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Main Street Capital CORP - Quarter Report: 2023 September (Form 10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
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 x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
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 x
The number of shares outstanding of the issuer’s common stock as of November 1, 2023 was 83,745,165.


Table of contents
TABLE OF CONTENTS
Consolidated Schedule of Investments (unaudited)—September 30, 2023
Consolidated Schedule of Investments—December 31, 2022


Table of contents
MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
September 30,
2023
December 31, 2022
(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,390,675 and $1,270,802 as of September 30, 2023 and December 31, 2022, respectively)
$1,927,019 $1,703,172 
Affiliate investments (cost: $537,455 and $635,536 as of September 30, 2023 and December 31, 2022, respectively)
565,942 618,359 
Non‑Control/Non‑Affiliate investments (cost: $1,871,255 and $1,867,414 as of September 30, 2023 and December 31, 2022, respectively)
1,801,761 1,780,646 
Total investments (cost: $3,799,385 and $3,773,752 as of September 30, 2023 and December 31, 2022, respectively)
4,294,722 4,102,177 
Cash and cash equivalents77,047 49,121 
Interest and dividend receivable and other assets84,897 82,731 
Receivable for securities sold4,345 381 
Deferred financing costs (net of accumulated amortization of $11,842 and $10,603 as of September 30, 2023 and December 31, 2022, respectively)
6,749 7,475 
Total assets$4,467,760 $4,241,885 
LIABILITIES
Credit Facilities$493,000 $607,000 
July 2026 Notes (par: $500,000 as of both September 30, 2023 and December 31, 2022)
498,530 498,136 
May 2024 Notes (par: $450,000 as of both September 30, 2023 and December 31, 2022)
450,318 450,727 
SBIC debentures (par: $350,000 ($63,800 due within one year) and $350,000 as of September 30, 2023 and December 31, 2022, respectively)
344,239 343,914 
December 2025 Notes (par: $150,000 and $100,000 as of September 30, 2023 and December 31, 2022, respectively)
148,835 99,325 
Accounts payable and other liabilities57,095 52,092 
Interest payable18,733 16,580 
Dividend payable19,664 17,676 
Deferred tax liability, net66,539 47,849 
Total liabilities2,096,953 2,133,299 
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 83,677,488 and 78,463,599 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)
836 784 
Additional paid‑in capital2,225,614 2,030,531 
Total undistributed earnings144,357 77,271 
Total net assets2,370,807 2,108,586 
Total liabilities and net assets$4,467,760 $4,241,885 
NET ASSET VALUE PER SHARE$28.33 $26.86 
The accompanying notes are an integral part of these consolidated financial statements
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MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments$48,645 $41,367 $145,485 $110,751 
Affiliate investments15,267 12,490 53,722 38,300 
Non‑Control/Non‑Affiliate investments59,325 44,530 171,867 113,930 
Total investment income123,237 98,387 371,074 262,981 
EXPENSES:
Interest(26,414)(21,234)(78,165)(55,216)
Compensation(11,560)(10,404)(34,860)(26,480)
General and administrative(4,324)(4,018)(12,915)(11,483)
Share‑based compensation(4,164)(3,617)(12,351)(10,031)
Expenses allocated to the External Investment Manager5,404 3,334 16,089 9,613 
Total expenses(41,058)(35,939)(122,202)(93,597)
NET INVESTMENT INCOME82,179 62,448 248,872 169,384 
NET REALIZED GAIN (LOSS):
Control investments546 (5,822)(50,532)(5,822)
Affiliate investments(228)601 (16,495)1,340 
Non‑Control/Non‑Affiliate investments346 10,252 (36,196)7,784 
Total net realized gain (loss)664 5,031 (103,223)3,302 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments29,838 7,517 122,779 20,618 
Affiliate investments5,188 (1,069)26,859 3,703 
Non‑Control/Non‑Affiliate investments(8,015)(16,529)17,432 (44,243)
Total net unrealized appreciation (depreciation)27,011 (10,081)167,070 (19,922)
INCOME TAXES:
Federal and state income, excise and other taxes(1,256)(1,540)(4,663)(3,658)
