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)
At March 31, 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$2,361,511 $— $— $2,361,511 
Private Loan portfolio investments1,519,538 — — 1,519,538 
Middle Market portfolio investments238,553 — — 238,553 
Other Portfolio investments139,782 — — 139,782 
External Investment Manager185,260 — — 185,260 
Short-term portfolio investments103,383 — 103,383 — 
Total investments$4,548,027 $— $103,383 $4,444,644 
Fair Value Measurements
(in thousands)
At 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 $100 million. The LMM debt investments are typically secured by a first priority lien on the assets of the portfolio company, can include either fixed or floating rate terms and generally have a term of between five and seven years from the original investment date. In most LMM portfolio investments, Main Street makes direct equity investments and/or receives nominally priced equity warrants in connection with a debt investment.
Main Street’s private loan (“Private Loan”) investment strategy is focused on investments in privately held companies that are generally consistent with the size of its LMM portfolio companies or Middle Market portfolio companies, and its Private Loan investments generally range in size from $10 million to $75 million. Main Street’s Private Loan investments primarily consist of debt securities that have primarily been originated directly by Main Street or, to a 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 to support a company owned by or in the process of being acquired by a
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(Unaudited)


private equity sponsor. Main Street’s Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. Main Street may have the option to co-invest with the sponsor in the equity securities of its Private Loan portfolio companies.
Main Street has also historically maintained a Middle Market investment strategy which is focused on investments in syndicated loans to or debt securities in Middle Market companies, which Main Street defines as companies with annual revenues between $150 million and $1.5 billion, and its Middle Market investments generally range in size from $3 million to $25 million. Main Street’s Middle Market portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date. Over the last few years, Main Street has been de-emphasizing this strategy and expects to continue to do so in the future.
Main Street’s other portfolio (“Other Portfolio”) investments primarily consist of investments that are not consistent with the typical profiles for its LMM, Private Loan or Middle Market portfolio investments, including investments which may be managed by third parties. In the Other Portfolio, Main Street may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds. For Other Portfolio investments, Main Street generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be liquidated over a five to ten-year period.
Based upon Main Street’s liquidity and capital structure management activities, Main Street’s Investment Portfolio may also include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be liquidated in one year or less. These short-term portfolio investments are not expected to be a significant portion of the overall Investment Portfolio.
Main Street’s external asset management business is conducted through its External Investment Manager. The External Investment Manager earns management fees based on the assets under management for External Parties and may earn incentive fees, or a carried interest, based on the performance of the assets managed. Main Street entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income Fund, Inc. (“MSC Income”) 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 March 31, 2024 and 2023 are net of expenses allocated to the External Investment Manager of $5.6 million and $5.0 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 months ended March 31, 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 March 31, 2024 and December 31, 2023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed further below).
As of March 31, 2024
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies81 88 22 
Fair value$2,361.5 $1,519.5 $238.6 
Cost$1,850.3 $1,538.3 $284.8 
Debt investments as a % of portfolio (at cost)72.5 %94.7 %91.0 %
Equity investments as a % of portfolio (at cost)27.5 %5.3 %9.0 %
% of debt investments at cost secured by first priority lien99.2 %99.9 %99.0 %
Weighted-average annual effective yield (b)12.8 %12.8 %12.9 %
Average EBITDA (c)$8.7 $32.8 $61.1 
____________________
(a)At March 31, 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 40%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of March 31, 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 March 31, 2024 including debt investments on non-accrual status was 12.7% for its LMM portfolio, 12.4% for its Private Loan portfolio and 11.4% for its Middle Market portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.
(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan and Middle Market portfolios. These calculations exclude certain portfolio companies, including four LMM portfolio companies, two Private Loan portfolio companies and one Middle Market portfolio company, as EBITDA is not a meaningful valuation metric for Main Street’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
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)At 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%.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost as of December 31, 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 March 31, 2024 and 2023, Main Street achieved an annualized total return on investments of 16.7% and 13.4%, 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 March 31, 2024, Main Street had Other Portfolio investments in 14 entities, collectively totaling $139.8 million in fair value and $141.2 million in cost basis and which comprised 3.1% and 3.6% 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 of March 31, 2024, Main Street had short-term portfolio investments in 11 entities, collectively totaling $103.4 million in fair value and $103.3 million in cost basis and which comprised 2.3% and 2.6% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2023, Main Street held no short-term portfolio investments.
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 March 31, 2024, this investment had a fair value of $185.3 million and a cost basis of $29.5 million, which comprised 4.1% and 0.7% of Main Street’s 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 Main Street’s Investment Portfolio at fair value and cost, respectively.
The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of March 31, 2024 and December 31, 2023 (this information
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager, which are discussed above).
Cost:March 31, 2024December 31, 2023
First lien debt83.0 %82.7 %
Equity16.5 16.8 
Second lien debt0.1 0.1 
Equity warrants0.2 0.2 
Other0.2 0.2 
100.0 %100.0 %
Fair Value:March 31, 2024December 31, 2023
First lien debt71.6 %71.6 %
Equity27.8 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 March 31, 2024 and December 31, 2023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.
Cost:March 31, 2024December 31, 2023
West26.7 %25.8 %
Northeast21.4 22.3 
Southwest19.5 19.7 
Midwest16.8 17.0 
Southeast13.7 13.1 
Canada0.4 0.4 
Other Non-United States1.5 1.7 
100.0 %100.0 %
Fair Value:March 31, 2024December 31, 2023
West26.0 %25.4 %
Southwest21.9 22.0 
Northeast20.5 21.3 
Midwest18.0 18.1 
Southeast11.8 11.3 
Canada0.4 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 March 31, 2024 and December 31, 2023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager).
Cost:March 31, 2024December 31, 2023
Internet Software & Services7.4 %7.6 %
Machinery7.4 7.7 
Professional Services5.9 6.0 
IT Services5.1 5.0 
Construction & Engineering5.0 4.9 
Diversified Consumer Services4.8 4.9 
Commercial Services & Supplies4.6 4.5 
Health Care Providers & Services4.6 5.4 
Distributors4.1 4.3 
Containers & Packaging3.7 3.8 
Energy Equipment & Services3.4 2.7 
Tobacco3.2 3.1 
Leisure Equipment & Products3.1 3.1 
Textiles, Apparel & Luxury Goods3.1 3.2 
Electrical Equipment3.0 1.6 
Aerospace & Defense2.7 2.9 
Computers & Peripherals2.5 2.7 
Specialty Retail2.5 2.1 
Media2.2 2.4 
Software2.2 2.0 
Building Products1.7 1.7 
Food Products1.7 1.6 
Diversified Financial Services1.6 1.7 
Food & Staples Retailing1.6 1.6 
Auto Components1.5 1.6 
Electronic Equipment, Instruments & Components1.5 1.5 
Health Care Equipment & Supplies1.3 1.3 
Internet & Catalog Retail1.3 1.3 
Communications Equipment1.2 1.2 
Hotels, Restaurants & Leisure1.1 1.1 
Household Products1.0 1.0 
Chemicals0.9 1.0 
Other3.1 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:March 31, 2024December 31, 2023
Machinery8.6 %8.8 %
Diversified Consumer Services7.0 7.1 
Professional Services6.4 6.5 
Internet Software & Services6.0 6.2 
Construction & Engineering5.2 5.1 
IT Services4.7 4.6 
Computers & Peripherals4.4 4.4 
Distributors4.4 4.5 
Health Care Providers & Services4.4 5.0 
Commercial Services & Supplies3.9 3.9 
Containers & Packaging3.8 3.9 
Tobacco3.3 3.2 
Energy Equipment & Services3.2 2.5 
Specialty Retail3.0 2.7 
Electrical Equipment2.8 1.7 
Aerospace & Defense2.5 2.7 
Media2.5 2.7 
Leisure Equipment & Products2.4 2.5 
Textiles, Apparel & Luxury Goods2.3 2.6 
Software2.2 2.1 
Diversified Financial Services1.6 1.6 
Food Products1.6 1.5 
Building Products1.5 1.5 
Auto Components1.4 1.5 
Food & Staples Retailing1.2 1.2 
Air Freight & Logistics1.1 1.1 
Internet & Catalog Retail1.1 1.2 
Construction Materials1.0 1.0 
Health Care Equipment & Supplies1.0 1.0 
Other5.5 5.7 
100.0 %100.0 %
____________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined LMM, Private Loan and Middle Market portfolio investments at each date.
At March 31, 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 does not own greater than 50% of the voting securities nor have rights to maintain greater than 50% of the board
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


representation) are considered significant subsidiaries: the investment test and the income test. The investment test is generally measured by dividing Main Street’s investment in the Control Investment by the value of Main Street’s total investments. The income test is generally measured by dividing the absolute value of the combined sum of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) from the relevant Control Investment for the period being tested by the absolute value of Main Street’s change in net assets resulting from operations for the same period. Rules 3-09 and 4-08(g) of Regulation S-X require Main Street to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control Investments in which Main Street owns greater than 50% of the voting securities) in an annual report and (2) summarized financial information of a Control Investment in a quarterly report, respectively, if certain thresholds of the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.
As of March 31, 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 agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


investment of Main Street and is not included as a consolidated subsidiary of Main Street in its consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for financial reporting purposes the External Investment Manager is treated as if it is taxed at corporate income tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. Main Street owns the External Investment Manager through the Taxable Subsidiary to allow MSCC to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The taxable income, or loss, of the External Investment Manager may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. As a result of the above described financial reporting and tax treatment, the External Investment Manager provides for any income tax expense, or benefit, and any tax assets or liabilities in its separate financial statements.
Main Street shares employees with the External Investment Manager and allocates costs related to such shared employees to the External Investment Manager generally based on a combination of the direct time spent, new investment 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 March 31, 2024 and 2023, the total contribution to Main Street’s net investment income was $8.6 million and $8.1 million, respectively.
Summarized financial information from the separate financial statements of the External Investment Manager as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023 is as follows:
As of
March 31,
2024
As of
December 31, 2023
(dollars in thousands)
Accounts receivable - advisory clients$10,201 $10,777 
Intangible Asset29,500 29,500 
Total assets$39,701 $40,277 
Accounts payable to MSCC and its subsidiaries$7,201 $7,551 
Dividend payable to MSCC and its subsidiaries3,000 3,226 
Equity29,500 29,500 
Total liabilities and equity$39,701 $40,277 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Three Months Ended
March 31,
20242023
(dollars in thousands)
Management fee income$5,717 $5,470 
Incentive fees3,867 3,304 
Administrative services fees154 151 
Total revenues9,738 8,925 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs(4,834)(4,268)
Other G&A expenses(725)(730)
Total allocated expenses(5,559)(4,998)
Other direct G&A expenses(9)— 
Total expenses(5,568)(4,998)
Pre-tax income4,170 3,927 
Tax expense(1,170)(871)
Net income$3,000 $3,056 

NOTE E — DEBT
Summary of Main Street’s debt as of March 31, 2024 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance
(Costs)/Premiums (1)
Recorded Value
Estimated Fair
Value (2)
(dollars in thousands)
Corporate Facility$313,000 $— $313,000 $313,000 
SPV Facility10,000 — 10,000 10,000 
July 2026 Notes
500,000 (1,206)498,794 466,270 
May 2024 Notes
450,000 45 450,045 449,933 
March 2029 Notes
350,000 (3,531)346,469 356,223 
SBIC Debentures286,200 (5,187)281,013 220,824 
December 2025 Notes
150,000 (906)149,094 148,998 
Total Debt$2,059,200 $(10,785)$2,048,415 $1,965,248 
____________________
(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, 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 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 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 months ended March 31, 2024 and 2023 is as follows:
Three Months Ended March 31,
2024
2023
(dollars in thousands)
Corporate Facility$4,279 $6,610 
SPV Facility1,678 3,427 
July 2026 Notes
3,882 3,882 
May 2024 Notes
5,714 5,714 
March 2029 Notes
5,486 — 
SBIC Debentures2,706 2,752 
December 2025 Notes
3,031 2,612 
Total Interest Expense$26,776 $24,997 
Corporate Facility
Main Street maintains the Corporate Facility to provide additional liquidity to support its investment and operational activities. As of March 31, 2024, the Corporate Facility included total commitments of $995.0 million from a diversified group of 18 lenders and contained an accordion feature with the right to request an increase in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $1.4 billion. The revolving period under the Corporate Facility expires in August 2026 and the Corporate Facility is scheduled to mature in August 2027.
As of March 31, 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


commitments under the Corporate Facility. The Corporate Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership or assets of the Funds and the External Investment Manager. In connection with the Corporate Facility, MSCC has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.
As of March 31, 2024, the interest rate on the Corporate Facility was 7.3%. The average interest rate for borrowings under the Corporate Facility was 7.3% and 6.5% for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 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. As of March 31, 2024, the SPV Facility included total commitments of $430.0 million from a diversified group of six lenders and contained an accordion feature, subject to the satisfaction of various conditions, that could bring total commitments and borrowing availability to up to $450.0 million. The revolving period under the SPV Facility expires in November 2025 and the SPV Facility is scheduled to mature in November 2027. Advances under the SPV Facility bear interest at a per annum rate equal to the one-month SOFR in effect, plus a 0.10% credit spread adjustment plus an applicable margin of 2.50% during the revolving period and 2.625% and 2.75% during the first and second years thereafter, respectively. MSCC Funding pays a commitment fee of 0.50% per annum on the unused lender commitments up to 35% of the total lender commitments and 0.75% per annum on the unused lender commitments greater than 35% of the total lender commitments. The SPV Facility is secured by a collateral loan on the assets of MSCC Funding and its subsidiaries. In connection with the SPV Facility, MSCC Funding has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.
As of March 31, 2024, the interest rate on the SPV Facility was 7.9%. The average interest rate for borrowings under the SPV Facility was 7.9% and 7.1% for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, MSCC Funding was in compliance with all financial covenants of the SPV Facility.