Deferred taxes(5,337)(520)(18,690)(13,819)
Income tax provision(6,593)(2,060)(23,353)(17,477)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$103,261 $55,338 $289,366 $135,287 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED$0.99 $0.83 $3.07 $2.31 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$1.25 $0.74 $3.57 $1.84 
WEIGHTED AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED
82,921,76475,036,52281,065,19573,363,281

The accompanying notes are an integral part of these consolidated financial statements
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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, 2021
70,737,021$707 $1,736,346 $51,793 $1,788,846 
Public offering of common stock, net of offering costs1,502,43015 63,507 — 63,522 
Share‑based compensation — 2,818 — 2,818 
Dividend reinvestment 114,0434,812 — 4,813 
Amortization of directors’ deferred compensation — 147 — 147 
Issuance of restricted stock, net of forfeited shares 16,913— — — — 
Dividends to stockholders — 109 (51,804)(51,695)
Net increase resulting from operations— — 65,203 65,203 
Balances at March 31, 2022
72,370,407$723 $1,807,739 $65,192 $1,873,654 
Public offering of common stock, net of offering costs662,82825,626 — 25,633 
Share‑based compensation — 3,596 — 3,596 
Purchase of vested stock for employee payroll tax withholding (115,071)(1)(4,894)— (4,895)
Dividend reinvestment 132,1564,999 — 5,000 
Amortization of directors’ deferred compensation — 130 — 130 
Issuance of restricted stock, net of forfeited shares 467,238(5)— — 
Dividends to stockholders — 114 (52,818)(52,704)
Net increase resulting from operations— — 14,749 14,749 
Balances at June 30, 2022
73,517,558$735 $1,837,305 $27,123 $1,865,163 
Public offering of common stock, net of offering costs2,618,22526 105,323 — 105,349 
Share‑based compensation — 3,617 — 3,617 
Purchase of vested stock for employee payroll tax withholding (1,106)— (48)— (48)
Dividend reinvestment 164,2166,555 — 6,557 
Amortization of directors’ deferred compensation — 121 — 121 
Issuance of restricted stock, net of forfeited shares 9,937— — — — 
Dividends to stockholders — 119 (56,796)(56,677)
Net increase resulting from operations— — 55,338 55,338 
Balances at September 30, 2022
76,308,830$763 $1,952,992 $25,665 $1,979,420 
Balances at December 31, 2022
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 199,2827,806 — 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 
Public offering of common stock, net of offering costs1,096,51411 43,193 — 43,204 
Share‑based compensation — 4,087 — 4,087 
Purchase of vested stock for employee payroll tax withholding (140,569)(1)(5,545)— (5,546)
Dividend reinvestment 174,8916,878 — 6,880 
Amortization of directors’ deferred compensation — 109 — 109 
Issuance of restricted stock, net of forfeited shares 506,081(5)— — 
Dividends to stockholders — 149 (73,373)(73,224)
Net increase resulting from operations— — 106,516 106,516 
Balances at June 30, 202381,431,006$814 $2,132,041 $122,093 $2,254,948 
Public offering of common stock, net of offering costs2,039,64120 81,040 — 81,060 
Share‑based compensation — 4,164 — 4,164 
Dividend reinvestment 200,1508,101 — 8,103 
Amortization of directors’ deferred compensation — 102 — 102 
Issuance of restricted stock, net of forfeited shares 6,691— — — — 
Dividends to stockholders — 166 (80,997)(80,831)
Net increase resulting from operations— — 103,261 103,261 
Balances at September 30, 202383,677,488$836 $2,225,614 $144,357 $2,370,807 
The accompanying notes are an integral part of these consolidated financial statements
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MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended
September 30,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations$289,366$135,287
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies(584,729)(911,273)
Proceeds from sales and repayments of debt investments in portfolio companies436,615441,860
Proceeds from sales and return of capital of equity investments in portfolio companies37,98964,161
Net unrealized (appreciation) depreciation(167,070)19,922
Net realized (gain) loss103,223(3,302)