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


MSCC Funding’s balance sheets as of March 31, 2024 and December 31, 2023 are as follows:
Balance Sheets
(dollars in thousands)
March 31, 2024December 31, 2023
(Unaudited)
ASSETS
Investments at fair value:
Non-Control Investments (cost: $303,482 and $315,373 as of March 31, 2024 and December 31, 2023, respectively)
$305,025 $317,392 
Cash and cash equivalents36,354 12,817 
Interest and dividend receivable and other assets2,724 2,956 
Deferred financing costs (net of accumulated amortization of $1,028 and $783 as of March 31, 2024 and December 31, 2023, respectively)
3,585 3,829 
Total assets347,688 336,994 
LIABILITIES
SPV Facility$10,000 $160,000 
Accounts payable and other liabilities to affiliates160,169 7,170 
Interest payable302 1,135 
Total liabilities170,471 168,305 
NET ASSETS
Contributed capital138,163 138,163 
Total undistributed earnings39,054 30,526 
Total net assets177,217 168,689 
Total liabilities and net assets$347,688 $336,994 
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


MSCC Funding’s statements of operations for the three months ended March 31, 2024 and 2023 are as follows:
Statements of Operations
(dollars in thousands)
(Unaudited)
Three Months Ended March 31,
20242023
INVESTMENT INCOME:
Interest, fee and dividend income:
Non‑Control/Non‑Affiliate investments$11,067 $8,717 
Total investment income11,067 8,717 
EXPENSES:
Interest(1,678)(3,428)
Management Fee to MSCC(405)(365)
General and administrative(18)(57)
Total expenses(2,101)(3,850)
NET INVESTMENT INCOME8,966 4,867 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Non‑Control/Non‑Affiliate investments(477)(1,391)
Total net unrealized depreciation(477)(1,391)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$8,489 $3,476 
July 2026 Notes
In January 2021, Main Street issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”) at an issue price of 99.004%. Subsequently, in October 2021, Main Street issued an additional $200.0 million aggregate principal amount of the July 2026 Notes at an issue price of 101.741%. The July 2026 Notes issued in October 2021 have identical terms as, and are a part of a single series with, the July 2026 Notes issued in January 2021. The July 2026 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The July 2026 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The July 2026 Notes bear interest at a rate of 3.00% per year payable semiannually on January 14 and July 14 of each year.
As of March 31, 2024, Main Street was in compliance with all covenants and other requirements of the July 2026 Notes.
May 2024 Notes
In April 2019, Main Street issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the “May 2024 Notes”) at an issue price of 99.125%. Subsequently, in December 2019, Main Street issued an additional $75.0 million aggregate principal amount of the May 2024 Notes at an issue price of 105.0% and, in July 2020, Main Street issued an additional $125.0 million aggregate principal amount at an issue price of 102.7%. The May 2024 Notes issued in December 2019 and July 2020 have identical terms as, and are a part of a single series with, the May 2024 Notes issued in April 2019. The May 2024 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The May 2024 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The May 2024 Notes bear interest at a rate of 5.20% per year payable semiannually on May 1 and November 1 of each year.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As of March 31, 2024, Main Street was in compliance with all covenants and other requirements of the May 2024 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 March 31, 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. Main Street’s SBIC debentures payable, under existing SBA-approved commitments, were $286.2 million and $350.0 million as of March 31, 2024 and December 31, 2023, respectively. 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. On March 1, 2024, Main Street repaid $63.8 million of debentures that had reached maturity dates. The weighted-average annual interest rate on the SBIC debentures was 2.8% and 3.0% as of March 31, 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 March 31, 2024 was 5.4 years. In accordance with SBIC regulations, the Funds are precluded from incurring additional non-SBIC debt without the prior approval of the SBA.
As of March 31, 2024, the SBIC debentures consisted of (i) $111.2 million par value of SBIC debentures outstanding issued by MSMF, with a recorded value of $108.4 million that was net of unamortized debt issuance costs of $2.8 million and (ii) $175.0 million par value of SBIC debentures issued by MSC III with a recorded value of $172.6 million that was net of unamortized debt issuance costs of $2.4 million.
December 2025 Notes
In December 2022, Main Street issued $100.0 million in aggregate principal amount of 7.84% Series A unsecured notes due December 23, 2025 (the “December 2025 Series A Notes”) at par. In February 2023, Main Street issued an additional $50.0 million in aggregate principal amount of 7.53% Series B unsecured notes due December 23, 2025 (the “December 2025 Series B Notes” and, together with the December 2025 Series A Notes, the “December 2025 Notes”), at par. The December 2025 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The December 2025 Notes may be redeemed in whole or in part at any time at Main Street’s option at par plus accrued interest to the prepayment date, subject to certain make-whole provisions. The December 2025 Series A Notes and the December 2025 Series B Notes bear interest at a rate of 7.84% and 7.53% per year, respectively, payable semiannually on June 23 and December 23 of each year. In addition, Main Street is obligated to offer to repay the December 2025 Notes at par plus accrued and unpaid interest if certain change in control events occur. The December 2025 Notes will bear interest at an increased rate from the date that (i) the December 2025 Notes receive a below investment grade rating by a rating agency if there is one or two rating agencies providing ratings of the December 2025 Notes, or two-thirds of the rating agencies if there are three rating agencies who are rating the notes (a “Below Investment Grade Event”), or (ii) the ratio of the Company’s consolidated secured indebtedness (other than indebtedness of the Funds or any Structured Subsidiaries) to the value of its consolidated total assets is greater than 0.35 to 1.00 (a “Secured Debt Ratio Event”), to and until the date on which the Below Investment Grade Event and the Secured Debt Ratio Event are no longer continuing. The governing agreement for the December 2025 Notes contains customary terms and conditions for senior unsecured notes issued in a private placement, as well as customary events of default with customary cure and notice periods.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As of March 31, 2024, Main Street was in compliance with all covenants and other requirements of the December 2025 Notes.
NOTE F — FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights of Main Street for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
Per Share Data:20242023
NAV at the beginning of the period$29.20 $26.86 
Net investment income (1)1.05 1.02 
Net realized loss (1)(2)(0.15)(0.36)
Net unrealized appreciation (1)(2)0.49 0.44 
Income tax provision (1)(2)(0.13)(0.10)
Net increase in net assets resulting from operations (1)1.26 1.00 
Dividends paid from net investment income(1.02)(0.85)
Dividends paid(1.02)(0.85)
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)0.02 0.15 
Accretive effect of DRIP issuance (issuing shares above NAV per share)0.03 0.03 
Other (3)0.05 0.05 
NAV at the end of the period$29.54 $27.23 
Market value at the end of the period$47.31 $39.46 
Shares outstanding at the end of the period85,163,63379,794,089
____________________
(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)


Three Months Ended March 31,
20242023
(dollars in thousands)
NAV at end of period$2,515,970$2,172,922
Average NAV$2,496,685$2,140,754
Average outstanding debt$1,943,050$1,992,000
Ratio of total expenses, including income tax expense, to average NAV (1)(2)2.11 %2.21 %
Ratio of operating expenses to average NAV (2)(3)1.67 %1.84 %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)0.60 %0.67 %
Ratio of net investment income to average NAV (2)3.60 %3.78 %
Portfolio turnover ratio (2)3.96 %1.54 %
Total investment return (2)(4)11.93 %9.13 %
Total return based on change in NAV (2)(5)4.33 %3.77 %
____________________
(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 $5.6 million and $5.0 million for the three months ended March 31, 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 $0.24 per share, totaling $61.3 million, or $0.72 per share, for the three months ended March 31, 2024, compared to total regular monthly dividends of $53.6 million, or $0.675 per share, for the three months ended March 31, 2023. Main Street also paid a supplemental dividend of $25.6 million, or $0.30 per share, during the three months ended March 31, 2024, compared to supplemental dividends paid of $14.0 million, or $0.175 per share, during the three months ended March 31, 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, 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
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 three months ended March 31, 2024 and 2023.
Three Months Ended March 31,
20242023
(estimated, dollars in thousands)
Net increase in net assets resulting from operations$107,147 $79,592 
Book-tax difference from share-based compensation expense4,064 2,747 
Net unrealized appreciation(40,647)(35,118)
Income tax provision10,940 8,114 
Pre-tax book (income) loss not consolidated for tax purposes(11,566)15,791 
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates19,264 5,824 
Estimated taxable income (1)89,202 76,950 
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(78,878)(76,289)
Dividend payable as of period end and paid in the following period20,606 18,036 
Total distributions accrued or paid to common stockholders$87,072 $67,913 
____________________
(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, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in Main Street’s consolidated financial statements.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The income tax 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 months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
(dollars in thousands)
Current tax expense:
Federal$329 $140 
State880 857 
Excise922 740 
Total current tax expense2,131 1,737 
Deferred tax expense:
Federal7,652 5,806 
State1,157 571 
Total deferred tax expense8,809 6,377 
Total income tax provision$10,940 $8,114 
The net deferred tax liability at March 31, 2024 and December 31, 2023 was $72.7 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. At March 31, 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 2035 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 three months ended March 31, 2024, Main Street sold 126,420 shares of its common stock at a weighted-average price of $45.51 per share and raised $5.8 million of gross proceeds under the ATM Program. Net proceeds were $5.7 million after commissions to the selling agents on shares sold and offering costs. As of March 31, 2024, sales transactions representing 19,571 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the NAV per share. As of March 31, 2024, 5,186,804 shares remained available for sale under the ATM Program.
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.
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


NOTE I — DIVIDEND REINVESTMENT PLAN
The dividend reinvestment feature of Main Street’s dividend reinvestment and direct stock purchase plan (the “DRIP”) provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if Main Street declares a cash dividend, its stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividend automatically reinvested into additional shares of MSCC common stock. The share requirements of the DRIP may be satisfied through the issuance of shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of MSCC’s common stock on the valuation date determined for each dividend by Main Street’s Board of Directors. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased, before any associated brokerage or other costs. Main Street’s DRIP is administered by its transfer agent on behalf of Main Street’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in Main Street’s DRIP but may provide a similar dividend reinvestment plan for their clients.
Summarized DRIP information for the three months ended March 31, 2024 and 2023 is as follows:
Three Months Ended March 31,
20242023
(dollars in thousands)
DRIP participation$8,441 $7,808 
Shares issued for DRIP186,985199,282

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 March 31, 2024.
Restricted stock authorized under the plan5,000,000
Less net restricted stock granted(559,998)
Restricted stock available for issuance as of March 31, 2024
4,440,002
As of March 31, 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 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(7,525)
Restricted stock available for issuance as of March 31, 2024
292,475
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


For each of the three months ended March 31, 2024 and 2023, Main Street recognized total share-based compensation expense of $4.1 million, related to the restricted stock issued to Main Street employees and non-employee directors.
Summarized RSA activity for the three months ended March 31, 2024 is as follows:
Three Months Ended March 31, 2024
NumberWeighted-Average Grant-Date Fair Value
Restricted Stock Awards (RSAs):of Shares($ per share)
Non-vested, December 31, 2023
958,225 $40.48 
Granted (1)5,043 43.45 
Vested (1)(2)
(831)40.76 
Forfeited(3,852)39.58 
Non-vested, March 31, 2024
958,585 $40.50 
Aggregate intrinsic value as of March 31, 2024 (in thousands)
$45,351 (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 295 shares withheld for payroll taxes paid on behalf of employees.
(3)Aggregate intrinsic value is the product of total non-vested restricted shares as of March 31, 2024 and $47.31 per share, the closing price of our common stock on March 31, 2024.

The total fair value of RSAs that vested during the three months ended March 31, 2024 was not significant.
As of March 31, 2024, there was $22.3 million of total unrecognized compensation expense related to Main Street’s non-vested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of 2.2 years as of March 31, 2024.
NOTE K — COMMITMENTS AND CONTINGENCIES
At March 31, 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$3,000 
Brightwood Capital Fund III, LP65 
3,065 
EnCap Equity - Fund XII, LP7,310 
Freeport Fund Investments
Freeport First Lien Loan Fund III LP8,340 
Freeport Financial SBIC Fund LP4,490 
12,830 
Harris Preston Fund Investments
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Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


HPEP 4, L.P.8,378 
HPEP 3, L.P.1,308 
HPEP 423 COR, LP600 
2717 MH, L.P.52 
10,338 
MS Private Loan Fund I, LP750 
MS Private Loan Fund II, LP7,632 
UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP7,500 
UnionRock Energy Fund II, LP1,465 
8,965 
     Total Equity Commitments (1)(2)$50,890 
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$22,000 
Computer Data Source, LLC10,000 
Garyline, LLC8,118 
MS Private Loan Fund I, LP8,000 
CQ fluency, LLC6,750 
Insight Borrower Corporation6,688 
PTL US Bidco, Inc6,520 
SI East, LLC6,375 
California Splendor Holdings LLC6,000 
BP Loenbro Holdings Inc.5,994 
Veregy Consolidated, Inc.5,875 
Richardson Sales Solutions5,470 
Gulf Manufacturing, LLC5,000 
Channel Partners Intermediateco, LLC4,557 
South Coast Terminals Holdings, LLC4,465 
Classic H&G Holdco, LLC4,240 
Cody Pools, Inc.4,214 
Bettercloud, Inc.4,189 
IG Investor, LLC4,000 
AB Centers Acquisition Corporation3,910 
AVEX Aviation Holdings, LLC3,684 
Mako Steel, LP3,651 
Microbe Formulas, LLC3,601 
Johnson Downie Opco, LLC3,600 
Titan Meter Midco Corp.3,598 
103
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


HEADLANDS OP-CO LLC3,375 
VVS Holdco, LLC3,200 
Watterson Brands, LLC3,175 
Power System Solutions3,085 
Metalforming Holdings, LLC2,795 
Career Team Holdings, LLC2,700 
IG Parent Corporation2,500 
Nebraska Vet AcquireCo, LLC2,500 
Superior Rigging & Erecting Co.2,500 
NexRev LLC2,400 
Centre Technologies Holdings, LLC2,400 
Burning Glass Intermediate Holding Company, Inc.2,397 
Evergreen North America Acquisitions, LLC2,317 
SPAU Holdings, LLC2,235 
Engineering Research & Consulting, LLC2,064 
Cybermedia Technologies, LLC2,000 
Purge Rite, LLC1,969 
Elgin AcquireCo, LLC1,877 
Imaging Business Machines, L.L.C.1,779 
GULF PACIFIC ACQUISITION, LLC1,767 
NinjaTrader, LLC1,750 
Acousti Engineering Company of Florida1,730 
Batjer TopCo, LLC 1,620 
Trantech Radiator Topco, LLC1,600 
Chamberlin Holding LLC1,600 
Acumera, Inc.1,598 
Winter Services LLC1,556 
Mini Melts of America, LLC1,505 
Bluestem Brands, Inc.1,447 
ATS Operating, LLC1,440 
Bond Brand Loyalty ULC1,427 
Pinnacle TopCo, LLC1,380 
American Health Staffing Group, Inc.1,333 
Escalent, Inc.1,326 
CaseWorthy, Inc.1,230 
Gamber-Johnson Holdings, LLC1,200 
Clad-Rex Steel, LLC1,200 
JTI Electrical & Mechanical, LLC1,074 
ArborWorks, LLC997 
Invincible Boat Company, LLC.976 
GRT Rubber Technologies LLC950 
GS HVAM Intermediate, LLC909 
Orttech Holdings, LLC800 
Mystic Logistics Holdings, LLC800 
Roof Opco, LLC778 
104
Table of contents
MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Project BarFly, LLC760 
RTIC Subsidiary Holdings, LLC753 
Jackmont Hospitality, Inc.710 
ITA Holdings Group, LLC640 
Analytical Systems Keco Holdings, LLC580 
Jensen Jewelers of Idaho, LLC500 
Wall Street Prep, Inc.400 
Gulf Publishing Holdings, LLC400 
Eastern Wholesale Fence LLC372 
AAC Holdings, Inc.200 
Inspire Aesthetics Management, LLC50 
Adams Publishing Group, LLC22 
Interface Security Systems, L.L.C1 
      Total Loan Commitments$237,148 
      Total Commitments$288,038 
____________________
(1)This table excludes commitments related to six additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses. The Company does not expect any material future capital to be called on its commitment to these investments and as a result has excluded those commitments from this table.
(2)This table excludes commitments related to three additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses or for follow on investments in existing portfolio companies. The Company does not expect any material future capital to be called on its commitment to these investments to pay fund expenses, and based on representations from the fund manager, the Company does not expect any further capital will be called on its commitment for follow on investments. As a result, the Company has excluded those commitments from this table.
Main Street will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). Main Street follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. The Company had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of March 31, 2024.
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. At March 31, 2024, Main Street had a receivable of $10.2 million due from the External Investment Manager, which included (i) $7.2 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
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