Accretion of unearned income(13,075)(9,908)
Payment-in-kind interest(7,599)(3,511)
Cumulative dividends(1,027)(1,390)
Share-based compensation expense12,35110,031
Amortization of deferred financing costs2,4232,068
Deferred tax provision18,69013,819
Changes in other assets and liabilities:
Interest and dividend receivable and other assets(3,022)(18,984)
Interest payable2,1531,747
Accounts payable and other liabilities2,586199
Deferred fees and other2,7721,946
Net cash provided by (used in) operating activities131,646(257,328)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs165,160194,504
Proceeds from public offering of December 2025 Notes
50,000
Dividends paid(197,053)(143,075)
Proceeds from issuance of SBIC debentures16,000
Repayments of SBIC debentures(16,000)
Proceeds from credit facilities320,000730,000
Repayments on credit facilities(434,000)(489,000)
Debt issuance costs, net(1,877)(1,629)
Purchases of vested stock for employee payroll tax withholding(5,950)(4,943)
Net cash provided by (used in) financing activities(103,720)285,857
Net increase in cash and cash equivalents27,92628,529
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD49,12132,629
CASH AND CASH EQUIVALENTS AT END OF PERIOD$77,047$61,158
Supplemental cash flow disclosures:
Interest paid$73,495$51,306
Taxes paid$7,218$4,896
Non-cash financing activities:
Value of shares issued pursuant to the DRIP$22,791$16,370
The accompanying notes are an integral part of these consolidated financial statements
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
September 30, 2023
(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) (28) 8/16/201915.38%SF+10.00%8/16/2024$160 $159 $159 
Secured Debt (9) (28) 8/16/201915.38%SF+10.00%8/16/20244,195 4,137 4,137 
Preferred Member Units8/16/20193,20014.13%3,200 — 
Preferred Member Units5/20/20212,4272,427 4,580 
Warrants (27) 8/16/20194208/16/2029316 — 
10,239 8,876 
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 
Member Units8/1/20131,5001,500 100 
Preferred Member Units6/28/2023162162 250 
3,711 2,347 
ATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and Accessories
Secured Debt (14) 11/16/20175.00%9/1/20242,090 2,090 408 
Secured Debt (14) 11/16/20175.00%9/1/20243,015 2,856 588 
Preferred Member Units11/16/20173,725,8623,726 — 
8,672 996 
Barfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00%10/31/2024711 711 711 
Member Units10/26/2020371,584 3,040 
2,295 3,751 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt (25) 3/7/20223/7/2027— (6)— 
Secured Debt 3/7/202210.00%3/7/2027630 630 630 
Secured Debt3/7/202210.00%3/7/202710,575 10,502 10,575 
Preferred Stock (8) 3/7/20224,0734,095 6,150 
15,221 17,355 
Bolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt (9) (22) (28) 12/31/202014.52%SF+9.15%10/31/202797,216 96,703 97,216 
Class B Preferred Member Units (8) 12/31/2020140,0008.00%14,000 31,120 
110,703 128,336 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt (9) 1/9/201815.44%L+10.00%1/9/20245,622 5,622 5,505 
Preferred Member Units (8) 1/9/20182,9504,280 5,620 
9,902 11,125 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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 (29) 7/25/201613.00%12/11/20241,000 1,000 1,000 
Preferred Member Units (8) (29) 7/25/201617,7421,000 1,000 
Warrants (27) 7/25/2016827/25/20262,132 4,450 
12,945 15,263 
Café Brazil, LLCCasual Restaurant Group
Member Units (8) 6/9/20061,2331,742 2,030 
California Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt (9) (28) 3/30/201815.50%SF+10.00%7/29/202628,000 27,961 27,961 
Preferred Member Units (8) 3/30/20186,15710,775 20,945 
Preferred Member Units (8) 7/31/20193,67115.00%15.00%4,448 4,448 
43,184 53,354 
CBT Nuggets, LLCProduces and Sells IT Training Certification Videos
Member Units (8) 6/1/20064161,300 50,840 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt(9) (25) (28)1/4/2019SF+9.00%1/4/2026— — — 
Secured Debt (9) (28) 1/4/201914.48%SF+9.00%1/4/202617,574 17,504 17,574 
Preferred Member Units1/4/201913,3096,122 10,400 
23,626 27,974 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (25) (28)2/26/2018SF+6.00%2/26/2026— (140)— 