agreement (see further discussion in Note D — External Investment Manager) and (ii) $3.0 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 its 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. 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 March 31, 2024, Main Street owned 1,604,337 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 immediate family members) have made capital commitments to the Private Loan Fund as limited partners and therefore have direct pecuniary interests in the Private Loan Fund. As of March 31, 2024, Main Street has funded $14.3 million of its limited partner commitment and Main Street’s unfunded commitment was $0.7 million. Main Street’s limited partner commitment to the Private Loan Fund was unanimously approved by the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act.
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 March 31, 2024, there were $2.0 million of 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
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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 March 31, 2024, Main Street has funded $3.3 million of its limited partner commitment and Main Street’s unfunded commitment was $7.6 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 March 31, 2024, there were $28.0 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 March 31, 2024, $21.9 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 March 31, 2024, $8.0 million was deferred into phantom Main Street stock units, representing 168,131 shares of Main Street’s common stock. In addition, as of March 31, 2024, the Company had $13.9 million of funded investments from deferred compensation in trust, including $2.1 million in the Private Loan Fund and $1.5 million in the Private Loan Fund II.
NOTE M — SUBSEQUENT EVENTS
In May 2024, Main Street repaid at maturity the entire $450.0 million principal amount of the issued and outstanding May 2024 Notes at par value plus the accrued unpaid interest. The repayment of the May 2024 Notes was funded through borrowings on Main Street’s Credit Facilities.
In May 2024, Main Street declared a supplemental dividend of $0.30 per share payable in June 2024. This supplemental dividend is in addition to the previously announced regular monthly dividends that Main Street declared of $0.24 per share for each of April, May and June 2024, or total regular monthly dividends of $0.72 per share for the second quarter of 2024.
In May 2024, Main Street also declared regular monthly dividends of $0.245 per share for each month of July, August and September of 2024. These regular monthly dividends equal a total of $0.735 per share for the third quarter of 2024, representing a 6.5% increase from the regular monthly dividends paid in the third quarter of 2023. Including the regular monthly and supplemental dividends declared for the second and third quarters of 2024, Main Street will have paid $41.59 per share in cumulative dividends since its October 2007 initial public offering.
107
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
March 31, 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)		March 31,
2024 Fair Value (13)
Majority-owned investments
Analytical Systems Keco Holdings, LLC15.38%SF+10.00%Secured Debt (12)(8)$— $— $— $219 $— $— $219 
15.38%SF+10.00%Secured Debt(8)— — 166 4,084 17 70 4,031 
14.13%Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 690 — 4,860 690 — 5,550 
Warrants(8)— — — — — — — 
Brewer Crane Holdings, LLC15.48%SF+10.00%Secured Debt(9)— — 210 5,498 — 124 5,374 
Preferred Member Units(9)— 100 30 5,620 100 — 5,720 
Café Brazil, LLCMember Units(8)— (71)9 1,980 — 71 1,909 
California Splendor Holdings LLC14.00%  4.00%Secured Debt(9)— (79)1,088 27,655 6 78 27,583 
Preferred Member Units(9)— — 63 15,695 — — 15,695 
15.00%15.00%Preferred Member Units(9)— — 208 4,601 5,208 — 9,809 
Clad-Rex Steel, LLC12.00%  Secured Debt (12)(5)— — 1 — — — — 
12.00%  Secured Debt(5)— — 261 8,422 — 12 8,410 
10.00%Secured Debt(5)— — 25 1,004 — 9 995 
Member Units(5)— (1,140)— 5,200 — 1,140 4,060 
Member Units(5)— (179)— 1,129 — 179 950 
Cody Pools, Inc.12.50%Secured Debt (12)(8)— 6 24 — 1,264 1,264 — 
12.50%Secured Debt(8)— (3)1,312 42,073 3 639 41,437 
Preferred Member Units(8)— 1,730 612 72,470 1,730 — 74,200 
CompareNetworks Topco, LLC14.48%SF+9.00%Secured Debt(9)— — — — — — — 
14.48%SF+9.00%Secured Debt(9)— 69 127 3,454 — 292 3,162 
Preferred Member Units(9)— (430)— 14,450 — 430 14,020 
Cybermedia Technologies, LLC10.00%Secured Debt (12)(6)— — 3 — — — — 
13.00%Secured Debt(6)— — 946 28,389 17 362 28,044 
Preferred Member Units(6)— 1,020 896 15,000 1,020 — 16,020 
Datacom, LLC7.50%Secured Debt(8)— — 6 447 225 180 492 
10.00%Secured Debt(8)— — 247 7,587 37 67 7,557 
Preferred Member Units(8)— 80 — 70 80 — 150 
Direct Marketing Solutions, Inc.14.00%  Secured Debt(9)— (7)37 1,233 1,282 2,515 — 
14.00%Secured Debt(9)— (11)906 25,543 11 421 25,133 
Preferred Stock(9)— (500)— 20,740 — 500 20,240 
Elgin AcquireCo, LLC11.38%SF+6.00%Secured Debt (12)(5)— — 2 (7)— — (7)
12.00%Secured Debt(5)— — 569 18,632 13 470 18,175 
9.00%Secured Debt(5)— — 143 6,252 1 12 6,241 
Common Stock(5)— — — 6,090 — — 6,090 
Common Stock(5)— — — 1,670 — — 1,670 
Gamber-Johnson Holdings, LLC10.00%SF+7.00%Secured Debt (12)(5)— — 2 — — — — 
10.00%SF+7.00%Secured Debt(5)— (24)1,368 54,078 24 1,624 52,478 
Member Units(5)— 9,840 1,493 96,710 9,840 — 106,550 
GRT Rubber Technologies LLC11.48%SF+6.00%Secured Debt (12)(8)— — 70 2,400 — — 2,400 
13.48%SF+8.00%Secured Debt(8)— (12)1,391 40,493 12 12 40,493 
108
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31,
2024 Fair Value (13)
Member Units(8)— — 42 44,440 — — 44,440 
Gulf Publishing Holdings, LLC14.98%SF+9.50%Secured Debt (12)(8)— — — — — — — 
12.50%Secured Debt(8)— — 76 2,284 — — 2,284 
Preferred Equity(8)— (930)— 2,460 — 930 1,530 
Member Units(8)— — — — — — — 
IG Investor, LLC13.00%Secured Debt (12)(6)— — 7 (35)2 — (33)
13.00%Secured Debt(6)— — 1,232 36,934 22 440 36,516 
Common Equity(6)— — — 14,400 — — 14,400 
Jensen Jewelers of Idaho, LLC15.25%P+6.75%Secured Debt (12)(9)— — 3 — — — — 
15.25%P+6.75%Secured Debt(9)— — 76 1,998 — 98 1,900 
Member Units(9)— 240 456 12,420 240 — 12,660 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 603 19,774 2 — 19,776 
9.00%Secured Debt(5)— — 87 3,805 — 10 3,795 
Preferred Equity(5)— 890 — 9,690 890 — 10,580 
Member Units(5)— — 31 2,730 — — 2,730 
Metalforming Holdings, LLC11.75%Secured Debt (12)(7)— — 3 — — — — 
11.75%Secured Debt(7)— — 724 23,623 20 1,146 22,497 
8.00%8.00%Preferred Equity(7)— 118 — 6,035 118 119 6,034 
Common Stock(7)— 980 382 1,500 980 — 2,480 
MH Corbin Holding LLC14.00%Secured Debt(5)— — 184 5,022 — 80 4,942 
Preferred Member Units(5)— — — 330 — — 330 
Preferred Member Units(5)— — — — — — — 
MSC Adviser I, LLCMember Units(8)— 11,197 3,000 174,063 11,197 — 185,260 
Mystic Logistics Holdings, LLC10.00%Secured Debt (12)(6)— — 1 — — — — 
10.00%Secured Debt(6)— 20 145 5,746 — — 5,746 
Common Stock(6)— — 992 26,390 — — 26,390 
OMi Topco, LLC12.00%Secured Debt(8)— (10)396 12,750 10 760 12,000 
Preferred Member Units(8)— 4,840 675 36,380 4,840 — 41,220 
PPL RVs, Inc.14.23%SF+8.75%Secured Debt(8)— — — — — — — 
14.23%SF+8.75%Secured Debt(8)— (14)726 19,877 14 258 19,633 
Common Stock(8)— (1,110)— 16,980 — 1,110 15,870 
Common Stock(8)— — — 368 — — 368 
Principle Environmental, LLC13.00%Secured Debt(8)— — 200 5,829 6 — 5,835 
Preferred Member Units(8)— — 246 10,750 — — 10,750 
Common Stock(8)— — — 510 — — 510 
Quality Lease Service, LLCMember Units(7)— — — 460 — — 460 
Robbins Bros. Jewelry, Inc.12.50%  Secured Debt(9)— — 8 (26)2 — (24)
12.50%  Secured Debt(9)— (5,999)1,083 30,798 20 6,449 24,369 
Preferred Equity(9)— — 6 — — — — 
Trantech Radiator Topco, LLC11.50%Secured Debt (12)(7)— — 1 — — — — 
13.50%Secured Debt(7)— 77 252 7,920 — — 7,920 
Common Stock(7)— (1,130)29 12,740 — 1,130 11,610 
Volusion, LLC10.00%Secured Debt(8)— — 53 2,100 — — 2,100 
Preferred Member Units(8)— — — — — — — 
109
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31,
2024 Fair Value (13)
Preferred Member Units(8)— 1,015 — 7,250 1,015 1,015 7,250 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 14 450 — — 450 
6.50%Secured Debt(8)— — 16 945 — — 945 
14.00%Secured Debt(8)— (113)97 2,080 — 113 1,967 
Preferred Member Units(8)— — — — — — — 
Warrants(8)— — — — — — — 
Other controlled investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)10 — 40 6,050 10 10 6,050 
LP Interests (2717 HPP-MS, L.P.) (12)(8)— — — 315 — — 315 
ASC Interests, LLC13.00%Secured Debt(8)— — 13 400 — — 400 
13.00%Secured Debt(8)— — 54 1,597 1 — 1,598 
Preferred Member Units(8)— — — 266 — — 266 
Member Units(8)— — — 100 — — 100 
ATS Workholding, LLC5.00%Secured Debt(9)— (238)— 328 167 238 257 
5.00%Secured Debt(9)— (130)— 473 — 130 343 
Preferred Member Units(9)— — — — — — — 
Barfly Ventures, LLC7.00%Secured Debt (12)(5)— — 13 711 — — 711 
Member Units(5)— 480 — 4,140 480 — 4,620 
Batjer TopCo, LLC10.00%Secured Debt (12)(8)— — 6 — 450 — 450 
10.00%Secured Debt (12)(8)— — 7 270 — — 270 
10.00%Secured Debt(8)— (5)273 10,575 5 5 10,575 
Preferred Stock(8)— — 351 6,150 — 1 6,149 
Bolder Panther Group, LLC13.46%SF+8.09%Secured Debt(9)— 10 3,308 96,556 7,536 660 103,432 
8.00%Class B Preferred Member Units(9)— 1,990 875 31,020 1,990 — 33,010 
Bridge Capital Solutions Corporation13.00%Secured Debt(6)— — 290 8,813 — — 8,813 
13.00%Secured Debt(6)— — 33 1,000 — — 1,000 
Preferred Member Units(6)— — 25 1,000 — — 1,000 
Warrants(6)— — — 1,808 — — 1,808 
Warrants(6)— — — 2,482 — — 2,482 
CBT Nuggets, LLCMember Units(9)— — 824 50,130 — — 50,130 
Centre Technologies Holdings, LLC14.48%SF+9.00%Secured Debt (12)(8)— — 3 — — — — 
14.48%SF+9.00%Secured Debt(8)— 257 522 — 21,974 — 21,974 
14.48%SF+9.00%Secured Debt(8)— (62)281 17,574 — 17,574 — 
Preferred Member Units(8)— 1,109 30 11,040 1,109 — 12,149 
Chamberlin Holding LLC11.49%SF+6.00%Secured Debt (12)(8)— (22)25 — 22 22 — 
13.49%SF+8.00%Secured Debt(8)— — 533 15,620 — — 15,620 
Member Units(8)— 250 1,464 29,320 250 — 29,570 
Member Units(8)— 140 23 2,860 140 — 3,000 
Charps, LLC10.00%Unsecured Debt(5)— (122)264 5,694 122 122 5,694 
110
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31,
2024 Fair Value (13)
Preferred Member Units(5)— 350 — 15,690 350 — 16,040 
Colonial Electric Company LLC12.00%Secured Debt(6)— — 2 — — — — 
12.00%Secured Debt(6)— 319 662 21,627 339 1,995 19,971 
Preferred Member Units(6)— — — 2,400 — — 2,400 
Preferred Member Units(6)— 650 94 7,680 650 — 8,330 
Compass Systems & Sales, LLC13.50%Secured Debt(5)— — — — — — — 
13.50%Secured Debt(5)— — 595 17,034 8 — 17,042 
Preferred Equity(5)— — 60 7,454 — — 7,454 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 568 — — 568 
Digital Products Holdings LLC15.38%SF+10.00%Secured Debt(5)— — 583 14,690 22 1,452 13,260 
Preferred Member Units(5)— — 50 9,835 — — 9,835 
Garreco, LLC9.50%SF+8.00%Secured Debt(8)— — 74 3,088 — — 3,088 
Member Units(8)— — 28 1,580 — — 1,580 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 260 — 4,660 260 — 4,920 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 791 25,483 13 — 25,496 
Preferred Equity(9)— — 243 10,741 — — 10,741 
KBK Industries, LLC9.00%Secured Debt(5)— (4)110 4,700 4 204 4,500 
Member Units(5)— 1,590 572 22,770 1,590 — 24,360 
MS Private Loan Fund I, LP5.00%Secured Debt (12)(8)— — 13 — 5,000 3,000 2,000 
LP Interests (12)(8)— — 508 14,527 — — 14,527 
MS Private Loan Fund II, LP8.88%SF+3.50%Secured Debt (12)(8)— — 703 23,367 9,520 5,000 27,887 
LP Interests (12)(8)— 85 26 1,561 1,795 — 3,356 
MSC Income Fund, Inc.Common Equity(8)— (108)523 10,025 2,501 108 12,418 
NAPCO Precast, LLCMember Units(8)— 330 32 11,730 330 — 12,060 
Nebraska Vet AcquireCo, LLC12.48%SF+7.00%Secured Debt (12)(5)— — 2 — — — — 
11.50%Secured Debt(5)— (15)778 25,794 15 15 25,794 
11.50%Secured Debt(5)— (5)315 10,500 5 5 10,500 
Preferred Member Units(5)— 4,390 362 15,020 4,390 — 19,410 
NexRev LLC10.00%Secured Debt (12)(8)— — 2 — 1,600 — 1,600 
10.00%Secured Debt(8)— — 261 9,751 13 — 9,764 
Preferred Member Units(8)— 1,860 103 6,350 1,860 — 8,210 
NRP Jones, LLC12.00%Secured Debt(5)— — 63 2,080 — — 2,080 
Member Units(5)— — — 1,466 — — 1,466 
Member Units(5)— — — 53 — — 53 
NuStep, LLC11.98%SF+6.50%Secured Debt(5)— — 111 3,600 — — 3,600 
12.00%Secured Debt(5)— — 562 18,426 3 — 18,429 
Preferred Member Units(5)— 960 — 9,240 960 — 10,200 
Preferred Member Units(5)— — — 5,150 — — 5,150 
Orttech Holdings, LLC16.48%SF+11.00%Secured Debt (12)(5)— — — — — — — 
16.48%SF+11.00%Secured Debt(5)— (12)926 22,040 12 92 21,960 
Preferred Stock(5)— (710)60 17,050 — 710 16,340 
Pearl Meyer Topco LLC12.00%Secured Debt(6)— — 122 3,500 1,500 — 5,000 
12.00%Secured Debt(6)— 19 633 20,000 4,000 — 24,000 
12.00%Secured Debt(6)— (8)848 27,681 8 8 27,681 
111
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31,
2024 Fair Value (13)
Preferred Equity(6)— 5,050 2,829 44,090 5,050 — 49,140 
Pinnacle TopCo, LLC8.00%Secured Debt (12)(8)— — 8 444 1 240 205 
13.00%Secured Debt(8)— — 1,022 30,339 15 — 30,354 
Preferred Equity(8)— — 316 12,540 — — 12,540 
River Aggregates, LLCMember Units(8)— — — 3,710 — — 3,710 
Tedder Industries, LLC12.00%Secured Debt(9)— — 56 1,726 — — 1,726 
12.00%Secured Debt(9)— (6,323)461 14,262 — 6,323 7,939 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Televerde, LLCMember Units(8)— (1,415)— 4,734 — 1,415 3,319 
Preferred Stock(8)— — — 1,794 — — 1,794 
Vision Interests, Inc.Series A Preferred Stock(9)— — — 3,000 — — 3,000 
VVS Holdco LLC11.48%SF+6.00%Secured Debt (12)(5)— — 4 — — — — 
11.50%Secured Debt(5)— — 834 28,035 14 — 28,049 
Preferred Equity(5)— — 100 12,240 — — 12,240 
— — — — — — — 
— — — — — — — 
Other— — — — — — — 
Amounts related to investments transferred to or from other 1940 Act classification during the period— — 1,354 9,070 — — — 
Total Control investments$10 $32,070 $51,119 $2,006,698 $117,042 $63,458 $2,051,212 
Affiliate Investments
423 HAR, LPLP Interests (423 HAR, L.P.)(8)$— $— $— $996 $1 $— $997 
AAC Holdings, Inc.18.00%18.00%Secured Debt (12)(7)— (1)22 418 37 1 454 
18.00%18.00%Secured Debt(7)— (21)685 13,895 1,200 21 15,074 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
Boccella Precast Products LLC10.00%Secured Debt(6)— — 8 320 — — 320 
Member Units(6)— (960)8 1,990 — 960 1,030 
Buca C, LLC12.00%Secured Debt(7)— — 563 12,144 — — 12,144 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
Career Team Holdings, LLC11.38%SF+6.00%Secured Debt (12)(6)— — 34 881 902 1,801 (18)
13.00%Secured Debt(6)— — 668 19,906 11 180 19,737 
Common Stock(6)— — — 4,500 — — 4,500 
Classic H&G Holdings, LLC11.63%SF+6.00%Secured Debt (12)(6)— — 134 4,560 — 800 3,760 
8.00%Secured Debt(6)— (11)400 19,274 11 11 19,274 
Preferred Member Units(6)— 1,470 312 16,000 1,470 — 17,470 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— (51)74 4,352 — 530 3,822 
DMA Industries, LLC12.00%Secured Debt(7)— (10)580 18,800 10 10 18,800 
Preferred Equity(7)— (1,720)— 7,660 — 1,720 5,940 
112
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31,
2024 Fair Value (13)
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— — — 8,443 — — 8,443 
LP Interests (Dos Rios Partners - A, LP)(8)— — — 2,631 — — 2,631 
Dos Rios Stone Products LLCClass A Preferred Units(8)— — — 1,580 — — 1,580 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)— — 20 760 1 — 761 
Flame King Holdings, LLCPreferred Equity(9)— — 680 27,900 — — 27,900 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP) (12)(5)— (77)— 3,012 — 77 2,935 
LP Interests (Freeport First Lien Loan Fund III LP) (12)(5)— — 138 3,704 1 — 3,705 
GFG Group, LLC8.00%Secured Debt(5)— (5)194 9,345 5 5 9,345 
Preferred Member Units(5)— (1,650)654 11,460 — 1,650 9,810 
Gulf Manufacturing, LLC13.00%SF+7.63%Secured Debt (12)(8)— 49 102 — — — — 
13.00%SF+7.63%Secured Debt(8)— 394 1,552 — 40,000 — 40,000 
Member Units(8)— 2,490 924 9,070 2,490 — 11,560 
Hawk Ridge Systems, LLC11.53%SF+6.00%Secured Debt(9)— — 64 1,974 2,182 2,720 1,436 
12.50%Secured Debt(9)— (14)1,444 45,256 14 14 45,256 
Preferred Member Units(9)— 430 — 17,460 430 — 17,890 
Preferred Member Units(9)— 20 — 920 20 — 940 
Houston Plating and Coatings, LLC8.00%Unsecured Convertible Debt(8)— 60 61 2,880 60 — 2,940 
Member Units(8)— (130)1 3,340 — 130 3,210 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— — — 4,225 — — 4,225 
LP Interests (HPEP 4, L.P.) (12)(8)— — — 3,773 — — 3,773 
LP Interests (423 COR, L.P.) (12)(8)— — — 1,869 — — 1,869 
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)— 220 — 17,690 220 — 17,910 
Infinity X1 Holdings, LLC13.00%Secured Debt(9)— — 580 17,403 10 224 17,189 
Preferred Equity(9)— — 98 4,000 368 — 4,368 
Integral Energy Services13.09%SF+7.50%Secured Debt(8)— 236 511 13,891 267 1,355 12,803 
10.00%10.00%Preferred Equity(8)— — 9 300 9 — 309 
Common Stock(8)— 140 11 160 140 — 300 
Iron-Main Investments, LLC13.50%Secured Debt(5)— — 156 4,487 2 — 4,489 
13.50%Secured Debt(5)— — 101 2,922 1 — 2,923 
13.50%Secured Debt(5)— — 305 8,944 — — 8,944 
13.50%Secured Debt(5)— — 677 19,503 8 — 19,511 
13.50%Secured Debt(5)— — 380 10,273 23 201 10,095 
113
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31,
2024 Fair Value (13)
Common Stock(5)— — — 2,680 — — 2,680 
ITA Holdings Group, LLC16.53%SF+9.00%2.00%Secured Debt (12)(8)— — 36 816 5 — 821 
16.53%SF+9.00%2.00%Secured Debt (12)(8)— — 32 697 5 — 702 
15.53%SF+8.00%2.00%Secured Debt(8)— — 238 3,430 88 — 3,518 
17.53%SF+10.00%2.00%Secured Debt(8)— — 260 3,430 88 — 3,518 
Warrants(8)— — — 2,091 — — 2,091 
Johnson Downie Opco, LLC15.00%Secured Debt (12)(8)— (2)6 — 2 2 — 
15.00%Secured Debt(8)— (12)929 24,207 12 12 24,207 
Preferred Equity(8)— 170 217 9,620 170 — 9,790 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— (42)— 326 — 43 283 
12.00%12.00%Secured Debt(8)— (43)— 332 — 43 289 
12.00%12.00%Secured Debt(8)— (93)— 716 — 94 622 
12.00%12.00%Secured Debt(8)— (195)— 1,493 — 195 1,298 
10.00%10.00%Unsecured Debt(8)— — — 305 — — 305 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLC16.48%SF+11.00%Secured Debt(7)— — — — — — — 
16.48%SF+11.00%Secured Debt(7)— 61 227 5,350 64 80 5,334 
Preferred Stock(7)— — — 1,128 — — 1,128 
Quality Lease Service, LLCPreferred Member Units(8)(3)— — — — — — 
SI East, LLC11.25%Secured Debt (12)(7)— (1)39 1,125 1 1 1,125 
12.45%Secured Debt(7)— (14)1,730 54,536 14 14 54,536 
Preferred Member Units(7)— — 117 19,170 — — 19,170 
Slick Innovations, LLC14.00%Secured Debt(6)— 108 548 11,440 7,600 160 18,880 
Common Stock(6)— (74)234 2,310 — 530 1,780 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— (1,457)— 3,190 — 1,457 1,733 
Preferred Equity(6)— — — — — — — 
Superior Rigging & Erecting Co.12.00%Secured Debt(7)— — 633 20,427 11 — 20,438 
Preferred Member Units(7)— — — 5,940 1 — 5,941 
The Affiliati Network, LLC13.00%Secured Debt(9)— — 5 150 641 800 (9)
13.00%Secured Debt(9)— — 253 7,347 7 401 6,953 
Preferred Stock(9)— — 26 6,400 — — 6,400 
Preferred Stock(9)— — — 172 64 — 236 
UnionRock Energy Fund II, LPLP Interests (12)(9)— — — 5,694 — — 5,694 
UnionRock Energy Fund III, LPLP Interests (12)(9)— — — 2,838 — — 2,838 
UniTek Global Services, Inc.15.00%  15.00%Secured Convertible Debt(6)— — 64 3,889 65 — 3,954 