Secured Debt (9) (28) 2/26/201813.49%SF+8.00%2/26/202616,407 16,402 16,407 
Member Units (8) 2/26/20184,34711,440 25,930 
Member Units (8) (29) 11/2/20181,047,1461,773 2,970 
29,475 45,307 
Charps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202010.00%1/31/20265,694 4,670 5,694 
Preferred Member Units (8) 2/3/20171,8291,963 14,010 
6,633 19,704 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt (25) 10/28/2022  1/15/2024— — — 
Secured Debt 12/20/201611.50%  1/15/20248,800 8,790 8,652 
Secured Debt12/20/201610.00%12/20/20361,022 1,013 1,013 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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 5,580 
Member Units (29) 12/20/2016800509 1,129 
17,592 16,374 
Cody Pools, Inc.Designer of Residential and Commercial Pools           
   Secured Debt (25) 3/6/202012/17/2026— (11)— 
   Secured Debt3/6/202012.50%12/17/202643,556 43,522 43,556 
Preferred Member Units (8) (29) 3/6/20205878,317 69,150 
51,828 112,706 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt (25) 3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/202622,365 22,248 21,747 
Preferred Member Units6/27/2023960960 2,400 
Preferred Member Units3/31/202117,2807,680 7,680 
30,888 31,827 
CompareNetworks Topco, LLCInternet Publishing and Web Search Portals
Secured Debt (9) (28) 1/29/201914.48%SF+9.00%1/29/20243,869 3,867 3,869 
Preferred Member Units (8) 1/29/20191,9751,975 15,430 
5,842 19,299 
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP) (8) (30) 7/17/201738.75%588 588 
Cybermedia Technologies, LLCIT and Digital Services Provider
Secured Debt(25)5/5/20235/5/2028— — — 
Secured Debt5/5/202313.00%5/5/202829,000 28,734 28,734 
Preferred Member Units5/5/202355615,000 15,000 
43,734 43,734 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025540 536 536 
Secured Debt3/31/202110.00%12/31/20258,420 8,103 7,617 
Preferred Member Units (8) 3/31/20219,0002,610 240 
11,249 8,393 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt (9) (28) 4/1/201815.38%SF+10.00%4/27/202614,873 14,745 14,678 
Preferred Member Units (8) 4/1/20183,8579,501 9,835 
24,246 24,513 
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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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)
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt 2/13/201814.00%  2/13/20261,275 1,208 1,275 
Secured Debt 12/27/202214.00%  2/13/202625,953 25,856 25,953 
Preferred Stock (8) 2/13/20188,4008,400 21,370 
35,464 48,598 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt(9) (25) (28)10/3/2022SF+6.00%10/3/2027— (8)(8)
Secured Debt10/3/202212.00%10/3/202718,773 18,623 18,623 
Secured Debt10/3/20229.00%10/3/20526,324 6,263 6,263 
Common Stock10/3/20222855,726 6,090 
Common Stock (29) 10/3/20229391,558 1,670 
32,162 32,638 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt (9) (25) (28) (41)6/24/2016SF+7.50%1/1/2028— — — 
Secured Debt (9) (28) (41)12/15/202210.50%SF+7.50%1/1/202856,478 56,184 56,478 
Member Units (8) 6/24/20169,04217,692 81,610 
73,876 138,088 
Garreco, LLCManufacturer and Supplier of Dental Products
Secured Debt (9) (28) (42)7/15/201312.00%SF+10.00%1/31/20243,088 3,088 3,088 
Member Units 7/15/20131,2001,200 1,580 
4,288 4,668 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt(28)12/21/201811.48%SF+6.00%12/21/20231,702 1,697 1,702 
Secured Debt(28)12/19/201413.48%SF+8.00%10/29/202640,493 40,348 40,493 
Member Units 12/19/20145,87913,065 44,440 
55,110 86,635 
Gulf Manufacturing, LLCManufacturer of Specialty Fabricated Industrial Piping Products
Member Units(8)8/31/20074382,980 8,770 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt(9) (25) (28)9/29/2017SF+9.50%7/1/2027— — — 
Secured Debt7/1/202212.50%7/1/20272,400 2,400 2,284 
8

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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 Equity7/1/202263,7205,600 2,800 
Member Units4/29/20163,6813,681 — 
11,681 5,084 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.) (8) (30) 10/1/201749.26%3,345 5,896 
LP Interests (2717 HPP-MS, L.P.)(30)3/11/202249.26%248 315 
3,593 6,211 
Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock6/4/2010107,456718 4,270 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt(25)6/21/20236/21/2028— (37)(37)
Secured Debt6/21/202313.00%6/21/202837,704 37,352 37,352 
Common Equity6/21/202314,40014,400 14,400 
51,715 51,715 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/202318,006,40718,300 17,510 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt(25)8/29/2017P+6.75%11/14/2023— — — 
Secured Debt(9)11/14/200615.25%P+6.75%11/14/20232,000 2,000 2,000 
Member Units(8)11/14/2006627811 12,420 
2,811 14,420 
Johnson Downie Opco, LLCExecutive Search Services
Secured Debt(9) (25) (28)12/10/2021SF+11.50%12/10/2026— (11)— 
Secured Debt (9) (28) 12/10/202116.98%SF+11.50%12/10/20269,357 9,298 9,357 
Preferred Equity(8)12/10/20213,1503,150 7,660 
12,437 17,017 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202725,650 25,470 25,470 
Preferred Equity(8)3/28/2022107,40610,741 10,741 
36,211 36,211 
KBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
Secured Debt2/24/20239.00%2/24/20285,100 5,056 5,100 
9

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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)1/23/2006325783 18,370 
5,839 23,470 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/202619,799 19,772 19,772 
Secured Debt10/31/20189.00%10/31/20483,850 3,814 3,814 
Preferred Equity10/31/201858112,240 8,830 
Member Units (8) (29) 10/31/2018800992 2,860 
36,818 35,276 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(25)10/19/202210/19/2024— — — 
Secured Debt10/19/202212.75%10/19/202723,802 23,611 23,611 
Preferred Equity(8)10/19/20225,915,5858.00%8.00%6,127 6,364 
Common Stock(8)10/19/20221,537,2191,537 1,400 
31,275 31,375 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt(17)8/31/201513.00%12/31/20225,480 5,480 5,102 
Preferred Member Units3/15/201966,0004,400 330 
Preferred Member Units9/1/20154,0006,000 — 
15,880 5,432 
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) (28) 9/5/20238.88%SF+3.50%9/5/202511,000 10,848 10,848 
LP Interests (30)9/5/202311.96%1,152 1,152 
12,000 12,000 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013100%29,500 146,131 
MSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity(8)5/2/2022814,3796,250 6,314 
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 27,150 
8,466 32,896 
NAPCO Precast, LLCPrecast Concrete Manufacturing
10

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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 Units1/31/20082,9552,975 12,160 
Nebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider
Secured Debt12/31/202012.00%12/31/202525,794 25,658 25,794 
Secured Debt12/31/202012.00%12/31/202510,500 10,451 10,500 
Preferred Member Units(8)12/31/20206,9876,987 14,430 
43,096 50,724 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt(25)2/28/2018 2/28/2025— — — 
Secured Debt2/28/201810.00%2/28/20259,811 9,738 9,738 
Preferred Member Units(8)2/28/2018103,144,1868,213 6,350 
17,951 16,088 
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 90 
Member Units(8)12/22/201165,9623,603 2,350 
5,797 4,520 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt (9) (28) 1/31/201711.98%SF+6.50%1/31/20253,600 3,599 3,599 
Secured Debt1/31/201712.00%1/31/202518,440 18,423 18,423 
Preferred Member Units1/31/201740610,200 9,240 
Preferred Member Units11/2/20222,0622,062 5,150 
34,284 36,412 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%8/31/202613,500 13,421 13,500 
Preferred Member Units(8)4/1/20089001,080 32,630 
14,501 46,130 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt(9) (25) (28)7/30/2021SF+11.00%7/31/2026— — — 
Secured Debt (9) (28) 7/30/202116.48%SF+11.00%7/31/202622,200 22,073 22,200 
Preferred Stock (8) (29) 7/30/202110,00010,000 17,050 
32,073 39,250 
Pearl Meyer Topco LLCProvider of Executive Compensation Consulting Services
Secured Debt 4/27/202012.00%4/27/20253,500 3,496 3,500 
Secured Debt 4/27/202012.00%4/27/202517,500 17,455 17,500 
Secured Debt4/27/202012.00%4/27/202527,681 27,586 27,681 
11

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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 Equity(8)4/27/202015,06113,000 44,090 