15.00%15.00%Secured Convertible Debt(6)— — 32 1,908 32 — 1,940 
20.00%20.00%Preferred Stock(6)— — 132 2,833 132 — 2,965 
20.00%20.00%Preferred Stock(6)— — — 3,698 — — 3,698 
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)— (50)— 150 — 50 100 
114
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31,
2024 Fair Value (13)
Member Units(8)— — — — — — — 
Urgent DSO LLC13.50%Secured Debt(5)— — 326 — 8,713 — 8,713 
9.00%9.00%Preferred Equity(5)— — 45 — 4,045 — 4,045 
World Micro Holdings, LLC12.00%Secured Debt(7)— — 374 12,028 6 — 12,034 
 Preferred Equity(7)— — — 3,845 — — 3,845 
Other— — — — — — — 
Amounts related to investments transferred to or from other 1940 Act classification during the period— — (1,354)(9,070)— — — 
Total Affiliate investments$(7,110)$5,925 $17,728 $615,002 $71,659 $29,782 $665,949 
____________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for control investments located in this region was $526,552. This represented 20.9% of net assets as of March 31, 2024. The fair value as of March 31, 2024 for affiliate investments located in this region was $87,195. This represented 3.5% of net assets as of March 31, 2024.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for control investments located in this region was $278,708. This represented 11.1% of net assets as of March 31, 2024. The fair value as of March 31, 2024 for affiliate investments located in this region was $118,933. This represented 4.7% of net assets as of March 31, 2024.
115
Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 2024
(dollars in thousands)
(Unaudited)
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for control investments located in this region was $51,001. This represented 2.0% of net assets as of March 31, 2024. The fair value as of March 31, 2024 for affiliate investments located in this region was $175,963. This represented 7.0% of net assets as of March 31, 2024.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for control investments located in this region was $792,668. This represented 31.5% of net assets as of March 31, 2024. The fair value as of March 31, 2024 for affiliate investments located in this region was $146,767. This represented 5.8% of net assets as of March 31, 2024.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for control investments located in this region was $402,283. This represented 16.0% of net assets as of March 31, 2024. The fair value as of March 31, 2024 for affiliate investments located in this region was $137,091. This represented 5.4% of net assets as of March 31, 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 March 31, 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.
116
Table of contents                                 Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates
March 31, 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)		March 31, 2023
Fair Value (13)
Majority-owned investments
ASK (Analytical Systems Keco Holdings, LLC)L+10.00%Secured Debt(8)$— $— $1 $(3)$1 $— $(2)
14.75%L+10.00%Secured Debt(8)— — 188 4,545 20 70 4,495 
14.13%Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 84 — 3,504 84 — 3,588 
Warrants(8)— — — — — — — 
Brewer Crane Holdings, LLC14.66%L+10.00%Secured Debt(9)— — 212 5,964 — 124 5,840 
Preferred Member Units(9)— (520)30 7,080 — 520 6,560 
Café Brazil, LLCMember Units(8)— (370)16 2,210 — 370 1,840 
California Splendor Holdings LLC14.88%L+10.00%Secured Debt(9)— (3)1,045 28,000 3 3 28,000 
Preferred Member Units(9)— — 63 25,495 — — 25,495 
15.00%15.00%Preferred Member Units(9)— — 150 3,994 150 — 4,144 
Clad-Rex Steel, LLCSF+9.00%Secured Debt(5)— — 1 — — — — 
13.79%SF+9.00%Secured Debt(5)— — 369 10,440 11 480 9,971 
10.00%Secured Debt(5)— — 26 1,039 — 8 1,031 
Member Units(5)— (1,050)50 8,220 — 1,050 7,170 
Member Units(5)— 220 — 610 220 — 830 
CMS Minerals InvestmentsMember Units(9)— (431)44 1,670 — 435 1,235 
Cody Pools, Inc.15.50%L+10.50%Secured Debt(8)— 11 59 1,462 13 421 1,054 
15.50%L+10.50%Secured Debt(8)— (20)1,577 40,801 20 444 40,377 
Preferred Member Units(8)— 970 29 58,180 970 — 59,150 
CompareNetworks Topco, LLCL+9.00%Secured Debt(9)— — — — — — — 
13.75%L+9.00%Secured Debt(9)— (3)180 5,241 3 375 4,869 
Preferred Member Units(9)— (1,390)158 19,830 — 1,390 18,440 
Datacom, LLC7.50%Secured Debt(8)— — 4 223 227 — 450 
10.00%Secured Debt(8)— — 254 7,789 39 67 7,761 
Preferred Member Units(8)— — — 2,670 — — 2,670 
Direct Marketing Solutions, Inc.Secured Debt(9)— (7)11 — 7 7 — 
14.00%Secured Debt(9)— (14)959 27,267 14 405 26,876 
Preferred Stock(9)— (520)171 22,220 — 520 21,700 
Elgin AcquireCo, LLCSF+6.00%Secured Debt(5)— — 2 (9)1 — (8)
12.00%Secured Debt(5)— — 573 18,594 10 — 18,604 
9.00%Secured Debt(5)— — 144 6,294 1 11 6,284 
Common Stock(5)— — — 7,603 — — 7,603 
Common Stock(5)— — — 1,558 — — 1,558 
Gamber-Johnson Holdings, LLCSF+8.50%Secured Debt(5)— — 2 — — — — 
11.50%SF+8.50%Secured Debt(5)— (24)1,852 64,078 24 824 63,278 
Member Units(5)— 8,480 1,567 50,890 8,480 — 59,370 
GRT Rubber Technologies LLC10.66%L+6.00%Secured Debt(8)— — 28 670 295 — 965 
12.66%L+8.00%Secured Debt(8)— (12)1,280 40,493 12 12 40,493 
Member Units(8)— — 42 44,440 — — 44,440 
Gulf Publishing Holdings, LLCL+9.50%Secured Debt(8)— — — — — — — 
12.50%Secured Debt(8)— — 75 2,284 — — 2,284 
Preferred Equity(8)— — — 3,780 — — 3,780 
117
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31, 2023
Fair Value (13)
Member Units(8)— — — — — — — 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt(9)— — — — — — — 
14.50%P+6.75%Secured Debt(9)— (2)90 2,450 2 2 2,450 
Member Units(9)— (120)129 14,970 — 120 14,850 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 780 20,374 192 — 20,566 
9.00%Secured Debt(5)— — 88 3,842 — 9 3,833 
Preferred Equity(5)— — — 7,220 — — 7,220 
Member Units(5)— (70)29 2,850 — 70 2,780 
Market Force Information, LLC15.75%L+11.00%Secured Debt(9)— (6,725)260 6,090 635 6,725 — 
12.00%12.00%Secured Debt(9)— (1,610)— 1,610 — 1,610 — 
Member Units(9)— — — — — — — 
MetalForming AcquireCo, LLCSecured Debt(7)— — 3 — — — — 
12.75%Secured Debt(7)— — 739 23,576 12 — 23,588 
8.00%8.00%Preferred Equity(7)— — 148 6,010 117 — 6,127 
Common Stock(7)— — 327 1,537 — — 1,537 
MH Corbin Holding LLC13.00%Secured Debt(5)— 952 196 4,548 952 116 5,384 
Preferred Member Units(5)— — — — — — — 
Preferred Member Units(5)— — — — — — — 
MSC Adviser I, LLCMember Units(8)— 9,720 3,057 122,930 9,720 — 132,650 
Mystic Logistics Holdings, LLCSecured Debt(6)— — 1 — — — — 
10.00%Secured Debt(6)— — 144 5,746 — — 5,746 
Common Stock(6)— 2,180 992 22,830 2,180 — 25,010 
OMi Topco, LLC12.00%Secured Debt(8)— (13)485 15,750 13 763 15,000 
Preferred Member Units(8)— 2,290 675 22,810 2,290 — 25,100 
PPL RVs, Inc.L+7.00%Secured Debt(8)— — — — — — — 
11.38%L+7.00%Secured Debt(8)— (13)629 21,655 13 13 21,655 
Common Stock(8)— — 104 18,950 — — 18,950 
Common Stock(8)— (68)— 238 — 68 170 
Principle Environmental, LLCSecured Debt(8)— — — — — — — 
13.00%Secured Debt(8)— — 198 5,806 6 — 5,812 
Preferred Member Units(8)— (1,940)286 12,420 — 1,940 10,480 
Common Stock(8)— (90)— 590 — 90 500 
Quality Lease Service, LLCMember Units(7)— — — 525 — — 525 
Robbins Bros. Jewelry, Inc.Secured Debt(9)— — 8 (35)2 — (33)
12.50%Secured Debt(9)— — 1,128 35,404 19 225 35,198 
Preferred Equity(9)— (4,950)— 14,880 — 4,950 9,930 
Trantech Radiator Topco, LLCSecured Debt(7)— (1)2 — 1 1 — 
12.00%Secured Debt(7)— (5)242 7,920 5 5 7,920 
Common Stock(7)— 1,510 29 7,800 1,506 — 9,306 
Volusion, LLC10.00%Secured Debt(8)— — — — 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)— — — — — — — 
118
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31, 2023
Fair Value (13)
Preferred Member Units(8)— — — — 11,446 — 11,446 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— (2,576)— — 2,576 2,576 — 
Warrants(8)— 2,576 — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 14 450 — — 450 
6.50%Secured Debt(8)— — 16 945 — — 945 
14.00%Secured Debt(8)— (215)96 2,676 — 215 2,461 
Preferred Member Units(8)— (170)— 240 — 170 70 
Warrants(8)— — — — — — — 
Other controlled investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)631 (675)141 7,552 1,031 1,574 7,009 
LP Interests (2717 HPP-MS, L.P.)(8)— — — 248 — — 248 
ASC Interests, LLC13.00%Secured Debt(8)— — 13 400 — — 400 
13.00%Secured Debt(8)— — 54 1,649 — — 1,649 
Member Units(8)— (100)— 800 — 100 700 
ATS Workholding, LLC5.00%Secured Debt(9)— (132)— 634 21 132 523 
5.00%Secured Debt(9)— (186)— 1,005 — 185 820 
Preferred Member Units(9)— — — — — — — 
Barfly Ventures, LLC7.00%Secured Debt(5)— — 30 711 — — 711 
Member Units(5)— (280)— 3,320 — 283 3,037 
Batjer TopCo, LLCSecured Debt(8)— — — (8)1 — (7)
Secured Debt(8)— — — — — — — 
11.00%Secured Debt(8)— — 311 10,933 9 450 10,492 
Preferred Stock(8)— 2,055 167 4,095 2,055 — 6,150 
Bolder Panther Group, LLCSecured Debt(9)— — 1 — — — — 
13.91%SF+9.22%Secured Debt(9)— (36)3,431 99,194 36 695 98,535 
8.00%Class B Preferred Member Units(9)— — 1,096 31,420 — — 31,420 
Bridge Capital Solutions Corporation13.00%Secured Debt(6)— — 286 8,813 — — 8,813 
13.00%Secured Debt(6)— — 32 1,000 — — 1,000 
Preferred Member Units(6)— — 25 1,000 — — 1,000 
Warrants(6)— — — 1,828 — — 1,828 
Warrants(6)— — — 2,512 — — 2,512 
CBT Nuggets, LLCMember Units(9)— 860 1,235 49,002 858 — 49,860 
Centre Technologies Holdings, LLCL+9.00%Secured Debt(8)— — 3 — — — — 
13.75%L+9.00%Secured Debt(8)— — 517 14,954 6 — 14,960 
Preferred Member Units(8)— 560 30 8,700 560 — 9,260 
Chamberlin Holding LLCSF+6.00%Secured Debt(8)— — 2 — — — — 
12.86%SF+8.00%Secured Debt(8)— (6)540 16,945 6 6 16,945 
Member Units(8)— (120)285 22,920 — 120 22,800 
Member Units(8)— 120 23 2,710 120 — 2,830 
Charps, LLC10.00%Unsecured Debt(5)— (9)149 5,694 9 9 5,694 
119
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31, 2023
Fair Value (13)
Preferred Member Units(5)— 210 196 13,340 210 — 13,550 
Colonial Electric Company LLCSecured Debt(6)— — 2 — — — — 
12.00%Secured Debt(6)— — 704 23,151 14 315 22,850 
Preferred Member Units(6)— (960)(1,273)9,160 — 960 8,200 
Copper Trail Energy Fund I, LP - CTMHLP Interests (CTMH, LP)(9)— — — 588 — — 588 
Digital Products Holdings LLC14.75%L+10.00%Secured Debt(5)— — 564 15,523 9 329 15,203 
Preferred Member Units(5)— — 50 9,835 — — 9,835 
Garreco, LLC12.00%L+10.00%Secured Debt(8)— — 112 3,826 — 277 3,549 
Member Units(8)— (220)12 1,800 — 220 1,580 
Gulf Manufacturing, LLCMember Units(8)— 580 718 6,790 580 — 7,370 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 210 — 3,280 210 — 3,490 
Johnson Downie Opco, LLCL+11.50%Secured Debt(8)— (1)3 — 1 1 — 
16.25%L+11.50%Secured Debt(8)— (5)407 9,999 5 5 9,999 
Preferred Equity(8)— 1,010 71 5,540 1,010 — 6,550 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 782 25,432 13 — 25,445 
Preferred Equity(9)— — 221 10,741 — — 10,741 
KBK Industries, LLC10.00%Secured Debt(5)— 56 184 — 6,000 250 5,750 
Member Units(5)— (3,590)6,134 15,570 — 3,590 11,980 
MS Private Loan FundSecured Debt(8)— — 6 — — — — 
Secured Debt(8)— — — — — — — 
LP Interests(8)— (58)370 14,833 — 58 14,775 
MSC Income Fund, Inc.Common Equity(8)— 7 15 753 7 — 760 
NAPCO Precast, LLCMember Units(8)— 670 — 11,830 670 — 12,500 
Nebraska Vet AcquireCo, LLC (NVS)L+7.00%Secured Debt(5)— — 2 — — — — 
12.00%Secured Debt(5)— (10)613 20,094 10 10 20,094 
12.00%Secured Debt(5)— (5)320 10,500 5 5 10,500 
Preferred Member Units(5)— 3,520 125 7,700 3,520 — 11,220 
NexRev LLCSecured Debt(8)— — — — — — — 
11.00%Secured Debt(8)— 1,000 320 8,477 1,022 629 8,870 
Preferred Member Units(8)— 1,880 131 1,110 1,880 — 2,990 
NRP Jones, LLC12.00%Secured Debt(5)— — 62 2,080 — — 2,080 
Member Units(5)— 279 13 4,615 278 — 4,893 
Member Units(5)— 11 (2)175 12 — 187 
NuStep, LLC11.25%L+6.50%Secured Debt(5)— — 122 4,399 — — 4,399 
12.00%Secured Debt(5)— — 556 18,414 3 — 18,417 
Preferred Member Units(5)— (410)— 8,040 — 410 7,630 
Preferred Member Units(5)— — — 5,150 — — 5,150 
Orttech Holdings, LLCL+11.00%Secured Debt(5)— — — — — — — 
15.75%L+11.00%Secured Debt(5)— — 924 23,429 17 800 22,646 
Preferred Stock(5)— 1,750 269 11,750 1,750 — 13,500 
Pearl Meyer Topco LLC12.00%Secured Debt(6)— 5 29 — 3,500 — 3,500 
12.00%Secured Debt(6)— 38 142 — 11,500 — 11,500 
12.00%Secured Debt(6)— (20)868 28,681 20 1,020 27,681 
Preferred Equity(6)— 280 2,879 43,260 280 — 43,540 
120
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31, 2023
Fair Value (13)
River Aggregates, LLCMember Units(8)— — — 3,620 — — 3,620 
Tedder Industries, LLC12.00%Secured Debt(9)— — 55 1,840 — — 1,840 
12.00%Secured Debt(9)— — 459 15,120 3 — 15,123 
Preferred Member Units(9)— (810)— 7,681 — 810 6,871 
Preferred Member Units(9)— 111 — — 333 — 333 
Televerde, LLCMember Units(8)— 1,191 171 5,408 1,191 — 6,599 
Preferred Stock(8)— — — 1,794 — — 1,794 
Vision Interests, Inc.Series A Preferred Stock(9)— — 168 3,000 — — 3,000 
VVS Holdco LLCL+6.00%Secured Debt(5)— — 8 (21)6 — (15)
11.50%Secured Debt(5)— — 889 30,161 15 — 30,176 
Preferred Equity(5)— 100 38 11,940 100 — 12,040 
— — — — — — — 
— — — — — — — 
Other— — — — — — — 
Amounts related to investments transferred to or from other 1940 Act classification during the period— — (171)(14,914)— — — 
Total Control investments$(2,966)$17,161 $48,862 $1,703,172 $83,687 $55,770 $1,746,003 
Affiliate Investments
AAC Holdings, Inc.18.00%Secured Debt(7)$— $(6)$— $— $315 $6 $309 
18.00%18.00%Secured Debt(7)— (268)572 11,550 572 267 11,855 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
AFG Capital Group, LLCPreferred Member Units(8)— — — 9,400 — — 9,400 
ATX Networks Corp.L+7.50%Secured Debt(6)— (134)886 6,343 575 6,918 — 
10.00%Unsecured Debt(6)— (306)1,160 2,598 1,160 3,758 — 
Common Stock(6)3,248 (3,270)— 3,270 3,248 6,518 — 
BBB Tank Services, LLC15.66%L+11.00%Unsecured Debt(8)— — 31 800 — — 800 
15.66%L+11.00%Unsecured Debt(8)— — 155 2,086 — — 2,086 
Member Units(8)— — — — — — — 
15.00%Preferred Stock (non-voting)(8)— — — — — — — 
Boccella Precast Products LLC10.00%Secured Debt(6)— — 8 320 — — 320 
Member Units(6)— (200)29 2,970 — 200 2,770 
Buca C, LLC12.00%Secured Debt(7)— — 521 12,337 — 375 11,962 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
Career Team Holdings, LLCL+6.00%Secured Debt(6)— — 2 (9)1 1 (9)
12.50%Secured Debt(6)— — 643 20,090 10 — 20,100 
Common Stock(6)— — — 4,500 — — 4,500 
Chandler Signs Holdings, LLCClass A Units(8)— 210 36 1,790 210 — 2,000 
Classic H&G Holdings, LLC10.88%L+6.00%Secured Debt(6)— — 127 4,560 — — 4,560 
8.00%Secured Debt(6)— (11)396 19,274 11 11 19,274 
Preferred Member Units(6)— 1,062 780 24,637 1,063 — 25,700 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— — 123 7,657 — 876 6,781 
121
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31, 2023
Fair Value (13)
DMA Industries, LLC12.00%Secured Debt(7)— (11)647 21,200 11 11 21,200 
Preferred Equity(7)— — — 7,260 — — 7,260 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— 156 — 9,127 156 — 9,283 
LP Interests (Dos Rios Partners - A, LP)(8)— — — 2,898 — — 2,898 
Dos Rios Stone Products LLCClass A Preferred Units(8)— 250 — 1,330 250 — 1,580 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)14 — 19 1,013 15 52 976 
Flame King Holdings, LLC11.25%L+6.50%Secured Debt(9)— (4)215 7,600 4 4 7,600 
13.75%L+9.00%Secured Debt(9)— (11)730 21,200 11 11 21,200 
Preferred Equity(9)— 3,610 538 17,580 3,610 — 21,190 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP)(5)— — — 3,483 — — 3,483 
LP Interests (Freeport First Lien Loan Fund III LP)(5)— — 134 5,848 — 536 5,312 
GFG Group, LLC.9.00%Secured Debt(5)— (6)261 11,345 6 6 11,345 
Preferred Member Units(5)— 450 39 7,140 450 — 7,590 
Hawk Ridge Systems, LLC10.75%L+6.00%Secured Debt(9)— — 90 3,185 815 — 4,000 
10.00%Secured Debt(9)— (10)893 37,800 10 10 37,800 
Preferred Member Units(9)— — 65 17,460 — — 17,460 
Preferred Member Units(9)— — — 920 — — 920 
Houston Plating and Coatings, LLC8.00%Unsecured Convertible Debt(8)— (170)60 3,000 — 170 2,830 
Member Units(8)— 600 2 2,400 600 — 3,000 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.)(8)— 113 — 4,331 113 508 3,936 
LP Interests (HPEP 4, L.P.)(8)— — — 2,332 — — 2,332 
LP Interests (423 COR, LP)(8)— — 117 1,400 — — 1,400 
I-45 SLF LLC
Member Units (Fully diluted 20.0%; 21.75% profits interest)
(8)— — 528 11,758 1,200 — 12,958 
Infinity X1 Holdings, LLC13.00%Secured Debt(9)— — 183 — 17,823 — 17,823 
Preferred Equity(9)— — — — 4,000 — 4,000 
Iron-Main Investments, LLC13.50%Secured Debt(5)— — 151 4,500 2 — 4,502 
13.50%Secured Debt(5)— — 105 3,130 2 — 3,132 
13.50%Secured Debt(5)— — 294 8,944 — — 8,944 
13.50%Secured Debt(5)— — 658 19,559 9 — 19,568 
13.50%Secured Debt(5)— — 489 — 10,836 — 10,836 
Common Stock(5)— — — 1,798 958 — 2,756 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— (6)— 569 — 6 563 
12.00%12.00%Secured Debt(8)— (6)— 580 — 6 574 
12.00%12.00%Secured Debt(8)— (14)— 1,249 — 13 1,236 
122
Table of contents                                 Schedule 12-14                                
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31, 2023
Fair Value (13)
12.00%12.00%Secured Debt(8)— (28)— 2,606 — 29 2,577 
10.00%10.00%Unsecured Debt(8)— — — 305 — — 305 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCL+11.00%Secured Debt(7)— — — — — — — 
15.75%L+11.00%Secured Debt(7)— — 219 5,559 3 80 5,482 
Preferred Stock(7)— — — 1,056 — — 1,056 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)Secured Debt(8)(29,526)29,865 — — 29,865 29,865 — 
Preferred Member Units(8)— — — — — — — 
SI East, LLC (Stavig)Secured Debt(7)— — 7 — — — — 
9.50%Secured Debt(7)— (33)2,144 89,786 33 5,283 84,536 
Preferred Member Units(7)— — 343 13,650 — — 13,650 
Slick Innovations, LLC14.00%Secured Debt(6)— (9)492 13,840 9 249 13,600 
Common Stock(6)— 260 — 1,530 260 — 1,790 
Sonic Systems International, LLC12.26%L+7.50%Secured Debt(8)— (17)499 15,769 17 17 15,769 
Common Stock(8)— (50)11 1,280 — 50 1,230 
Student Resource Center, LLC13.69%L+8.50%Secured Debt(6)— — 108 4,556 — — 4,556 
Preferred Equity(6)— — — — — — — 
Superior Rigging & Erecting Co.12.00%Secured Debt(7)— — 652 21,378 17 1,000 20,395 
Preferred Member Units(7)— 470 — 4,500 470 — 4,970 
The Affiliati Network, LLCSecured Debt(9)— — 7 106 1,321 1,440 (13)
12.00%Secured Debt(9)— — 293 9,442 7 200 9,249 
Preferred Stock(9)— — 80 6,400 — — 6,400 
UnionRock Energy Fund II, LPLP Interests(9)— — — 5,855 530 197 6,188 
UniTek Global Services, Inc.14.22%SF+7.50%2.00%Secured Debt(6)— 23 12 382 25 — 407 
14.22%SF+7.50%2.00%Secured Debt(6)— 102 62 1,712 112 3 1,821 
15.00%15.00%Secured Convertible Debt(6)— 262 91 4,592 353 — 4,945 
20.00%20.00%Preferred Stock(6)— (107)107 2,833 107 107 2,833 
20.00%20.00%Preferred Stock(6)— 385 — 1,991 385 — 2,376 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Common Stock(6)— — — — — — — 
Universal Wellhead Services Holdings, LLC14.00%14.00%Preferred Member Units(8)— — — 220 — 2 218 
Member Units(8)— — — — — — — 
World Micro Holdings, LLC13.00%Secured Debt(7)— — 471 14,140 7 — 14,147 
Preferred Equity(7)— — — 3,845 — — 3,845 
Other— — — — — — — 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 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)		March 31, 2023
Fair Value (13)
Amounts related to investments transferred to or from other 1940 Act classification during the period— — 171 14,914 — — — 
Total Affiliate investments$(26,264)$33,141 $17,456 $618,359 $81,567 $58,785 $626,227 
________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $444,151. This represented 20.4% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $77,468. This represented 3.6% of net assets as of March 31, 2023.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $163,180. This represented 7.5% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $109,543. This represented 5.0% of net assets as of March 31, 2023.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $49,003. This represented 2.3% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $200,667. This represented 9.2% of net assets as of March 31, 2023.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $639,016. This represented 29.5% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $84,732. This represented 3.9% of net assets as of March 31, 2023.
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments In and Advances to Affiliates (Continued)
March 31, 2023
(dollars in thousands)
(Unaudited)
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2023 for control investments located in this region was $450,653. This represented 20.7% of net assets as of March 31, 2023. The fair value as of March 31, 2023 for affiliate investments located in this region was $153,817. This represented 7.1% of net assets as of March 31, 2023.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of March 31, 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.
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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 debt and equity financing to lower middle market (“LMM”) companies and debt capital to middle market (“Middle Market”) companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States and in secured debt investments of Middle Market companies generally headquartered in the United States.
MSCC was formed in March 2007 to operate as an internally managed business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Because MSCC is internally managed, all of the executive officers and other employees are employed by MSCC. Therefore, MSCC does not pay any external investment advisory fees, but instead directly incurs the operating costs associated with employing investment and portfolio management professionals.
MSCC wholly owns several investment funds, including Main Street Mezzanine Fund, LP (“MSMF”) and Main Street Capital III, LP (“MSC III” and, together with MSMF, the “Funds”), and each of their general partners. The Funds are each licensed as a Small Business Investment Company (“SBIC”) by the United States Small Business Administration (“SBA”).
MSC Adviser I, LLC (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of Main Street to provide investment management and other services to parties other than Main Street (“External Parties”) and receives fee income for such services. MSCC has been granted no-action relief by the Securities and Exchange Commission (“SEC”) to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its
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investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.
MSCC has 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 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 (as defined below) investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million and our LMM portfolio investments generally range in size from $5 million to $100 million. Our private loan (“Private Loan”) investment strategy involves investments in companies that are generally consistent with the size of the companies in our LMM and Middle Market investment strategies, and our Private Loan investments generally range in size from $10 million to $75 million. Our Middle Market investment strategy involves investments in companies that are generally larger in size than our LMM companies, with annual revenues typically between $150 million and $1.5 billion, and our Middle Market investments generally range in size from $3 million to $25 million.
We seek to fill the financing gap for LMM businesses, which, historically, have had limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM creates the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participation. Our ability to invest across a company’s capital structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options, or a “one-stop” financing solution. Providing customized, “one-stop” financing solutions is important to LMM portfolio companies. We generally seek to partner directly with entrepreneurs, management teams and business owners in making our investments. Our LMM portfolio debt investments are generally secured by a first lien on the assets of the portfolio company and typically have a term of between five and seven years from the original investment date.
Private Loan investments primarily consist of debt securities that have primarily been originated directly by us or, to a lesser extent, through our strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. Our Private Loan investments are typically made to support a company owned by or in the process of being acquired by a private equity sponsor. Private Loan investments are typically similar in size, structure, terms and conditions to investments we hold in our LMM portfolio and Middle Market portfolio. Our Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. We may also co-invest with the private equity sponsors in the equity securities of our Private Loan portfolio companies.
Our Middle Market portfolio investments primarily consist of direct investments in or secondary purchases of debt securities in privately held companies based in the United States that are generally larger in size than the companies included in our LMM portfolio and that were issued through a syndicated process. Our Middle Market portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date. Over the last few years, Main Street has been de-emphasizing this strategy and expects to continue to do so in the future.
Our other portfolio (“Other Portfolio”) investments primarily consist of investments that are not consistent with the typical profiles for our LMM, Private Loan or Middle Market portfolio investments, including investments which may
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be managed by third parties. In our Other Portfolio, we may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds.
Subject to changes in our cash and overall liquidity, our Investment Portfolio (as defined below) may also include short-term portfolio investments that are atypical of our LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital. These assets are typically expected to be liquidated in one year or less and are not expected to be a significant portion of the overall Investment Portfolio. The “Investment Portfolio,” as used herein, refers to all of our investments in LMM companies (including both our LMM and Private Loan portfolio investments) and investments in Middle Market companies (including both our Private Loan and Middle Market portfolio investments), Other Portfolio investments, 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 March 31, 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% and 3.5% for the trailing twelve months ended March 31, 2024 and 2023, respectively, and 3.7% 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
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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 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 March 31, 2024 and 2023, the External Investment Manager earned $5.7 million and $5.5 million in base management fees, respectively, $3.9 million and $3.3 million in incentive fees, respectively, and $0.2 million of administrative service fee income for each of the three months ended March 31, 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 March 31, 2024 and 2023 are net of expenses allocated to the External Investment Manager of $5.6 million and $5.0 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 March 31, 2024 and 2023, dividends paid to us by the External Investment Manager were $3.0 million and $3.1 million, respectively. For the three months ended March 31, 2024 and 2023, the total contribution of the External Investment Manager to our net investment income was $8.6 million and $8.1 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 March 31, 2024 and December 31, 2023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager which are discussed further below).
As of March 31, 2024
LMM (a)Private LoanMiddle Market
(dollars in millions)
Number of portfolio companies81 88 22 
Fair value$2,361.5 $1,519.5 $238.6 
Cost$1,850.3 $1,538.3 $284.8 
Debt investments as a % of portfolio (at cost)72.5 %94.7 %91.0 %
Equity investments as a % of portfolio (at cost)27.5 %5.3 %9.0 %
% of debt investments at cost secured by first priority lien99.2 %99.9 %99.0 %
Weighted-average annual effective yield (b)12.8 %12.8 %12.9 %
Average EBITDA (c)$8.7 $32.8 $61.1 
____________________
(a)At March 31, 2024, 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 March 31, 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 March 31, 2024 including debt investments on non-accrual status was 12.7% for our LMM portfolio, 12.4% for our Private Loan portfolio and 11.4% 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, two Private Loan portfolio companies and one Middle Market portfolio company, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate.
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
____________________
(a)At 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 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
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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 March 31, 2024 and 2023, we achieved an annualized total return on investments of 16.7% and 13.4%, 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 March 31, 2024, we had Other Portfolio investments in 14 entities, collectively totaling $139.8 million in fair value and $141.2 million in cost basis and which comprised 3.1% and 3.6% 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 of March 31, 2024, we had short-term portfolio investments in 11 entities, collectively totaling $103.4 million in fair value and $103.3 million in cost basis and which comprised 2.3% and 2.6% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2023, we had no short-term portfolio investments.
As previously discussed, the External Investment Manager is a wholly-owned subsidiary that is treated as a portfolio investment. As of March 31, 2024, this investment had a fair value of $185.3 million and a cost basis of $29.5 million, which comprised 4.1% 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 March 31, 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
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fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a detailed discussion of our Investment Portfolio valuation process and procedures.
Due to the inherent uncertainty in the valuation process, our determination of fair value for our Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.
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 March 31, 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 March 31, 2024 and 2023, 3.2% and 2.4%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash. For each of the three months ended March 31, 2024 and 2023, 0.3% of our total investment income was attributable to cumulative dividend income not paid currently in cash.
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INVESTMENT PORTFOLIO COMPOSITION
The following tables summarize the composition of our total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments as of March 31, 2024 and December 31, 2023 (this information excludes Other Portfolio investments, short-term portfolio investments and the External Investment Manager).
Cost:
March 31, 2024
December 31, 2023
First lien debt83.0 %82.7 %
Equity16.5 16.8 
Second lien debt0.1 0.1 
Equity warrants0.2 0.2 
Other0.2 0.2 
100.0 %100.0 %
Fair Value:
March 31, 2024
December 31, 2023
First lien debt71.6 %71.6 %
Equity27.8 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 March 31, 2024, investments on non-accrual status comprised 0.5% of our total Investment Portfolio at fair value and 2.0% 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 March 31, 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 March 31, 2024 and 2023.
Three Months Ended
March 31,
Net Change
2024
2023
Amount%
(dollars in thousands)
Total investment income$131,606 $120,254 $11,352 9 %
Total expenses(41,799)(39,287)(2,512)6 %
Net investment income89,807 80,967 8,840 11 %
Net realized loss from investments(12,367)(28,379)16,012 NM
Net unrealized appreciation from investments40,647 35,118 5,529 NM
Income tax provision(10,940)(8,114)(2,826)35 %
Net increase in net assets resulting from operations$107,147 $79,592 $27,555 35 %
Three Months Ended
March 31,
Net Change
2024
2023
Amount%
(dollars in thousands, except per share amounts)
Net investment income$89,807 $80,967 $8,840 11 %
Share‑based compensation expense4,103 4,100 3 — %
Deferred compensation expense462 376 86 23 %
Distributable net investment income (a)$94,372 $85,443 $8,929 10 %
Net investment income per share—Basic and diluted$1.05 $1.02 $0.03 3 %
Distributable net investment income per share—Basic and diluted (a)$1.11 $1.07 $0.04 4 %
____________________
NM    — Net Change % not meaningful
(a)Distributable net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impacts of share-based compensation expense and deferred compensation expense or benefit. We believe presenting distributable net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing our financial performance since share-based compensation does not require settlement in cash and deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing our financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the table above.
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Investment Income
Total investment income for the three months ended March 31, 2024 was $131.6 million, a 9% increase from the $120.3 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
March 31,
Net Change
2024
2023
Amount%
(dollars in thousands)
Interest income$100,106 $93,392 $6,714 7 %(a)
Dividend income22,791 24,222 (1,431)(6)%(b)
Fee income8,709 2,640 6,069 230 %(c)
Total investment income$131,606 $120,254 $11,352 9 %(d)
____________________
(a)The increase in interest income was primarily due to an increase in interest rates on floating rate Investment Portfolio debt investments primarily resulting from increases in benchmark index rates and from higher average levels of income producing Investment Portfolio debt investments.
(b)The decrease in dividend income from Investment Portfolio equity investments was primarily a result of a decrease of $1.8 million in dividend income from certain of our LMM portfolio companies, partially offset by an increase in dividend income from the Other Portfolio companies. The decrease includes a $5.3 million decrease in dividend income considered less consistent or non-recurring.
(c)The increase in fee income was primarily related to (i) a $3.7 million increase in fees received from the refinancing and prepayment of debt investments and (ii) a $1.8 million increase related to higher investment activities. The increase includes a $3.8 million increase in fee income considered less consistent or non-recurring.
(d)The increase in total investment income includes a net reduction of $1.8 million in certain income considered less consistent or non-recurring, as described above.
Expenses
Total expenses for the three months ended March 31, 2024 were $41.8 million, a 6% increase from the $39.3 million in the corresponding period of 2023. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
March 31,
Net Change
2024
2023
Amount%
(dollars in thousands)
Cash compensation$11,797 $10,735 $1,062 10 %(a)
Deferred compensation plan expense462 376 86 (23)%
Compensation12,259 11,111 1,148 10 %
General and administrative4,220 4,077 143 4 %
Interest26,776 24,997 1,779 7 %(b)
Share-based compensation4,103 4,100 3 — %
Gross expenses47,358 44,285 3,073 7 %
Expenses allocated to the External Investment Manager(5,559)(4,998)(561)11 %
Total expenses$41,799 $39,287 $2,512 6 %
____________________
(a)The increase in cash compensation expense was primarily related to increased incentive compensation accruals and 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 $350.0 million in aggregate principal amount of 6.95% unsecured notes
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due March 1, 2029 (the “March 2029 Notes”) in January 2024 and 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 and (ii) increased average outstanding borrowings.
Net Investment Income
Net investment income for the three months ended March 31, 2024 increased 11% to $89.8 million, or $1.05 per share, compared to net investment income of $81.0 million, or $1.02 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 March 31, 2024, primarily due to shares issued since the beginning 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 is after a $0.03 per share decrease in investment income considered less consistent or non-recurring in nature.
Distributable Net Investment Income
Distributable net investment income for the three months ended March 31, 2024 increased 10% to $94.4 million, or $1.11 per share, compared with $85.4 million, or $1.07 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 March 31, 2024 as discussed above. The increase in distributable net investment income on a per share basis is after a $0.03 per share decrease 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 loss on investments of $12.4 million for the three months ended March 31, 2024.
Three Months Ended March 31, 2024
Full ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)
(dollars in thousands)
LMM portfolio$— —$— —$— —$476 $476 
Private Loan portfolio— —— —(1,058)1(280)(1,338)
Middle Market portfolio(3,836)1— —(876)1(4)(4,716)
Other Portfolio(7,107)1— —— —318 (6,789)
Total net realized gain/(loss)$(10,943)2$— —$(1,934)2$510 $(12,367)
____________________
(a)Other activity includes realized gains and losses from transactions involving 11 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 $40.6 million for the three months ended March 31, 2024.
Three Months Ended March 31, 2024
LMM (a)Private
Loan		Middle
Market		OtherTotal
(dollars in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$(407)$193 $4,580 $6,789 (b)$11,155 
Net unrealized appreciation (depreciation) relating to portfolio investments21,467 (2,449)(130)10,604 (c)29,492 
Total net unrealized appreciation (depreciation) relating to portfolio investments$21,060 $(2,256)$4,450 $17,393 $40,647 
____________________
(a)Includes unrealized appreciation on 30 LMM portfolio investments and unrealized depreciation on 18 LMM portfolio investments.