61,537 92,771 
PPL RVs, Inc.Recreational Vehicle Dealer
Secured Debt(9) (25) (28)10/31/2019SF+8.75%11/15/2027— (8)— 
Secured Debt (9) (28) 11/15/201613.98%SF+8.75%11/15/202720,290 20,094 20,290 
Common Stock(8)6/10/20102,0002,150 17,870 
Common Stock(29)6/14/2022238,421238 75 
22,474 38,235 
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt7/1/201113.00%11/15/20265,897 5,823 5,823 
Preferred Member Units(8)2/1/201121,8065,709 10,630 
Common Stock1/27/20211,0371,200 510 
12,732 16,963 
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 3,620 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(25)12/15/2021  12/15/2026— (29)(29)
Secured Debt 12/15/202112.50%  12/15/202634,560 34,339 33,729 
Preferred Equity12/15/202111,07011,070 2,790 
45,380 36,490 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(17)8/31/201812.00%8/31/20231,840 1,840 1,782 
Secured Debt(17)8/31/201812.00%8/31/202315,200 15,200 14,724 
Preferred Member Units8/31/20185449,245 3,601 
Preferred Member Units2/1/20234,248425 603 
Preferred Member Units8/28/20234,800480 1,200 
27,190 21,910 
Televerde, LLCProvider of Telemarketing and Data Services
Member Units(8)1/6/20114601,290 5,099 
Preferred Stock1/26/2022248718 1,794 
2,008 6,893 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(25)5/31/20195/31/2024— (3)— 
Secured Debt5/31/201912.00%5/31/20247,920 7,907 7,920 
12

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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)5/31/20196154,655 13,400 
12,559 21,320 
UnionRock Energy Fund III, LP(12) (13)Investment Partnership
LP Interests(30)6/6/202330.03%1,051 1,051 
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 Units1/26/20154,876,67014,000 — 
Preferred Member Units3/31/20235,097,59510,746 9,350 
Preferred Member Units3/31/2023142,512— — 
Common Stock3/31/20231,802,7802,576 — 
29,422 11,450 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt (9) (25) (28)12/1/2021 SF+6.00%12/1/2023— (4)(4)
Secured Debt 12/1/202111.50%12/1/202628,200 28,021 28,021 
Preferred Equity (8) (29) 12/1/202111,84011,840 11,840 
39,857 39,857 
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 2,372 
Preferred Member Units6/30/201510,0722,834 — 
Warrants(27)7/1/201558710/1/2025600 — 
7,634 3,767 
Subtotal Control Investments (81.3% of net assets at fair value)
$1,390,675 $1,927,019 
Affiliate Investments (6)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt1/31/202318.00%18.00%6/25/2025$404 $399 $379 
Secured Debt 12/11/202018.00%18.00%6/25/202513,425 13,328 12,618 
Common Stock12/11/2020593,9283,148 — 
Warrants(27)12/11/2020554,35312/11/2025— — 
16,875 12,997 
13

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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)
BBB Tank Services, LLCMaintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
Unsecured Debt (9) (17) 4/8/201616.44%L+11.00%4/8/2021600 600 600 
Unsecured Debt (9) (17) 4/8/201616.44%L+11.00%4/8/20214,000 4,000 2,202 
Member Units4/8/2016800,000800 — 
Preferred Stock (non-voting) 12/17/201815.00%15.00%162 — 
5,562 2,802 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027320 320 320 
Member Units 6/30/20172,160,0002,256 2,130 
2,576 2,450 
Buca C, LLCCasual Restaurant Group
Secured Debt(17)6/30/201512.00%8/31/202316,980 16,980 12,254 
Preferred Member Units 6/30/201566.00%6.00%4,770 — 
21,750 12,254 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9) (25) (28)12/17/2021 SF+6.00%12/17/2026— (21)(21)
Secured Debt12/17/202112.50%12/17/202620,160 20,031 20,031 
Common Stock12/17/2021450,0004,500 4,500 
24,510 24,510 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt (9) (28) 3/12/202011.50%SF+6.00%3/12/20254,560 4,560 4,560 
Secured Debt3/12/20208.00%3/12/202519,274 19,214 19,274 
Preferred Member Units(8)3/12/20201545,760 16,000 
29,534 39,834 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund III, LP) (8) (30) 2/4/201513.32%4,778 4,426 
DMA Industries, LLCDistributor of aftermarket ride control products
Secured Debt11/19/202112.00%11/19/202620,000 19,867 20,000 
Preferred Equity11/19/20215,9445,944 7,260 