(b)Includes the reversal of $6.7 million of prior unrealized depreciation related to the previously noted $7.1 million realized loss on the full exit of an Other Portfolio investment.
(c)Includes (i) $11.2 million of unrealized appreciation related to the External Investment Manager and (ii) $0.5 million of net unrealized appreciation related to the assets of the deferred compensation plan, partially offset by $1.1 million of net unrealized depreciation related to the Other Portfolio.
Income Tax Provision
The income tax provision for the three months ended March 31, 2024 of $10.9 million principally consisted of (i) a deferred tax provision of $8.8 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 $2.1 million, related to a $1.2 million provision for current U.S. federal and state income taxes and a $0.9 million provision for excise tax on our estimated undistributed taxable income.
The income tax provision for the three months ended March 31, 2023 of $8.1 million principally consisted of (i) a deferred tax provision of $6.4 million and (ii) a current tax provision of $1.7 million primarily related to a $1.0 million provision for current U.S. federal and state income taxes and a $0.7 million provision for excise tax on our estimated undistributed taxable income.
Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the three months ended March 31, 2024 was $107.1 million, or $1.26 per share, compared with $79.6 million, or $1.00 per share, during the three months ended March 31, 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 March 31, 2024 as compared to the three months ended March 31, 2023.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
For the three months ended March 31, 2024, we realized a net increase in cash and cash equivalents of $54.9 million, which is the net result of $118.1 million of cash used in our operating activities and $173.0 million of cash provided by our financing activities.
The $118.1 million of cash used in our operating activities resulted primarily from cash uses totaling $372.6 million for the funding of new and follow-on portfolio investments, partially offset by (i) cash proceeds totaling $175.0
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million from the sales and repayments of debt investments and sales of and return on capital from equity investments and (ii) cash flows that we generated from the operating profits earned totaling $86.0 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.
The $173.0 million of cash provided by our financing activities principally consisted of (i) $350.0 million in cash proceeds from the issuance of the March 2029 Notes and (ii) $5.7 million in net cash proceeds from equity offerings from our ATM Program, partially offset by (i) $78.2 million in dividends paid to our stockholders, (ii) $63.8 million in repayments of SBIC debentures, (iii) $37.0 million in net repayments on our Credit Facilities and (iv) $3.7 million in debt issuance costs.
Capital Resources
As of March 31, 2024, we had $115.0 million in cash and cash equivalents and $1,102.0 million of unused capacity under the Credit Facilities which we maintain to support our investment and operating activities. As of March 31, 2024, our NAV totaled $2,516.0 million, or $29.54 per share.
As of March 31, 2024, we had $313.0 million outstanding and $682.0 million of undrawn commitments under the Corporate Facility, and $10.0 million outstanding and $420.0 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 March 31, 2024 and December 31, 2023.
In April 2019, we issued $250.0 million in aggregate principal amount of 5.20% unsecured notes due May 1, 2024 (the “May 2024 Notes”). In December 2019 and July 2020, we issued an additional $75.0 million and $125.0 million, respectively, in aggregate principal amount of the May 2024 Notes. The outstanding aggregate principal amount of the May 2024 Notes was $450.0 million as of both March 31, 2024 and December 31, 2023.
In January 2024, we issued the March 2029 Notes. The outstanding aggregate principal amount of the March 2029 Notes was $350.0 million as of March 31, 2024.
In May 2024, we repaid the entire $450.0 million principal amount of the issued and outstanding May 2024 Notes at par value plus the accrued unpaid interest. The repayment of the May 2024 Notes was funded through borrowings on our Credit Facilities.
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, Main Street repaid $63.8 million of debentures that had reached maturity dates. Under existing SBA-approved commitments, we had $286.2 million of outstanding SBIC debentures guaranteed by the SBA as of March 31, 2024 through our wholly-owned SBICs, which bear a weighted-average annual fixed interest rate of 2.8%, 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 5.4 years as of March 31, 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 March 31, 2024 and December 31, 2023 was $150.0 million.
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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 three months ended March 31, 2024, we sold 126,420 shares of our common stock at a weighted-average price of $45.51 per share and raised $5.8 million of gross proceeds under the ATM Program. Net proceeds were $5.7 million after commissions to the selling agents on shares sold and offering costs. As of March 31, 2024, sales transactions representing 19,571 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the NAV per share. As of March 31, 2024, 5,186,804 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, Private Loan and Middle Market 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 common stock since 2011. We would therefore need future approval from our stockholders to issue shares below the then current NAV per share.
In order to satisfy the Code requirements applicable to a RIC, we intend to distribute to our stockholders, after consideration and application of our ability under the Code to carry forward certain excess undistributed taxable income from one tax year into the next tax year, substantially all of our taxable income.
In addition, as a BDC, we generally are required to meet a coverage ratio, or BDC asset coverage ratio, of total assets to total senior securities, which include borrowings and any preferred stock we may issue in the future, of at least 200% (or 150% if certain requirements are met). In January 2008, we received an exemptive order from the SEC to exclude SBA-guaranteed debt securities issued by the Funds and any other wholly-owned subsidiaries of ours which operate as SBICs from the BDC asset coverage ratio which, in turn, enables us to fund more investments with debt capital. In May 2022, our stockholders also approved the application of the reduced BDC asset coverage ratio. As a result, the BDC asset coverage ratio applicable to us decreased from 200% to 150% effective May 3, 2022. As of March 31, 2024, our BDC asset coverage ratio was 241%.
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.
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Inflation
Inflation has not historically had a significant effect on our results of operations in any of the reporting periods presented herein. However, our portfolio companies have experienced, specifically including over the last few years, as a result of recent geopolitical events, supply chain and labor issues, and may continue to experience, the increasing impacts of inflation on their operating results, including periodic escalations in their costs for labor, raw materials and third-party services and required energy consumption. These issues and challenges related to inflation are receiving significant attention from our investment teams and the management teams of our portfolio companies as we work to manage these growing challenges. Prolonged or more severe impacts of inflation to our portfolio companies could continue to affect their operating profits and, thereby, increase their borrowing costs, and as a result negatively impact their ability to service their debt obligations and/or reduce their available cash for distributions. In addition, these factors could have a negative effect on the fair value of our investments in these portfolio companies. The combined impacts therefrom in turn could negatively affect our results of operations.
Off-Balance Sheet Arrangements
We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Consolidated Balance Sheets. At March 31, 2024, we had a total of $288.0 million in outstanding commitments comprised of (i) 83 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) 13 investments with equity capital commitments that had not been fully called.
Contractual Obligations
As of March 31, 2024, the future fixed commitments for cash payments in connection with the July 2026 Notes, the May 2024 Notes, the March 2029 Notes, SBIC debentures, the December 2025 Notes and rent obligations under our office lease for each of the next five years and thereafter are as follows.
2024
2025
2026
2027
2028
Thereafter
Total
(dollars in thousands)
July 2026 Notes$— $— $500,000 $— $— $— $500,000 
Interest due on July 2026 Notes7,500 15,000 15,000 — — — 37,500 
May 2024 Notes450,000 — — — — — 450,000 
Interest due on May 2024 Notes11,700 — — — — — 11,700 
March 2029 Notes— — — — — 350,000 350,000 
Interest due on March 2029 Notes15,473 24,325 24,325 24,325 24,325 12,163 124,936 
SBIC debentures— — — 75,000 75,000 136,200 286,200 
Interest due on SBIC debentures4,208 8,146 8,146 7,429 4,982 9,661 42,572 
December 2025 Notes— 150,000 — — — — 150,000 
Interest due on December 2025 Notes11,605 11,637 — — — — 23,242 
Operating Lease Obligation (1)
825 1,115 1,135 1,155 1,175 6,499 11,904 
Total$501,311 $210,223 $548,606 $107,909 $105,482 $514,523 $1,988,054 
____________________
(1)Operating Lease Obligation means a rent payment obligation under a lease classified as an operating lease and disclosed pursuant to ASC 842, as may be modified or supplemented.
As of March 31, 2024, we had $313.0 million in borrowings outstanding under our Corporate Facility, and the Corporate Facility is scheduled to mature in August 2027. As of March 31, 2024, we had $10.0 million in borrowings outstanding under our SPV Facility, and the SPV Facility is scheduled to mature in November 2027.
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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 May 2024, we repaid the entire $450.0 million principal amount of the issued and outstanding May 2024 Notes at par value plus the accrued unpaid interest at maturity. The repayment of the May 2024 Notes was funded through borrowings on Main Street’s Credit Facilities.
In May 2024, we declared a supplemental dividend of $0.30 per share payable in June 2024. This supplemental dividend is in addition to the previously announced regular monthly dividends that we declared of $0.24 per share for each of April, May and June 2024 or total regular monthly dividends of $0.72 per share for the second quarter of 2024.
In May 2024, we also declared regular monthly dividends of $0.245 per share for each of July, August and September of 2024. These regular monthly dividends equal a total of $0.735 per share for the third quarter of 2024, representing a 6.5% increase from the regular monthly dividends paid in the third quarter of 2023. Including the regular monthly and supplemental dividends declared for the second and third quarters of 2024, we will have paid $41.59 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 March 31, 2024, 67% of our debt Investment Portfolio (at cost) bore interest at floating rates, 90% of which were subject to contractual minimum interest rates. As of March 31, 2024, 84% 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, May 2024 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 March 31, 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.
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The following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of March 31, 2024.
Basis Point ChangeIncrease
(Decrease)
in Interest
Income		(Increase)
Decrease
in Interest
Expense		Increase
(Decrease) in Net
Investment
Income		Increase
(Decrease) in Net
Investment
Income per Share
(dollars in thousands, except per share amounts)
(200)$(41,302)$6,460 $(34,842)$(0.41)
(175)(36,140)5,653 (30,487)(0.36)
(150)(30,978)4,845 (26,133)(0.31)
(125)(25,460)4,038 (21,422)(0.25)
(100)(20,370)3,230 (17,140)(0.20)
(75)(15,279)2,423 (12,856)(0.15)
(50)(10,189)1,615 (8,574)(0.10)
(25)(5,097)808 (4,289)(0.05)
255,097 