25,811 27,260 
Dos Rios Partners(12) (13)Investment Partnership
LP Interests (Dos Rios Partners, LP)(30)4/25/201320.24%6,313 8,594 
14

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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 (Dos Rios Partners - A, LP)(30)4/25/20136.43%2,005 2,679 
8,318 11,273 
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) 11/6/20155,000,0001,020 973 
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%3,507 3,497 
LP Interests (Freeport First Lien Loan Fund III LP) (8) (30) 7/31/20155.95%5,328 4,873 
8,835 8,370 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%3/31/202610,545 10,491 10,545 
Preferred Member Units(8)3/31/20212264,900 10,380 
15,391 20,925 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.) (8) (30) 8/9/20178.22%2,050 4,106 
LP Interests (HPEP 4, L.P.)(30)7/12/20229.29%2,796 2,796 
LP Interests (423 COR, L.P.) (8) (30) 6/2/202222.93%1,400 1,400 
LP Interests (423 HAR, L.P.)(30)6/2/202315.60%750 750 
6,996 9,052 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt (9) (28) 12/2/201611.65%SF+6.00%1/15/20261,799 1,797 1,799 
Secured Debt12/2/201612.50%1/15/202645,256 45,131 45,256 
Preferred Member Units(8)12/2/20162262,850 17,460 
Preferred Member Units(29)12/2/2016226150 920 
49,928 65,435 
Houston Plating and Coatings, LLCProvider of Plating and Industrial Coating Services
15

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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 Convertible Debt5/1/20178.00%10/2/20243,000 3,000 2,880 
Member Units(8)1/8/2003322,2972,352 3,640 
5,352 6,520 
I-45 SLF LLC(12) (13)Investment Partnership
Member Units (Fully diluted 20.0%; 21.75% profits
  interest)
(8)10/20/201520.00%20,200 13,217 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202313.00%3/31/202817,775 17,618 17,618 
Preferred Equity3/31/202380,0004,000 4,000 
21,618 21,618 
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt (9) (28) 8/20/202113.01%SF+7.50%8/20/202615,769 15,576 15,069 
Common Stock8/20/20219,9681,356 290 
16,932 15,359 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.50%1/31/20284,514 4,485 4,485 
Secured Debt9/1/202113.50%1/31/20283,140 3,120 3,120 
Secured Debt11/15/202113.50%1/31/20288,944 8,944 8,944 
Secured Debt11/15/202113.50%1/31/202819,624 19,496 19,496 
Secured Debt1/31/202313.50%1/31/202810,762 10,449 10,449 
Common Stock8/3/2021203,0162,756 2,830 
49,250 49,324 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt (25) (28)6/21/2023SF+9.00%2.00%6/21/2027— (11)(11)
Secured Debt (25) (28)6/21/2023SF+9.00%2.00%6/21/2027— (9)(9)
Secured Debt(28)6/21/202315.40%SF+8.00%2.00%6/21/20274,340 3,341 3,341 
Secured Debt(28)6/21/202317.40%SF+10.00%2.00%6/21/20274,340 3,341 3,341 
Warrants(27)6/21/2023193,3076/21/20332,091 2,091 
8,753 8,753 
OnAsset Intelligence, Inc.Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt(14)5/20/201412.00%12.00%12/31/2023964 964 372 
Secured Debt(14)3/21/201412.00%12.00%12/31/2023983 983 380 
Secured Debt(14)5/10/201312.00%12.00%12/31/20232,116 2,116 818 
Secured Debt(14)4/18/201112.00%12.00%12/31/20234,415 4,415 1,706 
Unsecured Debt(14)6/5/201710.00%10.00%12/31/2023305 305 305 
Preferred Stock 4/18/20119127.00%7.00%1,981 — 
Common Stock4/15/2021635830 — 
16

Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2023
(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)
Warrants(27)4/18/20114,6995/10/20251,089 — 
12,683 3,581 
Oneliance, LLCConstruction Cleaning Company
Secured Debt (9) (17) (25) (28) 8/6/2021SF+11.00%8/6/2023— — — 
Secured Debt (9) (28) 8/6/202116.48%SF+11.00%8/6/20265,520 5,488 5,427 
Preferred Stock8/6/20211,1281,128 1,128 
6,616 6,555 
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%6/16/20281,875 1,857 1,875 
Secured Debt(23)6/16/202312.49%6/16/202854,536 54,282 54,536 
Preferred Member Units(8)8/31/20181651,525 17,540 
57,664 73,951 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/202712,160 12,054 12,160 
Common Stock(8)9/13/201870,000456 1,990 
12,510 14,150 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt12/31/20228.50%  8.50%12/31/20275,327 4,883 4,770 
Preferred Equity12/31/2022