(808)

4,289 

0.05 
5010,193 

(1,615)

8,578 

0.10 
7515,290 

(2,423)

12,867 

0.15 
10020,386 

(3,230)

17,156 

0.20 
12525,483 

(4,038)

21,445 

0.25 
15030,579 

(4,845)

25,734 

0.30 
17535,676 (5,653)30,023 0.35 
20040,772 (6,460)34,312 0.40 
Although we believe that this analysis is indicative of the impact of interest rate changes to our Net Investment Income as of March 31, 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 are based on contracts which reset quarterly, while our Credit Facilities reset monthly. The hypothetical results would also be impacted by the changes in the amount of debt outstanding under our Credit Facilities (with an increase (decrease) in the debt outstanding under the Credit Facilities resulting in an (increase) decrease in the hypothetical interest expense).
Item 4. Controls and Procedures
As of the end of the period covered by this 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 March 31, 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 March 31, 2024, we issued 186,985 shares of our common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value of the shares of common stock issued during the three months ended March 31, 2024, under the dividend reinvestment plan was $8.4 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).
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 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
4.1
4.2
31.1
31.2
32.1
32.2
101
The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal year 2024, filed with the SEC on May 10, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, (ii) the Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, (iii) the Consolidated Statements of Changes in Net Assets for the periods ended March 31, 2024 and 2023, (iv) the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023, (v) the Consolidated Schedule of Investments for the periods ended March 31, 2024 and December 31, 2023, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the three months ended March 31, 2024 and 2023.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Main Street Capital Corporation
/s/ DWAYNE L. HYZAK
Date: May 10, 2024
Dwayne L. Hyzak
Chief Executive Officer
(principal executive officer)
/s/ JESSE E. MORRIS
Date: May 10, 2024
Jesse E. Morris
Chief Financial Officer and Chief Operating Officer
(principal financial officer)
/s/ RYAN R. NELSON
Date: May 10, 2024
Ryan R. Nelson
Chief Accounting Officer
(principal accounting officer)
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